Peter Schiff : We are going into Recession regardless of what happens with the Trade Talks





Peter Schiff appeared today on The Claman Countdown to talk about the yellow metal. Peter said we’re going into recession regardless of what happens with the trade talks. The Fed is taking rates down to zero, so that’s what’s going to happen.” Peter pointed out that gold was under $300 in 2001. It moved up to $1,900 in 2011 when people were rightly concerned about the monetary mistakes that the Fed was making. Well, then people believed the Fed, that everything was going to work out, that they could unwind their balance sheet and normalize interest rates, and gold pulled back to just over $1,000. It’s now risen 50% off those lows because people are just starting to figure out that none of these problems were solved. In fact, the Fed has screwed up to a greater degree than even I imagined back in 2011. They’ve done a lot of damage to the economy and the gold price is headed a lot higher. The initial reaction was correct. The QE and zero percent interest rates were a big mistake and the only winner there is going to be the people who bought gold and silver.” and Peter Schiff added : "And I think foreign central banks are starting to position for the dollar losing its reserve currency status. And it’s going to lose that status not to another currency, but to real money, to gold. And that’s why central banks are buying." The dollar is actually very weak. People have been looking at the dollar versus other fiat currencies. But if you look at the dollar’s decline against gold, that really tells you that we have a weak dollar, not a strong dollar, and I think it’s going to get a lot weaker. And I think foreign central banks are starting to position for the dollar losing its reserve currency status. And it’s going to lose that status not to another currency, but to real money, to gold. And that’s why central banks are buying. They’re going to keep buying, and individuals should be buying as well. Each month we’re seeing more and more governments offering you a negative real rate of return on your money and that automatically makes gold much more attractive. And I don’t think it’s ending yet. The dollar is losing its international stature. Like all past settlement currencies, the dollar will soon fade into inflated oblivion. The safest way to guard against the looming period of fiat chaos is with precious metals. Everything happening now "should" have happened in 07 but for the FED head and Treasury chief telling congress there would be riots in the street and economic collapse if 700 billion bailout wasn't approved for a bank bailout. Then the FED went ahead and passed out 16 TRILLION dollars to banks around the world, a fact that wasn't discovered till years later. In 2011 the FED went to ZIRP and QE while gold fell from 1900 to 1100. If negative interest rates are the reason for gold's rise today, why didn't gold react to ZIRP & QE back in 2011? Because there is more going on behind the scenes than gold just reacting to interest rates, etc. and while the FED/bankers can control the price of gold/silver, there is rampant demand now beginning to exert an influence on the price even though the paper game continues. The whole market is very opaque and by design, there are derivatives, EFP's and a missing 21 Trillion that is likely being used to control various markets.



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