🔴 BREAKING NEWS!! Big gains in silver and Gold prices, but that bull market has barely started

What this episode is about

Recent market movements show gold prices nearing $1,900, while silver experienced significant gains, briefly surpassing $23 before settling at approximately $22.56. Despite warnings from market analysts suggesting a speculative bubble, evidence indicates that these developments are part of an emerging bull market rather than the end of one.

Key takeaways

• Gold is teetering near $1900, but don't let that scalp scare you – it's only the beginning!
• Silver's recent surge defies CNBC's bubble warnings; is this market skepticism or just plain misunderstanding?
• When silver's history shows record lows in gold terms, those saying 'end of the bull' are missing the launch!
• While the dollar sinks, gold & silver rise – it's a classic case of 'panic on the Titanic' with a twist.
• Remember, CNBC once cheered tech bubbles; now they batten down for a silver breakout? Irony, much?

Who speaks in this episode?

• Peter Schiff (Host) · 44 min speaking

What is discussed, and when

1. 0:00 – 5:00: Silver, Gold, Peter Schiff, Federal Reserve
2. 5:00 – 10:00: Silver, Peter Schiff, U.S. Dollar, Liz Clayman
3. 10:00 – 15:00: Federal Reserve
4. 15:00 – 20:00: Silver, U.S. Dollar, Federal Reserve
5. 20:00 – 25:00: Peter Schiff, Crash Proof
6. 25:00 – 30:00: NASDAQ
7. 30:00 – 35:00: Peter Schiff, Federal Reserve, Silver, 2008 Financial Crisis
8. 35:00 – 40:00: Silver, NASDAQ, Federal Reserve
9. 40:00 – 45:00: U.S. Dollar, Asian Currency Crisis, Federal Reserve, 2008 Financial Crisis
10. 45:00 – 46:37: Peter Schiff

Notable quotes from "🔴 BREAKING NEWS!! Big gains in silver and Gold prices, but that bull market has barely started"

• When i spoke about the breakout and silver in fact yesterday i think the price of silver was up nine percent in one day so that was about a 15 16 two day rally in the price of silver maybe a little bit more if you include.

  about Silver · at 0:58

• Terms of dollars because the dollar is getting killed as a matter of fact the u.s dollar index today was down again and we finally traded below the march low we didn't close below that low but we traded below.

  about U.S. Dollar · at 5:09

• To the nasdaq you know or that they didn't you know to the dot-coms they like to now say hey this reminds us of the dot-coms except during the dot-coms they were among the biggest cheerleaders of the mania.

  about NASDAQ · at 6:08

• To move higher or the dollar to move lower i mean that is the thing we are staring at a major economic crisis right we are very close to something far bigger than 2008.

  about 2008 Financial Crisis · at 8:24

• That the entirety of not only our bubble economy but the fed's ability to continue to provide monetary stimulus congress's ability to continue to provide fiscal stimulus all of that is.

  about Federal Reserve · at 10:38

• And hold on to it as we keep printing them well the fact that gold is soaring and the dollar is falling should be indicative that we have a problem here because as our foreign creditors.

  about Gold · at 15:51

• Than any of those asian economies were going into the 1997 asian currency crisis this is going to be maybe the 2020 or 2021 u.s dollar crisis a much grander scale than the asian currency crisis.

  about Asian Currency Crisis · at 43:12

• Clients but because i want to influence them i want to help them to understand real economics early on i want to help you know get through the barriers and you know basically unbrainwash them de-indoctrinate them.

  about Peter Schiff · at 45:14

Who and what is mentioned in this episode?

People

• Peter Schiff — Person · Main speaker · 7 mentions · first at 2:48
  He delivers the episode’s core monologue: interpreting gold/silver moves as signals of a coming USD and sovereign-debt crisis, while criticizing mainstream financial media coverage.
• Liz Clayman — Person · Interview host (referenced) · 1 mention · first at 7:44
  Mentioned as the Fox Business host who interviewed Peter Schiff in a short segment, serving as evidence of Schiff’s media appearances outside CNBC.
  About me a little bit on fox business i was on with liz clayman yesterday was a very short segment unfortunately on countdown to the closing bell but i did get a call from a…

Books & papers

• Crash Proof — Book · Referenced work · 1 mention · first at 23:28
  Crash Proof is mentioned as a book that predicted the 2008 Financial Crisis, lending credibility to the current warnings.
  For years right i wrote a book my first book crash proof how to profit from the coming economic collapse that book came out in february of 2007 but i started writing it in late 2005.

Companies & orgs

• Federal Reserve — Company · Key argument · 7 mentions · first at 4:27
  The Federal Reserve is discussed as a central player in the current economic situation, with its policies critiqued.
• NASDAQ — Company · Referenced expert · 4 mentions · first at 6:08
  NASDAQ is mentioned in the context of market movements and comparisons to the silver market.

