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Category Archives: Peter’s Commentaries
Jobs, Gold, and Janet Yellen (Video)
In his latest video blog post, Peter Schiff looks at last week’s jobs numbers and gold’s rally thus far in 2014. He also comments on Janet Yellen’s press conference and her obvious lies about the effects that Fed policy is having on the economy.
“Wall Street is still extremely skeptical of gold’s rally. Everybody expects that this rally is a head fake, that it’s going to reverse, and that gold is still headed much lower in 2014. I think that a lot of people that are anticipating lower gold prices are going to be surprised.”
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Dark Gold: Shining Light on a Mysterious Market
The February 2014 edition of the Gold Letter is now available and full of valuable information on the current state of the gold market. Peter Schiff’s commentary addresses a little understood phenomenon that he dubs the world’s “dark gold.” Bud Conrad of Casey Research explains the fundamentals supporting a major turnaround in the gold market this year. Dickson Buchanan, a Euro Pacific Precious Metals Specialist, shares a history lesson with you about why only gold was considered money prior to the creation of the Federal Reserve. And of course, you’ll find the latest Lampoon the System comic, our monthly FAQ, and important news summaries from January.
“Gold is the simplest of financial assets – you either own it or you don’t. Yet, at the same time, gold is also among the most private of assets. Once an individual locks his or her safe, that gold effectively disappears from the market at large. Unlike bank deposits or stocks, there is no way to tally the total amount of gold held by individual investors.
I like to call this concept “dark gold.” This is the real, broader gold market that exists below the surface-level transactions on the major exchanges. It’s impossible to know precisely how much dark gold exists around the world, but we do know that it is enough to render “official” gold holdings insignificant. That’s why I don’t buy and sell gold based on the decisions of John Paulson, or even J.P. Morgan Chase. It is a long-term investment that requires a deep understanding of the nature of money – and how little Wall Street’s media circus really matters.”
Continue Reading Peter Schiff’s Gold Letter
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New Collector’s Edition of How An Economy Grows and Why It Crashes
In late December of last year, Peter Schiff and his brother Andrew released a new and expanded version of their illustrated economic fable How an Economy Grows and Why it Crashes. Since the debut of the original version of the book in 2010, people across the world have told them that the book’s simplicity, humor, and straightforward story-telling have given them a better understanding of real economics.
But since they always thought that it could be even bigger and better, they have come out with How an Economy Grows – Collector’s Edition. Twice the size of the original, with colorized illustrations and new chapters on the European Debt Crisis and the Federal Reserve’s Quantitative Easing, this is a great book to share with friends and family to further their economic education.
Learn More About the Book Here
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The Deflation Menace
Peter Schiff’s latest commentary for Euro Pacific Capital addresses the pernicious mainstream belief that inflation is good for the economy, while deflation is bad. If the government, supported by mainstream media’s propaganda, remains dedicated to inflationary strategies, there’s one surefire way to protect your wealth: physical gold.
“Dedicated readers of The Wall Street Journal have recently been offered many dire warnings about a clear and present danger that is stalking the global economy. They are not referring to a possible looming stock or real estate bubble (the paper sees few threats there). Nor are they talking about other usual suspects such as global warming, peak oil, the Arab Spring, sovereign defaults, the breakup of the euro, Miley Cyrus, a nuclear Iran, or Obamacare. Instead they are warning about the horror that could result from falling prices, otherwise known as deflation. Get the kids into the basement, Mom… they just marked down Cheerios!
In order to justify our current monetary and fiscal policies, in which governments refuse to reign in runaway deficits while central banks furiously expand the money supply, economists must convince us that inflation, which results in rising prices, is vital for economic growth.”
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Wall Street Will Be Blindsided by Currency Crisis (Video)
Peter Schiff begins hist latest video blog with a review of December’s dismal jobs numbers and the latest data that reveal how poor the supposed US economic recovery really is. He then explains why Janet Yellen will soon be facing a bigger crisis than Ben Bernanke had to deal with when he first took charge of the Fed in 2006.
“The monetary policies pursued by Bernanke were far more reckless than the ones pursued by Greenspan. And therefore, the bubble is much bigger. And therefore, the damage to the economy when it pops will be much bigger… We’re going to have another crisis early in the Yellen term that will be bigger than the crisis that we had early in the Bernanke term. Wall Street and government are equally as prepared – they will be equally blindsided.”
