The Peter Schiff Show Podcast

* Today's Podcast is entirely devoted to gold and gold stocks * Last night, in just a few minutes, gold dropped $50 * One or more major sell orders hit the market at the same time and gold went down below $1100 * It was down $20 by the time New York trading opened and by market close gold was down around $37 on the day * Silver was down only about .15 today * Why was all that gold dumped? The goal...

* Today Janet Yellen goes back up the Hill for the second of her 2-day Congressional testimony and the press has already made headlines about what she did not say * According to the headlines, Yellen's "hawkish" testimony reflected that she is putting the Fed on a path to hike rates later later this year * That is not what she said * From her prepared, written testimony, which was carefully crafte...

* As I have been saying all along, the Greek Prime Minister capitulated to German demands * In fact, he is agreeing to a plan that is more onerous on Greece than the one he encouraged his own people to vote down just over a week ago * Those who thought Greece held all the cards, that the Eurozone would risk a domino effect of other nations leaving the euro * I felt Germany held the stronger hand a...

* This podcast comes from my hotel room in Las Vegas, as I am attending Freedom Fest * Janet Yellen received a standing ovation at the end of her talk, and I can't understand why... * Headlines from the talk report "Rates to go up by the end of the year" * Actual quote:"Based on my outlook, I expect that it will be appropriate at some point later to take the first step to raise the Federal Funds R...

* Over the weekend the Greeks voted no to the Eurozone bailout terms * The Greeks ars still hoping for a better deal, hoping to avoid austerity * The irony is that the consequences of their vote will bring on even more austerity, as a return to the drachma will result in a lower-valued currency * For example, pensioners will be paid not in fewer euros but drachmas that buy less * This will mean a...

* Happy 4th of July to everyone * Unfortunately, we have given up our independence to government tyranny * I will be back on the radio again - I'll be on the Alex Jones Show every first and third Friday of every month when the Non-Farm Payroll numbers come out * I will be doing tomorrow's show - the second hour of the show * The Non-Farm Payroll Report came out early this week because of the 4th o...

* One more time President Obama seeks to buy Democratic votes with a free lunch by appealing to workers * Promising more overtime pay, to go into effect in 2016 * Raises the threshold for overtime pay requirements * Workers who earn salaries of $50,000 or less must be paid overtime for hours worked over 40 hours per week * This prevents workers who put in extra hours on their own time to try to ad...

* Global stock markets got beaten up overnight and the carnage continued here in the U.S. * Dow Jones down 350 points by closing bell - biggest point loss of the year * NASDAQ down 122 points * Possible Grexit sparked sell off in FOREX markets * Banks in Greece closing, sending masses to the ATM machines * Euro ended up closing near the highs of the day - nearly to $113 * The dollar was weak all d...

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* It looks like there is going to be some kind of deal to avoid the "Grexit" * Greek's exit would be great for Europe, but it would not be politically attractive for either side * As long as Greece stays in the Eurozone, the Greek government can continue to blame Germany or Brussels for their problems * So-called austerity will continue without any haircut to the debt * The same is true for cuts t...

* Today was the expected day for expected rate hikes, indicating economic "lift-off" * The June rate hike is off the table and everyone is focusing attention on September * The prepared remarks are just a smokescreen to maintain the pretense that the economy can withstand a rate hike * The Q&A session after the the prepared remarks were more revealing * Janet Yellen ducked the question of why...

* Dow under pressure on the back of EU talks with Greece * There is a lot of room for the market to decline pending the Fed's announcements * The consensus is that rates will hike September or later * If Fed does not rates in September, Election year next year might also put off rate hikes * Bloomberg article quotes B of A hinting that additional stimulus would further damage the economy * B of A...

* Once again, a week of worse than expected economic data punctuated by another better than expected non-farm payroll report from the government * ADP private sector payroll report was slightly below estimates * 5,000 manufacturing jobs lost - 3rd consecutive monthly decline * Unemployment rate dropped * Labor participation rate up to 62.9 - .2% above lowest point * Large sector of labor force sti...

