Gold Rally Continues, Yuan/Dollar Peg Explained – Ep. 45
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 21 January 2015
⏱️ 23 minutes
🧾️ Download transcript
Summary
* Biggest 7-day surge in Gold prices since 2011
* U.S. GDP will be lower than in Canada this year
* Canadian gold production will rise in 2015
* Gold is rising against most currencies except the Swiss Franc
* The IMF still believes the U.S. economy is recovering
* Outlook for gold in Australia is also positive
* The Yuan will probably be the next peg to go, allowing it to rise against the dollar
* The American workforce is being rewarded for incurring large debt to engage in unproductive careers
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Transcript
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| 0:00.0 | Well, gold prices are continuing. |
| 0:10.7 | They're surge. |
| 0:11.7 | I think it is the biggest seven-day rally in the price of gold since 2011. |
| 0:20.5 | But as big as the rise has been in US dollars and we're still below 1300 though, or about |
| 0:26.6 | just under 1295, 1294, 20, I think is the most recent quote. |
| 0:32.7 | But we're up substantially. |
| 0:34.1 | Remember, we got down as low as around 1150 late last year. |
| 0:39.7 | And of course, the Wall Street investment houses have been negative on gold since the |
| 0:44.0 | beginning of the year. |
| 0:46.2 | Nobody has turned positive yet, which is a good news. |
| 0:48.5 | And I don't think they're going to be turning positive for a while. |
| 0:52.2 | But as big as the rise has been in dollars, it's even bigger in other countries. |
| 0:56.6 | Their currencies with the low exception of the Swiss franc. |
| 0:59.2 | The Swiss franc gold is now down priced in Swiss francs. |
| 1:02.7 | But that's not going to last long. |
| 1:03.8 | I think gold is going to recover everything it lost relative to the Swiss franc in short |
| 1:09.3 | order. |
| 1:10.3 | But I mentioned the stealth bear more bull market rather that went on in 2014 with gold |
| 1:15.0 | rising against every currency. |
| 1:17.5 | Well now it's rising against every currency, including the dollar. |
| 1:22.4 | I think we have a long way to go. |
| 1:24.5 | A good example of the bull market in other currencies is in the Canadian dollar, which |
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