Peter Schiff nailed it.
Just days before the Federal Reserve met for its December 2018 FOMC meeting, Peter appeared on Fox Business and said we were about to see the last interest rate hike.
When Peter made this prediction, virtually nobody thought the Fed was about to end its tightening policy. In fact, most financial experts were talking about three or four additional rate hikes in 2019.
Well, Peter was right. After that December increase, we got the Powell Pause.
As we’ve been reporting, a number of central banks have been aggressively adding gold to their reserves over the last several years. Globally, central banks accumulated 651.5 tons of gold last year. It was the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second highest annual total on record. Last week, Serbia and the Philippines joined the race for gold.
A move to minimize dependence on the US dollar, especially by countries like Russia and China, is driving this central bank gold-buying spree. Peter Schiff recently appeared on RT’s News with Rick Sanchez to talk about it.
Billionaire investor Thomas Kaplan said he sees the possibility of $5,000 gold on the horizon during an interview on the David Rubenstein Show.
Kaplan serves as the chairman and chief investment officer of The Electrum Group, New York-based investment, advisory and asset management firm focusing on the natural resources sector. He’s also known for his philanthropic work and as the largest private collector of Rembrandt’s artwork.
During the 2019 Las Vegas MoneyShow, Peter Schiff participated in an investing panel with Alexis Christoforous, Keith Fitz Gerald, Mark Skousen. The four discussed “where to invest.”
When you boil it all down, it was Peter taking on the conventional wisdom.
There were some pretty lively exchanges with Peter driving home the point that the Federal Reserve has hopelessly distorted the economy and the next crash is on the horizon.
Russia once again added to its growing gold reserves in April, buying another 15.55 tons of the yellow metal. According to a press release from the Central Bank of Russia, it now holds 2,183.46 tons of gold.
Russia has expanded its gold holdings by 71.53 tons through the first four months of 2019. Russian gold reserves increased 274.3 tons in 2018, marking the fourth consecutive year of plus-200 ton growth. Meanwhile, the Russians sold off nearly all of its US Treasury holdings. According to Bank of America analysts, the amount of US dollars in Russian reserves fell from 46% to 22% in 2018.
In an appearance on RT, Peter Schiff said he thinks the Russians are preparing for an impending dollar crisis.
Peter Schiff recently appeared on RT to talk about rising oil prices, how they relate to inflation and what it could mean for the US economy.
During the New Orleans Investment Conference, Peter Schiff participated in a panel discussion with Ben Hunt and Mike Larson. They talked about bubbles, booms and busts.
As we reported last week, consumer debt continues to break records month after month. Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008 (right before the crash) and 21.4% above the post-financial-crisis trough reached in the second quarter of 2013.
But many mainstream analysts downplay this surge in debt. And on the surface, the numbers do seem to indicate the risk isn’t as big as it was prior to the 2008 financial crisis. But as Wolf Richter explains, the averages conceal a different reality.
Jim Grant recently appeared on the Santelli Exchange on CNBC and the conversation quickly turned to this notion that “intellectuals” have the wherewithal to run the economy. Friday Gold Wrap host Mike Maharrey recently explained two very important economic principles that make it impossible for central planners to ever truly succeed. As he put it, they might be smart, but they aren’t smart enough to know they’re not smart enough. Nevertheless, this doesn’t seem to dampen the fatal conceit and hubris of central bankers who think they can micromanage a complex economy.
Grant put it another way. He called it the ignorance that knows not it’s ignorant.
Peter Schiff has been talking a lot about the prospects of a trade deal lately. His point: an end to the trade war isn’t going to heal America’s economic wounds. And those wounds? Well, they’re self-inflicted.
Peter appeared on RT again on Monday (March 4) to hammer home this point.