* Short week closed with some horribly bad news * People are not paying attention to the data; they are paying attention to the Fed * Government released revision to the GDP: -.7 * The assumption of deflation is cooked into the number * Most Q2 data is weak * Q1 Corporate profits plunged by 5.9% * JP Morgan announced 5,000 layoffs * Corporations are already levered up to the max * May Chicago PMI...

* The U.S. dollar started out this morning on the defensive * Government released CPI numbers generated a sharp reversal across the board * Gold sold off, but closed slightly down against the dollar * April CPI up just .1% on the month; year over year prices dropped -.2% * Lowest CPI since October 2009 * Core CPI (excludes food & energy) rose .3% * Biggest monthly jump since March 2006 * News...

* Earlier today latest FOMC minutes released * Once again the weather is blamed for missed expectations, pretending the economy is better than it is * Now the Fed dismiss numbers as inaccurate, because seasonal adjustments are off * Why does the government need to seasonally adjust the numbers * Yearly GDP is the number that matters * Once the numbers begin adjusting the numbers you open the flood...

* S&P responds to bad news with new high; DJ just barely off record high * Dollar continues to fall * The currency traders still have not accepted the significance of bad news * Lower dollar will be the trend * Friday got a trifecta of bad economic news * Thursday Weekly Jobless Claims number declined to 264,000 - lowest weekly jobless claims in 42 years * Why are there so few job losses? Beca...

* Another week and another round of bad economic news * Wall Street may be finally paying attention * JOLT Report projected at 5.158 million; came in at 4.994 million * April Retail Sales expected to rise .2%; came in flat * X Automobiles expected an increase of .5, actual number was .1 * Beneath the surface there was a collapse in retail sales in all areas except groceries * Weakest year over yea...

* First official jobs report of Q2 * Wednesday's ADP private payrolls were below expectations * March was revised down, indicating a softer labor market * Challenger job cuts numbers well above previous month, biggest year over year increase in 10 years * The jobs number came in at 222,000 jobs with unemployment down to 5.4% * The media is spinning the headline number * The picture underneath the...

* Upcoming Appearances * Thursday morning panel at the SkyBridge Capital SALT Conference in Las Vegas * Liberty Forum - Salt Lake City * MoneyShow - Las Vegas * Economic News for the Week: March Factory Orders met expectations, but downwardly revised February number for 5th straight year-over-year monthly drop * March Trade Deficit: $51.4 billion, a miss greater than $10 billion and the single wor...

* Markets on roller coaster ride final two trading days of this week * Bad news parade marches on in April * The players are still clinging to fantasy of U.S. economic recovery * Dollar finished down substantially on the week - April was the first down month in 10 months * Dollar has seen its highs and is heading lower * Gold back below 1200 * Oil prices added to gains closed above $59 - moving op...

* Government's first look at Q1 GDP * There was a lot of optimism around Q1 with expectations above 3% * Actual GDP was 1/5 of expectations at.2% * The rest of the story of Q1 GDP: * The deflator this time was negative - meaning that prices dropped by .1% * The last time the deflator was negative was 2009 Q2; still in the Great Recession * The previous occurrence of a negative deflator was in 1949...

* The Keynesian myth of mandating prosperity actually hurts the lower middle class and the working poor * Something for nothing is appealing to voters, so politicians make empty promises that are good politics but bad economics * A Seattle-based company called Gravity Payments has instituted a minimum salary of $70,000/yr * This has given him great publicity, but how will this work in his company?...

* S&P and the NASDAQ made new record highs * Stock market continues to ignore all the bad news about the economy * Bad news is not being ignored in the foreign exchange markets * Negative economic news is buoying the stock market because it removes fear of interest rate hikes * Weak economy means more cheap money which means higher stock prices * Oil prices hitting highest prices of the year *...

* Markets have been volatile but economic data still looking bad * Chicago Fed National Activity Index: contrary to expectations, came in at -.42 in addition a downward correction for last week to a 2-year low * Weekly Redbook Same Store Sales Survey down to lowest annual increase in 4 years with a dramatic rate of decline in recent months * Implausible excuses, such as the weather or the timing o...