In a recent appearance on RT Boom Bust, Peter Schiff emphasized the stock market bubble has burst and we are already in a bear market.
This is early in this bear market. It’s very young and unfortunately, it’s going to be very long-lived. I think this is going to be similar, if not worse, than the bear market that went from 1966 to 1982. It took 16 years for the Dow to make a new high, and during that time period, inflation took about 70% away from the Dow’s value. This time I think it’s going to be worse.”
This isn’t good news if you’re planning for your retirement. So, how can you protect your wealth as the stock market bears rage? One way is by adding precious metals to your retirement plan.
Last week, we reported that it looks like the air is coming out of housing bubble 2.0. Now it appears the auto bubble may have also popped.
Yesterday, GM announced plant closures and layoffs due to sluggish sales. The big automaker said it plans to shutter five North American factories and slash around 14,000 jobs.
Peter Schiff appeared on RT Boom Bust last week and reiterated he thinks we have entered a bear market. In fact, what we’re seeing now is a deflating bubble.
Bitcoin dropped below $4,000 as a massive selloff in the cryptocurrency market continued over the Thanksgiving weekend.
The price of a bitcoin fell as low as $3,604 during the sell-off. It has lost some 80% of its value from highs reached late last year when the price of bitcoin eclipsed $20,000. Bitcoin has fallen 40% in just two weeks of November. It was the worst price drop since April 2013.
Other cryptocurrencies including ethereum and ripple have seen similar price drops.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Your Trump tax cut isn’t going to be quite as big as you might have thought.
According to a report by the Wall Street Journal, a new inflation measurement included in the GOP plan and recently implemented by the IRS will cut into your tax cut savings in 2019.
Ron Paul warned you about this during the debate over the tax cuts.
Venezuelans have turned to illegally mining gold just to survive.
The Pemon people are native to the region containing Canaima National Park. If you saw the movie Up, you’re familiar with this area. The 500 million-year-old pillars of erosion in the park inspired scenery in the movie. The park also contains world-famous Angel Falls. But with hyperinflation gripping the country and the bolivar virtually worthless, people in the area have turned to digging up football-size mines in search of fragments of gold.
Yesterday was another bad Monday on Wall Street. The Dow Jones dropped nearly 400 points and the NASDAQ fell deeper into “correction territory,” dropping another 3%. All five “FAANG” stocks closed in bear territory. These are the tech stocks that have propelled the long bull market. The NASDAQ is down 12.5% this quarter.
Apple’s announcement that it plans to cut production weighed heavily on the markets, along with another sign of trouble in the housing market — a big drop in homebuilder sentiment.
Peter said homebuilder sentiment is the first sign that the confidence bubble has popped.
We continue to see new innovations using gold in the field of healthcare. The next time you have surgery or cut yourself, doctors could close you up with a substance using the yellow metal.
