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The Peter Schiff Show Podcast

Updated 14 days ago

Rank #16 in Investing category

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Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.

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Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.

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3290 Ratings
Average Ratings
2992
124
52
48
74

Well done, Peter!

By JeMaTM - May 10 2020
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I started listening to Peter’s podcasts a couple of days ago. I believe is is spot on with his analysis of the state of our economy. I believe that we must view the world as it is, not what we want it to be. Peter does a fantastic job of describing the economy as it is. Another poster commented that he rehashes the same thing, I think this is good, especially since networks such as CNBC and Bloomberg constantly rehash information that isn’t true and will ultimately hurt investors that follow their misguided device. Peter, if you read this, don’t listen to the negative opinions, keep doing what you are doing, and don’t change a thing. This country is in short supply of critical thinkers. Jeff Martinez

My favorite podcast.

By Vigilante Penguin - Apr 18 2020
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If Peter was an ice cream flavor, he would be pralines and broken clock.

iTunes Ratings

3290 Ratings
Average Ratings
2992
124
52
48
74

Well done, Peter!

By JeMaTM - May 10 2020
Read more
I started listening to Peter’s podcasts a couple of days ago. I believe is is spot on with his analysis of the state of our economy. I believe that we must view the world as it is, not what we want it to be. Peter does a fantastic job of describing the economy as it is. Another poster commented that he rehashes the same thing, I think this is good, especially since networks such as CNBC and Bloomberg constantly rehash information that isn’t true and will ultimately hurt investors that follow their misguided device. Peter, if you read this, don’t listen to the negative opinions, keep doing what you are doing, and don’t change a thing. This country is in short supply of critical thinkers. Jeff Martinez

My favorite podcast.

By Vigilante Penguin - Apr 18 2020
Read more
If Peter was an ice cream flavor, he would be pralines and broken clock.
Cover image of The Peter Schiff Show Podcast

The Peter Schiff Show Podcast

Latest release on May 29, 2020

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Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.

Rank #1: Has Reality Ended the Bear Market Rally? – Ep 569

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Government encouraging people not to work.
Jim Cramer’s restaurant can’t stand the heat.
Businesses at increased risk for lawsuits.
Nobody is forced to go to work.
Democrats don’t believe all women.
Q&A.
Link to my Standup: https://www.youtube.com/watch?v=ne__pTRAenc&t=42s

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May 02 2020

1hr 18mins

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Rank #2: Trump Is Keynes on Steroids – Ep. 475

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Recorded June 14, 2019
Gold: Up Today
When I recorded my podcast last Friday, I speculated that the price of gold might gap up the following Monday above $1350/oz., but that didn't happen because over the weekend Donald Trump managed to tweet out a face-saving way in which to not impose the tariffs on Mexican products that may have gone into effect on Monday.  The markets breathed a sigh of relief. So, instead of gapping up. the price of gold went the opposite direction and gapped down.
Fourteen Month High
This morning, we got the gap. It was on the last day of the week, not the first day of the week, but gold gapped higher on the day.  It was actually trading as high as $1356 or $1357 earlier this morning. That was a 52-week high in the price of gold.  In fact, it was a 14-month high.  We were actually up even before we got any economic data.  I think the high of the day might have been before the U.S stock market opened, when we were up about $15 or so.
The Key is Above $1350
What happened was, at 8:30, prior to the opening of the U.S. market, we got some economic data that was a bit stronger than expected.  And that stronger than expected data rained on the gold rally parade, sending the price of gold down on the day. It only closed down about a buck or so, but we did not hold above $1350.  Now the key level is not really $1350 - it's a little bit higher up, because the price of gold has been above $1350 twice before, I think, in the last six years, not counting today. But it wasn't able to hold. That's the key. We need to see the price of gold get higher.  Maybe close above $1375.
Gold the Favorite Trade for the Next 12-24 Months
There's a lot of noise.  That's where all the resistance has been coming in - between $1350 and $1375. But nonetheless, I think, as I said in the last podcast, the more times we knock on this resistance door the more likely it is that the door is going to open. In fact, the buyers continue to come in to the price of gold. I was listening to an interview with Paul Tudor Jones.  He was asked what his favorite trade was for the next 12-24 months, and his answer was gold. And a lot of smart people are now coming out and saying that, "Yeah, gold's going higher.  Gold's got everything going for it, and they want to be involved.  And of course I think if the price of gold does what I think it is going to do, and what some other smart people think it's going to do, well then the price of gold stocks are going to do even better.

Jun 15 2019

1hr 5mins

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Rank #3: The Fed Has Served Government Well, Not America – Ep. 478

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Gold: Six-Year High Overnight
Overnight the price of gold rose to a six-year high.  We almost got to $1440.  I think the high I saw was maybe $1438 - 39… we were up about $19 at the high point. Then it became a very volatile session overnight into the wee hours of the morning.  But I think by the time we got into the New York time zone, gold was still up about $10-$12-$13 dollars on the day and it was up about that amount when the U.S. stock market opened for trading.
Before Today, Gold Stocks Up 20%
Gold stocks initially had a small rally, but nothing big. Then they spent most of the day on the downside.  Obviously the gold traders are still very cautious.  As I have been saying, this gold breakout, even though we did see pretty big moves in gold stocks, I think the GDX, not counting today's losses, (the GDX was down about 2% today) but not counting today, we were up 20% in the month of June. So, still, a very big rise.   But really not nearly as big a rise as it should be, considering, I think, the significance of this gold breakout.  Except, of course, if people don't believe it.  If they're cautious about it, so they're reluctant to bid up the price of gold stocks.
Investors Still Reluctant on Gold and Silver - Why?
The same thing with silver. In fact, silver never had much of a rally today, and it actually settled down, I think 8 cents on the day, even though gold ended up finishing up $4 - well off the highs. But it didn't close negative. At one point during New York trading, the price of gold was negative on the day, but it managed to bounce back for the close. Silver, I think, ended at 15.33.  The gold/silver ratio that I spoke about on the last podcast now, I think is close to 93:1.  Again, I think investors are reluctant to buy up silver because they are expecting the price of gold to roll over.

