None of this is going to keep the U.S. Economy out of recession. The fact that the Japanese lowered their interest rates, the fact that the Europeans lowered their interest rates, that is not going to change anything on Main Street USA. And the fact of the matter is corporate profits are under pressure, retail sales are under pressure, and the layoffs are going to come. It is not going to matter what the global monetary policy is, this cyclical U.S. recession is already under way.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 28, 2016
A Bear Market in Stocks, Plus An Economic Recession
I think not only we are in a bear market in stocks, I think we are in a recession economically. I think the recession we are in now is going to be longer and deeper than the great recession of 2008-2009.
All bear market begin as corrections but they do not officially call it a bear market until its down 20 percent. The Russell 2000 Index is down 25 percent, the Transports Index is down 30 percent, many individual sectors and stocks are down a lot more than 20 percent!
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
All bear market begin as corrections but they do not officially call it a bear market until its down 20 percent. The Russell 2000 Index is down 25 percent, the Transports Index is down 30 percent, many individual sectors and stocks are down a lot more than 20 percent!
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 27, 2016
The Recession Is Going To Gather Momentum
The U.S. Economy is rapidly returning to recession, I think the recession has already begun and I think this greater recession that is going to be worse than the one we had in 2008-2009 begun at the end of last year. It is going to gather momentum through out this year and that is going to make it impossible to raise interest rates again.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 26, 2016
The Federal Reserve Is Not Going To Be Able To Raise Interest Rates Again
I do not believe the Federal Reserve is going to be able to raise interest rates again, that was the reason I thought they were not going to raise them at all. I thought they were smart enough to recognize what the consequences of raising rates would be and that they would not want to put themselves in a box. I guess I overestimated the competency of the Federal Reserve. They raised rates apparently clueless of the havoc it would cause in the markets but I warned everybody of what was going to happen.
Of course since they raised rates, this is the worst start to a year in the stock market in history and in fact its one of the worst months in history of any year. And the U.S. Economy is rapidly returning to 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.
Of course since they raised rates, this is the worst start to a year in the stock market in history and in fact its one of the worst months in history of any year. And the U.S. Economy is rapidly returning to 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.
Jan 25, 2016
What The Federal Reserve Will Do Now
The bottom line is everybody is excited now because we are getting more money printing from Europe and possibly from japan too. That is what is driving everything but it is not over until the Fat Lady sings.
Janet Yellen is going to have to join the chorus. And it is not just about maybe the Fed is going to slow down their tightening. Because they are still projecting four interest rate hikes during 2016. The Fed did not even come out and said anything. The last we heard from anybody at the Fed was that the U.S. Economy was in great shape and their opinions have not changed at all since the rate hike. But for some reason Draghi felt compelled to take one for the team, "we are going to spare no expense, there is no mil it to what we are going to do."
The Fed has this credibility problem. I knew they were going to have this problem if they raised rates. They cannot come out and say, "We are going to ear too", they just tightened! The Fed is going to try, I believe, for as long as possible to delay having to admit that they are going to cut rates or do QE4.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Janet Yellen is going to have to join the chorus. And it is not just about maybe the Fed is going to slow down their tightening. Because they are still projecting four interest rate hikes during 2016. The Fed did not even come out and said anything. The last we heard from anybody at the Fed was that the U.S. Economy was in great shape and their opinions have not changed at all since the rate hike. But for some reason Draghi felt compelled to take one for the team, "we are going to spare no expense, there is no mil it to what we are going to do."
The Fed has this credibility problem. I knew they were going to have this problem if they raised rates. They cannot come out and say, "We are going to ear too", they just tightened! The Fed is going to try, I believe, for as long as possible to delay having to admit that they are going to cut rates or do QE4.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 23, 2016
A U.S. Economic Recovery And Higher Rates Cannot Coexist!
What is amazing to me is that people will not see that all these interest rate hikes cannot happen because the U.S. economy is the economy that is the most vulnerable to higher rates. We are the biggest debtors. A U.S. economic recovery and higher rates cannot coexist!