Products & tech

• Silver — Product · Core topic · 18 mentions · first at 0:44
  Silver is highlighted as a monetary metal and safe haven, with its price breakout discussed as a significant market event.
• Gold — Product · Core topic · 2 mentions · first at 0:09
  Gold is discussed as a safe haven asset during economic uncertainty, with its price movements analyzed in detail.
• U.S. Dollar — Product · Core topic · 4 mentions · first at 5:11
  The U.S. Dollar is discussed as losing value, with its decline seen as a warning sign of an impending economic crisis.

Places & events

• 2008 Financial Crisis — Event · Key argument · 2 mentions · first at 31:26
  The 2008 Financial Crisis is referenced as a precedent for the current economic warning signs.
• Asian Currency Crisis — Event · Key argument · 2 mentions · first at 42:30
  The Asian Currency Crisis is referenced as a precedent for the potential U.S. Dollar crisis.

Full transcript with timestamps

0:09 today the price of gold got to within three dollars or so of hitting 1900. we couldn't quite break above that barrier and we ended up settling out about 15 16 higher on the day price of gold's about 1886 but that's still a new nine year high and in fact there's only been about three or four days in history where the price of gold has actually been above 1900 and i think we're about to have another such day probably as early as tomorrow we'll see the price of silver which briefly got above 23 today ended up down about 48 cents settling about 22 56 but still much higher than it was my last podcast a couple of days ago when i spoke about the breakout and silver in fact yesterday i think the price of silver was up nine percent in one day so that was about a 15 16 two day rally in the price of silver maybe a little bit more if you include uh the morning's rally which silver wasn't able to hold on to but that is a

1:17 big move in a very short period of time of course cnbc i was just watching before i started recording this podcast they were pointing out the big move in silver to basically warn their viewers not to buy right they're saying oh you know this is like a speculative blow off top you normally see this kind of action at the end of a move not at the beginning uh you know we've seen this before and like tech stocks and stuff like that so they think this is a bubble that's just popped and they're telling their viewers hey stay away be cautious you don't want to chase silver because you know it's over which is really laughable because first of all i mean they never really told anyone to buy silver although now they're telling them not to buy it but to think that this is some kind of end of a bull market that this is a manic blow off top it's just laughable i mean look at a silver chart it doesn't

2:13 look anything like a top in fact it looks like a breakout from a bottom in fact if you go back and listen to some of the podcasts that i've done recently i have been describing silver as a coiled spring i've been saying that any day you are going to see an explosive breakout in the price of silver that that spring is going to uncoil that there was only so much uh buying pressure that the sellers were going to be able to constrain and that's exactly what happened i mean that's why i've been pounding the table on buy and silver that's why i've been telling our clients that shift gold even to sell some of their gold to buy silver using gold because silver had never been so cheap relative to gold so you're coming off an extreme low right not you know in terms of dollars but the real price of silver is measured in gold gold is real money right so in terms of gold silver was at a record low i mean a price that had never been so

3:23 low in recorded history right in all the records of history because gold and silver have been used as money uh for as long as we've had records and as long as we've had records you've never been able to buy so much silver with an ounce of gold so you're talking about a record low price and now we've broken out of that you know low level that consolidation and instead of recognizing it as the beginning of a new bull market they think it's the end of a bull market that hasn't even begun i mean all they're looking at is the move that silver made off the ridiculous low that it went down to in march where silver went down to what eleven twelve dollars it dropped from about 18 and that's when everything was getting killed and so silver got killed too but that low is a ridiculous and ill irrelevant benchmark to look at so throw that out i mean the rally really began from about the 18 level which is where silver was you know

4:26 before this whole covert thing started before the fed went to zero before the fed launched qe4 so if you look at all of the monetary stimulus all the inflation that has been created since march the price of silver is still cheap at 22 23 an ounce in fact it should have been higher than that even before the whole covent thing so cnbc is staring at the beginning of what is going to be a massive historic bull market in the price of silver now i don't think silver again is going to get up to the same level it did in 1980 in terms of gold but it's going to shatter that price in terms of dollars because the dollar is getting killed as a matter of fact the u.s dollar index today was down again and we finally traded below the march low we didn't close below that low but we traded below it and we still closed negative on the day the dollar index now has a 94 handle attached to it but this is really the lowest it's traded

