Peter's Blog

Another Month, Another Huge Budget Deficit

The US government ran another huge budget deficit in April. The shortfall came in at $225.58 billion, running the total budget deficit through the first seven months of fiscal 2021 to a record $1.9 trillion, according to the Treasury Department’s Monthly Treasury Statement. That compares with a $1.5 trillion deficit through the first seven months […]

Peter Schiff: Clueless Investors and Economists Shocked By Ballooning CPI

The consumer price index (CPI) came in much hotter than expected. The consensus was for a 0.2% month-to-month increase in price inflation.  The actual number was 0.8%. It was the biggest monthly gain in CPI since 1981. Annualized, CPI measured 4.2% – more than double the mythical Federal Reserve target of 2%. Federal Reserve Vice […]

Gold Demand in the Tech Sector Up in Q1

Gold demand in the technology sector was up 11% year-on-year, coming in at 81.2 tons in the first quarter of 2021. According to the World Gold Council, the strong growth was partially due to comparison with relatively weak tech demand in the first quarter of 2020, as governments began shutting down economies in response to […]

Job Openings Hit Record High as Unemployment Persists

America’s labor market is a mess and riddled with incongruency. On the one hand, businesses can’t find workers. Help wanted signs hang in windows across the country. A McDonald’s franchisee in Tampa is offering bonuses just for showing up for an interview. Meanwhile, unemployment just ticked up to 6.1%. In what kind of world does […]

Jim Grant: The Fed Can’t Control Inflation

Federal Reserve Chairman Jerome Powell insists inflation is “transitory.” As prices have spiked throughout the economy, Powell’s messaging has essentially been, “Move along. Nothing to see here.” Peter Schiff has been saying the central bankers at the Fed can’t actually tell the truth about inflation because even if they acknowledge it’s a problem (and it […]

America’s Trade Surplus in Services Shrinks as Trade Deficit in Goods Balloons

Americans consume goods other people produce. As America offshored its manufacturing, it promised to supply the world with high-priced services and technology in exchange. But as it turns out, that promise never materialized. The ballooning overall trade deficit bears this out. It leaped to another record high in March, surging 5.6% month-on-month to a new […]

Central Banks Bought Over 79 Tons of Gold in March

Central banks globally added a net 79.5 tons of gold to their reserves in March, led by a major purchase by Hungary, according to the latest data compiled by the World Gold Council.

Peter Schiff: You Don’t Need Jobs If You’re Spending Printed Money

Everybody expected the jobs report last Friday to show a big increase in employment. It didn’t happen. Instead of the 978,000 new jobs created in April that economists expected, nonfarm payroll increased by just 266,000. On top of that, the Labor Department revised the March number down from 916,000 to 770,000. The unemployment rate ticked […]

Fun on Friday: The Most Valuable Trophy in Sports

If you are a regular Fun on Friday reader, you know I love sports. Hockey is my favorite followed by football. My favorite teams are the Tampa Bay Lightning and the Tampa Bay Buccaneers. Well, all of those worlds collided in a moment of sports harmony this week. Tampa Bay Buccaneers tight end Rob Gronkowski […]

Yellin’ at Yellen: SchiffGold Friday Gold Wrap May 7, 2021

Treasury Secretary Janet Yellen did a big flip-flop this week. Her comments and her subsequent attempt to walk them back were telling. She accidentally revealed the ugly truth about inflation and the central bank’s ability to deal with it. In this episode of the Friday Gold Wrap, host Mike Maharrey takes Yellen to task. He […]