The Peter Schiff Show Podcast

* Today we got the government's Non-Farm Payroll report, otherwise known as the Jobs Report, for the month of April and pretty much all the mainstream Wall Street guys were looking for another strong report * In fact, earlier in the week Goldman Sachs was out saying that the 200,000 consensus estimate was too low! * The optimism was unfazed by the much weaker than expected ADP report I spoke about...

* And then there was one; Donald Trump is now the presumptive Republican Presidential nominee for 2016 * I remember when this Republican Primary started and the field was very wide * They had to split the debates up between the main event and the under card because there were so many candidates * Nobody in the mainstream really gave Donald Trump a shot * Even though I wasn't supporting, Trump - I...

* Gold finally traded about $1300 this morning; it was the first time since January of 2015 that the price of gold traded above $1300 * But by the time the U.S. Stock market opened, the price of gold started to sell off, and it couldn't hold $1300, in fact, it ended negative on the day - we closed about $1291 * When gold failed to hold $1300, there was a lot of selling in gold stocks; in fact gold...

* Friday April 29, 2016 was the final trading day for the month of April and I think this will turn out to be a pivotal month for the month of April and I will talk more about that later in this report * I wanted start by talking about the Federal Reserve's decision on Wednesday not to raise interest rates * Few people really believed they would, but earlier in the year it was widely believed that...

* Earlier today the Federal Reserve Open Market Committee, (FOMC) began their 2-day meeting * It concludes tomorrow and at 2:00 they will announce their decision on interest rates * Nobody is anxiously awaiting that announcement * Although there were plenty of fools a few months ago who actually believed the Federal Reserve would be raising interest rates, in fact they thought they were going to r...

* I recorded my last podcast on the afternoon of April 19, and I wanted to announce that later that evening, my first daughter was born - we named her Lilyan Ruth after both of our maternal grandmothers - so we now have Lilyan Ruth Schiff, she was 7 lbs 2 oz. of pure cuteness! * If you just looked at the close of the gold and silver market, you wouldn't know that much went on, gold closed up under...

* Hi-Ho Silver! Seems to be the rallying cry for the day * The last podcast I recorded I talked about the breakout in silver and I actually regretted the fact that I didn't get a chance to talk about silver during my CNBC interview * On my last podcast I mentioned how strong silver had been looking and it held up extremely well in the gold selloff during the prior few days * Sure enough, we had a...

* This is another week of bad economic data that most people have ignored * The stock market was up this week; the Dow closed up 1.8% on the year * I don't know if the Dow was rising in spite the bad news or because of it * The bad news means the economy is weak and corporate earnings are not there, and there are high multiples * But of course, if the economy is weak, that takes the Fed out of the...

* The dollar index traded below 94 for a good part of the day, but it did manage to close up at 94 even, down just .20 * Gold was up another $19 * Silver really shined brightly today, up .54, just below $16/oz. * Mining stocks, of course, were on fire; GDX was up just under 6% on the day, GDXJ up just under 7% * This followed a spectacular day for the mining stocks on Friday * In fact, even though...

* Today is the Wisconsin Primary but Donald Trump has been getting a lot of flack in the media over the last couple of days about his comments about the U.S. economy, particularly in the financial media because Donald Trump has now predicted a "very massive recession" in the U.S. * He didn't just say a recession, he's predicting a massive recession * Most of the pundits on television don't see any...

* Well, it's April Fool's Day today and there certainly were a lot of fools out on Wall Street buying all the nonsense about the better than expected Non-Farm Payroll numbers * Many of those fools were also fooled into thinking that these supposedly good jobs numbers puts a June rate hike back on the table * In fact, these April Fools were out in force in March when several Fed officials were talk...

* All the talk last week in the financial media was the fact that several Federal Reserve officials had given speeches somehow putting April back on the table as a live FOMC meeting, where the Fed might raise rates * In fact, even earlier this week, even yesterday, an official from the Federal Reserve Bank of San Francisco commented that the Fed should continue with rate hikes because the economy...

