Inflation Chickens Will Come Home to Roost – Peter Schiff
By Greg Hunter’s USAWatchdog.com
Money manager Peter Schiff says all the money printing and debt explosion since the Great Recession comes with a huge downside. Schiff says, “All sorts of bad policies basically took place thanks to the monetary excesses applied by the world central banks, but now we are at a point where all these inflation chickens are going to come home to roost. It will not be in stock prices or real estate prices or bond prices, but in good old fashion consumer prices. Food, energy and all the things that we need to live are going to get a lot more expensive.”
Schiff says the Fed is overlooking some big problems coming. Schiff says, “They (Fed) did not stress an environment where we have more inflation or where we have stagflation, where we not only have a rise in unemployment and a recession, but consumer prices and long term interest rates that go up at the same time. They (Fed) are not even thinking that’s possible, but that’s actually probable. The real problem is when real inflation rears its head, there is nothing the central bankers can do about it. If they try to fight the inflation by tightening up on monetary policy, it’s like slamming on the brakes. They are going to have to jack interest rates very high, and everything is going to start imploding. The whole credit bubble is going to collapse. We are going to see stock markets tumble. Bonds are going to go into default. There will be bankruptcies, layoffs, bank failures and the governments will have to start defaulting on their obligations and payments on social programs, or even interest on principal. You have a massive crisis coming if the Fed fights inflation, but you have an even worse crisis if they don’t. I am betting on this initially. As inflation gets worse and worse, the central bankers are going to say it is a good thing.”
Schiff predicts, “Inflation is going to run out of control. . . . This is why people need to buy gold. Paper currencies are going to lose a tremendous amount of value. So, if you want to preserve your purchasing power of your savings, you better be saving real money and not all this funny money the central banks create. . . . Once the market perceives that there is no light at the end of the tunnel, that we are never going back to normal, that interest rates are going to stay negative in real terms forever, that the Fed has no ability to raise rates, that all the new money that has been created will never be destroyed, that the Fed balance sheet will grow in perpetuity so liquidity will never be removed, then the dollar will fall through the floor. Then we are going to get all that inflation.”
Schiff is predicting another bull market in gold and silver. Schiff says, “If we are going to have another bull market in gold, which we will and it’s probably already starting, we are going to have a bull market in silver. I don’t think we have ever had a gold bull market that didn’t include silver. In every gold bull market, silver has outperformed gold (on a percentage basis). So, there is a lot of upside in silver.
Join Greg Hunter as he goes One-on-One with Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Thanks Greg,
Great update!
I have been listening to Peter Schiff since at least 2006. He Jim Sinclair, Gerald Celente and Dr. Marc Faber are of all of a number of your great guests, are IMO absolutely the most accurate assessors of what is going on and will happen. Whether it is Mr. Sinclair’s “QE to infinity” or Mr. Celente’s “monetary methadone” or Mr. Schiffs clear understanding of what markets are and how economics without fraudulent manipulation operate, it is always to hear them on your show. Greg, thank you, and continue to keep up the great work … Since I firmly believe the country is doomed without a second Trump term, whatever short term manipulations occur, no matter how ridiculous they may be, are worth the long term cost, because the cost of Trump not getting a second term is greater than any additional fuel being added to the meltdown fire.
Me too, since 2008. Got his books and all.
Paul in oz … as Schiff explains: we have a Welfare Cabal … Warfare Cabal … Drug Cabal … and Monetary Cabal that threatens our “State of the Union” … all these Cabal’s are working together to destroy our economy … ordinary Americans who become homeless on welfare, crippled in war, high on drugs and penniless will likely say … “see … we have become great again”!!
To defeat the Deep State (DS) … get rid of your cell phones and don’t talk in your car if it is newer then 2003 (all new model cars are bugged) … don’t talk near any electronic equipment (TV’s, dishwahers, etc., etc.) … or you can use reverse psychology and say exactly the opposite of what you think near the TV, etc. (fake it and say how you are going to be voting for Biden but really know you will be voting for Trump)!! … https://www.zerohedge.com/news/2019-06-26/nsa-again-exposed-unauthorized-collection-americans-phone-records
Excellent Peter😍🍉
People like Peter Schiff, Jim Sinclair, Gerald Celente and Dr. Marc Faber are not invited onto mainstream channels because men who speak the unleavened truth on any given subject are always hated because truth kills pleasure:
2 Timothy 3:1-4 But know this, that in the last days grievous times shall come. (2) For men shall be lovers of self, lovers of money, boastful, haughty, railers, disobedient to parents, unthankful, unholy, (3) without natural affection, implacable, slanderers, without self-control, fierce, no lovers of good, (4) traitors, headstrong, puffed up, lovers of pleasure rather than lovers of God;
Even in Christianity the unleavened truth is shunned by most bible teachers because it requires much more than most want to hear:
John 12:24-25 Verily, verily, I say unto you, Except a grain of wheat fall into the earth and die, it abideth by itself alone; but if it die, it beareth much fruit. (25) He that loveth his life loseth it; and he that hateth his life in this world shall keep it unto life eternal.
