Confiscatory taxation is coming – Ep 591
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 11 July 2020
⏱️ 69 minutes
🧾️ Download transcript
Summary
China may cut US from trade. China propping up US dollar so US may not be able to buy from anyone soon.
600 financial firms took forgivable PPP loans.
Entrepreneurs created the middle class.
Biden wants equal outcomes, not equal treatment.
Estate Tax is unconstitutional .
Big tax hikes coming.
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Transcript
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| 0:00.0 | The Peter Ships Show |
| 0:05.0 | Well, the price of gold finally traded above 1800 for the first time since 2011. |
| 0:16.7 | And in my last podcast, I mentioned that gold had kept knocking on that 1800 door. |
| 0:23.2 | So it finally went through. |
| 0:24.6 | In fact, I saw a trade as high as about 1818ish or something like that. |
| 0:31.0 | But we couldn't close the week above that 1800 handle. |
| 0:35.4 | We ended up at 1799ish on the price of gold. |
| 0:41.3 | But I wouldn't read anything bearish into the fact that gold could not hold 1800 on a weekly |
| 0:49.3 | basis. |
| 0:50.3 | Really nothing that's technically significant about 1800. |
| 0:54.6 | It's just a round number that sounds good. |
| 0:57.5 | And I think psychologically having gone above it may mean something. |
| 1:02.4 | And there may have been some natural resistance just below that round number. |
| 1:07.4 | But if you just look at the gold chart, it still looks fantastic. |
| 1:11.6 | It continues to make new bull market highs. |
| 1:15.8 | Again, we're not making new all time record highs. |
| 1:19.3 | We still need to get above 1900 to do that. |
| 1:23.0 | But ever since the price of gold bottomed out in December of 2015, and now we resume the |
| 1:31.0 | bull market, the high that we just made this week is the highest price we've traded since |
| 1:38.2 | making that low in December of 2015. |
| 1:42.4 | And in fact, if you look at the price of gold in any other currency, other than the US |
| 1:49.4 | dollar, gold is making all time record highs. |
... |
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