The Peter Schiff Show Podcast – Episode 399

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A Very Volatile and Technically Weak Trading Day for the Dow –

Here I am for the third day in a row doing a podcast. It’s market volatility that has brought me to the mic yet again. The Dow Jones down 525 points; a very volatile and technically weak trading day for the Dow. The market opened down, we quickly sold off, a couple of hundred, but then we rallied back! We got positive.  I think we were up a hundred, maybe more, and then going into the last hour or near the last hour we sold off hard.  the Dow was down I think close to 700, I’m not sure exactly, but then, we got a rally. Not all the way back to unchanged, but then in the final 15 minutes of so the Dow rolled over once again to close just off the lows. Down 525 points. Over 2% down. Not as big a drop as yesterday’s drop, but coming on the back of yesterday’s drop, it adds up.

Some of the Tech Stock Actually Rallied Today –

The transports, not down as much, another 1.5% added to yesterday’s loss. NASDAQ – some of the tech stock actually rallied today, so that helped the NASDAQ; some were down, though. NASDAQ down 93 points, 1.25%.  Russell 2000 down 30 points. That was just under 2%.

If the Stock Market Went down Enough, There Would Be a Bid in the Bond Market –

The Bond market was actually up today.  Finally we had a day where people were buying bonds.  But I said this was going to happen. Eventually, if the stock market went down enough, there would be a bid in the bond market. That’s exactly what happened. If the stock market stops falling, then the bond market is going to resume its descent. This is the same dance that we were doing earlier in the year, that eventually came to an end, but we’re back where we started from.

So if we get stocks going up, then interest rates are going to go back up, which is going to scare the market. Now they’re going to go back down, and so now people will buy bonds.

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44 Comments »

  1. Bitcoin bitchez. Oh wait wrong year! That was when we had zero percent rates mis-priced money and the everything bubble made even my pet gerbil look like a trading genius. New gold my arse.

  2. I did make some money on gold stocks today, but that was only after losing a ton of money because I listened to Peter Schiff in 2014 – 2016 and bought gold stocks then, only to have them slide down all the time. I think the plunge protection team, Fed, and the powers that be still have a lot of tricks up their sleeve to prevent a major decline in the dollar and a rise in gold.

  3. Peter, i can really picture you goldgasming all over when you saw the yesterday's surge. Thank you though. I am hedged with gold miners because of what I learned from listening you and for once I am not worried about my investments.

  4. So there are two stark on the record predictions Schiff is making. That the economic crisis will hit before Trump's first term is over and that he won't be reelected. Everyone remember those predictions.

  5. Yes, older folk keep buying gold because you can afford to and it is understandable to you. The millennials will buy BTC and crypto because they actually understand why it is far better than the ancient Au, easily identified on the periodic table. It will be sad when our parents unfortunately pass away, and everyone should do whatever they can to take care of their parents as they age because it is really a child's duty. However, we will get the gold when they pass away via inheritance and all the cryptocurrencies held by younger generations will have already been flourishing at that point in time. Older people are afraid of bitcoin and cryptocurrencies because they don't understand it, many actually don't understand economics, and bitcoin/cryptocurrencies frighten them as it devalues their fiat money because as confusing as it may appear to many, cryptocurrencies are and will continue to be closer to the true properties of sound money. Refined precious metals, diamonds, etc. are valuable because they have historically been so. Gold is actually not that special or useful as a metal and has few practical applications. Being shiny is superficial and irrelevant in the digital age. Ask your young adult children to help you understand cryptocurrencies and bitcoin before you discredit it. It is easy to understand why people may want to store their wealth in the form of gold, but gold as a store of value will die off as younger generations prefer sound money. Money that is entirely owned by the individual and cannot be taken away by force or law, will retain its value by being both finite and scarce, and it will enable people to transact privately (with the development of privacy coins) and with whoever they choose no matter where they are in the world. Its also way faster to move around cryptocurrencies. Bank transfer can take up to a week or more, just to have money you deposited in the bank moved to an account you have specified. The slow intermediaries of the financial industry must evolve or find a new career path. Bitcoin will disrupt banking, it will disrupt fiat, it will disrupt traditional stores of value, and this is a good thing. It is liberating and superior. Embrace it, don't fight it, but don't go all in either. Do your homework and plan how you will diversify into cryptocurrencies that will inevitably dominate over government issued fiat money and outdated stores of value. Everyone should do some homework and consider investing a small amount in crypto and when they understand it better they will appreciate its advantages and know how to safely secure their own swiss bank accounts. If you understand bitcoin, it is clear why something that is digital and intangible can have real value behind it and how it can offer you the best hedge against an economic system that will inevitably fail all around the world. Government fiat is doomed, precious metals will always have value, but I think gold is a poor precious metal to invest in when you compare it to others, simply based on its physical properties. Diversify and protect yourself from failing government fiat. It would be foolish to discredit bitcoin and other cryptocurrencies and where they should fit into your portfolio. Learn to understand how it functions and how to navigate the uncharted territory of cryptocurrencies. Be the one that can help your friends and family invest if they so choose to as well and teach them properly. With complete financial freedom we also take on an immense amount of responsibility that is required to safely secure your digital assets while also being able to spend them. You can't convince somebody who doesn't like bitcoin to buy bitcoin, but when the time is right and people need these cryptocurrencies, hopefully they will have friends and family that can teach you the rules of the jungle. Stay safe, be smart, and listen to more than one source of information and make your own decisions.

