Government Can’t Do Anything Right – Ep. 220
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 14 January 2017
⏱️ 36 minutes
🧾️ Download transcript
Summary
* It's Friday the 13th and it is a Friday before a 3-day holiday weekend
* Monday, of course is Martin Luther King Day
* The stock market will be closed in observance of the holiday
* Once again, I guess Friday the 13th was bad luck for those hoping for Dow 20,000
* In fact, the Dow finished the day Down, it was a slight decline for the Dow
* But not so for gold; gold was up again
* The Dollar was actually down again
* In fact, this year is already shaping up to be a mirror image of what everybody expected when the year began
* The Dow is up slightly, about a half a percent; the S&P is maybe up about 1-1/2 percent
* But look at the dollar; the dollar index is down 1%
* In terms of foreign currencies, the Dow is actually down
* The dollar index is mostly the euro
* If you take a look at some of the other currencies, the Canadian Dollar, for example, is up 2.5% so far in 2017
* The Australian dollar is up 4%
* These are some pretty big moves early in the year
* Remember, everybody was bullish on the dollar
* That was the trade, it was so crowded, everybody was in it
* Every strategist that I saw on financial news at the end of last year and early this year
* Was long the dollar, short the Aussie, short Canada, short the euro, short the yen
* Meanwhile, all these currencies are going up
* I think they're going a lot higher and I think the shorts are going to lose a lot of money
* Take a look at gold stocks
* Gold stocks are up about 10% so far in 2017 only 2 weeks into the year
* This is already a much stronger start for gold stocks than we had last year
* And of course, last year was a great year for gold stocks despite the fact that they sold off toward the end of the year
* Based on all the hype surrounding Donald Trump and all the great economic growth that we are going to get
* And how the Fed is going to be raising rates even faster and the dollar was going to be even stronger
* I knew all that was a bunch of nonsense
* People still believe it, but the markets are already showing it to be a false paradigm
* And most of the Wall Street strategists are going to once again miss out on these opportunities
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Transcript
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| 0:00.0 | The Peter Shifchow |
| 0:07.0 | Well it's Friday the 13th and it is a Friday before a three-day holiday weekend |
| 0:16.1 | Monday of course Martin Luther King Day, Stock Market will be closed in |
| 0:21.7 | observance of the holiday and once again I guess Friday the 13th was bad luck |
| 0:27.9 | for those hoping for Dow 20,000 because we still are below in fact the Dow |
| 0:33.7 | finished the day down it was a slight decline for the Dow but not so for gold I |
| 0:40.4 | mean gold was up again the dollar was actually down again in fact this year is |
| 0:46.6 | already shaping up the mirror image of what everybody expected when the |
| 0:51.2 | year began now the Dow is up slightly I think we're up about a half a |
| 0:55.5 | percent if that I think the S&P is maybe up about 1 and a half percent not that |
| 1:02.4 | much but look at the dollar the dollar index is down 1 percent so in in terms of |
| 1:08.9 | foreign currencies the Dow is actually down but the dollar index is mostly the |
| 1:13.4 | euro if you take a look at some of the other currencies the Canadian dollar for |
| 1:17.4 | example is up 2 and a half percent so far in 2017 the Australian dollars up |
| 1:23.7 | 4 percent so far in 2017 these are some pretty big moves early in the year |
| 1:29.8 | and remember everybody was bullish on the dollar that was the trade it was so |
| 1:35.4 | crowded everybody was in it every strategist that I saw on financial news at the |
| 1:41.3 | end of last year early this year I'm long the dollar I'm short the ASEer I'm |
| 1:46.3 | short Canada short the euro short the end meanwhile all these currencies are |
| 1:51.0 | going up and I think they're going a lot higher and I think the shorts are |
| 1:55.1 | going to lose a lot of money take a look at gold stocks gold stocks are up |
| 1:59.6 | about 10 percent so far in 2017 we're only two weeks into the year this is |
... |
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