Jun 26 2019

55mins

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Rank #4: Peter Schiff Challenge: It’s Inflation, NOT Deflation

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Two Camps: Inflation vs Deflation
I did the first live stream a couple of weeks ago; that was on bitcoin. I got a lot of feedback on that one and a lot of people were coming up with potential topics for the next one.  I think the most common request was for inflation or deflation: which one is it going to be? Because there are a lot of people out there who see the world similar to the way I do, as far as the problems that are confronting the U.S. economy in particular but the global economy, but everybody seems to fall into two camps as to how it is all going to go down; whether it is deflation that is coming - we should prepare for that, or whether it is inflation that's coming and you should prepare for that.  Now I am an inflationist.  I am in that camp. Other people in that camp may be, like Jim Rickards or Jimmy Rogers or Marc Faber - there are a number of people who would be in the inflation camp. Deflation would be guys like Robert Prechter, Harry Dent, there are a number of guys that are looking for deflation.
Defining Terms
Now before I really get into it, I want to talk a little bit about the terms, so we know what we're talking about.  Let's define the terms.  What is inflation? What is deflation? The actual definition of inflation, the actual meaning of the word, is an expansion of the money supply.
What does "Inflate" Really Mean?
That's what inflation is; it's not about prices.  If you think of the word, "inflate" - what does inflate mean? It means to expand. You inflate a balloon; when you inflate a balloon, it expands. Prices don't expand - they go up, they go down; they don't expand. What expands?  Money supply. When the government creates money, the money supply expands, like a balloon.  It blows up. So that's what inflation is, it is an expansion of the money supply.
What is Deflation?
Deflation is the opposite; it is a contraction of the money supply. Now when you inflate the money supply-you create more money - you have more money bidding up prices. So inflation will result in prices going up. But prices going up is not the inflation they are the consequence of inflation.

Jul 30 2019

2hr 45mins

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Rank #5: Socialism’s Slippery Slope – Ep. 438

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Broader Averages Up
The Dow Jones rose 171 points today recovering a little better than half of yesterday's 300 point decline, helped by some better than expected earnings in both IBM and Proctor and Gamble. The broader averages is also up, but not nearly as much, because of the impact from those stocks; obviously not as strong. In fact, the NASDAQ, and even the S&P 500 all took out yesterday's lows intra-day, but still managed to eke out small gains - actually the Russell 2000 was down slightly on the day.
Dow Transports Down All Day
But the Dow Transports were down all day. They didn't even recover; they closed off the lows, adding about 48 points to yesterday's decline.  But everybody in the financial media, in fact everybody at Davos (I'm going to talk about that in a minute) but everybody seems to be completely forgetting the bear market.  Ignoring the fact that we went into a bear market and pretending that either we're back in a correction of the bull market or we've actually left correction territory, as if the bull market is still intact, and that bear market that we had never even really took place.

I Wouldn't Bet on the Fact That the Bear Market Is Over
Now, it is possible that the bear market is over.  I am not saying it's impossible.  It seems to me again that it is extremely unlikely that the longest bull market in history is going to be followed by the shortest bear market in history. I guess it could happen but I wouldn't want to bet on it. A lot of people seem to be betting on it. To me, again, the rally that we had made a lot of sense. After all, the Fed came in and did exactly what I have been saying it is going to do since before they raised rates for the first time.

Jan 24 2019

1hr 3mins

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Rank #6: The Eye of the Financial Hurricane – Ep. 435

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The Eye of the Financial Hurricane
U.S. stock markets continue to bask in the eye of this financial hurricane.  Remember, we ended the hurricane following the September rate hike, and if you recall I titled my podcast, "The Hike that Broke the Camel's Back", and that's what really began the sell-off in the market. We had this horrific fourth quarter, the worst December since 1931.  It may have ended up being the worst December ever had it not been saved by that last-minute Santa Claus rally - the biggest Boxing Day (Day after Christmas) rally ever, which followed the worst Christmas Eve in stock market history.

The Fed's New Dovish Outlook
But we entered the eye when the Federal Reserve came out and rescued the markets by backtracking on their previously indicated path of continued rate hikes and quantitative tightening.  In fact, we had a lot of people come out this week from the Federal Reserve today, again, reiterating their new dovish outlook. Everybody is a dove. There are no more stock market hawks.  Like there are no atheists in a foxhole - in a bear market there are not hawks, there are only doves.  That included people who are no longer on the Federal Reserve. Fmr. Federal Reserve Chairperson Janet Yellen came out yesterday, and she said that she thinks it is very possible that the December rate hike is the last rate hike in the cycle. She's right about that.  It's not just very possible, it's probable. Yesterday we had Fed Vice Chair Richard Clarida said that the Fed is going to raise rates fewer times than they had indicated in their most recent press conference.  Of course, by then, they had indicated two rate hikes. Now he is saying they are going to raise rates fewer than two, which could be one, but it could also be zero.

