The Peter Schiff Show Podcast

Dow Jones closed above 29,000 today for the first time ever. Part of the impotence of this rally has been anticipation of the trade deal with China, but the majority of the rally is due to the policies of the Fed as it quietly returns to quantitative easing. The so-called good news of the trade deal is in the past and traders who were buying the rumors may start selling off on the facts. Especially since the facts of the trade deal didn’t even live up to the rumors. The trade deal is a big fat disappointment that didn’t live up to Trump’s hype. It’s not even a real deal; it’s written as a bunch of suggestions that either party can back-out of at any time. The deal is a double-win for China. It supposedly commits China to buying more food and energy from the U.S., but China ends up getting the commodities they need with an easy way to unload their U.S. treasuries before they collapse. The Fed will have to buy more treasuries and print more money, to keep interest rates from going up. Gold market stronger now after the trade deal signed. Gold’s technicals haven’t looked like this since 2000 when the dot com bubble burst and gold’s bear market ended. Americans don’t see the gold bull market that foreigners do because gold has made a new high in every currency except the U.S. dollar and is outperforming foreign stock markets, but not the U.S. stock market. Fed released a weak jobs report with a big loss of 12,000 manufacturing jobs. Americans are working less hours and getting paid less for the hours they work. Bloomberg wins the democratic debates by not showing up. Democratic presidential candidates are right about healthcare costs being too high, but they’re wrong about the reasons and solutions.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Tensions between the U.S. and Iran are less diffused than everyone seems as the propaganda strengthens on both sides of the political theater. NASDAQ, Dow, S&P hit new record highs. Trump is eager for Dow to hit 30k so he can tweet up a storm claiming credit. Risk premiums for crude and gold are still there although gold mining stocks got obliterated as war became less imminent. Investors were spooked as gold dropped from $1610 to $1540 in a 24 hour period. Despite gold mining stocks getting crushed, gold itself is up 2% for the year. This presents an even better buy for gold stocks as they catch up to gold’s $1550 support. People are underestimating the popularity of socialism in America and investors are underestimating the possibility of a Bernie Sanders win. A lawsuit tries to postpone California’s new law aimed at the gig economy. Lawmakers say it’s to protect independent contractors, but it’s the independent contractors filing the lawsuit.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

We had a break-through in gold, which I predicted could happen. That means there’s a very good chance gold is done going down. All signs point to a big bull market in gold and the window of opportunity to get in on it may be closing rapidly. While recording this podcast, reports of a U.S. airbase in Iraq under attack from Iranian missiles launched gold above $1,600. It’s amazing how little people understand about how well gold mining stocks are performing. While the S&P has returned 72% over the past 4 years, GDX has returned 125% over the same period. Over the past 5 quarters, S&P is up 12% while GDX is up 58%. You won’t hear any of that on CNBC. I think the best way to gain exposure to gold mining stocks is to buy the Euro Pacific Gold Fund (EPGFX), managed by the expert, Adrian Day. Morning Star gave the Euro Pacific Gold Fund 5 stars and it’s been the number 1 performing gold fund from 2013 to 2018. The fund is also rated to have above average returns and below average risks, making it one of the smartest investments you can make right now. Videos to watch: Peter Schiff at Occupy Wall Street "I am the 1%. Let's Talk" Democrats: Let’s Ban Profits 2006 Mortgage Bankers Speech Walmart Shoppers Support Everyday High Wages Is a College Degree Worth the Cost? You Decide Peter Schiff Argues Against 3 Typical Liberals (my last appearance on CNN) Mr. Schiff Goes to Washington (first Congressional testimony) Mr. Schiff Returns to Washington (second Congressional testimony) Peter Schiff Stand-up Comedy . Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Markets off to a volatile start for the new year. U.S. assassinates an Iranian military general driving up safe haven investments like oil, gold, Swiss Franc, Japanese Yen, Treasury market. Gold outshines them all. But is the world safer or more dangerous than ever? Bitcoin touted as the best performing asset of the decade. But it’s not that simple. CNBC thinks the hardest job for the Fed is creating inflation. The biggest problem is really their inability to stop inflation. The monetary spigots are flowing heavy and they’re going to flow even heavier leading up to the election. It’s a dangerous time for markets with the coming election. There was a time when America would never vote in socialism, but that’s no longer the case. This election may bring in one of the largest single day stock market drops in history.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Second to Last Trading of the Decade... All of the major U.S. stock market indexes finished the second to last trading day of this year in the red. Although, it's not just the second to last trading day of the year, it is the second to last trading day of the decade. Technically speaking, I know the next decade doesn't really start until January 1, 2021, but practically speaking, it's going to be the 20's. So, to me, that's a new decade. Closing With a Gain of About 30% in the S&P So let's just say tomorrow is the last trading day of the decade.  And even if we get another decline tomorrow, I don't know what's going to happen - maybe we'll get a bounce, but I doubt it will be significant enough to turn the tide on this bull market or this bubble - bear market rally - whatever you want to call it - but it looks like we're going to close the year with a gain of about 30% in the S&P 5000. Not our Strongest Year in Recent Memory That's going to put the market with its best annual increase since 2013 - which, of course is not that long ago. So we did have a rise in 2013 when Obama was President, where the S&P had a year that was as good as this year, with Donald Trump as President. So clearly, it's not simply a case that we have Trump as President and that's why we have such a strong market. We've  had plenty of years where the market was this strong and Trump wasn't President. In fact, Barack Obama was President.  One of the reasons that the market was so strong this year is because it finished last year so weak.  I think the 4th quarter of last year we were down 13 - 14% - but it was a very big decline which would have been much much bigger but for that record surge the day after Christmas.  Remember that Boxing Day - I think the Dow was up about 1,000 points.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

