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Peter Schiff: Gold Just Royally Sacked Goldman Sachs
In the video below, Peter begins by saying that yesterday, Thursday, February 18th, was a great day for gold and gold stocks despite the comments made several days ago by Goldman Sachs that people should begin shorting gold; not just selling gold, or not buying gold, but actually shorting it. Peter says more than likely the severity of the drop we saw in gold over the holiday weekend was due in large part to those comments made by Goldman, and the result was the price of gold went tumbling down about $50.
As of the close of trading yesterday, just two days later, gold closed up about $22, or slightly above $1,230 on the day. Gold stocks, or the GX Index was also up by just over 6%, making yesterday’s gains the largest of 2016 for the GX Index! Several stocks within that index even made new 52-week highs. Peter reports that all in all, Thursday was a great day for gold and gold mining stocks, just days after Goldman Sachs suggested shorting the precious metal. Schiff jokes that people would have been better off shorting Goldman Sachs stock, because Goldman’s stock fell by over 2% by close of trading Thursday.
The big reason for the sudden surge in gold is most likely due to the comments made by Jim Bullard, President and CEO of the Federal Reserve Bank of St. Louis. Traditionally, Bullard has been in favor of raising rates, in order “to prevent a stock market bubble.” Uh, earth to Jim, where have you been? We’re in a stock market bubble. Wednesday night, Bullard made the comment that he thinks the Fed shouldn’t consider raising rates any more, because he’s worried about the drop in the stock market. Well which is it Jim? You can’t have it both ways? Either you want to use monetary policy to prop up the stock market or not?
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With Bullard now distancing himself from the idea that rates need to go up, that doesn’t leave anyone of much significance that still thinks the economy is doing well, and who thinks rates need to keep rising. Hello! Duh! After about the 5:00 minute mark, Peter drops a classic Peter Schiff comment when he says that in the FOMC Minutes that came out Wednesday, just about every governor was worried about the weakness of the stock market. In the minutes, governors expressed their concern that the weakness in the stock market was causing them to worry about the economy. In classic Peter Schiff style. Peter yells:
HELLO!
WHAT SHOULD WORRY YOU ABOUT THE ECONOMY, IS THE ECONOMY!
After his wise-cracking comments, Peter begins to go through all the economic numbers that have been reported recently, and his thoughts echo those of Michael Snyder in his article below titled, 21 New Numbers That Show That The Global Economy Is Absolutely Imploding. The fact of the matter is this: All of the hard economic numbers that are coming in from around the world tell us that the global economy is coming apart at the seams. We are only in the very early stages of a total economic meltdown, and people would be wise to start batten down the hatches. This is going to be MUCH worse than 2008, for all the reasons I’ve covered ad nauseam in the links at the bottom.
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After a series of stunning declines through the month of January and the first half of February, global financial markets seem to have found a patch of relative stability at least for the moment. But that does not mean that the crisis is over. On the contrary, all of the hard economic numbers that are coming in from around the world tell us that the global economy is coming apart at the seams. This is especially true when you look at global trade numbers. The amount of stuff that is being bought, sold and shipped around the planet is falling precipitously. So don’t be fooled if stocks go up one day or down the next. The truth is that we are in the early chapters of a brand new economic meltdown, and I believe that all of the signs indicate that it will continue to get worse in the months ahead. The following are 21 new numbers that show that the global economy is absolutely imploding…
#1 Chinese exports fell by 11.2 percent year over year in January.
#2 Chinese imports were even worse in January. On a year over year basis, they declined a whopping 18.8 percent.
#3 It may be hard to believe, but Chinese imports have now plunged for 15 months in a row.
#4 In India, exports were down 13.6 percent on a year over year basis in January.
#5 In Japan, exports declined 8 percent in December on a year over year basis, while imports plummeted 18 percent.
#6 For the sixth time in six years, Japanese GDP growth has gone negative.
#7 In the United States, exports were down 7 percent on a year over year basis in December.
#8 U.S. factory orders have fallen for 14 months in a row.
#9 The Restaurant Performance Index in the United States has dropped to the lowest level that we have seen since 2008.
#10 This month the Baltic Dry Index fell below 300 for the first time ever.
#11 It is now cheaper to rent a 1,100 foot merchant vessel than it is to rent a Ferrari.
#12 Orders for Class 8 trucks in the United States dropped by 48 percent on a year over year basis in January.
#13 Due to a lack of demand for trucks, Daimler just laid off 1,250 U.S. workers.
#14 Even though Saudi Arabia and Russia have agreed to freeze oil production at current levels, the price of U.S. oil has still fallen below 30 dollars a barrel.
#15 It is being reported that 35 percent of all oil and gas companies around the world are at risk of falling into bankruptcy.
#16 According to CNN, 67 oil and gas companies in the United States filed for bankruptcy during 2015.
#17 The number of job cuts in the United States skyrocketed 218 percent during the month of January according to Challenger, Gray & Christmas.
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#18 All over America, retail stores are shutting down at a stunning pace. The following list of store closures comes from one of my previous articles…
-Wal-Mart is closing 269 stores, including 154 inside the United States.
-K-Mart is closing down more than two dozen stores over the next several months.
-J.C. Penney will be permanently shutting down 47 more stores after closing a total of 40 stores in 2015.