There is much more to salvation than what is being taught today from most pulpits:
https://sumofthyword.com/2018/04/03/once-saved-always-saved/
Paul in Oz I couldn’t agree more. I love Peter Schiff and hang onto just about every word he says. I know President Trump is well aware of the state of the economy and is trying his best to get reelected so he can work on it in a 2d term. If it goes down “before” the election, we are all in a very bad place. Socialism is definitely not the answer. That is why Mr. Trump is so vociferous in his criticism of the Fed’s policies. It’s merely a stop gap so that the economy won’t fail until after the election. Let’s hope he succeeds.
I find myself in Mongolia and visited the National Museum where university students have varies drawings displaying the corruption between the politically connected and the general public.
I spoke to the studentd who had organized the event about the socialist rule of Mongolia and current day Mongolia.
During our conversation he spoke highly of students back in the 80’s and 90’s protesting against socialism and wanting a change to democracy.
I explained right now in America the complete opposite is happening, he was gobsmacked.
Inflation has been ongoing in various forms so the public doesn’t catch on. You see it in the form of product shrinkage while the price stays the same. Most brands of orange juice are now 52oz instead of 64oz. In my area a half gallon of milk has increased anywhere from 20-45 cents., which translates to $2.45 – 2.99 a half gallon.
I’m seeing more and more seniors (70-80yrs old) working the checkout lanes because they can’t make it on what they get from the Gov’t.
Inflation is every where and has been for sometime if you just know where to look.
On the positive side it is easier to lose weight now!
R – per milk … if you took away the Federal Governments susbsidies, milk would be around 8 to 10$ a gallon. They make sure milk prices are low, this so the poor can afford it.
Mr. Hunter,
Thanks for everything, especially for maintaining your journalistic standards.
Thank you William.
Greg
I keep an eye on various market sectors and in addition to bond yields plummeting and metals prices spiking, another worrisome trend has begun: the US Dollar index is falling.
The lower the Dollar index falls, the less the Dollar is worth and the higher consumer prices go.
Gold and silver, baby, silver and gold. There is very little time left to get in on metals at a reasonable price level.
Some will point to the stock market and say “See, stock prices are rising so everything’s okay.” But I believe people are buying stocks now for three reasons:
1- They see problems but they’re in denial and they think the markets can never crash again.
2- They’re low-info types who don’t pay attention and they see no problems
3- They’re treating stocks like gold – a hedge against future troubles
IMO, only one economic policy can save this economy: a return to conservative, free-market capitalism. But even if all the Pelosis, AOCs and Bernies get voted out, nobody will do what’s right because the system would still have to be allowed to crash to get rid of all the $Trillions of fiat. No politician has the balls to let that happen. So we’re stuck.
Gold and silver, baby, silver and gold.
Remember the saying:
“Always have enough gold to bribe the border guards.”
I AM the border guard, and I WILL defend my property.
How many ozs do you need to look the other way?
I believe you missed my point. I won’t be running.
Fantastic interview Greg,
The thing that surprises me is on some business forums in Australia, Peter is unfairly labelled a loon. This is because too many Bozos are calling out predictions based on an ultimate pinpointed timetable, which has passed, rather than lining to the detailed circumstances.
I love your guest. Straight as an arrow in my book. Thanks as always. Andrew UK
Looking forward to reading comments. To me he sounded like an infomercial for his company sorry
Sheryl,
Fair point but Schiff did some very good information and analysis too.
Greg
Cheryl, all this pimping of gold and silver yet what are we suppose to do with it? Its not like everyday services are going to be able to transact in gold and silver. The cash registers won’t have assay machines to determine if its even real. So just how are we suppose to use this gold and silver at the grocery store, the gas station, the auto parts store, the bakery, the dept store, the furniture store, the restaurant?
Robert,
Can you spend a share of stock in a restaurant? How about a bond? How about a painting or an acre of land?
Greg
Robert, the point to holding gold and silver is not to use it for currency (although if things get bad enough that certainly would be a possibility). The idea is to hold it and cash it in for currency should the need arise. It seems you aren’t a savvy PM buyer or investor as you would be aware of how to liquidate your PM’s when/should the need arise. It may also be possible under the right conditions to trade your PM’s for land and automobile or other large commodities. There are a growing number of states (Utah comes to mind) that have passed laws that have made PM’s useable as currency – going back to the original intent of the Founding Fathers. Those who believe that PM’s are worthless or a waste of time are going to be very sorry indeed. I’d rather have it and not need it than to need it and not have it.
Hi Greg
I’ve listened to Peter Schiff many, many times but this interview is by far the best to date. What happened to Peter’s father, at the hands of a vengeful State apparatus, was beyond despicable – and that Peter soldiers on, trying to educate and alert the public about the true state of affairs, is only to be admired.