Jan 16 2019

55mins

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Rank #7: This Time Rate Cuts Will Backfire – Ep. 483

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DJIA Record High Today
Dow Jones set a record high today, closing above 27,000 for the first time ever.  We added 227.88 points on the day.  We closed at 27,088.08.  The record high, 27,088.45 set just before the close. You know, we added to yesterday's gains, the S&P 500 was also up again - not taking out the record that was set yesterday, but we did, for the second day in a row managed to trade above the 3000 mark, although we have yet to close above it - ever so close today: 2999.91. But a very small percentage gain for the S&P, not even a quarter of 1%.
Russell 2000 Down .5%
Broader market was weaker.  The NASDAQ was actually down slightly - 6.5 points.  The weakest index being the Russell 2000, down almost a half of a percent. It was lower during the day.  Again, the Russell 2000 is the index that is most sensitive to the domestic economy. I've pointed out on this podcast many times that it is the index that is the weakest, and is not even close to making a new high. And I don't believe it will. I think the broader market is going to roll over, and the small caps are going to lead the way.
Traders Weren't Paying Attention to Bond Market
In fact, if the traders were paying attention to what was going on in the bond market, we probably would have seen a bigger selloff today. I think we still have some euphoria left over from the two-day "Dove Fest" where Fed Chairman Jerome Powell was up on Capitol Hill basically green-lighting the July rate cut, which is coming up in a couple of weeks. Remember, when we got that better than expected nonfarm payroll report, the odds of a rate cut in July went down from about 100% to maybe 91%, and the odds really came down for the probability of a 50 basis points cut. So it was pretty much 91%, I think, 25 basis points, and that was it.
Odds of Rate Cut in July Back up to 100%
But after Powell released his prepared remarks, before he even made it up to Capitol Hill - just merely when the markets got a look at his prepared testimony, the odds of a rate cut in July immediately went back up to 100%, and, in fact the odds of a 50 basis point cut went back up to 20%.

Jul 12 2019

1hr 1min

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Rank #8: Government Is the Threat, Not Facebook – Ep. 509

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I am Back!
I am back! I know a lot of people have been upset that I haven't been able to do a podcast in almost 2 weeks. The reason I've been absent… I just haven't been feeling well.  I've been coughing a lot and and haven't been up for doing a podcast - I'm doing one today, though.  I'm still a little bit sick… but I figure it's been long enough, so I have to talk a little bit about what's on my mind.
Dollar Index Trending Lower
First of all, there hasn't been that much activity, I guess, in the markets over this time period. The U.S. dollar has generally been weaker.  It has been trending down.  It hasn't really broken down yet, but it is going lower.  In fact, the dollar index closed today near 97.69. so that is lower than it had been.  Remember, a few weeks ago, the dollar index was above 99. So the dollar is trending lower.
Interest Rates Up - Bond Prices Down
Interest rates are actually moving higher.  Bond prices are going down.  The yield on the 30-year U.S. Treasury now is at 2.26, and I think this is significant because it really shows the problems that are building in the economy because the dollar is weakening and interest rates are rising. That is going to mean higher consumer prices, it's going to mean higher borrowing costs; now of course, the Federal Reserve is doing everything it can to artificially suppress interest rates. One of the stories that I've read several times over the last couple of weeks is how the Federal Reserve is having to do more repurchase agreements; having to increase the size of the amount of Treasuries they're buying in the market. I didn't see that in today's balance sheet numbers; the balance sheet was up only about 2 billion over the prior week.  But I have a feeling that the number is going to be much, much higher than that when we get it a week from today.

Oct 25 2019

53mins

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Rank #9: Holiday Markets Overreact to Jobs Report – Ep. 481

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Markets Up on Low Volume
A lot of people on Wall Street probably took today off; after all yesterday was the Fourth of July, the market was closed.  On Wednesday they closed the markets early in preparation for the July Fourth holiday.  So when you have a Friday where the markets are open, but you have a Thursday when they're closed… most people probably left for the Hamptons on Wednesday afternoon, and so were not in their offices or down at the stock market when we released the nonfarm payroll numbers today.
ADP Disappointing Number Teed Up Low Expectations
The June number, highly anticipated, as always, especially with a rate cut on deck now by the Fed. Most of the people who were probably handicapping the jobs number thought that it would probably come out weaker than expected. After all, most of the data we've been getting has been weaker than expected.  In particular, the jobs numbers, including the ADP report that came out on Wednesday, on that holiday-shortened trading session.  We got a disappointing number.  The consensus for private-sector employment for ADP was 140,000, and we ended up with 102,000.  So we had a significant miss in the ADP numbers.
Back-to-Back Declines in Small Business Jobs
But also, look at the employment components of some of the other numbers that also came out weak on Wednesday, like the ISM non-manufacturing index.  It printed 55.1 versus an estimate of 55.8.  The employment component of that index was notably weak, especially for small businesses which had major reduction in jobs, no only in this month but the previous month. In fact, I read a tweet by Dave Rosenberg who pointed out that he hasn't seen back-to-back monthly declines like this since February/March of 2008. That was the year of the Financial Crisis. He basically said that small business job growth is the weakest it's been in over 9 years.
Bigger Decline in Factory Orders
Now, small business job growth, that is the heart of the job market. That's where most of the jobs are created. So, if you look at a lot of the other data that has been coming out that might reflect on employment, you might have thought that there might have been a weak number. Look at the factory orders number that also came out on Wednesday. They were looking for a drop of .5% in factory orders, and instead, the orders dropped by .7%. So a bigger decline.