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Too Big to Pop
In his latest commentary for Euro Pacific Capital, Peter Schiff questions mainstream investors’ newfound faith in the Federal Reserve’s ability to keep the economy propped up. Gold’s poor performance in 2013 is considered proof that the economy really is recovering, but Peter warns investors against turning into gold bears too soon.
“A primary element of this new faith is that the Fed can sustain any number of asset bubbles if it simply supplies enough air in the form of freshly minted QE cash and zero percent interest. It’s as if the concept of “too big to fail” has evolved into the belief that some bubbles are too big to pop. The warnings delivered by those of us who still understand the negative consequences of such policy have been silenced by the triumphant Dow.
The proof of this shift in sentiment can be seen in the current gold market. If the conditions of 2013 (in which the Federal Government serially failed to control a runaway debt problem, while the Federal Reserve persisted with an $85 billion per month bond buying program and signaled zero interest rates for the foreseeable future)could have been described to a 2007 investor, their conclusions would have most likely been obvious: back up the truck and buy gold. Instead, gold tumbled more than 27% over the course of the year. And despite the fact that 2013 was the first down year for gold in 13 years, one would be hard pressed now to find any mainstream analyst who describes the current three year lows as a buying opportunity. Instead, gold is the redheaded stepchild of the investment world.”
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The Long & The Short of Gold Investing
In his January Gold Letter, Peter Schiff explains why the stock market did so well in 2013 and gold did so poorly. He reminds us that while short-term buyers might have lost interest in the precious metals, long-term investors are playing a different game. An article from Casey Research shows that those long-minded gold bulls are in good company. Meanwhile, Lampoon the System wishes the Fed a happy birthday, but there’s not enough cake to go around.
“There are two types of gold investors: those trying to make money on short-term market timing and those looking for long-term asset preservation. It was the fear-driven trading of the former that helped gold break $1900 in 2011, and for good reason – stormy markets steer investors to safe havens.
But gold’s fortune has shifted in the past two years, and finishing 2013 down 28% seems to have sealed its fate – at least in the eyes of the short-term speculators. In reality, the same forces that are stabilizing stocks and suppressing gold are also the fundamental reasons long-term investors have been buying gold since the turn of the new millennium. The so-called recovery we’re now experiencing is just a lull in a storm that hasn’t yet abated.”
Continue Reading Peter Schiff’s Gold Letter
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Taper Lite & Gold – An Opportunity to Buy (Video)
When does a taper really mean more stimulus? When zero percent interest rates are pretty much guaranteed for the foreseeable future. Peter Schiff explains why the “taper lite” is simply an admittance that the economy is addicted to artificial stimulus. Peter also shares his opinion on gold’s sell-off and why investors should be using the opportunity to buy before it’s too late.
“There’s plenty of legitimate support for gold all around the world. Yes, all the speculators who were convinced that everything is great (the same people who thought it was great in 1999)… are convinced that there’s no reason to own gold and so they’re going to sell it and they’re going to short it. But there’s a larger community around the world, particularly emerging markets, central banks – China in particular – that see it differently. And they’re using this opportunity to buy as much gold as they can…”
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Ambiguous Fed Statement Means Headaches for Yellen
Peter Schiff has shared his thoughts on the Federal Reserve’s decision to begin tapering QE in January. While the Fed’s official statement suggests the economy is improving, it also gives plenty of room for stimulus to be ramped back up in the future. Fortunately, physical precious metals will likely remain at bargain prices until the market realizes that a real exit from QE is impossible.
“There can be little doubt that today’s Fed announcement is an epic attempt at rhetorical audacity. The message they hope to convey is that they are tightening monetary policy by loosening it. Based on the early market reactions, the trick has seemed to work.
I believe the Fed was forced into this exercise in rabbit pulling because it understands far better than the cheerleaders on Wall Street that the economy, despite the soaring gains in stocks and real estate, remains dependent on continued stimulus. In my opinion the seemingly positive economic signs of the past few months are simply the statistical signature of the QE itself. There is little evidence to suggest that the trends are self-sustainable. But seemingly strong data had made the arguments in favor of continued QE increasingly untenable. As they could no longer stay the course the Fed had to do something. Ultimately they decided to play it both ways.”
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The Gold Market Is Going to Crash…Up! (Audio)
Peter Schiff was interviewed by Andy Duncan on Casey Research’s Sound Money podcast. They talked about the effect a higher minimum wage would have on the dollar, the inability of the Federal Reserve to completely end quantitative easing, China’s appetite for gold, and the future of the yellow metal in 2014.
Listen to the Full Interview Here
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