A lot of investors are disappointed in gold. After all, many buy gold because of inflation. Even with rapidly rising prices, the yellow metal hasn’t delivered as you might expect.
During his virtual speech for the Money Show, Peter Schiff explains exactly what is going on. He said in the end, gold will be vindicated because inflation will win in a knockout.
When I walk the beach, I look for sharks’ teeth. Over the years, I’ve developed a pretty good eye for them. In fact, I’ve filled an entire lamp with sharks’ teeth.
Not too long ago, I was walking the beach with my son and there were no sharks’ teeth to be found. Frustrated, I told Brendan that I was going to change my strategy. Instead of looking for sharks’ teeth, I’m going to look for gold coins.
The government is always promising to fix things. It has policies to fix the economy, fix foreign countries, and even fix the pandemic. But as Friday Gold Wrap podcast host Mike Maharrey explains in this episode, instead of fixing things, the government wrecks pretty much everything it touches.
The Treasury bumped up against the debt ceiling at the end of July. Since then, it has been using “extraordinary measures” to allow the Government to keep hemorrhaging cash without having to increase the debt ceiling.
The chart below shows the month-over-month change in debt for August equal to $0. Despite zero net change, there are two important facts to highlight.
- The Treasury continued converting short term debt to long term
- Nonmarketable debt holdings shrunk by $257B
India’s gold imports hit a 5-month high of 121 tons in August, a further sign of recovery in the world’s second-largest gold market.
Peter Schiff spent an hour and a half answering questions during a live chat on Instagram.
The August jobs numbers came in much lower than expected, a kick in the teeth for those touting the “improving economy” narrative. Meanwhile, personal incomes continue to grow but rising prices are eating up that growth and then some.
The economic data suggest the Fed’s plan is failing and stagflation looms on the horizon.
During his Jackson Hole speech, Federal Reserve Chairman Jerome Powell rewrote the history of inflation. In this clip from his podcast, Peter Schiff unravels the yarn that Powell spun.
In a nutshell, Powell claimed prior Fed policymakers mistakenly moved too fast to address inflation that turned out to be transitory, and he said he didn’t want to make the same mistake.
The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks.
Peter Schiff recently appeared on RT Boom Bust to talk about Fed monetary policy and the possibility of a taper. He said even if the Fed does slow asset purchases, the taper won’t last long. Ultimately, the Fed will expand QE.
