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. […]

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 […]

Mainstream Perception vs. Economic Reality: SchiffGold Friday Gold Wrap Podcast June 16

There is the mainstream and market perception of what going on in the economy and financial system. And then there’s the underlying economic reality. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the growing divergence between the two in the context of the June Federal Reserve meeting and the […]

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?

What Central Banks Giveth They Taketh Away; Wave of Corporate Defaults on the Horizon

With a debt ceiling deal done, the threat of a US government default is off the table for the time being. But a wave of corporate defaults is on the horizon according to Deutsche Bank’s annual default study. This is the inevitable consequence of central bank monetary policy and it was entirely predictable.

The Fed Blew Up Another Real Estate Bubble and It’s Losing Air

In March, I warned that the commercial and investment real estate markets could be the next thing to break in this bubble economy. A recent article in the Wall Street Journal put a face on my warning.

When the Solution Becomes the Problem: SchiffGold Friday Gold Wrap May 26, 2023

The debt ceiling “crisis” is coming to a head.  We’re pretty confident Republicans and Democrats will strike a deal and raise the debt ceiling. That’s supposed to solve the problem. But Friday Gold Wrap podcast host Mike Maharrey says the solution is the problem. In this episode, he also offers some bullish perspective on silver.

Bernanke and Powell: A Lot of Finger-Pointing but No Self-Reflection

Federal Reserve Chairman Jerome Powell and former chair Ben Bernanke recently fielded questions together at the annual Thomas Laubach Research Conference put on by the central bank. They engaged in a lot of finger-pointing but didn’t offer a hint of self-reflection as they discussed inflation and the state of the economy.

What Are the Markets Getting Wrong?

We’ve talked about the recent selloff in gold. On the other side of the coin, the NASDAQ has made a string of 52-week highs. What is driving these market dynamics? The Fed. The markets generally believe that the Federal Reserve is finished hiking interest rates, or at least close enough to being done that a […]