5:35 if you look at the actual price is the lowest in september of 2018 so not quite a two-year low but it's close to a two-year low in the dollar so you have the dollar falling you have the price of gold rising now the price of silver is rising and instead of recognizing this as the beginning of something cnbc already thinks it's the end of something they think the party is over and it's barely gotten started you know it's a shame that they don't apply that kind of skepticism you know to the nasdaq you know or that they didn't uh you know to the dot-coms they they like to now say hey this reminds us of the dot-coms except during the dot-coms they were among the biggest cheerleaders of the mania you know so they've never met a mania that they didn't like uh and the only time they're saying something zamania is when it's in an asset they don't like like gold and silver so they're scratching their heads they don't

6:30 understand what's going on but but really more important than the bad coverage of what's happening in gold and silver and they do mention it i mean they can't ignore it right when you're making these kind of moves so they have about the minimal amount of coverage that they can give to it and it's all about you know why this is over or it doesn't make sense it's not really favorable coverage like hey you should go and buy gold and silver or or buy the mining stocks i mean every once in a while there'll be a lone guy that'll come on and they like gold and silver um but again a lot of these guys that like it now they didn't like it when it was a lot lower they used to give me uh for recommending it but i'm glad that a few of them have come around even if they don't want to acknowledge me when they do it because you can't really say my name on cnbc i'm you know my name is like one of those words

7:21 you know there's like these seven bad words that you can't say on television well on cnbc there's an eighth one and it's it's my name right so they they don't want to talk about me but i know they think about me every time they see the price of gold make it a new high which you know i i i think i think i think i i get a little bit of a kick out of knowing that they're thinking about me and they're not mentioning my name although they can talk about me a little bit on fox business i was on with liz clayman yesterday was a very short segment unfortunately on countdown to the closing bell but i did get a call from a fox business reporter who wrote a good article on gold today and quoted me so i get a little bit of press but not much but the point i'm trying to make on the coverage is not that they're just not covering you know the move the way they should but they don't understand why gold and

8:12 silver are going up and they don't understand the implications of gold and silver going up or the implications of the forces that are driving gold and silver to move higher or the dollar to move lower i mean that is the thing we are staring at a major economic crisis right we are very close to something far bigger than than 2008. right and uh but everybody is oblivious to what's coming and you know everyone was oblivious in 2008 or before 2008 so it it it's no different but the reason that they're oblivious now and the reason they were oblivious then is they still don't get it they still don't understand the problem right they still don't get the nature of the bubble so they don't understand the pin or what it implies or what happens when a bubble that they don't even recognize deflates and i'm not just talking about a stock market bubble the bubble is the entirety of the us economy and and what is happening right

9:21 now to me is a warning sign that this dollar crisis is coming right that the dollar is going to start to fall dramatically once we really get below some key technical levels and we're inching our way down there the dollar is going to collapse and gold is going to go through the roof right they're going in opposite directions because the dollar is losing value and that is manifesting itself in a rising gold price right um the gold price had been hitting new highs in other currencies for months the dollar was the only currency that wasn't making a new record low in terms of gold and i've been saying on this podcast that eventually the dollar would join the club of fiat currencies making new record lows and we're about to join that club we're not that many what 30 40 away uh from a new record low but again you know when gold is going up it's really not the price of gold going up it's the value of fiat currencies going down

10:26 and you need more of a particular unit of fiat currency to buy an ounce of gold but what the people in the financial media don't understand is the gravity of this situation they don't understand that the entirety of not only our bubble economy but the fed's ability to continue to provide monetary stimulus congress's ability to continue to provide fiscal stimulus all of that is predicated on the dollar not dropping right they're talking now about extending the unemployment benefits right they're about to expire at the end of july and if you remember on this podcast again i said from the first time that congress made the mistake of going for this uh extended unemployment benefits where they were giving everybody six hundred dollars a week and it was going to last for four months what did i say i said it's not gonna last for four months it's gonna last at a minimum through the election because i knew

11:29 that in july when you're less than four months from a november election that there was no way that politicians were not going to extend these benefits especially since they made them so lucrative which was part of the problem they made them so lucrative that a lot of people don't want to go back to work because they're making a lot more money on unemployment than when they were working and these voters right nobody wants to take this away from the voters so the republicans now right are kind of pretending that they want to do something about this problem and i think a plan that i heard is they want to limit the extended benefits to 70 of what you used to earn right you can't just get 600 a week extra if you used to earn 400 a week your extended your supplemental benefits would be capped at 70 of what you used to earn but even if you realize that that benefit supplements their normal benefit chances

12:26 are if your federal benefit is 70 of what you used to earn and you add that to your regular benefit you're earning about the same or receiving about the same in unemployment as you would get if you went back to work so that's still a disincentive for people not to go back to work it's not as great a disincentive right but it's still a disincentive so they still don't get it but you know the republicans did understand this there was i forget which republican actually tried to block this bill and they tried to insert a a rider last minute that would limit the amount of additional unemployment benefits that you can get to know more than 100 of what you were earning right because somebody recognized oh my god we're paying people not to work clearly they're not going to work if we pay them not to work so they try to do something to mitigate the damage but that rider that amendment was voted down so they

