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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 February 28, 2019  - POSTED IN Key Gold Headlines

After weeks of hinting, Federal Reserve Chairman Jerome Powell confirmed that the central bank will end its balance sheet reduction program this year. This just five months after insisting quantitative tightening was on “autopilot.”

“We’ve worked out, I think, the framework of a plan that we hope to be able to announce soon that will light the way all the way to the end of balance sheet normalization,” Powell said during testimony before the House Financial Services Committee.

POSTED ON February 7, 2019  - POSTED IN Videos

All of a sudden, former Federal Reserve chair Janet Yellen sounds a little bit like Peter Schiff.

During an interview on CNBC,  Yellen conceded that the next Fed move could be an interest rate cut.

Of course, it’s possible. If global growth really weakens and that spills over to the United States where financial conditions tighten more and we do see a weakening in the US economy, it’s certainly possible that the next move is a cut.”

POSTED ON February 6, 2019  - POSTED IN Key Gold Headlines

After Jerome Powell indicated that the Federal Reserve tightening cycle was on pause during last week’s FOMC meeting, Peter Schiff said, “The monetary drug pushers at the Federal Reserve gave the addicts on Wall Street exactly the fix that they had been craving.”

Peter often compares the markets to drug addicts. They are addicted to the easy money the central bank provides. Reuters used that same imagery to describe America’s business community in the wake of the “loose money era,” saying it left a “trail of US corporate debt junkies.  

POSTED ON February 4, 2019  - POSTED IN Videos

During his keynote speech at the Vancouver Resource Investment Conference, Peter Schiff said we are at the beginning of the end.

The Fed appears to have paused interest rate hikes in order to save the stock market. The markets have reacted positively and a lot of analysts seem to think we’re out of the wood. But Peter traces the moves of the Federal Reserve all the way back to the first rate hike of December 2015 and shows how the central bank has put us on a path toward a financial crisis that will be bigger than 2008. Peter insists he’s been right about what would happen all along, it’s just taken us a little longer to get here than he expected. 

POSTED ON January 31, 2019  - POSTED IN Key Gold Headlines

The Federal Reserve Open Market Committee met yesterday and held interest rates steady in the 2.25-2.50% range. This wasn’t really a surprise. More significantly, Fed Chair Jerome Powell kept up the dovish rhetoric, saying, “The case for rate increases has diminished. I would need to see a reason for further rate hikes that would have to include higher inflation.”

We’ve called this the Powell Put, and it appears it’s still solidly in play. But in his most recent podcast, Peter Schiff called it the “Powell Pause” and said it wasn’t going to be enough.

POSTED ON January 21, 2019  - POSTED IN Peter's Podcast

US stock markets had a strong week last week. The Dow Jones capped it off gaining more than 300 points on Friday.

Optimism about a trade deal with China along with increasing expectations that the Federal Reserve will slow the pace of interest rate hikes buoyed the markets.

This has led many pundits to declare that the correction is over. Some have even declared its a new bull market. In his latest podcast, Peter Schiff said that’s not what’s happening at all. What we’re seeing is a typical bear market correction and a recession is right around the corner.

POSTED ON January 16, 2019  - POSTED IN Key Gold Headlines

Stock markets appear to have stabilized after a “December to remember.” But in his most recent podcast, Peter Schiff said we’re really just in the eye of a financial hurricane.

The selloff began after the September Fed rate hike. At the time, Peter called it the hike that broke the camel’s back. The market plunged in October and Wall Street ended up having its worst December since 1931. But over the last few weeks, things have calmed as we entered the eye of the storm. 

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