GOLD & SILVER: Don’t Get Fooled by This Drop | Peter Schiff
GOLD & SILVER: Don’t Get Fooled by This Drop | Peter Schiff
Peter Schiff gold update: gold jumped five percent after the midterms, then gave it all back on a hot inflation report. Schiff says the second move was the mistake. Gold rose about five percent in the four days after the midterm results, then fell more than six percent in the next four as October prices came in above forecasts and the Fed floated a bigger rate hike in December. Gold ended the week near $3,883 and silver near $48.63. Peter Schiff argues traders read the inflation news backwards. His case: the Fed has raised rates once under Kevin Warsh, a quarter point, and cannot go much further without crashing stocks, housing and the government’s own budget. So it talks tough and hopes nobody notices. He also explains why he thinks the affordability crisis is really the cost of government spending showing up in grocery prices, and why handing people money to cover higher prices only pushes prices higher. The second half covers bigger deficits ahead, why he expects the dollar to roll over, why he calls gold under $4,000 and silver under $50 an opportunity, and Bitcoin heading for the first back-to-back annual losses in its history. After the interview our own expert evaluation checks his claims against Fed decisions, the latest CPI release and Congressional Budget Office data. His Fed read holds up; his deficit figure runs high. Schiff also runs a precious metals dealer, and we say so.
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