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Peter Schiff: The Chart For Gold Looks Fantastic

Courtesy of ZeroHedge View original post here.

Via SchiffGold.com,

Gold pushed above $,1800 last week, although it wasn’t able to hold that level through close on Friday. The yellow metal finished the week around $1,799 an ounce.

But on his podcast Friday. Peter Schiff said there was nothing bearish about the yellow metal not holding $1,800 on a weekly basis. In fact, overall, the chart for gold looks fantastic.

There’s really nothing that’s technically significant about $1,800. It’s just a round number that sounds good. And I think psychologically, having gone above it may mean something and there may have been some resistance just below that round number. But if you just look at the gold chart, it still looks fantastic. It continues to make new bull market highs.”

Monday morning, gold was back above $1,800, trading at around $1,810 per ounce. And we’re edging closer and closer to the all-time highs of $1,900.

But ever since the price of gold bottomed out in December of 2015, and now we resumed a bull market, the high that we just made this week is the highest price we’ve traded since making that low in December of 2015.”

Gold has been at record levels in other currencies for months.

That’s important when you consider that gold is a global commodity — global money — that people in every country still compare the purchasing power of their individual currency to the price of gold. And so, people all around the world are watching the price of gold steadily hit record highs measured in their own currency. Or, a better way to look at it is they’re seeing the purchasing power of their own currency hitting all-time record lows measured in the price of gold.”

The same thing is happening to Americans.

We’re seeing our purchasing power decline. Americans can buy less gold with their dollars today than they could a week ago, a month ago, a year ago, two years ago, five years ago, It’s just that it’s not at an all-time record low — yet.”

Peter said that’s coming. There’s no way the dollar is going to be the only currency in the world that’s not hitting record lows in terms of gold.

In fact, I think ultimately we’re going to start losing a whole lot more value than a lot of these other currencies. And that’s because of the amount of money that we are currently printing. You can’t create trillions and trillions of dollars out of thin air, and we’re going to continue to do this until the bottom drops out. And then we’ll probably keep doing it, even beyond that.”

Officials in the Trump administration, especially Steve Mnuchin, are pushing for even more fiscal stimulus. That money will also have to printed.

It’s going to be conjured into existence out of thin air by the Federal Reserve. And you can’t keep conjuring trillions of dollars out of thin air and handing them out without destroying the purchasing power of the dollars that already exist. And that also means that the new dollars will buy less than the old dollars bought before the new dollars were created.”

The only thing propping up the greenback at this point is its status s the reserve currency. But Peter asks the operative question: how long will it maintain that privilege if the US continues to flood the world with dollars?

In this podcast, Peter also talks about the trade relationship between the US and China and products that confiscatory taxation is coming down the pike.


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