Peter’s own words in a tribute to his father Irwin A. Schiff, “my father was fortunate to have been born into the freest nation in the history of the world. But when he passed away on Oct. 16th, 2015 at the age of 87, a political prisoner of that same nation, legally blind and shackled to a hospital bed in a guarded room in intensive care, the free nation he was born into had itself died years earlier.”
Nothing has changed. Dare to expose the tyranny of Big Brother and you will be incarcerated. Today Trump is hell-bent on serving the same wrath of tyranny on Julian Assange. Where is the outrage?
Peter is correct. The nation is dead. Is there any greater example of cognitive dissonance than MAGA slaves clinging to their master Trump and leftist slaves clinging to the likes of Hillary or Bernie? Americans can only see 2 boxes. Sad.
Hi Greg, had problem accessing previous to Shiff video
Where can I get it
Excel not Peter Shiff interview
Finally investors should see there is no way out for fed
It’s about time people stop investing with crooks … https://www.zerohedge.com/news/2019-06-25/merrill-lynch-caught-criminally-manipulating-precious-metals-market-thousands-times … and Schiff their account for safety sake!!
Buy gold with what? Is the average person supposed to take on more debt to buy gold?
I am tired of these ‘buy gold’ people who are gold brokers and who are selling it. I don’t even watch the ‘buy gold’ interviews anymore. It’s the same broken record. Why not make a generic ‘buy gold’ video and play it once a week.
Peter Schiff is telling us everyday essential items are going to become very expensive and possibly people won’t be able to afford them, but we are supposed to run out and buy gold. When everything collapses, maybe he will be able to barter with gold coins for groceries in his wealthy affluent neck of the woods, but I don’t think that is going to work for most of us.
What have you been doing for the last several years?
Greg
It’s too bad your comments can’t be moderated, Greg. I think that was uncalled for. I must have hit a nerve. I thought better of you.
What have I been doing? I have been trying to stay alive while calling on faith and courage to maintain my hope that one day I can continue my life’s work, which like yours, is productive and challenging. Reversals can strike without warning. May you be spared learning that lesson.
Best Wishes ……… Louise
Louise,
Please forgive me. I a so sorry I came off harshly. I have been telling people to get prepared. preparation requires sacrifice and hard work and many people do not want to do that. They want an easy answer that will not interrupt their lives on bit. You obviously are not one of those people. Again, so sorry I came off harsh.
Greg
By the way life, has dealt me some harsh blows. After I was let go at CNN I could not find work anywhere. I had been blacked balled din the industry. I had to cash out my 401ki and start USAWatchdog.com. I made zero money for 5 years. The only way I can get by now is that I have to do everything, and I mean everything from take out the trash, to learn new tech, to write and edit the stories the stories and book the guests. I have not taken a real vacation since 2009. m I am not complaining. My job is to inform people. I always pray to the Holy Spirit that I do not misinform people. I will pray you get some help some how! Don’t give up and “Fear Not”!!!
Solid man Greg! That quality is priceless.
Thank you AA!!
Greg
Thank you , Greg, for your gracious and sincere reply. It is easy to forgive gentle misunderstandings.
I agree with you about preparation and make every effort to use common sense about remaining informed and prepared.
I know you work very hard and I understand the sacrifices you have made on many levels to bring truth to the world through your channel. I will pray also for your continuing success. May you be guided by wisdom and strengthened by truth.
Best wishes ….. Louise
Thank you , Greg, for your gracious and sincere reply. It is easy to forgive gentle misunderstandings.
I agree with you about preparation and make every effort to use common sense about remaining informed and prepared.
I know you work very hard and I understand the sacrifices you have made on many levels to bring truth to the world through your channel. I will pray also for your continuing success. May you be guided by wisdom and strengthened by truth.
Best wishes ….. Louise
I am praying right now for you Louise.
Greg
Louise, Do not feel alone … Greg seems consistently unable to moderate his responses to those that wish to follow his site and contribute. Yours in Faith and Liberty, FN, DB.
DB,
I’ve missed you.
You have a point. Nevertheless, please don’t deprive us of your society.
Along those same lines of thinking, I, too, have questions. Some are if silver is valued at 15 dollars and I want bread and milk costing 6 dollars, how is change going to be made? Are we going to use our coins we have now? Could it be set up like a credit to be drawn on until 15 is used up or we going to have a new currency? backed by what? How do we pay bills, if banks are going to be non-existent ? I sure would like to have these questions answered by someone who is a lot smarter than I am.
Sandra – No one knows the future, best recourse is to just understand the past – look to Venezuela as a prime teacher to what socialism leads to (i.e. corruption). And as Greg says – be prepared … have food, water, and eliminate as much debt as possible! The best Silver investment (my opinion) is the old US silver currency (it is still “real money” and it is legal tender for all payments) … Most coin shops deal in it (it is called junk silver – Just worn US silver coins that have no rarity value but are worth the silver in them … ~0.73 oz per 1 $ face value) and they charge about 2 to 4 % over the cost of silver. Buy it in silver dimes, quarters, halves. With silver at $15.50/oz, 4 silver quarters cost about 11.50$. Something costing 6.00$ would be one silver quarter and two silver dimes … or $50 paper dollars buys you $4.40 in coin face value (or about 3.20 oz of silver). Really quite simple.
