The Peter Schiff Show Podcast

Don’t miss my upcoming appearances: The Las Vegas Trading Conference, Oct. 4-5 The Dallas Money Show October 13-14 and the New Orleans Investment Conference, Nov. 1-4 Millions of Americans were Affected by the Terrorist Attack on 9/11 Today is the 18- year anniversary of the tragic events that surrounded the terrorist attack on the World Trade Center and the Pentagon back in 2001.  I do not wish to make light of the suffering of the individuals who died tragically, not only the people who lost their lives on the ground, but also the ones aboard the airplane that crashed into a field in Pennsylvania. And, of course, thousands of families were profoundly affected by those events, and they're still affected by those events today. Loss of Liberty and Freedom So, what I am about to say is not to minimize their suffering, but there are 300 million or so Americans who were not personally affected by those events, other than the fact that we certainly empathize with our fellow citizens who did have to endure the tragedy on a more personal level.  But on a broader level, the biggest loss, historically, from those events is not just the loss of lives and the family members who lost loved ones, but all Americans who lost individual liberty and freedom. Self-Inflicted Loss That is the real tragedy, historic tragedy of 9/11. The tremendous loss of individual liberty and freedom. America today is a far less free society than it was prior to those attacks 18 years ago. And that means that the terrorists won. They didn't win based on the damage that they inflicted.  They won based on the damage that we inflicted on ourselves. The self-inflicted wounds are much greater on a national scale than the terrorists' direct acts. And it's not just the 300 million Americans who are alive today. It's all the Americans yet to be born who are going to be born into a society that is far less free than America would have been but for these attacks. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

12 Sep 20191h 3min

Don’t miss my upcoming appearances: The Las Vegas Trading Conference, Oct. 4-5 The Dallas Money Show October 13-14 and the New Orleans Investment Conference, Nov. 1-4 The Numbers Really Look Bad in Private Payrolls Where the  numbers really start  to get bad is when you look at the private payrolls.  There, they were expecting 150,000 private sector jobs created. The private sector jobs are far more important than the government jobs.  The private sector jobs are self-sustaining. The tax payers are on the hook for paying the salaries of the government workers and the private sector employees, by and large are actually productive.  They're making our lives better. Manufacturing is Very Weak They were looking for 150,000 private sector jobs; we got just 96,000 jobs. AND, they revised last month's private payrolls down from 148,000 to 131,000.  Manufacturing - very weak: they were looking for 8,000 jobs - instead, we added just 3,000 manufacturing jobs in August and last month, July, they originally said that we created 16,000 manufacturing jobs and we only created 4,000 manufacturing jobs. 34,000 Jobs Created in Category "Government" Now if you actually look at the breakdown of all the jobs that were created, 34,000 jobs were created in the category of "government".  So, of all the different job categories, the one that added the most was government - 34,000 jobs. I think about 20,000 of these people were temporary hires associated with the 2020 Census. Where's the money coming from to pay for these government jobs?  It's being borrowed. We're borrowing more money to hire more government workers.  Of course, ultimately the taxpayers are on the hook for paying all these salaries, for paying interest on the money  borrowed, to pay all these salaries. Slowest Job Growth in Private Sector Creation in 8 Years In fact, if you look at the private sector job creation so far in the Trump Presidency, this year, 2019, is on track to have the slowest growth in private sector job creation in 8 years. Trump is out there talking about how this is the greatest economy ever - he's the greatest jobs president ever.  We've got the manufacturing sector, the weakest it's been in 10 years, we have the slowest growth in private sector payrolls in 8 years - this is a disaster! Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

7 Sep 201949min

Don’t miss my upcoming appearances: The Las Vegas Trading Conference, Oct. 4-5 The Dallas Money Show October 13-14 and the New Orleans Investment Conference, Nov. 1-4 Silver DID Join Gold's Party Back in mid-July I titled my podcast, "Is Silver Finally Joining Gold's Party?". Well, I think we know the answer to that question. Since I recorded that podcast about a month and a half ago, the price of silver is up another 15%.  In fact, it's up better than 30% since the end of May. Silver having a sterling performance today. As I am recording this podcast, it's about an hour after the close of the U.S. market, we're up almost 90 cents an ounce. We're at 19.22. Gold Still Meeting Resistance at $1,550 Gold, not quite having as strong a day as silver; gold isn't making a new high.  It's up $19.50 on the day: $1548.  Still having some problems with the $1550 resistance area. GLD, the exchange-traded ETF did make a new high for this move, but the spot market did not register a new high - but I think that's just a matter of days - if not hours - before that happens. Silver is Leading the Charge Because silver is leading the charge. It's leading gold higher; pretty much the way I said.  A week ago, I titled my podcast, "Hi Ho Silver, Away" and that prompted a number of people to comment that somehow I had just capped the silver rally by getting too optimistic on silver.  Well, that was a week ago.  We just hit $18.00, we're now over $19.00, and I said on that podcast, I thought we would have a pretty quick move up to about $20, and once we take out $20, I think this thing could really, really take off. Overdue Move Down in the Dollar What is going to be the catalyst, I think, for a much bigger move up in both gold and silver is going to be the long overdue move down in the dollar. Paradoxically, when the dollar starts its decline, it is even possible that gold and silver take a bit of a breather, or maybe pull back a little bit, in terms of dollars, but pull back even more in terms of other currencies. Remember, as strong as gold has been in dollars, it has been even stronger in other currencies. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

