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POSTED ON June 7, 2016  - POSTED IN Original Analysis, Videos

With May’s shockingly bad jobs report, it’s pretty much a forgone conclusion that a June Federal Reserve rate hike is off the table. After the report came out Friday, Peter Schiff stuck a fork in the June hike possibilities in his SchiffReport Video Blog.

Now with the June rate almost certainly a no-go, pundits are starting to look ahead to later in the summer or this fall. But Peter, along with some like-minded people such as Jim Grant, believes the Fed won’t raise rates at all. It simply can’t. In fact, Peter argues that the next move will be rate cuts and another round of quantitative easing:

This is just the beginning. When people actually figure out the box that we’re in – because they still think the Fed is going to raise rates. Now they’re saying ‘OK, maybe they’ll raise rates in July, or maybe they’ll raise rates in December.’ Wait until the conversation turns to rate cuts. Wait until the conversation turns to QE4, or negative interest rates. Wait until people think that I was right from day one, that the Fed checked us into a monetary roach motel, that there is no way out of this monetary policy.”

POSTED ON June 7, 2016  - POSTED IN Key Gold Headlines

Economists say election uncertainty is subduing economic growth. But it seems more likely the horrible economy is driving this strange election cycle.

sanders and gang

For months, Peter Schiff has been saying if the US isn’t already in recession, it will be in one soon. Former Reagan Office of Management and Budget Director David Stockman recently told Neil Cavuto on Fox Business that the next president will inherit a recession. Last Month, Mike Maloney said the data screams a recession is already here.

For the most part, Peter and others are still voices calling in the wilderness. The mainstream keeps towing the line and pushing the idea that the economy is fundamentally sound and improving. But Americans know better, as the unrest and turmoil evident in this presidential election cycle makes clear.

POSTED ON June 6, 2016  - POSTED IN Original Analysis

company-addison-qualeThis article was submitted by Addison Quale, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.

Peter Schiff has stated clearly for the record that this financial system is headed towards collapse. While many like to point at inflation as the key indicator to pay attention to, we have been offering another: interest rates.

Indeed, the pathologically falling interest rates taking place across the world are more of a signal that this system is headed for collapse than inflation, which we also believe will have its day. In other words, the mainstream economic commentators who keep telling us to get ready for rising rates are dead wrong.

int rates

This recent article provides a detailed explanation as to exactly why this is happening.

POSTED ON June 6, 2016  - POSTED IN Key Gold Headlines

If you’ve ever played Jenga, you know each player takes turns pulling blocks out of the core of a tower and then placing them on top. The tower gets less and less stable as the game goes on, until eventually it comes crashing down.

This is kind of like what the Federal Reserve does with the US banking and monetary system – except they actually claim they are making things more stable as they go.

jenga

Comments by two Federal Reserve governors last week indicate the central bank will likely require American banks considered “too big to fail” to further bulk up their balance sheets in order to protect against big losses and potential future bailouts in an economic crisis.

This is yet another demonstration of the arrogance of central bankers. They think they can control and stabilize an inherently unstable monetary and banking system. In fact, their constant intervention arguably creates a great deal of the economic instability they claim to protect us from.

POSTED ON June 3, 2016  - POSTED IN Key Gold Headlines

Not long ago, a video surfaced featuring Democratic Party candidate Bernie Sanders claiming bread lines were a sign of good times.

You know, it’s funny. Sometimes American journalists talk about how bad a country is when people are lining up for food. That’s a good thing. In other countries, people don’t line up for food. The rich get the food and the poor starve to death.”

Well, it must be the best of times in Venezuela!

Here’s how Public Radio International described the scene just a couple of weeks ago:

POSTED ON June 2, 2016  - POSTED IN Key Gold Headlines

Demand for physical gold and silver continues to surge with bullion coins flying out of the US Mint at a frenzied pace.

gold and silver eagle

May gold coin sales increased more than 206% over the same month last year. The mint sold 76,500 ounces of American Gold Eagles in May and 18,500 ounces of Gold Buffalos. That compares with 21,500 ounces of Gold Eagles and 9,500 ounces of Gold Buffalos in 2015.

May typically marks the beginning of the slow season for gold coin sales, but 2016 was atypical. This was the strongest May for US Mint gold coin sales since 2011.

POSTED ON June 2, 2016  - POSTED IN Interviews, Videos

During the Mauldin Strategic Investment Conference, Jim Grant said if you want to make money, you have to be willing to go into “scary places.” In an interview after his speech, he clarified what he meant saying you have to have the guts to go against the flow and do things the mainstream will ridicule you for.

Buying gold definitely fits that definition, at least here in the West.

Grant said he just doesn’t understand the mainstream’s disdain for gold:

Gold I think is seen as the vestigial organ of money. People who hold that view necessarily hold the view that the stewards of our paper and digital currencies have the answers. That this monetary improve conducted for the past seven or eight years by the Western central bankers certainly and those in Japan – that this is the way forward. And I try to understand what they’re saying, but I can’t make head or tail out of it. Seems to me the opposite is so obviously true.”

POSTED ON June 1, 2016  - POSTED IN Interviews, Videos

Will the Fed raise rates? Will it hold steady? What will the next move mean for gold?

Investor and creator of Things that Make You Go Hmmm Grant Williams doesn’t really care. He’s going to buy gold regardless. In fact, during an interview at the Mauldin Strategic Investment Conference, Williams said he doesn’t really pay attention to the price of the yellow metal:

I think what the Fed does could have short-term impact, but I don’t buy gold around it. I don’t buy gold at $1,100 because I think it’s going to $1,200, I buy it for what it does, not what the price is, the price is the last consideration for me.”

Williams went on to say as the economic picture comes into sharper focus, people will realize that “gold is the answer.”

Williams said investors should focus on owning physical gold, not paper promises:

POSTED ON June 1, 2016  - POSTED IN Interviews, Videos

The more things change, the more they stay the same.

After pumping up a real estate bubble in the years leading up to the most recent economic crash, it appears the central bankers and government policymakers may have managed to orchestrate a repeat performance.

Real estate mogul Sam Zell appeared on CNBC recently and hinted that a real estate bubble might be about to pop. The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential said the market for apartment and office buildings in some markets have already peaked.

And they say actions speak louder than words. Well, according to Wolf Street, Zell is selling.

POSTED ON May 31, 2016  - POSTED IN Key Gold Headlines

The US faces a massive debt problem. We all know it. But politicians and government officials are either unwilling or incapable of doing anything about it.

David Stockman mentioned the burden of debt in a recent interview with Neil Cavuto on Fox Business:

We have $63 trillion of total debt in this economy. The public sector – county, state, and local – is nearly $25 trillion. And we’re getting old. The Baby Boomers are retiring, 10,000 a day. In another 5 or 10 years we’re going to have a massive increase in the retired population. How do you fund all that? Who’s going to pay the taxes?”

Despite the glaring magnitude of the problem, government officials seem content to keep their heads buried in the sand and ignore it until it’s too late. Even when they acknowledge it, they seem utterly incapable of effectively dealing with the issue.

Illinois_State_Capitol,_2012

Illinois offers a prime example. The Prairie State has the lowest credit rating of any state in the US, and it hasn’t had an operational budget for almost a year. The situation passed the level of a “crisis” months ago. Still, with the end of this year’s legislative session looming, the state doesn’t appear close to getting a budget in place. The Wall Street Journal recently reported on the Illinois budget debacle:

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