Peter Schiff

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As COVID Wave Eases Indian Gold Market Recovery Looks to Be Back on Track @SchiffGold…
Peter Schiff: You Can Print Money But You Can’t Print Stuff @SchiffGold…
While They Talk About a Taper the Fed Pushes Balance Sheet to Another New Record @SchiffGold…
Imagine what happens to the U.S. dollar and #gold when traders finally start pricing in the actual spectrum of #Fed policy. Interest rates stay at zero indefinitely. QE is permanent and expands in size and scope over time. Tightening is limited to the Fed's occasional taper talk.
Both the manufactuting and service sector PMI came in well below expectations in Aug., with the composite index falling to its lowest level of the year. Service sector weakness was particularly pronounced. This is yet another excuse for the taper talk not to become a taper walk.
#Gold has recovered all of its losses since Aug. 5th. However gold stocks are still down 6% since Aug. 5th as despite gold's resilience, traders expect the price of gold to fall. Those expectations are based on a misunderstand of future #Fed policy and what it portends for gold.
Peter Schiff: Less Loose Fed Monetary Policy Isn’t Tight Fed Monetary Policy @SchiffGold…
Some argue that if U.S. dollars don't need intrinsic value neither does #Bitcoin. But if you live in America you need dollars to pay taxes, mortgages, rent, insurance, or utility bills, make car or student loan payments, buy groceries, gas, etc. What does anyone need Bitcoin for?
Each successive #Fed tightening cycle becomes progressively easier. This "tightening" cycle will not even involve any actual interest rates hikes, just a slight taper of monthly QE, or perhaps just taper talk. But slightly less loose policy is not dollar bullish or #gold bearish.
Three against one. Should be fun. But I think they need a few more guys to even it up a bit.…
As the Fed talks about the possibility of a taper, without defining the potential size or a timetable for winding QE down, last week it bought another $84.5 billion, sending its balance sheet to a record $8.343 trillion. Even with a taper, its balance sheet will top $10 trillion.
DIRECTOR'S CUT! Since the original video was conceived, started, and finished all on August 15th, we wanted to polish it up a bit and re-release it. If you caught the first version, definitely check this version out too and share it with your friends.
I think many of you will enjoy this interview I recorded last week with @natbrunell, even those of you who are pro #Bitcoin. We get into some personal fact you may not have heard discussed before.…
Is Bitcoin a reliable store of value? Is crypto a threat to the environment? And can cryptocurrencies offer financial inclusion across the globe? We will be looking for the answers in our new Crypto debate series, in partnership with @eqonex
Retweeted by Peter Schiff
I rarely agree with #Fed Bank of Minn. Pres. @neelkashkari, and his recent comments on #cryptocurrencies are no exception. He said that "cryptocurrencies are 95% fraud, hype, noise, and confusion." I disagree. 100% of cryptos fall into one of those categories, including #Bitcoin.
There's no excuse for 0% interest rates. But the #Fed won't raise rates now as doing so would create another financial crisis. But the longer the Fed waits, the worse the crisis will be. So if the Fed won't raise rates now, it never will. Only a dollar crisis will force its hand.
Gold stocks continue making 52-week lows, even though #gold itself is not falling, simply because #Fed officials are talking about tapering. Even if they do taper, it will be minor and won't last long, as the Fed will quickly reverse course and ramp up QE above the current level.
Stimulus Does Little More Than Give Us an Economic Sugar High @SchiffGold…
It's wrong to claim that Bitcoin's price is guaranteed to keep rising as future halvings will reduce supply. 1st, halvings don't reduce supply, but the rate at which supply grows. 2nd, future demand is unknown. There may be none. If so, even one #Bitcoin will be too much supply.
It's a contradiction to argue that #Bitcoin is superior to #gold because gold is expensive to store and requires you to trust a 3rd party to store it, while also arguing that a Bitcoin ETF will send Bitcoin demand soaring as most investors don't want to custody their own Bitcoin.
July housing starts plunged 7% verses expectations of a smaller 2.6% drop. There's no point in building houses that cost more to construct than Americans can afford to pay. Permits rose for the first time since Mar., but my guess is that many builders will reconsider their plans.
