It’s not the oil, it’s the debt – Ep 543
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 10 March 2020
⏱️ 39 minutes
🧾️ Download transcript
Summary
Gold broke $1700 today, but didn’t break out. All the babies were thrown out with all the bathwater, including gold mining stocks. Gold price much stronger during this crisis than in 2008. In contrast, the dollar is now falling against other currencies. Massive swings in the currency markets leaving the dollar crumbling against other major safe-haven currencies, unlike in 2008 when that crisis sent the dollar soaring. Gold has much less ground to recover now so if it reacts the way it did after the fed’s last bailout, it has a lot more upside ahead.
Perfect conditions for a bitcoin rally, yet it’s collapsing as it fails to live up to hype and people realize it’s nothing more than digital risk. CNBC suddenly and conveniently seems to have forgotten the word “bitcoin.” Phenomenal opportunity now to dump bitcoin and buy gold before the bottom really drops out on bitcoin.
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Transcript
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| 0:00.0 | What's up, Peter Shiff Show. |
| 0:09.1 | When I recorded my podcast on Friday, I was pretty sure that we'd have a lot of fireworks |
| 0:14.2 | in the markets on Monday. |
| 0:15.6 | In fact, I thought it was going to get started on Sunday night, and that is exactly what |
| 0:20.3 | happened. |
| 0:21.3 | Now, I didn't know what the catalyst would be for sure. |
| 0:24.4 | I didn't realize that oil prices were going to plunge the way they did or that Saudi |
| 0:29.4 | Arabia was going to retaliate against Russia by increasing production and cutting prices. |
| 0:37.3 | If you didn't hear the news on crude oil, we had one of the biggest drops ever down better |
| 0:42.3 | than $10 a barrel. |
| 0:44.1 | Crude settled just below $31 a barrel. |
| 0:47.7 | Today, the low was all the way down to $27.34. |
| 0:52.7 | So a huge decline in the price of crude oil. |
| 0:56.7 | And oil stocks, of course, were the biggest losers on the day. |
| 1:01.1 | Even the best oil companies with the best balance sheets around the world. |
| 1:06.0 | They were down anywhere from 15 to 20 percent. |
| 1:09.0 | In some cases, a little bit more than that. |
| 1:11.4 | But the companies that had the biggest problem were the US oil companies that have a lot |
| 1:16.9 | of debt, a patchy corp down 53 percent on the day, new 52 leak low. |
| 1:24.3 | I mentioned on Friday, oxen on petroleum was down. |
| 1:27.5 | I forget what it was 15 percent on Friday. |
| 1:30.2 | It was down 52 percent today at 12.51. |
... |
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