  6. Peter Schiff you're old news! Gold breaks out is $30 plus dollar rally. Really? But when bitcoin goes up $30 in a minute or so, its speculative and a bubble. You are a fucking clown, no wonder MSM doesn't invite you anymore.

  7. Its not that people are oblivious to the real state of the econemy. Its that is easier to believe a convenient lie then face an inconvenient truth. That become the American way why it comes to many subjects.

    Also it's as Mark Twain said, "it's easier to fool a person than it is to convince a person they have been fooled."

  8. Peter, you have a lot of good points, but you don't track Asian news. There are Asian news outlets on digital TV channels that can only be accessed by converter boxes, not by expensive cable TV service or satellite dishes. A Southeast Asian coworker told me that rich mainland Chinese are FLEEING CHINA because of President Xi's increasing tyranny.

    Xi has already locked up his stock traders in 2016 for selling in a falling market, reducing the Chinese stock market to a bad joke. This is why profits from selling goods to Americans has ended up driving up real estate prices in the U.S. Except, the bubble is bursting. Rich Chinese are reportedly dumping homes on the west coast already. Maybe they'll buy GOLD, Peter! How about that? They sure won't cooperate with Xi, though.

    There is a monstrous act of tyranny by Xi that is beginning. The poisonous catch phrase is SOCIAL CREDIT SCORING. Working/studying hard and being pro-government are supposed to get Chinese citizens perks from their government. Laziness, criminal behavior, religion and anti-government stance shall get them in trouble. Surveillance by a new secret police using up to 200 million TV cameras is going to make George Orwell's "1984" novel coming true in real life. This will take years to fully implement. Look for the rich, the smart and the good-looking to beg the U.S. for asylum in coming years, then for Xi to SEAL THE CHINESE BORDER.

    Your narrative of the yuan getting more valuable, raising Chinese workers' standard of living, is based on speeches of several years ago by Austrian Economist and Premier, Li Keqiang. Well, President Xi has SUBJUGATED Premier Li, who lives under Xi's thumb. Xi is almost twice Li's size and has come close to locking the mild-mannered Li in the gulag.

    Xi himself is still trying to have bullet train systems built from scratch for Malaysia, Thailand and Bangladesh, probably using U.S dollars. He thus keeps the dollar propped up at the expense of his hapless working class. I assume you know that we profligate Americans benefit!

    You don't seem to notice that other countries have snubbed China's new gold-backed yuan for oil contracts. Russia and Iran use this idea of Premier Li's, but the other countries seem to prefer to eat U.S. Fed-created inflation just to stay away from Xi's tyranny.

