Financial conditions are rapidly deteriorating – Ep 542
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 7 March 2020
⏱️ 34 minutes
🧾️ Download transcript
Summary
Oil prices are plunging, which is bullish news for gold mining companies as their production costs decrease and gold prices increase.
Fed’s balance sheet rose by a whole month's worth in one week and it looks like that trend will continue in the weeks to come. Fed’s crisis hasn’t even begun.
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Transcript
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| 0:00.0 | The Peter Schiff Show |
| 0:05.0 | Well, the stock markets managed to finish a very volatile week. |
| 0:13.6 | Slightly positive, the Dow Jones down just 256 points today, it paired a loss of better |
| 0:20.6 | than 800 points in the last hour. |
| 0:23.8 | So we saw a very significant rally, and that's the reason that we were positive on the |
| 0:29.0 | week, that last rally. |
| 0:31.0 | I think that rally was ignited by some short covering. |
| 0:34.2 | We had some comments made by a couple of Fed guys just as the last hour kicked off about |
| 0:42.2 | the Fed, doing all that it can, and being prepared to use its tools to help the economy. |
| 0:48.5 | And I think everybody knew that that was coming. |
| 0:51.2 | In fact, the markets have already priced in more than a 50 basis point rate cut from the |
| 0:57.5 | Fed. |
| 0:58.5 | They're expecting at least 50 by the March meeting, if not sooner. |
| 1:03.0 | But I think those comments might have caused some of the shorts to cover. |
| 1:07.7 | So that pushed us positive on the week. |
| 1:11.5 | Other index were also positive, but they were weaker today. |
| 1:14.4 | The S&P 500 was down 1.7% on the day. |
| 1:19.7 | That's with the big rally. |
| 1:21.7 | And NASDAQ down 1.9% and the weakest index was the Russell 2000 down and even 2% on the |
| 1:30.3 | day. |
| 1:31.3 | That index is now down almost 16% on the year. |
| 1:36.9 | And it's not quite in bear market territory, though earlier today, it was down 17.5%. |
... |
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