Peter's Blog

Market Brief: FOMC on Pause

The FOMC and the Bank of England stood pat on interest rates this week. Following the FOMC’s decision, gold and silver fell on the back of its hawkish statement before recovering slightly. In Europe this morning, gold was $1926 up a net $2 from last Friday’s close. Silver fared much better at $23.68, up 65 […]

Saying One Thing; Doing Whatever: SchiffGold Friday Gold Wrap Sept. 22, 2023

The Federal Reserve wrapped up its September meeting on Wednesday and left interest rates unchanged. But Powell and Company had plenty to say. In this episode of the Friday Gold Wrap, host Mike Maharrey breaks down the rhetoric and argues that what the Fed says and what it will do are two different things.

Fed Talk and Dot Plots: There’s a Big Difference Between Saying and Doing

The Federal Reserve held interest rates steady at the September FOMC meeting, but the committee indicated that it plans to hold rates higher for longer than originally projected. As you digest the Fed meeting, it’s important to remember that there is a big difference between “saying” and “doing.”

Currency Wars Versus Gold Standards

Russia and the Saudis are driving up oil and diesel prices. But these moves are likely to undermine the rouble more than they undermine the dollar, euro, and other major currencies. Therefore, higher energy prices will rebound on the Russians this winter: if they shiver in Germany, they will freeze in Russia. If the dollar […]

Peter Schiff: Fed Money Magicians Running Out of Rabbits

Most people think everything is fine. The Fed is getting inflation under control and soon they’ll be able to cut interest rates, keeping the economy from falling into a deep recession. In his podcast, Peter Schiff poured cold water on this narrative. He explains why the Fed won’t be able to repeat the magic it […]

Say’s Law Says It All

As the world descends into a much-heralded recession, the surprise will be that interest rates will continue to rise as economic activity contracts. This is not what the economic establishment expects. This article puts the outlook in the context of classical economic theory, when it was the principles behind the division of labour which went […]

A Brief History of the Gold Standard

As evidence mounts that the major Western economies are heading into a banking and monetary crisis due to contracting credit, we face the consequences of unsound money. The era of fiat is drawing to a close and its death will be painful for the highly indebted advanced economies in North America, Europe, and Japan. History […]

Gold Is Natural Money; Fiat Is Fake

Gold is nature’s money. Aristotle listed four characteristics of sound money: it must be durable, portable, divisible, and have intrinsic value. Gold possesses all of these characteristics, which is why gold has served as money for thousands of years.

Ten Reasons to Doubt the Possibility of a “Soft Landing”

There is a growing consensus that the Federal Reserve can slay price inflation while guiding the economy to a “soft landing.” In fact, Fed economists now project the US economy will not spin into a recession. Other mainstream pundits and prognosticators have taken up this narrative. But there are plenty of reasons to doubt it.

Peter Schiff: Jerome Powell’s Jackson Hole Speech Was Full of Holes

Federal Reserve Chairman Jerome Powell delivered his annual speech at Jackson Hole on Friday. Peter Schiff broke the speech down in his podcast and said the speech itself was full of holes. It wasn’t so much what he said, but what he left out.