4 Sep 201945min

Don’t miss my upcoming appearances: The Las Vegas Trading Conference, Oct. 4-5 The Dallas Money Show October 13-14 and the New Orleans Investment Conference, Nov. 1-4 Let's Debunk Andy Yang's Platform I decided to take a little time out on my Labor Day to record a podcast debunking Democratic Presidential Candidate Andrew Yang. I've been getting a lot of emails about Yang; especially since he did the Joe Rogan Podcast about six months ago.  He said a lot of things that certain people find appealing, so I've been asked to comment on him and I've seen other notes about Andy Yang and I wanted to talk about him because, number one, he is rising in the polls. He's now in sixth place among the Democratic candidates; he's polling at about 3% ant that puts him ahead of established politicians like Cory Booker, Beto O'Rourke, Amy Klobuchar, so he's gaining in popularity and I think the trend is going to continue. Yang Rising in the Polls The next Democratic Debate is coming up in about a week and a half and they're no longer going to have two debates; they've narrowed it down to just ten candidates and Andy Yang is one of those 10.  I think as there are fewer candidates in the race, Yang is going to get more and more attention from the media and I think he is going to rise in the polls. Attractive Among a Bunch of Democratic Socialists To me, he is like the Bernie Sanders of this campaign. Sanders, and "Feeling the Bern"… he was popular in the 2016 campaign, mainly because he was the only alternative to Hillary Clinton, who was extremely unpopular.  So, given that matchup and there was only two choices, it made it very easy for Sanders to gain a lot of support.  He's having a much harder time galvanizing that support this time because people have a lot of alternatives. If you want a Democratic Socialist, there's a bunch of them to choose from. Clearly a Smart Guy… But But a guy like like Andy Yang, a younger guy, and clearly a smart guy.  I had not watched his appearance on the Joe Rogan Experience until just yesterday.  I decided to watch it, and that's the motivation for doing this podcast. Once I heard him talk about his ideas, I spent a lot of time on his website looking at a lot of things he didn't discuss with Joe Rogan.  One thing is certainly clear to me: he's a smart guy.  Clearly, if you gave an IQ test to all of the Democratic candidates, Yang would win. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Sep 20191h 10min

Recorded August 30, 2019 Don't miss my upcoming appearances: The Las Vegas Trading Conference, Oct. 4-5 The Dallas Money Show October 13-14 and the New Orleans Investment Conference, Nov. 1-4 Waiting for Hurricane Dorian When I recorded my last podcast on Tuesday evening, we were getting ready for Hurricane Dorian, which was supposed to pass by the south coast 0f Puerto Rico on Wednesday.  But when I woke up on Wednesday morning, the meteorologists had the hurricane pretty much coming right over my house. It had changed course and had moved north, and it was supposed to come right through Puerto Rico, rather than just go by it to the South. But then the hurricane kept moving north, and it ended up missing Puerto Rico completely.  We were here, the kids were home from school, everybody was battened down waiting for what at that time was maybe a strong tropical storm… maybe a category 1 hurricane. Puerto Rico Spared from Hurricane But we didn't even get a rain drop. Not even a gust of wind, as the hurricane just missed Puerto Rico to the north. I think it did go by the U.S. and British Virgin Islands - didn't really do much damage, there, because the store hadn't intensified but Puerto Rico's gain will be Florida's loss. The storm did not go over Puerto Rico, and initially it was supposed to go over the Dominican Republic, and the mountains there, it's a much bigger island, and it would have really beaten up the storm, but because the storm was really uninterrupted, and it has been over water the entire time, now it looks like it will be a category 4 when it hits somewhere along the Florida coast. It looks like a pretty powerful storm. Broken Window Theory You're going to hear, as is always the case, economists are going to be saying, "Oh, well, this is good for GDP." Whenever there's a hurricane, people say, "Oh, look!  We have to spend all this money repairing and rebuilding everything that was destroyed."  But that is not good for the economy. If you haven't heard the "Broken Window Theory", Henry Hazlitt does a very good job of explaining that and refuting the Keynesian idea that disasters are somehow good for the economy. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

