Peter Schiff: The Questions Nobody Is Asking
There seems to be growing optimism that we’re nearing the end of the coronavirus lockdown. Stocks have rallied despite dismal economic numbers. But Peter Schiff says there are some important questions nobody is asking, especially when it comes to the insane Federal Reserve monetary policy.
The US stock market ended last week on an upswing and gold was down as optimism and risk-on sentiment returned. The optimism was due to a possible treatment for coronavirus along with some movement toward reopening the US economy. There seems to be some sentiment that the market has found its bottom.
Peter doesn’t think so.
I still am doubting this rally. I don’t think the bear market is over. I don’t think the bear market ends with stocks like Netflix and Amazon making new all-time record highs. I still think those stocks have to have some kind of comeuppance. I think they have to take those out and shoot them. So, I am looking for another sell-off in the broad markets.”
Peter said there is one thing the market has going for it — the Federal Reserve. In fact, a lot of people seem to think that’s all you need.
As long as you’ve got the Fed on your side and they’re going to keep on printing money, which they’re going to do and they’re going to print more and more of it, people are going to make a bet. And they’re going to bet on the Fed by buying stocks. What they should be doing is buying gold.”
Gold stocks have been strong in recent weeks, but some of the bigwigs on Wall Street are already talking like the gold rally is over. Peter said it’s barely begun.
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