Jul 06 2019

47mins

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Rank #10: Moral Hazard and Unintended Consequences – Ep. 482

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More Market News after Powell's Congressional Testimony
The markets have been pretty quiet over the last couple of days, so I really don't feel like spending a lot of time on today's podcast talking about the markets.  I probably will have more to say, maybe on Thursday when I'll probably do another podcast because Jerome Powell is making his way up to Capitol Hill tomorrow and Thursday to testify before the House and the Senate. My guess is that some of his comments may move the markets; the currency markets, the gold market, maybe even the stock market. I'll probably have more market-oriented commentary to give you on Thursday.
Laffer Curve for Dummies
But there are a few things on my mind, which is why I wanted to take some time today and record this podcast.  One has to do with Art Laffer. Of course, Art Laffer gained fame back in the Reagan era. He came up with the "Laffer Curve" that he supposedly sketched out on a napkin one day and showed it to Ronald Reagan.  The Laffer Curve basically says that when you reduce taxes, or lower marginal tax rates, you actually end up collecting higher tax revenues because you incentivize people to work more, they earn more, and then they pay more taxes even if they are paying taxes at a lower rate. Obviously, the Laffer Curve bends at some point, because if taxes are zero, you collect no revenue and if taxes are 100%, you also collect no revenue.  Because if you're going to tax somebody 100% of their income, they're not going to work at all. Nobody is a complete idiot - they're not going to work for nothing. So at a 100% tax rate and a 0% percent tax rate the government collects exactly zero taxes. So somewhere along that curve is an optimal point where you would have the tax rate that generates the most amount of revenue.

Jul 10 2019

1hr 5mins

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Rank #11: ZIRP and QE Are Now Conventional Monetary Policy – Ep. 472

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Recorded June 5, 2019
Volatility Led by NASDAQ
There's been a lot of volatility in the stock market since I recorded my last podcast on Friday.  In fact, on Monday, the tech stocks in particular got beaten up.  The NASDAQ dropped by better than 150 points, led lower by the so-called FANG stocks (Facebook, Amazon, Netflix, Google).  Google and Facebook, the biggest drop - I think it was something like 6-8%.  Part of that had to do with the Justice Department investigating Google.
Enlisting the Power of Government in the Marketplace
Of course, I don't think that we should be involved at all in anti-trust.  Almost all of the companies that have been broken up or that had been put through the ringer by the U.S. government achieved whatever type of market dominance they had based on just being good competitors, delivering the best quality at the lowest price. And government just came in and really what they were doing was advocating for competitors that were having a problem competing.  It wasn't because the consumer was getting ripped off; in general the consumer was being rewarded with low prices and high quality.  But companies that couldn't compete, since they couldn't win in the marketplace, enlisted the power of government to work for them.  So government, really is not about preventing monopolies - they create monopolies. The government comes into a market and legally gives a company a monopoly and uses the power of government to make sure that nobody competes. This is all a bunch of nonsense that we need government to "keep the markets free".
Moving Away from Risk
But, in general, if you look at what was happening to the markets on Monday, there was a huge movement from growth stocks, momentum stocks, speculative stocks, riskier stocks, to defensive stocks - value oriented stocks. The Dow Jones was actually positive on the day - it wasn't up a lot, but it was up, even though you had a 150 point drop in the NASDAQ. I think that is an important key, because this is something that needs to happen and it is long overdue, that investors start to get more defensive in anticipation of a weakening economy.
Dividend-Paying Stocks More Attractive
You have all of these high-multiple stocks, their P/E's are going to have to come down to earth.  And, of course, people are looking at a slowing economy, they are looking at lower interest rates - they believe they are going to get lower interest rates, so it makes sense that dividend-paying stocks would be more attractive in a falling-rate environment.

Jun 06 2019

54mins

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Rank #12: Government Shutdown Ends, Fed Capitulation Continues – Ep. 439

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Downwardly Moving Expectations
The record-breaking partial U.S. government shutdown looks like it has now come to an end. Donald Trump today announcing that he is going to be re-opening the government for three weeks, and during that time we will have negotiations regarding funding for the border wall, the barrier, the smart wall - whatever it is being called now.  Donald Trump seems to be downwardly moving his expectations of what that wall would constitute, how much terrain it would cover, but at the end of the day, I don't believe that whatever compromise we get 3 weeks from now is going to include any type of funding for the wall.
Democrats Trying to Teach Trump a Lesson
And I think that the President talking about potentially shutting the government down again in 3 weeks if the wall money is not there, I think that's an empty threat; I think that is a bluff that would be easily called by the Democrats.  If you look at the Democratic press conference that followed the Trump announcement, Chuck Schumer basically said,"I hope the President learned his lesson." I'm surprised he even said that because it is admission that the Democrats were trying to teach Trump a lesson. That is, in fact, probably what they did.

Jan 26 2019

58mins

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Rank #13: Will Tesla Crash the Corporate Bond Market? – Ep. 469

