On his radio show this morning, Peter Schiff interviewed Bill Murphy of the Gold Anti-Trust Action Committee. Peter and Bill discussed the possible price suppression of gold and the bullish fundamentals of the yellow metal.
What’s even more amazing is that the price of gold is not reacting, not only to the inflation that has already taken place, but all the inflation that we know is baked into the cake. Because we have all these governments with massive amounts of debt, [and] no prayer of ever repaying it. So there’s massive debt monetization and inflation on the horizon. That should be factored into the price of gold right now.”
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In his latest video blog post, Peter Schiff analyzes the latest economic data and the overwhelming negative sentiment against gold. Picking apart some anti-gold headlines from Forbes and The Wall Street Journal, Peter counters the gold naysayers and explains why they’re completely misinterpreting the fundamental condition of the US economy.
But rather than the price of gold collapsing to meet the expectations of the price of gold stocks, I think the reverse is going to happen… I think the price of gold stocks will soar to catch up to the price of gold… If you look at the price of stocks relative to gold this year, we have resumed our down trend. And so even though the stock market is now heading higher in terms of dollars, it is now headed lower in terms of gold. And that is a trend that I am convinced will continue.”
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A MarketWatch commentary has analyzed the Federal Reserve’s transcripts from the 2008 recession and found that it is grossly incompetent at predicting and understanding recessions. There doesn’t seem to be any good reasons to expect that the Fed has improved its market diagnostic skills. What does that mean for investors today? Don’t trust the official hype – the economy is doing a lot worse than Yellen’s Fed claims.
Gold Hits 16-Week High
Bloomberg – In the last week of February, gold and silver hit a 16-week high, driven by concerns of weak US economic growth and Ukrainian political turmoil. The Chicago Federal Reserve’s measurement of US economic activity in January was nearly twice as bad as predicted, indicating below-trend growth. Meanwhile, the interim government of Ukraine is asking for $35 billion of financial assistance to avoid default. Gold is seen as a safe-haven investment in light of these problems. By the end of February, gold had risen 11% from its December lows. UBS AG has raised its 2014 forecast for gold, stating that the metal has “started to shed its stigma.” Read Full Article>>
2013 Silver Coin Sales Hit Record High
Silver Institute – Global sales of 1-ounce silver bullion coins hit a record high in 2013.
The Silver Institute has released its February Silver News, jam-packed with stories on the latest developments in silver technology. This issue includes an interview with an industry insider about the recent American Eagle coin shortage, as well as articles about silver in hard drives, spark plugs, and the Gorilla Glass used on smartphones.
Newsmax TV interviewed Peter Schiff to get his opinion on the underperformance of various US companies. Peter explained that it isn’t weak emerging markets that investors have to be worried about. It’s the coming dollar collapse that will destroy the purchasing power of the majority of Americans. How can you avoid this crisis? Hard assets, like gold and silver.
The real problem for Coke and other companies is going to be the US economy. We’re going to be the submerging market, because when the dollar tanks – and I think it’s very close to happening – when the dollar goes down, Americans aren’t going to be able to buy anything… That’s where companies really have to be worried. It’s about the US market.”
Fox Business grilled Peter Schiff on the small dip in the gold price this week. Peter defended gold’s prospects and explained why the yellow metal can’t go anywhere but up with Janet Yellen guiding the Federal Reserve.
You don’t have to try explain a $5 decline in the price of gold after nine consecutive up days… It’s barely down. Market’s don’t go up every single day. So there doesn’t have to be an explanation… As long as the Fed keeps doing the wrong thing… I’m going to keep on buying gold.”
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This week, the World Gold Council released its Gold Demand Trends report for the full year of 2013. Marcus Grubb, the Managing Director of Investment Strategy for the WGC, summarizes the report and reminds us that gold’s strong fundamentals will continue to drive long-term demand for the metal.
Global investment in bars and coins in 2013 reached 1,654 [metric] tons, a rise of 28% compared to 2012, and the highest figure since the World Gold Council’s data series began in 1992.”
[youtube http://www.youtube.com/watch?v=VfyCHbj-2Qw?rel=0&w=640&h=360]
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In an interview with Greg Hunter of USAWatchdog, Peter Schiff explains why deflation will be a boon to investors who prepare for a dollar collapse by purchasing gold. They also talk about the sky-high debt limit, Obamacare, Middle East politics, and where gold will end up in 2014.
You’re going to have deflation from the perspective of gold. If you own gold, the price of everything is going to go down for you. The price of stocks will go down, the price of real estate will go down, and that’s a good thing! When you have money, deflation is good, because now all the things that you want to buy are cheaper. But if you have dollars, then all you’re going to see is inflation.”
[youtube http://www.youtube.com/watch?v=RXgdozKr33M]
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