Category Archives: Peter’s Commentaries

In his latest commentary, Peter Schiff addresses the ridiculous claim that America was built on consumer debt, as put forth by Steve Liesman, senior economic reporter for CNBC. Peter explains why a healthy economy is based upon savings and production, not debt. While most of the Western world seems intent on accumulating more debt, wise investors are protecting their economic futures with savings in physical gold and silver.

“Thus far 2014 has been a fertile year for really stupid economic ideas. But of all the half-baked doozies that have come down the pike (the perils of “lowflation,” Thomas Piketty’s claims about capitalism creating poverty, and President Obama’s “pay as you earn” solution to student debt), an idea hatched last week by CNBC’s reliably ridiculous Steve Liesman may in fact take the cake. In diagnosing the causes of the continued malaise in the U.S. economy he explained, “the problem is that consumers are not taking on enough debt.” And that “historically the U.S. economy has been built on consumer credit.” His conclusion: Consumers must be encouraged to borrow more money and spend it. Given that Liesman is CNBC’s senior economic reporter, I would hate to see the ideas the junior people come up with.

Before I get into the historical amnesia needed to make such a statement, we first have to confront the question of causation. Just as most economists believe that falling prices cause recession, rather than the other way around, Liesman believes that economic growth is created when people tap into society’s savings in order to buy consumer goods that they could not otherwise afford. But consumption does not create growth. Increasing productive output allows for greater consumption. Something needs to be produced before it can be consumed.”

Read the Full Commentary Here

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Say farewell to the Gold Letter! It will be replaced next month with Peter Schiff’s Gold Videocast. In this final edition, Peter reviews the tumultuous news surrounding the platinum group metals market and why we can expect a very strong year for platinum. If you’ve already invested in physical gold and silver, now could be the perfect time to further diversify your precious metals holdings. You’ll also find a guest commentary from Detlev Schlichter addressing the phantom menace of “very low inflation” in the eurozone. Lampoon the System’s June comic commiserates with the bankers who are finding it harder and harder to rig the gold and silver markets nowadays. Enjoy!

“Even investors who typically eschew precious metals have been hard-pressed to ignore the platinum industry this year. The longest strike in South African history paired with surging Asian demand is set to push the metal back into a physical deficit in 2014 – and could have repercussions for years to come. While gold remains the most conservative choice for saving, the “industrial precious metal” platinum is a compelling investment for those, like me, who are bullish on global net economic growth.”

Read the Full Gold Letter Here

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Interested in learning about the best ways to buy gold and silver?
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By now you’ve probably heard the biggest precious metals news of the week – the London Silver Fix will be shutting down in August. You can read all about it here.

It was just the beginning of May when Euro Pacific Precious Metals Chairman Peter Schiff added his voice to the conversation on gold price manipulation. This latest news about the Silver Fix makes Peter’s timing almost uncanny.

For years, Peter had remained above the conspiracy fray, because the possibility of price fixing does not change his fundamental approach to gold and silver investment. But news of gold manipulation has hit the mainstream hard in 2014, making it impossible to ignore.

Apparently the company behind the London Fix has reached a similar conclusion. It can no longer ignore ongoing lawsuits against banks involved in the LIBOR scandal and the London Gold Fix. Perhaps they thought it best to get out of the benchmark business before the Silver Fix became the next victim.

No one yet knows what will replace the London Silver Fix, but this is (unfortunately) a great opportunity for governments to become more involved in the regulation of precious metals markets. Nevertheless, physical gold and silver investors should not be deterred by this latest news out of London. The fundamental safe-haven value of silver will not disappear simply because some big bankers stop telling the world what they think the price should be.

You can read Peter Schiff’s full opinion on gold and silver price manipulation in his latest Gold Letter, available here:

The Gold Price Is Fixed. So What?

Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
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Peter Schiff’s new commentary from Euro Pacific Capital looks under the surface of the US economic data released in the past week. It should come as no surprise that the mainstream media has focused on the positive numbers that support the narrative of a US recovery, while quietly brushing any contradictory figures under the rug.

“After three months of consistently disappointing jobs numbers, the markets were as keyed up for a good jobs report as a long suffering sailor awaiting shore leave in a tropical port. The just released April jobs report, which claimed that 288,000 jobs were created in the U.S. during the month, provided the apparent good news. However, you don’t have to go too far beneath the surface to find some troubling trends within the data. But even this minor excavation was too much for the media cheerleaders and Wall Street pitchmen to handle.

The dominant narrative held that the prior reports had been so weak because the unusually cold weather (the 10th snowiest in the past 50 years) had prevented consumers from venturing outside to make purchases or employers from hiring workers. Time and again the winter was blamed for the disappointing jobs reports that came in over the 1st quarter. As a result, the consensus of economists predicted a rebound in April with 215,000 net new non-farm jobs. The 288,000 figure that greeted the markets last week – which helped bring down the unemployment rate to a post-crash low of just 6.3% – confirmed the weather hypothesis.

In reality, the desperation in which these tenuous data straws were grasped is a testament to our chronic economic weakness…”

Read the Full Commentary Here

Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!