13:23 knew that it was going to create a problem and they didn't even want to fix it before it even got started because of the politics well the politics are the same now as they were then so i think the republican fix is gonna get trashed and they're just gonna sign on to some kind of big extension so that we get this uh beyond the uh the elections and in fact if you look at the unemployment numbers that came out today the weekly claims that we get every thursday for the last i don't know i don't how many weeks in a row but many many weeks the unemployment numbers had been going down they were still over a million claims every every every week but the number was getting smaller and smaller until this week this week is that we broke that string of declining uh first-time claims and we got an increase last week it was 1.3 million claims and they revised that up slightly to 1.307 million they were looking for 1.308 million

14:26 which would have been a slight increase we ended up getting it going up to 1.416 million so a much bigger increase but the important thing is again we broke the trend of declining uh claims and now claims are rising again and i think this could be the beginning of a new upward trend as a lot of the businesses that reopened are now reclosing and so even that right if we now have more unemployed people that's more political pressure to extend these benefits but the point i'm making here is what makes all this possible is the dollar right donald trump is giving up his uh push for a payroll tax cut right he's all upset that we couldn't cut the payroll taxes but donald trump didn't you know even think about well where would we get the money to pay the social security benefits if we cut the payroll tax well we'll just get it from the fed right whatever we need we get from the fed well the only way the fed can do that

15:28 the only way the fed can make sure that government checks don't bounce the only way the fed can continue to suppress interest rates is if the dollars that they're printing and that they're using to buy bonds and to fund government spending right if the dollar still has value if foreigners are willing to accept the us dollar and hold on to it as we keep printing them well the fact that gold is soaring and the dollar is falling should be indicative that we have a problem here because as our foreign creditors wake up to the reality that the dollar is going to keep declining are they going to want to hold on to their dollar denominated debt instruments america has sold a lot of bonds to foreign savers foreign investors not just the us government but corporate america a lot of corporate debt is held by europeans it's held by asians and the coupons are not that high they're pretty low well if the dollar

16:36 is losing 5 10 15 20 of its value if that's what you're expecting over the next year or two why would you want to hold on to a u.s dollar bond bearing a three four five percent coupon or a us treasury with a coupon even smaller than that right not even two percent you wouldn't so everyone around the world is going to start selling us dollar denominated bonds well who's going to buy them americans don't have the money to buy them the federal reserve is going to have to buy them they're going to have to print even more money to buy all the bonds that nobody wants which means the dollar is going to be even lower they're going to have to create even more money than they're creating now they're going to have to do an even bigger qe program to monetize all of that international selling because if they didn't do that then interest rates would surge so they have to go and try to manipulate it but that's

17:29 becomes a spiral and as the dollar starts to plunge then not only is there upward pressure on interest rates but upward pressure on consumer prices and then the fed is you know between a rock and a hard place of its own creation right then the fed has to choose what do we do we got to pick our poison how do we want to die do we want to die by hyperinflation or do we want to deflate this asset bubble right do we want to prick it do we want to you know save the dollar and just start dumping all the bonds we've been buying and force the us government to slash spending tell congress hey guys not only can you not finance a new round of stimulus you got to take back the stimulus you've already provided you got to start cutting government spending you got to start increasing taxes this is the dilemma that the fed is about to face that the entire country is about to face and this this crisis which is so much

18:34 worse than a mere financial crisis when you're talking about a dollar crisis and then a sovereign debt crisis and nobody is even discussing this possibility even like it's a long shot even if you want to say look this is a worst case scenario that might happen but we don't think it will they're not even doing that they're not even discussing the possibility that we could have a problem here so they're watching the price of gold go up they're watching the dollar go down and as far as they're concerned there's nothing to worry about right it's like you got all these coal miners again and you know the canary drops dead and and they couldn't care less they don't they're you know they're not concerned now you know maybe the investors don't realize that they're in a coal mine or a bubble whatever it is but they're not recognizing the warning sign of gold going up and the dollar going down this is telling you something

19:30 investors people around the world are buying gold for a reason it's not because they're confident in the us dollar in the u.s economy it's because they're losing confidence in both that's why they're buying uh gold that's why they're buying silver right that's what's going on but this loss of confidence is going to spike as the price of gold moves even higher and again as i said on my last podcast it's hard to tell you know which is the horse and which is the buggy is it the dollar going down that's making gold go up or is it gold going up that's making the dollar go down and of course gold going up means the dollar is going down but the question is which is leading and which is following i'm not even sure it matters but clearly the warning signs are there for anybody who knows to look for them and i think again that is the problem is that the mainstream doesn't even realize this people don't realize how vulnerable the