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Recorded May 22, 2019
Low Inflation is Transitory
Today we got the release of the most recent minutes of the Federal Open Market Committee, and I guess it was a bit of a mixed bag for people who were looking for whether the Fed was going to be more hawkish or more dovish with respect to its next move on interest rates.  One thing that was revealed in the minutes that the governors still maintain, they are still saying that they feel that this "low inflation" that we've been experiencing is transitory.  What that means is that it's temporary and the low inflation is going to go back up toward their 2% target.  This is supposedly a hawkish statement, because if the Fed were worried that low inflation was going to persist, then they would do something about it to save us from the horrors of not having the cost of living rise at a fast enough clip.
When It Comes to Inflation Fighting the Fed Is All Bark and No Bite
But, as far as I'm concerned, none of this even matters, because a) they are right, inflation is transitory, and b) it's not even as low as they think because the CPI is not accurate. So inflation is already higher than what the official numbers reveal. But even if it is transitory, which it is, and even if the numbers go north of 2%, which they will, the Fed is going to do nothing.  People still don't get it, that when it comes to inflation fighting the Fed is all bark and no bite.
"For Some Time" Means Forever
But then if you look at what the Fed said in the same minutes with regard to their "patience" with respect to the next rate hike, remember, the Fed went from pretty much auto pilot - they were raising rates, they were tightening - to being "patient", and being "appropriate", and now, if you read what they said, they said that it is going to be appropriate to remain patient "for some time".  Now what does that mean - "for some time"? Basically, it means forever. What the Fed is basically saying by saying that it is appropriate to be patient for some time, meaning, "you don't have to worry about any rate hikes".

May 23 2019

57mins

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Rank #14: It’s Time to Worry About the Debt When the Fed’s Not – Ep 568

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Final trading day in April will go into the record books.
Markets ignoring more bad economic data.
Jerome Powell flashes the green light to buy gold.
US considers suing China and defaulting on debt.
Money supply surges by a third of a trillion dollars in a week.
Major housing real estate disaster before us.
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Apr 30 2020

49mins

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Rank #15: Is Silver Finally Joining Gold’s Party? – Ep. 484

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93 Ounces of Silver for One Ounce of Gold
I think the most interesting development today in the market was in the metals market. I've been talking on the podcast for some time about the spread between gold and silver, and the fact that silver has never been this cheap, in terms of gold. The spread got to almost 93:1, where you can buy 93 ounces of silver for one ounce of gold - which is incredibly cheap.
Some Silver Stocks up 10% or More on the Day
It's a great time to be buying silver, and I've really been pounding the table on people buying silver.  I recommended it again last night last night on my live YouTube event, I recommended it to my Managed Account clients on our last webinar, encouraging people to contact their brokers and maybe buy more silver stocks. In fact we had silver stocks today; some stocks up 10% or more on the day. Very, very significant jump up in the price of silver stocks, even thought the price of silver itself did not have that big a move. It was only up 19 cents.
Silver Up as Price of Gold Fell
But the significance of the move is that gold was down $8. So not only did silver have a relatively large move, although not large enough to normally cause silver stock to rise by 10%, but what was significant about it was that it rose as the price of gold was falling. This could signal - and it was looking to me technically that we saw some indications of this last week (I added to my own silver stocks last week  - but it looked to me like this trend was about to change.  We're still above 90:1. We're close to getting back to 90:1 even. But this is still an incredibly good opportunity to buy physical silver; to buy silver oriented stocks. But what I think this is showing me is that the bull market in gold is getting ready to kick into a higher gear.

Jul 17 2019

42mins

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Rank #16: America’s Economy Is the Biggest Bubble Ever – Ep. 522

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Liz Claman, Gene Epstein, Jim Grant, Peter Schiff, David Tice, Tom Woods at the NYC Premier of Jimmy Morrison's "The Bubble" Order The Bubble here
November Personal Income and Spending Positive
On Friday, all of the major U.S. stock market indexes finished the day and the week positive, in record territory. The only index not in record territory (but it did make a new 52-week high) is the Russell 2000. The supposed catalyst for Friday's optimism was a better than expected report on Personal Income & Spending for November. They were looking for personal spending to rise by .3% following the prior month's flat number.  They actually revised that one up to +.1%, and the November number came out at +.5%, so incomes rising.  Spending came in and met expectations of +.4%, so apparently the savings rate ticked up a bit. But this was better than expected. I think that caused some optimism on Wall Street.
Kansas City Manufacturing Index Disappoints
But the markets likely would have gone up, anyway, even if that number disappointed. We did get weak data from manufacturing.  Kansas City manufacturing number came out for November.  It was supposed to be weak at a -3%, but it was even weaker at -8%. That is the lowest level for this index in 4 years. . In fact, we've had 6 consecutive monthly declines in the Kansas City Manufacturing Index, and that really is par for the course. We get stronger economic data when it comes to people spending money but we have weaker data when it comes to generating real production, real wealth, goods production manufacturing - all that data comes out weaker than expected.
U.S. Steel Lays off 1,500 Workers in Michigan
In fact, we got news on Friday that U.S. is going to be laying off more than 1500 workers in the state of Michigan. Of course, this flies in the face of the fantasy that is being promoted by Donald Trump that the steel industry is back - the steel industry is booming. He's been talking a lot since he's been elected about the steel industry, in particular, about how he saved it, and how it's great. But here we are, laying off workers, shutting down production facilities.  This is a sign that reality is in direct contradiction to President Trump's fantasy.

Dec 21 2019

58mins

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Rank #17: The Real National Emergency is the National Debt – Ep. 445

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Market Rallies on Old News
The U.S. stock market continues to rally on basically the exact same news story that keeps on getting replayed.  Today, it was the absence of another government shutdown.  I guess now, this is final when it comes to no more government shutdowns, although that should have been obvious to everybody when Trump caved the last time and decided to pay everybody and temporarily end the shutdown. I said on my podcast at that time that that was it; that there was no way that there was going to be another government shutdown - yet the market continues to celebrate when they think that the shutdown's not going to happen.

A National Emergency for the Wall
Well now they know for sure it's not going to happen.  Everything's signed, it's a done deal and Trump is getting his wall anyway because he has now declared a national emergency, and so now because it's a national emergency, we are now going to pull these funds from other parts of the budget and we are going to build the wall.