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 22, 2016
The Fed Is Going To Take Interest Rates Negative, Launch QE4
The Federal Reserve is going to try it again. The Fed is going to take interest rates negative and launch QE4 that it is going to be bigger than QE3. But it will be too late to stop this recession from unfolding.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Markets: Jamie Dimon Is Wrong, High Yield Bonds & Treasuries
The market has got to be telling us that not only we are in a bear market but we are in a recession, the market is forward looking, the market is telling us that we are in a recession. In fact, the bond market is telling us that.
I was watching Jamie Dimon on CNBC, he was talking about why he saw value in the high yield bond market and he is looking at the spreads between high yield and Treasuries and he is saying, the high yield market is priced as if we were in a severe recession and therefore this is a great bargain because we all know that we are not in a severe recession, we are not even in a recession, the economy is going to grow 2 to 3 percent this year. Everything is great yet the bonds are priced as if there is a recession. Maybe the reason that the bond market is priced as if we are in a severe recession it is because we are in a severe recession. That would make sense because why are the bonds priced as if we are in a severe recession? Because we are! All the economic data that we keep getting shows that.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
I was watching Jamie Dimon on CNBC, he was talking about why he saw value in the high yield bond market and he is looking at the spreads between high yield and Treasuries and he is saying, the high yield market is priced as if we were in a severe recession and therefore this is a great bargain because we all know that we are not in a severe recession, we are not even in a recession, the economy is going to grow 2 to 3 percent this year. Everything is great yet the bonds are priced as if there is a recession. Maybe the reason that the bond market is priced as if we are in a severe recession it is because we are in a severe recession. That would make sense because why are the bonds priced as if we are in a severe recession? Because we are! All the economic data that we keep getting shows that.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 21, 2016
U.S. Stocks: All Bear Markets Begin As Corrections
The bear market in global stocks continues. In fact I believe we are in a bear market in the United States even though nobody wants to admit that its a bear market because technically the major averages are not quite down 20 percent even though some of the averages are, the Russell 2000 Index is down 25 percent from its high, in a bear market. There are many individual sectors that are way down in bear market territory.
All bear markets begin as corrections. You cannot be down 20 percent if you are not down 10 percent first. The bear market of 2001 when the S&P 500 Index and the Dow Jones Industrials were basically cut in half, the Nasdaq went down by 80 percent, that decline started as a correction. The same thing in 2008, that market meltdown where the S&P 500 Index and the Dow Jones Industrials were down about 50 percent, they were calling it a correction too until they realized that it was a bear market. And that is what they are talking about today.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
All bear markets begin as corrections. You cannot be down 20 percent if you are not down 10 percent first. The bear market of 2001 when the S&P 500 Index and the Dow Jones Industrials were basically cut in half, the Nasdaq went down by 80 percent, that decline started as a correction. The same thing in 2008, that market meltdown where the S&P 500 Index and the Dow Jones Industrials were down about 50 percent, they were calling it a correction too until they realized that it was a bear market. And that is what they are talking about today.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 20, 2016
Markets: We Are Clearly In A Recession Now
We are clearly in a recession now, the question is for how long have we been in recession, did it start a few months ago or is it starting this month?
We are back in a recession and its going to be a horrible recession, I think its going to be worse than the Great Recession (2008-2009) so it will be a greater recession. And it is because of everything the Fed did to mitigate the damage back then, they just postponed the pain to a later date, unfortunetely this is the later date and the pain is about to begin.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
We are back in a recession and its going to be a horrible recession, I think its going to be worse than the Great Recession (2008-2009) so it will be a greater recession. And it is because of everything the Fed did to mitigate the damage back then, they just postponed the pain to a later date, unfortunetely this is the later date and the pain is about to begin.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 19, 2016
This Is Clearly The Type Of Action That You Get In A Bear Market
This is clearly the type of action that you get in a bear market. I think we are in a bear market and many stocks have been in a bear market for a long time but it was being masked by some of these big profile names that were doing so well that were masking the problems beneath the surface. Now that those stocks have joined the party they are no longer obscuring what is going on.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 18, 2016
There Many Stocks Down 60, 70, 80 Percent
All the major averages are now lower than they were when the Federal Reserve ended QE3. Pretty soon they will all be lower than they were when the Federal Reserve started QE3. And when you dig beneath the sectors there are many individual stocks that are down 20, 30, 40, 50, 60, 70 and 80 percent. Look at GoPro (GPRO) now down 82 percent from where it was last year, that was one of the highly touted IPO`s and obviously it has now collapsed.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Stock Market: We Are Probably In A Bear Market Right Now
The Dow Jones Industrials Index ended another down week on a down note dropping 390 points. The Nasdaq Composite was down as well, down 126 points. Of course at one point the Nasdaq Composite was down almost 190 points and the Dow Jones Industrials was down 530 points but we still finished off a pretty bad week extending the rout. This is the worst January in the history of the stock market.
