🔴We Need to Print the Money to See Where it Goes - Ep 578
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- Опубліковано 26 вер 2024
- 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.
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Thanks Peter for sharing your insights these past 15 years.
Hi Peter, I am a retired 50yo Canadian military pilot who went working for the airline and as expected got furloughed for the first time in my life. As a Canadian I have been really worried about my government throwing money away since they took over 5 years ago. But what really keeps me up at night is in 2016 they got rid of all our gold reserve basically backing our money with nothing. You are definitely a lighting beam in this darkness for most o us so I would really like to know what is your take on this situation.
Thanks!
I want all you Americans to know that I bought a John Deere riding lawnmower today that's made in America. I could have saved myself $600 had I bought the competitor's brand that was made in China. No more China products for me if I can help it.
*crack* *pssh* *sipppp* *gulp* *aaah*
Nothing runs like a deere
Silver most undervalued assett on the planet.
Thank you, sir! We need more patriots like you.
How many John deer components were made in china? 🤔
Peter Schiff is the most important person in American culture. He speaks truth to power.
(Former economics teacher here) I agree that people should spend more time studying microeconomics and less time studying the “Keynesian nonsense” that is macroeconomics.
Well said
Deep thought for the day: Shouldn't a hemorrhoid really be called an assteroid?
This made my morning man, fantastic
Thank you 😊 Peter Schaffer The Bubble was great 👦🏿👍🏿👍🏿 Documentary !
still saying they are incompetent... when they are evil, Peter
Yep, they know people what they're doing and they couldn't be happier. Have to destroy the USA to get their NWO.
Absolutely right, to suggest they are incompetent couldnt be further from the truth, quite the opposite they are very competent, they just dont serve the public good, they serve the vested interests of the current financial system in favour of a small number of people, Bernie is absolutely right, there already is socialism in the US, its just socialism for the wealthy. Israel did not do 9/11 though come on...
@@sjwbond2 It's unacceptable for Peter to continue saying they are "incompetent" or else it is Peter who is incompetent
He knows their intentionally diabolical (or else he's the dummy...)
@@roas2 Wrong. That's exactly what they want you to think
Very smart & funny way of giving some of the best economic information on the internet he’s great 😂😂
The income is from unemployment. 43% of people make less than $15 an hour. $15 an hour at 40 hours a week is $600. California full unemployment is $450 a week plus $600 which is $1050 a week or $4200 a month. $4200 a month is $50400 a year (before taxes). I would never go back to work but I asked and they refused to fire me. I make $15 an hour at 40 hours a week (a secure job unfortunately). If I was fired, I would make 1.75 times more a week or 3 times the amount a month than I do working. So for every month unemployed, It would take me 3 months working 40 hours a week to earn the same. If they extend it to Jan 31st and I was fired at the beginning of next month (June-January - 8 months), it would take me 2 years to earn the equivalent amount of money.
Here's a quarter, call someone who cares!
Mark Howard I care… and a quarter wont buy you a phone call anymore.
I’m not whining. I like my job and the people I work with. That was not the intention of the comment. I’ll let you figure out the intention
JoeAceJR yes. Despite me liking it, it would be fiscally more beneficial for me to not have the job. Which is unfortunate but when you factor in expenses, opportunity cost, and the fact that I’d make 3 times more a month, it doesn’t become a personal decision. Its the environment. It’s just the ocean and I’m a fish
JoeAceJR I agree with you. I’m just saying I could have the 50k and have time to manifest something better with the 160 hours a month freed up. Even if I failed I’d still be better off. Because this can possibly exist, this shit is fucked
That intro👌
The risk with gold lies in the gold prohibition, high taxation and confiscation.
And that depends on where you live?
There is no country where that can't happen, they are all broke.
That's what globalization does.
And the mines are all in countries that have always been broke.
Gold can also become worthless if you do not store it at Schiff Gold.
If it is forbidden you will not get rid of it. Even if it keeps its value it is worthless for your survival.
If you can only buy with a digital dollar you have to sell the gold if you don't have any dollars. Peter often thinks very logically, but also sometimes very illogically.
I am no longer convinced of any asset class.
I invest in my self-sufficiency. I cannot buy my bread with a gold bar. In the future, not that one.
Another valuable video Peter! Great point on the gov't contracts and Goldman Sachs' relationship with the Fed. THANK YOU 🎖
Peter, please put a sign on your monitor, " Look here" so that your viewers feel you are talking to them. Love your show!