The National Debt is the Real National Emergency
Of course, the real national emergency is not the lack of a wall, the failure to build the wall, but building up the national debt. The $22 trillion national debt.  We eclipsed that dubious milestone earlier in the week.  And again, when you talk about the national debt at $22 trillion, we're talking about the tip of a huge iceberg. This is just the funded portion of the debt.  This is where the U.S. sells a bond and somebody owns that bond.

The Tip of the Iceberg
It doesn't include liabilities like what the government owes for Social Security, or guaranteed bank deposits, or mortgages or student loans - that's not there.  Those are contingent liabilities.  They're just as real. They're not even part of the national debt. So, when you look at all the liabilities that the U.S. government is on the hook for, you're talking about well over $100 trillion - so $20 trillion is maybe d5 or 10 percent of the debt. But that debt is the real national emergency.

Feb 16 2019

55mins

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Rank #18: Jobs Hype Won’t Work Much Longer – Ep. 490

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Recorded August 2, 2019
July NonFarm Payroll Report: Great? Not so Great
This morning we got the release of the July NonFarm payroll report, and the general consensus among the analysts seem to be that it was s strong report, a solid report. I saw Larry Kudlow this morning on Fox Business talking about another "solid performance" in job creation.  But once again, once you look beneath the surface, and you don't have to look too deep, this is not a good report.
The Bar Was Set Pretty Low
First of all, the bar was set pretty low.  The consensus was 151,000 jobs.  That's not a lot of jobs, so it's not that hard to beat it, and we did.  We got 164,000 jobs.  But the reason we beat it was because we created more government jobs than the market expected. For private payrolls, the consensus was 160,000 jobs and we only created 148,000 jobs.  So we created 12,000 fewer private sector jobs than had been expected and we made up the difference by creating government jobs, whether they are for the Federal government or state government.
Public Sector Jobs vs Private Sector Jobs
But there's a very big difference between private sector jobs and public sector jobs, in that the taxpayer isn't on the hook to pay the salaries of the private sector workers. They're working in companies that are generating profits, so the salaries are paid for by the profits that the businesses generate.
The Government Does Not Generate Profits
The government doesn't generate any profit. It just has to suck up tax revenue; we have to pay for these.  So it's not a good thing that government gets more bloated and hires more people.  Especially since a lot of government bureaucrats tend to complicate things. They make everybody less efficient.  If we're hiring more regulators to slow down the economy and get in everybody's way, that's not a good thing. I'd rather have a lean, mean government. Of course, that's not going to happen.

Aug 03 2019

55mins

Play

Rank #19: Misstate of the Union – Ep. 442

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See Peter in person at the Orlando Money Show
https://conferences.moneyshow.com/moneyshow-orlando/

Celebrate Peter's birthday with him on the 2019 Investor Summit at Sea!
Visit schiffbirthday.com
State of the Union Not Addressed
Last night President Trump delivered what purported to be a State of the Union address but really, Donald Trump talked about a lot of things, but he didn't really speak at all about the State of the Union. Bernie Sanders recorded his own response. He didn't do the official Democratic response; that was done by Stacey Abrams, the woman who ran for and lost the Governorship of Georgia in 2018. She was a Democratic candidate.  I think the Democrats are grooming her probably to run for Senate in 2020 so they wanted to put her up on that stage and shine the spotlight on her.
Bernie Did a Better Job of Laying out Economic Problems
But Bernie Sanders delivered his own response on YouTube, and Bernie Sanders did a much better job of describing the problems in the U.S. economy, that Donald Trump ignored in his State of the Union address.  He spoke a little bit about the economy; he said we're having an "economic miracle" here in the Unites States, that we were the envy of the world, the hottest economy in the world.  Everything is great, and theoretically the only thing that could screw it up is if the Democrats keep going after him with this ridiculous investigation, but everything is doing great, which, of course is a bunch of nonsense.
Socialism, However, Won't Work
Bernie Sanders did a much better job of presenting the facts. He pointed out that maybe, if Donald Trump is talking about his rich friends at Mar-a-Lago Country Club - for those guys, the economy is great. But for average Americans, the economy is lousy and Sanders describes some of the problems that Donald Trump overlooked or ignored when he gave his address.  This is going to be the problem for the Republicans in 2020 when they run for re-election, talking about how great the economy is, they don't have a chance.  It's the Democrats who will be feeling the pain of the voters and coming up with their own solution.  The problem is, the solutions that Bernie Sanders is putting forth, Socialism, aren't going to work.

Feb 06 2019

1hr 4mins

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Rank #20: Ep. 468: Consumer Confidence Begins with a Con

