Peter Schiff: It’s Time to Axe Entitlements 

On his latest appearance on CapitalCosm, Peter walks listeners through the current state of markets with a particular focus on gold and silver. He ties those moves back to broader policy failures at home and abroad, including recent escalation in the Middle East. He moves from praise for the technical strength in precious metals to warnings about housing policy, the dollar’s trajectory, and the speculative froth in Bitcoin.

Peter opens with the metal markets, where he sees technical strength and growing investor interest in both gold and silver. He frames the moves as more than a short-term trade; to him they’re a signal about confidence in fiat currency and the need for real savings outside the monetary system:

And they both pulled back, but gold has found support around 5000, which is still a pretty high number compared to where we were, not necessarily compared to where we’re going. And silver really has a lot of strong support in the low 70s. But there’s been a pickup in the volatility of silver, but the trend is clearly up when we’re trading at 87.5 right now. And more significantly for silver, we broke through that $50 double top that really overhung the market since 1980. And so I think the chart looks phenomenal for silver.

Turning to housing, Peter criticizes policymakers who try to keep house prices rising while pretending to solve affordability. He says the free-market cure — falling prices — is being avoided in favor of cheaper credit, which only masks the problem and amplifies currency weakness: