← The Peter Schiff Show Podcast
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And you take no prisoners. One minute, you're up half a million
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in soybeans, and the next, boom.
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Your kids don't go to college and
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they've repossessed your Bentley.
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Are you with me? The revolution starts now. Starts now. We have to pass the bill so that you can find out what is in it. Turn those machines back on. You are about to enter the Peter Schiff Show Me the Money. If we lose freedom here, there's no place to escape to. This is the last stand on earth. The Peter Schiff show is on. I don't know when they decided that they wanted to make a virtue out of selfishness. Your money, your stories, your freedom, The Peter Schiff Show. Welcome, everybody. Another live edition of the Peter Schiff Show. I am going to discuss today's meaningless employment report, which normally this report would have come out last week, but due to ongoing government shutdowns, it was delayed. And so we got it this morning. This is the January number. So it's the first report for 2026. Highly anticipated. And of course, just like almost every jobs report that comes out, it beat estimates. It was a low bar. Not that we were looking for a lot of jobs, but the report beat that. So the Expectation was for 70,000 jobs for January. That would have been better than the 50,000 jobs that they initially reported as having been created in December. That was revised down to just a tad so far, to 48,000. But the 70,000 estimate for January was exceeded. The number of jobs that the government claims were created in January is 130,000. So 60,000 more, almost double what had been expected. And right on the high end of the range, the range of expectations went from 0 to 130,000. So, of course, Wall street is celebrating, the Trump administration is celebrating. But for the fact that expectations were so low, 130,000 jobs is nothing to celebrate. I mean, that's not a lot of jobs for an economy the size of the United States to create in a month. But nonetheless, it's all about expectations. And so as long as the jobs report can come out better than what was expected, then everybody claims that it's a big victory. Now, what people are overlooking, of course, is the far more significant downward revisions that were made today, announced for prior years, not just months, but years of data, was revised yet again. It's not like they haven't had revisions before. So the total number of revisions was about two and a half million jobs going back to 2019. The government now basically erased those jobs, never mind they were never created. We reported that these jobs were created, but now two and a half jobs that we claimed were there never actually existed. And the majority of the downward revisions were for last year, 2025. And for 2024, the number of jobs that were eliminated for last year was about 1.1 million jobs. And for 2024, it was over 800,000 jobs. So to put those numbers in perspective, 1.1 million jobs is over 90,000 jobs per month. That is a lot of jobs. What that means is that every single jobs report that we got in 2025 that was originally heralded as being better than estimates was actually lower. Right? All these beats were misses. In fact, the total number of jobs that the government now claims were created last year on a monthly basis average just 15,000 jobs a month. That is pathetically low. That was maybe it's some kind of record for fewest number of jobs created in a year, right? Now, remember, this is the year where Donald Trump claims it was the golden age. It was an economic boom. The United States had the best economy in its history and the best economy in world history, yet we barely created any jobs. For now, who knows how low the number is ultimately gonna go? We just took away jobs from 2019, 2020, 2021. So how many of these jobs are actually safe from future downward revisions? The same thing for 2024. They took another 64,000, 65,000 jobs per month away from 2024. Now, they had already announced major downward revisions to the 2024 jobs numbers before this. And again, this means that every jobs report during the last year of the Biden administration was a miss. Everyone. But all of these were reported as beats. They were all celebrated, cheered. The Biden administration bragged about them, Wall street, the Fed. Powell kept saying how resilient our labor market was, how strong our labor market was, how surprisingly strong it was. Even though they were hiking rates or at hiked rates, there was no weakness in the labor market. Well, there was weakness in the labor market. There was a lot of weakness in the labor market. It just didn't reflect in the government numbers, which were wrong. And I said they were wrong in real time. All you have to do is go back to all of the podcasts that I recorded. Most of them I did on the first Friday of every month when we got the jobs numbers, because usually I would do a podcast on that day, right? Because there was a lot of market volatility. It was a big story. And. And the markets moved. Go back in 2024, 2025, and look at what happened. When we reported these better than expected jobs reports, the dollar went up, gold went down. But it turns out that none of those moves should have happened had the government reported the numbers. We know now, had those numbers been reported originally, the opposite would have happened. We would have reported wheat jobs. It would have been a miss. So the dollar would have gone down, gold would have gone up. Who knows what the stock market would have done. You don't know if it would have been good news is bad news or bad news is good news or whatever it was. But it's pretty obvious how the currency markets and the precious metals markets react because every time we got stronger than expected employment numbers, they thought that put the Fed on hold. That meant the Fed was going to