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Don't miss the movie, "The Housing Bubble" premiering June 26, 2019
Back in Puerto Rico
I am finally back in Puerto Rico, after having spent 8 long days in Las Vegas for both the SALT conference and The Las Vegas Money Show.  I really do enjoy coming back to Puerto Rico, I miss it quite a bit while I'm away.  A lot of people who are thinking about making the move to Puerto Rico to take advantage of the tax benefits that exist here… One of the reasons that people are reluctant to come down here is that they don't want to uproot their family and move to a place where they really don't know anybody, they leave their friends, they leave their family members… I'll tell you, for me, personally, probably the best thing about being here, other than the tax breaks and the beautiful weather are the people that you meet when you come down here.  It is an incredible group of people that have moved here.  I think we're building a great community of quasi-ex-pats here in Puerto Rico.  So, if you're worried about not having enough friends and not having enough to do, that's the least of your worries. So I certainly would recommend that more people would consider making the move to Puerto Rico.
Visit Me at the Freedom Fest in Las Vegas July 17-20
But I am also looking forward to going back up to Connecticut, I'm going to be spending most of the summer there.  We'll be leaving the weekend of Memorial Day. By the way, if you didn't have an opportunity to come to any of the events in Vegas, I will be back in Vegas again in mid-July for the Freedom Fest.
Appearing at the Premiere of "The Housing Bubble"
I will also be in New York City on June 26 to attend the premier of the movie, "The Housing Bubble" on June 26.  You can buy tickets at the website letusdisagree.com. The movie is a documentary about the 2008 housing bubble, but it features a lot of people who were predicting or warning about the bubble before it popped, and warning about the financial crisis.  Of course, I am one of those people who was issuing those warnings, but I'm not the only one.  It's a very good documentary; I'll be there.  I think there's going to be a Q&A period with me and some of the other people who were featured in the movie at the event. So it would be great, if you're in the New York area this summer, June 26, go on letusdisagree.com and buy yourself some tickets.

May 18 2019

58mins

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We Need to Print the Money to See Where it Goes – Ep 578

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Big moves in gold and silver.
Jerome Powell admits that things are so bad, it’s worth the risk of killing us with the cure.
Personal income surges by 10.5% as consumer spending declines by 13.6%.
Mark Cuban thinks money printers are the economic fountain of youth.
Goldman Sachs couldn’t care less about Bitcoin.
Trump shifts blame from the Federal Reserve to China.
Check out The Bubble film: https://thebubblefilms.com/
My 1987 correspondence with Alan Greenspan: https://www.schiffradio.com/my-1987-correspondence-with-alan-greenspan/

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May 29 2020

1hr 31mins

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Do the Math: The U.S. is an Insolvent Zombie Nation – Ep 577

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Market rallying on hope and hype.
Trump’s odds of winning re-election continues decreasing.
Chinese trade deals unwind.
Stimulus more dangerous than virus.
Everything that can go wrong, likely will go wrong, all at the same time.
American taxpayers stuck with 8 years of tax debt and counting.
We are a zombie country and the world is about to find out we’re insolvent.
Jerome Powell saying the antithesis of what a Fed Chair should be saying.
Investors have a lot left to learn, which leaves gold stocks a lot of room to gain.

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May 27 2020

Play

Paul Krugman & Stephen Moore Agree – Ep 576

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Paul Krugman & Stephen Moore are both advocating the same policies.
Price for plane tickets are skyrocketing.
Q&A

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May 23 2020

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Fed To Go All-In On No-Limit QE – Ep 575

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Markets rose yesterday on promising vaccine news and Jerome Powell interview.
Printing money doesn’t solve economic problems, it compounds them.
Powell admits there is no limit to the amount of inflation the Fed will create.
Gold stocks make new highs for the year.
Another big jump for the price of silver.
Best way for some to buy gold right now is with silver.
Government borrowing half of the money it spends.
Most of the world’s currencies at all-time records lows against gold.

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May 19 2020

Play

Nothing That Can’t Last Forever Will -Ep 574

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Quiet day in the stock market.
More jobs lost than expected.
Fed’s balance sheet moves through $7 Trillion.
Ron Insana says big deficits are not a problem.
Next crisis will happen overnight.
Retails sales declining fast, even as shoppers hoard groceries.
Netflix and Amazon are not COVID investments.
Federal Reserve illegally grabbed the authority to do what It’s doing.
Gold is at the beginning of a big rise.
Buying the stock market is not contrarian.
Bitcoin is not an inflation hedge.
Q&A

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May 15 2020

Play

The Debt Bomb Has a Shorter Fuse Than Anyone Thinks – Ep 573

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Financials take out new lows today before rallying the market positive.
Tech stocks providing false sense of security for the markets.
Powell throws cold water on negative interest rate expectations.
Trump beats the drums demanding negative interest rates.
Betting odds increase on Democrats taking the Senate.
Congressman now proposing to pay people to go off unemployment.
Restaurants will not recover from this.
Entrepreneurs and business owners are the real heroes, not teachers.
Swedish response was more responsible.
Inflation is a consequence of government, never the private sector.
Gold and gold stock charts looking great as markets start to roll over.
Home builders are in trouble.

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May 14 2020

Play

Ignore the CPI: Inflation is a Huge Problem – Ep 572

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Stock market drops.
CPI lowest since 2008.
Prices will begin rising higher and sooner than most expect.
$2000 monthly UBI proposed for Americans as young as 16 years old
Socialists love coronavirus even more than they love climate change.
Norwegian Airlines sets an example the US should follow.
Bitcoin halves.

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May 12 2020

Play

Most of the Lost Jobs Aren’t Coming Back – Ep 571

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Market rallies on worst jobs report in history.
Decimated gig economy isn’t even factored in.
Majority of service industry jobs are not coming back.
If nobody’s producing, nobody’s consuming.
Market’s now factoring in negative interest rates.
Second wave of layoffs coming.
Businesses now at risk of regular shutdowns.

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May 09 2020

Play

The Economy is Far Weaker than Investors Believe – Ep 570

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Fog lifting on the recovery narrative.
Tech stocks strong on hope.
Government ready to sacrifice other businesses to save Boeing.
Fed feeding the same BS from 2008 about unwinding stimulus.
Financial stocks are the canaries in the coal mine, and they’re dropping dead.
National Debt passes 25 trillion dollars.

