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.
How will the outcome of the US election impact the price of gold moving forward?
Of course, there is no way to know for sure. US politics is just one of the myriad factors that influence the gold market and you never know how things will play out. But there are reasons to believe the future will remain bullish for the yellow metal no matter who ends up sitting in the Oval Office.
The FY2020 budget deficit came in at $3.13 trillion. At some point, the US government will have to reckon with the debt and spending. But according to recent analysis from the nonpartisan Committee for a Responsible Budget, neither Trump nor Biden appear prepared to do so. In fact, its analysis shows Trump would only be slightly better than Biden when it comes to spending and debt.
As we get closer to the 2020 election, analysts are starting to look at how various outcomes could affect the markets and the broader economy. Some of them are actually bullish on total Democratic Party control of the government.
In a recent podcast, Peter Schiff broke down what the analysts are saying and explains why he believes that the best possible outcome is gridlock.
Peter Schiff appeared on Kitco News with David Lin to talk about the investment implications of the upcoming US elections.
Peter said he doesn’t feel good about the election and that he thinks Biden will likely win. He said the Democrats may even gain control of the Senate. So, what would a Biden win mean for the economy?
Last week, President Trump tweeted the rug out from under stimulus when he announced that negotiations were going to be cut off until after the election. The markets immediately tanked. But Trump quickly reversed course. As Peter Schiff explained in his podcast, the president is now in the process of out-Democrating the Democrats on the stimulus issue. Peter said the Republicans lost the argument the moment they conceded stimulus is “good” for the economy.
As Peter Schiff put it in his podcast, President Donald Trump tweeted the fiscal stimulus rug out from under the markets when he abruptly announced he was ordering his representatives “to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
The Dow tumbled just over 375 points and the NASDAQ fell 1.6%. Gold also dropped, falling back below $1,900 an ounce.
That’s how long it took to add another $1 trillion to the national debt.
As the stock market reeled, the Federal Reserve cut rates by 50 basis points this week. It was the first time the Fed has cut rates between meetings since December 2008, when it made a similar move in response to the financial crisis. But that wasn’t enough for President Trump. Immediately after the announcement, the president took to Twitter calling for more cuts.
Last week, Peter Schiff gave a speech at the Orlando Money Show and made the case that all the hype about the greatest economy in history is just that – hype. Nobody should be taking credit for the economy. We should be asking who is to blame.