This Is the BIG ONE for Gold! How Much Gold & Silver Are You Holding Before It Begins?- Peter Schiff
This Is the BIG ONE for Gold! How Much Gold & Silver Are You Holding Before It Begins?- Peter Schiff
The reality of President-elect Donald Trump's election victory on a platform of aggressive tariffs and deportation of some immigrants landed hard at the Federal Reserve's meeting last month, with US central bank officials raising new inflation concerns and staff suggesting the incoming administration's plans may slow economic growth and raise unemployment.
The Asia Times' Global Risk-Reward Monitor predicts that gold could reach 10,000 dollars per ounce by 2030 if nations adopt it as a trade settlement mechanism. This scenario highlights the potential for a seismic shift in the global financial system, where gold replaces the dollar as the foundation of international trade.
Gold ascent reflects a global loss of faith in fiat currencies, particularly the dollar, as governments and central banks turn to gold to hedge against economic and geopolitical risks.
Renowned for his economic predictions, Peter Schiff expects that hotter-than-expected inflation has reduced the likelihood of rate cuts, causing gold to pare gains while closing higher. He notes the dollar's rally, driven by rising bond yields, is temporary and unsustainable. Schiff argues inflation will worsen, leading to negative real rates, which are bearish for the dollar and bullish for gold. Minutes from the Federal Reserve's Dec. 17-18 meeting revealed officials expect inflation to ease this year but acknowledged the risk of stubborn price pressures, particularly as they assess the potential impact of Trump's policies.
During the 1970s, when the United States experienced significant inflation, gold demonstrated its potential as an inflation hedge. As the Consumer Price Index rose dramatically, gold prices surged from 35 dollars per ounce in 1971 to over 850 dollars by 1980. This period was a powerful example of gold's ability to preserve wealth during monetary instability.
In his analysis, Peter Schiff emphasizes rising bond yields, with the 30-year Treasury surpassing 4.9%. He warns that surging commodity prices signal worsening inflation and criticizes the media for ignoring these key indicators.
Regarding the depletion of the Strategic Petroleum Reserve, Schiff argues it failed to encourage drilling at 74 dollars per barrel. He highlights spiking inflation indicators and warns that optimism about economic improvements under a potential Trump presidency may quickly fade. Crude oil prices rose to a three-week high amid mounting concerns over supply disruptions and increasing demands. However, technical analysts caution that oil markets may be over-bought.
Mounting concerns over limited supply from Iran and Russia buoyed crude futures prices recently. The Biden administration plans to impose more sanctions on Russia's oil exports ahead of Donald Trump's inauguration on 20 January. The outgoing US administration will target tankers hauling Russian crude products priced above the 60 dollars per barrel price cap that the US and its European allies have imposed. Meanwhile, Trump is expected to reinforce restrictions on Iran's oil exports upon taking office, potentially causing a supply disruption of up to one million barrels per day - approximately 1% of global supply.
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