Over-Confident Republicans Poised For Disappointment – Ep. 238
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 29 March 2017
⏱️ 31 minutes
🧾️ Download transcript
Summary
* On Monday the market got its first opportunity to react to President Trump and the Republican Congress' failure to repeal and replace Obamacare
* With something more palatable
* And as a result, the market declined
* At the lows, the Dow was down approximately 200 points
* Although the "Buy the Dippers" came out, and by the end of the day, the Dow was UP about 150 points
* But it was the 8th consecutive down day for the Dow
* Which I think was a tie for the longest losing streak since 2011
* Had the Dow been down again today, it would have been the longest losing streak since sometime in the 1970's
* So it wasn't that surprising that the Dow rallied
* We were up about 150 points, so we more than wiped out yesterday's losses
* On the other hand, the dollar sold off yesterday and actually traded with a 98 handle
* For the first time since just after the election
* Almost all of the Trump-related dollar rally has been eviscerated
* The dollar rallied back today closing at 99.71 today
* The pound was weak; the Scottish are getting ready to have another referendum
* Whether or not they want to leave the U.K.
* Remember, the Scots did not want to leave the EU
* They narrowly rejected an independence referendum before and now that there is going to be another vote, the market is nervous
* Maybe that helped push the dollar down, but we're below 100 on the dollar index right now
* Gold got back up to $1260 yesterday; at one point it was up about $17
* I didn't see it hit $1261
* That was about the high for the year
* Gold still closed today above $1250
* Silver was actually up again
* Adding to yesterday's gain, we're now holding above $18
* So gold and silver going up; the dollar going down
* We did get a rally in the bond market yesterday; gave back some of that today
* I think today's rally was more of a technical bounce on the "Buy the dip" mentality
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Transcript
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| 0:00.0 | The Peter Schiff Show |
| 0:09.3 | On Monday, the markets got the first chance, really, to react to the failure of the Republican |
| 0:16.6 | Congress and President Trump to repeal and replace Obamacare with something more palatable. |
| 0:24.6 | As a result, the market declined. I think at the lows, the Dow was down maybe 200 points, |
| 0:31.1 | although the buy the dippers came out. By the end of the day, I think the Dow was only |
| 0:35.3 | down about 50 points. It was the eighth consecutive down day for the Dow, which I think was a |
| 0:41.7 | time for the longest losing streak since 2011. Now, had the Dow been down again today, it |
| 0:50.8 | would have been the longest losing streak since sometime in the 1970s. So I guess it wasn't that |
| 0:57.0 | surprising that the Dow rally, in fact, we were up about 150 points. So we more than wiped out |
| 1:03.2 | yesterday's losses. On the other hand, the dollar sold off yesterday and actually traded with a |
| 1:10.5 | 98 handle. For the first time since, I think, a couple of days after the election in November. |
| 1:17.4 | So almost all of the Trump-related dollar rally had been eviscerated, although the dollar |
| 1:23.8 | rally back today, in fact, it closed above 98. I think it was 99.20 or so at the close, and it |
| 1:30.4 | rallied, you know, closed just under 99.70 today. The pound was weak. I think the Scottish now |
| 1:37.1 | are getting ready to have another referendum, whether or not they want to leave the UK, which is |
| 1:41.8 | already voted to Brexit, right, to leave the EU. And of course, remember, the Scots didn't want to |
| 1:47.6 | leave. They wanted to stay apart of the EU. So they narrowly rejected an independence referendum |
| 1:53.5 | before when the UK was still part of the EU. Now that they're leaving, the Scottish, well, |
| 1:59.0 | they're going to have another vote. So that's, you know, made people nervous and in the pound. |
| 2:03.7 | And maybe that helped push the dollar down. But still, we're below 100 on the dollar index, |
| 2:08.5 | where at 99, 69, the last I checked, also gold. Gold got back up to 12.60 yesterday. At one point, |
| 2:17.1 | it was almost up about 18, 17, 18 bucks. I didn't see it hit 12.61. The highest I saw was like 12.60.20. |
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