Stimulus overdose to propel gold to new highs – Ep 539
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 3 March 2020
⏱️ 34 minutes
🧾️ Download transcript
Summary
Part of the market rally likely also due to diminishing chance of a Bernie Sanders presidency. But Biden will also be bad for the markets and he has a greater chance of winning
Nothing goes up in straight lines. Bull markets have notoriously big declines as they climb the wall of worry, which we may have seen on Friday. Gold stock positioned for record highs.
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Transcript
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| 0:00.0 | What a difference a couple of days makes when I did my last podcast on Thursday. |
| 0:15.3 | It was following the biggest point drop in one day in the history of the Dow. |
| 0:22.5 | Today I'm recording my next podcast and we had a 1,293 point rally in the Dow. |
| 0:31.5 | Up just over 5% that is a record. |
| 0:35.7 | That is the biggest point gain in one day in the history of the Dow. |
| 0:41.8 | Percentage-wise it's not a record but the last time we were up this much in one day was |
| 0:47.4 | in March of 2009. |
| 0:50.7 | That was when the market was at the absolute low from the bear market that followed the |
| 0:56.9 | 2008 financial crisis. |
| 0:59.9 | The reason that the market rallied was because that was the day the Fed came to the rescue |
| 1:06.0 | and announced QE1. |
| 1:08.8 | That's the last time we saw a 5% move. |
| 1:12.5 | The S&P and the NASDAQ were not up quite as much but still 4.5% gains over there. |
| 1:18.6 | Even the Dow transports managed to gain today although not nearly as impressive. |
| 1:23.4 | The gain was just under 1%. |
| 1:25.5 | The transports now were in bear market territory or just about it. |
| 1:30.2 | Now they're down about 19%. |
| 1:32.3 | Not quite the 20%. |
| 1:34.4 | I do not think the lows are in. |
| 1:38.0 | Bear markets are notorious for having big rallies. |
| 1:42.7 | I think that's what this is as this new bear market is likely sliding a slope of hope. |
| 1:50.0 | If you look at the bond market the yields on treasuries did not increase at all with |
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