Gold and Currency Markets Expose U.S. Recovery Myth – SchiffReport

Gold and Currency Markets Expose U.S. Recovery Myth – SchiffReport


* Friday April 29, 2016 was the final trading day for the month of April and I think this will turn out to be a pivotal month for the month of April and I will talk more about that later in this report
* I wanted start by talking about the Federal Reserve's decision on Wednesday not to raise interest rates
* Few people really believed they would, but earlier in the year it was widely believed that by April the Fed would have raised interest rates at least one more time, given the fact that they began the tightening cycle in December with the first .25 rate hike
* What's more important than the failure to raise rates again was what they wrote in their statement with respect to the idea that future rate hikes are forthcoming
* The Fed is still clinging to the false narrative that this recovery that is basically already ended is on track, and that they will be raising interest rates at some point later in the year maybe 2 or 3 more times; they just decided not to do it in April
* The only acknowledgement that the Fed made with respect to the economy was that growth was slowing
* That is a dramatic understatement to say that growth has slowed
* If you go back to December, when the Fed confidently announced their first rate hike, they were forecasting that the economy would grow by about 3% in the first quarter of 2016
* Yesterday we got the government's first estimate for Q1 growth rate and it came in at just .5%
* You can hardly refer to that as a slowdown, when pretty much all of the growth that the Federal Reserve believed was going to materialize evaporated
* I don't know how they can simply say growth is slowing - growth is non-existent
* As a matter of fact, the New York, Fed, which recently began issuing its own GDP Now Forecast, are now forecasting that Q2 will be just .8%
* Averaging the two quarters out, you barely have any economic growth
* I think the New York Fed is still overly optimistic
* I think the Q1 report of .5% will be negative after final revisions
* I also believe Q2 is going to be worse than Q1
* Even if Q1 .5% holds, that represents the third consecutive quarter where GDP has declined
* In fact 2015 Q4 was 1.4%, so .5% is less than half of the most recent quarter
* I think that trend is going to continue
* There are still a lot of people who believe we'll get a rebound in Q2, because we got a Q2 rebound in the prior 2 years.
* But the New York Fed is already throwing cold water on the idea that there is going to be a rebound
* What nobody is talking about is that the main reason for the Q2 rebound in the previous 2 years was because we had unseasonably cold winters
* We just had the warmest winter in 120 years, so we're not going to bounce back from anything
* In fact, I believe the winter was so warm, that we probably pulled forward some of the economic activity that might otherwise have happened in Q2, so I think Q2 is going to suffer
* Additionally, we had big builds in inventories in the prior 2 second quarters - that's not going to happen this quarter
* Our trade deficits are even bigger now than they used to be

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SchiffRadio Podcast Episode 5

SchiffRadio Podcast Episode 5

Episode 5 Synopsis: * Debunking Ned Davis' predictions on gold * Chicago Fed president Charles Evans hints that the Fed can't raise interest rates * Alan Greenspan gives Fed a pass on CNBC * Brokerage houses hit by FINRA arbritation results * Eurozone low inflation 'scare' * Collapse in Fannie and Freddie stock * The numbers behind the weekly economic data Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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SchiffRadio Podcast Episode 4

SchiffRadio Podcast Episode 4

Episode 4 Synopsis * Launch of the iPhone 6 * Surprising employment arbitration results * Housing market rolls over * Hotel minimum wage * World Bank head claims that QE works Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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SchiffRadio Podcast Episode 3

SchiffRadio Podcast Episode 3

SchiffRadio Podcast Episode 3 Synopsis: * FOMC: Janet Yellen's official statement and her response to her Q&A, later in the day * Market reaction to Yellen's statement, and the "walk" vs the "talk". * The Ali Baba IPO * The breakdown in the price of Bitcoin * My crazy email exchange with CNBC's Joe Kernen * Scotland votes to remain in the UK Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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SchiffRadio Podcast Episode 2

SchiffRadio Podcast Episode 2

SchiffRadio Podcast Episode 2 Synopsis * Economic Data - More weak data * Purchase applications index declined by 7.2% - biggest decline in 14 years * Treasury yields slightly up for the week * Retail sales up - Buying more or paying more? * auto purchases with cheap money * inflation not taken into account * Auto loans increasingly delinquent * Fed Policy * I'll admit to being wrong if the Fed raises interest rates back to normal and shrinks its balance sheet back to normal, as promised, and does not produce a financial crisis. * Interest Rates * Negative Interest Rates in Japan and in Switzerland * Inflation * Paul Krugman says we should be at 4% inflation and a minimum wage of $10.10 * Commentary on Henry Blodgett's inflation comments * Column from David K. Johnson on how corporations are getting rich by paying taxes * Employment * Jobless claims up, indicating a trend change * The Economy * Recognizing bubbles ahead of the crisis * Europe - Poll on Scottish independence * Social Issues: * The NBA in the hot seat for racism * Over-reaction to the Ray Rice story Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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Schiff Radio Podcast Episode 1

Schiff Radio Podcast Episode 1

Schiff Radio Podcast Episode 1  Synopsis: * Wall Street foolishly dismisses August's horrible Jobs Report * ECB cuts rates in misguided push for higher inflation. * "Shrink-flation," what is it and why those using the term still don't get it. * Implications of Switzerland's coming gold reserve vote . * Protesting Fast food workers determined to put themselves out of work. * Does Alibaba's biggest IPO in history shows portent more interest in foreign stocks? * Countrywide's Anthony Mozilo is not the real villain. * NY Fed concedes 25% of college grads wasted their time and money. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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Schiff Radio – January 1, 2014

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Happy Holidays!, Due to the holidays, Peter Schiff Show is airing best-of broadcasts. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * 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

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