Peter's Blog

On Sunday’s podcast, Peter breaks down the latest economic headlines and explains why the official PPI numbers, released last week, are hiding a worsening reality. He connects bad jobs revisions, distorted inflation measures, and reckless trade moves to a policy mix that will fan inflation while weakening American industry. He opens by revisiting last week’s […]

Last week, Peter appeared on the Money Masters podcast to map out the next moves in precious metals, the dollar, and markets more broadly. He lays out a thesis of de-dollarization, warns that tariffs and weak growth will stress the bond market, and argues that the Fed’s choices are likely to entrench a stagflationary outcome. 

Peter recently returned to the Mining Network for an interview with Peter Gadsdon. In this interview the duo covers executive overreach, unreliable government jobs data, a weakening dollar, and why persistent inflation will keep the Federal Reserve from cutting rates. Peter ties all of these threads to a larger theme — loss of confidence in […]

Upstream price pressures roared back in July, according to Thursday’s Producer Price Index (PPI) release from the Bureau of Labor Statistics. The headline PPI for final demand leapt 0.9 percent after a flat reading in June. Year-over-year, producer prices are now 3.3 percent higher, the largest 12-month increase since February. The data landed just 2 […]

Economic cross-currents, political headwinds, and an elevated gold price framed Federal Reserve Bank of Richmond President Tom Barkin’s August 12 remarks to The Health Management Academy in Chicago. Barkin told the Four Seasons crowd that U.S. real GDP expanded at just 1.2 percent during the first half of 2025, less than half last year’s 2.5 […]

As another month of steady interest rates passes by, the Fed’s favorite claim– that the central bank is “data-dependent”– continues to be made. This claim, of course, is not true. The Fed’s actions are dictated by incentives and pressures that favor cheap credit, not objective data. The following article was originally published by the Mises […]

Along with Trump, market watchers are salivating for rate cuts. But rates should be higher, not lower—and in a free market, they would be. In a free market, interest rates are determined by the supply and demand for credit. Savers provide capital (supply) while borrowers like businesses, consumers, and governments create demand. Rates would reflect […]

Treasury Secretary Bessent recently expressed displeasure with the Fed, implying that he’s interested in investigating whether or not the Fed is successful in promoting price stability. If Bessent digs deep enough, he’ll realize that the Fed has been both utterly unsuccessful and damaging to the economy.

Gold prices refused to budge much last week, with the LBMA Gold Price PM settling Friday at $3,344 per ounce—just 0.3 percent below the prior close. That leaves the metal up a dazzling 28.6 percent year-to-date, still among 2025’s best-performing assets despite a flurry of trade headlines and political theatrics. Early gains driven by tariff […]

Trump has repeatedly pressured Powell to lower interest rates, thinking that a spiral of Keynesian growth can undo the damage he has wrought with tariffs and one of the most hands on governments economically in recent memory. Let alone the theoretical weakness of Trump’s stands, he is viewing the Fed in an unprecedented yet still […]