    This implies the U.S. dollar probably won't crash for many more years. However, you are correct that the supply of Chinese-made goods for you and me is drying up. The reason is not that the Chinese workers are going to consume the goods themselves, but instead that Chinese productivity is GOING AWAY due to capital and talent fleeing the coming ORWELLIAN SOCIETY. 200 million surveillance cameras are the goal, Peter! Xi's goal probably won't be reached because his oppression shall destroy morale, making Chinese workers unproductive. People capable of organizing factories are going to flee or be locked up or become Passive-Aggressive (as in, "I give up!").

    President Trump is perversely right about China falling down, except that Trump may not live long enough to see China really fall down. And our coming generations will continue to be too safety-net dependent to produce the goods themselves, so our standard of living shall fall down, too.

    There is going to be WORLDWIDE DEPRESSION, Peter. RON PAUL said so when he was running for president in 2011-12. RON is even less likely than Trump to see it.

  9. Hmm, another up in the futures +350 points.. and a small sell off in gold. I think there is someone stepping in to manipulate. Lets see if that 350 gain holds. Bitcoin is the BIGGEST money theft ever.. putting in everything into a scam, worthless code, and then the bottom was pulled. Over 800 cryptocoins are DEAD, worthless. Talk about Dotcom Bubble 2.0

  10. The stock market's down to make Trump look bad before an election.

    Its strategy. They announce the interest rate hikes weeks before up-and-coming election.

    They tried to do an interest rate hike prior but it didn't stick.

    United States whole economy is based upon credit and how much it cost to borrow money…

    We are all Pawns in this game.

  11. One of the keys to the gold price is the price of gold in the currency of the gold producing countries. If the US$ falls then the price of gold in the producer currencies will fall and so will gold production will fall. This is when gold will go up in terms of US$.

  12. Hi peter. I really like your shows. Do you have any idea whether a crash of the derivative market would also lead to the segregation between the physical gold and the paper gold? What needs to be done to get rid of the strong influence that paper gold certificates have on the price of the real physical gold? I believe that as long as the price of gold is going to take into account the phony paper gold market, its price is going to be suppressed.

  13. Peter I agree what your about re Bitcoin. Now a newby with Perth Mint. Blockchain combined with gold ultimate. Easily tradable real gold and likely the real future. However I don’t agree bitcoin will never have another run. Soon enough a time will come that real gold and real silver will be so wanted it won’t be purchasable. For a time then I think bitcoin will go nuts but short lived and then nothing. So if you are going to lose a lot on your bitcoin and can hold. I would suggest stay long and hope for best. Outside of this. Long gold and hold hold hold. Only motto of the day but hold your crypto if going to lose heaps. Dollar not likely to go to Venezuela to end of 2019/20, yep will happen but can’t see other than hellish collapse as per 2008 then back to printing and will take at least 12 months before trust to go but, long on gold and hold hold hold. November/ December crap US reports due to end of tax cuts, not much left in free money stock buy backs and end of sugar fix Pre purchase money from tarrif threats that stop when Tarrifs either in and working or off table. Most done now so wait another month and the shock economic US reports bad bad bad.

  14. I agree. This gold spike is not even a hint of what is coming. I am watching oil prices, gold prices, and the bond market very closely. When those start moving then I know the crash is around the corner. In the meantime, it is probably just volatility. As Peter said, the start of the bear market.

  15. Criminals are in charge, Peter – criminals are in charge. Keep repeating that until you get it. Two days ago the DJIA was down 832; yesterday it was down 546. But the criminals are in charge (because there is no Rule of Law). Therefore, let's wait to see what happens today, Friday 12 OCT 2018. There is absolutely no economic reason for the markets to reverse the downward direction. But again, the criminals are in charge. If they want a 300-500 point up-swing then that's what they will get in spite of all logic or economic reasons. These criminals allowed gold to go up today. If they want gold down $30 tomorrow they will simply dump as many contracts as they have to. They know they have no law to fear. You cannot make predictions based on fundamentals because criminality trumps fundamentals every time! Have these criminals decided that it's time to let the system implode? We will know for sure by Tuesday, 16 OCT.

  16. Peter is smart, but an idiot on a lot of subjects and crypto is one of them. Peter has known about Bitcoin since 2012… I wonder how many of you he has kept from becoming millionaires as well….

    "Yay to my 5% gold win"…. lol plz

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