Peter Schiff: Buy Gold, Dump Treasuries

On Monday’s episode of the Peter Schiff Show, Peter reacts to a dramatic day in the markets where gold and especially silver steal the headlines, then connects those moves to political and monetary developments that he says make the dollar vulnerable. He ties a sudden surge in precious metals to a new scandal around Fed Chair Jerome Powell, the Fed’s warped spending incentives, and a troubling political proposal to cap credit-card interest. 

He opens with the market action, where silver is the clear standout today:

Silver today was the superstar; it closed up five dollars and thirty cents above eighty-five dollars—85.14 I think is about where it settled—and intraday we almost got to 86, we were above 85.90, which means that silver was up more than six dollars on the day. That is a huge move; again, when I first started buying silver for myself and for clients, silver was under five dollars an ounce; today’s move was greater than the entire value of the commodity when I first started to buy it.

He’s surprised the mainstream financial media treats that as a footnote rather than the news of the day: