First Negative Interest Rates, Now Negative Oil Prices – Ep 564
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 20 April 2020
⏱️ 43 minutes
🧾️ Download transcript
Summary
Lower oil prices are still inflationary.
Gold ETFs beginning to look risky as supplies lag demand.
Oil and gold may be the one-two punch that takes out the dollar.
The gold standard is coming back.
Unlike oil, at least Bitcoin will only go to zero.
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Transcript
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| 0:00.0 | What's the Peter Schiff show? |
| 0:09.1 | Well it was one hell of a day today in the financial markets, really, really a crazy day. |
| 0:15.9 | And I'm not necessarily talking about the equity markets. |
| 0:20.1 | I'm talking about the oil market. |
| 0:23.0 | If you weren't paying attention to what was happening in the oil market today, the front |
| 0:27.7 | month, the spot month was the May contract. |
| 0:32.2 | The May contract expired today. |
| 0:34.3 | I think it expires tomorrow. |
| 0:35.8 | I'm not sure technically maybe this was the last real day of trading in the May futures |
| 0:40.3 | contract. |
| 0:41.9 | And when the day started, I think the contract was just a little under $20 a barrel. |
| 0:47.4 | We got down to like $18 a barrel on Friday. |
| 0:51.7 | I mentioned that in my Friday podcast. |
| 0:54.9 | Anyway, the price started to collapse. |
| 0:58.7 | And it eventually got down to below $1. |
| 1:02.3 | As soon as it was below $1, I was thinking wait a minute, I'll look like the price of oil |
| 1:06.7 | is going to go negative here. |
| 1:07.9 | I mean, we've got negative interest rates. |
| 1:10.8 | So we might as well have negative oil prices. |
| 1:13.4 | I guess that's not impossible. |
| 1:15.5 | And no sooner did I tweet that out. |
| 1:18.3 | But then the market went negative. |
... |
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