The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Peter Schiff has said it’s not that we have a “volatile” economy right now. We have a bubble economy, and we are at the beginning of a much bigger crisis than we went through in 2008. Peter continued with this theme on a recent appearance on Kitco News with Daniela Cambone noting that things are setting up for gold to shine in 2019. As far as the yo-yoing stock market?
It’s just the air coming out of the bubble. That’s the volatility,” Peter said.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Wall Street has been on a roller coaster ride over the last few months. If you listen to the pundits on the financial networks, you’ll hear the word “volatile” used over and over again. That word certainly seems to describe the current state of US stock markets and in a broader sense the economy. But during a recent interview on RT News with Rick Sanchez, Peter Schiff said it’s not that the economy is volatile. It’s actually a bubble. And we are on the verge of a bigger crisis than the one we went through in 2008.
The mainstream is starting to get a little bit nervous. As we reported yesterday, a CNBC interview with DoubleLine Capital founder Jeffrey Gundlach got the mainstream talking about the possibility of a bear market. There is also increasing concern about a looming recession. In a recent New York Times survey, almost half of the 134 CEOs polled said they thought the country could be in a recession by the end of the year.
Peter Schiff has been warning about a recession for months. In October, he said the recession that’s coming is going to be brutal. On Monday, Peter appeared on Fox Business with Lisa Kennedy to talk about the coming crisis and its political ramifications.
Peter Schiff appeared on RT Boom Bust last week and reiterated he thinks we have entered a bear market. In fact, what we’re seeing now is a deflating bubble.
For centuries, gold jewelry was not only something beautiful to wear, it was also a store of wealth and value. But the 14-karat gold jewelry found in your local store isn’t the best option for investment. Now there is an alternative for people who want to own beautiful jewelry that will also serve as a store of value.
Mene is an ancient word for money. A new company by that name prices its jewelry by weight and a transparent premium. Mene also allows customers to track the value of their jewelry like an investment portfolio and sell back or exchange pieces back to the company.
In this special episode of the Schiff Report, Peter Schiff interviews Mene founder and CEO Roy Sebag. They not only talk about the company and this unique way to invest, but they also talk about the fundamental reasons you want to own gold.
Earlier this month, Peter Schiff wondered out loud if the twin deficits of government budget and trade could spark an October surprise. The month isn’t over yet, but it certainly hasn’t been a good one for stock markets.
The Dow is down 3.8% in October. And it’s the best performing of the stock indexes. The S&P 500 is down about 4.7% on the month. The NASDAQ has dropped 7.4%. Dow Transports have plummeted 8.3%. And the Russell 2000 has suffered a 9.2% decline. Now, if you want some good news, look at gold. It’s up about 3% this month. But all in all, there is a lot of gloomy news on Wall Street.
All of this doom and gloom led Peter to ask an important question in his latest podcast. How many canaries have to die in the coal mine before the mainstream wakes up?
The US federal government posted the largest budget deficit since 2012 in fiscal 2018. Uncle Sam ended 2018 $779 billion in the red, adding to the ballooning national debt. The Bipartisan Policy Center called the Treasury report a “wakeup call,” noting that trillion dollar deficits during an economic expansion are a serious issue.
But not everybody is concerned. Peter Schiff appeared on RT this week to debate a socialist about the deficit.
In the wake of the stock market plunge last week, Pre. Donald Trump said the market drop wasn’t because of his trade war. Trump said, “That wasn’t it. The problem I have is with the Fed. The Fed is going wild. They’re raising interest rates and it’s ridiculous.” He also said the Fed is “going loco.” In a Thursday interview, the president doubled down, saying “I’m paying interest at a high rate because of our Fed. And I’d like our Fed not to be so aggressive because I think they’re making a big mistake.”
Peter Schiff appeared on Fox Business Countdown to the Closing Bell along with National Alliances head of fixed income Andy Brenner to talk rate hikes, the stock market and where things might go next.