31 Aug 20191h 1min

Recorded August 27, 2019 Real Significant Action in the Market: Gold and Silver The real significant action today was in the gold & silver market. I wanted to mention today that on Friday, the U.S . dollar sold and then today we're back at 98. So the dollar is not weakening against other foreign currencies. In fact, most people are still talking about the strong dollar. Even Donald Trump talks about the fact that we have a strong dollar.  Now, Trump is bothered by the fact that we have a strong dollar, and he wishes it wasn't as strong, but he keeps talking about the strong dollar and everybody acknowledges that the dollar is strong. Silver is a Great Buy The problem is: the dollar is not strong. The price of gold going up shows you that the dollar is not strong. Gold was up $16 an  ounce: we closed at $1542.50. This is the highest close in over 6 years for the price of gold; but the real star today was silver. Silver was up 53 cents - $18.17. It's been a while now since silver was above $18. If you have been listening to my podcasts, you know that I have been pounding the table on silver. I've been telling people that silver is the key; it is really cheap relative to gold. In fact, it was better than 90:1. You needed more than 90 ounces of silver to buy a single ounce of gold. That was an all-time record low for the price of silver. Now we're at 85.  The ratio has moved back in silver's favor, but you still need 85 ounces of silver to buy one ounce of gold. That is historically extremely cheap. In fact, the only time it was cheaper was when it was 90. So it's still a great buy. Cash in some Gold to buy Silver I have been telling people, even at SchiffGold - we have actually been calling clients who we know own gold and have them sell us back their gold and buy silver, because you can get so much silver for your gold right now that it is a real bargain. Silver has never been this cheap, and so if you have gold and don't have any silver, it makes sense to buy some silver with your gold. Even after today's move, I would still say that that trade makes sense. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

28 Aug 201957min

Recorded August 23, 2019 A Bad Day for Everybody Except the Democratic Candidates If you are one of the Democrats running for President, today was a pretty good day for you. But it was a bad day for just about everybody else; I guess other than gold investors, which I clearly am, but I'm also an American and I hate to see bad things happening to my country, even though I know bad things are going to happen.  I would just rather be among those who profit from these events than suffer additional monetary loss in addition to the losses you endure as an American citizen as a result of the ensuing chaos and loss of liberties. President Trump Lost It on Twitter Today, President Trump really kind of lost it. On Twitter.  Real time.  Maybe what Trump needs is somebody to be his official Twitter filter. Maybe there should be a policy where when Trump wants to tweet, there is like a one or two hour cooling off period where the tweets get reviewed, maybe edited, maybe someone gets to talk a little sense into him before he tweets.  But today's tweet storm probably really indicates that the White House, I think, is in disarray. I think the President realizes that the air is coming out of this big, fat, ugly bubble.  That he's not going to get out of Dodge. CBO Revised Up Budget Deficit Estimate Again He's trying to pretend that the economy is in great shape, yet we're hearing rumors that we need a payroll tax cut, we need stimulus for the economy.  Why would you stimulate an economy that's doing great? If we have the greatest economy in the history of America, why does it need even more fiscal stimulus? After all, we already have the most fiscal stimulus ever. We have the largest budget deficits in history.  In fact the Congressional Budget Office this week came out and revised up again their estimates for the deficit. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

24 Aug 201950min

Recorded August 20, 2019 The Day the Yield Curve Inverted I am finally back in the United States - well, in Puerto Rico, technically is part of the United States, it's a territory - after my extended trip through Italy. I recorded that one podcast, and on the very next day, we had probably the most volatile day in memory. What happened that morning was that we got some weak economic data that came out of China and then we got some more weak economic data that came out of Germany and that immediately caused yields to drop around the world. In the United States, for the first time, the yields on the 10-year treasury dipped below the Fed funds rate. So the entire yield curve, out to 10 years was inverted. In fact, the 30 year yield hit a new low for this whole "quantitative easing - zero percent interest rate" cycle. The 10-year did not quite do that yet, but the 30-year did, and as soon as this happened, as soon as the curve inverted, I think it triggered a lot of sell programs in the stock market. The Media was Waiting to Flip the Narrative Stocks got clobbered, in fact, by the end of the day the Dow Jones was down 800 points; one of the worst point drops in Dow Jones history - not one of the worst percentage drops, but 800 points is a lot of points. And of course, as soon as this happened, the media began to cover the possibility of a recession to a much greater degree than they had in the past. If you remember, I said that this was coming. I said that I thought that maybe the media was waiting to flip the narrative on Trump, which is exactly what they've done. Fake News? All of a sudden, a media which was pretty much buying the booming economy narrative now is questioning whether the economy is actually strong. In fact, now you have Donald Trump accusing the media of being involved in some kind of conspiracy to make the economy look bad. In other words, a lot of the data that's been coming out indicating that the economy is weak, that it is slowing, that this is just Fake News. Our Sponsors: * Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Boll & Branch: https://boilandbranch.com/SCHIFF * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Aug 201952min