The stock market continues to climb on coronavirus vaccine hopes. But why should it? After all, it didn’t sell off because of the pandemic. It’s at record levels despite COVID-19. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why this really isn’t about a vaccine. He also talks about one of the pernicious effects of this super-loose monetary policy – the theft of our savings.
Stocks continue to surge upward thanks to optimism about a coronavirus vaccine. Of course, stocks have been on a bull run ever since their big March drop at the beginning of the pandemic. This led Peter Schiff asks a poignant question during his podcast: if COVID-19 didn’t hurt the stock market, why should a vaccine help?
So… It’s Friday the 13th — 2020.
Should we really be tempting fate like this?
Gold and silver sold off big and the Dow surged Monday on the announcement the Pfizer had successful coronavirus vaccine trials. But Friday Gold Wrap host Mike Maharrey says investors should maybe tap the brakes on thinking that a coronavirus vaccine is a cure-all. In this episode, the looks a little deeper at the long-term ramifications of a vaccine. He also breaks down the newest budget deficit numbers.
This summer, Peter Schiff and Jim Rickards discussed the possibility of $15,000 gold. In a recent interview. economist Rafi Farber took this line of thinking to the next level, arguing the dollar price of gold could eventually hit infinity – meaning simply that the value of the dollar will go to zero.
American retirees are buried in debt.
Between 1999 and 2019, the total debt burden for Americans over age 70 increased by 543% and totaled $1.1 trillion according to data compiled by the Federal Reserve Bank of New York. Debt grew by 471% over the same period for those in their 60s and totaled $2.14 trillion at the end of last year.
Gold has helped Indians weather the economic storm caused by the coronavirus pandemic.
The government response to COVID-19 has ravaged the Indian economy. As a result, many banks are reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians are using their stashes of gold to secure loans.
Stocks soared, and gold and silver sold off Monday after Pfizer announced success in stage III coronavirus vaccine trials.
During his podcast, Peter Schiff talked about the crazy day in the markets and suggested we might want to tap the brakes when it comes to the excitement about a COVID vaccine because there is no vaccine for what actually ails the economy.
Global ETF gold holdings rose for the 11th straight month in October, setting yet another new record at 3,899 tons valued at $235 billion.
Last week, Peter Schiff appeared on The Claman Countdown on Fox Business along with Mark Matson, founder and CEO of Matson Money, to talk about where to invest with this overpriced stock market.
Peter said the big danger is inflation and it will decimate a lot of portfolios.
