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Peter Schiff Interviews Rand Paul (Video)
With Rand Paul in the news, we wanted to bring to your attention one of Peter Schiff’s recent interviews with the Kentucky Senator, conducted in December of 2012. They spoke about the value of capitalism and the lack of will in Washington to pass a balanced budget or to even consider tax or entitlement reforms. Listen to the Peter Schiff Show on Monday through Friday, from 10 AM to Noon ET, at SchiffRadio.com.
“Here’s the problem: we lurch from one deadline to the next, but in between the deadlines, nobody’s doing a damn thing. There’s no committee up here to reform social security, no committee action on medicare, no committee action on tax reform. But when a deadline comes up, they…throw their hands up, ‘We’ll just have to raise some taxes.'” -Rand Paul
Posted in Interviews, Videos
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Today’s Key Gold Headlines – 3/11/13
Posted in Daily Gold Headlines
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Gold and the Great Monetary Easing
You don’t see a lot of mainstream coverage of big players who remain bullish on gold. However, Yahoo! Finance did report on Morgan Stanley’s latest forecast, which sees gold’s bull cycle entering a new stage of growth as countries around the world ramp up their easy money policies.
“A notable feature of the investment landscape over the past few months has been the 12 percent drop in the price of gold since September.
During that time, we’ve heard some incredibly bearish calls on gold from strategists at Goldman Sachs and Credit Suisse, among other shops. Rising real interest rates are said to be the death knell for gold.
Morgan Stanley, which for a while has touted gold as its number-one investment idea in the commodity space, isn’t ready to throw in the towel just yet.
In fact, according to the bank’s Chief Metals Economist, Peter Richardson, ‘The reasons for owning gold may be evolving.'”
Posted in Outside Commentaries
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Today’s Key Gold Headlines – 3/8/13
- Platinum Glows as Investment Product, Economic Times of India
Posted in Daily Gold Headlines
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The Greatest Currency Manipulator in the World? (Video)
Jim Rickards, author of “Currency Wars,” appeared on CNBC Asia to talk about the bubble forming in the stock market, and how the United States started the currency war.
“The Fed’s printing money. You print a trillion dollars of free money, stocks are going to go up. I don’t think there’s any magic to it. The fundamentals are not really going to support it, but the free money will. Now, it’s probably the beginning of a bubble…but at some point it will pop and collapse, and that’s what investors have to bear in mind.”
Posted in Interviews, Outside Commentaries, Videos
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Today’s Key Gold Headlines – 3/7/13
Posted in Daily Gold Headlines
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The Secret Bull Market in Gold
Peter Schiff isn’t the only one surprised by all the naysayers who believe the economy is improving and gold’s heyday is over. Brett Arends – an admitted “gold agnostic” – just wrote a commentary for The Wall Street Journal’s MarketWatch, examining the popularity of gold abroad, and the bullish fundamentals that haven’t been affected by the stock market’s recent performance.
“Have you heard about the new boom in gold? You won’t hear about it in the usual places. Everywhere you turn these days, all you hear is that gold is down, it’s finished, it’s heading for something called a “death cross,” which sounds terrifying. But away from the headlines, gold just rocketed to a new, all-time high.
Where? In Japan — the world’s fourth largest economy.”
Posted in Outside Commentaries
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Today’s Key Gold Headlines – 3/6/13
Posted in Daily Gold Headlines
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Government Debt is Junk (Video)
Peter Schiff answers a listener’s question about the possibility of another downgrade of US debt. Government debt isn’t the only investment to avoid – stay away from any dollar-denominated asset, and buy something with real value!
Ask Peter your own questions by calling into the Peter Schiff Show from 10 AM to 12 PM EST, Monday through Friday, at 855-4-SCHIFF.
“US government debt is, in effect, junk. And I think if you buy it, you will lose. You will either lose because the government defaults, or you will lose because you get repaid in money of diminished value. Either way, I don’t think that you want to buy the bonds. It doesn’t matter what S&P or Moody’s says.”
Posted in Peter's Commentaries, Videos
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Jobs Report Full of False Hope
This is Peter Schiff’s exclusive commentary on the jobs report released last Friday. If you enjoy Peter’s opinions and analysis, don’t forget to subscribe to his monthly Gold Letter!
As is typical, Wall Street and the media are celebrating a jobs report that is not nearly as positive as the headlines suggest. The continuing decline in the labor force participation rate was at least as important a factor as the new jobs created in bringing down the official unemployment rate to 7.7%.
The participation rate has now dropped to 63.5%, the lowest level since 1981 when the rate had plunged due to a terrible recession. It is important to realize that at that time women had not fully entered the labor force.
Prior to that, a single income was sufficient to support most families. When incomes fell, and living costs rose in the 1970s and 1980s, American women were able to enter the labor force and find employment. That is no longer an option. So the only factors that are now helping families make ends meet are low interest rates, debt accumulation, declining savings, rising home prices, and government transfer payments.
More importantly, the number of people who are no longer even counted in the labor force rose by nearly 300,000 from January to February. This is greater than the number of jobs created. Analysts simply can’t look past the headlines to see these disturbing trends.
In addition, the jobs that were created lean heavily towards the service sector and those industries that benefit most directly from Fed stimulus. The 48,000 jobs created in construction in February were underwritten by the Fed’s $40 billion monthly purchases of mortgage backed securities, which has stimulated home purchasing. An additional 32,000 jobs were added in healthcare, another sector that will do nothing to promote long term economic health. In comparison, manufacturing only added 14,000 jobs.
Many analysts have characterized the February numbers as a “Goldilocks” report that is good enough to signal growth but not so good that it will encourage the Fed to dial down its stimulus. This is optimism in the extreme. Whenever anyone mentions Goldilocks, it’s good to start looking for bears.
The majority of jobs being created now will disappear when either the stimulus ends or rising interest rates bring back recession. When the time comes to pay the piper for all this stimulus, the bill will be large, and the collapse much worse than the financial crisis of 2008.