Strengthening Gold Shows the Tides Are Turning (Video)
Peter Schiff appeared on Fox Business today to explain what the drop in oil and the strength in the gold market means for the wider United States economy.
Highlights from Peter’s interview:
“First of all, I don’t think it’s the oil price going down that’s causing the stock market to go down. I think both oil and stock prices are falling for the same reason. It’s because the Fed has ended quantitative easing and is threatening to raise interest rates. Until the threat is ended, and QE4 is back on the table, I think both markets are going to be under pressure, particularly at this point the stock market…
“Remember, the recovery that they created was built on the foundation of quantitative easing, of cheap money. That’s what propped up the stock market. It also propped up the oil market. But the Fed is removing the props, so everything they propped up is tumbling down. Oil just happened first. But they’re all going to go – the stock market, the real estate market. And we’re going to be back in recession by next year without the Fed…
“I don’t know how much we’re going to go down, but I think the market’s under pressure. You know, some stocks are going up. Gold stocks are already up 10% in 2015. We’re only a few trading days into the year. In fact, gold prices that have broken out in terms of euros and Swiss francs are now threatening to break out in terms of dollars. The fact that gold has been so strong, even with the dollar strengthening, shows you that the tide is turning in these markets.”
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