🔴 BREAKING NEWS!! Massive support built for gold’s bull market

What this episode is about

The content discusses the recent downturn in U.S. stock markets, highlighting a significant drop across major indexes, particularly in the financial sector, paired with ongoing concerns about localized economic shutdowns. It emphasizes the growing support for gold as a potential safe haven amidst market volatility and uncertainty.

Key takeaways

• Even in a downturn, the Nasdaq's allure is strong, but it's like a flashy car: looks good until the engine sputters.
• Financials are the canaries in the coal mine; if they’re wheezing, the market may need oxygen sooner than expected.
• Colleges going online means ghost towns for landlords; the student rental market just flunked its final exam.
• Zero rates or rising rates? Banks are playing a game of double jeopardy—neither choice pays off.
• The market’s optimism seems more like wishful thinking; reality may knock but investors keep hitting snooze.

Who speaks in this episode?

• Peter Schiff (Host) · 46 min speaking

What is discussed, and when

1. 0:00 – 5:00: ExpressVPN, NASDAQ, Peter Schiff, Amazon
2. 5:00 – 10:00: Federal Reserve, NASDAQ, Amazon
3. 10:00 – 15:00: NASDAQ
4. 15:00 – 20:00: NASDAQ
5. 20:00 – 25:00: ExpressVPN, Paycheck Protection Program
6. 25:00 – 30:00: NASDAQ
7. 30:00 – 35:00: Donald Trump, Federal Reserve
8. 35:00 – 40:00: Black Lives Matter, Donald Trump
9. 40:00 – 45:00: Black Lives Matter, Donald Trump
10. 45:00 – 48:05: Black Lives Matter

Notable quotes from "🔴 BREAKING NEWS!! Massive support built for gold’s bull market"

• A lot of sponsors but i liked expressvpn and so i was able to accept their offer so i definitely want to thank expressvpn for supporting the peter schiff show podcast you…

  about Peter Schiff · at 0:31

• And i think the weakness in the financials is really telling the story that the nasdaq isn't telling especially when you realize that the gains in the nasdaq are highly concentrated.

  about NASDAQ · at 3:39

• Where is the money coming from the money's coming from the fed we've got all this cheap money we got zero rates we got quantitative easing we got the federal reserve buying…

  about Federal Reserve · at 9:38

• But look you know up about another 10 bucks today up 10 bucks yesterday we're inching higher and we keep knocking on the door of 1800 and so far that door is not opening right but the bids keep getting higher.

  about Gold · at 12:56

• To learn more another thing i want to talk about on today's podcast is the government released a list of all the businesses that got these ppp paycheck protection program loans and the word loans.

  about Paycheck Protection Program · at 22:40

• I'm going to give him some praise when i think he deserves it and you know obviously trump did some of the things that i hate right he talked about how great the economy was before covet 19 and how great it's going to be.

  about Donald Trump · at 33:45

• All the systemic discrimination does not even exist and you know i don't even think black lives matter is really about systemic discrimination or even about black lives i mean for some people right some of the.

  about Black Lives Matter · at 37:30

Who and what is mentioned in this episode?

People

• Peter Schiff — Person · Host / main speaker · 2 mentions · first at 0:09
  He narrates the entire episode, giving market commentary (stocks, Fed, gold) and later political analysis, including commentary on Trump's Mount Rushmore speech.
• Donald Trump — Person · Referenced political figure (subject of commentary) · 6 mentions · first at 33:13
  Schiff analyzes and partially praises Trump's Mount Rushmore speech while also criticizing Trump's economic claims and discussing election prospects and media reaction.

Companies & orgs

• Federal Reserve — Company · Financial institution · 2 mentions · first at 9:45
  Discussed in the context of its policies and impact on the economy.
• NASDAQ — Company · Market index · 7 mentions · first at 1:15
  Discussed in the context of stock market performance and trends.
• Amazon — Company · Stock mentioned · 2 mentions · first at 3:14
  Mentioned as one of the high-performing stocks in the market.
  On the day way off the highs but still a record close for a tesla amazon made a new record high again today but managed to close down on the day netflix another stock that made a new record high earlier in.
• Tesla, Inc. — Company · Stock mentioned · 1 mention · first at 3:04
  Mentioned as one of the high-performing stocks in the market.
  The ones that i just mentioned you know it's interesting because the reason the financials are so weak is because none of these banks are momentum stocks right people are not buying them.

Products & tech

• Gold — Product · Investment mentioned · 4 mentions
  Discussed as a valuable investment during economic uncertainty.

