We had another roller coaster ride in the stock market today, with the Dow Jones ending down about 200 points, but that was well off the lows of the day. I think we were down about 350 points, or close to it, at the lows. But, more interesting, we were up over 200 points earlier this morning. So this is very negative technical action, when you have these rallies and then close negative. In fact, we were down another 100 points yesterday on the Dow, and today, we came to within, I think 10 points of taking out yesterday's high - and then we not only crashed below yesterday's low, but we closed below yesterday's low. So another very weak day.
Allen West on The Peter Schiff Show (3/14/13)
Live from CPAC 2013
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Daniel from Chicago, IL: Regarding silver from a technical view, do you think it's forming a bearish rising wedge pattern that can see drop further to support around $21 before rebounding? In addition, the ECB needs to print more money to buy Italian bonds and keep the Italy-Germany 10 year spread beneath 450 to avoid margin calls on Italian bondholders. A weaker Euro would cause metals to fall relative to the dollar.
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The Peter Schiff Show Podcast - Episode 296
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Senate majority leader Harry Reid argues that the rich simply do not create jobs...at all.
The Peter Schiff Show - 12/13/2011
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The Peter Schiff Show Podcast - Episode 454
VISIT PETER AT THE LAS VEGAS MONEY SHOW
May 13 – 15, 2019
https://conferences.moneyshow.com/moneyshow-las-vegas/speakers/4532d84bf93311d3a5dd00104b96e7b5/peter-schiff/
Recorded March 26, 2019
Feigned Attempt to Shrink the Balance Sheet -
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The Peter Schiff Show Podcast - Episode 512
Recorded November 6, 2019
Better Luck Next Fall -
I just got back yesterday from the New Orleans Investment Conference, and I actually came to Connecticut for a few days; I really wanted to experience some of the fall foliage. It's normally at its peak in the beginning of November. But, unfortunately we had a big storm here - a lot of rain, a lot of wind, and it knocked most of the leaves off of the trees. So you know what they say about the best laid plans… hopefully I'll have better luck next fall.
Stock Market High on Trade Rumors -
But as the leaves have been falling from the trees, stocks have been going the other direction. Yesterday, all of the major stock market indexes hit new record highs. I think the catalyst, again, were rumors about a potential phase 1 trade deal. Of course, it really is ridiculous now. What rallies the market is not the rumor of an actual trade deal but the rumors of a phony trade deal - a phase 1 deal which really isn't a deal at all. In fact, to the extent that anybody is even celebrating phase 1, what they really celebrating is that the trade war is over. That Donald Trump has basically surrendered without admitting that he has surrendered. In fact a lot of the talk about what the Chinese even need to get the phase 1 deal is for all of the tariffs to be removed. Not just cancelling the future tariffs, but to take away all the tariffs that are already there, which, of course would be a relief for the American consumer, who, contrary to Donald Trump's claim, they're the ones who pay the tax - not the Chinese.
Buy the Rumor, Sell the Fact… Again? -
But, basically, what the markets would really be celebrating, is if we went back to where we were before the trade war ever began. Of course, this is not a victory for the president if all the markets could hope for, is a return to the status quo, but again, once we get that deal - if we get that deal, it should be a "buy the rumor, sell the fact", especially since the fact is not going to live up to the height of the rumor.
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Fed finally did what I’ve been saying they would for years: cut rates to zero with the biggest point cut in history. Powell afraid to call it QE.
There are no atheists in foxholes; there are no free-market capitalists in a recession. If we fought WWII with bailouts, like the way we’re fighting coronavirus, we’d be speaking German now.
Waiting in line for food and toilet paper does not mean business is booming. Neither is having full hospitals.
More records broken today as the Dow lost almost 3,000 points - the biggest single day point drop in history! Percentage-wise, it was the second biggest drop percentage in history, next to the stock market crash of 1987. For all the years of the Great Depression and WWII, the economy never saw a drop like this.
The stock market has never lost this much value this quickly. The whole rest of the world is now tapping into their savings, but we have nothing left to rely on other than a printing press.
Gold takes a hit as investors cover their losses, but still down only 2% on the year compared to the Dow down 32%. Gold is liquid, easy to sell, yet its barely down, even though so many people are desperate enough to sell it.
Trump “pleasantly surprised” Powell followed his orders after having his job threatened.
Oh, and banks no longer need reserves.
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