@25:00...got into a heated debate w my father last night that more stimulus is necessary in the short run as a boost of sentiment, & that we'll gladly repay through tax or inflation once were on our feet....& my dad said word for word what Pete just said "BUSINESSES SHOULD JUST DROP THEIR PRICES AND HAVE A SMALLER MARGIN etc....!!" ....maybe the old guys are right afteral 😂
Schiff has said sell in May and go away for the last 12 years. This year he may be right as the market is over-valued. GLD is 2 standard deviations over it's 200 day moving average. It also has formed a double top with the Nov, 2012 high. Double tops are usually a sell signal.
Stocks r still holding 50 week moving average.
I suspect the market will drift sideways than lower dragging gold lower to mid 1500s. Silver low teens. Silver has to crack 18.70 and hold that price on the week before anyone really gives a shit.
I LOVE the way the way the cartoon pronounces his name.
Goldman Sachs was founded by a fellow, who took his family name from his work. Ill take a shot and say it was a German Jew, involved in gold business somehow. You would think someone there understands gold.
Most excellent of excellence.
You're a master of the inflation and debt system.
🧡💛💚💙 During Peter's intro scene I immediately get on the floor and start doing push ups until he speaks his wisdom again 🧡💛💚💙
🤓
Noone cares, man
Also, the thing about tokenizing gold on BSV is that you don't need permission. You can do it on your own, and you benefit from others processing the transactions cheaply and securely. I would like you to do it so that I can buy some. I don't really want to store 500 oz of gold at my house.
I work at high end retail store and this pass Monday Chanel raised prices on all their handbags by 10-12% with exception of seasonal pieces. That’s prob better indicator of inflation then what’s Government n Fed spits out.
before the riots? yikes, what about now?
One store got looted yesterday, we are closing early to avoid riots and looting...
I guess that’s deflationary to Feds since all the price increases didn’t materialized and bags end up walking out at $0 😒
@hala "...better indicator of inflation then [than] what’s [what the] Government n [and the] Fed spits [spit] out." That's a very high frequency of mistakes! I don't understand how people get confused with than/then; those two words don't even sound the same!
L Lawliet didn’t know my grammar teacher were checking my comments also, thank you tho
@@halakukhan "...my grammar teacher were [was] checking..." I don't believe you had the benefit of a teacher who paid that much, or any, attention to your grammar.
Peter...I’m getting my silver 👍👍👍
I'm pretty sure Rickards says they're going to try to use the SDR but that it will ultimately fail. I believe that's actually his position.
Peter Schiff will be proved right 👉
Boom! Love the Intro!
The Fed's balance sheet has advanced by 72% recently, and grown from 18% to 31% of GDP to record highs recently. Gold and Silver's prices have also rallied, BUT NOT to new highs (gold rose about 25% from 1400 - 1700+ in the same time frame). From 2011 to 2014, with a rising balance sheet through QE, gold went in the opposite direction! Gold declined from 1900 to 1200. It doesn't seem to indicate that gold's rallies and declines are correlated to the Fed's money printing and balance sheet! Something else is directing the moves of gold (up or down)!
Peter needs to give an answer to this!
I have 401K plan with my employer. Employer matches 100% my contributions. My plan investments are mix of Russell 1000, Russell 2000 and other US stocks. I could change current fund investments to different one that contains mix of foreign stocks and no US stock exposure. Thoughts on making switch to foreign stock fund?
nautica445 nautica445 if US stock go down. World wide stocks go down man. They’re all connected. It’s a global market
What happened to episode 579? It was live and I don't see the recording????
I wonder if it was pulled.
Its to inconveint to not have paper currency.Its also to hard to have a card that cannot be hacked.And paper money does have a cost to make that is cheaper than credit cards which are hacked continuously
In his speech Trump said that his administration was able to negotiate
F air
A nd
R eciprocal
T reatment
Was he referencing to
Phase 1 Trade Deal? I’ll wait for Q to go on X22 to clarify.
fuck x22 low lifes scammers and PSYOP promoters
Thanks once again for sharing your analysis on the economy the information you provide us is priceless 😃👍.
"Backing" digital money with gold is only as good as the promise of those doing the backing. You still have counter-party risk and at any moment, the government may decide to reduce the reserve ratio or drop gold altogether. This is what Satoshi sought to solve. Eliminate the middle man and the need to rely on government accounting altogether.
