Does Market Volatility Portend a Change of Trend? Ep. 30
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 10 December 2014
⏱️ 20 minutes
🧾️ Download transcript
Summary
* Stock market roller coaster ride this week
* Chinese market plummets
* Forex markets: Yen rallies after 7-year low
* The Swiss may discourage the EU against QE
* Unwarranted U.S.optimism as negative data is ignored
* Gold and Silver strong despite bad press
* Gold outperforming the Russel 2000
* Deficit in Manufactured Goods hit all-time high
* China reports record trade surplus
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Transcript
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| 0:00.0 | about Peter Schiff's show. |
| 0:08.8 | Lots of volatility today in the world's financial markets. The stock markets went on |
| 0:13.7 | Roller Coaster rides. The Chinese market had its biggest drop and I think several years |
| 0:19.7 | the Shanghai was down about 5% I believe overnight. And that said a weakening tone pretty much |
| 0:28.0 | around the world. The European markets all sold off. The Dow at one point was off about |
| 0:34.2 | 200 points which I guess in the scheme of things is not that big of decline. And in fact |
| 0:38.9 | the Dow Jones only finished off about 50 points. I think the more significant moves though |
| 0:45.4 | we're going on in the foreign exchange markets and in the precious metals market. Let's |
| 0:51.1 | talk a little bit about the foreign exchange markets first. Probably the biggest mover |
| 0:56.7 | was the Japanese yen which of course the yen had been falling precipitously for the |
| 1:02.8 | last month or so. The yen at one point in today was up about 2.5% against the dollar. |
| 1:11.4 | But by the time trading ended in New York it had kind of cut those gains in half. But |
| 1:17.0 | we were almost down at 118 after trading closer to 122 just yesterday. I mean the yen |
| 1:23.7 | made a new 7 year low yesterday before staging a bit of a rally. Now the question is going |
| 1:29.9 | to be is this the beginning of a bigger move up in the Japanese yen. No it's interesting |
| 1:37.8 | I'm watching on CNBC. They're talking about the big move up in the yen. And the graphic |
| 1:44.1 | on the screen reads yen plunges. Again this is an example of the good is a bad black |
| 1:52.4 | is white. So the yen is up 2.5% and it's described as the yen plunging. The yen wasn't plunging. |
| 2:00.7 | It was rallying. The dollar was plunging. But you know if you believe that a weak yen is good for |
| 2:08.3 | Japan then the yen going up would be a problem. And so the way you describe a problem would be |
| 2:13.2 | all a plunge. Oh this is terrible. The yen is plunging. But yes the exchange rate is going down |
| 2:19.6 | right from 121 down to 118. But if you look at it that way it's like a plunge. But it's not a plunge. |
... |
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