Everybody seems bullish on the economy. Nobody is worried about anything, even though there is everything to be worried about. Peter Schiff said he feels like he’s in Alice in Wonderland. In his most recent podcast, he referenced a Morgan Stanley analyst interviewed by CNBC.
She’s unquestioningly bullish on every front. Everything is bullish. There is nothing at all to worry about. In fact, the only thing she said that anybody is worried about is that there’s nothing to worry about. It’s that things are so good, they’re wondering what are we missing. Maybe we should be a little bit worried because nobody is worried because everything is good. I mean, there are so many things to worry about. That is the reality. But they’re not worried about any of them.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
The dollar continued to tank Wednesday, hitting a 3-year low after Treasury Secretary Steven Mnuchin said he welcomed a weakening dollar.
The dollar index measuring the greenback against a basket of six major currencies slipped below 90 for the first time since December 2014. Meanwhile, gold climbed, hitting its highest level since August 2016.
Last Friday, all three major stock markets hit new record highs ignoring the storm clouds on the horizon. In his latest podcast, Peter Schiff said this reminds him of 1987.
The stock market is rising despite the fact that there are very, very negative factors that are building, that are hiding in plain sight, that everybody is ignoring.”
When it comes to the economy, most people aren’t worried about anything when there is everything to worry about.
The stock market has continued its upward trajectory through the first two weeks of the new year. In fact, the market has only seen one down day since Jan. 1. Peter Schiff appeared on The Street and opened things up with a bang, calling investors “Oblivious.”
Peter reiterated a message he’s been preaching on his own podcast for weeks – despite what you see in the markets, the US economy is heading for a major crash. We’re partying like it’s 2006 – oblivious to what’s lurking right around the corner.
Peter also talked about China’s decision to cut back or end the purchase of US Treasuries, the Federal Reserve, Trump’s economy and Bitcoin during the interview.
On Dec. 31, 2016, the price of gold stood at 1,156.00. Today, it is knocking on the $1,300 mark. The yellow metal is on track to gain about 12% in 2017, its best year since 2010. Gold has made these gains despite a number headwinds that we would expect to put a significant drag on gold.
Here are seven major themes that have driven gold news over the past year.
In a recent interview on RT Boom Bust, Peter Schiff talked gold.
In a piece he wrote for the December issue of the World Gold Council Gold Investor, WGC chief market strategist John Reade outlined several key reasons he thinks gold will shine in 2018. He said rising global income will be the primary factor pushing demand for the yellow metal upward in the next year.
Peter put a little different spin on Reade’s analysis, saying it’s not just rising incomes in places like India and China that will help boost gold. Global inflation will play a key role.
US equities are at an all-time high. Investors are bullish about the future. A lot of people are excited about the potential for economic growth with the passage of GOP tax cuts. There’s a lot of optimism.
In a recent interview on The Street, Peter Schiff said he thinks 2018 may start out the same, but he sees clouds on the horizon, especially when it comes to the dollar.
Since pushing above $1,300 in late August and then falling back below that level again in September, gold has been trading within a very narrow range and volatility in the market has remained low. But during an interview on CNBC Futures Now, metals expert Michael Dudas of Vertical Research said he sees a breakout on the horizon.
Peter Schiff recently appeared on The Street with Scott Gamm to talk about the stock market. Peter’s analysis was simple and succinct.
Well, the bubble keeps getting bigger.”
