Donald Trump and Chinese Vice Premier Liu signed the Phase 1 trade deal on Wednesday. The mainstream was generally bullish on the news, but there was some underlying concern because the deal did not bring substantive tariff relief. Peter Schiff broke down the deal in his latest podcast, saying that despite all the hype, the deal was really much ado about nothing.
It was an eventful week as far as news goes, but a rather quiet one in the gold and silver markets. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey covers impeachment and the phase 1 trade deal. He also talks about politicians and their propensity to break things and then woo us with promises to fix them. It’s a little bit like an arsonist coming to the rescue and putting out the fire. Except in the case of government, the fire never really gets put out.
There has been significant volatility in US stock markets so far this week. The Dow was down over 470 points Monday morning. Dip-buyers saved the day and the Dow ended up only down 66 points. But then the bottom fell out on Tuesday, with the Dow plunging 473 points.
Tweets by President Trump threatening more tariffs and raising questions about whether China and the US can work out a trade deal sparked this market volatility and the ensuing sell-off.
In his latest podcast, Peter Schiff raises an interesting question: was this by design?
The February jobs report came in significantly below expectations. First quarter GDP estimates are way down. And we’re seeing other numbers that indicate a rotting economic foundation.
But nobody is worried.
In fact, most of the attention continues to be focused on the trade deal as if it is going to push the economy to new heights. In his most recent podcast, Peter dug into some of the numbers and came to the conclusion that most of the analysts and pundits are utterly clueless about what’s really going on.