be tighter. Either they weren't going to cut or they were going to hike or whatever. But a strong jobs report was associated with strong dollar, weak gold. And that's how the programs, right, the automated trading programs, that's how they were set to respond. They basically reacted instantly. They were pre programmed. If we get a stronger jobs number, sell gold, sell silver, buy dollars. Right? That, that's how they were programmed. And so. But all of this was, was wrong because the markets were reacting to data that was wrong. In fact, one of the major things that I pointed out every month that was wrong was the birth death model, which constantly showed all of these jobs that were created even though there was no proof that they actually existed. But they were just assumed to have been created because the guys at the Bureau of Labor Statistics assumed that a bunch of new companies were starting up every month. They didn't know if they were, they just assumed that they were. And they further assumed that these companies that they believed were starting up were also hiring a bunch of people. And so a lot of the jobs were simply the result of companies that we have no idea whether they actually existed. If they hired people where we have no proof that they were actually hired yet, this was like a big part of the number. And I pointed out how ridiculous this was that the government was biased into believing that companies were being created. I thought it was more likely that companies were going out of business then new companies were going into business. And this is where a lot of the revisions have come from. They went back and they revised the birth death model to show that a lot fewer companies were being born and a lot more currency companies were dying out. Right. And so that's why a lot of these jobs that they never really had proof existed. It was more of a hunch. Now they said, okay, you know, we guessed wrong, so they're not there. But my point is, given this history, why does anybody care? Why does the media even bother to report these numbers? Why does the market react to these numbers? Why does the Federal Reserve, apparently the Federal Reserve pays attention to these numbers. Why? It's obvious that numbers don't mean anything. It's wishful thinking at best, right? The government always wants to put a positive spin, no matter who's in charge. The government wants to use fake data to try to validate the efficacy of their policies. Same thing is happening with inflation. Inflation is a lot stronger than they let on. They keep telling us that prices are going down. Donald Trump went ballistic on truth social media when I said prices were going up. I mean, it's obvious. Only in Donald Trump's head are prices going down. You know, by the way, when he made that post, what he specifically mentioned was gas prices. $99 someplace in the United States or some station that apparently was selling gas at $1.99. Good luck finding that gas station. But I notice now that oil prices are about 20% above their lows. They're strong. And if you look at oil, excuse me, oil stocks, oil stocks have been among the strongest stocks out there. They're hitting 52 week highs. They're up a lot. And remember I was saying on this podcast that I thought oil stocks were very cheap, that I had personally been buying more oil stocks myself because I was so loaded up with gold and silver mining stocks that with new money, I was putting it to work in energy because energy had been lagging and now it's starting to catch up. And I think the oil stocks are validating this and they are forecasting. I think they are forward looking. One of the reasons that oil stocks have moved up so dramatically over the past month or two is because investors are looking forward to higher oil prices in the future. Because oil, Even now it's $65 a barrel, oil is cheap. It's not going to stay steep. Now, this is a little bit different than the sentiment in the gold and silver mining stocks, where gold and silver investors still think gold stock, gold prices are gonna fall, oil prices are gonna fall. Yeah, these stocks are going up, but nowhere near as much as they should have because investors are still in disbelief. And by the way, stocks, gold and silver stocks have been very strong underneath the radar. Strong today, strong yesterday. They're now going up even on days that gold and silver go down, like yesterday. And as I mentioned on my podcast last week, my forecast was that the gdx, the gdxj, these are indexes of gold stocks. My forecast was that these stocks, these indexes would make new highs long before physical gold and silver made new highs. And they are exactly on track for doing that because physical gold and silver are still quite a bit off their highs now because gold was almost 5,600 and as I am recording this podcast, it's about 5,055. It's off about 30 bucks tonight. It was up over $60 today, so it's given up about half its gain. And silver, which was up 4 or 5, $4, I think today is now down almost 2 tonight at 82 and a half. So well off the 121 high. But I think long before silver gets back up to 121, in fact, I think when silver gets back to 100, silver mining stocks will be at new highs on $100. Silver doesn't need $120 silver. I think the gold stocks will hit new record highs before gold hits 5200. So by the time gold is back at 5500, which I will expect will happen sometime before, you know, the middle of the year, we're going to be much higher than we were the last time gold prices were at that level. Anyway, let's take a quick commercial break. I'm coming right back. We got a lot more of the podcast, so stick around. Running a business today means competition is constant, no matter your industry. You've got others chasing the same customer, the same market share, and now the same tech advantage. 