Surging Bond Yields and Oil Still Pressuring Gold – Ep 658
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 17 February 2021
⏱️ 47 minutes
🧾️ Download transcript
Summary
* Spike in interest rates hit gold and silver hard.
* First time home buyer credit tucked into stimulus bill will breed fraud and moral hazard.
* Tesla stock hurt by Bitcoin investment, potentially scaring off other CEOs from following Elon Musk into crypto.
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Transcript
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| 0:00.0 | The Petership Show. |
| 0:09.2 | Today's episode of the Petership Show podcast is sponsored by NetSuite, the business management |
| 0:15.1 | software that handles every aspect of your business in an easy-to-use cloud platform. |
| 0:21.2 | You can schedule a free product tour right now at NetSuite.com slash gold. |
| 0:26.6 | Well the big story in the market today is the continued rise in long-term interest rates. |
| 0:33.8 | The bond market is getting clobbered. |
| 0:36.6 | The yield on the 10 year was up to just under 1.3% today. |
| 0:42.7 | It closed at 1.29. |
| 0:45.3 | So pretty much 1.3%. |
| 0:47.6 | It was just last month that the yield got to 1% for the first time since COVID. |
| 0:54.0 | And now yields have increased 30% since then. |
| 0:57.6 | That may not sound like a lot, but in the world of bonds that is a huge move. |
| 1:02.5 | The yield on the 30 year bond that is up to 2.09. |
| 1:07.9 | We just got above 2 on Friday and now we're almost at 2.1. |
| 1:13.2 | In fact the intraday high was 2.094. |
| 1:17.4 | So we closed just off the high of the day. |
| 1:20.2 | So we're seeing this big rise in interest rates. |
| 1:24.3 | And so far the only markets that seem affected is the precious metals market. |
| 1:30.5 | Gold and silver both got hit pretty hard today. |
| 1:33.9 | They had been up yesterday when our markets were closed for the president's day holiday. |
| 1:40.2 | But those gains were surrendered and gold ended up down about $30 on the day. |
| 1:46.4 | Silver not nearly as bad. |
... |
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