The Dow Jones Industrials is now off 13 percent from its highs, the Nasdaq Composite about 15 percent from its highs so firmly in correction territory, that is what Wall Street calls a decline of 10 percent or more. When it hits a decline of 20 percent they call it a bear market.
We are probably in a bear market right now because ultimately those indexes will be down 20 percent so we are just early in the bear market. The Dow Jones Transportation Index is down 27 percent from its highs, that is a bear market, the Russell 2000 Index is down about 23 percent, so bear market territory there. And of course there are many sectors that are in a bear market.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
The Dow Jones Industrials is now off 13 percent from its highs, the Nasdaq Composite about 15 percent from its highs so firmly in correction territory, that is what Wall Street calls a decline of 10 percent or more. When it hits a decline of 20 percent they call it a bear market.
We are probably in a bear market right now because ultimately those indexes will be down 20 percent so we are just early in the bear market. The Dow Jones Transportation Index is down 27 percent from its highs, that is a bear market, the Russell 2000 Index is down about 23 percent, so bear market territory there. And of course there are many sectors that are in a bear market.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 15, 2016
Markets, Economy: The Last Thing That Janet Yellen Wants
The last thing that Janet Yellen wants to do is to hand the election to a Republican or maybe even to Donald Trump, so she is going to do whatever she can to deliver it to Hillary Clinton. She remembers what happened when Alan Greenspan bubble bursted while Bush was still in office, guaranteed that Obama would win and McCain had no chance with that kind of baggage. Well, she does not want to leave Hillary Clinton with the same kind of baggage. She wants Barack Obama to be able to leave claiming that he saved us.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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: All The Leading Indicators That Are Forward Looking Are Flashing Recession
Jobs are a lagging indicator. They do not tell you where the economy is going, they tell you where it has been. All the leading indicators that are forward looking are flashing recession and once this recession hits and all employers realize that they were wrong in anticipating a non-existing recovery, they will be laying off a lot of workers that they should never have hired in the first place. Then the unemployment rate is going to skyrocket, then all the non-farm payrolls are going to disappear and by then we will be deep in the 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.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 13, 2016
Lots Of Downside To Markets & Economy
We had the worst opening week in the history of the stock market and I think there is a lot downside to come both for the market and for the economy.
It is amazing that some people are trying to pretend that there is no problem or they are trying to say that it is contained to China, or that the problems of the economy are contained to manufacturing and everything else is OK. That is what they said when the mortgage bubble bursted. They said it was contained to subprime or when the Nasdaq bubble bursted that it was contained to tech. It is never contained but they never run out of excuses.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
It is amazing that some people are trying to pretend that there is no problem or they are trying to say that it is contained to China, or that the problems of the economy are contained to manufacturing and everything else is OK. That is what they said when the mortgage bubble bursted. They said it was contained to subprime or when the Nasdaq bubble bursted that it was contained to tech. It is never contained but they never run out of excuses.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 12, 2016
Markets: Is This A Buying Opportunity?
In the meantime the Great Recession that was interrupted by the Federal Reserve is about to resume unless the Fed comes back. Ultimately we are going to die of the Fed`s cure that is even worse than the disease.
