- This is my first day back in Puerto Rico
- I spent the last several days in Vancouver, BC at the Cambridge House Resource Investment Conference
- It was very well attended; twice the number of people
- I think it’s a good sign that we’re starting to see some interest now
- Remember it was exactly a year ago that we bottomed out in precious metals, we bottomed out in industrial metals and agriculture
- And we had a huge rally in the commodity complex over the last year; it’s continuing this year
- And I think this is just the beginning of a huge new bull market in these sectors
- Speaking about bull markets, not only did the DJIA trade above 20,000
- Finally, today, after flirting with it for so long, we not only got above 20,000, but we closed above 20,000
- In fact, Donald Trump is so excited that the Dow is at 20,000
- That he actually tweeted out a comment
- He tweeted an AP press story which says, the DJIA trades over 20,000 for the first time, latest milestone in record-setting drive
- To which, Donald Trump President of the United States, tweets out,” Great! Dow 20K”
- If the Dow had crossed 20,000 during the campaign, he would have said, “Big Fat Ugly Bubble!
- Look out, this is a phony market, it’s propped up, it’s going to come down when interest rates go up
- This is going to get ugly, don’t believe the Dow; he would have been criticizing the Dow
- Now, he loves it.
- It’s great, this is huge, it’s incredible
- He’s taking credit for it, “I’m President, things are good!” Right?
- It’s a bubble
- If it was a big, fat ugly bubble when it was Barack Obama’s bubble
- Now that it is Donald Trump’s bubble, it is still a bubble
- If Donald Trump thinks the stock market no longer is a bubble, was he lying when he was campaigning?
- Was he calling it a bubble because it was politically expedient?
- I guess a bubble is in the eye of the beholder, right?
Dow 20,000: Milestone or Bubble? – Ep. 223
Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast.
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