The Peter Schiff Show Podcast

 

Don’t miss my upcoming appearances:

The Las Vegas Trading Conference, Oct. 4-5

The Dallas Money Show October 13-14

and the New Orleans Investment Conference, Nov. 1-4

Let's Debunk Andy Yang's Platform

I decided to take a little time out on my Labor Day to record a podcast debunking Democratic Presidential Candidate Andrew Yang. I've been getting a lot of emails about Yang; especially since he did the Joe Rogan Podcast about six months ago.  He said a lot of things that certain people find appealing, so I've been asked to comment on him and I've seen other notes about Andy Yang and I wanted to talk about him because, number one, he is rising in the polls. He's now in sixth place among the Democratic candidates; he's polling at about 3% ant that puts him ahead of established politicians like Cory Booker, Beto O'Rourke, Amy Klobuchar, so he's gaining in popularity and I think the trend is going to continue.

Yang Rising in the Polls

The next Democratic Debate is coming up in about a week and a half and they're no longer going to have two debates; they've narrowed it down to just ten candidates and Andy Yang is one of those 10.  I think as there are fewer candidates in the race, Yang is going to get more and more attention from the media and I think he is going to rise in the polls.

Attractive Among a Bunch of Democratic Socialists

To me, he is like the Bernie Sanders of this campaign. Sanders, and "Feeling the Bern"… he was popular in the 2016 campaign, mainly because he was the only alternative to Hillary Clinton, who was extremely unpopular.  So, given that matchup and there was only two choices, it made it very easy for Sanders to gain a lot of support.  He's having a much harder time galvanizing that support this time because people have a lot of alternatives. If you want a Democratic Socialist, there's a bunch of them to choose from.

Clearly a Smart Guy… But

But a guy like like Andy Yang, a younger guy, and clearly a smart guy.  I had not watched his appearance on the Joe Rogan Experience until just yesterday.  I decided to watch it, and that's the motivation for doing this podcast. Once I heard him talk about his ideas, I spent a lot of time on his website looking at a lot of things he didn't discuss with Joe Rogan.  One thing is certainly clear to me: he's a smart guy.  Clearly, if you gave an IQ test to all of the Democratic candidates, Yang would win.

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Don’t miss my upcoming appearances:

The Las Vegas Trading Conference, Oct. 4-5

The Dallas Money Show October 13-14

and the New Orleans Investment Conference, Nov. 1-4

Let's Debunk Andy Yang's Platform

I decided to take a little time out on my Labor Day to record a podcast debunking Democratic Presidential Candidate Andrew Yang. I've been getting a lot of emails about Yang; especially since he did the Joe Rogan Podcast about six months ago.  He said a lot of things that certain people find appealing, so I've been asked to comment on him and I've seen other notes about Andy Yang and I wanted to talk about him because, number one, he is rising in the polls. He's now in sixth place among the Democratic candidates; he's polling at about 3% ant that puts him ahead of established politicians like Cory Booker, Beto O'Rourke, Amy Klobuchar, so he's gaining in popularity and I think the trend is going to continue.

Yang Rising in the Polls

The next Democratic Debate is coming up in about a week and a half and they're no longer going to have two debates; they've narrowed it down to just ten candidates and Andy Yang is one of those 10.  I think as there are fewer candidates in the race, Yang is going to get more and more attention from the media and I think he is going to rise in the polls.

Attractive Among a Bunch of Democratic Socialists

To me, he is like the Bernie Sanders of this campaign. Sanders, and "Feeling the Bern"… he was popular in the 2016 campaign, mainly because he was the only alternative to Hillary Clinton, who was extremely unpopular.  So, given that matchup and there was only two choices, it made it very easy for Sanders to gain a lot of support.  He's having a much harder time galvanizing that support this time because people have a lot of alternatives. If you want a Democratic Socialist, there's a bunch of them to choose from.

Clearly a Smart Guy… But

But a guy like like Andy Yang, a younger guy, and clearly a smart guy.  I had not watched his appearance on the Joe Rogan Experience until just yesterday.  I decided to watch it, and that's the motivation for doing this podcast. Once I heard him talk about his ideas, I spent a lot of time on his website looking at a lot of things he didn't discuss with Joe Rogan.  One thing is certainly clear to me: he's a smart guy.  Clearly, if you gave an IQ test to all of the Democratic candidates, Yang would win.

