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Peter Schiff Talks Fed Predictions, GoldMoney Acquisition, and More (Video)

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It’s been an electrifying summer for gold. The explosive potential of precious metals investment has really taken off over the past few months, and the Fed has followed the exact trajectory Peter Schiff predicted they would. Peter recently appeared on Albert Lu’s Power and Market Report to discuss gold’s true value, the Federal Reserve’s mishaps, and the recent merger with GoldMoney.

Interview Highlights

Gold as Measure Against Investment

“Gold’s not an investment. Gold is money, and so gold is a way that you can measure how your investments are doing. Are your investments gaining in terms of gold or are they losing in terms of gold? If they’re not gaining in terms of gold then the investment’s a failure. You need to increase your wealth as measured in gold, and you’re not doing that in the US stock market, nor are you likely to do that in the near future.”

Rate Hikes Have Always Been Off the Table

“Now, the majority of investors believe that the next move by the Fed is going to be to cut rates not to raise them. I said this back in December. That’s why the market was originally selling off because nobody believed me; they believed what they thought the Fed was telegraphing. But now that the Fed has completely turned. That is the reason the market is going up. It’s not because the fundamentals support higher stock prices. It’s because the Fed is pouring more alcohol into the punch bowl and it’s restarted the party.”

“I knew the Fed was bluffing that they couldn’t deliver the rate hikes that everyone thought they were promising. But now that people are reevaluating those premises, now they’re revaluing gold. It’s just started. I think gold is going to recover all the ground that it lost from its highs and then it’s going to make new highs. The Federal Reserve has just started with the money printing, far from ending. There’s a lot more QE coming than has already taken place. We’re early in the money printing. Ultimately, I think, we’re going to have a currency crisis.”

The Real Real Crash

“The crisis I’m looking for is the dollar crisis and the US sovereign debt crisis. The catalyst there, ultimately, is going to be the realization that the Fed is boxed in when it comes to inflation and rates. The Fed talks a good game about how if inflation ever picks up they’re going to fight it, they’re going to raise rates, but it’s all talk. They can’t raise rates, and the markets are going to realize this as their official measures of inflation really start to heat up and the Federal Reserve refuses to do anything about it because they can’t. At some point, people are going to figure this out and you’re going to have a run on the dollar.”

“Then you’re going to see a real acceleration of US inflation, at which point the Fed is going to have to make a very difficult decision. Does it aggressively raise rates and crush the US stock market, the US bond market, the real estate market? Bring about a financial crisis worse than 2008? Force the US government to default on its national debt? Allow all the big banks that we bailed out to fail? Are they going to do all that or (because they don’t have the stomach for that), are they going to do something even worse, which is going to allow the dollar to crash to where we have runaway inflation, hyperinflation, so that they render Federal Reserve notes practically worthless. Those are the two choices. Neither one of them is going to be pretty.”

GoldMoney: The Gold PayPal Account

“What really changed my mind about the [GoldMoney] business model is the conversations I had with Roy Sebag following my criticism. One of the reasons I wasn’t seeing it is I was looking at it from the perspective of how I run my business and my bank. Their business model is to generate income based on transactions–people buying and selling gold. I thought ‘why would anybody want to sell their gold?’ I could see why they would buy it, but why would they want to sell it. I was looking at it from the point of view of an investor. One of my clients who says, ‘let me buy $10,000 worth of gold because I want to have gold as part of my portfolio.’ They’re not going to turn around and use that $10,000 worth of gold to buy a cup of coffee. They’re going to use their dollars to buy their coffee. They’re going to save their gold. I was thinking about it from that perspective.

But what GoldMoney is going after is not that client … but somebody who wants to put their paycheck into gold and use GoldMoney instead of a bank account … It’s like, do I want to use the Post Office or do I want to use FedEx, do I want to hail a cab or do I want to use an app and get an Uber.  I think the free market will provide consumers with a better banking option, a better monetary option, than the government. [GoldMoney] is really a payment system. It’s like a PayPal, only better, because you’re using gold rather than a flawed government fiat currency.”

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