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.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Narrative of Racism So I decided to record a special edition of the Peter Schiff Show Podcast, and it's very important topic, and I also wanted to include some video. It's not directly related to the economy or the markets, but really, indirectly, it is, because this nation is being pushed to the left by a lot of false narratives.  One of them, being racism, particularly when it comes to the issues of wealth disparity and trying to blame the difference in wealth between African Americans and the general population, and the reason for this is because of a pervasive and systemic racism, and that the only way that African Americans can succeed is if we elect a bunch of socialists who will enact laws to save them from racism and to re-distribute the wealth. Media Remains Steadfast as Evidence Contradicts And part of that narrative really was advanced back in 2012 with the Trayvon Martin incident with George Zimmerman and people who were listening to the Peter Schiff Show back in 2012, I really covered this topic pretty extensively. I was one of the earliest defenders of Zimmerman, and the reason I did that is because, as the evidence was coming out, it was completely contradicting the false narrative that was being pushed by the Martin family, by the media.  Yet the media remains steadfast in their opinion, even though they had all this evidence that contradicted it. New Information Brought to Light Well, the reason that I've resurrected this topic is that now George Zimmerman is in the news again, he has filed a $100 million lawsuit against the Trayvon Martin family, the mom and dad, the lawyers, prosecutors, and the media is again pushing the same false narrative.  They are writing all sorts of articles really vilifying Zimmerman all over again: "How dare this guy file this lawsuit!  Hasn't he done enough damage? He murdered a child and now he is suing the parents of the victim - all this terrible coverage.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

U.S. China Trade Deal Rumors are True The U.S. stock market continues to add to its gains; the Dow Jones is up another 100 points today - a new record high: 28,235.89. We were up better than 200 points at one point in the day, but all the indexes are hitting new 52-week, or record highs.  Basically, we continue to bask in the light of the U.S. China Trade Deal that on Friday, we finally got news that the rumors of a trade deal were actually true. There actually is a trade deal because the Chinese have agreed, or admitted that they, too have come to some type of understanding with the United States on a Phase 1 Deal. Lost in Translation? Of course, we don't actually have the phase 1 deal yet because nothing is actually official; nothing has been signed. In fact, both sides seem to have different versions over what they have agreed to; so maybe some of the stuff has been "lost in translation".  We'll have to see if they can actually put something in writing where both sides will agree. A Truce in the Trade War But one thing we know is that whatever is involved in this deal - this is not the resolution. This is not a trade deal; this isn't even the end of the trade war. I would say it's probably a truce. It's not an outright surrender, although that's probably coming eventually, but it's really a truce in the trade war, and a de-escalation of arms. One of the things that the U.S. is supposedly committed to is rolling back the tariffs. Not only calling off new tariffs that were supposed to take effect over the weekend, but eliminating or reducing the tariffs that are already in place. But as far as a comprehensive deal that actually delivers the type of structural change that President Trump promised; nobody thinks that any of that stuff is involved in this deal at all.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