Concepts & topics

• Black Lives Matter — Concept · Key argument · 7 mentions · first at 35:33
  Discussed in the context of political and social movements.
• Paycheck Protection Program — Concept · Government program · 1 mention · first at 22:52
  Discussed in the context of its impact on businesses and the economy.

Sponsors

• ExpressVPN — Product · Sponsor · 7 mentions · first at 0:13
  Primary sponsor of the podcast, providing internet privacy services.
  Today's episode of the peter schiff show is brought to you by expressvpn apparently a lot of my listeners have given expressvpn a try because.

Full transcript with timestamps

0:09 today's episode of the peter schiff show is brought to you by expressvpn apparently a lot of my listeners have given expressvpn a try because they decided to extend their contract for the entire year so they will be a regular advertiser on my podcast in fact they're the first sponsor that i have you know i ended up having to turn down a lot of sponsors but i liked expressvpn and so i was able to accept their offer so i definitely want to thank expressvpn for supporting the peter schiff show podcast you probably don't think much about internet privacy on your own home network expressvpn will secure your privacy and protect your information visit expressvpn.com gold and get an extra free three months on a one year subscription so that's expressvpn.com forward slash gold and you get an extra three months when you sign up for a year subscription good deal all the u.s stock market indexes finished

1:12 in the red today even the high-flying nasdaq which made another all-time record high this morning of 10 518 spot 98 finished the day with a decline of 89.76 points down about 86 uh basis points just under one percent uh but the other indexes fared worse on the day the dow was down about one and a half percent russell 2000 uh down almost 1.9 again the weakest uh stocks remain the financials that regional bank index that i keep talking about was down about three and a half percent on the day in fact this index was much lower on the day when many of the other indexes were still in positive territory uh but it kept weighing on the market and the indexes uh all finished right near the lows of the day so very weak technical day we'll see if we get some follow-through going into tomorrow you know there's been a lot of bad news a lot of bad news over the weekend that the markets ignored on monday we

2:18 had a nice strong rally across the board in stocks on monday despite the fact that you have all these areas of the country that are reshutting down they've abandoned their plans to reopen their economy and they're closing down restaurants bars businesses because covet is coming back stronger than anybody thought right this is like a worst case scenario for all the v-shaped recovery guys that uh you know the virus is coming back yet despite all this evidence that it is coming back and that the reopening is not going smoothly you still saw a strong day in the market in stocks on monday and again even today with the nasdaq making new highs and some of the high flyers continued tesla managed a positive close on the day way off the highs but still a record close for a tesla amazon made a new record high again today but managed to close down on the day netflix another stock that made a new record high earlier in

3:25 the morning closing out the day with modest losses but obviously i've been saying on this podcast that i think the market is setting itself up for another decline a substantial decline not an insignificant one and i think the weakness in the financials is really telling the story that the nasdaq isn't telling especially when you realize that the gains in the nasdaq are highly concentrated into just a handful of names including uh the ones that i i just mentioned you know it's interesting because the reason the financials are so weak is because none of these banks are momentum stocks right people are not buying them based on you know a story or based on momentum right they're really looking at the fundamentals they're evaluating these businesses and deciding whether or not it makes sense to own them right whether or not the current valuation is a buy you know or sell relative to the expectation of future earnings

4:27 and that's why these stocks are so weak because when you do a fundamental analysis on a bank i mean it's horrific the fundamentals are terrible i mean for the reasons that i've been discussing they've made a lot of loans that are going to go bad right so they're not going to get money back so they're going to have big losses the collateral behind those loans is losing value and um you know interest rates are at zero right so how do they make any money in this zero rate negative rate environment even if they make new loans there's no money in it for them now the banks would be in even worse shape if rates went up because that would put even more pressure on their uh existing loans and even more downward pressure on the collateral but either way if rates go up banks get clobbered if rates stay at zero banks get clobbered and so people investors are starting to figure this out you know one of the other

5:20 news stories that really started to come out yesterday was a lot of these colleges and universities started coming out with announcements that not only are they not going to have classes in the fall they may not even have classes for the entire year now what most of these colleges are going to do is they're offering classes online so you know if you're already attending class let's say if you're a freshman where you can continue your sophomore year you just take your classes online and if you're an incoming freshman i mean some of these schools are having a little bit of an orientation giving you the option maybe you can come in for a little bit uh but a lot of the courses are going to be online some of the schools have said look we're going to have some courses where you can come in but only until thanksgiving and then we're closed for the rest of the year or it's going to be all online

6:13 and some of them are just completely online but this is more bad news for these banks because think about all these university towns all across the country that count on a crop of college students every year for at least nine months but obviously two some people take summer summer courses but at least for the nine months there's this demand you have 10 15 20 00 30 000 kids coming into a town and renting apartments right and so there's a bunch of landlords that have these apartments that they rent to students every year well these apartments are going to be empty they're going to get no rent well you know a lot of these landlords have mortgages to pay how they're going to pay their mortgage if they're not getting any rent they're still going to have property taxes to pay how they're going to pay their property taxes if they don't have any rent there's still maintenance issues that need to be taken care of

7:12 how are they going to take care of that you know even if you have rental units in in a cold climate you still have to heat those buildings you just let them freeze and have all kinds of damage so you got to pay the bill yourself but you can't pass it on to your tenant what about all these bars and restaurants that are around college campuses nobody's going to be there even if you know the economy in general reopens what difference does it make if none of your customers are there because when the kids are taking online courses instead of actually going to the university they're not going to be there they don't need the housing they don't need uh the meals they don't need the entertainment they don't go to the movie theaters they don't do anything so all of this economic activity is going to have big effect on the banks and the banks you know this is happening all across the country so the banks are in a lot of trouble as a

8:04 business and so that's why the stocks keep going down because investors are focused on the fundamentals and the fundamentals think but that's not the case with a lot of these high-flying nasdaq type stocks and some of them are not necessarily on the nasdaq i mean facebook which also made a new record high today is uh you know not a nasdaq stock but it is you know social media tech type company uh story stock uh even though there are some bad stories there people are still ignoring that and the stock makes a new record high although again it one closed uh slightly negative on the day so we'll see again if if these reversals are more significant than just you know kind of one day wonders um but the reason that these story momentum type stocks keep going up is because no one cares about the fundamentals nobody's doing that kind of analysis people are ignoring the fundamentals they're ignoring

9:03 valuation which is even more important i mean some of these companies the fundamentals have improved i mean you can certainly argue that the fundamentals for netflix are better now that fewer people are actually going to the movies the fundamentals for amazon are better now that fewer people are shopping brick and mortar right so you can make a case that the fundamentals have improved but look at the valuations what you can't do is make a case to defend the valuations but no one is doing that nobody even cares about the valuations people are buying these stocks simply because they're going up they're ignoring everything else and where is the money coming from the money's coming from the fed we've got all this cheap money we got zero rates we got quantitative easing we got the federal reserve buying junk bonds and so it's all that liquidity which is fueling the bubble and allowing people to ignore

9:53 any of the fundamental problems because they just have to invest they have to be long but what happens is as the number of stocks that are going up continues to get smaller and smaller and smaller because the fundamentals keep crushing a larger and larger percentage of the market then all the money has to be funneled into a smaller pool of stock you get an hour or an hour breadth of this market and the whole index is basically being driven by a handful of stocks which is extremely unsustainable because it doesn't take much to break this right something happens either at some bad news report that comes out some bad earnings on one of these names and they take it out and shoot it and then everything implodes right when you're betting everything on just a few uh names and something goes wrong in one or two of those names it's going to take down the entire market because so much of the market is already based

10:50 on these stocks but people are ignoring that when you just look at the averages and you just see them making new highs without understanding or appreciate that the average stock is not going up right the average stock is having a lot of trouble it's just that those problems are being masked by these larger momentum stocks that keep going up no matter how bad the fundamentals may or may not be for the economy or even for their own businesses because even if business has gotten better uh the prices are way ahead of that so the stocks have increased by valuations that well exceed what they might gain uh from uh you know some change in trends that are driven by a covet 19 and and people staying at home but of course what people are missing is longer term negatives for these companies because they all depend on consumer spending they all depend on ad revenue which basically depends on consumer spending

11:47 and all that consumer spending is eventually going to evaporate right and inflation is going to drive consumer prices uh to the point where americans can't afford to buy stuff so long term a lot of these companies that are temporarily benefiting because consumers are doing more of their spending online are ultimately going to suffer when consumers stop spending it all whether it's on or offline they're just not going to be buying stuff because they're not going to afford stuff and so all these businesses are ultimately going to hit a brick wall and come crashing down you know in the meantime though while people are chasing these momentum names right on the nasdaq they continue to ignore the gold stocks i mean gold stocks were up today the gdx was up two and a half percent almost gdxj a little over two and a half percent both of those indexes hit new highs for the year gold continues to hit new eight and a half or

12:41 so year highs we're just below 1800 in the spot market i think i saw us get up to about 1898 1899 maybe uh the futures have already traded above 1800 but the spot market has not done that but look you know up about another 10 bucks today up 10 bucks yesterday we're inching higher and higher and we keep knocking on the door of 1800 and so far that door is not opening right but the bids keep getting higher and higher and higher and as i've been saying this is like a coiled spring and eventually we are going to exhaust all the sell orders that are there at around 1800 you know the only time gold was really above 1800 was just a few weeks right and it overlapped a couple of months but it was really only a few weeks where gold actually traded above this level back in 2011.

