All Americans Can Celebrate Independence Day – Ep 711
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 6 July 2021
⏱️ 53 minutes
🧾️ Download transcript
Summary
* Oil marches toward record highs in Europe.
* Inflation disguised in new restaurant fees.
* The Constitution applies to all Americans.
* Slave trade started and ended in Africa, not the United States.
* Slavery was outlawed in the US before anywhere else in the world.
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Transcript
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| 0:00.0 | I like to thank ExpressVPN for supporting my podcast. |
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| 0:31.6 | Well, I'm recording this podcast at around noon, Switzerland time. |
| 0:36.6 | So it's just after 6 a.m. back in New York. |
| 0:40.5 | So we still have quite a long time before the US market opens after an extended three day holiday weekend. |
| 0:49.7 | Now, one of the things I'm looking at is the price of gold, which is now after two days up about 20 dollars announced back above 18 hundred 18 oh seven is the price. |
| 1:00.9 | I'm looking at right now, but the bigger move is coming in the oil market, which a few hours earlier this morning was almost at 77 dollars per barrel. |
| 1:13.4 | The high I saw was 76 98 as I'm recording now. |
| 1:18.9 | It's more about 76 50. |
| 1:21.1 | So back a little bit off that high, maybe a little resistance at around the even number of 77 dollars a barrel. |
| 1:29.7 | But 76 90 was the high from October 2018, I think around then. |
| 1:37.1 | But after taking out that high 76 98, that's the highest we've paid for a barrel of West Texas crude since November of 2014. |
| 1:49.6 | So you're almost looking at a seven year high in the price of crude oil, although now that we have taken out that 2018 high, I wouldn't be surprised if we got a little profit taking, but nothing that's going to disturb this bull market. |
| 2:03.6 | But again, what's more important than these new highs is look how powerful this chart is. |
| 2:09.9 | I've been talking about the oil move for a year now on this podcast and we're not over bought. |
| 2:16.3 | We haven't had any real big spikes. |
| 2:18.9 | It's just a slow and steady advance without any real meaningful declines because you have tremendous demand and not enough supply that is driving the oil price. |
| 2:30.8 | Yes, there's some news that OPEC has decided to call off whatever meeting it was supposed to have. |
| 2:37.1 | And so that is created a catalyst for new buying, but there's really nothing out of the ordinary about today's move. |
| 2:44.4 | It's just one in a number of upward moves that we've had in this oil bull market. |
... |
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