The One Thing That Has Not Declined Since The Fed Raised Rates

The one thing that has not declined since the Federal Reserve raised rates is gold. Gold is actually up better than 40 dollars an ounce since that rate hike. And if you remember, everybody was unanimous that if the Fed raised rates gold was going to tank because after all higher interest rates were going to crush the gold market. But I was saying the opposite because I knew that the price of gold had been falling for years in anticipating the raising rates. So, my perspective was, buy the rumor, sell the fact, and I thought the price of gold would go up. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG))

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

U.S. Economy, Markets: We May Already Be In A Recession

We may already be in a recession. The Atlanta Fed has already downgraded their forecast for the fourth quarter of last year to just 0.8 percent. And I think by the time we actually get the first estimate on January 29th, we can actually have a negative number for the fourth quarter. And if you look at all the economic data that is coming out, we can easily have a negative first quarter too and then we are in a recession.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.