Peter Schiff: Powell Sends Gold Soaring

Peter took to the mic on Wednesday to walk listeners through a dramatic day in the markets and to explain what it all means for ordinary savers. He focuses on runaway gold and silver prices, a plunging dollar, and what he sees as a Federal Reserve that refuses to face the monetary signals staring it in the face. He ties the market moves to politics—especially the consequences of Donald Trump’s trade posture—and urges listeners to protect themselves with real assets.

He opens by describing the fireworks in the precious metals markets and the confusion among investors and pundits alike:

But gold, as I am recording this live podcast, is up another $70 this evening after being up $235 during the day. $235. Gold closed earlier today at $5414. But an hour ago, gold was up more than another $150. We almost got to $5600. Gold was up $400 within a single day. Now, I mean, it’s not midnight yet, so who knows? Maybe it’ll make new highs and it’ll be up even more. Silver made a new all-time record high an hour ago. Silver got above $119. It almost hit $120, but it got above $119 an ounce. It’s now trading at just over $117, which was the record high we set on Monday…. The financial commentators are clueless. The Fed is clueless about what is going on right now with gold and silver and what it portends.

He connects the metal rallies to sharp weakness in the U.S. dollar and low consumer sentiment, and he says the disconnect undercuts claims that America is enjoying a booming economy: