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Peter Schiff Video Blog - August 20, 2011 (Markets React to S & P Downgrade)

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August 20, 2011 – Comments (1)

1 Comments – Post Your Own

#1) On August 20, 2011 at 7:54 PM, rfaramir (29.27) wrote:

courageous debt downgrade 2 weeks ago, yay!

daily comments on radio show: schiffradio.com

europac.net and youtube channel pitches

dow down 5+% nasdaq down more (7+%) but Treasury yield down (not up), sellers confused by buying Treasuries as "safe haven" because it is the dollar you need to be safe from.

Dow/Gold ratio down to 6:1 from 43:1

Dollar lost relative ground to Euro(!). Swiss may make Chinese mistake, pegging their franc to euro like yuan pegged to dollar.

HUI up 10% with gold up 11%, much better than 2008 when gold stocks went down in panic. Perception is changing. People getting out of fiats for safety in gold.

Inflation measures discussed.

Lack of interest in gold miners shows fear. (Up only 10% with gold up 80% since 2007.)

Ratings agencies farcically bad. S&P being investigated as retaliatory pressure from regime.

Fed keeping interest rates at zero for 2 years???!!! Allow interest rates to rise! (They won't because it would be bad for gov perception.)

No recovery. Trade deficit at 3-yr high as dollar falls! "You don't increase your competitiveness by debasing your currency." A weak currency is the crisis, not a strong one.

Fed Reserve finally being criticized by the public! (And a few candidates.) Bernanke traitor.

Low rates damaging economy. Gold like thermometer. Doc shouldn't ignore that. Treasuries will collapse with dollar.

Beware PM scams. 

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