Peter Schiff's Gold News, Feb. 16 - Feb. 22, 2018
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Peter Schiff's Gold News

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Debt, Debt and More Debt: SchiffGold Friday Gold Wrap 02.16.18

Click the Friday Gold Wrap Podcast image above to tune into the Friday Gold Wrap each week for a recap of the week’s economic and political news as it relates to gold and silver, along with some insightful commentary presented by Mike Maharrey.

In this episode, host Mike Maharrey breaks down the relationship between bonds, the dollar, inflation and rapidly expanding levels of debt. It’s not a pretty picture. He also talks about the latest gold supply news.

You can subscribe to the podcast on iTunes.

Feb. 22 – In his most recent analysis, Dan Kurtz at DK Analytics explores the question Peter Schiff asked when he said: "who's going to buy all this debt" and came to the same conclusion.

The dollar has lost more than 8% of its value over the last year. That decline may accelerate as bond investors sell ahead of a huge expansion in Treasuries coming into the market. Interest rates will have to climb significantly. The price of bonds will drop. As Dan put it, where bonds go, stocks follow.

We’ve excerpted some key points from Dan’s report. 
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Feb. 22 – The stock market plunge earlier this month reminds us why we should buy gold.  As a report released by the World Gold Council shows, gold acted as a portfolio hedge during the brief downturn. 

On Feb. 5, the Dow Jones suffered its largest-ever drop in terms of points. It was down 1,600 at one point and ultimately lost 1,175.21 points, a 4.6% drop that day.

As stocks initially started trending lower, the price of gold didn’t move much. But as stocks tumbled, gold rallied strongly – even outperforming short-term Treasuries. 
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Feb. 21 – Peter said he thinks the main reason for Tuesday’s rally in the dollar and sell-off in gold was negative news that came out last Friday.

The thinking is rising inflation will put pressure on the Federal Reserve to continue pushing up interest rates, perhaps even picking up the pace this year. That’s theoretically good for the dollar and a problem for gold.

But Peter just doesn’t see this playing out. Why? Because Fed Chair Jerome Powell isn’t Paul Volcker and Donald Trump is no Ronald Reagan.
 [Read more]

Feb. 21 – The budget plan passed last month added another $300 billion in spending over the next two years and raised the mythical debt ceiling.

Lance Roberts at broke down the long-term impact of the budget deal. The continuing resolution added an 8% spending increase to the previous baseline. That means the higher level of spending now becomes the new baseline.

"This means over the next decade, the C.R. will add $2 trillion in spending to the federal budget."​ 
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Feb. 20 – Peter Schiff spoke at the Vancouver Resource Investment Conference 2018 last month before the market tanked. But his message remains relevant in the aftermath of the plunge and the subsequent recovery because the dynamics in the market remain pretty much the same. Conditions are still ripe for a 1987-style market crash.

"Investors have not been this optimistic…since 1987. They are even more optimistic than they were at the height of the technology bubble, the dot-com bubble, the new era. Of course, 1987 didn’t end well, right?
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Feb. 20 – Uncle Sam has suddenly become very interested in Bitcoin.

Over the last several months, we’ve reported on various countries announcing plans to regulate cryptocurrencies. And now the US government is looking to get into the cryptocurrency regulatory act. According to a Reuters report, several members of congressional leadership say stricter oversight is on the way.

"Bipartisan momentum is growing in the Senate and House of Representatives for action to address the risks posed by virtual currencies to investors and the financial system, they said." 
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Feb. 19  SchiffGold has launched a new video series called “It’s Your Dime,” featuring “straight talk” interviews with movers and shakers in the world of precious metals, investing and economics.

In the pilot episode recorded Jan. 31, 2018,  host Mike Maharrey chats with SchiffGold executive director and senior special metals specialist Jonathan Sosnay.

Mike and Jonathan covered a number of other topics, including the mostly overlooked undervaluation of silver and the impact of cryptocurrencies on precious metals. 
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Feb. 19 - In his Feb. 16 Liberty Report, Ron Paul talked about inflation and its effect on everyday Americans. He said when it comes to this subject, the mainstream is all mixed up. More significantly, the creation of new money doesn’t impact everybody equally. Some benefit at the expense of others. 

Paul noted that some analysts are starting to throw the stagflation term around. This is when prices rise even as economic growth remains sluggish. ​
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Feb. 16 – The US dollar dropped to its lowest level in three years Friday.

Extending losses on Thursday, the dollar index against a basket of six currencies dropped to 88.253. This marks its lowest level since December 2014.

A Reuters report noted that “Traders’ confidence in the dollar has also been eroded by mounting worries over the United States’ twin budget and current account deficits. The US trade deficit widened more than expected in December to its highest level since 2008.
 [Read more]
Fun on Friday: Umm…That’s Not Gold

Feb. 16 – So, here’s a little nugget I dug out of the deep, dark depths of the internet this week.

A truck driving along a major highway in South Africa lost its load. This caused a major frenzy, not to mention a horrendous Los Angeles-style traffic jam. And what did this truck dump that resulted in such chaos?


Well, it was supposedly gold. But I have to admit, I’m skeptical for a number of reasons.
 [Read more]
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