Sky High GDP Forecasts Coming down to Earth – Ep.  367

Sky High GDP Forecasts Coming down to Earth – Ep. 367

Dow Ending a Down Week on a Positive Note
The Dow managed to finish a down week on a positive note; the Dow Jones was up about 55 points - 24,270-ish is where we closed. Although intra-day, we were up better than 250 points, so most fo the losses came toward the end of the day, as the Dow was not able to hold on to all those gains. It held on to some of the gains, but Russell 2000, not as lucky. That index ended up finishing a down week down on the day. Probably the difference is the oil stocks, which are really helping out the Dow, to a lesser extent maybe the S&P 500 and that also closed positive on the day, but just barely, and well off the intra-day highs.
I Predicted Oil Would Be Heading Toward $80/Barrel
While we're talking about crude oil, we were up again today, in fact, we haven't even finished trading as I'm recording this, but as I am looking at it, it is at 74.40, up .$.95 - right near the high of the day. I think so far that was $74.46, so, almost 74.50. Oil is just a powerhouse. For those of you who say, "Hey Peter Schiff, you haven't gotten anything right since 2008!", I beg to differ. I've gotten some things right; I've gotten some things wrong, but one of the things I nailed this year is the oil market. I was very bullish on oil early in the year. I was saying that oil prices were headed up to $80-$100/barrel at the beginning of the year. When the year started, we were barely above $60, so $80 still looked like it was far away, but I was pretty sure we were going there. And, obviously, we're not there yet, but the year is only half over, and we're a lot closer to $80 than half way. I don't think we're going to stop at $80. I think it will be somewhere between $80 and $100/barrel.
What is Driving Crude Oil Right Now?
The question is, what is driving crude oil right now, because the dollar is rising. Today, it did not rise. Today the dollar index got smoked. Some of that had to do with political news announced last night in the Eurozone regarding immigration, but the dollar wasn't just weak against the euro today, it was across the board. All the currencies scored big gains. The dollar index is back down below 95 - 94.63. Remember I said on my last podcast I did not think there was much room above 95 for the dollar index to rise. So far I'm right about that.

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SchiffRadio Podcast Episode 19

SchiffRadio Podcast Episode 19

Episode 19: Low-Paying Jobs And Student Debt Undermining Marriage * There are more single Americans than ever * Job quality and debt are disincentive to marriage * Government policy promotes generations of single mothers * Two out of every five mothers are single * If the economy is getting better, why is this happening? Our Sponsors: * 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

13 Nov 201414min

SchiffRadio Podcast Episode 18

SchiffRadio Podcast Episode 18

Episode 18 Synopsis * Obamacare architect Jonathan Gruber admits fraud promoting Obamacare: * "They proposed it and that passed, because the American people are too stupid to understand the difference." * Administration's argument to Supreme Court about constitutionality of Exchanges claims "typo" * The average American may not be able to make decisions for others, but they know what is best for themselves Our Sponsors: * 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

13 Nov 201420min

SchiffRadio Podcast Episode 17

SchiffRadio Podcast Episode 17

Episode 17 Synopsis * Japanese yen fell to 7-year low * A result of Abenomics * Speculation that planned increase of sales will be delayed * price moving with strength of dollar * Chinese Yuan up vs Yen and euro * Next few months may expose Fed's false narrativ Our Sponsors: * 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 Nov 201410min

SchiffRadio Podcast Episode 16

SchiffRadio Podcast Episode 16

Episode 16 Synopsis: * Looking under the 5.8% unemployment number headline * Biggest increase was in food service * Labor force participation rate is low * Employment costs are high * Gold & gold stocks rally * European markets encouraged by Mario Draghi's stimulus talk * If the economy disappoints, U.S. may look toward stimulus, too Our Sponsors: * 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

8 Nov 201430min

SchiffRadio Podcast Episode 15

SchiffRadio Podcast Episode 15

Episode 15 Republican victory a reality only because recovery is a fantasy Our Sponsors: * 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

6 Nov 201426min

SchiffRadio Podcast Episode 14

SchiffRadio Podcast Episode 14

Episode 14 The U.S Recovery is as Real as Ireland is a Part of the U.K. Our Sponsors: * 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

6 Nov 201429min

SchiffRadio Podcast Episode 13

SchiffRadio Podcast Episode 13

Episode 13 Synopsis: Treats on Wall Street Equal one Big Trick. Belief that QE worked sparks optimism: * New record high in Dow Jones & S&P * NASDAQ highest since 2000 * Dollar index closed at a 4-year high * Yen at a 6-year low * Gold/Silver prices at a 4-year low * Gold Stocks at a 10-year low or more Our Sponsors: * 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

6 Nov 201428min

SchiffRadio Podcast Episode 12

SchiffRadio Podcast Episode 12

Episode 12 Synopsis: Greenspan's QE Criticism Too Little Too Late * FOMC declares "substantial improvement" in economy. * Does this narrative reflect the best possible spin or ignorance? * Behind the 3.5% GDP number: * Deflator - 1.3% indicates decrease in inflation. * 4.6% surge in gov't spending * Big drop in trade deficit resulting from drop in crude oil prices adds 1.3% to GDP Our Sponsors: * 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 Nov 201434min

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