Hi Sandra. The purpose of having precious metals is to use them as an “insurance policy” that you can cash in if need be. There are, and will be, any number of dealers and companies who will buy your metals when/if the time comes. In the mean time it is a good idea to have a small cache of ready cash on hand. Save what you can – even $5-$10 per week if possible would be good. Puerto Ricans who were caught off-guard by the hurricane a couple of years ago found out the hard way that digital methods of payment are of no use when the electrical grid goes down. I’m not worried about making my house payment in the event of a financial meltdown, I just want to be able to buy necessities until banks re-open. Once the banks re-open I’ll pay my mortgage payment. One way to use silver is to get some “junk” or Constitutional silver coins (pre-1964 dimes and quarters and half-dollars up to 1970) or fractional silver rounds in 1/10, 1/4 and 1/2 ounce sizes. They are a little more expensive but might be useable under the right circumstances. Same goes for gold. Fractional coins and bars are easier to obtain than a full one ounce bar or coin. I always check my change when I get quarters and dimes because you might just get lucky and get a pre-1964 coin. That is like getting free silver. It is rare but I have gotten a quarter and half-dollar like that. I understand your concern but try not to get too afraid. It sounds as if you might have some silver and that is good. Fortune favors the prepared. Do what you can and make sure to cultivate relational ties with others in your area. People can do a lot when they all work together.
Sandra, I think it will be quite complex in some ways … when I was younger people operated in a much more community spirited way … back then you didn’t have credit cards, but your corner store who also sold fresh produce and sliced meats and cheese etc. new who you were …. they gave you credit and you paid them off when you could … in your example, you may give them the silver coin and have a credit in reserve if you can trust them, otherwise you may get something else of $9’value or get extra milk and trade it. Part of being prepared is having a community spirit and be around like minded people … neighbours will be neighbourly again. The other possibility is more mad max (which is more likely in the mega cities) where dog eat dog and survival will be difficult because of the total lack of community spirit. My family lived through soup kitchen days …. and in the past in a smaller city in which I lived, when the place that served hot meals closed for a day, I would go out with a big pot of stew or pasta etc and a portable heater it and serve it to the people … my payment was their gratitude …. those are the thing that are going to have to happen when the economy is destroyed until it gets back right again.
Sandra: I’m not sure what “smarter” means. But I’ll give it a try. By way of experience, I want you to understand that my “advice” is just my opinion. But I have been “preparing” for twenty years. This may also help Louise understand why Greg responded as he did to her complaint.
It is not “new” that the economy is fragile…and volatile. It has been so at least since the tech wreck in 2000. We have had lots of warnings…not the least of which was the 2007 implosion of the housing market and subsequent doomsday moment for the entire system. It is frustrating I’m sure, but it is still unfair to lash out at those offering their best advice for protection against monetary malfeasance. We have had a lot of time to get ready…as best we can for our individual circumstances.
Now, to the point. Many jump to the extreme when analyzing a shock to the system. While it is certainly possible for a complete collapse of civilization, there are a lot of scenarios that are highly disruptive, but fall short of Mad Max.
A loss of confidence and dollar shock may result in a dramatic devaluation of the dollar. Gold and silver will retain their value, while the dollar falls. You won’t be spending silver under such a scenario. You will be spending dollars with lesser value (more expensive goods)…but you will have more of them by virtue of your silver (gold) holdings. The medium of exchange will remain the same (dollars); only the value changes.
In the Mad Max scenario, all bets are off. We may all be in trouble but for the grace of God. Even so, it is just prudent to own something tangible that is not dependent on the financial system.
With regard to frustrations about buying gold or silver, anyone who has waited until this point to begin preparation is certainly at a disadvantage. But anyone above the poverty level can buy a silver ounce or two a month. It’s not much, but it is something. It is never to late to think like an ant rather than a grasshopper.
One ounce of silver and a couple mini-bottles of bourbon for trading makes you an ant. Don’t get frustrated. Get busy.
Best wishes…
P.S. Direction ultimately says nothing about final destination. Humans seem to be hard wired to extrapolate and extend a graph or trend. A sudden revaluation of the dollar could be the crisis needed to force our inept congress to rein in spending and return us to a surplus. It gives them cover to reduce or eliminate “entitlement” spending…which is unsustainable. Hard choices, lots of pain…but better than a complete collapse of the financial system.