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And Donald Trump claims that when Biden was president, we had the worst economy in the world and the worst economy in the history of America. Yet despite that, we, we had record highs in the stock market. So if the stock market can make record highs when we have the worst economy in history, how come now it means that we have a great economy? Why can't we have a continuation of the same bad economy we had under Biden now under Trump? And since the stock market moved up despite a weak economy under Biden, it's continuing to move up despite the continuation of a weak economy under Trump. That is what's happening. But what's also happening under Trump is that in real terms, priced in gold, the stock market keeps going down. The Dow is worth less than 10 ounces of gold. I mean, the Dow is going down in terms of real money, just the way it went down in terms of real money under Biden, because we don't have a hot economy. And in fact, if you look at the US Stock market year to date, the S and P is up a little over 1%. I mean, sure, yes. I mean, if we go up 1% a month, right, that's, you know, that's actually more than a month, maybe a month and a half, maybe we'll have a 15% gain, which is still a good return. I'm not saying that up 1, 1.5% a month, you know, isn't a decent return. It is. But compared to what's happening outside the United States, it's nothing. Foreign markets are on fire. So if we have the strongest economy in the world, why do we have one of the most lackluster stock markets in the world? Why are all these other countries that according to Trump are, are doing way worse than we are, why are their stock markets so much stronger? If strength in the stock market is reflective of underlying economic strength, if our economy is so much better than everybody else's, why is our stock market so much worse? I mean, look at my dividend payer fund for example, which is basically our core strategy at Euro Pacific Asset Management. I buy good dividend paying foreign stocks. That's been my bread and butter. That's, you know, be defensive, buy low PE stocks, collect good dividends, get paid to own stocks, get compensated for the risk of being an owner of a stock. Right. And if you look at the year to date return on my dividend pair fund, it's over 13% this year. Over 13%. That's 13 times the return on the US stock market. And that's after being up 62% last year. So last year was the best year in the history of that strategy and that mutual fund. The strategy actually predates the mutual fund because the mutual fund was based off of a separately managed account strategy, which was the first strategy that we introduced at Euro Pacific Asset Management and we eventually turned it into a mutual fund. But last year was the best year the strategy ever had and this year is on pace to beat last year and I think we actually will beat it. Which might seem crazy given how high the return was last year. But I think the reason that this is happening is this is a wave of money that is being sucked out of the U.S. the U.S. stock market outperformed the rest of the world for more than a decade. All of that, I think outperformance is now going to be lost over the next couple years as all that money is pulled out of US stocks which are clearly overpriced, and that money gets redeployed internationally. It's stocks that have much better valuations, but not just the stock prices that are going to realign. It's going to be the foreign exchange. In fact, if you look at the dollar right now and look at the dollar index on a chart, to me it looks like it's getting ready to tank. And you know, the better than expected jobs numbers today did not lift the dollar. Now, you could argue that the dollar pared its losses against some of the currencies after the release of the better than expected data, but it Wasn't that big of a rally. And gold didn't sell off at all. Gold ended the day higher than it was before the jobs numbers were released. This was not what happened in 2024 when we got a stronger than expected jobs numbers. That was when gold went down. Now, of course, it had a strong year, but the down days, a lot of those down days were, were on the job Fridays when the jobs numbers came out better than expected and gold went down. Well, gold did not go down today despite the better than expected jobs numbers. Now, maybe that means that the gold traders aren't fooled by these numbers anymore, or it also just shows that this market is so strong that it doesn't even matter that there's nothing that is going to derail this move. But the dollar didn't catch a bid from those numbers. And I think the dollar index looks very weak. We're trading right now at around 96, 80. I think we can make a swift move down to about 90 even by the end of the quarter, by the end of March. Now that is. That. That would be huge if that happens. But looking at the chart, I think we could see something like that happen. And that is going to accelerate the excess returns that are being enjoyed on foreign stocks relative to US Stocks. By definition, it's going to push up those returns because I'm measuring them in dollars. But also the weakness in the dollar is going to provide another push to get people out of US Assets to minimize their exposure to the falling dollar. And the question is why? Right. If we have this really super strong economy, why is it money coming in? In fact, Donald Trump keeps bragging about all the investments, the trillions and trillions of dollars of foreign investment that's supposedly coming into the country as a result of his tariffs and his negotiations. Well, where is that money? If it was really going to come in? If it was coming in, the dollar would be going up. Because if you're a European business and you're going to invest in the US you need dollars. You got to take your Euros and buy dollars, because the investments in the US Are in dollars, but the dollar's going down. So that suggests to me that these investments are not real. Yeah, it's very easy for a foreign leader or some foreign companies to basically tell Trump exactly what he wants to hear so he can repeat it and talk about the trillions and trillions of dollars that are coming in. But the reality is that not the case, money is coming out of the United States. It is not