Peter Schiff recently did a presentation at the Endeavour Silver Town Hall Webinar. He talked about the state of the economy, the US dollar, and gold and silver. Peter said he thinks we’re about to see a gold bull market rivaling the 1970s because the world is going to reject the dollar standard and go back to a gold standard.
There was a tremendous amount of volatility in the stock market this week with the NASDAQ entering correction territory and then rebounding. Is this just a blip on the radar? Or is the biggest bubble ever running out of steam? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about it. He also digs into what’s going on in the housing market and what it’s telling us about the broader economy.
Peter Schiff recently called the stock market the biggest bubble ever. But he says he should have qualified that by saying it’s the biggest stock market bubble ever. There is an even bigger bubble floating out there – the dollar bubble. Peter talked about that in his podcast.
Peter Schiff recently appeared on RT Boom Bust with Ben Swann to talk about safe-haven assets in the age of COVID-19. Peter made the case for gold, saying if you understand its role as money, you know you should always have some. He also debated Swann on the long-term value of bitcoin.
Peter Schiff has been warning about a dollar collapse for years. Now we’re starting to see some mainstream bearishness on the greenback.
The dollar hit a more than 2-year low on Monday and closed out August with its fourth straight monthly loss. It was the worst August in five years for the dollar and the longest run of monthly losses since the summer of 2017. The dollar is down about 11% from its 2020 peak.
Last month, gold broke its all-time record price. As we have explained, to really understand what’s going on, you need to flip the equation. Dollars are at an all-time record low compared to gold. Simply put, the recent surge in gold prices is all about currency debasement.
We were on this path long before coronavirus reared its ugly head. After all, this gold bull market started back in 2015. But the government response to the pandemic put the process in hyperdrive. In March, the Federal Reserve embarked on a policy of money printing to infinity and beyond. And there is no end in sight. The Fed is apparently even willing to turn the other way the inevitable result of printing money – price inflation – begins to become apparent in the economy.
It’s easier to understand gold’s record-breaking move up if you look at it from the other side of the equation. The dollar is now at its all-time low compared to gold. In simple terms, the dollar is losing value and dollar debasement is driving up the price of gold.
This isn’t a narrative you don’t typically hear on the mainstream financial networks, but there seems to be a growing awareness that the dollar and the system based on it might be in trouble – even in the mainstream investment world. We’ve seen Warren Buffet make a bet on gold, and Goldman Sachs recently warned that the dollar could be in danger of losing its reserve status. Now, Wells Fargo has weighed in, warning in a report that the bull run in gold signals “a growing lack of trust in the world’s monetary system.”
Peter Schiff recently spoke at the “virtual” Los Vegas Money Show and explained why we are near the endgame for the dollar.
Peter opened up his talk speculating that the Money Show could be close to the end of its run.
I think the money that most people have, or at least what they think is money isn’t going to be money much longer.”
Vitaliy Katsenelson serves as the chief investment officer at Investment Management Associates in Denver. In an article he wrote for MarketWatch, he admits his company has resisted buying gold in the past.
But the company is buying gold now.
Why?
It was a volatile week in the gold and silver markets after last week’s correction with big swings up and down. Early this week, gold enjoyed a rally back above $,2000 after we learned Warren Buffett has gotten into gold. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about Buffett’s move into gold and what it means and why we shouldn’t worry about big corrections during this bull run. He also highlights some of the economic data that makes him less than optimistic about a quick recovery.