Hi Loiuse, I saw your comment and wanted to make a respectful reply. I don’t know your financial situation so please don’t be offended by what I am going to say. It has been my experience that we Americans can usually find areas in our finances where we can make some adjustments in order to get those things we need. I’m as guilty as anyone for wasting money on things I think of as “necessities.” And that is half the battle. Giving up something now for something better later. It isn’t easy – far from it, but it is worthwhile. I’m kind of shocked that you would pounce on Greg the way you did. Perhaps he hit a nerve too? I’m thinking so. The thing is – he won’t say that, whereas an outside observer such as myself will. Hey, it hurts, I know. Maybe it was a little direct – sometimes that’s what it takes to get us to think about our situation. If you are really strapped I get it, I’ve been there, but there are still ways to invest in PM’s. One does not have to buy gold when silver is a solid, highly more affordable alternative. But you have to have the right mind-set. This isn’t a get rich quick scheme. Its a long term play, perhaps on the order of 10+ years. I wish you success and prosperity in the days to come.
The gold market will continue to rise because it knows that the Deep State “needs to obliterate Iran” because of Iran’s long understood position (since Iran’s Islamic revolution) that the Ayatollahs “have been consistently against nuclear weapons on moral grounds” … which does not fit the Deep States “total annihilation view of military warfare” that makes using nuclear weapons to kill people acceptable … https://www.zerohedge.com/news/2019-06-25/how-many-have-you-killed-nukes-iran-slams-us-hypocrisy-over-atomic-record
Paul – that article was totally PROPAGANDA and total crap! I am really sadden that you would even allure to it. My dad was in Europe when the war ended and was slated to go over to fight Japan. The casualties were expected to be anywhere from 250,000 to 1/2 million American Service men, and Japanese casualties (civilian) where expected to be 2 to 3 million. 2nd) to have the mullahs lecture us on morality … PLEASE maybe a double dog PLEASE! https://twitter.com/msjulielenarz/status/1005073826902880256 … Yish!
Peter will be proven right on all of his analyses………eventually. What is amazing is how the financial criminals have managed to keep the game going even as too many sovereign nations and major banks are technically insolvent. But we all know that the game is played with the recognition that cognitive dissonance is rife among the populace; although is appears that there is a slow and gradual awakening. What comes next is totally up to us; full blown revolution or acceptance of totalitarian control. I fear that it will be the latter but I am ever hopeful.
Seems people in Hong Kong and China are desperate to get their money out … pushing Bitcoin up by $2000 dollars in a single day … https://www.zerohedge.com/news/2019-06-25/george-orwells-dystopian-nightmare-china … eventually … all the money being transferred out of China using Bitcoin will hopefully find its way into real money (gold)!!
The big institutions were also “mostly short” the stock market … until US TREASURY SECRETARY STEVE MNUCHIN SAYS US-CHINA TRADE DEAL “IS” 90% COMPLETE … and they had to cover their short positions … guess it matters how you define what the meaning of “IS” is!! … https://www.zerohedge.com/news/2019-06-26/absurd-fiasco-entire-market-spike-was-due-cnbc-grammatical-mistake
Thank you Greg, great information regarding the current situation and awesome closing statement by Peter Schiff. Government will blame capitalism when it all goes to hell, while the governments own policies are behind the failure.
President Trump must know this though so there must be some cards up his sleeve that haven’t been played. It seems that for once we have a President that is avoiding the war card — that’s a good thing.
We don’t know what we don’t know, but regardless of the cards played, I don’t see the outcome being pain free.
The globalists succeeded in de-industrializing the US … but that was not enough … they are now working on the de-industrialization of Germany!! … https://www.zerohedge.com/news/2019-06-25/rise-greens–germany
Why does the Deep State want de-industrialization? … is it so no one can ever stand up to them militarily? … but even with censorship of the internet (Trump is fighting) the truth about the Deep State and what we knew as the Democrat Party is being revealed … Alex Newman is doing an excellent job in this respect … explaining how after Bush the Obama Demon-rats linked up with the Drug Cartels to become a threat to the survival of our Constitution and our liberties with their outrageous open borders and baby killing policies … Alex Newman explains the Obama Administration was totally in bed with the Drug Cartels and that many people are now waking up to the fact that our Government “is promoting the killing of all children” (not just the un-born and new-born) … and it is a fight to the finish with them … the Demon-rats are hoping that with voter fraud, illegal immigration and brain washing of the kids, they can still pull off electing Biden (who can’t keep his hands off of kids) … the reality is “people are waking up to the fact that the Drug Cartels are our real enemy!! … https://www.thenewamerican.com/world-news/north-america/item/17396-u-s-government-and-top-mexican-drug-cartel-exposed-as-partners
How simplistic it always is to blame the United States for all the world’s economic issues!
The economic circumstances for the average American have been purposely deteriorated over the past several decades while prosperity has been artificially and traitorously transferred to China, Europe and other nations. Let’s completely ignore the Central Banks, The FED’s, involvement and blame everything on America.
It is certainly safer to blame America than speak the truth!
As an after thought; What if the world Central banks cancel all their purchased debt, what then?
The United States needs to stop taxing everything and everyone.
I agree. Most everyone I talk to knows it’s the banks. As one list called it the mercantile system started in the seventeen hundreds.
