The Peter Schiff Show Podcast

* Big day in gold today; gold broke over $1200 for the first time in almost over a year, in fact we hit a new 1-year high * I saw gold trading above 1260 at one point in the morning, that was up better than $60 on the ounce; It closed up 49.10, I believe at $124.90 * Remember, I was on CNBC "Futures Now" earlier in the week and gold was around $1180-$1190 and they were trying to press me on where...

* Janet Yellen was up on the Hill today for the first of her two-day testimony before Congress * Remember I said the only way that Janet Yellen could stop the market from falling is to admit that the Fed will alter its 4-rate-hike trajectory for 2016, and she didn't do that * As a result, the stock market failed to sustain its early morning gains; the Dow was up better than 100 points - closed nea...

* It was another volatile day in the U.S. stock market, with the Dow swinging from positive to negative to positive to finally closing negative, but well off the lows and the highs of the day * The NASDAQ was only down about 15; the Dow down about 12 points * The real action was in the currency markets: the dollar got clobbered today, a new 4-month low in the euro, 2-year low in the yen, the Swiss...

* As I mentioned in my video blog I recorded on Friday,  the jobs data that came out on Friday was just not weak enough for the market * So the markets' carnage continues, because everybody still believes the Federal Reserve may in fact be raising interest rates - the only question is, will it be in March, will it be in June, the markets don't know and so they continue to be under pressure * At on...

* It really was a brutal week on Wall Street, led by the tech-heavy NASDAQ, which is down about 5-1/2% on the week; 3% of that alone came today, now down about 17% from its high * Not officially in a bear market yet, but getting there * The vast majority of NASDAQ stocks are in bear markets, in fact, many of those stocks are down 40 or 50% or more - a number of those stocks down 40 or 50% today al...

* So far the month of February is just 4 trading days old, and already the U.S. dollar index is down just over 3 percent * We closed January at 99.6 and we closed at 96.5 * Gold, going the other way, now up about $13 today, closing above $1,155; the price of gold is up almost 3.5% in the first 4 days of February * That shows you that most of the move in gold is the result of the dollar going down...

* It was another tough day in the stock market today; the Dow Jones finished down 295 points, NASDAQ fared even worse, down 103 points, that's about 2.25% * These 100-point moves are coming quite often now; in the NASDAQ, the transports were hardest hit once again down 204 points - that's almost 3% * When I saw this carnage, I wondered if North Korea had tested another nuclear bomb - early in Janu...

* First it was the ECB, and then it was the Bank of Japan, cutting interest rates overnight to -.1% * That is the first time in this 20-year experiment of cheap money - I think they've been at zero, but they've never gone negative until just now * One of the most ironic aspects of the move is that Kuroda, just 8 days ago told the Japanese Parliament that the Bank of Japan was not seriously conside...

* As I said in my last podcast, when the the Federal Reserve issued its press release yesterday at 2:00pm, Janet Yellen did not give the markets they were hoping for; in a way, it was almost as if she threw them an anchor instead, because the Dow Jones ended up falling about 200 points as a result of the disappointing statement * The statement was dovish, but it wasn't dovish enough, and even thou...

* The Mario Draghi "No-Limits"-inspired rally from Thursday and Friday of last week ended on Monday with the Dow Jones down just over 200 points; the NASDAQ was down about 75 points, so an even bigger percentage drop * But today the market reversed; the Dow actually recouped 100% of what it lost, it rose 282 points by the close * A lot of volatility in the oil markets; down yesterday and up above...

* The U.S. stock market ended the week with a 2-day rally, in fact the Dow Jones closed better than 200 points today, to about 1690 *  NASDAQ, even stronger, up 119, closing at almost back up to 4600 * The rally actually began early yesterday morning, and not just in stocks * Oil had a huge rally, in fact, today alone, crude was up $2.72 back above $30, at $32.25 * What sparked the rally was comme...

* The bear market in global stocks continues, and I believe we're in a bear market in the U.S. * Technically the major averages are not quite down 20%, although some of the averages are * Transports were down 30% from their highs * The Russell 2000 was down more than 25% * Many individual sectors are way down into bear market territory, as are some individual stocks * IBM hit a new 6-year low; and...