Exactly... Also, who's the guardians and who guarantees the gold's quality? If one doesn't understand this, they certainly DON'T understand the brilliance of a decentralized, unconfiscatable and cryptographically secure bitcoin.
Just Murphy I wouldn't say it's unconfiscatable, but it would require a lot of miners working in coordination to blacklist an address.
@@DegreesOfThree Extremely unlikely miners would coordinate a 51% attack . That's just like asking the Federal Reserve to take every cocaine laced bill out of circulation or asking you to turn over every US dollar, you suspect of being used in a crime, to the FBI. Just ain't gonna happen!
@@whoyatoya It wouldn't be an attack, it would be a coordinated blacklisting of certain addresses that would be precipitated by a court order. Major mining operations that did not want to become an accomplice to a crime would cooperate with the authorities in their jurisdiction. Crypto has ZERO future operating outside the law. Cash is much better for crime anyway. Crypto will be adopted precisely because it will make government functions easier and more transparent. There would be a permanent record of the reason for confiscation and it could be undone if it was later proven to be a mistake. Satoshi was not an anarchist. He understood the only way to change the system is by working within it.
My bullion dealer says they have not had silver available for the last 3 months.
Luck favors those who prepare
You need a new bullion dealer.
Have you called Schiff Gold?
Fortunately my dealer still has everything at pretty good prem. Been shopping w him since 08
Over priced. Just waiting a few weeks to see if there is supply
Tnx!
Agreed Lucky i live and am born here ! WE are a lucky country ! Still not exempt from the world problems as we work off the green back ! I JUST KEEP BUYING GOLD MORE NOW THAN EVER ! AND SILVER ! I am my own bank ! Thank you Peter spot on !
"you can figure it out on your own". God I love that statement
Great call on FNV stock!👍
I'm confused. how does gold have store of value but bitcoin doesn't? I don't own any bitcoin. but won't the same argument be made about pm's?
AO. Bitcoin volatility is very high. Gold is stable, it moves sideways in price. Gold has historical value. Bitcoin is brand new. Gold is a very unique element. Best conductor of electricity. Used for jewelry. Can be hammered out into super thin sheets etc. bitcoin is purely perceived value. It can’t be used for anything besides “money”. Buy gold and bitcoin.
Technically anything can be a store of value, land, buildings etc. bitcoin is much more speculative.
An honest government would allow and support gold as at least a parallel currency. I'd love to see a bank offering accounts in gramms (about 50 USD / gramm), and in milligramms (about 5 US cent / milligramm), and prices in shops in kg, gramms, and milligramms of gold.....
lololol the first ad on this video is for bitcoin
Schiff is right, but don't underestimate the ability of people to ignore the current insanity for 2 or 3 more years, like the real estate bubble from 2005 to 2008. We all knew it was a bubble in 2005, but most of the gains came just before the crash. I'm still riding this stock market up for a while, but it's definitely time to move into gold and silver.
OK peter you got me buying more Barrick on Fri. My portfolio looking like a mini Europacific.
Biggest bets are on EQX and First Majestic.
Peter, Brazil despite the covid19 is increasing exports and no longer loosing reserves. Actually its reserves are quite stable and the Real is recovering value now. Best place to buy gold, physical contracts conversible to bars.
My man not only has a killer brain but killer looks too! Love the intro graphics Pete!
With the current tensions with China, Australia poses a risk from investment perspective. Need to wait and see.
Just wanted to let you know; I started heavily listening to your content 3months ago, and it made sense on a very basic level, slowly began depositing more and more of of my savings into gold/silver minors, and I’m up 25% so far, thank you! 🙌
Wallbridge Gold mines was up 18% today and up another 10% after hrs at 0.98 cents First Mining Gold at 0.21 up 8% ...Aurcana AUNFF is up 11%. Galane Gold Mines , GR Silver, Silver One Resources and Macdonald Mines - all going to be 10 bangers - Load the truck friends.
As we have said so many times, Government is always the problem, never the solution.
$3,000 max annual deduction too in addition to the 30 day wash rule
I'm curious on what prices are actually going down aside from gas? It's not like mortgages or rents have gone down yet. Food has gone sky high which, for most people's lives, would negate any things that have gone down. Most people's gas expense isnt nearly as much as their food. You can be sure that whatever the official CPI is you can add 2 to 4 pts to it imho, maybe more.