Looking forward to a naturally forced correction in the world economy . I understand it will be hard and painful. I’ll be 50 next year and would like to see some form of a “normal functional” economy in my life time, and hopefully have a few years of a Joyful retirement with my wife. I guess we will see. I like Peter. I wish he would have been successful at his Senate run. Fear not .. God is in control! 🙂
Paul
Peter is a little bit long winded thanks for slowing him up !
So I told everyone that Gold will crash – and guess what? Gold is crashing today. There were no takers for my wager so I’ll offer a new one: 125K wager that Gold will end 2019 under $1000. Any takers? How about you Jerry? 🙂
It’s $1,410. What crash???
Crash? Far from it Gold has been up nearly everyday for over two weeks This pullback , manipulated or organic was expected and a minor blip in this powerful bull
Frederic,
Re: pullback was expected
Like you, I expected the pullback. Still I, for one, can’t really time them, or the spikes, very well . . . although the long-term trend seems clear enough. These short-term gyrations sure have the look and feel of manipulation.
Nothing different here at this juncture.
Its doing what its done previously (via the paper market),
any advance is suppressed, but now the physical buying is stepping up to the plate. The downside is limited. We have a long way to go. Be patient.
“It was never my thinking that made the big money for me….it was always my sitting”…. Jesse Livermore.
K,
I think I’ve waited long enough to upgrade my emergency solar panels and batteries. My ten-year old ones have fallen behind the technology curve and are too heavy and too weak. (I’m thinking of going into the battery recharging business when the grid goes down. lol)
If the grid goes down, I can still make ice. I am betting that ice will be a great barter item.
iwitness02,
I’m so old that I remember the “ice man” making his rounds with blocks of ice for people’s “ice boxes.”
William,
That brings back so many memories. Including, afterwards, the big white ice dispensers, where you put in a quarter, or was it fifty cents, and out slides a big beautiful block of ice. My favorite, the bakery truck, and of course the milk man. The only ones left are the ice cream trucks and they are nearly extinct, along with all the door to door salesmen. Where I lived we would also get the occasional Hobo. Down the tracks a ways was a big pepper tree and the branches hung down to the ground. It you crawled under the branches you found yourself in sort of a big dome tent, that was a Hobo rest stop. The only thing of value in there was a pair of salt and pepper shakers. I dumped them out, just to be mean. That is one of my few childhood regrets that is still with me.
https://kingworldnews.com/greyerz-the-road-to-18160-gold-and-the-wisdom-of-jesse-livermore/
Wink to William …aka EVG…..??
My interpretation of Deutsche Bank.
https://youtu.be/JZgTENJ5afI
That’s where Deutsche Bank belongs. In the toilet with the rest of the crap. The one spraying hair spray? that would be Stan. How about this bet Stan? I’ll bet you loose all your money if you keep buying stock? Oh that won’t work. You won’t have any money left.
Jerry: I’m not altering the terms of my wager. Take it or leave it. Based on all your failed predictions you probably don’t have 2 nickels to rub together.
You cannot admit that you are an Involuntary Investor.
Your DB trade didn’t work and also you cannot accept that you have a fault in your decision making process.
Speculation, may I remind you, is not a game for the Stupid, Mentally Lazy & Emotionally Unbalanced…. lest you have an unfettered quest for making yourself poor.
I believe Celente says gold breaks out after $1380. Its higher than that now.
Gold Price Per Ounce today June 26,2019 $ 1,414.75
Stan,
Why don’t you quit pissing down you leg? This is what real investors are saying about Deutsche Bank.
https://finance.yahoo.com/news/hedge-funds-think-deutsche-bank-183336748.html
If you happen to be a real investment advisor I have two suggestions for you.
1. Increase your E/O insurance.
2. Screw your windows shut, so won’t accidentally fall out.
Egon Von Greyerz will take up your 125’000 gold bet Stan. He would probably go for a million bucks if you had the balls. Greg send Egon an email and let’s get this bet on. Stan is so sure gold will end 2019 below 1000 dollars an ounce Egon will probably take your bet ?
Good ides Keith. Hey Stan I know some folks who will take you up on your bet. Do you want me to arrange something. I can think of several people who will take that bet. I think Peter Schiff might do it as well as many others.
Greg
Come on Stan. Are you going to put your money where your big mouth is? Have you got 125 000 dollars to bet. Where is your balls ? We are waiting for you Stan ? Come on .
Keith,
I toyed with Stan’s offer for a few seconds (just for theoretical purposes), but then realized that the counter-party risk was too high. Also, with gold going up so fast it seems imprudent to even place the money in some sort of escrow account and, thereby, give up the chance of doubling it before the end of the year anyway. Not to mention the “counter-party” risk associated with the escrow agent itself.
GOLD MAKES AN APPEARANCE BUT CAN IT STAY ?
I suspect gold is going-up because of a drop in (consumer) confidence in the economy ( now in contraction) and ongoing political turmoil. People always look for alternatives and there are not many that are readily available and liquid. Real Estate is in correction and geopolitical tensions are rising, as well. Inflation remains historically low, as are interest rates. Where is the burst of inflation going to come from? Tell me, please. General demand inflation just is not possible right now in this sluggish, slow moving economy.
