Peter's Blog

Gold and Silver Demand Have Surged in the Decade Since the 2008 Financial Crisis

The conventional wisdom is that demand for gold and silver has been somewhat tepid over the last couple of years. In fact, global gold demand grew by about 4% in 2018 and was in line with the five-year average. Much of that growth was due to a surged in demand through the fourth quarter as […]

The Fight for $15: Good Politics, Bad Economics

Raising the minimum wage might be good politics, but it’s bad economics – despite what some economists say. Last week, the Maryland legislature overrode the governor’s veto and adopted a $15 per hour minimum wage. It was a major victory for the “Fight for $15” crowd, but it almost certainly won’t be for low-skilled workers […]

Negative Yielding Government Debt Surges to Over $10 Trillion

Last week we reported that the yield curve on US Treasurys had inverted after the yield on the 10-year fell below the yield on 3-year bonds for the first time since 2007 – the cusp of the Great Recession. This has historically been an early-warning sign signaling a recession. Now we have some more bad […]

The Economy Is Great? American Consumers Aren’t Buying It

Every time the folks at the Federal Reserve talk about the “Powell Pause,” they assure us that the US economy is still strong. The president assures us that the US economy is still strong. The pundits on the financial news networks assure us that the US economy is still strong. But the US consumer doesn’t […]

Gold In Tech: Scientists Develop Coating to Stop Glass From Fogging Up

Not too long ago, CNBC commentator Jim Leventhal said he had no interest in gold because it has “no uses as a metal.” Of course, this comment is utterly absurd. It goes to show that just because you have an MBA doesn’t mean you have common sense. After all, anybody with an ounce of common […]

Another Bad Sign for the Economy: Wholesale Inventories Surge Again

On Friday, the yield curve inverted, often a warning sign of an impending recession. Many mainstream pundits say we shouldn’t be concerned about the inversion and that the US economy is still healthy. They say there are other underlying reasons for the inverted yield curve. But there are plenty of other economic data points that […]

Recession Early Warning? US Yield Curve Inverts

Peter Schiff has said a recession is a done deal. Since he made that comment, we’ve seen more and more signs of a looming economic downturn.  On Friday, we got another. The yield curve inverted, historically a sign of a looming recession. The yield on 10-year Treasurys fell below the yield on 3-year bonds for […]

Federal Government Runs Largest Deficit Ever in February

The US federal government ran an all-time record deficit of $234 billion in February, according to a Treasury Department report released on Friday. According to Business Insider, the February 2019 deficit topped the previous high of 231.7 billion set in February 2012.

Russia Keeps Right on Buying Gold

Russia continues to buy gold as it seeks to minimize exposure to the US dollar. According to information released by the Central Bank of Russia last week, it purchased another 31.1 tons of gold in February, bringing its total reserves to 2,149 tons.

Most Americans Won’t Be Paying Off Their Credit Cards Anytime Soon

Americans owe over $1 trillion in credit card debt and recent polling data indicates they aren’t paying off those balances anytime soon. According to a CNBC article, nearly half of all Americans carry a balance on their credit cards. Of those, only 30% say they will be able to pay off that balance within the […]