Peter's Blog

Things Happen Slowly and Then All at Once: SchiffGold Friday Gold Wrap Podcast June 30, 2023

There was a lot of economic data this month that seems to signal a strong economy. Does it though? Is everything really fine? In this episode of the Friday Gold Wrap, host Mike Maharrey digs deeper into the data and reveals a less sanguine reality. He also explains the inner workings of the spot price […]

What’s Going on With the Fed Balance Sheet?

We tend to focus a lot on the Federal Reserve’s interest rate policy, while the central bank’s balance sheet stays in the background. But the balance sheet arguably has more impact on the economy over the long run. Since the Fed began hiking interest rates in March 2022, it has also shrunk the balance sheet. […]

All You Do to Me Is Talk Talk: SchiffGold Friday Gold Wrap June 23, 2023

Fed Chair Jerome Powell went to Capitol Hill this week and talked. His open-mouth operations dominated the financial news and drove gold lower. In this episode of the Friday Gold Wrap, host Mike Maharrey digs into Powell’s comments, reads between the lines, and points out a couple of things Powell got completely wrong. He also […]

Jerome Powell’s Open-Mouth Operations

Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee on Wednesday (June 21). The Fed chief engaged in some more open-mouth operations, trying to guide monetary policy with words instead of actions. To understand a few things he said, you have to read between the lines. Oh, and he also got at […]

Alabama Joins Pushback Against a Central Bank Digital Currency

Another state has taken action hoping to hinder the implementation of a central bank digital currency (CBDC) in the United States. Last week, Alabama Governor Kay Ivey signed a bill into law that pushes back against CBDC in a small way that could place some roadblocks in the path toward implementing a digital dollar.

Have We Seen the Last Fed Rate Hike of This Cycle?

As was widely expected, the Federal Reserve Open Market Committee (FOMC) put rate hikes on pause at the June meeting, although it indicated we should expect additional hikes before the end of the year. The question is how long will the pause last and will the next Fed move actually be a rate cut?

At Its Core Price Inflation Still Running Hot

The Consumer Price Index (CPI) increased by the smallest annual amount in more than two years in May. This means the inflation fight is over and inflation lost, right? Not so fast.

Big May Shortfall Pushes 2023 Budget Deficit Well Over $1 Trillion

Congress “solved” the debt ceiling problem by effectively eliminating borrowing limits for the next two years. But it did nothing to address the underlying problem. And that underlying problem is painfully obvious when you look at the monthly budget deficits the federal government continues to run month after month. In May, the Biden administration piled […]

High Interest Rates Not Stopping Americans from Running Up More and More Debt

Despite the high interest environment intended to slow down borrowing, American consumers continue to run deeper and deeper into debt as they cope with sticky inflation. Consumer credit spiked by another $20 billion in April, a 5.7% increase year on year, according to the latest data released by the Federal Reserve.

I Told Ya So! SchiffGold Friday Gold Wrap June 9, 2023

In this episode of the Friday Gold Wrap, host Mike Maharrey engages in a little “I told you so!” discussing a couple of things he got right, including his assertion that the real problems would start after the debt ceiling deal and that it was important to keep your eye on the commercial real estate […]