20:31 us economy is they don't realize to the extent to which we depend on the overvalued dollar we depend on foreign creditors to continue to accept dollars and hold them in low interest-bearing debt instruments and continue to supply us with low-cost goods that they produce that's all going to end and it reminds me a lot of the situation leading up to 2008. you know when the subprime crisis first started and it really started in 2017 and you had a couple of key subprime lenders went bankrupt and it really was a warning sign that there was a problem now finally emerging in subprime and i remember when this happened i was like this is it you know because i had been waiting for subprime to crack because i knew that that was the foundation of the housing bubble and that would subprime rent it would take the entire housing market with it because the subprime buyers these were the marginal buyers

21:39 it was the subprime guy that was buying his first house that was letting the guy that owned that house sell it to the subprime buyer and trade up to a bigger house and i knew you had this whole pyramid where the foundation was was subprime and i also knew that once the subprime popped that it would have ramifications throughout uh real estate credit i mean you go back and you know and listen to my mortgage banker speech for the benefit of some of the new listeners now who maybe just started listening to my podcast they heard me on joe rogan go back and look at peter schiff mortgage bankers and and look at the speech that i gave to about 3 000 mortgage bankers in las vegas in 2000 and and warning about the subprime uh crisis the real estate bubble and what was going to happen the financial crisis in fact the reason i went to that conference and i had been there the year before and they invited me back they haven't

22:39 invited me back since but the reason i was there was because i was looking for investors in the hedge fund that we had helped set up to short the subprime market and i thought that i could find investors because these people were you know successful mortgage brokers they were making a lot of money and i thought they might want to hedge their bets by you know betting a little bit on the no pass loan right by getting into a hedge fund that would profit from a collapse in the subprime which i knew would also take down their entire industry in fact i was joking there were so many people at the conference i said you know in a few years you'll probably be able to have this whole conference at just one one hotel room i think we're at the mirage but i was waiting for this crisis for years right i wrote a book my first book crash proof how to profit from the coming economic collapse that book came out in february of 2007

23:36 but i started writing it in late 2005. and in fact before i started that book i was going to write a book on the housing bubble and it was going to be like you know it's a take on the american dream like the american nightmare and i was going to talk about what was going to happen when the housing bubble popped but i ended up writing a broader book on the economy overall and housing was you know a big chapter in that book but i thought it would be better to write a more a more comprehensive book than just limiting the book to the housing bubble but because i understood the nature of this bubble and not only how the fed had artificially inflated it but i understood how housing wealth was such an important factor in the overall u.s economy because i knew that a lot of the spending in the economy was a function of home equity extractions and i knew that because homeowners felt wealthy and expected their houses to continue to

24:33 appreciate they had a diminished need to save and so savings were down and people were spending more money because they thought they were richer than they really were and so this was distorting the entire economy it was goosing gdp it was also providing a lift to the stock market and and that was also part of it so you know i saw all of this and and i knew that eventually the bubble would pop and i appreciated how much damage right would would result from that not just in housing but in the banking system but if you didn't understand that it was a bubble and you thought everything was fine then you just ignored what happened with the subprime lenders and in fact even when the whole subprime market fell apart nobody in the mainstream was worried if you remember ben bernanke famously said that there's nothing to worry about because the problems in subprime were contained contained to subprime

25:34 and that's what everybody believed in fact i remember this show i did on kudlow and company uh don luskin was one of the guests and i was on there and again i used to be on kudlow's show a lot i used to be on the financial television pretty much every week up until the 08 financial crisis if i wasn't on cnbc i was on bloomberg i was on fox news i was on cnn i was doing all the shows regularly right they booked me all the time and you know they booked me and then they made fun of me because i was saying all kinds of things that nobody else thought could happen it wasn't until all my predictions came true that they stopped having me on right maybe they didn't want to give me any more credibility at that point but i was on with luskin um and he was giving me because the subprime um he said all the skeletons have come out of the closet and nothing is happening the economy is in great shape the market is in great shape we don't

26:32 have to worry about anything remember this is before the 08 crisis this is in 2007 and he's saying peter when are you going to stop coming on tv and telling people that a crisis is coming here this is proof right so you've been warning about subprime and nobody cares because you know the the bubble is popped in subprime and housing is in great shape the economy is in great shape so you were wrong right and then of course everything fell apart months later but the problem with guys like luskin or and everybody else i don't need to single out luskin he was you know part of a big crowd is that they didn't understand the bubble they didn't understand the fed's role in creating it they didn't understand how it was propping up the economy they thought the economy was real that the growth was real they they trusted the fed they thought these guys knew what they were doing so since they didn't know they were in a

