We Elected Biden But We Got Sanders – Ep 648

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 23 January 2021

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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Markets finish positive on a quiet week.

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IBM’s chickens coming home to roost.

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Gold positive on the week despite heavy pressure.

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Biden’s executive orders bullish for gold fundamentals.

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Chicago teachers don’t care about students.

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Regulatory costs of Bitcoin will exceed traditional banking.

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There is no shortage of Satoshis.

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Transcript

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0:00.0	I like to thank my brand new sponsor, Bambi, for supporting the Peter Shiff Show podcast.
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0:21.1	Only Bambi gives you a dedicated HR Manager for just $99 a month.
0:27.2	Get your free HR compliance audit at bambi.com slash gold.
0:32.0	Spelled B-A-M-B-E-E.com slash gold.
0:38.2	Well the market's finished a positive week on a relatively quiet note.
0:43.1	It was a mixed bag.
0:45.3	You had the Nasdaq and the Russell 2000 positive on the day while the S&P and the Dow were
0:52.4	down.
0:53.4	The Dow was down 179 points, 0.57%.
0:59.4	The big drag on the Dow was IBM, which was out with earnings after the bell yesterday.
1:06.8	But before the open today, an IBM was down just under 10%, 9.9%.
1:13.3	I don't know why anybody is surprised when IBM misses its numbers.
1:18.8	Because I think it happens pretty much every time it reports.
1:22.6	IBM has really been the poster boy, it was for massaging earnings, manipulating earnings.
1:30.2	Now a lot of those chickens have been coming home to roost and they haven't been able to
1:35.0	hide the bad numbers anymore.
1:38.3	They're being released and the stock routinely gets hammered when those numbers come out.
1:44.9	Also gold stocks had a positive week as did the price of gold.
1:49.8	Although there was a lot of selling pressure on gold this morning, kind of out of nowhere,
1:55.6	gold got hammered.
1:56.6	I mean it was down over 30 bucks early in the morning.
	...

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