going into the United States. The World is in the process, as I've been saying, of de dollarizing walking back its relationship. The US is going to be less important in global trade, not more important. The dollar is going to lose a considerable percent of its value and as a result we're going to lose a lot of our influence. We're going to lose a lot of our military strength. Because if we can't finance the military and if we can't pay the troops, if we can't supply the troops, if we can't supply them with munitions, if we can't afford the parts, if something breaks down and we can't fix it, our whole military has been a function of the dollar's role as the reserve currency and that privilege is being revoked. That is what is happening. Nobody is talking about it, but, but the markets are letting you know that this is in fact what is happening. Now. You know, we got some more economic data that came out yesterday on retail sales. And the retail sales numbers were supposed to be up 0.4 for the month and instead it was flat 0, no increase in retail sales at all. And these numbers are not adjusted for inflation. These are just nominal numbers. And the same thing with X vehicles and ex vehicles in gas. It was a goose egg across the board. So we were supposed to get up 0.4 in sales, excluding automobiles it was supposed to be up 4. That was flat. And excluding automobiles and gas it was supposed to be up 0.3 and again, no change. So that's more weakness and some of the reasons we got the debt. We have record high credit card debt, student loan debt. Between credit card debt and student loan debt, that's 3 trillion. I think it's over 1.3 trillion in credit card debt and 1.7 trillion in, in student loans, you know, and then of course, you know, you got, you know, other debt on top of that, but just those two categories. People are weighed down with a lot of debt. So after you, you, you, you pay your payments, you don't have as much money left over to buy other things. And you know, I, I got into this argument with a bunch of people. I was on this Patrick bet David Wednesday business show this morning I was in Florida and you know, the topic came up about the debt not being that big of a problem because we owe it to ourselves. Now of course we don't owe it all to ourselves. We owe a lot of it to foreigners and at one point we hardly owed anything to foreigners. We owed it pretty much all to ourselves. But let's say we owe 75%, 70% of the debt to ourselves. That doesn't make it much less problematic. Yes, I suppose if one American owes money to another American, it may be better than one American owing money to somebody in Japan. Because when one American pays another American, I mean the money is still here as opposed to sending it to Japan where it's a net drain on the country. But it's not any less problematic for the people who owe the money because the owners of the debt are generally not the owners of the debt. So you have wealthier people who own the debt and that's their asset. Right. They own what, you know, the bonds or, you know, or the securitized obligations of the majority of people who are in debt. So you have a lot of Americans who are in debt and then you have a fewer number of Americans who own that debt and that debt is counted as, as their asset. Well, when the debt gets wiped out, which it's going to get wiped out through inflation now it should be wiped out through default, but we're not gonna go that route because politically that's a non starter. So we're gonna go down a more treacherous path of inflation and inflation is gonna wipe out that debt. And so the point, I guess some other people were trying to make was, oh, this is a net positive then, because a lot of Americans are no longer gonna have any debt. Yeah, that's true, that they're not. Right, the debt is gonna get wiped out, but that's going to be a huge problem for retirees, Americans who believe they have an asset and who are going to lose that asset. And he thought, well, that's a good thing because at least we'll have a reduction in wealth inequality, which is true, the rich are gonna be a lot less rich, but that's not gonna benefit the poor and the middle class. The, they're gonna be even poorer. Now sure, on paper, the net worth of the rich is gonna decline a lot more. And even if you're in debt and you have a negative net worth and your debt is wiped out, that doesn't mean you have a positive net worth. That just means your net worth is zero. Right? Your debt is eradicated. You still don't have any assets, so you still don't really have anything. You, you're just not in debt. But the average American who is in debt, it's not impacting their standard of living because they don't even care about the debt. They just keep piling on more. They just keep borrowing more and more money from the same people who don't even realize they're not gonna get paid back. They're gonna get, they're gonna get wiped out. But average Americans, even though, even though inflation may wipe out their credit card debt and their student loans, they're still gonna be poor. In fact, their lifestyle, their standard of living is gonna be lower even without the debt. Because the big problem for average Americans is gonna be inflation is going to eviscerate the value of their paychecks of what they are earning. So sure, yes, they won't have as much debt, but they're not going to buy very much with their paychecks, assuming they still have jobs. And that's because the dollar is going to collapse. And all of the goods that we take for granted and we could afford, even though people are complaining about the lack of affordability, everything is going to be much less affordable in the future. So it's not going to matter that you're, you know, you don't technically have any credit card debt anymore. If inflation wipes it out now, the debt is still there, right? But assuming that you earn more dollars so that you can now service that debt, right? So your income goes up and your debt doesn't, the dollars that you're earning are going to be far less valuable than the dollars that