Peter's Blog

Another Recession Warning: Credit Card Spending Suddenly Plunges

Flashing another recession warning sign, credit card spending suddenly fell off a cliff in June. American consumers have been using credit cards to make ends meet for months, but with credit card debt at record levels, rising interest rates appear to have slammed the door on spending. Credit card debt contracted in June for the […]

Ron Paul: Will the Fed Help End Donald Trump?

The Federal Reserve advertises itself as “independent” and above the political fray. We all know this isn’t true. The Fed is inherently political and makes decisions based on political calculations as much as economic data.

You Have Questions; We Have Answers: SchiffGold Friday Gold Wrap Aug. 4, 2023

In this special episode of the Friday Gold Wrap podcast, host Mike Maharrey answers listeners’ questions. He covers topics including the precious metals markets, investment strategies, the trajectory of the economy, the future of the US dollar, central bank digital currencies (CBDCs), and more.

Easing Price Inflation Is Transitory

Is price inflation really heading back toward the Federal Reserve’s 2% target? Most people in the mainstream seem to think so, and the recent drop in the consumer price index (CPI) appears to support this belief. Price inflation has trended downward over the last several months, with the annual CPI falling from a high of […]

JP Morgan Projects Record Gold Prices in 2024

JP Morgan forecasts $2,000 gold by the end of the year with the price continuing to rise to record highs in 2024. In his latest note, JP Morgan executive director of global commodities research Greg Shearer projects the price of gold will average around $2,175 an ounce by the fourth quarter of 2024. That would […]

Big Drop in Cardboard Box Sales Scream Recession

Good news. The looming US recession has been canceled. Or has it?

What’s Next? SchiffGold Friday Gold Wrap July 28, 2023

The Federal Reserve raised interest rates yet again during its July meeting. So, what’s next? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed meeting and the weird messaging, and then speculates about the central bank’s next move given the current economic backdrop. He also talks about a […]

The Fed Follows Its Script and Hikes Again; What’s Next?

I’ll say this about the Federal Reserve: it tends to follow the script. Everybody expected that the central bank would hike rates at the July FOMC meeting, and that’s exactly what it did. The Fed boosted the federal funds rate another 25 basis points to 5.25 to 5.5%.

Fissures in the Economy: SchiffGold Friday Gold Wrap July 21, 2023

Janet Yellen recently said she doesn’t think the US economy will slip into a recession. Friday Gold Wrap host Mike Maharrey explains why he doesn’t think we should put a lot of stock on Janet’s prognostications, and he goes on to point out some major fissures in the economy and financial system that are opening […]

Massive Bank of America Paper Losses Underscore Problems in the Banking System

Four months after the failure of Silicon Valley Bank and Signature Bank, the financial crisis sparked by Federal Reserve rate hikes continues to simmer under the surface. As of the end of the first quarter, Bank of America had over $100 billion in unrealized losses on its bond portfolio. This is the exact problem that […]