@@IJoeAceJRI I live in Toronto and everything went up. Granted some of that is probably due to weakness in the exchange rate. That being said, I just googled it and there are plenty of reports to read regarding food prices.
Goldman Sachs doesn't say buying gold is good time to change their name.
Your father's book should become a regular K12 course
What are the chances of a "Debt Jubilee" happening, either in US, UK or across the globe and practicalities of such an occurrence? And what effect would that have on gold price and hyperinflation likelyhood?
Can we stream the housing bubble movie anywhere?
Evidently the Federal Reserve can just print the money and buy anything that is for sale on the planet Earth. Printing money costs nothing but can buy anything with it. Wouldn't you?
Thanks Peter another outstanding podcast. I read o Bloomberg and Kitco today that the gold futures market is also in a glut as banks don't want to take delivery, any truth to this?.
Guns,ammo, rice beans sugar salt ect then gold silver.
Make sure you have cooking oil. Lots of it. Essential oils may be hard to get. The cheapest and healthiest is palm oil. It also comes in useful 5 litre carry jugs. Coconut oil is great but may be too expensive in bulk. For your health, stay away from corn oil, sesame, canola and other seed oils.
@@openview8463 I have about 5 gallons of peanut oil
Spending is being slowed for sure based on the curfews and lock downs bringing down demand.
Greenspan was in the green room talking about gold? Great color commentary!
I am paying down debt in order to be in a better position when the depression comes.
Goldman Sachs is unfit to advise people if they are telling people not to buy gold. In this environment, EVERYONE should now have a minimum of 5% gold and silver, period. Goldman Moody Fitch, et al, were rating BBB debt as AAA in 2008. They're going to take their clients over the cliff again soon. They should change their name to Thelma and Louise rating agency.
Bitcoin is not asset class, Bitcoin is the money. That is the main point that schooled economists do not understand.
Donald Trump makes Bernie Sanders look like a libertarian?
JPM and GS have been bashing BTC and secretly buying it for years....LOL 😂
Cool Opening peter!
Bitcoin is a lottery that never ends with a prize drawing. People just trade lottery tickets between themselves.
Americans stopped saving because the government taxed savings. If they really wanted Americans to save they shouldn’t tax it. Also it’s hard to save when the prices of houses keep going up along with property taxes and new cars and gasoline etc.
The SDR is a basket full of junk.
@Peter Schiff Are the riots good or bad for gold short and intermediate term? Also, I know you say government usually isn’t the solution, but what’s the solution to irresponsible police officers? Privatize police or additional government regulation for police officers?
Rolling through atlas shrugged right now. It's my first read through. Unreal stuff it relates so strongly.
1:30:24 sounds so simple and logical. if this was done we would have such a solid country where both the people and banks flourished equally. what we have now is such a joke. people are so stupid. if everyone got as passionate about this as they do about a cop killing a black man, it would end tomorrow.
WATCH: Fed Chair Jerome Powell discusses the economy at Princeton University - ua-cam.com/video/EaFQ78-LEKY/v-deo.html
I have a condo in Florida and am renewing my insurance. The premium year on year increase is close to 30%. I called the broker who advised that this is due to repair costs sky rocketing.... how can we say we are not seeing inflation. Peter is 100% correct!
The broker doesn't always tell the truth man. Sometimes it's because the insurance company took losses in the stock market and needs to recoup.
I don't think labor is going to 30%.
The fact I know a lot of repair men that need work in general.
Powell's only concern is ........stocks,they'll never run out of shares to buy,ever,The We Works,Enrons will always be there hungry for freshly printed cash!
Wals-mart shelves emptying fast
Soon will be minimum, guaranteed pay for all. This will replace social security, and un employment. Easier to create a basic pay for all, who are not working, guarnteed income will be $1,200 month.
Peter, Bitcoin is just like the stock market, its doesn't follow fundamentals, it's all psychological.
Would holding part of your gold investment in the GLD fund within a tax sheltered vehicle such as a Roth IRA be something to consider? I believe Peter advocated against holding the GLD fund in a previous podcast, but this strategy would allow someone to recognize all of their gold gains tax free and protects against any future tax increases.
I would like to invest in your gold fund Mr. Peter how can I invest in your fund as an international investor.
EPGFX is the ticker for his gold fund. If you want to buy gold directly from him, you can do that too on his website. However, I think he requires a minimum 20k investment last I checked. Hope this helps!