Recorded August 30, 2019

Don't miss my upcoming appearances:

The Las Vegas Trading Conference, Oct. 4-5

The Dallas Money Show October 13-14

and the New Orleans Investment Conference, Nov. 1-4

Waiting for Hurricane Dorian

When I recorded my last podcast on Tuesday evening, we were getting ready for Hurricane Dorian, which was supposed to pass by the south coast 0f Puerto Rico on Wednesday.  But when I woke up on Wednesday morning, the meteorologists had the hurricane pretty much coming right over my house. It had changed course and had moved north, and it was supposed to come right through Puerto Rico, rather than just go by it to the South. But then the hurricane kept moving north, and it ended up missing Puerto Rico completely.  We were here, the kids were home from school, everybody was battened down waiting for what at that time was maybe a strong tropical storm… maybe a category 1 hurricane.

Puerto Rico Spared from Hurricane

But we didn't even get a rain drop. Not even a gust of wind, as the hurricane just missed Puerto Rico to the north. I think it did go by the U.S. and British Virgin Islands - didn't really do much damage, there, because the store hadn't intensified but Puerto Rico's gain will be Florida's loss. The storm did not go over Puerto Rico, and initially it was supposed to go over the Dominican Republic, and the mountains there, it's a much bigger island, and it would have really beaten up the storm, but because the storm was really uninterrupted, and it has been over water the entire time, now it looks like it will be a category 4 when it hits somewhere along the Florida coast. It looks like a pretty powerful storm.

Broken Window Theory

You're going to hear, as is always the case, economists are going to be saying, "Oh, well, this is good for GDP." Whenever there's a hurricane, people say, "Oh, look!  We have to spend all this money repairing and rebuilding everything that was destroyed."  But that is not good for the economy. If you haven't heard the "Broken Window Theory", Henry Hazlitt does a very good job of explaining that and refuting the Keynesian idea that disasters are somehow good for the economy.

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Recorded August 30, 2019

Don't miss my upcoming appearances:

The Las Vegas Trading Conference, Oct. 4-5

The Dallas Money Show October 13-14

and the New Orleans Investment Conference, Nov. 1-4

Waiting for Hurricane Dorian

When I recorded my last podcast on Tuesday evening, we were getting ready for Hurricane Dorian, which was supposed to pass by the south coast 0f Puerto Rico on Wednesday.  But when I woke up on Wednesday morning, the meteorologists had the hurricane pretty much coming right over my house. It had changed course and had moved north, and it was supposed to come right through Puerto Rico, rather than just go by it to the South. But then the hurricane kept moving north, and it ended up missing Puerto Rico completely.  We were here, the kids were home from school, everybody was battened down waiting for what at that time was maybe a strong tropical storm… maybe a category 1 hurricane.

Puerto Rico Spared from Hurricane

But we didn't even get a rain drop. Not even a gust of wind, as the hurricane just missed Puerto Rico to the north. I think it did go by the U.S. and British Virgin Islands - didn't really do much damage, there, because the store hadn't intensified but Puerto Rico's gain will be Florida's loss. The storm did not go over Puerto Rico, and initially it was supposed to go over the Dominican Republic, and the mountains there, it's a much bigger island, and it would have really beaten up the storm, but because the storm was really uninterrupted, and it has been over water the entire time, now it looks like it will be a category 4 when it hits somewhere along the Florida coast. It looks like a pretty powerful storm.

Broken Window Theory

You're going to hear, as is always the case, economists are going to be saying, "Oh, well, this is good for GDP." Whenever there's a hurricane, people say, "Oh, look!  We have to spend all this money repairing and rebuilding everything that was destroyed."  But that is not good for the economy. If you haven't heard the "Broken Window Theory", Henry Hazlitt does a very good job of explaining that and refuting the Keynesian idea that disasters are somehow good for the economy.

Recorded August 27, 2019

Real Significant Action in the Market: Gold and Silver

The real significant action today was in the gold & silver market. I wanted to mention today that on Friday, the U.S . dollar sold and then today we're back at 98. So the dollar is not weakening against other foreign currencies. In fact, most people are still talking about the strong dollar. Even Donald Trump talks about the fact that we have a strong dollar.  Now, Trump is bothered by the fact that we have a strong dollar, and he wishes it wasn't as strong, but he keeps talking about the strong dollar and everybody acknowledges that the dollar is strong.