you used to earn because you're going to need so many more dollars to buy anything. You know, it's amazing to me too, in that same discussion with Patrick bet David and he, and he just couldn't seem to get this cuz he still believed that the US was the most important aspect of the global economy. Because we are the customer, because we are the buyer. Without really understanding that we're not really the buyer, we're when the world loans us the money to buy their stuff, Anybody. And I try to make this point, and I don't understand why this is so difficult, but. That people can't grasp the concept that supply is what creates demand. A basic truism of economics is that demand is unlimited. I mean countries are poor not because they lack for demand. People want stuff. People always want stuff. The limiting factor is supply. So countries are poor not because they're lacking in demand, they're lacking in supply. They don't produce stuff. There's scarcity. Poverty comes from scarcity, right? But abundance isn't created by demand. It's supply that creates stuff. And that comes into existence through self sacrifice, through, through under consumption, through savings, through investment. That's what leads to eradicate poverty. That's what lifts people out of poverty. Because we have more stuff. Right? You're poor because you don't have enough stuff. And the way you eliminate poverty is through creating stuff so that there's now more stuff that people can now afford. And so now they're not poor anymore because they can afford the things that they couldn't afford in the past. And he seemed to think that, well, you know, he said, if we're not buying, then all the Chinese factories are just going to shut down. They're going to go out of business. 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the reason that Americans have been consuming those goods is because we could outbid other people with our strong dollar. But why did the Chinese want those dollars in the first place? Because they were the reserve currency. Because they could buy other things with those dollars. They could use those dollars to to buy products made in other countries. Even if America didn't make the products they needed, other countries that made the products they needed would accept dollars in exchange. And why would those other countries accept dollars? Because the dollar was the reserve currency. So we were in a unique position where we could just create out of thin air something of value and then we can use that. We could trade that. But if America did not exist, it's not like all of these factories in China wouldn't exist. They would still be there. They would still be producing stuff. The only difference would be who would the final consumer be? It would either be somebody in China or somebody in another country. But right now, America steps in and we outbid everybody with these dollars, these overvalued dollars. But when the dollar collapses, which is exactly what it's about to do, our purchasing power doesn't disappear from the planet. It reappears. Somebody else gets what we lose. And now all of the factories still produce the products. What changes is who buys them. And when America stops buying, it's not going to be a problem for the rest of the world. It's actually a benefit for the rest of the world. That's one of the reasons that I think you're seeing this strength in foreign markets, and I think you're going to see particular strength in the emerging markets. Because I think those currencies have the most to gain from the dollar's loss, which means that the people in those countries have the most to gain. They're going to see the biggest increase in the value of their earnings, of their savings. And so they're going to consume more, they're going to be able to buy more stuff, they're going to be able to have a higher standard of living as a result of the appreciation in their currency. And in addition to that, capital is going to flow into these countries, investment capital to take advantage of that. And a lot of that investment capital is going to be money that would have gone to the United States, that had been going to the United States to finance our trade deficits, to finance our budget deficits. That money's not coming here. That money's going to stay abroad. And it's going to be invested abroad, is going to be used to grow economies outside the United States rather than used to subsidize the United States. And the money that we've been borrowing, by and large, has not been financing capital investment. It's been financing consumption. It's been financing the credit card debt, the student loan debt, the housing debt, the government budget deficits. Right? The world is not better off because Americans consume more. The world is worse off because we consume more. What improves the world is more investment. So if the world stops loaning its savings to finance American consumption and instead uses its savings to finance domestic production, that will grow foreign economies to a much greater degree. This extent, it'll let the air out of the bubble that defines the US Economy, but it's gonna create real economic gains outside the United States. Investment booms, which will finance higher consumption, higher standard of living, better returns on invested capital. And the days and years of the US Markets being the generator of the highest returns are coming to an end. This is air coming out of a bubble. And if you look at the Trump administration, and again, these guys on the Wednesday business, they're still trying to assume that there's some kind of master plan behind the Trump economic policy, that they're somehow trying to fix the things that are wrong, that they're paying more attention to Main street than Wall Street. They're going to eviscerate Main street and, and Wall Street. These policies are not gonna help workers. These policies are not gonna help consumers. Yes, they may shrink the wealth gap by making everybody poorer, but these are not economic policies that are going to go over well. Now, Patrick kept saying how the reason