Real Rates Are Collapsing and Nobody Sees It — Gold's Biggest Setup Ever
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 16 May 2026
⏱️ 36 minutes
🧾️ Download transcript
Summary
PPI hit 6%, yields hit 19-year highs, and gold dropped 4%. Traders are selling on the most bullish data gold has ever seen.
Gold fell 4% and silver dropped 10.5% on the week despite the most bullish inflation data in years. Peter Schiff explains why traders have it exactly backwards: April PPI surged 1.4% month-over-month — nearly the entire 2% annual target in a single month — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, annualizing to 12.5%. Import prices jumped 1.9% on the month, proving Americans are paying every cent of the tariffs, while export prices exploded 3.3%, signaling internal US inflation pressure across the board.
The 30-year Treasury yield closed at 5.12%, a 19-year high, while the 10-year hit 4.59%. Algorithms are selling gold because they see rising yields as bearish — but Schiff argues they're completely missing that real interest rates are collapsing because inflation is rising faster than nominal rates. The Fed's easing bias in the face of 6% PPI is itself a form of monetary easing. Oil closed at $105 with no end to the Iran war in sight, Bitcoin is down 12.5% year-to-date, and the AI/crypto bubble is one bond market shock away from popping. Schiff's call: back up the truck on gold, silver, and mining stocks while traders are giving them away.
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Transcript
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| 0:00.0 | Welcome. This is Peter Schiff for the Schiff Gold Friday Gold Market Wrap. And what a week to wrap. |
| 0:10.0 | It was actually a big down week for gold and silver, but it was a big positive when it comes to the fundamental news that will be driving gold and silver prices much higher in the future. |
| 0:23.7 | In fact, the news that we got today is pretty much exactly the news that I've been predicting that we would get, |
| 0:31.4 | even though mainstream Wall Street advisors or economists had not seen this coming. And in fact, many were predicting |
| 0:40.8 | the opposite. Everything is working out as I expected it to. And all of this works to the benefit |
| 0:50.1 | of gold and silver. And so even though gold and silver prices were sharply lower on the day |
| 0:55.5 | and then on the week, this is good news for people who want to buy more gold and silver, |
| 1:02.2 | which of course is what I recommend that people do, especially in light of the news that came out |
| 1:09.3 | this week that should have pushed gold and silver prices higher, |
| 1:13.1 | but didn't because the traders who control the short-term fluctuations of the market |
| 1:19.2 | don't understand what's going on. |
| 1:23.4 | Now, gold closed at 4,540. |
| 1:31.0 | That was down about 2.3% on the day. |
| 1:35.3 | And the weekly decline was 4%. Gold's still up, though, about 4.8% on the year. |
| 1:40.5 | But a lot of its gains were lost temporarily at least this week. Silver got beat up a lot more |
| 1:48.9 | down 8.5% today, closing at 7584. You know, earlier in the week, in fact, yesterday, silver got as high |
| 1:59.7 | as 89. |
| 2:03.4 | We were about a dollar away from 90. |
| 2:07.7 | We closed almost 15% below 90. |
| 2:09.7 | That is a huge move. |
| 2:13.7 | On the week, though, silver was down 10.5%. Still has a 5% gain during this calendar year, but clearly most of the gain was lost this week, |
| 2:23.0 | even though the fundamentals were a lot better when the week ended than they were when the week began, |
... |
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