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Monthly Archives: October 2013
Rickards: We’re In a Depression (Video)
Yesterday, on Yahoo! Finance, Jim Rickards spoke with Lauren Lyster about how Janet Yellen will perform as Chairman of the Federal Reserve. Rickards agrees with Peter Schiff, reasoning that Yellen is going to keep the stimulus flowing. He also explained why he thinks the US is actually in a depression and will be experiencing a recession within that depression next year!
“You can have a recession within a depression, in fact I expect a recession next year… This recovery is four years old. The average recovery is fifty months or so… Besides that, with the sequester, the government shutdown… Fewer and fewer people are working, so I don’t see where the drivers of growth are coming from.”
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Posted in Outside Commentaries, Videos
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Today’s Key Gold Headlines – 10/11/13
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Posted in Daily Gold Headlines
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Yellen Will Be a Dangerous Fed Chairman (Video)
Yesterday, on Business News Network, Peter Schiff spoke about the disastrous consequences of choosing Janet Yellen as Chairman of the Federal Reserve. He also explained why government spending should be dramatically cut, rather than raise the debt ceiling. If you agree with Peter that the US is on the road to ruin, consider diversifying out of the US dollar – buy physical gold and precious metals.
“[Yellen’s] going to spike the punchbowl with even more alcohol. She’s going to take the $85 billion a month in QE that we’re getting now and she’s going to take it up a few notches… She’s going to resist the cure as long as possible. She actually thinks inflation is good, that you create prosperity and growth and jobs by debasing money. So this is a very dangerous person at a very dangerous time to be heading a very dangerous institution like the Fed.”
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Posted in Interviews, Videos
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Today’s Key Gold Headlines – 10/10/13
- China’s Hunger for Gold Triggers Speculation about Reserves, Wall Street Journal
- India Gold Premiums Soar as Festival Season Begins, Wall Street Journal
- California, Government Shutdown Lift US Jobless Claims to 6-Month High, Reuters
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Posted in Daily Gold Headlines
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Priced in Gold, American Wages Are Dismal
Forbes published an eye-opening op/ed by Keith Weiner of the Gold Standard Institute today. Weiner first looks at the government’s historical data on the costs of consumer goods and employee salaries. He then looks at the same data in terms of gold ounces, revealing that American workers are laboring longer for dramatically less pay than their parents. Not only that, but their purchasing power has also plummeted since the 1960s, before Nixon completely severed the US dollar from the gold standard.
“By switching to gold, we can measure both wages and prices on an absolute scale—in ounces—and we can make precise comparisons. To convert the price of anything to gold, just divide the price by the current gold price. For example, in 2011 if a big-screen TV was $785, then divide that by the gold price of that year; the television set cost half an ounce of gold.
The bottom line is that, in terms of gold, wages have fallen by about 87 percent. To get a stronger sense of what that means, consider that back in 1965, the minimum wage was 71 ounces of gold per year. In 2011, the senior engineer earned the equivalent of 63 ounces in gold. So, measured in gold, we see that senior engineers now earn less than what unskilled laborers earned back in 1965.”
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Posted in Outside Commentaries
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Today’s Key Gold Headlines – 10/9/13
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Posted in Daily Gold Headlines
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Chinese Housewives vs Goldman Sachs: No Contest
Have you had a chance to read Peter Schiff’s October Gold Letter? Besides Peter’s incisive commentary on the Fed’s “taper fakout,” Jeff Clark of Casey Research has a fascinating piece on Chinese gold demand. While Western bankers like Goldman Sachs are predicting a major downturn in the price of gold, everyday Chinese are hoarding the yellow metal like there’s no tomorrow.
“Goldman Sachs is once again predicting that gold will fall, setting a new near-term target of $1,050.
Never mind the schizophrenic gene that would be required to follow the constantly fluctuating predictions of all these big banks; it’s amazing to me that anyone continues to listen to them after their abysmal record and long-standing anti-gold stance.
Sure, the too-big-to-fails can move markets – but they say things that are good for them, not us. For example, while Goldman Sachs was telling clients and the public to sell gold in the second quarter of 2013, they bought 3.7 million shares of GLD and became the ETF’s 7th largest holder.
When I visited China two years ago, guess who no one was talking about? Goldman Sachs.”
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Posted in Outside Commentaries
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Today’s Key Gold Headlines – 10/8/13
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Posted in Daily Gold Headlines
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Preparing for a Dollar Collapse (Audio)
This morning, Peter Schiff was interviewed by Mike Slater on KFMB San Diego. Peter explained why raising the debt ceiling is just going to make the real crisis much worse and lead to the inevitable collapse of the US dollar. Peter didn’t have time to advise the listeners on how to protect themselves from this crash, but it’s simple: invest in hard assets like physical gold and other precious metals.
“We’re headed for a real crisis, but it’s not going to be because we failed to raise the debt ceiling, but because we succeed… I believe that the dollar’s days as the world’s reserve currency are numbered. I don’t know how big that number is, but I don’t think it’s going to be a gradual process. I think at one point it’s just going to happen. One day it’s just going to plunge. And I think country’s like China are already preparing for that to happen.”
Listen to the Full Interview Here
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Posted in Interviews
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Debt Ceiling & Gold – Hype vs Reality (Video)
In his latest video blog, Peter Schiff explains why Goldman Sachs is completely wrong with its prediction that gold will plummet if the debt ceiling is raised. Peter also reminds us that he’s always predicted that Obama would make the worst possible choice for replacing Bernanke as Fed Chairman: Janet Yellen.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
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