Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Peter Schiff: Gold and Economic Freedom Go Hand-In-Hand

  by    0   1

As we’ve been reporting, a number of central banks have been aggressively adding gold to their reserves over the last several years. Globally, central banks accumulated 651.5 tons of gold last year. It was the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second highest annual total on record. Last week, Serbia and the Philippines joined the race for gold.

A move to minimize dependence on the US dollar, especially by countries like Russia and China, is driving this central bank gold-buying spree. Peter Schiff recently appeared on RT’s News with Rick Sanchez to talk about it.

Peter said America has enjoyed the privilege of being able to create the reserve currency out of thin air.

Before the dollar became the reserve, gold was the reserve. And the reason the dollar became the reserve is because it was as good as gold because the dollar was not only backed by gold, but redeemable in gold. In fact, the dollar was gold. It was Federal Reserve notes that were IOUs for dollars which were made of gold.”

The US went off the gold standard in 1971, but Peter said he thinks the world is going to go back on it.

The days where the dollar is the reserve currency are numbered and we’re going back to basics. You know, everything old is new again. Gold was money in the past and it will be money again in the future, and central banks that are smart enough to read that writing on the wall are increasing their gold reserves now.”

Sanchez said a gold standard would make it difficult to deal with future recessions or “sticky wickets” as he put it.

First of all, the only reason we get into those sticky wickets is because of the Federal Reserve. So, the Federal Reserve lights the fire and then pretends to put it out. If we go back on the gold standard, we take the matches away from the Fed so they can’t light the fire and there’s nothing to put out. Gold and economic freedom go hand-in-hand.”

Peter pointed out that gold is the enemy of the welfare state and big government.

That’s why governments don’t like gold. They want paper. But eventually, the paper has no value. And we are headed to a currency crisis in the United States. And what’s going to put the United States back on a gold standard is to try to stop the free-fall of the dollar.”

Sanchez asked Peter if he agreed with the assessment that a recession is on a horizon. Peter said not just a recession – THE recession.

It is going to be worse than the last one.”

Peter said the resurgence of inflation is what’s going to make this next downturn so bad. We’re looking at a return to stagflation like we saw in the 1970s. But this time, we won’t have a Jimmy Carter and a Paul Volker to save us. Peter said we’re going to go hard left and the government will probably run the money printing presses at full speed.

That’s what I think is going to crash the dollar and ultimately which would bring us back to gold.”

TaxFreeGold.Banner.1000x285

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Peter Schiff: The Inflation Tax Will Decimate Many Portfolios

Last week, Peter Schiff appeared on The Claman Countdown on Fox Business along with Mark Matson, founder and CEO of Matson Money, to talk about where to invest with this overpriced stock market. Peter said the big danger is inflation and it will decimate a lot of portfolios.

READ MORE →

Peter Schiff: The Fed Has Never Been Right

Peter Schiff delivered a key-note speech at the Virtual Investor Day Conference. He walked through the history of the Federal Reserve’s monetary policy over the last several decades and explained the inevitable outcome. Peter’s recap of Fed history leads you to an undeniable conclusion: the Federal Reserve has never been right. And it has set […]

READ MORE →

Peter Schiff: The World Is Going to Reject the Dollar Standard

Peter Schiff recently did a presentation at the Endeavour Silver Town Hall Webinar. He talked about the state of the economy, the US dollar, and gold and silver. Peter said he thinks we’re about to see a gold bull market rivaling the 1970s because the world is going to reject the dollar standard and go […]

READ MORE →

Peter Schiff: Government Tries to Replace the Economy With a Printing Press

Peter Schiff recently spoke at the “virtual” Los Vegas Money Show and explained why we are near the endgame for the dollar. Peter opened up his talk speculating that the Money Show could be close to the end of its run. I think the money that most people have, or at least what they think […]

READ MORE →

Peter Schiff and Jim Rickards: $15,000 Gold?

Gold pushed above its all-time record price last week. Where does it go from here? Peter Schiff and Jim Rickards appeared on Kitco News to talk about gold’s trajectory and the possibility of $15,000 gold in the future. Peter opened up the interview saying he’s surprised it took gold this long to break its record. […]

READ MORE →

Comments are closed.

Call Now