So, I am just not seeing it. Sure, one day higher inflation has to come, as most commodities are very cyclical and are currently in a bottoming process. I imagine in a few years, inflation will indeed be higher, but far from hyperinflation. Maybe that comes with the next Socialist President after President Trump, but not for now.
For the record, Economist Martin A. Armstrong forecasts growing inflation in the next 8 years (cycle). https://www.armstrongeconomics.com/future-forecasts/ecm/the-next-8-6-year-wave-will-be-inflationary/
Lets face it, Trump has to maintain the appearance of a great economy in order to be reelected in 2020. This is the only thing that can be done to insure his reelection.
I don’t want to even think that the Dems win. We would become an instant 3rd world
country. The world after the Dems win is not something any of us want to face.
Most of California currently has the appearance of an economic contraction yet Democrats still have a supra-majority.
Peter makes a great statement at the end that government IS the problem, heck even Ronald Reagan admitted that. The lack of Americans to be able to save and earn interest on those savings and have instead been duped into going further and further into debt to simply get by is the disease that will eventually, and probably even soon collapse the American economy. State and local municipalities are now growing desperate to find more and more “creative” ways to increase income while continuing to increase spending. The rubber band that is the taxpayer is now at the breaking point, and will soon snap in a big way and everything will come crashing down. Prepare.
Peter will like this post!
https://antoniusaquinas.com/2019/06/26/is-bitcoin-demonic/
Thanks Greg.
Great stuff as usual.
LOL! So Peter Schiff is basically financial porn then. I think one of the reasons that he doesn’t get on mainstream is because he speaks plainly and in a manner that ordinary people can understand. Other experts may make the same points but in a more convoluted and less entertaining way, which makes it easier to ignore the underlying message.
More the fact that he speaks the TRUTH…… and that is anti MSM-propaganda.
GREG: A couple questions;
1 In your nest WNW, could you tell us what is happening with the price of land in Mo since the flood and loss of crops?
2 What is the purpose of the gold to silver ratio? When did it start?
The gold/silver ratio tells you how many ounces of silver (monetary value) it takes to buy an ounce of gold. It is just a fact and has no intrinsic purpose.
Hi, uncommon:
1. Agreed for the purposes of your response to Bill.
2. A related question: What would happen to the relative prices of gold and silver (per ounce) if goods and services were priced in ounces of gold and/or silver (or some medium readily exchangeable/convertible into either gold or silver)? What if we had a free market in “money”? At times in the past we had hundreds (even thousands) of competing banknotes and other “monies” in circulation and their relative values changed continuously. (Gresham’s law that “bad money drive good money out of circulation” only holds when the relative values of the monies are fixed by law).
3. An aside: With today’s technology it would be easy to have “real-time pricing” whereby the prices of goods and services continuously change as denominated in ounces of PMs and become fixed only at the moment of each transaction. Perhaps JP Morgan, which is accumulating a lot of silver, has a plan (on the other hand, this scheme assumes an honest third party intermediary for remote transactions, LOL).
I would say that in this case silver would regain its monetary role and then silver becomes as valuable as gold (when you factor in above ground stocks of bullion). I believe remonetising silver would cause tremendous problems as the world turns increasingly electric. Industrial demand for silver has stayed about the same in terms of a percentage of overall demand this century, but that is only because mine supply has grown massively as well.
Uncommon,
RE: “I believe remonetising silver would cause tremendous problems”
Interesting issue. Gold also has non-monetary and industrial/electronic uses — even at current prices.
I will always applaud Peter Schiff for speaking the truth even though he’s regularly cast aside by the MSM like a leper and buffoon. I would rather be ten years too early than one week too late in being right, and in making all the right financial preparations. I’m guilty of that as well.
Unfortunately, when this thing finally blows, I’m not so sure that a free America will still be functioning. There have been so many lies perpetuated for so long, I’m not so sure that faith and trust can ever be restored in anything. I’m thinking that the collapse of the dollar will have to be the straw that finally breaks America’s back, and brings that realization of a naked U.S. empire to all Americans and foreigners alike.
Peter is wise to say that we will likely have stagflation, if not a hyperinflation — which I think will happen within the context of a greater depression. He’s more optimistic than me.
I sure hope that Trump knows what he is doing by constantly lying (and crowing) about how well our economy is doing, as we all know that’s a farce.
More importantly, I hope and pray that Trump is not outfoxed by those neocons who want to start a war with Iran in the worst way. Persia will not be anything like the previous skirmishes in the Arab world, as China and Russia might get more involved.
PS is correct….Stagflation and probable Hyper-Inflation are on our doorstep.
Debt and debasement have gone exponential…… with resultant negligible growth, shrinking household income and a Middle Class disappearing.
Peter made the remark that the Government are to blame, they always have and always will be.
In truth, the Government is a sideshow.
It is the Industrialists, Globalists, Aristocracy, Nobility, RCC, and the Moneyed interests who together form the Shadow Government that controls America (& the World). I call it the Global Crime Gang.
