Gold broke its all-time price record on Monday and has held above that level through the week. What is this telling us? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the record-breaking week and what’s driving it. He also speculates about where we may go from here. Along the way, he gives an overview of this week’s Federal Reserve meeting and highlights some perspectives coming out of the mainstream.
As gold was closing in on its all-time record price last week, Peter Schiff appeared on the Claman Countdown and warned about the looming dollar crisis.
Claman set up the interview pointing out that Peter predicted this big move up in gold months ago and asked, “What’s your new prediction about the dollar?”
For years, Peter Schiff has been warning about a dollar crash and the end of the greenback’s role as the world’s reserve currency. Suddenly, the mainstream is starting to see that possibility as well.
In a recent research note, Goldman Sachs warned that the dollar’s role as the world reserve currency is at risk.
Gold has rallied above its previous all-time record high this week. But can it sustain this bull run? Peter Schiff thinks it can and will.
It’s not about the coronavirus, as many mainstream analysts seem to think. It’s the government and central bank response to the pandemic — the borrowing, the spending, and the money printing. Peter believes that ultimately the Fed’s monetary policy is going to collapse the dollar and it will lose its reserve status. In this podcast, he talked about what this portends. He also explained why he doesn’t think the Fed can kick the can down the road again.
Known as “Pomp,” Pompliano is co-founder and partner at Morgan Creek Digital, “a multi-strategy investment firm focused on providing access to blockchain technology and digital assets.”
At the time of the recording, gold had just broken its all-time record.
Gold broke through $1,900 on Friday morning and kept pushing upward, setting an all-time record during Asian trading hours on Monday.
Gold was trading as high as $1,944 an ounce early Monday.
The previous record price for gold came in the third quarter of 2011 at just over $1,920 an ounce.
Peter Schiff recently did an interview with Johnny Bravo. They talked about the gold standard, inflation, the looming dollar crisis, presidential politics, and the foolishness of Modern monetary theory.
Johnny opened up the show declaring that governments will never allow a gold standard. They hate gold. He asked Peter, why?
Despite a resurgence in coronavirus in the US, most people still seem pretty optimistic about economic prospects. Stronger than expected retail sales last month boosted confidence. Most people seem to think if we can just conquer the virus, the economy will be fine. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a deeper look at the underlying economic dynamics and the government response to COVID-19. He argues that we’re still living in a bubble economy and we need the anti-bubble — gold.
The Federal Reserve serves as the great enabler. As I put it in a recent article, it is the engine that drives the most powerful government in the history of the world. The Fed’s ability to print money out of thin air backstops borrowing spending and removes any meaningful limits on the US government’s actions. It also creates the illusion that there are no consequences to the government’s actions.
We’re seeing that in spades in the central bank and federal government’s response to the coronavirus pandemic. The government is borrowing trillions of dollars and the Fed is monetizing that debt. On top of that, the central bank is propping up the stock market through its easy-money policy and corporate bond-buying programs.