Tag Archives: peter schiff

Last week, the Federal Reserve proposed placing minimal liquidity requirements on big banks, supposedly to help them weather (coming?) financial storms with more easily accessible cash on hand. This probably would be a good thing for our fragile fractional reserve banking system, as it means less money could be lost by banks that are still […]

This past week, all attention was on Syria. Whether it was in Washington, at the G20 summit or on a cable news network, debate raged about whether the United States should take military action, and if so, what exactly that action should be. It’s a critical story to follow, one that will have massive ramifications for our country and the rest of the world. But with all eyes on Syria, three critical events have flown under the radar. These demand your attention…

These days it seems as though the Fed controls every twist and turn from the financial markets. Ben Bernanke can so much as look at someone the wrong way and the markets will swing wildly. With more and more Americans finding it increasingly difficult to control their own destiny, they’re looking for a way to free their savings from this mess. Fortunately, there is one…

Peter Schiff was right in 2007. While many of the other “experts” were feverishly telling you to buy stocks, Schiff was one of the few predicting disaster for 2008. This track record alone should have been reason enough to believe him last year when he first predicted a second financial crisis for 2013. But if you carried some skepticism with the new forecast, there’s simply no denying the latest evidence of the stars aligning.

Gold suffered a setback last week, closing Friday at $1651.50, with silver faring no better, closing at $29.89. What does this pullback mean for the long term? It’s probably too early to say, as most of the experts are citing domestic troubles in the US as reasons for these latest movements. Remember, events such as the US jobs report and the country’s lurch towards the fiscal cliff are just a small part of what drives the precious metals market, so in the long run, their relative impact on the movements of gold and silver should be minimal. As we report here weekly, the precious metals market is a global system. This week, news from outside the US really underscore how important it is to take a view of gold and silver from an international perspective. Get ready for Shanghai to come on line and watch out for renewed unrest in South African mines and liquidity issues in mining in South America. So despite some knee jerk reactions domestically, the same global supply and demand issues remain. If you understand this bigger picture, you were one of those who called into our office in the last week and snapped up some deals. It’s not too late.

November has come and gone with gold not reaching $2000 as some had predicted. Indeed, several large ETF sales and massive automatic sell-offs stymied the progression of the yellow metal during the last week of the month. Gold closed down Friday at $1701.50, with silver closing at $32.85. While some are pulling back on their predictions for gold and silver, Morgan Stanley is remaining bullish and suggests you do, too. China has launched their own gold index, and some mines seem to be indicating that the need to diversify their enterprise is at hand. The European Union is still together, with Draghi twisting some arms to at least get a stay of execution until the US decides that the fiscal cliff is really just its own shadow. Meanwhile on Planet Real World, gold coins are seeing record sales. It’s deja vu all over again.

Following gold’s slip last week, this week saw a round of bargain hunting. Gold traded near highs of $1,730, ending the week at $1,716. Silver held in a lateral position with platinum taking a beating as South African mining strikes resulted in massive layoffs and mine closures. US job reports leave many unimpressed, and the country’s presidential elections seem to be sliding into confusion rather than home base as the candidates categorically ignore Europe’s meltdown, China’s slowdown and untold mismanaged mineral wealth in Eastern and Central Africa. With the world’s markets indexed to the over-abundant weak-kneed US dollar, those in the know are calling for reinstating the Gold Standard. Central banks are snapping up gold, leading calls for a November fat with $2000 per ounce gold.