In his latest appearance on InfoWars with Alex Jones, Peter Schiff discussed the Friday jobs report numbers. Peter explains why he thinks the United States could be facing an official recession if third quarter GDP growth turns out to be negative. Peter and Alex also discussed how the world is losing its confidence in American stability and its paper money.
The next time the dollar goes down, it’s not going to have any friends. No one is going to be buying it. Nobody is going to fight that currency war again. America is going to lose that war. And anybody that owns the US dollar is going to lose that war…”
Click here to watch Peter’s complete analysis of Friday’s economic data in his latest Schiff Report.
China continues to increase its central bank gold holdings, and other countries are following suit.
The world’s largest bullion consumer upped its stash of the precious metal another 1% in August. Bloomberg reports the hoard rose to 54.45 million troy ounces in August from 53.93 million ounces a month earlier, according to data released by the People’s Bank of China (PBOC).
It was the third straight month Chinese officials have release information on the amount of gold it owns. In July, the Chinese central bank announced its gold holdings had grown by 57% to about 1,658 tons. It was the first official update to China’s gold reserves since 2009. That lifted the nation above Russia to become the fifth largest holder of gold in the world.
A terrible jobs report was released on Friday, triggering a dramatic day on Wall Street. Peter Schiff reviews the numbers and analyzes the market’s reaction. He also shared some insight into why financial reporters are no longer reporting on the poor manufacturing numbers.
As we reported a couple of weeks ago, mining companies worldwide face increasing obsticals, and analysts expect gold production to drop for the first time since 2008.
Now Bloomberg provides us with a concrete example of the struggles facing many gold mining operations.
According to the largest industry lobby group in the country, gold producers in Zimbabwe recently asked the government to lower royalties and electricity tariffs to stave off mine closures.
SchiffGold has a new tool to help you analyze the price of gold, silver, and platinum in real time. It also provides you with the detailed information you need for in-depth historical research.
The new SchiffGold Price Charts page features an easy to read, live table with up-to-the-minute precious metals pricing. But the tools on the page allow you to do far more than simply see current prices. Graphical charts allow you to study how the price has moved hour-by-hour, month-by-month or year-by-year, over time. Bookmark this page in your web browser so you always know exactly where to find the current price of all the precious metals.
The Federal Reserve Bank of Atlanta’s GDPNow estimate released today reveals a terrible early forecast for third quarter gross domestic product (GDP) growth. It’s especially bad when compared to Wall Street expectations.
The GDPNow model puts Q3 2015 GDP growth at 0.9% – that’s a 50% drop from just three days ago. The Atlanta Fed explains:
The model’s nowcast for the contribution of net exports to third-quarter real GDP growth fell 0.7 percentage points to -0.9 percentage points on September 29 following the advance report on U.S. international trade in goods from the U.S. Census Bureau.”
What’s most telling about this report is how different the GDPNow forecast is from the “Blue Chip consensus,” which is the expectations of mainstream business economists followed by Wall Street. Check out this chart:
Just hours before Congress passed a funding bill last night, David Stockman appeared on CNBC to explain why the United States needs to experience a dramatic government shutdown. He argues, like Peter Schiff, that US debt is a massive bubble waiting to burst. Though one of the CNBC anchors agreed with him, another argued that the US debt load is very manageable. They also disputed his claim that the Federal Reserve is the main culprit behind America’s “fiscal paralysis.”
[The debt load] is not manageable at all, because thanks to Yellen and her merry band of money printers, we are not paying the true cost of the debt. This year, it’s $230 billion on $13 trillion of public [debt]. That’s 1.75%. That’s ridiculous. When it normalizes – which it will someday – we’ll be paying $400-500 billion more at a minimum. So I blame the Fed. The Fed is the number one culprit in this whole fiscal paralysis, because it’s told all the politicians, ‘You can kick the can, you can dodge the bullet.’”
The demand for physical silver is absolutely through the roof.
The mainstream media has finally caught up with a story we began reporting on back in July. Yesterday, Reuters reported booming worldwide demand for silver coins:
The global silver-coin market is in the grips of an unprecedented supply squeeze, forcing some mints to ration sales and step up overtime while sending U.S. buyers racing abroad to fulfill a sudden surge in demand. The U.S. Mint began setting weekly sales quotas for its flagship American Eagle silver coins in July because it can’t meet demand, and the Canadian mint followed suit after record monthly sales in July. In Australia, the Perth Mint sold a record of more than 2.5 million ounces of silver this month, nearly four times more than in August, and has begun rationing supply of a new line of coins this month, a mint official said.”
Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange over the past year, signaling a steady increase in demand in the world’s largest gold consuming country.
Bloomberg reported the most recent numbers:
Withdrawals jumped 37% to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150% in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.”
Every week, various government agencies trot out economic facts and figures, and every week, the media breathlessly reports the “good news.” Here is some of the news beyond the news reported by the mainstream media over the last week.
As USA Today reported, consumer spending and personal income rose last month. But while Commerce Department numbers show healthy gains in consumer spending (0.4% in August), a Gallup poll asking actual people about their spending indicates a continual decline. According to the poll, daily spending averaged just $89 in August, down from the same time period in both 2014 and 2013. It was the fourth month in a row the poll indicated a year-on-year decline. Spending was at its lowest since March, based on the poll.
