New Peter Schiff Interviews: We’re in a Stealth Bull Market for Gold

On Thursday, Peter appeared on OAN’s Real America with Dan Ball to discuss the U.S. Strategic Petroleum Reserve, the costs of home ownership, and the debt crisis. Peter argues the Biden administration won’t be able to refill the reserve, given oil’s 22% price increase this year. With the CRB exploding, Jerome Powell’s claim that inflation is coming down seems unlikely to be true. 

Inflation is hitting home ownership even harder. With higher mortgage rates aside,

“It costs more to maintain the home once you buy it, because insurance costs are through the roof. The maintenance costs have gone through the roof. Taxes are going up. Everything about home ownership is going up! Some people are lucky because they locked in a fixed-rate mortgage, but the flip-side of that is that all of our banks are insolvent, because they own these mortgages, and they’re losing money on them.”

Peter also appeared on Friday’s Claman Countdown on Fox Business to discuss the stealth bull market in gold. When asked why gold’s rise hasn’t slowed down at all, Peter said,

“Inflation is going to keep going up— that’s why gold is rising. It’s a signal that the monetary policy is wrong, that Powell’s rate cut could go down as the biggest mistake the Fed has ever made, and they’ve made a lot of mistakes, so that’s saying a lot. In fact, they should be raising interest rates, but the gold traders know that Powell is too afraid to raise interest rates because he’ll cause a financial crisis.”

Commodity prices are skyrocketing, but there’s still an opportunity to get in on the gold surge. Peter thinks precious metals mining stocks are a great financial play since they’ll eventually catch up to gold:

“I think that these mining stocks are going to explode, almost any day. This week, the GDX, which is an index of senior gold mining stocks, is up 7%. GDXJ, which is junior mining stocks, is up 9%, but these stocks are still dirt cheap. They’re barely positive on the year, because the whole time gold was rising, everybody expected it to fall.”

If gold is telling us anything this week, it’s that the Fed is completely wrong on inflation, and more rate cuts will only make things worse.