13:34 and so a lot of people are reluctant to just buy these gold stocks or even buy silver right which continues to just lag it is above 18 but that's nothing uh compared to where silver has been in the past but i think that a lot of investors still don't think gold's going to get through 1800 they just assume because that was resistance in 2011 that it's still resistance in 2020. well a lot has happened in the last nine years uh specifically a lot of money has been printed in the last nine years and also you have to look at the difference between gold at 1800 in 2011 and gold at 1800 today because in 2011 gold had spiked up there remember gold was below 300 in about 2001 and it had this huge rally and the only real correction it had was in 2008 when everything got killed and gold went you know from a thousand down to about 700 a little bit below and then immediately spiked right back up and just kept going up and up and up and

14:44 up steadily until it finally had like a blow-off move uh up to 1900 and that was kind of like the end of a 10-year bull market right we had a speculative blow-off and then that was it and then gold ended up trading sideways for a couple of years but it never below 1800 i mean it didn't get even back above 1800 it traded sideways in the 1600s 1700s something like that and it didn't really roll over until 2013 when it collapsed and it went all the way back down to you know 1050 by the end of 2015. i think the decline started right in 2014 2013 2014 but if you compare today to 2011 we have just built a base in gold that really started around mid-2013 and extended all the way until kind of now right i mean you're talking about a seven year base that we've been building where the bottom of that base was just over a thousand you know at the end of 2015 but really the entire base building process started in 2013

15:54 and we've got tremendous support now in the market that has been built off of that base and i would say that the real support right now in gold is probably about 1500 even though the bottom of that big saucer is around a thousand uh we're not going back down there we've built such a massive amount of support that i would say there's really not much room for the price of gold to go below 1500 from where it is now so at 1800 we're only about 300 above that massive seven year support that's been building in the market whereas we didn't have that in 2011.

16:33 you know the you could argue that there was support at a thousand uh because that was the high in 2011 and in fact that support helped we never really got below a thousand but at 1900 we had 900 points of downside to get to that thousand dollar support and that support wasn't even that strong i mean you gold could have gone lower could have gone to 700 support retest that which was the lows from uh november 2008. so we were way way above support and the support wasn't even that strong whereas now we're barely above massive support we have built an incredibly strong foundation from which a massive build market is going to be built on this foundation and so we're just getting started so 1900 1800 and 2020 is not the same thing as in uh 2011 and of course the fundamentals are so much better not that they weren't good back then they were it's just that a lot of people temporarily didn't appreciate how good

17:37 the fundamentals were because they actually believed that the fed could do the impossible they thought the fed was going to be able to normalize interest rates and shrink its balance sheet well now they know better now they know those things are never going to happen except the balance sheet is so much bigger now and is going to be growing so much more rapidly now than anybody thought possible back in 2011 and interest rates are going to stay at zero or even go negative something which nobody thought was possible back then and now which the market thinks are probable and you've got the us government buying junk bonds i mean the the fundamentals today are just so much better than they were in 2011 and the technicals are so much better and people still don't get that but i think what it's going to take to really get investors to embrace this bull market and start buying these gold stocks and start buying silver is going to be a

18:28 decisive move to new highs i don't know if it's just a break of 1800 1900 2 000 but we're very close to a very very big move up and then once that happens i think then it's just going to be up up up a steady climb as all of the bears throw in the towel and capitulate and start to buy into this bull market that i believe is going to last for years and years and years yes it will eventually end they'll eventually be a blow off who knows how many years into the future that's going to take place but i think the price is going to be many many times its current price before that happens so at this point you know just continue to take advantage of the opportunities uh that the market is giving you because so many people still don't appreciate why gold is going up and why it's going so much higher uh to buy into you know the metal buy into silver uh buy into the gold stocks either buying the stocks directly

19:26 get into my uh manage accounts which all of my strategies now incorporate a pretty good allocation to gold and gold stocks but obviously my gold separately managed accounts my gold mutual fund is 100 exposure uh to gold stocks and right now i think a large overweight in that sector i mean you've got all these people that are speculating on these high-flying momentum uh uh nasdaq stocks i mean if they really want to gamble why why get why not gamble on gold stocks it's a much better bet it's a much better risk reward proposition i think the odds of a precipitous decline are very slim compared to the odds of a precipitous decline in the nasdaq and i think the upside potential is many many times greater i mean these stocks the fundamentals are actually improving their earnings are actually getting better so you don't have to ignore the fundamentals to buy gold stocks if you understand the fundamentals all you want to do is buy