Consider the FED. They are the usurpers of our time. They create booms and busts…but for who….pray tell? They have ownership of our so called “Money” with the ability to create unlimited quantities, at no cost….. & with Impunity.
Who controls the FED….. controls the country…… and for that matter, using the hegemon of the USD (FED Reserve Note) in trade, the Globe.
The FED has no sympathetic bone in its structure. It’s aim is to ensure the livelihood of its member Banks without a consideration for the populace.
Given everything that Peter put forward in explicit detail, is there any other obvious observation that can be made, than the real intention of the Shadow Government?
Evidence of their (FED) inaction, procrastination, ineptitude, poor decision making and moral hazard, all are symptomatic of an agenda to create the necessary environment to crash the Economy and bring on the next Depression. One cannot interpret that matter differently. The elected Government will take the hit, fair and square on the chin. But the true reason for the intended abrupt end to our false economy and inflated standard of living will be hidden. They will achieve their desired outcome and bring about the next phase of the plan to achieve world domination.
Greg,
Have you wondered why there has not been a global currency reset yet? I have and I’ve come up with some very plausible explanations.
I am wagering that because of the Space Weapons Program that President Trump is using holding some very big aces to use against the BRICS alliance. This is only a sample.
https://www.businessinsider.com/air-force-rods-from-god-kinetic-weapon-hit-with-nuclear-weapon-force-2017-9
These weapons basically render any standing army as useless. Drone attack on Iran? That was a globalist false flag attempt to trigger a war that’s not going to happen. I’m wagering that President Trump is going to use this ace to forge a new global trade agreement with President xi and President Putin at the G-20 this weekend. In fact I will go as far to say, they’ve been working on a new exchange system that will be backed by gold.
Can you imagine what would happen on the Fourth of July if President trump should announce both the completion of a Space Force, and a new gold backed currency? Exciting times for sure.
Addendum to last post.
https://freebeacon.com/national-security/pence-gives-space-force-update-tasks-it-with-preserving-peace-in-space/
How many freaking articles are you gonna have about gold and silver? We get it!…This is easily the 100th time it’s been mentioned by a guest…Sorry Greg it’s not news anymore..
Many would disagree with you Mike including me.
Greg
Greg, Seems like the long and short is…there last shot was Flynn and Kian, and appears they are might be planning to throw out the Kian court case. And leave the people thinking it was only about stopping Trump and later getting him out of office. But never addressing WHY they would go to such effort & criminality. What was behind the ‘fear’ that drove them, what was in the emails so damning they had to destroy them, what was it they were so freaked out about beyond Hillary not getting elected….if not what appears to be years of selling out the U.S., selling off resources, equipment , technology and profiting from the endless wars to secure pipelines, sell stolen uranium from Megatons to Megawatts decommissioned nuclear warheads all over the world to nations even considered ‘enemies’ of the U.S. in pay to play schemes.
All while the ‘payments’ might have been everything from drugs to other un-mentionable thinkable things, including bribing and compromising leaders and politicians along the way… But then that is metadata … while the ‘evidence’ keeps getting buried or put off in court case after court case is it not? Again-it is not just what they were doing or how = the takedown of Trump, hoping to set him up…but to get rid of him even at the edge of such crimes as treason or subversion …. because …what they feared MOST …might be much more serious, deeper, and going on for much long a pattern of crimes arguable much worse? Hopeful the people will learn the WHOLE truth and correct it..before the U.S. becomes sold off and partitioned just like ‘the globalists’ did Russia?
https://youtu.be/L53HjqkmffQ
https://brassballs.blog/home/michael-mike-flynn-cia-bijan-kian-rafiekian-kristen-verderame-to-launder-money-from-netherlands-inovo-group-bv-kiancousa-hayden-cia-mcchrystal
Schiff doesn’t get it. Most people don’t. Trump has kept his promises and has done more for this country in a short 3 years than obummer and Bush did in 16 years!!!
This Trump supporter will vote not based on market direction but based on a good Man fighting for our Country.
Trump is a movement and he’s the first one to admit it. The World is moving away from globalism! It’s a movement. Masses of people gravitate towards his side and the number is growing.
Italeave, Brexit, it’s over, put a fork in it. Trump has done so much already he can literally bury anyone with his track record so far. It’s not as simple as the stock market.
Frankly I would like it more if I saw the market go down and so would Peter.
12 YEARS! Trump, Trump, Don Jr….
al,
I think you make a good point. Trump has a track record. All the rest of the presidential candidates are running on what they are going to do. Even Biden is running on what he is going to do. Not on what he has done in the last forty years, but what he is going to do if he gets elected. I’m so tired of the BS in politics, and the BS politicians. (to put it mildly)
iwitness02
Exactly! Bozo Biden and the Dumbocratic Clown Show belong in a circus, not the White House.
Agreed.
Excellent work, Greg, as always.
Mr. Schiff is great – thanks much for bringing him back on the program.
Have a great weekend…