-Macy’s has decided that it needs to shutter 36 stores and lay off approximately 2,500 employees.
-The Gap is in the process of closing 175 stores in North America.
-Aeropostale is in the process of closing 84 stores all across America.
-Finish Line has announced that 150 stores will be shutting down over the next few years.
-Sears has shut down about 600 stores over the past year or so, but sales at the stores that remain open continue to fall precipitously.
#19 The price of gold is enjoying its best quarterly performance in 30 years.
#20 Global stocks have fallen into bear market territory, which means that about one-fifth of all global stock market wealth has already been wiped out.
#21 Unfortunately for global central banks, they have pretty much run out of ammunition. Since March 2008, central banks have cut interest rates 637 times and they have purchased a staggering 12.3 trillion dollars worth of assets. There is not much more that they can do, and now the next great crisis is upon us.
Without any outside influences, the global economy and the global financial system will continue to rapidly fall apart.
But if we do have a major “black swan event” take place, that could cause the bottom to fall out at any moment.
In particular, I am deeply concerned about the possibility that World War III could be sparked in the Middle East. In an article that I published earlier today entitled “Turkey Is Asking The United States To Take Part In A Ground Invasion Of Syria“, I included a quote from Turkish Foreign Minister Mevlut Cavusoglu that reveals just how eager Turkey and Saudi Arabia are for war to begin…
“Some countries like us, Saudi Arabia and some other Western European countries have said that a ground operation is necessary,” Turkish Foreign Minister Mevlut Cavusoglu told Reuters in an interview.
However, this kind of action could not be left to regional powers alone. “To expect this only from Saudi Arabia, Turkey and Qatar is neither right nor realistic. If such an operation is to take place, it has to be carried out jointly, like the (coalition) air strikes,” he said.
The Turks and the Saudis very much want the United States to take a leading role in any ground invasion of Syria, but the Obama administration is not likely to do that.
So we shall see if the Turks and the Saudis are willing to go ahead without us. Let us hope that they do not decide to invade Syria, because that could start the biggest war in the Middle East that any of us have ever seen.
Unfortunately, Turkey is already attacking.
Turkey has been shelling Kurdish and Syrian military positions in northern Syria for four days in a row even though the Obama administration has been urging them to stop.
The first month and a half of 2016 has already been quite chaotic, and the stage is set for global events to greatly accelerate during the months ahead.
Sadly, the mainstream media in the United States is largely ignoring the preparations for a ground invasion of Syria, and they keep telling us that the global economy is going to be just fine, so most ordinary Americans are going to be absolutely blindsided by what is about to happen.
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FOR MORE GREAT MATERIAL FROM JIM WILLIE:
Jim Willie: “The Quickening” is Approaching Global Economic Markets
Jim Willie: When Deutsche Bank Fails, Barclays, Citigroup, and More Will Fall
Dr. Jim Willie and How To Simplify Your Finances To Survive Economic Collapse
Jim Willie: Global Banking Cabal and Their Satanic Rules Are Ready to Strike
Jim Willie: Both Our Allies and the American People Absolutely Hate Our Government
Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions
Jim Willie: Armageddon Coming to U.S. With Trillions Exposed In Derivatives
Jim Willie, The Fed’s Week of Reckoning, and an Isolated United States
Jim Willie: After Banks Fail, Government Seizes IRA’s, 401k’s, and Pensions
Jim Willie, the Crumbling Global Economy, and the Dollar Crisis
Jim Willie: What Do the Oil Black Market, NATO, and ISIS Have in Common?
Jim Willie; One on One -Taking Questions On the Most Pressing Matters of the Day
Jim Willie: The Fed, Yellen, US Dollar, and Negative Interest Are a Joke!
Jim Willie Explains U.S. Nuclear Threats to China & Russia Over Challenging the Dollar
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: Federal Reserve Only Delaying Total Financial Collapse of U.S. Economy
Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People
Peter Schiff: Recovery Fantasy Persists Despite Recession Evidence
Peter Schiff: Here Comes the Great, Great, Great, Great Recession!
Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”
CNBC Actually Admits Peter Schiff Was Right… Again (Video)
Peter Schiff: Due to the Feds Antics, the Market is Very Dangerous Now
Peter Schiff: 2015 Was The Worst Year Since 2008 and Stocks Still Dropping
Peter Schiff: Janet Yellen Strayed From Her Own Plan and Went Nuts!
Peter Schiff: Higher Spending During Holidays Does Not Fix Screwed Economy
Peter Schiff and “If The Economy Is Fine, Why Are So Many Large Retailers Imploding?”
Peter Schiff: Take a Good Look at the “New” American Dream!
Peter Schiff: Did the Fed’s Luck Run Out On Friday the 13th?
Peter Schiff and “The 4 Harbingers Of Stock Market Doom”
Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead
Peter Schiff: Warning! Economic Storm Clouds Ready to Rain
Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options
Peter Schiff: 11 Trillion In Global Stock Losses and Awful Jobs Report
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stop mining gold and silver
we must stop ruining the planet
to pull out colored metals
it is barbaric.
Ignorant turd, only real money is gold and silver because they are not just rocks and have many valuable uses.
The precious things in the earth was given for our use by Yahweh.
Oh I bet you don’t believe in a creator,right, as your kind fit a strange pattern of beliefs.