Bonds are the bubble, gold is the pin – Ep 535
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 22 February 2020
⏱️ 53 minutes
🧾️ Download transcript
Summary
* Significant moves in the bond market today.
* Coronavirus is inflationary.
* US has never been less credit-worthy than it is right now.
* US treasuries have the lowest yields in history and are GUARANTEED TO LOSE money.
* Bond market is now undisputedly a bubble, but CNBC spins a different view.
* I won a bet.
* Perspective is everything when it comes to an investment strategy.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.2 | We had a very big day in the financial markets today with really some significant moves in |
| 0:14.9 | all sorts of asset classes. |
| 0:17.9 | Starting with the US stock market, all of the major US stock market indexes were down |
| 0:24.6 | on the day. |
| 0:25.6 | As loser being the NASDAQ, that was down 1.9%. |
| 0:30.6 | I think near its lows, it was down about 2.2%. |
| 0:34.4 | So we did get a little bit of a rally into the close, but all the indexes were down. |
| 0:39.5 | But internally, there was a bit of a sector rotation out of the momentum names into the |
| 0:46.0 | more defensive value names. |
| 0:48.0 | And this potentially could be the beginning of a long overdue reallocation in the market. |
| 0:54.2 | So we'll see what happens next week if that continues. |
| 0:57.4 | But the bigger moves are more significantly in the bond market. |
| 1:02.7 | Bond yields falling to all time record lows. |
| 1:05.8 | In fact, the yield on the 30 year is now below 2%. |
| 1:10.9 | It's at 1.918. |
| 1:13.3 | And I think this is an all time record low yield for the 30 year bond. |
| 1:19.8 | And of course, the US stock market would be much weaker. |
| 1:23.2 | And today would have been a much bigger down day, but for the rise in the bond market, |
| 1:28.2 | which is helping to support the valuation of US stocks, right? |
| 1:32.4 | Because the lower interest rates are, the higher everybody can pretend the fair value |
| 1:37.8 | is for the US stock market. |
... |
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