In the latest Schiff Report, Peter Schiff looks back at the first week of the new year, examining the performance of the US and Chinese stock markets, the price of gold, and a collection of other economic data. Peter was one of the only analysts who insisted gold would rise after the December rate hike, but mainstream financial media and investors seem determined to ignore his warnings. Peter can’t help but see the parallels between today and the years leading up to the dot-com bubble and housing crisis.
The one thing that hasn’t declined since the Fed raised rates is gold… If you remember, everybody was unanimous that if the Fed raised rates, gold was going to tank… But I was saying the opposite, because I knew the price of gold had been falling for years, anticipating the Fed raising rates… In fact, this week alone, the price of gold was up 4%. We closed at over $1100 an ounce. If you want to measure the stock market in gold, the Dow dropped better than 10% this week in terms of gold, which is a horrible week for the market in real terms. And I think there is a lot more coming.”
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