27:24 bubble they didn't see the pin and so it's the same mentality now wall street the mainstream learned absolutely nothing from the experience they had in in 2008 and so they're repeating it all over again in fact i was looking at a speech that i gave earlier in the year in january in vancouver at the resource conference and you can see this talk up on my youtube channel by the way i now have more than 350 000 subscribers to my youtube channel so that's a new milestone but if you see that talk i am i'm saying what's going to happen in the next recession right if deficits are this big now when times are supposedly good what's going to happen when we're running three to four trillion dollar a year deficits what's going gonna happen when the fed has to monetize that well here we are it's happening i didn't know that it would be covid that would be the catalyst but i knew it was coming i knew the next recession

28:26 would be horrific regardless of what started it i knew the deficits were going to skyrocket given how big they already were when the economy was supposedly good i can imagine how much worse they were going to be when the economy turned down so i've been waiting just like the um the housing bubble just like subprime i had been waiting for years warning for years about a problem in the making that hardly anybody understood and so when i saw the first indication that after all these years of warning that i was right right because now the stuff that i was warning about started to happen i saw that domino fall and i knew about all the dominoes that we're about to topple because i knew how they were connected that's how i feel now that's what i've been saying that's what i'm seeing the guys that are recovering the price of gold going up that are seeing the dollar going down that are seeing the budget deficit

29:25 skyrocket that are seeing all the money printing to them there's no problem they don't get it because they thought the economy was good they think uh everything is fine they think the us is in good shape this is all noise as far as they're concerned it's a sideshow right the main event is hey what's happening with with uh netflix or tesla or you know let's look at the dow or the nasdaq and you know we'll see i mean the market had a pretty weak day today the dow was down a little over 350 points about 1.3 more damage in the nasdaq down 244 down about two and a quarter percent in fact it's down after hours now uh intel came out and they missed and the stock is down about eight percent or so but the market was you know we're near record highs so the mainstream doesn't get it just like they didn't get it and even i was doing debates with people even in early to mid 2008 right saying that the economy was a mess that

30:24 we're going into recession or already in recession and people were arguing with me they were saying no recession anywhere in sight you're wrong there's not going to be a recession we were already in one because remember the government came out in late 08 or early 09 and then declared retroactively that the recession began in december of 2007. yet you had prominent economists including federal reserve economists in mid 2008 saying that there was no recession anywhere in sight when we were already in recession they couldn't even see the recession that we were already in how do you expect these guys to to see a recession in the future if they don't even know we're in one as we're experiencing it so that is the situation we have today that's why they're dismissing the silver rally uh that's why they're looking at the price of gold about to make a new high and to them it's no big deal they don't

31:18 understand the warning because they don't know that there's anything that they need to be warned about you can't read the writing on the wall if you don't even know to look for it right so just like 2008 they're missing the point because gold going up and the dollar going down is a signal that we are getting very very close to the breaking point very close to the fed having to make that very very bad decision a decision that it's never made it's been able to avoid because it's been able to kick the can down the road every time it's been in that position and the reason it's been working the reason we've had all this road is because foreigners held onto dollars they enabled the bigger deficits the trade deficits the budget deficits but i think we're reaching the end of the line i think we're reaching the end of the limit of the world to do this especially since the world is also dealing with its own covet

32:20 problem right so they can't deal with their problem and then underwrite our effort to deal with even bigger problem i mean what we're doing is more reckless than any other country and that's because we think that we can get away with it we still think that we can have whatever we want as long as the fed creates the money that there is no consequence there is no downside yes we can all shelter at home nobody has to work and the fed can just give everybody money and we'll all go about our lives we don't actually have to work and be productive you know there's no limit whatever money uh the states need whatever money people need whatever money small businesses need the federal reserve will just supply it and everything is going to be fine right well we're about to find out the hard way that that's not the way life works right there is no free lunch right now people think it's not just a free lunch

33:13 they think we can have a free lunch breakfast dinner not only every day probably every day of the year and it's not this gigantic free buffet foreigners are about to present us with a bill that we can't afford to pay so again to me what i'm seeing now is very reminiscent of what i saw back then you know and i started screaming uh my warnings much louder if you go back and you look at like the peter schiff was right video again if you're new to my podcast you don't know about that that was a viral video got about two million views initially before the guy that created it took it down but it got 2 million views in 2009 which was a lot of views for a youtube video back then in fact as of that point it was probably one of the top youtube videos ever i mean of course now i mean you have a lot of you videos that get more than two million views but in 2009 youtube was pretty young and there weren't that many videos that