that Trump is so popular right now is because people feel safer because the border is secure and, and crime has gone down. And maybe some of that is true. Hopefully. Hopefully it's true. But it's not going to be enough to offset the collapsing economy. Again, every election isn't gonna boil down to the crime rate. It's gonna boil down to the pocketbook inflation, the cost of living, the job market. All of this stuff is going in the wrong direction. And it's gonna get move even faster in that direction between now and election day. But the overriding theme is that the air is coming out of this bubble. And again, it's not just the whole US Economy. There's bubbles all over the place. Look at what's happening with crypto. And I think that crypto is a good kind of bellwether to kind of gauge, you know, the risk on where we are with the bubble. I mean, bitcoin is now around 67,500. It's almost half of its peak. It peaked out at 126,000 in October, well less than four months ago. So you got. Bitcoin is down 50% in four months. I mean, imagine if the stock market was down 50% in four months, right? So this is a big drop in the entire asset class, Right? It's not like just one individual stock. It's the whole, you know, bitcoin. Of course, the whole crypto is down probably as much, if not more than Bitcoin, Etherium, and all the other coins, right? They're all down by at least that much, if not, if not more. And this is just the beginning. You know, I was listening to this interview with Michael Saylor, and the guy said, and I'm not making this up, he said, if over the next four years, Bitcoin goes down 90%, 90%, he's not worried. Strategy's not in trouble. The debt's not a problem. Well, she said, we'll just refinance it. In what world is strategy could it be able to borrow enough money to refinance its debt? If four years from now, Bitcoin is $8,000, who the hell is, is going to have any interest in lending money to strategy when bitcoin is at 8,000 in four years, four years from now? I mean, will anybody still have faith that this thing has got any value? If it's $8,000 in four years plus, who knows? You know, four years from now, gold could be 10,000 or more. So that makes the real price of bitcoin even lower. I mean, wouldn't you have to admit that if in four years Bitcoin is at 8,000, that your entire thesis was wrong? That it wasn't the greatest property in the history of the world if it lost that much of its value over that extended period of time? Does he really expect people to think that four years from now? And when she asked him, it was on, I guess on cnbc, I think it was Becky Quick or I forget, I forget who the host was. It was a woman. But she said, you know, where are you going to borrow this money? Who's going to lend you money when, when Bitcoin is 8,000? And he said, well, people are going to want to loan us because of the volatility is so valuable. Right. That bitcoin's volatility is, gives it its value. And given that it has so much volatility, it's gonna be no problem borrowing money. Well, what value is bitcoin's volatility if it's at 8,000 in four years? Nobody is gonna have any interest in strategy. There's no way they're gonna be able to refinance their debt. Against what? Against the bitcoin collateral that has already gone down to 8,000. Why would you loan against that? What if it went down to 1,000? The fact that it can go from 126,000 to 8,000 in four and a half years. Why would any bank in their right mind want a loan against that? How could you even consider it? So the fact that he could dismiss this and what Saylor should have said as well, you know, if bitcoin goes to 8,000, I guess I was wrong. I guess the whole thing blows up. Yeah, the company is worthless. If Bitcoin is 8000, we wasted all this money. He can't even admit that. That shows you how nuts this is. Cuz before it was like, oh, bitcoin's going to a million bitcoin's going to 20 million. But it's okay if it goes to 8,000, doesn't change anything. We, we'll just keep on buying it. We'll just roll over our debt. If that doesn't show you how, how this whole thing is a scam, is a complete. How many of these Hodlers are going to still be holding their Bitcoin four years from now? If it's at 8,000, are they still going to claim I was wrong? If bitcoin is at 8,000 in four years, is anyone gonna say, yeah, Peter Schiff, you were wrong. Are you gonna go back and say, well, you know, if you'd have bought bitcoin when you first heard about it, when it was 50 cents, oh, you'd be really rich right now? Well, I mean, I'm rich anyway. But yeah, you can always go back to the very beginning. But how much money would people have lost buying Bitcoin at 100,000, let alone 120,000 when it's at 8,000? How much money would I would have lost had I bought it up there when people were trying to get me to buy bitcoin? Hey, you were wrong. Why don't you buy it? You see, it's gone way up. I said, well, I wasn't wrong and I'm not gonna buy it because it's gonna go way down. And believe me, if bitcoin goes to 8,000, it ain't stopping at 8,000, it's going a lot lower. The whole thing is busted. In fact, bitcoin has already done something that, that it's never done in its entire 16 year history. Bitcoin is below in nominal terms. Forget about the fact that it's down 64% priced in gold. But if you go back to the peak from 2021, November 2021, when Bitcoin was 69,000, it is now 67,000 and change. It is lower. Lower than that. All time high. More than four years later, that has never happened. You have never had a four year period go by where bitcoin is lower than it was at its record high four years ago. It's never happened. This despite the fact that we've had a record amount of hype and promotion. Because what's happened in the last four years, that never happened in the prior four years. You had all these Bitcoin ETFs that didn't exist. You have all of these bitcoin treasury companies that did not exist. You have a bitcoin president, you have a strategic bitcoin reserve. You have a bitcoin cabinet, right? The US Government is committed to making America the bitcoin