Pop some popcorn. It’s time for some political theater. Congress is gearing up for another debt ceiling fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharey gives you a preview of the next big Washington DC blockbuster production, complete with some debt ceiling history and an explanation as to why we shouldn’t need one. Maharrey also covers retail sales, inflation and the latest movement in the gold market.
The markets have been jittery lately. The mainstream remains concerned about inflation – more specifically that the Fed is going to tighten monetary policy sooner rather than later to fight rising prices. But in his podcast, Peter Schiff makes the case that the markets are afraid of the wrong thing. They shouldn’t be worried about the Fed fighting inflation. They should be worried that it won’t.
Average Americans are worried about inflation, but the mainstream financial media doesn’t think they should be. Even though inflation is a hot topic, the conversation seems to primarily center around the notion that inflation is overblown. In his podcast, Peter explains why this mainstream media spin downplaying inflation is dead wrong.
For months, the markets have responded to inflationary pressures by piling into dollars and selling gold. They’ve taken this counterintuitive approach because they believe the Fed will tighten monetary policy to fight inflation sooner rather than later. But we’re starting to see a shift in sentiment. As Peter Schiff explains in a recent podcast, traders seem to be realizing that inflation might be here to stay, and that is bullish for gold and bearish for the dollar.
After last week’s hotter than expected CPI data, gold sold off, following a pattern we’ve seen over the last few months. But in the last week, gold has rallied, knocking on the door of $1,900. In fact, there has been a broader pivot in the market that could indicate the mainstream is ready to face the reality of inflation. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the big pivot. He also discusses some bullish fundamentals in the silver market.
The bond market is getting clobbered. Long-term interest rates are rising and that is putting significant pressure on gold. Peter Schiff talked about rising rates and the gold market in a recent podcast. He said the rise in long-term yields is a function of inflation and people seem to forget that inflation is good for gold.
If you follow the markets at all, you’ve heard about the big surge in GameStop stock driven at least in part by retail investors informed by social media. Now the Reddit investors have turned their eyes to silver. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the GameStop phenomenon and argues that there are good reasons to be bullish on silver – not just the attention of the Reddit crowd. He also touches on this week’s Fed meeting and gold demand dynamics.
For months, Peter Schiff has been warning that the stock market is a bubble. It is detached from any political or economic reality and is being driven by Federal Reserve monetary policy. During an interview on NTD Business News, Peter said a lot of investment advisors know this too, but they are advising people to stay in because the bubble has more room to grow. But he warned this isn’t good advice. When it comes to bubbles, you have to know when to leave the party.
Joe Biden took the country’s wheel on Wednesday. For some, it was a day of celebration. And for some, it was a day of mourning, depending on your political perspective. But what is really in store for us in the Biden years? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey considers the economic path that lies ahead. He argues that while the driver has changed, the car is still heading in the same direction with Biden’s foot on the accelerator.
Joe Biden was inaugurated on Jan. 20, becoming the 46th president of the United States. And as Peter Schiff put it in his podcast, he took the helm of a sinking ship.