20:22 gold stocks it's the people who don't understand the fundamentals who are not buying them you know when you're stuck at home these days in self quarantine you probably don't think much about internet privacy on your home network the way you would at your office you maybe just fire up your incognito mode on your browser and you just assume nobody knows what you're doing you're wrong about that everybody knows and what you need to do is have real privacy even if you clear your browser history your internet service provider can see everything you do every site you visited that's why even when i'm at home i always want to make sure that i'm browsing with expressvpn expressvpn make sure your isp can't see what sites you're visiting so they don't have the records your internet connection is rerouted through expressvpn's secure servers each expressvpn server has an ip address that's shared among

21:19 thousands of other users that means everything you do is completely anonymized and can't be traced back to you expressvpn also encrypts 100 of your data with best-in-class encryption so your information is always protected expressvpn is the fastest and most trusted vpn on the market it's rated number one by cnet wired diverge and more one of the things that i find personally helpful about expressvpn especially since i spend some time out of the country i spend time in puerto rico but also when i'm here in connecticut sometimes you can't access certain content from certain locations but then when you're browsing through expressvpn you can fool the content provider so that he doesn't actually know from what location you're browsing and you could gain access as some content that you otherwise might not have been able to access so protect your online activity today with the vpn that i trust to secure

22:19 my privacy visit my special link at expressvpn.com gold and go get an extra three months free on your one year subscription that's express vpn e-x-p-r-e-s-s vpn dot com forward slash goal expressvpn.com forward slash gold to learn more another thing i want to talk about on today's podcast is the government released a list of all the businesses that got these ppp uh paycheck protection program loans and the word loans in parentheses because they're not really loans they're gifts because if you don't fire your workers you don't have to get pay the loan back you get to keep it now of course if you go bankrupt and fire all your workers then you still don't have to give the money back because your business is out of business and the loans were non-recourse so you don't have to pay the money back if you go bankrupt if you stay in business as long as you didn't fire your workers you don't have to pay the money back

23:22 either and of course a lot of the businesses are not going to have to fire people especially those whose uh workers jobs were never even in jeopardy in the first place right and that was the case with me i talked about this on the podcast i was actually surprised by the number of asset management firms i think there were 600 of them that took bailout money 600 firms and many of these firms manage more money than i do i mean we manage about a billion dollars uh you know your pacific asset management um and you know the these other firms some of them uh manage multiples of billions right so they have a lot of assets under management there were hedge funds on this list right and they got this uh this money my bet is that none of them actually needed the money if you remember the reason that i did not apply for the money because just because i'm against the government program doesn't mean i'm not going to take

24:23 advantage of it right i mean i i collected unemployment benefits at one time in my life even though i don't believe in unemployment benefits i don't think the government should be providing them but as long as they're making the mistake of doing it and i qualify i might as well take what i'm qualified for and that was my initial thinking if the government is dumb enough to do the ppp and they're going to give away all this money well i might as well take my share because otherwise i'm just a sucker but the reason i didn't get my share is because i did not want to lie i did not want to commit fraud because i had to certify that the money from the ppp was necessary to maintain the operations of my business right and if i didn't get this money i couldn't maintain the operations of my business and i would have to lay people off and so by getting the ppp money i could continue to operate my business and avoid layoffs

25:16 right so i was going to have to certify that but that wouldn't be true right there was really no disruption to my cash flow at all i mean there was a little bit of a disruption to the operation of the business because people were working at home as opposed to coming into the office but i mean it didn't disrupt the revenue right the revenue just comes from my customers we're billing the customers fees every quarter and we didn't stop billing the customers so we continued to bill so that means my revenue kept coming in and that's the same with every single asset management firm in the country everybody had plenty of revenue i mean even if you were long only and of course some of these firms could have been short they could have you know made money in the first quarter when the market tanked but even if you were long and you had this big drop in um the value of your aum your assets under management

26:08 all that did was negatively infect your billing for the month of april where you build for the second quarter because we bill in advance so yes there was a big drop between january and march so that means asset management companies would not have as much revenue in april as they did in january big deal because chances are the bills the billing that they did for april was probably very similar to what they built in september the year before because remember the stock market went way up in 2019 so all these asset management firms that are you know charging a percentage of what they're managing they saw their income really soar in 2019 okay so it pulled back a little bit in 2020 big deal that doesn't disrupt your business you know we just sent out our billings for this for this uh third quarter and we send that billing out in july we just did it and our july billing is higher than what i built in january