capital of the world. Yet despite all that, bitcoin has never been weaker than it is right now. What more evidence do you need of a peak, of a bubble that's been pricked, yet I don't see any sense of panic in the bitcoin community. Everybody is arrogant and telling me to zoom out and, you know, they have no problem. Hey, we've been here. We've seen this before. This is normal for bitcoin to be down 50%. Yeah. Except every time it makes a new high, they always say that the big declines of the past are gone. Right? Now that it's been institutionalized, now that it's really matured as an asset, we're not gonna see those big drops anymore. They say that every time. Every time it makes a new high, they say, well, you don't have to worry. It's not gonna have those big drops anymore. It's not gonna go down 50% or 70%. It's matured now. It's been de. Risked. You know how many times I heard people, including Saylor, say that now that bitcoin is so high, it's a lot less risky, right? No, it's not. It's as risky, if not even more risky. And now they're just saying, oh, well, this is just how it goes. This is par for the course. You just gotta ride it out. Yeah. How do you know, Right? What? How can anybody be confident that something that's only been around for 16 years is always gonna do anything? It's all brand new. But the fact of the matter is, the whole damn thing is a bubble. It's all nonsense. But look at how the financial media has fallen for this hook, line and sinker. None of the reporting, every report that I look at, they bring on one bitcoin expert after another. And of course, to be a bitcoin expert, you have to be in the bitcoin industry. You have to be completely biased. You have to be completely drunk on the bitcoin Kool Aid. Your entire livelihood has to depend on bitcoin's success. And if all that is true, well, then you're allowed to talk about bitcoin on financial television. And it's no coincidence that every single person that they talk to is like, well, this is just a buying opportunity, and they come up with some reason to justify why the market went down. But don't worry, you know, it's gonna come back. It's Gonna make new highs. Now they just have to push back. You know, when is it gonna hit 200,000 or 1 million? You know, so now it's gonna be a year later or two years later, whatever. They don't bring anybody on there who objectively could look at this thing and say, this is all a scam. There's no point in trying to figure out why it's going down. What you should be asking yourself is, why did it go up? And instead of talking about, you know, when is it gonna go from 67,000 back to a new high? When is it gonna go from 67,000 to nothing? Why is it still at 67,000? Why are there people still dumb enough to pay $67,000 for nothing? That's the question that they should be asking. But they're not smart enough to ask that question. And, you know, because they can't understand something as simple as bitcoin. How are they gonna understand something more complex, like the entire bubble that defines the U.S. economy? But they're not. They're just clueless. But I think what's happening in bitcoin is, is a good bellwether, indicator, leading indicator of what's gonna be happening in general as all the air comes out of these bubbles.
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Meanwhile, one thing that is happening almost every day now, I hear from another company, many of them that are pretty big in the crypto space now, all reaching out to me about gold tokens. Everybody wants to tokenize gold. Everybody Wants to come out with a gold token. This is going to be huge. Now, of course, no one's going to get rich quick tokenizing gold because you actually have to have the gold, right? People got rich tokenizing nothing because it cost them nothing. And they can sell it for a bunch of money to a bunch of fools who didn't realize they were buying nothing. But if you tokenize gold, you're going to make a token. If the token is an ounce of gold, you got to spend $5,000 to get the ounce of gold and then you sell it for just a little bit over $5,000. So it's a low margin business, but it's a great product. And it's going to replace bitcoin. Because bitcoin is not a store of value. It's proven that it's not digital gold. That's been proven. So what the hell is it? If the purpose of bitcoin is so you can have a medium of exchange so you can buy and sell stuff with it, so you can send it and receive it, so you can send remittances, why settle for bitcoin? That could collapse. Why not have tokenized gold? I mean, I'd rather use tokenized dollars. If I needed to make a payment and I wanted to do it through crypto or somebody was going to pay me, I'd rather get paid in tether. I'd rather get dollars right than bitcoin. Now, I'm not dumb enough to save the dollars, but I can accept them and I can spend them. See dollars. Most people have recognized for some time that the dollar is not a store of value. So they don't save their dollars. They get rid of them. They invest them. They buy assets with their dollars. But the dollar still works very well as a medium of exchange. If you want to buy something, pay in dollars. Very easy. There's all sorts of ways to pay in dollars. It's very convenient. People have used gold as a store of value, but they haven't used it as money because it's not convenient. But what's happening now with the new technology that we have with the Internet is that it's making gold more convenient. You know, I got. I was in this x space today and some guy was arguing with me, you know, in favor of bitcoin. And I was, you know, they said, you know, why would we have gold? He said, why would we go back to the horse and buggy or when we have better technology? And the point I made is we're not going backwards to gold. We're going forwards when we tokenize gold, when we use modern technology and apply it to gold. But gold is still money. That hasn't changed. We went through an industrial revolution. If you look at the transformation of the American economy in the Industrial Revolution, so before the Industrial