The precious metals have been having a hard time recently, especially following Janet Yellen’s press conference last week. While Yellen was extremely vague about when the Federal Reserve would raise interest rates, the financial media latched on to her theoretical discussion of how rates would be raised when the time came. This turned out to be the only part of Yellen’s statement the markets seemed to care about. Even unbiased, legitimate new agencies like Reuters reported that “…the Federal Reserve indicated in its policy statement it could raise borrowing costs faster than expected when it starts moving.” This is the explanation for gold and silver’s latest downturn. Talk about not seeing the forest for the trees.
In his latest Schiff Report video, Peter Schiff dissects Yellen’s press conference and the Fed’s statement to explain why the Fed will never raise interest rates. In fact, Peter thinks the United States is overdue for another cyclical recession. Physical gold and silver investors should be focusing on this big picture view instead of the deliberately confusing hypotheticals presented by Yellen and the financial media. The economy is getting worse, and this latest news is just another opportunity to stock up on more gold at discounted prices before the markets wake up to the reality of the Fed’s predicament. Here are some excerpts from the video, which you can watch below.
Let’s be honest. No one has the time or patience to actually watch Janet Yellen’s press conferences about the Federal Open Market Committee’s meetings. Besides, the news never seems to change – the US economy is never quite good enough for the Committee to recommend that interest rates actually be raised back to “normal” levels. Even if Yellen did have something interesting to say, her delivery is about as captivating as a pet rock. At most, you might be able to sit through, say… four minutes. Thank goodness Grabien has created a video mash-up of every Janet Yellen press conference ever to fit exactly that time frame. So next time Yellen has something to say about the FOMC, skip it. You can watch this instead.
If you’re seriously wondering when the Fed will actually raise interest rates, read Peter Schiff’s latest commentary explaining what the Fed’s “new normal” is. Find it here.
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Peter Schiff was interviewed by Paul Vigna on Wall Street Journal Video yesterday. Peter explained to Vigna the terrible effects that the Federal Reserve’s zero interest-rate policy is having on the United States economy. They spoke about how tepid the American job market is right now, and why Peter thinks a new round of quantitative easing is right around the corner. If you’d like to read Peter’s latest written commentary about why central banks are wrong to think that inflation is the cure for our economic woes, you can find it here.
The next thing the Fed is going to do is launch an even bigger round of QE than the one they’re tapering off from. Because the US economy is not recovering. We are slipping back into recession. If the Fed doesn’t know that yet, it will by the end of the year… Tightening is all talk… [The Fed will eventually start] a new round of QE that will make the Europeans and Japanese blush.”
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Peter Schiff answers some of the more challenging questions he has received from you, his loyal subscribers. Learn what he really thinks about gold manipulation, why Wall Street hates gold, who should buy silver instead of gold, and more!
Jim Grant, publisher of Grant’s Interest Rate Observer, was interviewed by Steve Forbes. Jim gives a grim overview of the economy, saying that the Fed’s suppression of interest rates and the creation of “unimaginable amounts of digital money” since 2007 have caused major distortions. Economic intervention leads to more economic intervention and “the patient is over-medicated.”
Jim says that inflation is not simply the CPI (Consumer Price Index). It is the creation of too much money, which manifests itself in many different ways. Among them are the bull market in stocks, which has been intentionally inflated to create the “wealth effect”. Jim repeats the term “wealth effect” with heavy skepticism. He holds up a gold coin and says:
Gold is a universal currency. People recognize it at sight. The derivation of the term ‘sound money’ is: [clang! as he drops the coin on the table]. Isn’t that lovely?”
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Michael Franzese, a former mob boss who went straight following a 10-year prison term, thinks stocks are in a bubble. He says he has worked with many of the people on Wall Street and doesn’t feel comfortable letting “shady” characters handle his money. In 1986, Franzese ranked No. 8 on Fortune Magazine’s list of the 50 wealthiest and most powerful mob bosses.
Jim Rickards, author of The Death of Money, was interviewed on RT. Jim checks off a daunting list of countries around the world experiencing economic difficulties and offers analysis of what is really going on.
What’s happening in Germany is happening all over the world. Germany’s economy contracted… Italy’s already contracted. France has two quarters in a row of zero GDP. The United States in the first half [of 2014]… did not even grow 1%… China is slowing down, and of course, Japan fell off a cliff. If you look around the world, it looks like we’re going into a global recession, except I would say this is a continuation of a global depression that began in 2007… This is not a normal recovery, not a normal business cycle…”
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Forty-three years ago today, President Nixon severed the last remaining shred of the gold standard when he suspended the ability of foreign banks to directly exchange the dollar for gold. Nixon promised his actions would be temporary, but this turned out to be an even bigger lie than his promise to end the Vietnam War.
In the video below, you’ll notice that Nixon also promised that the value of the dollar would remain stable in spite of his actions. Of course, this turned out to be completely wrong. According to the Consumer Price Index data released by the Bureau Labor of Statistics, the dollar has lost more than 80% of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to about $1,300.
What does this mean? Suppose you stashed an ounce of gold worth $35 alongside thirty-five one-dollar bills under your bed in 1971. Today, you would be sitting on gold that could buy you a nicely-tailored suit, while the cash couldn’t get you a pack of fancy boxer shorts. Who knows how much worse this is going to get. In our latest Videocast, Peter Schiff talks with Jim Rickards about the very real possibility that in the coming years, the dollar might lose its status as the world’s reserve currency. When that happens, you won’t even be able to buy a burger with your thirty-five bills. Click here to watch the interview.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” – John Maynard Keynes
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In his latest Gold Videocast, Peter Schiff meets with Jim Rickards, author of The Death of Money, for an exclusive interview about gold’s role in the international currency wars.
Peter Schiff interviews Chris Rossini, contributor to the Ron Paul Institute for Peace and Prosperity, about his book Set Money Free. They talk about the Federal Reserve’s role in centrally planning the economy and how it funds the biggest welfare-warfare state in history. Peter says that price inflation is much higher than the official estimates. However, the Fed has put itself into a position where it will be impossible to do anything about it, even when it becomes undeniable to those in power.
The only way they can save [the dollar] is to bankrupt the federal government. But somehow I have a hard time believing that the treasury defaulting on its debts is going to be a bullish situation for the world’s reserve currency. So, I think they’re damned if they do, damned if they don’t.”
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Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
