Coronavirus excuse masks nascent bear market – Ep. 530
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 1 February 2020
⏱️ 47 minutes
🧾️ Download transcript
Summary
Another adage in investing is “buy the rumor sell the fact.” I mentioned in a recent podcast that investors would soon be selling the facts behind Trump’s trade deal. Well, it didn’t take very long for the markets to find a reason to sell.
The markets were clobbered today and contrary to what the media says, the coronavirus is not the reason. It’s just an excuse and if they didn’t have the coronavirus, they’d find something else to blame. A lot of the stocks going down are retailers and have nothing to do with coronavirus. If the coronavirus passes and this slump in the market doesn’t, reasons for optimism will start fade fast.
2019 numbers show only 2.3% GDP growth. Could 3 rate cuts and a return to QE possibly be the reason?
Joe Biden gave Bernie Sanders a bone by claiming he’s not a real Democrat. Voters are sick of party insiders and this will backfire on Biden the way it did on the Republican candidates when they accused Trump of not being a real Republican.
Nobody would invent keto ice cream in a Socialist economy.
Gold stocks continue to be undervalued. This is a gift horse and you don’t want to look it in the mouth.
Gold is up again. If gold is this strong with the headwind of a strengthening dollar, just imagine the strength it will have with the tailwind of a falling dollar. Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy
Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.1 | US stocks finished the last trading day of January, solidly in the red. |
| 0:14.8 | In fact, there's an old Wall Street saying, so goes January, so goes the year. |
| 0:21.0 | And if that is the case this year, this could mean that the longest bull market in history |
| 0:27.0 | is coming to an end. |
| 0:28.5 | And of course, from a political perspective, it couldn't happen at a worse time. |
| 0:34.5 | The Dow Jones was down 603 points today. |
| 0:39.0 | 28,256 is where the index closed. |
| 0:43.9 | And that's actually down now, about 1% on the month, which means the Dow is down 1% on |
| 0:52.0 | the year. |
| 0:53.0 | So was the S&P 500. |
| 0:55.0 | That index was off about 1.8% today, down just over 58 points. |
| 1:00.1 | It is in the red on the year, but ever so slightly. |
| 1:03.6 | It's only down about 0.15%. |
| 1:07.2 | The only of the major indexes that's positive on the year and on the month, of course, is |
| 1:12.6 | the NASDAQ. |
| 1:13.6 | We've had some big movers in the NASDAQ Amazon today. |
| 1:18.2 | I'll talk about that in a little bit. |
| 1:19.7 | But there's been some other tech stocks that have helped push the NASDAQ up. |
| 1:23.6 | So despite the 1.6% decline today, the NASDAQ is up about 2% on the month. |
| 1:31.1 | And today's big drop in the Dow, that 603 point decline, that came despite a 5% gain in |
| 1:39.9 | Dow component IBM. |
... |
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