Peter Schiff: More upward pressure for oil market that's already going up

Peter Schiff on RT discussing Iran, Crude Oil Prices, OPEC, Dollar, Gas Prices, Donald Trump, Interest rates, Inflation, Federal Reserve, Rate Hikes, Saudi Arabia, Russia, currency.

- Video Source

Peter Schiff: What's Going On With The GDP?

The Commerce Department released the first estimate of Q1 GDP growth on Friday. It came in higher than expected at 3.2%.

Somewhat surprisingly, the price of gold rose on the news and the dollar showed some weakness. The primary reason was presumably lower inflation. This means the Fed still has the excuse it needs to continue the Powell Pause.

There was also some data in the Commerce Department's report that reveals shakiness in that growth number. In fact, Peter Schiff said he thinks this will likely be the strongest growth of the year.

An increase in inventories helped drive Q1 growth. This isn't necessarily a positive trend. It could mean that consumers aren't buying, causing inventories to pile up. In fact, final sales to domestic purchasers increased by only 1.4%. That represents the smallest increase in more than three years.

Trade numbers also helped boost growth. Trade deficits were lower in Q1. Trade deficits were high in the last half of 2018. Peter said he thinks that's because a lot of companies front-loaded shipments late last year in an effort to avoid tariffs.

Paul Ashworth, chief US economist at Capital Economics said, "Under those circumstances, we continue to expect that overall growth will slow this year, forcing the Fed to begin cutting interest rates before year-end."

- Source, Seeking Alpha

Peter Schiff: Of Course You Know, This Means War

As I suspected on Friday's podcast, the 400-point reversal that saw the Dow move from down 300 points + to up 100 points on the close was in fact, reversed today, and the Dow Jones actually closed below the Friday low, which is a huge negative, technically for the index. 

The Dow was down 617 points; that's about 2.4 %. But the real carnage was in the NASDAQ. That was down 3.4%. The Russell 2000 also down better than 3% - 3.2%, showing that domestically focused stocks are actually getting hit harder than the multi-nationals.

- Source, Peter Schiff

Peter Schiff: Raise the Voting Age, Not the Smoking Age

I hope everybody enjoyed their Easter holiday, in fact, today is Easter Monday, so many parts of the world are still celebrating, including here in Puerto Rico. 

We are still in the holiday of Passover, so hopefully everybody who celebrates Passover, myself included, is still enjoying that holiday. 

In fact, this year, the first night of Passover coincided with Good Friday; a rare occasion that unites the two religions. We generally end up celebrating both.

- Source, Peter Schiff

U.S. Liberty Head (Barber) Nickels - 7 Coin Grab Bag

Peter Schiff: April Fools Day Comes Late

Tax Day, or as my father, Irwin Schiff used to say, "April Fool's Day". My father thought it was April Fool's Day because he believed that that was the day on which Americans basically voluntarily paid a tax that no law required them to pay and voluntarily filed a 1040 tax form that no law required them to file. 

Of course, my father ultimately went to jail and died and jail because of those beliefs. I have been paying my taxes, although now that I live in Puerto Rico it's not nearly as painful as it used to be when I lived in Connecticut.

- Source, Peter Schiff

American Coin Treasures 157 10 Years of Buffalo Nickels - Wood Frame

Peter Schiff: Political Theater of the Absurd

I began yesterday's podcast by pointing out the weakness in shares of the recent IPO of Lyft. 

In fact, I mentioned that Friday's close above the IPO price (the first time it closed above that price since the day of the IPO) the fact that it couldn't hold on to that rally, I thought that meant the stock looked even weaker, technically. 

And we got a big follow through today. Lyft sank about 11%, it closed near the lows of the day, 60.12. In fact, we did trade as low as 59.75 on the closing minutes of trading. 

We're now down about 32% from the opening print, after it went IPO on that day. 

We're 17-18% below the IPO price. If you happen to get the IPO price and you still have the stock, you're almost in a bear market from that purchase price.

- Source, Peter Schiff

Full Roll of 1943 circulated steel pennies by US Mint