Fed: Interest Rates on Pause Today the Federal Reserve had its last official meeting of the year. And, as was widely expected, the Federal Reserve was unanimous in their decision not to cut interest rates. They didn't even consider hiking interest rates, but they decided not to cut them any further for now. So, they're on a pause.  The short-term rates are now 1.5%. The target is 1.5% to  1.75%, and the idea is that the Fed is going to remain there for some time.  Now, I don't really think it is going to be that long before they cut rates. Fed Will be back to Rate Cutting Soon I was on Fox Business earlier today with Liz Claman, and Liz asked me when I thought they were going to cut rates in 2020. I said, I don't know the exact meeting,  that they're going to choose to do it.  I think a lot of it depends on what's happening with the stock market. As soon as the stock market starts to sell off, if that's what happens, I think that could motivate the Fed for the next rate cut. And maybe, if we get enough bad economic data, the Fed might move for that reason. But whatever the reason is going to be, whatever the excuse they're going to make up, the Fed is not done cutting. I don't think they will pause until 2021 or later, as a lot of people seem to believe.  I think the Fed is going to be back in the rate cutting business much sooner than that. The November deficit: $2o9 Billion Of course, the quantitative easing business - that's not going to stop. They're going to continue to expand their balance sheet and print money so that they can prop up the bond market and prop up the stock market and prop up the government.  So that is going to continue.  In fact, we got the official budget deficit released, I guess at about the same time as we got the Fed decision.  The November deficit: $2o9 billion.  We've not got two months into this quarter and the deficits are running much higher than they were earlier, so even though the economy is supposedly getting better, the deficits are getting bigger.Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy

The Trayvon Hoax: Unmasking The Witness Fraud That Divided America Jeantel's Lies: Prosecution's Star Witness in George Zimmerman Trial Commits Perjury Special Podcast about a Hoax I wanted to to take some time and record a special podcast today, really having nothing to do with the markets and the economy and just focus on a topic that I haven't discussed in quite some time. I do believe that the politics surrounding this event are relevant to the economy, and to the markets, although, because really has set in motion political winds that are blowing the country in a direction that is very detrimental to the U.S. economy and to the markets. Circumstances Surrounding the Death of Trayvon Martin I think it was 2012 when the Trayvon Martin story really took off in the U.S. If you remember, George Zimmerman is the person killed Trayvon Martin and, initially, everybody was quick to believe the completely ridiculous-sounding story that was being perpetrated by the Martin family and their attorney, as to what happened, and the circumstances surrounding the death of Trayvon Martin. Who is the Racist? I was one of the earlier who came out and I was defending George Zimmerman.  I took a lot of heat back then, initially, because people were saying, "Hey, it's racist for me to be defending George Zimmerman. But the reality was, I thought it was racist for the people to have believed the complete nonsense - a ridiculous story about what happened. It made a lot more sense to me, just judging by the facts, not looking at the races of the individuals or any of that, just judging by the facts - George Zimmerman's version of events made sense. Plausible vs. Implausible The other version made no sense at all.  I think it was the racists who were so quick to dismiss George Zimmerman's version, which made sense, was supported by all the evidence and the other witness testimony that came out - rather than simply believing the parents of Trayvon Martin or their lawyer.  Our Sponsors:* Check out Avocado Green Mattress: https://avocadogreenmattress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.comPrivacy & Opt-Out: https://redcircle.com/privacy