27:09 for q1 because we have more assets under management now right so my firm i am making more money postcoded than i was making pre-covet and i'm sure that's the case with a lot of other asset management companies i mean look at where the nasdaq is at new highs the dow and the s p they're not at new highs but they're not that far below their record highs i mean they're higher than they were for most of last year so all of these managed firms that got bailout money are making more money now in fees than they made last year so why do they need the money they didn't and of course you know these guys aren't living paycheck to paycheck i mean none of these firms are operating on a shoestring i mean think about that if you are an asset management company and you're managing hundreds of millions billions of dollars for other people if you're so irresponsible that you can't even manage your own business

28:05 that you don't even have enough rainy day money to weather a small downturn in your fees for a given month look asset management firms we were not like restaurants you know or or bars or movie theaters we were not shut down right in fact all of these governments that you know were mandating closures right they always said oh here are the businesses that are essential right the essential businesses uh weren't shut down like drugstores supermarkets and financial firms that was considered essential so we didn't get shut down and of course most financial firms like my firm customers don't show up we talk over the phone right so nobody has to risk covid19 to talk on the phone to their financial advisor anybody who wants to deposit new money into their account didn't have to visit me in person they just you know do a bank wire right or they fedex a check whatever they do so it was easy for people to

29:07 add money we build our customers we already have the money in the account i mean we don't need to physically uh visit anybody to assess a fee um so the re the cash flow wasn't disrupted there was no reason for any of these financial services companies to get any money from the government now i can see if you are a restaurant right and your restaurant shuts down you have no revenue you have no customers because your restaurant is closed but you still have employees now but you have no money to pay the employees those are the companies that were like okay i can take this money from the government and i can use this money that the government gave me to pay my employees because i'm not getting any money from my customers so other than having to pay the employees out of pocket which i think would have been better but hey i can get this money from the government and i can use this government money to pay the employees

29:59 but in the financial service industry we never stop collecting revenue from our customers those flows were never disrupted so we got the money from the customers and we got the money from the government so it was just a windfall for the financial uh asset companies and apparently a lot of these firms had no problem in lying about their financial circumstances now i know there's room for interpretation they could say well you know we didn't really know everything was uncertain we were just trying to play it safe just in case we had no idea maybe the market would have crashed to zero maybe all of our clients would have asked for their money back and so you know we took the money just in case so i think that's all a bunch of bs but yes you could try to justify the fact that you thought you were gonna need the money even though you didn't right because none of these firms did need the money because they're all

30:53 making more money now basically than they made before but that doesn't change the fact that they don't have to repay the loans because as long as they didn't fire people that they had no intention of firing anyway because they had plenty of revenue coming in to pay their salaries they don't have to repay the loans and yes you have to certify that you use the government money to pay your salaries which you could do yes you use the government money to pay salaries instead of the customer money the customer money you use to pay yourself so the owners of the firms get a big bonus because they were able to use the money from the government to pay their payroll instead of the money that they generate in fees uh from their customers now this is just one of the reasons that i oppose this program i said this was going to happen i didn't participate personally but it happened and we'll see if there's

31:44 any kind of backlash we'll see how many of these firms feel embarrassed or shamed right to have accepted the money and maybe they'll pay it back right if they pay it back it's no big deal because all they got was a cheap loan which you know pretty much there's cheap loans all over the place in financial services so that's not a big deal what's the big deal is if they keep the money but you know what really adds insult to injury is the asset managers basically got double bailouts from the government because the federal reserve already bailed them out right because the asset management companies charge a fee based on the value of the assets they're managing well fed policy sent asset prices soaring and so when they inflate the value of assets and now you're collecting a fee based on those inflated asset values then your fees are inflated so all these management firms that got this government bailout money

32:41 are already making more money because of fed policy fed policy that is destructive for the economy that is doing long-term and even short-term economic damage is delivering windfalls to asset managers because now they get to collect inflated fees on inflated asset values and then they got a second windfall by being able to grab money from the ppp claiming falsely that they actually needed the money to make their uh payroll when they didn't need any of it also want to talk a little bit about donald trump's uh mount rushmore speech on the eve of the 4th of july it was a kind of late night speech it started after 10 p.m eastern time but obviously uh earlier out on the west coast where the president was at mount rushmore um but you know there was a lot of bad press that trump got because of this speech i mean the left was attacking him about how divisive the speech was but i got to give trump props for

33:40 that speech i mean i've been a you know i criticized trump a lot uh but you know i'm going to give him some praise when i think he deserves it and you know obviously trump did some of the things that i hate right he talked about how great the economy was uh before covet 19 and how great it's going to be next year right if he gets lee elected it's going to it's going to bounce back strong and so yes that was typical trump exaggerating how great the economy was and claiming credit he's always going to do that and yes there were political aspects of this speech right and there are people that are criticizing uh trump for uh making the speech political i mean how can it not he's a politician up for re-election it's an election year uh there's an election in four months or so and he's way behind in the polls right every speech trump makes is going to be political right so you got to give him that you