Silver is a Great Buy

The problem is: the dollar is not strong. The price of gold going up shows you that the dollar is not strong. Gold was up $16 an  ounce: we closed at $1542.50. This is the highest close in over 6 years for the price of gold; but the real star today was silver. Silver was up 53 cents - $18.17. It's been a while now since silver was above $18. If you have been listening to my podcasts, you know that I have been pounding the table on silver. I've been telling people that silver is the key; it is really cheap relative to gold. In fact, it was better than 90:1. You needed more than 90 ounces of silver to buy a single ounce of gold. That was an all-time record low for the price of silver. Now we're at 85.  The ratio has moved back in silver's favor, but you still need 85 ounces of silver to buy one ounce of gold. That is historically extremely cheap. In fact, the only time it was cheaper was when it was 90. So it's still a great buy.

Cash in some Gold to buy Silver

I have been telling people, even at SchiffGold - we have actually been calling clients who we know own gold and have them sell us back their gold and buy silver, because you can get so much silver for your gold right now that it is a real bargain. Silver has never been this cheap, and so if you have gold and don't have any silver, it makes sense to buy some silver with your gold. Even after today's move, I would still say that that trade makes sense.

 

 

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Recorded August 27, 2019

Real Significant Action in the Market: Gold and Silver

The real significant action today was in the gold & silver market. I wanted to mention today that on Friday, the U.S . dollar sold and then today we're back at 98. So the dollar is not weakening against other foreign currencies. In fact, most people are still talking about the strong dollar. Even Donald Trump talks about the fact that we have a strong dollar.  Now, Trump is bothered by the fact that we have a strong dollar, and he wishes it wasn't as strong, but he keeps talking about the strong dollar and everybody acknowledges that the dollar is strong.

Silver is a Great Buy

The problem is: the dollar is not strong. The price of gold going up shows you that the dollar is not strong. Gold was up $16 an  ounce: we closed at $1542.50. This is the highest close in over 6 years for the price of gold; but the real star today was silver. Silver was up 53 cents - $18.17. It's been a while now since silver was above $18. If you have been listening to my podcasts, you know that I have been pounding the table on silver. I've been telling people that silver is the key; it is really cheap relative to gold. In fact, it was better than 90:1. You needed more than 90 ounces of silver to buy a single ounce of gold. That was an all-time record low for the price of silver. Now we're at 85.  The ratio has moved back in silver's favor, but you still need 85 ounces of silver to buy one ounce of gold. That is historically extremely cheap. In fact, the only time it was cheaper was when it was 90. So it's still a great buy.

Cash in some Gold to buy Silver

I have been telling people, even at SchiffGold - we have actually been calling clients who we know own gold and have them sell us back their gold and buy silver, because you can get so much silver for your gold right now that it is a real bargain. Silver has never been this cheap, and so if you have gold and don't have any silver, it makes sense to buy some silver with your gold. Even after today's move, I would still say that that trade makes sense.

 

 

Recorded August 23, 2019

A Bad Day for Everybody Except the Democratic Candidates

If you are one of the Democrats running for President, today was a pretty good day for you. But it was a bad day for just about everybody else; I guess other than gold investors, which I clearly am, but I'm also an American and I hate to see bad things happening to my country, even though I know bad things are going to happen.  I would just rather be among those who profit from these events than suffer additional monetary loss in addition to the losses you endure as an American citizen as a result of the ensuing chaos and loss of liberties.

President Trump Lost It on Twitter

Today, President Trump really kind of lost it. On Twitter.  Real time.  Maybe what Trump needs is somebody to be his official Twitter filter. Maybe there should be a policy where when Trump wants to tweet, there is like a one or two hour cooling off period where the tweets get reviewed, maybe edited, maybe someone gets to talk a little sense into him before he tweets.  But today's tweet storm probably really indicates that the White House, I think, is in disarray. I think the President realizes that the air is coming out of this big, fat, ugly bubble.  That he's not going to get out of Dodge.

CBO Revised Up Budget Deficit Estimate Again

He's trying to pretend that the economy is in great shape, yet we're hearing rumors that we need a payroll tax cut, we need stimulus for the economy.  Why would you stimulate an economy that's doing great? If we have the greatest economy in the history of America, why does it need even more fiscal stimulus? After all, we already have the most fiscal stimulus ever. We have the largest budget deficits in history.  In fact the Congressional Budget Office this week came out and revised up again their estimates for the deficit.

