Monthly Archives: August 2013

CNBC’s Futures Now spoke with Peter Schiff last night about the long-term outlook for the gold market in the face of the Syrian crisis and the Fed’s talk of tapering. Peter also answered a question from the audience about the likelihood of the government confiscating physical gold in the event of a major economic collapse.

“I think we’re going to have a huge rally. I think we’re going to make new highs. I don’t think gold ever really lost that safe haven status. Only temporarily, maybe people were confused based on the rush to sell in a short window. But I think the fundamentals are fantastic and I think Syria really doesn’t make that much of a difference in the scheme of things… It’s a monetary problem that we have. We have a dollar crisis coming, a bond market collapse coming, and gold is going to be a safe haven from all of that.”

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Peter Schiff appeared on CNBC last night to talk about rising oil prices, but ended up drilling down into the reality of a non-existent US economic recovery.

“Americans are going to suffer a declining standard of living. That is the consequences of quantitative easing. That’s one of the reasons I’m opposing it. The Fed is destroying the standard of living of middle class Americans by destroying the value of their savings, of their wages. And yes, prices are going to go up.”

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MRC TV interviewed Peter Schiff about the supposed economic recovery and faulty government calculations of economic statistics. While emerging markets continue to buy gold and silver at record rates, everyday Americans are struggling to support their basic food and energy expenses.

“I think the economy has been contracting for the last four or five years. I think we’re in a depression… Look at all the anecdotal evidence: look at what’s happening to the labor force participation rate… look at what’s happening to real incomes… look at the record high credit card debt, yet Americans are not spending on apparel. Look at the big decline in retail sales. They’re spending the money on food, they’re spending the money on energy… They’re replacing a full-time job with a part-time job… [Look at all of this and] you see an economy that is in distress. You don’t see the economic growth that the government claims.”

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