On Wednesday, March, 18, Peter Schiff did a live episode of his podcast and took questions for over four hours.
In a nutshell, Peter made the case that the real crash is here. He covered a wide range of topics relating to the ongoing and ever-evolving coronavirus crisis.
Oil prices crashed early this week as Russia and Saudi Arabia launched a full-blown price war. The big drop in the price of oil pulled stocks down yet again, with the Dow Jones losing over 2,000 points. But in an interview on RT, Peter Schiff said he thought the drop in oil would prove to be short-lived because ultimately the dollar is going to collapse.
Last year at the Vancouver Resource Investment Conference, Peter Schiff bet Brent Johnson a gold coin that the Fed’s next move would be a rate cut. At this year’s conference, Peter collected his gold coin.
Brent and Peter went on to debate the future of the US dollar. Brent says the dollar will go up this year. Peter thinks it’s going down. Peter put his money where is mouth is and went double or nothing against the dollar.
Peter Schiff has been saying the Federal Reserve is going to let the inflation monster loose and this is going to be good for gold. Some people in the mainstream are starting to pick up on this theme.
During a recent interview with the Financial Times, Bridgewater Associates co-chief investment officer Greg Jensen said gold could surge over $2,000 as central banks embrace higher levels of inflation.
The war drums have quieted for the time being. But while the threat of a hot war seems to have diminished, economic warfare continues. President Trump announced another round of economic sanctions on Iran.
We have written extensively how about how the US weaponizes the dollar and uses it as a foreign policy tool. This is one of the reasons many central banks are buying gold. The flip side of that equation is also true. The US government uses the military to support the dollar – specifically by controlling oil resources.
Gold had a pretty good run in 2019. In fact, it was the best year for the yellow metal in nearly a decade. So what’s in the cards as we rush headlong into the 2020’s? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks back at 2019 and highlights some of the things that drove precious metals markets. Then he pivots and looks ahead at 2020 and beyond. Where are we going and what will get us there?
In 2019, gold had its best year since 2010. Peter Schiff appeared on the RT Dec. 31 and said he thinks the yellow metal should have done even better. And given the current economic conditions, he believes the 20’s will be an explosive decade for gold.
You know, the reason the US stock market went up this year is because the Fed surprised everybody by doing exactly what I had been predicting they would do. They aborted their feigned attempt to normalize their interest rates and shrink their balance sheet. They went back to rate cuts and quantitative easing. This is extremely bullish for gold.”
Globally, central bank gold reserves charted another healthy gain in October as they continue their quest to diversify reserves away from the US dollar.
Gold is poised to join the “all-time-highs” club in the upcoming decade.
No, this isn’t the musing of some gold-bug. It’s analysis from a pretty mainstream source — Bloomberg Intelligence.
Stocks have set new records over the last several weeks and the dollar hit 2-year highs this fall. But writing in the commodity outlook, Bloomberg Intelligence senior commodities strategist Mike McGlone made the obvious point that stocks and the dollar can’t go up forever. When the tide turns, the reversal could boost gold to all-time highs.
The central bank gold-buying spree shows no sign of letting up as countries seek to diversify their reserves away from the US dollar.
There were no significant gold sales by central banks in September.