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May 06 2020

56mins

Play

Has Reality Ended the Bear Market Rally? – Ep 569

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Government encouraging people not to work.
Jim Cramer’s restaurant can’t stand the heat.
Businesses at increased risk for lawsuits.
Nobody is forced to go to work.
Democrats don’t believe all women.
Q&A.
Link to my Standup: https://www.youtube.com/watch?v=ne__pTRAenc&t=42s

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May 02 2020

1hr 18mins

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It’s Time to Worry About the Debt When the Fed’s Not – Ep 568

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Final trading day in April will go into the record books.
Markets ignoring more bad economic data.
Jerome Powell flashes the green light to buy gold.
US considers suing China and defaulting on debt.
Money supply surges by a third of a trillion dollars in a week.
Major housing real estate disaster before us.
Travon Martin Hoax Free Video: https://youtu.be/QAw5ykIPOBM

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Apr 30 2020

49mins

Play

The Era of Big Government Never Ended – Ep 567

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More bad data getting a pass.
Confidence doesn’t drive an economy, but it does reflect bubbles.
Trade deficit imbalance getting worse.
You cannot consume what has not been produced.
We’re still paying taxes imposed to win WWII.
Jeff Gundlach blocked me.

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Apr 29 2020

1hr 4mins

Play

The Debt Time Bomb May Soon Detonate – Ep 566

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Inflation video: https://www.youtube.com/watch?v=pwI3Nya5L9g
The economy was sick long before the coronavirus.
Businesses need big government to bail them out because of big government.
The economy will be a lot smaller at the end of this year.
Economic stimulus is actually a sedative.
Working from home will be a lasting change that will affect real estate.
Q&A

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Apr 25 2020

1hr 40mins

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Soon Even The Village Idiot Will be Buying Gold Stocks – Ep 565

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Gold stocks a coiled spring; prices already doubled in one month.
Paper gold might end up as just paper.
More money for small businesses will be fraudulently claimed by big businesses.
People are about to find out he economy isn’t a light switch and won’t just switch back on.
Gold has no ceiling and the dollar has no floor.

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Apr 22 2020

45mins

Play

First Negative Interest Rates, Now Negative Oil Prices – Ep 564

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Oil prices collapse into the negatives.
Lower oil prices are still inflationary.
Gold ETFs beginning to look risky as supplies lag demand.
Oil and gold may be the one-two punch that takes out the dollar.
The gold standard is coming back.
Unlike oil, at least Bitcoin will only go to zero.

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Apr 20 2020

43mins

Play

Government will Kill More Businesses Than it Saves – Ep 563

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Optimism in market from progress toward vaccine.
Wall Street showing their bias against gold stocks.
Fed’s balance sheet climbing toward 7 trillion.
Bailouts will kill businesses.
Q&A

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Apr 18 2020

1hr 36mins

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Self-inflicted Wounds Can Be Just as Fatal – Ep 562

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Markets rallied yesterday and surrendered it all back today.
Financials did not participate in yesterday’s rally, signaling trouble ahead.
Banks getting backdoor bailouts.
Lenders clamping down on mortgages as housing market prepares to collapse.
Donald Trump buys votes with voters’ money.
2020 Election comes down to a Democrat vs. a Democrat.

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Apr 16 2020

45mins

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Gold Smokes Bitcoin – Ep 561

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Gold hits 7 year high and is still cheaper than it’s ever been.
Mining stocks even better bargain than the metals.
Amazon and Netflix overvalued and waiting for bottom to drop.
Don’t fight the Fed.
Still not too late to buy gold.
Presidential election will be a bidding war for benefits and handouts.
US is producing less of everything except for money.
Real estate prices are going to collapse.
Cigarettes are a better currency than Bitcoin.

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Apr 13 2020

54mins

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More QEs than Super Bowls – Ep 560

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Another week, another multi-trillion dollar Fed program.
Government spending has to be paid in either taxation or inflation and we’re about to pay for it in spades.
Trump draining the whole country instead of just the swamp - will add more debt in 4 years than Bush did in 8.
Unemployed will stay unemployed for a long time.
We’re buying time before an explosive rise in gold prices.
You can’t outperform a bubble.
Betting against the economy is not the same as rooting against the economy.

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Apr 09 2020

57mins

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Former Fed Chairs Still as Clueless as Ever – Ep 559

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Markets overly optimistic that the worst is behind us.
Trump keeps his friends close and his enemies closer - gets Kudlow to repudiate everything he spent an entire career advocating.
Fed chairs past and present are clueless.
RINO DJT joins the ranks of FDR, JFK, and LBJ Dems.

Must watch Janet Yellen exposed videos referenced in this podcast
https://www.youtube.com/watch?v=rfLlF1vtit8 https://www.youtube.com/watch?v=Z-9aZrmYEqk

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Apr 08 2020

56mins

Play

iTunes Ratings

3290 Ratings
Average Ratings
2992
124
52
48
74

Well done, Peter!

By JeMaTM - May 10 2020
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I started listening to Peter’s podcasts a couple of days ago. I believe is is spot on with his analysis of the state of our economy. I believe that we must view the world as it is, not what we want it to be. Peter does a fantastic job of describing the economy as it is. Another poster commented that he rehashes the same thing, I think this is good, especially since networks such as CNBC and Bloomberg constantly rehash information that isn’t true and will ultimately hurt investors that follow their misguided device. Peter, if you read this, don’t listen to the negative opinions, keep doing what you are doing, and don’t change a thing. This country is in short supply of critical thinkers. Jeff Martinez

My favorite podcast.

By Vigilante Penguin - Apr 18 2020
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If Peter was an ice cream flavor, he would be pralines and broken clock.