The Federal Reserve met this week and promised to keep pumping out monetary stimulus indefinitely. Meanwhile, the US government added another trillion dollars to the national debt in just 35 days even as the president and congressional leaders talk about more fiscal stimulus. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about the ramifications of all this endless stimulus and reminds us that what can’t go on forever, doesn’t. He also covers the week’s ups and downs in the gold market and reveals that the May unemployment report appears to be fake news.
Peter Schiff recently appeared on Mark Dice’s show to talk about the looming financial crisis. Peter explains why a dollar crash is on the horizon and what the average person can do to keep from getting wiped out by the inflation tax.
In the months leading up to the 2008 financial crisis, Peter warned it was looming. Today, he is warning about the far greater financial crisis that is going to finally result from the giant bubble that the Federal Reserve and government policy pumped up in the aftermath of ’08.
The economy has gone through the quickest and arguably the deepest collapse in history, but the stock market has been rallying. How can this be? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey says look no further than the Federal Reserve. Despite the economic chaos, it has managed to blow up stock market bubble X.0 He also talks about a move China recently made that ups the ante in the “war on cash.”
Silver just had its biggest monthly gain in nine years.
The spot price of the white metal went into May at $14.96 per ounce and closed on May 29 at $17.98, a 20.7% increase. Silver futures did even better, with the price of silver for July delivery hitting $18.50 per ounce Friday.
The Dow Jones is back of 25,000 and despite increasing tensions with China, people seem pretty optimistic about the economic future as states begin to open back up. SchiffGold Friday Gold Wrap host Mike Maharrey says people should know better. He makes his case by digging into some of the long-term ramifications of the economic shutdown and the government/central bank response to it. He also recaps the last month in the gold and silver markets.
Jerome Powell went on 60 Minutes last week and said there was “no limit” to what the Fed could do to support the economy. Of course, that’s not really true. All the central bank can really do is print more dollars. And the economy isn’t just about dollars. It’s about stuff. In this episode of the Friday Gold Wrap podcast, Mike Maharrey talks about the real problem facing the economy – Powell’s “cure.” He also puts silver in the spotlight.
With the economic chaos created by coronavirus economic shutdowns and the Federal Reserve creating trillions of dollars out of thin air, there is suddenly a lot of interest in buying gold, both as a safe haven and an inflation hedge.
But what is the best way to invest in the yellow metal? Should you buy physical gold? Gold ETFs? Gold stocks? What’s the difference? Are there advantages or disadvantages to each of these options?
In the last week, the price of the white metal has moved up from $15.51 to $17.35. (as I type this on Tuesday morning May 19) That’s an 11.9% increase.
With the jump in the price of silver, the silver-gold ratio has dropped from over 113-1 earlier this month to 101-1 today.
Federal Reserve Chairman Jerome Powell dumped cold water on the notion that we’re going to have a quick recovery during a speech this week and begged Congress for more fiscal stimulus. As Friday Gold Wrap host Mike Maharrey put it, Powell and the federal government are the arsonists trying to fight the fire they started. In this episode, Mike talks about Powell’s speech and points out just how clueless he really is. He also covers some of the week’s economic news and its impact on the gold market.