But yes, this might be a buying opportunity, it all depends on how quickly the Federal Reserve comes clean. But I think they are going to wait a while, they are playing a game of chicken but this economy is in lousy shape. When people say, "Its contained to manufacturing, it is just an industrial recession", it is as contained as the mortgage problems were contained to subprime.
Related Exchange Traded Funds: Energy Select Sector SPDR ETF (XLE), Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
But yes, this might be a buying opportunity, it all depends on how quickly the Federal Reserve comes clean. But I think they are going to wait a while, they are playing a game of chicken but this economy is in lousy shape. When people say, "Its contained to manufacturing, it is just an industrial recession", it is as contained as the mortgage problems were contained to subprime.
Related Exchange Traded Funds: Energy Select Sector SPDR ETF (XLE), Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
The Market Is Going Lower Until The Fed Comes Clean
First of all, we are nowhere near capitulation. I think we are still in denial. Remember, the entire bull market was about the Federal Reserve and the Fed finally pricked its own bubble in December. And there is a lot more air that is going to come out. The market is going much, much lower until the Federal Reserve comes clean and admits that it is not raising interest rates any more. I think they will have to launch QE4 to stop this market and that is exactly what they are going to do.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 11, 2016
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.
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.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 8, 2016
Gold Stocks: Wall Street Is Still Oblivious To These Bargains
You would think that gold stocks would be up a lot more considering the fact that the cost for these mining companies are plunging because their labor costs are going down because they are in Canadian Dollars or Australian Dollars, their energy costs are collapsing and the revenue is going up.
But Wall Street is still oblivious to these bargains that exist in the mining sector but of course year-to-date the mining stocks are up and that is the only sector in the market that is up and I tell you that no one on Wall Street owns these stocks.
(Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
But Wall Street is still oblivious to these bargains that exist in the mining sector but of course year-to-date the mining stocks are up and that is the only sector in the market that is up and I tell you that no one on Wall Street owns these stocks.
(Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 7, 2016
The Yen Strength Is Scary For The Markets
The Dollar/Yen (USD/JPY) is really breaking down. And to me that is a very scary proposition for the markets to see this strength coming in the Japanese Yen.
(SPDR S&P 500 Index ETF (SPY), SPDR Dow Jones Industrial Average ETF (DIA), Nasdaq 100 Index ETF (QQQ))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
(SPDR S&P 500 Index ETF (SPY), SPDR Dow Jones Industrial Average ETF (DIA), Nasdaq 100 Index ETF (QQQ))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
The Reason Why The Stock Market Is Falling
I do not believe that the news announcement had anything to do with the market`s decline. The market would have declined anyway even if North Korea had not tested the bomb, they would have blamed it on something else.
But the real problem is the Federal Reserve taking away the monetary heroin from all the addicts on Wall Street and this is the withdrawal.
(Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
But the real problem is the Federal Reserve taking away the monetary heroin from all the addicts on Wall Street and this is the withdrawal.
(Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 6, 2016
2008 Crisis: On The Verge Of Something Even Bigger
We are on the verge of something much more pronnounced than what happened in 2008. It is going to be a crisis that is going to be far more profoundly felt be everybody. It is going to make a much bigger difference.
Related ETFs: SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Related ETFs: SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 5, 2016
Stock Market: A Lot Of Technical Damage
Until the Federal Reserve changes this dynamic, I do not see what is going to prop up this market. If everybody believes that interest rate hikes are coming, if the economy is weakening, if corporate earnings are under pressure, and you are fighting the Fed there is not a lot to this market.
And if you look at the technicals of the market, you look at the trends that have been broken in the S&P 500 Index, in the Nasdaq, in the Dow Jones Industrials... I mean there is a lot of technical damage to this market and it takes some kind of a game changing event (to reverse it).
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
And if you look at the technicals of the market, you look at the trends that have been broken in the S&P 500 Index, in the Nasdaq, in the Dow Jones Industrials... I mean there is a lot of technical damage to this market and it takes some kind of a game changing event (to reverse it).