34:36 know i mean if trump were a democrat and he were behind in the polls you know he'd be doing the same thing whenever a politician speaks i don't care you know you know what office they have when they give a speech it's political right they're political animals that's it's politics before anything else unfortunately but when you actually look at what donald trump said the substance of his speech he was not trying to divide america he was actually trying to unite america against a common enemy right and yes that common enemy is domestic he wasn't trying to unite all americans he was trying to unite most americans to fight against this minority of americans that is trying to completely change everything about america and completely rewrite american history uh and you know he didn't call out the black lives matter by name but obviously he is referring to this organization and and what they are doing but what he

35:41 tried to do is appeal to all americans to understand and appreciate what it means to be an american right some of the things that i spoke about on my earlier podcast or the ones that i put up on fourth of july the remix of some of my earlier a podcast from the 4th of july about the american heritage something that all of us share i mean even if all americans weren't free at the signing of the declaration of independence and you know there were black americans that were free they weren't all slaves there were some free black men at that time but even though all blacks were not free uh we're all supposedly free now and we've all supposedly been free since the 13th amendment in 1865 we've all been free and we've all been able to enjoy the benefits of that freedom granted those freedoms have diminished over time for all of us white and black alike particularly in the latter half of the the 20th century and now into the

36:45 21st century but i think a lot of very very good points were made by the president it was a very impassioned speech it was a very well delivered speech if you haven't seen it uh you should give it a listen do i think it's enough to win him the election no i mean i still think that the odds of trump winning look uh very very slim but it was a good speech you know and and obviously the media just immediately seized on the fact that he didn't try to embrace and unite uh black lives matter or all of the protests uh you know against uh police violence or uh excessive force or systemic discrimination because first of all the systemic discrimination does not even exist and you know i don't even think black lives matter is really about systemic uh discrimination or even about black lives i mean for some people right some of the protesters yes clearly that that's you know it matters to them uh and if

37:51 the protests focused on police brutality then i would have some sympathy for the protests not for the riding not for the looting but look yes police brutality is a problem right police are government officials whenever you have government officials entrusted with power they will abuse that power not all the policemen abuse it but certainly some policemen do and when it does it is a huge problem and that problem should be dealt with it should be dealt with on a state level it's not a federal problem the federal government has to worry about the federal police like the fbi right they don't have to worry about cops on the beat in in the cities the cities and the states should take care of their own problems but black lives matter is not about that that is just a smoke screen right what they're really about is advancing a marxist agenda to basically change the entire character of the american

38:45 economy and american political structure and they want to do that by claiming we're a racist nation when we're not and claiming despite no actual statistical evidence that you know you know police are out there gunning down blacks because they're racist and they're trying to use all this as cover to really advance their gender just like i've been accused a lot of environmentalists are really socialists in disguise and they're using the environment to try to push through this socialist legislation that if they were you know upfront about it they wouldn't get the support but by pretending it has to do with saving the planet and saving the environment they're able to use that as a way to hide their true intention and the same thing is going on i think with black lives matter and i think trump was right to call it out and it's pointless to try to unite these people because they already have

39:38 an agenda and they're not going to change their mind they're not going to be persuaded by anything donald trump has to say who donald trump is talking to are the voters who might not understand this who might be fooled by this trick by this pr con job that's going on and he also doesn't like the way so many businesses are just surrendering right because they're being pressured they don't have any spine they don't have any backbone they're too afraid right because nobody wants to be labeled a racist which shows you you know how little racism there is when the worst thing that anybody uh it fears is to be thought of as a racist to be called a racist and so they're willing to do anything to not be labeled racist that shows you that we don't have a lot of tolerance in america for racism it's not this systemic problem uh that uh black lives matter is trying to pretend it is so that it can use that as a as as cover

40:37 uh to promote the left-wing uh fascist agenda uh that they that they are promoting and in fact donald trump got a lot of flack in the media for saying left-wing fascists they were like what do you mean left-wing fascists fascists are the al they're all right right they're far right how can you talk about left-wing fascism they thought that was like kind of like a contradiction because they don't understand what fascism is fascism is a form of socialism the nazi party was the national socialist german workers party nazism is national socialism fascism is a form of socialism communism is another form of socialism both communism and fascism are on the same side of the political spectrum and the way that spectrum is organized today you would put both of them on the left right they are both status type philosophies with very strong government and minimal freedom on the far right is not fascism it would

