- I wish everybody a happy July 4th weekend; U.S. markets will be closed
- It’s unfortunate that we can’t really celebrate all the traditions that we’re supposed to be honoring were lost generations ago
- The values our founding fathers risked their lives for have all been lost
- I wanted to comment on what is going on in the markets particularly today
- Today was the capper on the week
- You had silver prices up about a dollar an ounce
- Gold closed up about $19, so gold closed above $1340
- Maybe by the time the market opens on Tuesday silver will be over $20/ounce
- Who knows, maybe gold will be over $1400?
- This is a powerful rally – gold finished at three year highs today
- GDX was up about 5% on the day
- The stock market didn’t do that much today, but the real story, other than the gold market is in the bond market
- U.S. Treasury yield plunging again – these are the lowest yields ever
- Certainly below the crash lows
- The yield on the 10-year treasury is below 1.5%
- The yield on the 10-year treasury is 2.24%
- So yields are plunging, bond prices are surging
- What is going on?
- The answer is money printing; Quantitative Easing
- The most recent catalyst being the Brexit vote, which scared the hell out of everybody because of the collapse, particularly of the European banks
- Now the central bankers are rushing to the rescue all around the world
Why Buy Bonds When You Can Buy Gold? – Ep. 178
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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