Yellen’s Recovery is as real as George ‘s Beach House Ep. 35
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 13 December 2014
⏱️ 30 minutes
🧾️ Download transcript
Summary
* Volatile Friday followed by Monday rally trend
* The stock market has rallied very high very fast with little technical support.
* The gold market had its best week relative to equities.
* Only a dozen markets have beaten gold this year.
* Rally started with Michigan Consumer Sentiment assisted by Dodd/Frank revisions.
* The dollar was mixed at Friday close.
* The oil market is indicative of the Fed's movements.
* The Fed's history predicts continued to support for bubbles with additional QE, despite reports to the contrary.
* QE4 will be bigger than previous QE's and will precipitate higher oil prices.
* The pretense that QE is over has fueled the market, but QE4 will trigger the bursting of multiple bubbles.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.0 | Earlier in the week I made a podcast and I was wondering whether or not the volatility |
| 0:15.2 | that we were seeing in the markets may have been portending a change of trend. |
| 0:21.4 | And it looks right now that that certainly could be the case. |
| 0:24.2 | The Dow Jones finished down 315 points on Friday to cap the worst week for the Dow in |
| 0:33.2 | over three years. |
| 0:35.1 | In fact all of the major market indexes lost ground. |
| 0:39.7 | Oil prices also finished below $58 a barrel. |
| 0:44.3 | We closed it. |
| 0:45.3 | $57.49 down another $2.46 on Friday. |
| 0:50.3 | We're now down about 40% in oil prices in a very short period of time. |
| 0:56.3 | And at the rate prices are dropping. |
| 0:59.4 | It's hard to say where the bottom is. |
| 1:01.8 | People are talking $50, $40 a barrel, $35 a barrel. |
| 1:06.0 | There's no way to know just how low this price could go in the short run. |
| 1:11.5 | So I think we need to be prepared for that. |
| 1:14.7 | I talked a lot about the oil market in the podcast I recorded yesterday. |
| 1:21.2 | So if you haven't heard that one, give a listen to it. |
| 1:23.6 | I'm going to talk a little bit more about it in this podcast. |
| 1:27.7 | But let me go back and talk about the markets and what we might have to expect next week. |
| 1:34.6 | Because of course, we've had some week Fridays. |
| 1:37.8 | And whenever I see these big week Fridays, it's always reminiscent of 1987 when you had |
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