Massive shakeout in gold and silver – Ep 601
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 12 August 2020
⏱️ 61 minutes
🧾️ Download transcript
Summary
Paul Krugman admits inflation is driving up gold price.
Curing COVID won’t cure the economy.
Do-gooders in California will put Uber and Lyft out of business.
Donald Trump’s tax cuts will drive up the inflation tax.
Joe Biden insults black women before nominating Kamala Harris.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.2 | There was a lot of action in the financial markets today, but I want to start by talking |
| 0:14.4 | about the most relevant to my clients and also to listeners of this podcast when it comes |
| 0:21.1 | to the financial markets and investing. |
| 0:23.7 | And that is the huge shakeout in gold and silver today, really spectacular moves. |
| 0:30.5 | You know, I had been talking about the potential for gold to move $100 in a single day. |
| 0:35.8 | Of course, I was always talking about moving up $100 instead today. |
| 0:39.8 | The price of gold fell by actually over a hundred. |
| 0:42.9 | I think it's down about $120 an ounce as I am recording this podcast a little after |
| 0:50.6 | the close of the US stock market today. |
| 0:53.3 | It was about a 6% drop in the price of gold, but my new were still at 1907. |
| 1:00.0 | So despite this 6% drop, gold is barely below what was an all time record high until a |
| 1:07.0 | week or two ago when gold got above 1900 for the first time since 2011. |
| 1:13.3 | Silver got beaten up even more. |
| 1:16.1 | It was down about $4.40. |
| 1:19.4 | I think this is the biggest drop since the Lehman financial crisis. |
| 1:24.7 | Silver backed down to $24.72, but it had its highest close yesterday. |
| 1:30.1 | Silver was above $29. |
| 1:31.5 | I think that was the first time it closed with a $29 handle. |
| 1:35.6 | And so this decline, while substantial, if you look at where silver was a few weeks ago, |
| 1:41.9 | $24.72 still looks like a pretty good price. |
| 1:47.1 | But you got to bear in mind that when it comes to bull markets, historically, the biggest |
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