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Peter Schiff: Economy Is Imploding, Not Growing (Video)
Greg Hunter of USAWatchDog spoke with Peter Schiff about his latest commentary, “The GDP Distractor” and the true size of the US economy. Peter talks about whether or not you should keep your money in the banks and why Americans should expect to pay more for less in the coming years.
“The standard of living has gone down remarkably despite all the technology and all the other advancements that should have made our standard of living go up. The standard of living is coming down. Why is that? I think because the economy is not as productive as it used to be. We’re a smaller economy in real terms… I think you’re going to see higher and higher prices.”
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Posted in Interviews, Videos
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Today’s Key Gold Headlines – 8/22/13
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Posted in Daily Gold Headlines
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Today’s Key Gold Headlines – 8/21/13
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
Posted in Daily Gold Headlines
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The GDP Distractor
In his latest commentary, Peter Schiff explains the difference between the CPI and the GDP deflator as measurements of inflation. He then shows how the two measurements have increasingly diverged from each other over the years, suggesting that American economic growth as measured by GDP is not nearly as robust as the government would like us to believe.
“Albert Einstein, a man who knew a thing or two about celestial mechanics, supposedly once called compound interest “the most powerful force in the universe.” While the remark was likely meant to be funny (astrophysicists can be hilarious), it sheds light on the often overlooked fact that small changes, over time, can yield enormous results. Over eons, small creeks can carve large canyons through solid rock. The same phenomenon may be at work in our economy. A minor, but persistent under bias in the inflation gauge used in the Gross Domestic Product (GDP) may have created a wildly distorted picture of our economic health.
It would be impossible to measure the economy without “backing out,” inflation. That is why economists are very careful to separate GDP reports into two categories: “nominal” (which are not adjusted for inflation), and real (which are). Only the real reports matter. The big question then becomes, how do we measure inflation? Just as I reported last week with respect to the biases baked into the government’s GDP revisions, the devil is in the details.”
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Posted in Peter's Commentaries
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Today’s Key Gold Headlines – 8/20/13
- UK Gold Exports Surge Tenfold This Year, Financial Times
- Gold Rises as Weaker Dollar Boosts Demand for Alternative Asset, Bloomberg
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Posted in Daily Gold Headlines
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Peter Schiff Debates Inflation (Video)
The Huffington Post hosted a virtual debate over inflation last week, and Peter Schiff was the only participant who staunchly maintained that inflation is a bad thing. In fact, no one even agreed with Peter on the basic definition of inflation: an increase in the money supply. So if you agree with Peter and are concerned with the inflation you see in your everyday life, what is your plan to protect yourself from it? Physical precious metals remain one of the most popular safe haven investments.
“This crisis that’s coming is even [more obvious]. What’s amazing is that so many people who were oblivious to what happened in 2008 still don’t understand why that crisis occurred and they still don’t understand why a bigger crisis is looming… The exact same set of policies that gave us the housing bubble and the ’08 financial crisis are the ones that we’re using now to give us this next crisis. The only difference between the policies now and policies then is that they’re bigger in size.”
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Posted in Interviews, Videos
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Rickards: Fed Won’t Taper, Bullish for Gold (Video)
Jim Rickards, author of Currency Wars, appeared on Fox Business last week to talk about currencies. While Rickards made it clear that he didn’t have any faith in the dollar, he really wanted to talk about the bullish fundamentals for gold investing throughout most of the interview.
“Labor force participation is crashing… Look at the fundamentals. 50 million Americans on food stamps. 24 million Americans unemployed or underemployed. 11 million Americans on disability. I mean, the fundamental economy is in awful shape. So my expectation is [that the Fed] won’t taper, which I think would be bullish for gold, bearish for the dollar.”
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Posted in Interviews, Outside Commentaries, Videos
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Today’s Key Gold Headlines – 8/19/13
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Posted in Daily Gold Headlines
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Surging Gold Bullion Demand as Wealth Heads East
The big news out this week comes from the World Gold Council’s 2nd quarter Gold Demand Trends newsletter, which revealed that demand for physical gold increased more than 50% over 2012. Global gold jewelry demand rose 37%, a five-year high.
Read the Full Gold Demand Trends Here
The majority of the surging demand is attributed to unrelenting precious metals consumption in Asia, particularly China and India. Pair that with the news today that China, Japan, and other countries continue to sell huge amounts of US debt, and it looks pretty clear that real wealth is migrating East. An article in The Telegraph explains:
“Stocks of physical gold crossed continents in the first half of 2013 as Westerners dumped their holdings and, on the other side of the world, the resulting fall in price sent consumers flocking to jewellers and bullion dealers.
Indian, Chinese, Thai and other Asian consumers flocked to jewellers and bullion dealers to build their holdings.
The trend, disclosed in the latest data from the World Gold Council, a trade organisation established by the gold mining industry, highlights the different ways in which gold is viewed and owned around the globe.”
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Posted in Daily Gold Headlines, Outside Commentaries
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Faber: Own Physical Gold (Video)
Marc Faber, editor of the Gloom Doom & Boom Report, appeared on CNBC to give his take on the current precious metals market. Faber was skeptical about the health of the stock market, hinted that it is in a bubble, and emphasized the importance of having safe haven hard assets in your portfolio.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog