Jobs and Stocks Are Nothing to Brag About – Ep 589
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 3 July 2020
⏱️ 69 minutes
🧾️ Download transcript
Summary
Employment numbers should be taken with a grain of salt.
The relapse has started.
Gold is a coiled spring and the market is primed for a huge move up.
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Transcript
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| 0:00.0 | The Stock Market's finished a holiday shortened week on a positive note and again a positive |
| 0:15.5 | week, although the gains soured into the close. |
| 0:19.2 | At one point, the Dow Jones was up about 500 points and it managed to close up just 92, |
| 0:25.8 | very close to the lows of the day. |
| 0:28.5 | All of the indexes surrendered large portions of their gains into the close. |
| 0:33.6 | The Nasdaq, of course, made another new record hide today. |
| 0:37.7 | It's the only index that did. |
| 0:40.1 | But the regional bank index finished in the red on the day. |
| 0:44.6 | That index was up about 4% in the morning, but it surrendered all those gains. |
| 0:51.3 | What caused a lot of the optimism this morning was the better than expected non-farm payroll |
| 0:57.2 | numbers that were released a day early because tomorrow was closed in observance of the |
| 1:02.6 | July 4th holiday. |
| 1:04.2 | We actually got the non-farm payroll numbers on the same day that we got the unemployment |
| 1:09.6 | numbers, which normally doesn't happen. |
| 1:11.6 | Now the markets were already positive prior to getting these better than expected numbers. |
| 1:16.7 | When they got the numbers, there was even a bigger rally. |
| 1:20.6 | But again, the numbers are really insignificant. |
| 1:24.4 | I think the sell-off in the bank stocks really proves that because if we really had a strong |
| 1:29.9 | economy, it's the banks that would be benefiting because the reason the banks are in so much |
| 1:34.4 | trouble is because the economy is so weak, a lot of the companies and individuals that |
| 1:39.9 | the bank loaned money to are not able to repay the loans. |
| 1:44.3 | If the economy really was as strong as everybody claims, then the banks would be going up because |
... |
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