Jerome Powell took center stage last week and the Federal Reserve chair didn’t do anything to dampen expectations of a rate cut. His comments sent both stocks and gold higher.
Peter Schiff recently appeared on RT Boom Bust with University of Amherst economics professor Richard Wolff to talk about the Fed and its impact on the markets. Pete said no matter what the Fed does, a recession is coming.
Jerome Powell took center stage this week and the Federal Reserve chair didn’t do anything to dampen expectations of a rate cut. That sent both stocks and gold higher. The yellow metal pushed back above $1,400 after tanking in the wake of last Friday’s June jobs report and stocks swooned. Everybody seems to love Easy Street. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down what the Fed chair said and didn’t say. He also debunks the “there is no inflation” myth and highlights some other interesting news in the gold markets.
And just like that, gold was over $1,400. Just a couple of weeks ago, we were talking about how gold was struggling to crack through the key $1,300 level. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the main drivers behind the gold market right now, including the trade war and central bank mechanizations. He also covers some supply and demand fundamentals.
After the stock market started to tank last fall, the Federal Reserve rushed in and saved the day – at least temporarily. Peter Schiff predicted this would happen. In fact, last December he said the Fed was about to initiate its last rate increase. But Peter also said the “Powell Pause” wouldn’t be enough. Just a couple of weeks ago, Peter reiterated that the Fed is about to cut interest rates again.
This isn’t mere speculation. Peter is basing these predictions on fundamental economic calculations. Central banks can stimulate the economy with easy money, but the boom can’t last forever. In an article published on the Mises Wire, economist Thorsten Polleit explains why the Federal Reserve-induced boom will eventually get exactly what’s coming to it.
The Federal Reserve held its June Open Market Committee Meeting this week and it looks like Powell and company are fresh out of patience. In fact, that word didn’t come up once. And while the Fed held pat on interest rates, for now, virtually everybody is betting on a rate cut in the near future. This has caused gold to surge to prices not seen in nearly six years. Meanwhile, American consumers are still running up debt and the Chinese are shedding it. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about it.
It looks they’ve run out of patience at the Eccles Building.
The Federal Reserve Open Market Committee wrapped up its June meeting yesterday leaving interest rates unchanged. But the talk coming from the central bankers was decidedly dovish. Patience was not in the Fed’s vocabulary. Instead, Powell and company talked about “uncertainty” and said they would “act as appropriate to sustain the expansion.”
As Peter Schiff said in his podcast, the table is now set for a rate cut in July.
Gold has crashed through another key resistance level and is on track for its fourth consecutive weekly gain. What is driving gold into the spotlight? Host Mike Maharrey talks about it in this week’s episode of the Friday Gold Wrap podcast. He also raises an important question – what is all this going to look like when the recession really takes hold?
Last week was a good one for the stock market. Peter Schiff raised an important question in his latest podcast: why?
Answer: it’s all about the Fed.
Everybody is giddy because they think the central bank is going to save the day once again. In this podcast, Peter explains why they are wrong.
There are two major factors driving markets right now – fears that tariffs are going to push the global economy into recession and hope that the Federal Reserve and other central banks will rescue it. What are the markets getting right? And what are they getting wrong? Friday Gold Wrap host Mike Maharrey talks about it.
The following is a market update as it related to precious metals prepared by SchiffGold intern commodities analyst Jason Mezhibovsky and SchiffGold News managing editor Mike Maharrey.
The price of gold surged this week, moving well above the $1,300 level and pushing close to the highs of the year.
There are several factors at play helping drive the metal above the critical $1,300 level, including the ongoing trade war with China, fears over Mexican tariffs and growing speculation that the Federal Reserve will cut rates.