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POSTED ON March 4, 2019  - POSTED IN Peter's Podcast

Peter Schiff has been saying that despite the recent stock market rally and all of the optimism about an end to the trade war, a recession is a done deal. There is plenty of economic data to back up despite the recent economic growth. In his most recent podcast, Peter Schiff said that while the GDP number might look pretty good, the growth is unsustainable because it’s all built on debt.

POSTED ON March 1, 2019  - POSTED IN Friday Gold Wrap

Jerome Powell went to Capitol Hill this week and continued to preach patience. In other words, the Powell Pause is still firmly in play. In fact, the Fed chair confirmed that balance sheet reduction is a done deal. But why this sudden patience? In this episode of the Friday Gold Wrap podcast, Mike Maharrey talks about it. He also covers the Q4 GDP report, reveals some more bad economic data and reviews gold’s rollercoaster February.

POSTED ON November 13, 2018  - POSTED IN Key Gold Headlines

Americans took on another $10.9 billion in debt in September, according to data released by the Federal Reserve. That pushed total consumer debt to a seasonally adjusted $3.95 trillion. American indebtedness is growing at a 3.3% rate.

But there are signs that American credit card borrowing is slowing down and that’s not good news in an economy built on consumer spending and debt.

POSTED ON July 30, 2018  - POSTED IN Key Gold Headlines

The second quarter GDP number released Friday came in at 4.1%. It represents the fastest rate of growth since 2014. President Trump called the number “amazing,” bragging that, “We’ve accomplished an economic turnaround of historic proportions.”

Peter Schiff wasn’t quite as impressed. In his latest podcast, he said this “peak GDP” is an aberration and it’s setting the stage for a major economic fail. 

POSTED ON May 3, 2018  - POSTED IN Key Gold Headlines

The US economy is now technically in the second-longest recovery in history. If it continues another 14 months, it will eclipse the longest recovery, which took place in the 1990s.

As Peter Schiff pointed out in his latest podcast, the Federal Reserve pulled out all the stops in the 1990s to keep the recovery going. That set the stage for the dot-com crash and ultimately the Great Recession.

Now the Fed is doing it again.

POSTED ON March 15, 2018  - POSTED IN Key Gold Headlines

Retail sales unexpectedly fell again in February. It was the third straight monthly drop and the first time the US economy has seen three straight months of declining retail sales since 2012.

Sales fell 0.1% in February. Analysts had expected an uptick of 0.3%. According to CNBC, households cut back on purchases of motor vehicles and other big-ticket items, pointing to a slowdown in economic growth in the first quarter.

So, why is this happening? Peter Schiff offered a simple reason in his latest podcast.

Americans are broke.

POSTED ON January 29, 2018  - POSTED IN Key Gold Headlines

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.”

POSTED ON November 14, 2017  - POSTED IN Key Gold Headlines

Every once in a while, a mainstream news outlet publishes a piece about the national debt. Here and there, politicians trot out the surging debt as a talking point to make some political hay. Now and then, an economist will wave the red flag. But by-and-large, the national debt just kind of looms over us.

We’ve gotten used to the shadow it casts, and we generally don’t give it much thought. It’s kind of like people living at the foot of a volcano. They know it’s there. It might cause some low-level anxiety. But they really don’t pay much attention to it – until it erupts.

So, just how bad is the national debt? We all know it’s pretty bad. But would you believe it’s actually worse than you probably think?

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