Peter Schiff: Fed’s Response To Coronavirus Is Just “Delaying The Day Of Reckoning”
Peter Schiff appeared on the Quoth the Raven podcast (iTunes, Spotify, YouTube) on Friday, where he and host Chris Irons discussed the impact of the coronavirus on the economy, gold, bitcoin and why he thinks the Fed is not going to be able to stop the upcoming collapse of the financial system. Here are a couple of Schiff’s thoughts from the interview and a link to the full podcast.
Schiff on Gold
“I’ve never seen a less loved bull market in gold than the one we have now,” Schiff says. “The gold traders are so afraid of this rally, they don’t believe in it, they think gold is going to fall any minute now. Meanwhile, we just keep on rising.”
Schiff says in the past, when you don’t see gold miners confirm the rally in gold that it could be a harbinger of bad news. But “gold just keeps rising” Schiff notes, despite that. “I was buying more gold stocks on Friday. I thought it was just an incredible opportunity to increase an allocation that I already had.”
“I don’t think there’s any real money yet” in gold, he says. “There’s day traders in there. But I don’t think you’ve seen pension funds or endowments make any strategic shift into mining stocks,” Schiff says.
“The physical buyers of gold are basically safe haven buyers. When you’re in an environment where central banks are printing money, if you really just want to play it safe, if you want to be out of stocks and out of bonds, what do you buy? You buy gold. You buy real value. Real money.”
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