34:11 were getting two million views right unless it was just a pop star or something but this was this was a very very uh what you know widely seen video but if you look at that most of my appearances from that you know were two thousand and six seven eight you know after it was obvious that the subprime had popped my i started screaming much louder warning you know it much more decisively about the collapse that was coming about the financial crisis that lie ahead about how the banks were going to fail how fannie and freddie was going to go bankrupt because by then i had seen enough of my predictions come true well anybody who has been following me since then anybody who's been listening to my podcast it should now be obvious right that what i've been forecasting is going to happen because so much of what i said would happen has already happened all the things that i said would ultimately lead

35:11 to a currency crisis a dollar crisis all those things have happened and now we're starting to see it all play out in real time we're seeing the price of gold about to hit a record we're seeing the dollar going down remember how many people earlier in the year were predicting this huge spike in the dollar that's what all the experts were saying they were worried that the dollar was gonna get too strong and i was saying talk about a non-problem the last thing we're gonna have to worry about is the dollar being too strong i mean that would be a blessing but no we're gonna get cursed with a much weaker dollar so all the experts were completely wrong on where they thought the dollar was going to go but this dollar decline is happening in the face of everybody believing that the dollar is going to go up because of all of the problems associated with the pandemic well if the dollar can't rise when it

36:02 normally would be expected to on safe haven buying because remember gold is rising as a safe haven asset why isn't the dollar rising because it's not a safe haven the dollar is the epicenter of the risk you buy gold as a safe haven from the dollar and that's what people aren't recognizing and they're buying silver too as a monetary medal as a safe haven from the dollar it's not risk on it's risk off these guys just don't understand what risk people are taking off they're taking off inflation risk they're taking off purchasing power risk and they're buying gold and silver so the mainstream doesn't get it they don't understand what's happening and so to them it's business as usual this is exactly the way it was leading up to the financial crisis and then of course when the crisis blindsided everybody what did they say well nobody could have possibly seen this coming this was a hundred year flood i

37:00 mean this caught everybody by surprise nobody got this right uh and you know and then of course they charged the government uh with trying to fix the problem that they didn't even understand that government created the federal reserve ended up with a lot more power after 2008 even though the federal reserve is the reason we had 2008 instead of dismantling the institution we empowered it to do even more damage which is precisely what they did and now here we are you know over a decade later and we're on the eve of a far greater crisis much worse than 08 by an order of magnitude worse and complete complacency nobody worried nobody concerned everybody talking about how great the economy is or how great this recovery is and the bull market and everybody wanting the government to do more and provide more stimulus and nobody worried about the negative consequences of that stimulus how how close we are to the edge and falling

38:04 off this edge and even though they're getting all these warning signs in the gold market and now the silver market and soon the dollar market they're ignoring it well the key is how much longer right i mean at some point the dollar's decline is going to become a collapse at some point gold rally is going to kick in to a much higher gear and you're going to start to see some pressure and they'll be scratching their heads but eventually people are going to have to recognize that this is a problem especially if we start to see the stock market falling right and this is ultimately going to probably be a wake up call and we'll see maybe some people will still sleep but the next decline in the stock market the next big decline i don't think it's going to look anything like the decline we had in march or the decline we had you know in 2008 i think the stock market's going to go down and the gold market's going to go up and

39:01 gold stocks are going to go up in fact people still don't get this right because gold stocks were down today in fact if you look at the gdxj it was down over 3 percent that's a bigger drop than the nasdaq even though gold finished up 15 why would you sell off gold stocks gold's up 15 because traders are still treating gold stocks just like they're another stock and they saw the market going down and so they sold gold stocks but the fundamentals for gold stocks are completely different it's night and day and in fact gold stocks are still cheap it's the nasdaq that's overpriced what does that have to do with these gold stocks the fundamentals for the gold stocks are getting better and better as the price of gold is going up in fact the price of gold has already gone up so much that even if it goes down gold stock should be going up because gold stocks don't even reflect the current price of

39:53 gold so it doesn't matter if the price of gold goes down a little gold stocks are still too cheap but people don't get this they're still worried but when we see a complete decoupling of not only gold but gold stocks from the overall market and in particular the bond market now the bond market of course is a hard nut to crack because that's where the government the federal reserve is doing the most manipulation right the federal reserve keeps printing dollars to buy bonds that's the problem and so it's the dollar that's going to crash not the bond market right you can't be looking for the bond market vigilantes because the fed killed them you got to look for the dollar vigilantes those are the ones that are going to end this party but when you see stocks going down and gold going up gold stocks going up and the dollar going down and that dollar crash spilling over into u.s financial assets