* The markets are closed on Good Friday, the markets are closed, but I did want to take time to record this podcast * Some people were wondering why I didn't do a podcast on Wednesday, the day we had a big drop in the price of gold * Believe me, I love doing podcasts, when the price of gold goes down, because I know a lot of people who are interested in gold want to know what my thoughts are on a...

* Before I get into the economic news of the past couple of days, the big event today was the terrorist attacks in Belgium and I want to offer my condolences to the people of Belgium and also on behalf of my listeners from the U.S. and all over the world * This will probably work to the benefit of Donald Trump, who didn't waste much time in capitalizing on the event * We do have a couple of primar...

* Happy St. Patrick's Day everybody and to those of you who have been waiting since yesterday for this podcast, you won't be disappointed * Yesterday I did an interview with Liz Claman at Fox Business News and I did respond to the Fed's decision.  That video is up on my YouTube Channel . *  The Fed did not raise interest rates, which didn't surprise a lot of people, but what did surprise a lot of...

* We have some key primary elections coming up tomorrow and I want to take an opportunity to do a podcast on Donald Trump and the Trump phenomenon * A lot of people are under the impression that I am endorsing Donald Trump because I have said some positive things about him and his campaign * But I want to make it clear that I am not doing that * I am not convinced that he is going to be a good Pre...

* Mario Draghi at the ECB fired his big bazooka today; people had anticipated that that would be the case * In fact, it seems like he fired a bigger blast than people were expecting, he announced that he would reduce negative interest rates further * They moved from -.3 to -.4 and he announced an expansion of their quantitative easing program from €60 billion per month to €80 billion, which means...

* So far it's been a pretty light week but what little economic data that has been released is bad, and all of it evidences the recession that nobody wants to acknowledge * Let's start with the Consumer Credit numbers that came out on Monday.  Not only was the number extremely weak, but the revisions to the prior month were even weaker * The initial report for the growth in consumer credit in Dece...

* The media, the Federal Reserve and President Obama continue to ignore the overwhelming evidence out this week, in fact every week for the past couple of months that the U.S. economy has already slipped back into recession * The last revision to Q4 GDP showed the economy grew by 1% for the quarter, but remember, the government never acknowledges a recession  until it's practically over * The Grea...

* The Dow finished the last trading day in February, with a 123-point decline, in fact the Dow Jones closed at the low of the day; the NASDAQ was down 32.5 points * Gold reversed the declined from Friday, it was up $16.5 today it's up another $2.50 as I record this, we're now back above $1240 * The reason gold declined on Friday was that the rate hike was apparently back on the table because of so...

* The rally in the U.S. stock market continues, the Dow closing up more than 212 right at the high of the day * It's not just the Dow Jones that is rising, and by the way, this is the highest the Dow Jones has closed since early January, so it's better than a one month high * Oil prices closed above $33/barrel for West Texas, again that's the highest level since early January * The dollar is weak...

* We had some wild swing in the market today, particularly the stock market and the gold market * At one point this morning, the Dow Jones was down about 270 points * It finished the day up 53 points * There wasn't any real news that caused the market to go up; people were buying the dip * The oil market also turned around; it was down a buck and change and managed to close up .20-.30 * Gold was t...

* It looks like Jamie Dimon's bottom turned out to be the trap door I thought it was, with the Dow Jones today down almost 190 points * The market was let lower by the financials, JP Morgan itself down better than 4% * Remember it was Jami Dimon having the confidence to put a year's salary into company stock that sparked this rally, but it seems to be losing steam and rolling over * Because we're...

* What a difference two days make! Two days ago I recorded my podcast, "Goldman Sachs Sacks Gold", and that was because Goldman Sachs' comments about shorting gold were partially responsible for the severity of the drop in gold over the holiday weekend * Today, gold is fighting back, at one gold was up better than $30, although as I record this the price has pulled back a bit, still above $1230 -...

* The big story of the day was the pullback in the price of gold * Gold was above $1260 last week; it pulled back a little bit on Friday, but the real damage happened overnight on Monday, while we were celebrating Presidents' Day * At one point gold was down almost $50; trading even below $1190 * When we opened up for trading in New York, gold was back above $1210.; it tried to rally, but really c...