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dow Jones Transportation Index: Officially In Bear Market Territory
The Dow Jones Transportation Index continues to get crushed, again the weakest index on the day. We are down more than 20 percent from last year`s high. We are officially in bear market territory in the Dow Jones Transportation Index and do no try to blame this on weak oil prices. This is all about the economy and economic weakness as these are economically sensitive stocks and that is why they are suffering.
Related stocks: FedEx Corporation (FDX), Union Pacific Corporation (UNP), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Related stocks: FedEx Corporation (FDX), Union Pacific Corporation (UNP), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 4, 2016
Crude Oil, Stock Markets Are Being Impacted By A Weaker Economy
The Transports were the weakest index of the year. I think they were down about 17 percent. in 2015. Now, that is the index that is the biggest beneficiary of lower oil prices. So clearly if the Transports were the weakest of the indexes, the weakness cannot be because of the cheap oil. It has got to be another reason. And again I think it has to do with the economy. Oil is being impacted by the weakness of the economy and so are economically sensitive stocks.
Related stocks: Union Pacific Corporation (UNP), FedEx Corporation (FDX), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Related stocks: Union Pacific Corporation (UNP), FedEx Corporation (FDX), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 30, 2015
Markets: QE4 Coming Next Year
I think they will be doing QE4 next year, that is the problem. And not because any of this works (QE), it does not work. But we are trapped in this. The Gold market is going to like it.
(SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX), SPDR Dow Jones Industrial Average ETF (DIA))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
(SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX), SPDR Dow Jones Industrial Average ETF (DIA))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 29, 2015
Financial Markets: You Can Only Imagine What Lies Ahead
We have had 7 years of zero percent interest rates and the damage that the Federal Reserve has done to this economy is much greater than what was done under Greenspan and that gave us the 2008 financial crisis. So you can only imagine what lies ahead as a result of what the Federal Reserve has done to us this time. (SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY), SPDR Gold Trust ETF (GLD))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 28, 2015
How To Play Gold
I started to tell people to buy gold (SPDR Gold Trust ETF (GLD)), when it was at 300 dollars an ounce.
I do not tell people to put all their money in gold. I tell people to put some of their money in gold (SPDR Gold Trust ETF (GLD)), 5 to 10 percent and as you get more money as the price of gold comes down you can add to it at a better price.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
I do not tell people to put all their money in gold. I tell people to put some of their money in gold (SPDR Gold Trust ETF (GLD)), 5 to 10 percent and as you get more money as the price of gold comes down you can add to it at a better price.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Manufacturing Is In Recession And Getting Worse
Manufacturing is already in recession and that is just going to get worse and obviously this interest rate hike and the belief that the Federal Reserve has got more coming is just going to accelerate this process.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 23, 2015
The Federal Reserve Will Be Forced To Admit That It Is Wrong
As the economy slows and the Federal Reserve is forced to admit that it is wrong and it is forced to lower interest rates back down to zero and launch QE4, there goes its credibility. They were obviously wrong and they were so wrong that they could not even admit it.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
The Credibility Bubble Might Be The First One To Deflate
I think the Federal Reserve is getting dangerously close to losing what remains of their credibility. The credibility bubble might be the first one to deflate and it is amazing that after two busted bubbles in the past 15 years the Federal Reserve still has any credibility left. But I think it is going to be the third time the charm or whatever is the opposite of charm for the Federal Reserve when it comes to losing their credibility.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 22, 2015
The Bond Bubble: Junk Bonds, Treasuries
When rates move up all bubbles are going to burst. The Bond bubble, it is not just junk bonds, there is a bubble in sovereign credit, there is a bubble in Treasuries. (SPDR Barclays Capital High Yield Bnd ETF (JNK), iShares iBoxx $ High Yid Corp Bond ETF (HYG))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 21, 2015
All The Forward Economic Indicators Are Flashing Recession
The whole economy is nothing but a bubble. We did not have a legitimate economic recovery, we just had a bubble and te bubble needs to be pricked. But if you look at all the forward economic indicators, they are all flashing recession. The only one that is not is the Unemployment Rate which is a lagging indicator.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 18, 2015
Interest Rate Hike: The Economic Data Did Not Justify It
I think the Federal Reserve felt that even though the data did not justify it, that they had to raise rates because they were afraid of the psychological damage, in other words, to prove they were confident in the economy they had to raise interest rates even though the economic data would argue against it. (SPDR S&P 500 Index ETF (SPY), SPDR Gold Trust ETF (GLD))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 17, 2015
The Federal Reserve Will Not Raise Rates Again
Yellen is trying to reassure markets not to anticipate much in the way of additional tightening and in fact I do not think this is the beginning of the hiking cycle. I think this is the end of it. Normally when the Federal Reserve behind to raise interest rates they do it early in the recovery when the economy has a lot of upper momentum. But the Federal Reserve has waited so long that this recovery is almost over. The recession is about to begin. I think there is a good chance it is already hereof will begin early in 2016.
