Peter's Blog

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 […]

Is the World Really Running Out of Mineable Gold?

Is the world really running out of gold? According to a report in Deutsche Welle, it just might be.

World Gold Council Report: Fed Shift to Neutral Interest Rate Policy Historically Good for Gold

Historically, a Federal Reserve shift from interest rate tightening to a neutral stance has boosted the price of gold, although the effect has not always been immediate, according to a report released by the World Gold Council this week. It wasn’t long ago that the Fed was talking about multiple rate hikes in 2019 and […]

West Virginia Legislature Approves Measure to Repeal Sales Tax on Gold and Silver Bullion

The West Virginia legislature has approved a bill that would take an important first step towards treating gold and silver like money instead of a commodity by repealing sales and use taxes on bullion.

Consumer Debt Breaks Yet Another Record in January

Total consumer debt broke another record in January, according to the latest report by the Federal Reserve. Borrowing increased by $17.05 billion in the first month of 2019. The increase pushed overall consumer borrowing to a new $4.03 trillion record. That compares with $3.84 trillion in January 2018. That represents a 5.1% annual increase.

China Increases Official Gold Reserves for Third Straight Month as Anti-Dollar Push Continues

China added to its official gold reserves for the third straight month in February as the country continues efforts to minimize its exposure to the US dollar. The People’s Bank of China added 10 tons of gold to its horde last month. It has accumulated an additional 32 tons of the yellow metal since the […]

Powell Pause for the Masses: Fed Chair Talks to 60 Minutes

Federal Reserve Chairman Jerome Powell took his dovish message to the masses during a recent 60 Minutes interview. Powell continued to talk about “patience” and reiterated that the Fed “does not feel any hurry” to push rates any higher. He also said the interest rate is “roughly neutral” at this point, calling the current 2.25-2.5% […]

Modern Monetary Theory and the Green New Deal: A Match Made in Hell?

How will America pay for Alexandria Ocasio-Cortez’s Green New Deal? After all, as Peter Schiff said a few weeks ago, you can’t print wealth. But there is a growing number of people who seem to believe you actually can – at least indirectly. And they have an economic theory they claim backs them up. It’s […]

What Would You Do If You Couldn’t Get Money Out of Your Bank Account?

What would you do if the bank suddenly froze your account and you couldn’t access any of your money? Perhaps this sounds a little farfetched, but it certainly isn’t unprecedented. In fact, Chinese customers of some Spanish banks recently faced this exact scenario.