If you follow the markets at all, you’ve heard about the big surge in GameStop stock driven at least in part by retail investors informed by social media. Now the Reddit investors have turned their eyes to silver. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the GameStop phenomenon and argues that there are good reasons to be bullish on silver – not just the attention of the Reddit crowd. He also touches on this week’s Fed meeting and gold demand dynamics.
This year will mark the 50th anniversary of President Richard Nixon severing America – and the world – from its last tie to the gold standard. The rapid devaluing of the dollar is the most obvious result. But another consequence has been an enormous national debt that continues to grow at a staggering pace. Most people don’t realize it, but this is a direct and intentional result of the current fiat money system.
For months, Peter Schiff has been warning that the stock market is a bubble. It is detached from any political or economic reality and is being driven by Federal Reserve monetary policy. During an interview on NTD Business News, Peter said a lot of investment advisors know this too, but they are advising people to stay in because the bubble has more room to grow. But he warned this isn’t good advice. When it comes to bubbles, you have to know when to leave the party.
Joe Biden took the country’s wheel on Wednesday. For some, it was a day of celebration. And for some, it was a day of mourning, depending on your political perspective. But what is really in store for us in the Biden years? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey considers the economic path that lies ahead. He argues that while the driver has changed, the car is still heading in the same direction with Biden’s foot on the accelerator.
Peter Schiff recently did an interview with David Lin on Kitco news. Peter talked about the devaluing dollar, the stock market bubble, his investment strategy, the trajectory of the global economy, and finally, what he would do if he was president of the United States. In a nutshell, Peter said he would veto everything.
The US government ran the biggest December deficit in history last month and there is no end in sight to the borrowing and spending. President Biden unveiled a new $1.9 trillion stimulus plan this week. So what? Why does it matter? Can’t this “rescue the economy?” Host Mike Maharrey talks about all of the spending and the money printing necessary to support it on this week’s Friday Gold Wrap podcast.
Commodities are booming. A lot of people seem to think this is a sign of pending economic growth. But in his podcast, Peter Schiff said it’s really a sign of inflation.
Most of the investment world continues to focus on the stock market and they’re not really paying attention to what going on in the commodities markets. And as Peter put it, that’s going to have a big impact on what happens in the supermarket.
For the first time ever, Russia holds more gold than US dollars.
According to a Central Bank of Russia report published this week and analyzed by Bloomberg, gold made up 23% of the Central Bank of Russia’s reserves as of the end of June. The bank’s share of dollar assets dropped to 22%. In 2018, more than 40% of Russian reserves were in dollars.
Last September, Peter Schiff warned during an interview on RT Crosstalk about the devaluation of the dollar.
Everybody in America is going to be impoverished to a degree by these failed policies.”
Peter recently appeared on the Chris Salcedo Show on NewsMax to talk more about government spending, inflation, and the weakening dollar.
Peter Schiff appeared on the Lions of Liberty podcast with Marc Clair to look back at the Trump economy and ahead to what the Biden years might bring. Along the way, Peter and Marc talk about the stock market bubble, Peter’s move to Puerto Rico, the looming dollar collapse, and bitcoin.