I think the only reason the Fed is raising rates is to try to show they have confidence in the economy but the reality is that they are trying to cover up fears with this symbolic rate hike. I think they will be doing QE4 next year, they will not raise rates again.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
I think the only reason the Fed is raising rates is to try to show they have confidence in the economy but the reality is that they are trying to cover up fears with this symbolic rate hike. I think they will be doing QE4 next year, they will not raise rates again.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 15, 2015
Oil Prices & Stock Prices Are Going Down For The Same Reason
The truth is oil prices and stock prices are going down for the same reason. It is not that lower oil prices are causing the market to go down. Both are going down for the same reason and that reason is a slowing global economy including the U.S. Economy and the fact that the Federal Reserve is threatening to slow it even faster by raising interest rates. That is what is driving the market down.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 14, 2015
If The Fed Was Data Dependent They Would Not Be Raising Rates
The economic data is bad. They do not want to acknowledge that. If the Federal Reserve was data dependent they would not be raising rates based on their own criteria, but they do not want to acknowledge what should be obvious. ( Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
If The Fed Raises Rates, They Will Cut Them Back Again
I think when the Federal Reserve raises rates the next thing they are going to do is to cut them back down to zero. We will probably be in a recession next year or close enough to it, that the Federal Reserve tries to delay the onset of that recession by stimulating again by going down to zero, doing QE4 and of course when the Federal Reserve does that they will look like complete fools. (SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 11, 2015
The Most Dovish Interest Rate Hike Ever
Manufacturing is in recession and the overall economy will likely join the manufacturing sector next year. In fact, we lost manufacturing jobs again this month.
Everyone is still convinced that the Federal Reserve is about to raise interest rates next week. They might just do it now because Janet Yellen has basically assured everybody that it does not matter if they raise rates now, what matters is what they will do afterwords. She is basically trying to take the sting out of it by making this the most dovish interest rate hike ever. (SPDR S&P 500 Index ETF (SPY), SPDR Gold Trust ETF (GLD))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Everyone is still convinced that the Federal Reserve is about to raise interest rates next week. They might just do it now because Janet Yellen has basically assured everybody that it does not matter if they raise rates now, what matters is what they will do afterwords. She is basically trying to take the sting out of it by making this the most dovish interest rate hike ever. (SPDR S&P 500 Index ETF (SPY), SPDR Gold Trust ETF (GLD))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Dec 10, 2015
U.S. Economy: The Recovery is Ending
Manufacturing is already in a recession. Look at the ISM number that came out last week at a 6 year low. Even the Services sector ISM came way below estimates. Retails sales have been abysmal, consumer confidence is going down. All signs point that the recovery is ending.
Dec 9, 2015
Markets: Interest Rate Hike, Tightening Cycle
If we actually get an interest rate hike next week that is the only interest rate hike we re going to get from the Federal Reserve. It is not going to be the beginning of the tightening cycle, it is going to be the end of the tightening cycle which actually begun a couple of years ago when they first started talking about the taper. That was the beginning of the tightening cycle and I think the first official rate hike, if we actually get one, is going to be the end of the process.