🧡💛💚💙 Buy his Gold Fund so I can enjoy my Bitcoin gains even more when I know that you missed out 🧡💛💚💙
@@sommi888 Sorry but Bitcoin what is the reason behind buying it is it considered real money and why it will become higher in price it is not a company and no annual dividends?!!
@@khaledishrich 🧡💛💚💙 I've done my own research and concluded its goign above $100k. You should do your own research because Im already in and theres no point in me teaching you about it in the comment section of youtube 🧡💛💚💙
@@sommi888 What I understood from your answer is that your research depends solely on speculation expected not related to a share in a company that might grow or provides dividends in the future?!! So pure speculation based on what in one word???!! This is my real question it needs you to answer with one word or sentence if you do not mind my friend!!!
Tell me a good reason why Gold and Bitcoin both can't win? think about it and use position sizing wisely.... 1-2% bitcoin and 5-10% gold/silver (5% leveraged 5% physical). Thoughts, Ideas?
Bitcoin is too volatile. It moves more like a stock index than a safe haven. Not only that, if bitcoin can "win" in the end then what is to stop the other crypto coins from doing it as well?
New intro is awesome.
been watching us debt clock to org... consumer credit card balance is now going in reverse.
I like the new thumbnail.
Fair ratio for Gold to Silver is around
12 to 1.
Humans have been mining copper, lead and gold since antiquity so silver should have always been valued at today’s price (1/80th to 1/100th of the price of gold). Your lesson does not explain silver’s price of >$40/oz in the 1930’s and 1980’s or its historical value of 1:12 to 1:20 when compared to gold. It could stay under $20 or it could go to $150/oz (its 1980 price adjusted for inflation).
@Truth lol, no. You are smassuming, like Karl Marx, that the value of things depends on the amount of work put to produce. The price of gold and silver is based in supply and demand and has nothing to do with the cost of mining.
@Truth Ok your prediction is in silver never above 20 Bucks USD also no serious inflation. Lets see what happens man. Your going to be wrong thats my prediction.
@Truth lmao if it cost me $10000 to make a turd sculpture would it be worth $10000? What an asinine comment. They don't dig for silver? Lmao. I'll give you the turd sculpture for $5000 btw, thank me for the turd.
@Truth If thats your argument bitcoin should be about 5 bucks. Maybe no bucks.
I like your mugshots in your podcast opening. It gives me a real chuckle every time. If your investment career goes south, you could always join the circus!
If people knew how valuable gold and silver REALLY was, they would crap. Ever notice how when the market goes down everything goes down? The A.I. Algo doesn't know the difference between Facebook, Tesla OR Gold and silver 😉
EPGIX is the other symbol.
Maybe it ain't working...
Clear all debt through inflation and return to a gold standard 👌
Peter, great intelligent Vlog until you start up again on Bitcoin and that's where I turn off. How long does this new asset class have to stay secure and stable and high does its price have to go up before you accept it and eat your words? How valuable will it be when the Fed introduces its own (no debt attached) Stable coin in replacement of fiat dollars in banks? You and Simon Dixon would benefit from a serious conversation on this subject.
The economy is in great shape. Lol Lov. Greatest economy ever.
Sounds like trump
Depends on your time horizon. Even though it's been made more complicated, the basics are the same, as they were in ancient Sumeria. Kings of Sumeria, Babylon, Assyria, etc. solved it with a jubilee.
bought non china goods today--Auburn University is in Auburn Alabama surprisingly.
where to buy gold
Now that new normal includes riots and property destruction, realestate will be less attractive to foreigners. Raw materials will be the only thing the US will have to trade with once the dollar is crushed. Imports of manufactured goods will stop. Perhaps hoarding spare car parts might be a good long term investment?
silvers is acting just like it did post 08. gold took off first until 2010 then took a rest around 1350, while silver had its run. gold still went up and passed 1500 in 2011as silver blew through 40 on it way to 50. then silver had its blow off top in may (on news that OBL was "killed"), while gold continued to1900 into late fall. oh the good ol days pre dod frank going into effect... forex.com 100/1 lev trading the metals. epic $$$$$
peters play book stopped working in 2008 maybe one day it will work again
Australia, yeah Baby
So addition of goods would be better instead of just making cash, balance of both is needed cash and goods is good
Isn't Goldman Sachs the US Government?