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Peter Schiff's Gold News, March 16 -22, 2018
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Peter Schiff's Gold News

This Week's Top Stories
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.

Mainstream economists, talking heads and government officials keep telling us everything about the economy is great. But it’s not. In this episode, host Mike Maharrey focuses in on the latest retail sales data and concludes there are some real problems lurking. He also talks about countries buying and repatriating gold, and shares some more bullish news in the silver market.

You can subscribe to the podcast on iTunes.
 

March 22 – SchiffGold’s It’s Your Dime features “straight talk” interviews with movers and shakers in the world of precious metals, investing and economics.

In this episode, host Mike Maharrey talks with SchiffGold senior precious metals specialist Joel Bauman. Topics included gold & silver’s role as a portfolio hedge, ETFs vs. physical gold, counterparty risk and the cryptocurrency phenomenon
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March 22 – The Federal Reserve followed its script yesterday and raised interest rates another 25 basis points. But the central bankers did surprise some people by hinting at just two more hikes this year. Analysts have been fixated on the possibility of four 2018 rate increases.

Jerome Powell said he wasn’t worried about increasing interest rates because we have the strongest economy we’ve had in 10 years. 10 years ago was the beginning of the financial crisis. So there is that
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March 21 – Gold and silver are money. But most governments treat precious metals like a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy. You don’t tax money!

Fortunately, we’re beginning to see a shift. Many states are repealing taxes on gold and silver, and treating precious metals more like money. Wyoming is the latest state to reform its laws.
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March 21 – Delinquency rates on credit cards and auto loans are already rising, providing a tangible sign of consumer stress. Sprott Inc. senior portfolio manager Trey Reik told Bloomberg rising rates could push even more people over the edge.

"With as much debt as there is in the system, if you have a backup in rates, you’re going to see a default wave pretty quickly. You’re going to have personal bankruptcies flare up. Gold really does well when financial stress starts to take takes hold in the system.” 
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March 20 - Peter isn’t the only one a little skeptical about the possibility of all this monetary tightening. In a report published Monday, TD Securities head of strategy Bart Melek said “Given the current equity market weakness, recent lackluster economic data and trade war rhetoric getting louder, we judge that a hawkish tone is not … warranted at this time.”

Melek said this could be good news for gold.

"Given recent positioning, if Fed officials do not adjust the dot plots higher, the yellow metal could find a bid and move considerably higher later this week.” 
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March 20 – As an article published at The Conversation pointed out, there were two key problems lurking below the surface in the mid-2000s that few people paid any attention two. Those same two factors exist today. And once again, few people are paying much attention.

1. Excessive household debt
2. A housing bubble

As The Conversation put it, storm clouds are brewing.

"The US economy is primed for another recession. We believe it’s not a question of if. It’s a question of when.
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March 19 - The Federal Reserve claims to be tightening and will raise interest rates at least three times in 2018 – maybe even four. And last fall, the central bank announced its plan to begin shrinking its balance sheet.

But have you actually looked at the Fed’s balance sheet? Dan Kurz of dkanalytics.com has and concluded all of this talk of shrinking balance sheets and normalized interest rates is pure fantasy
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March 19 - Toys R Us is the most visible proof that the air is rushing out of the retail bubble.

It’s easy to finger-point at the Amazon and blame it for the black cloud enveloping the brick and mortar retail sector. In fact, online sales didn’t kill Geoffery the giraffe. Massive corporate debt was the culprit. And massive corporate debt is endemic in the retail sector.
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March 16 – Pro-tip – If you ever have to load 9.3 tons of gold, silver and platinum in an airplane, make sure you secure the load. I mean, tie it down good. You know, throw a few bungee chords over it. Or maybe a strap or two. Something. At least some rope. Because here’s a dirty little secret.

Things shift during flight.

According to the Siberian Times, “Technical engineers at the Yakutsk airport who prepared the plane for takeoff have been detained.”

Detained?

That sounds ominous.
 [Read more]
 
Buy King Dollar? Do You Really Want to Take Investment Advice From This Guy?

March 16 – President Trump’s new economic adviser did an interview on CNBC’s Closing Bell Wednesday and offered a little investment advice.

I would buy King Dollar and I would sell gold.”

So, should you follow Larry Kudlow’s guidance?

Of course, that’s up to you. But Kudlow doesn’t have the best track record when it comes to predicting the future. On the cusp of the 2008 financial crisis, he was among the mainstream pundits saying the whole subprime mortgage thing was “no big deal.”. I image the fact that the US Dollar has lost 98% of it's buying power isn't a big deal either. Good call Larry!
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