Dec 8, 2015
I Expect The Dollar To Be Weaker
As I have been saying, we have the biggest problems in the United States and so I do expect the U.S. Dollar to be weaker than these other fiat currencies and when they are sinking but the dollar is sinking faster that is when the price of gold can really take off. (SPDR Gold Trust ETF (GLD))
Dec 7, 2015
The Best Environment For Gold
The best environment for Gold is going to be when the weakest currency is the U.S. Dollar. Gold does well when all the currencies are going down but for some reason the U.S. Dollar needs to be going down the most. Because if the U.S. Dollar is going down more slowly than the Euro Currency or the Yen everybody assumes the U.S. Dollar is strong and Gold goes down which is an asinine assumption and obviously its not going to be able to persist that way. Ultimately gold has to go up.
Dec 4, 2015
Dow Jones: The 2,000 Points Relief Rally May Be Reversed
We were down 400 points in the last 2 days on the Dow Jones Industrials and remember the Dow Jones rallied 2,000 points off its September low. That is where it was when everybody thought the Federal Reserve was going to hike interest rates in September and when we got that bad jobs number we had a 2,000 points relief rally because the Fed was not about to raise rates.
And now what as been holding up the market was the idea that the ECB was going to come in with all this money printing. But now that we are not going to get that and people still expect Yellen to raise rates, well, we might lose the entire 2,000 points relief rally in which case the rate hike is back off the table as if it was ever on the table in the first place.
And now what as been holding up the market was the idea that the ECB was going to come in with all this money printing. But now that we are not going to get that and people still expect Yellen to raise rates, well, we might lose the entire 2,000 points relief rally in which case the rate hike is back off the table as if it was ever on the table in the first place.
Dec 3, 2015
The Fed Is Going To Look Ridiculous For Having Raised Rates
They waited so long to raise interest rates that the economy is already going into recession on its own without any help from the Federal Reserve. If the Federal Reserve now gives it a push by raising interest rates even slightly, we are going into recession that much quicker and the Federal Reserve is going to look ridiculous for having raised interest rates so close to the beginning of the recession.
Gold: Hedge Funds Are The Most Short They Have Ever Been
By the way, hedge funds are the most they have ever been in Gold right now, the least long, the most short, their net short position.
Obviously everybody who shorted gold, if you shorted it over the last few years, you are ahead. That trade is a winner for everybody. Let`s see what happens if the price of gold reverses between now and the end of the year and we get a lot of hedge funds that want to book those profits. We will see how much profit remains to be booked if all the shorts at once decide to cover because I think a lot of people sitting on paper profits are going to find these paper profits difficult to realize when everybody is trying to realize them at the same time.
Meanwhile in the physical gold world the demand for gold continues to hit records as we are getting reports from the mints about what demand is for actual physical silver and gold coins.
Obviously everybody who shorted gold, if you shorted it over the last few years, you are ahead. That trade is a winner for everybody. Let`s see what happens if the price of gold reverses between now and the end of the year and we get a lot of hedge funds that want to book those profits. We will see how much profit remains to be booked if all the shorts at once decide to cover because I think a lot of people sitting on paper profits are going to find these paper profits difficult to realize when everybody is trying to realize them at the same time.
Meanwhile in the physical gold world the demand for gold continues to hit records as we are getting reports from the mints about what demand is for actual physical silver and gold coins.
Dec 1, 2015
U.S. Economy: Consumers Aren`t Confident
This was the lowest level for Consumer Confidence in 14 months. The Federal Reserve is just getting ready to raise interest rates as the economy is supposedly ready for it yet consumer confidence is at 14 month lows.
Consumers were a lot more confident 14 months ago when the Federal Reserve said they could not raise interest rates but now they are saying, "Everything is perfect, we are going to raise interest rates" and they are getting economic data that suggests that thy should be doing the opposite!
Consumers were a lot more confident 14 months ago when the Federal Reserve said they could not raise interest rates but now they are saying, "Everything is perfect, we are going to raise interest rates" and they are getting economic data that suggests that thy should be doing the opposite!
Corporate Profits Are Declining
Buried in that GDP report were some other very bad numbers. For example, there was a 4.7 percent decline in corporate profits during the quarter. That is the biggest decline in corporate profits since 2009!
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