🔴 Stimulus Even Harder to Exit Than…s
US Government Runs Third-Biggest Deficit of 2021 in July @SchiffGold…
#Powell said it's important to do whatever we can to avoid a financial crisis. But as long as the #Fed fights recessions with QE and ZIRP financial crises are inevitable. If the Fed leaves these policies in place long enough, we'll get a dollar crisis instead, which is far worse.
#Powell praised Congress for using the CARES Act to replace income people lost during the pandemic. But Congress didn't replace productivity lost when people stopped working. The Fed created money (#inflation) so stimulus checks would't bounce. Prices are now surging as a result.
Despite record-low mortgage rates, Aug. homebuilder sentiment dropped to its lowest level in a year, as #inflation pushed construction costs higher, forcing homebuilders to raise prices, making new homes too expensive for buyers to afford, as nominal income gains fail to keep up.
July #retail sales collapsed 1.1%, 5x expectations of a more modest .2% slide. The decline resulted from a combination of #stimulus money running out and rising prices that forced consumers to buy less. If government responds with more stimulus, prices will just rise even higher!
Producer Prices Undercut Transitory Inflation Narrative @SchiffGold…
Fed's Rosengren claims the Fed won't be ready to raise interest rates until it's sure #inflation in 2022 will be above 2%. Also, the Fed wants to wait until the economy is at full employment. In other words, the Fed will never raise rates until a dollar crisis forces its hand!
Economic ignorance is shocking. So-called experts actually believes that higher #inflation will not only benefit workers, but reduce income inequality, especially for minorities. In reality higher inflation will lower real wages and increase inequality.…
50 Years Ago: Nixon Slams Shut the “Gold Window” @SchiffGold…
Pres. @JoeBiden approved a record increase in food stamp assistance. Starting in Oct. payments will permanently rise to 25% above their pre-pandemic levels. But the #inflation the #Fed will create to pay for this and other benefits will cause food prices to rise by more than 25%!
Here is the corrected version. If you already watched it, consider watching it again. The first video had a lot of traction when I took it down.…
I had to take down the Youtube video I posted an hour ago due to a slight mistake. I got the day of the week wrong. Since Youtube no longer allows creators to edit their videos, the only way to make a change is to delete and start over. I rushed to get the video up on the 15th.
The dollar fell and bonds and #gold rose as traders feel plunging consumer sentiment may delay #Fed tightening. But sentiment is down because consumer prices are up. If the Fed postpones tightening, #inflation will get much worse, and sentiment will fall further. It's a Catch-22.
Aug. consumer sentiment unexpectedly plunged to 70.2 from 81.2 in July. A rise to 81.4 was expected. The financial media blames the #DeltaVariant. It's far more likely it's the persistent and significant rise in actual consumer prices that caused the fall. It's #inflation stupid.
Export prices rose 1.3% in July. YOY they're up 17.2%. The 2021 gain is 13.5%, which annualizes to a shocking is 23%. It's likely that prices of goods we don't export rose by a similar percentage. 23% is a more honest measure of #inflation than the CPI. It's worse than the 1970s!
Home Prices Soar At The Fastest Pace On Record As Affordability Hits All Time Low…
Retweeted by Peter Schiff
Here are the seven monthly PPI gains thus far in 2021. 1.2, .7, .8, .7, .8, 1, and 1. Does this trend look transitory? Even if it is, Powell has qualified transitory. Transitory only applies to the rate prices rise. Any price gains that occur during the transition are permanent!
The correct answer is that companies will pass on their rising costs to consumers once they realize those costs will keep rising, and the Fed will not do anything to fight the resulting spike in consumer prices for fear of causing a financial crisis, market crash, and recession.
Why are soaring producer prices, that aren't fully passed on to consumers, not causing stock prices to fall? If the costs are never passed on, profits fall. If they are recent CPI gains accelerate. That would supposedly cause the Fed to raise rates. Either alternative is bearish.
Once again #gold sold off on much hotter than expected #inflation data, as traders still foolishly believe the #Fed can put the genie back in the bottle. July #PPI surged 1%, following a 1% spike in June. YOY the PPI is up 7.8%. YTD PPI is already up 6.4%, annualized that's 11%!
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