*  The Dow  Jones ended another down week on a down note, dropping 390 points * The NASDAQ was down 126 points *  This is the worst January in the history of the stock market the Dow is off about 13% from its highs, the NASDAQ about 15%, firmly in correction territory * We are probably in a bear market right now, because ultimately these indexes will be down 20% * Some indexes are already firmly i...

* Last night I watched President Obama deliver the State of the Union Speech and probably the only good thing about the speech is that it was his last one * It will probably go down in history as the most clueless State of the Union Address ever * All he talked about was how great the economy is - how he created all these jobs * He even had the chutzpah to take credit for reducing the budget defic...

* Hi everybody, this is Peter Schiff and I am recording this on Friday, January 8, and Wall Street just finished the worst opening week to a new year in the history of the stock market * The Dow Jones was down another 1% on Friday to finish the week better than 1,000 points - it was a 6% decline on the week * Now there have been weeks that have been down more than 6% in the history of the stock ma...

* Well the Dow Jones got clobbered again today, down 252 points at the close * The NASDAQ down about 55 * The transports continue to get clobbered down another 146 points, decisively in bear market territory * CNBC blamed the entire decline on jitters over North Korea's hydrogen bomb test * I admit that this prospect is not good, but I don't believe that announcement was the reason for the decline...

* The U.S. stock market opened the first trading day of 2016 with a bang, but not the type of bang the bulls were hoping for * The Dow was down 276 points-it was down as much as 450 points in the last hour of trading * In fact,we opened down 300 and change and we hung around the down 350 - 400, in fact down 276, at the close was about the best level of the day * The NASDAQ closed down around 104 *...

* Let me begin my final podcast of 2015 by wishing all of my listeners a Happy New Year * It certainly wasn't a happy New Year's Eve Day on Wall Street * Normally the last day of the year is a positive one; you normally have a Santa Clause rally and it continues on to New Year's Eve * That wasn't the case today.  The Dow Jones finished its first down year since 2008 - down 178 points * The S&P...

* Recording this podcast on Monday afternoon; the stock market closed about an hour ago, and the stock market was up over 100 points today, but the more dramatic days happened on Thrusday and Friday * Despite the initial euphoric increase in the stock market that greeted the Fed's highly anticipated quarter-point rate hike on Wednesday the market tanked on Thursday and Friday, down over 600 points...

*  Yesterday, the Federal Reserve finally met market expectations and increased interest rates to .25% * Actually, the official rate was 0 - .25 and now, the official rate is .25 to .5 * The actual rate was always in the middle between zero and .25 * Assuming the Fed tries to keep the rate closer to .25 than .5, the actual increase in rates could be less than 25 basis points * The initial reaction...

* The U.S. stock market finished up its worst week since August, when everybody though a rate hike was just around the corner * Substantial triple-digit losses across the board * The Dow Jones closed down 309 points - almost 4% * Similar percentage decline for the S&P 500 * The NASDAQ dropped 111 points, over 4% decline for the week * The media is blaming this decline on oil prices, and yes, o...

* We are just about a week away from the Federal Reserve's first rate increase in about 10 years * Everybody believes the stage is set for liftoff based on the most recent better than expected Non-Farms Payroll report * The idea is that the only thing preventing the Fed from liftoff would have been a horrific jobs number * In fact the markets estimated 190,000 jobs added and we got 211,000 * We di...

* Mario Draghi of the ECB sent shockwaves through the foreign exchange and currency markets today * He didn't deliver the stimulus traders expected * The big question is, will Janet Yellen surprise the market by failing to raise rates? * The ECB did slightly lower interest rates, and extended QE if it will be needed * Draghi's goal is inflation * He equates 2% inflation to "price stability", when...

* The price of gold was down another $15 today, a 6-year low * Selling began early this morning following a better than expected jobs report from ADP * This is private payrolls released a couple of days before the official government Non-Farm Payroll number, coming out on Friday * Last month's ADP report was 182,000 jobs, which was below expectations * But the government reported better than expec...

* I am recording this podcast on Cyber Monday * Cyber Monday first got its name because e-commerce wanted its own version of Black Friday * It's losing some significance, given it is losing some of its competitiveness because of the strong online sales during Black Friday * Online sales were up about 20% over last year, but the brick and mortar retail sales were down about 10% * The retailers' inv...