Peter's Blog

The Tragedy of Savings

Low interest rates are a boon to borrowers. Thus the Federal Reserve’s quest to hold interest rates artificially low during the current economic crisis. We’re told easy money will bolster the economy as consumers and businesses take advantage of low rates and spend. But if you’re trying to save money, this anything but a boon. […]

US Government Runs Biggest October Budget Deficit in History

If you thought maybe the federal government would try to rein in the spending after running a recorded budget deficit of $3.13 trillion in fiscal 2020, you were sorely disappointed. Uncle Sam has not kicked his spending habit. October was the first month of FY 2021 and the federal government kicked off the year with […]

Could the Dollar Price of Gold Go to Infinity?

This summer, Peter Schiff and Jim Rickards discussed the possibility of $15,000 gold. In a recent interview. economist Rafi Farber took this line of thinking to the next level, arguing the dollar price of gold could eventually hit infinity – meaning simply that the value of the dollar will go to zero.

American Retirees Drowning in Debt

American retirees are buried in debt. Between 1999 and 2019, the total debt burden for Americans over age 70 increased by 543% and totaled $1.1 trillion according to data compiled by the Federal Reserve Bank of New York. Debt grew by 471% over the same period for those in their 60s and totaled $2.14 trillion […]

Gold Is a Lifeline for Many Indians During Pandemic

Gold has helped Indians weather the economic storm caused by the coronavirus pandemic. The government response to COVID-19 has ravaged the Indian economy. As a result, many banks are reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians are using their stashes of gold to secure loans.

Student Loan Debt Continues Its Upward Climb

Student loan debt continues to surge despite falling college enrollment. In Q3, student loan balances rose by $23 billion from the second quarter, according to the latest Federal Reserve data.

Fed Issues Warning About High Debt and Overvalued Asset Prices

While the markets were giddy about the prospects of a coronavirus vaccine, the Federal Reserve was warning of more economic chaos on the horizon. The Fed released its biannual Financial Stability Report Monday. The report warned we could see a wave of defaults and “significant declines” in asset prices in the near future.

ETF Gold Holdings Rise for 11th Straight Month, Set New Record

Global ETF gold holdings rose for the 11th straight month in October, setting yet another new record at 3,899 tons valued at $235 billion.

Russia’s Second-Largest Bank Betting on Gold

Russia’s second-largest bank is betting on gold to boost profits in the midst of the COVID-19 pandemic and global economic slowdown. According to a Bloomberg report, VTB Bank has prioritized gold trading in addition to lending to gold mining companies.

More Bad News for the Labor Market

More bad news for the labor market. Nearly 1-in-10 companies are planning layoffs in the next three months. That’s on top of the more than a quarter of US companies that have already let workers go in Q4.