40:46 and causing the fed to have to increase the size of its qe program again to buy up more corporate bonds or muni bonds or treasuries or whatever the rest of the world is trying to get rid of because you know during the 2008 financial crisis one of the reasons that a lot of foreigners lost was because they owned a lot of our mortgages and and so when our mortgages went bad and we're defaulting a lot of our foreign creditors ended up holding worthless mortgage debt well this is going to be an even bigger problem because they own a lot more treasury debt but the difference is there's a bid for that thanks to the fed they can sell their treasury bonds and in fact a lot of the treasury bonds that foreigners own are bills they're t bills with very short maturities and so there you don't even have to sell you don't even have to find a buyer you just let the instrument mature and the us government has to give you your

41:44 money your dollars well where is the us government going to get the dollars not from the taxpayers the taxpayers don't have it so if you have a bunch of treasuries that are maturing and instead of rolling them over our creditors say no thank you to that just let me have the dollars the fed has to print those up and it has to buy more bonds and its balance sheet explodes and what do you think foreigners are going to do with their dollars when their bonds mature and they don't roll them over and they get dollars they're not going to hold them because if they wanted to hold dollars they would have rolled over their treasuries no the reason they're not rolling over their treasuries is because they don't want the dollars so then the minute they get the dollars they dump them they sell them to get back their local currency so this is going to be an unprecedented crisis go back to 1997 and look at

42:34 the asian currency crisis and look at what happened to the economies and to the stock markets in indonesia in the philippines in malaysia in thailand right because these currencies dropped and when the currencies dropped there was capital flight out of their countries and so they went into deep recessions rates went up inflation spiked it was a real disaster and stocks went down even as the currencies went down stocks went down too right well that's going to happen in america only worse we are in much worse shape fundamentally and structurally than any of those asian economies were going into the 1997 asian currency crisis this is going to be maybe the 2020 or 2021 u.s dollar crisis a much grander scale than the asian currency crisis and much more significant for the global economy because the us dollars the reserve currency i mean the ring it the bot i mean those were just peripheral currencies it

43:38 didn't matter to somebody if the if the ring it was crashing but if the dollar is crashing if the u.s dollar is crashing this is a big big deal and you have these networks that are spending the whole day covering the market covering all the financial markets and talk about ignoring the elephant in the living room i mean this is a whole herd of elephants in in in a room smaller than a living room and they're still ignoring that and they're and they're just focusing on really what is the sideshow so i am going to continue to put the focus on the main event i'm going to make sure that the people who are following me and listening to my podcast understand what's going on and more importantly i'm going to keep them from going broke and in fact not only that not only can you avoid going broke but you can actually end up profiting you can actually end up making money off of this crisis only one final thought

44:31 again what you can do to help me spread the word not only uh tell your friends about my podcast uh you know follow me social media but you know start following me on instagram i've been talking about my instagram account uh we're up to 32 000 plus followers now but still i mean i got over 265 now thousand on twitter and so i've been doing a lot of tweeting because 265 000 people are following me still haven't been that active on instagram yet because i still don't have a big enough following i want to cultivate it and then get more active because i think the platform could end up being helpful in my efforts to reach a younger demographic not so much because i want them as clients but because i want to influence them i want to help them to understand real economics early on i want to help you know get through the barriers and you know basically unbrainwash them de-indoctrinate them from what they've been learning

45:30 and so i want to reach out to them on this platform so hopefully we can get to a hundred thousand followers maybe that'll be a nice place to really start uh upping my game on my instagram so if you're listening to the podcasts and you're not following me on instagram just go to peter schiff and and follow me and if you're not even on instagram just set up an account it's no big deal and then follow me even if i'm the only person you're following follow me but you know you might find that you've got some friends on instagram and stuff like that because the key is i want people sharing my content so when i put up a story on instagram or whatever i post i want to make sure that everybody who's following me shares it with everyone that follows them so we can really spread the truth around the world because i've got a lot of competition there's a lot of people spreading lies and there's not that many people

46:18 telling the truth so i need more people to help me disseminate that information so that we can actually be heard among a chorus uh you know of ignorance we want to have a little bit of real economic understanding

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Big gains in silver and Gold prices, but that bull market has barely started"?

Peter Schiff (Host).

What is "🔴 BREAKING NEWS!! Big gains in silver and Gold prices, but that bull market has barely started" about?

Recent market movements show gold prices nearing $1,900, while silver experienced significant gains, briefly surpassing $23 before settling at approximately $22.56. Despite warnings from market analysts suggesting a speculative bubble, evidence indicates that these developments are part of an emerging bull market rather than the end of one.

What is mentioned in this GLOBAL NEWS PODCAST episode?

10 people, works and ideas are mentioned, including Peter Schiff, Silver, Gold, U.S. Dollar, Federal Reserve, 2008 Financial Crisis. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Big gains in silver and Gold prices, but that bull market has barely started"?

The episode runs 47 min; the transcript is about 8,290 words in 48 timestamped sections.

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