Revolution, people rode on horses, they read by candlelight, they didn't have air condition or, you know, they heated their homes with fire, they had no air conditioning. You had no telephone, you had no radio, you had no television, you had no electric appliances. You didn't have any indoor plumbing, right? If you wanted to go to the bathroom, you had an outhouse. If you needed water, you had to go fetch it, you know, from a stream. You had to have a, have a well and you had a pump it, right? I mean, people lived very differently prior to the Industrial Revolution. After the Industrial Revolution, right, In the early 20th century, late 19th century, completely different lifestyle. Modern lifestyle like today, just without the computers and, and the cell phones. But all of a sudden, people are driving cars, not horses. They got electricity, they got indoor plumbing, they got air conditioning. We have appliances. We have dishwashers and vacuum cleaners and washer dryers and refrigerators. We have all this stuff, all of these machines that we didn't have yet. We stayed on the gold standard. It wasn't like they said, oh, you, you know, now that we have a modern economy with electricity and all these modern machines, well, we don't need gold anymore. No, gold worked great before the Industrial Revolution as money, and it worked great after the Industrial Revolution. In fact, it made the Industrial revolution possible. We were on a gold standard. So even if we go into the digital age, we advance the from an industrial age to a digital age. That doesn't mean that we abandoned gold. That doesn't mean gold can't work because we have a digital economy. Look, in a digital economy, we still eat food. We don't eat digital food. We need real food. I live in a real house. I can't live inside a digital house. I need an actual house to keep me warm, to keep me dry, right? So some things don't change as other things improve and so we can stay on gold. In fact, that is what the world is doing. The world is returning to a gold standard, whether the United States realizes it or not. It's not going to a situation immediately where sovereign currencies are redeemable in gold, but they're going to be backed by gold as a primary reserve asset. Central banks, foreign central banks are going to hold gold and not dollars. And that Means gold is going a lot higher and the dollar's going a lot lower. US long term interest rates are going a lot higher, US consumer prices are going a lot higher and the American standard of living is going a lot lower. Now all this may change in the future, you know, based on the productivity that could be unleashed through AI, but that's something that's going to be enjoyed worldwide. It's not going to be something that is going to be exclusive to the United States. But in the meantime, we are going to have to get through a real crisis in this country. So not just a financial crisis, but a sovereign debt and a currency crisis. I can't do anything to stop it. I think the forces are already underway that make this inevitable. All you can do is prepare for it, brace for impact, Let your friends know about it, let your family members know about it. At least you can say I told you so. At least you'll be able to let people know why this is all happening. This is all a consequence of bad monetary and fiscal policy under both political parties, not just the Democrats, but the Republicans too, including the current Trump administration. So do what you can, you know, get to shift gold and buy yourself some gold and silver. I think we're gonna have more steady appreciation now. I don't think we're gonna have anywhere near as big a swings as we've seen. It's kind of stabilizing and moving back into a steady uptrend that is now not just gold, but gold and silver. So I think you can comfortably buy gold, you know, 5,000, 5,050 gold, $83 silver, about where we are right now. I think we're going to be making new highs in both metals this year. So you can buy them, buy into these gold mining stocks. I think the upside potential is enormous there. I think in particular my gold fund, we have a lot of these junior miners that have not nearly moved as much as the bigger companies. They're the sleeper stocks for the last year or two. I think they're gonna awaken with a vengeance and I think we're gonna see some tremendous appreciation there. So look at my gold strategies, my separately managed accounts and the Euro Pacific Gold Fund. You can get information on all five of my mutual funds on my EuroPAC website on europack.come U R O P A C and you've just got to get prepared. You've got to get money out of US dollars, out of US stocks while you can. You know, don't, don't be fooled by the $50,000 Dow. That's an inflationary illusion. But I do think, and as I mentioned, that what's happening in bitcoin could be a precursor to what's about to happen in the US Stock market. You know, the bubble in crypto pops first. It doesn't cause other bubbles to pop. It's just an indication that bubbles are popping. And it's just the biggest bubble pops first. But other bubbles are going to follow. Everything is coming. You're just seeing it in the weakest part of the market first. And that was crypto. So you've got your warning, You've got the opportunity. Don't let it pass you by. Also, don't forget about subscribing to our newsletter at Shift Sovereign. A lot of good investment ideas too, coming from that newsletter that you can use to supplement what we're doing in the managed accounts and what you're doing with my mutual funds. Again, if you like the video, don't forget to give it a thumbs up. Leave me a comment and I'll respond to a few of them. And and I'm going to be doing a Shift Gold Friday market wrap in two days. On Friday we get the CPI number right. More government lies. So I'm going to be telling the truth about those numbers on Friday as well as wrapping up the week in gold and silver. Bye for now. I didn't realize I didn't have
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what
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