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Recorded August 23, 2019

A Bad Day for Everybody Except the Democratic Candidates

If you are one of the Democrats running for President, today was a pretty good day for you. But it was a bad day for just about everybody else; I guess other than gold investors, which I clearly am, but I'm also an American and I hate to see bad things happening to my country, even though I know bad things are going to happen.  I would just rather be among those who profit from these events than suffer additional monetary loss in addition to the losses you endure as an American citizen as a result of the ensuing chaos and loss of liberties.

President Trump Lost It on Twitter

Today, President Trump really kind of lost it. On Twitter.  Real time.  Maybe what Trump needs is somebody to be his official Twitter filter. Maybe there should be a policy where when Trump wants to tweet, there is like a one or two hour cooling off period where the tweets get reviewed, maybe edited, maybe someone gets to talk a little sense into him before he tweets.  But today's tweet storm probably really indicates that the White House, I think, is in disarray. I think the President realizes that the air is coming out of this big, fat, ugly bubble.  That he's not going to get out of Dodge.

CBO Revised Up Budget Deficit Estimate Again

He's trying to pretend that the economy is in great shape, yet we're hearing rumors that we need a payroll tax cut, we need stimulus for the economy.  Why would you stimulate an economy that's doing great? If we have the greatest economy in the history of America, why does it need even more fiscal stimulus? After all, we already have the most fiscal stimulus ever. We have the largest budget deficits in history.  In fact the Congressional Budget Office this week came out and revised up again their estimates for the deficit.

Recorded August 20, 2019

The Day the Yield Curve Inverted

I am finally back in the United States - well, in Puerto Rico, technically is part of the United States, it's a territory - after my extended trip through Italy. I recorded that one podcast, and on the very next day, we had probably the most volatile day in memory. What happened that morning was that we got some weak economic data that came out of China and then we got some more weak economic data that came out of Germany and that immediately caused yields to drop around the world. In the United States, for the first time, the yields on the 10-year treasury dipped below the Fed funds rate. So the entire yield curve, out to 10 years was inverted. In fact, the 30 year yield hit a new low for this whole "quantitative easing - zero percent interest rate" cycle. The 10-year did not quite do that yet, but the 30-year did, and as soon as this happened, as soon as the curve inverted, I think it triggered a lot of sell programs in the stock market.

The Media was Waiting to Flip the Narrative

Stocks got clobbered, in fact, by the end of the day the Dow Jones was down 800 points; one of the worst point drops in Dow Jones history - not one of the worst percentage drops, but 800 points is a lot of points. And of course, as soon as this happened, the media began to cover the possibility of a recession to a much greater degree than they had in the past. If you remember, I said that this was coming. I said that I thought that maybe the media was waiting to flip the narrative on Trump, which is exactly what they've done.

Fake News?

All of a sudden, a media which was pretty much buying the booming economy narrative now is questioning whether the economy is actually strong. In fact, now you have Donald Trump accusing the media of being involved in some kind of conspiracy to make the economy look bad. In other words, a lot of the data that's been coming out indicating that the economy is weak, that it is slowing, that this is just Fake News.

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Recorded August 20, 2019

The Day the Yield Curve Inverted

I am finally back in the United States - well, in Puerto Rico, technically is part of the United States, it's a territory - after my extended trip through Italy. I recorded that one podcast, and on the very next day, we had probably the most volatile day in memory. What happened that morning was that we got some weak economic data that came out of China and then we got some more weak economic data that came out of Germany and that immediately caused yields to drop around the world. In the United States, for the first time, the yields on the 10-year treasury dipped below the Fed funds rate. So the entire yield curve, out to 10 years was inverted. In fact, the 30 year yield hit a new low for this whole "quantitative easing - zero percent interest rate" cycle. The 10-year did not quite do that yet, but the 30-year did, and as soon as this happened, as soon as the curve inverted, I think it triggered a lot of sell programs in the stock market.

The Media was Waiting to Flip the Narrative

Stocks got clobbered, in fact, by the end of the day the Dow Jones was down 800 points; one of the worst point drops in Dow Jones history - not one of the worst percentage drops, but 800 points is a lot of points. And of course, as soon as this happened, the media began to cover the possibility of a recession to a much greater degree than they had in the past. If you remember, I said that this was coming. I said that I thought that maybe the media was waiting to flip the narrative on Trump, which is exactly what they've done.

Fake News?

All of a sudden, a media which was pretty much buying the booming economy narrative now is questioning whether the economy is actually strong. In fact, now you have Donald Trump accusing the media of being involved in some kind of conspiracy to make the economy look bad. In other words, a lot of the data that's been coming out indicating that the economy is weak, that it is slowing, that this is just Fake News.