41:40 be anarchy right the far right would be no government at all the far left would be absolute and total government and so a communism and fascism they're right there they're right near each other in fact a lot of people think that uh fascism is the opposite of communism because the communists and the fascists were such brutal enemies right they were fighting against each other well the reason they were fighting against each other was because they had so much in common it's not because they had so much uh differences between them it's because they were so similar right it was like rival gangs fighting over occupying the same territory that's why they were always at each other's strokes because there was very little difference between fascism and communism and if you really understand the distinction in communism you actually have the government nationalizing and owning the means of production outright they seize

42:34 everything and they own everything but through fascism government takes equitable ownership control of the means of production through high taxation and high regulation and subsidies so basically what we're doing right a lot of the policies that the left is in favor of are actually more uh fascist type programs than they are communist type programs but the bottom line is the ideologies are on the same side of the political spectrum and they're on the left so the president was right to say that they were left-wing fascists in fact it is redundant because fascists are on the left it's just that nobody realizes that so president trump went out of his way to point it out that when you you know you don't go on the political spectrum as you move to the right right and you go to less government you don't go full circle the spectrum is not a circle where you go right back to total government you know you you you progress from

43:32 minimal government to absolute government and if absolute government is the far left then fascism is in the direction of total government just like communism it's not towards freedom if you go all the way to complete freedom you don't end up at fascism i mean fascism is the antithesis of freedom you know i still get uh emails from people who say that i should kind of stay in my lane again and just talk about economics and not really get into uh the realm of the social issues the political issues just stick to economics and the financial markets but one of the main reasons that i don't do that apart from the fact that i still want to make my podcast more than just about finance and economics i do want to broaden it so that i have a bigger audience and and clearly you know if you don't want to listen to the political or the social issues you know just don't just fast forward i mean it's not that hard to not

44:29 listen to to my opinions there but you have to understand how these issues are interrelated because as i said the agenda of black lives matter being a marxist anti-freedom agenda is very negative for the u.s economy and for the financial markets if you appreciate what they're trying to achieve and if even part of their agenda gets enacted into law this is extremely detrimental to the u.s economy it has profound implications for the budget deficits for economic growth for inflation and so this needs to be factored in to the analysis and the fact that this is happening now this just adds to the long list of problems that we already had to deal with and i'm not going to ignore this problem or the potential severity of the outcome how much worse things are going to get to the extent that this is happening and you have to understand what the political environment is going to be like in a biden presidency

45:34 especially when the odds are overwhelming that biden is going to be the next president and that the democrats are going to control both houses of congress biden is going to be beholden to the constituents that helped elect him and these are radical left-wing uh people this is like aoc right and the squad and black lives matter and so understanding their real agenda and their motivation is important to understanding the policies that are likely to be implemented as a result of their influence and their hold not only on the democratic party but now they're hold on culture on corporate america right and so this just is another powerful reason to get the hell out of dodge another reason to understand that we are in for a world of hurt in this country as we lose freedoms as businesses become more and more regulated and less and less profitable and what profits they have are going to get taxed away

46:36 by a government looking to redistribute everything and realizing that what's happening right now simply makes some ridiculous reparations bill all the more likely and where is the money going to come from it's not just going to come from higher taxes on the rich although we're going to get much higher taxes on the rich which means a lot of people who were rich won't be rich and when you tax the rich and you take away uh their investment capital to start businesses grow the economy and higher jobs you get less prosperity you get fewer goods and services and fewer jobs so all that is going to happen but this also means more inflation because it can't be paid for by the rich it will be paid for by the poor and by the middle class but not through tax hikes because these guys don't have the guts to officially raise taxes on the poor in the middle class so they're going to tax them through inflation

47:30 and understanding the severity of the inflation tax is key to understanding why it's so important that everybody who's listening to my podcast protect themselves from that tax and you know re recreating their investment portfolio with this in mind understanding how high the inflation tax is going to be and how large a toll it is going to take on the average american who is not prepared for it

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Massive support built for gold’s bull market"?

Peter Schiff (Host).

What is "🔴 BREAKING NEWS!! Massive support built for gold’s bull market" about?

The content discusses the recent downturn in U.S. stock markets, highlighting a significant drop across major indexes, particularly in the financial sector, paired with ongoing concerns about localized economic shutdowns. It emphasizes the growing support for gold as a potential safe haven amidst market volatility and uncertainty.

What is mentioned in this GLOBAL NEWS PODCAST episode?

10 people, works and ideas are mentioned, including Peter Schiff, Federal Reserve, NASDAQ, Black Lives Matter, Donald Trump, Gold. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Massive support built for gold’s bull market"?

The episode runs 48 min; the transcript is about 8,340 words in 50 timestamped sections.

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