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Welcome. This is Peter Schiff for the Schiff Gold Friday Gold Market Wrap. And what a week to wrap up. It was actually a big down week for gold and silver, but it was a big positive when it comes to the fundamental news that will be driving gold and silver prices much higher in the future. In fact, the news that we got today is pretty much exactly the news that I've been predicting that we would get, even though mainstream Wall street advisors or economists had not seen this coming. And in fact many were predicting the opposite. Everything is working out as I expected it to and all of this works to the benefit of gold and silver. And so even though gold and silver prices were sharply lower on the day and then on the week, this is good news for people who want to buy more gold and silver, which of course is what I recommend that people do, especially in light of the news that came out this week that should have pushed gold and silver prices higher but didn't because the traders who control the short term fluctuations of the market don't understand what, what's going on. Now. Gold closed at 4,000, 540. That was down about 2.3% on the day and the weekly decline was 4%. Gold still up, though, about 4.8% on the year. But a lot of its gains were lost temporarily at least this week. Silver got beat up a lot more, down 8.5% today, closing at 75, 84. You know, earlier in the week. In fact, yesterday silver got as high as 89. We were about a dollar away from 90. We closed almost 15% below 90. That is a huge move on the week, though. Silver was down 10.5%, still has a 5% gain during this calendar year. But clearly most of the gain was lost this week, even though the fundamentals were a lot better when the week ended than they were when the week began. At least a confirmation of those fundamentals. You know, the stock market shrugged off the bad news a lot better than the metals market. The Dow was only down about 1% today and down maybe slightly, almost unchanged, but down slightly on the week. Still up about 2.4% on the year. So not quite as much as gold and silver. Nasdaq and S and P a little bit lower. More declined today. S and P down one and a quarter percent. Nasdaq down one and a half percent. But on the week, the S and P was still slightly up, the Nasdaq slightly down. But these indexes should have been more negatively impacted by the economic news, but they weren't. But I think they will be. And I think that the resolution of this will be with gold and silver prices rising and stock prices falling. In fact, the weakest stock index today was the Russell 2000 down two and a half percent. So that's a decent decline. Down 2.8% on the week, but still up over 11% on the year. By the way, NASDAQ up 13% on the year thanks to the bubble in everything AI and that also helped the S and P which is up about 8% on the year. But these indexes should be down based on the economic news that came out today. And of course the worst economic news that's gonna be coming out in the days ahead as we get further confirmation of all the bad news that came out today. Oil prices the big winner on the week. Oil closed at $105.40. Part of what was driving gold down actually. But long term that's bullish. That's the highest I believe oil has closed since we started a war with Iran. But the big market mover on the week were bonds. Bonds got clobbered and the Yield On a 10 year U.S. treasury closed at 4.59%. That is a one year high. The last time it got up there was when the bond market went yippee following Liberation Day and the market started to tank back then and then Trump called off the reciprocal tariffs. Well, the market should be tanking a lot more now, but they're not. But that doesn't mean they won't. But you know, while the media really focuses to the extent they even cover it, the financial media I guess does on the 10 year. And talking about a one year high, what's more significant is what happened in the 30 year cuz the 30 year yield closed at 5.12. That is over a 19 year high, maybe a 20 year high. In fact there was a bond auction couple of days ago where the Coupon on the 30 year treasury was 5% for the first time in 19 years. Why is this more significant than what's happening in the 10 year? Well, because the 30 year is more sensitive to the problems that are making bonds go down, which is inflation. You have 20 more years of risk when you go out that far on the curve. So the fact that the yield curve is widening confirms what I've been warning about and is a bad sign. Now the Yield on the 10 year treasury will hit a 19 year high when we get up to about 5.3. I mean 4.8% maybe or I forget we're getting close to that level but by then, who knows? I mean, we'll be at five and a half percent on the 30 year. So this is what's driving the metals market, is that these higher bond yields are what a lot of the algorithms that trade in the metals markets feed off of to sell gold and silver. Because hotter than expected inflation news, which is, this is, it's, it's inflation that's driving yields. And all of this makes people think that the Fed is less likely to cut rates and more likely to potentially hike rates sometime in the near future. But what everybody is missing, the bigger picture, is not what the Fed might do with short term rates, it's what the market is already doing with real rates. Because real rates are collapsing because inflation, and I'm going to get to that data again, inflation is soaring and so the Fed is doing nothing. That is an easing because real interest rates are collapsing. So it doesn't matter if the Fed adjusts nominal interest rates a little higher. That tweak is going to do nothing to close the gap between nominal and real interest rates. And it's real interest rates that matter. The nominal rate is actually insignificant. If you're getting a 10% dividend yield, but inflation is 15%, are you going to accept 10%? No, that's a 5% loss. You're losing money. So it's not the nominal rate that's important, that's what these traders don't get. But again, a lot of these traders still don't understand why interest rates are rising. Because they expected them to fall. I was kind of a lone wolf six months ago, a year ago, predicting rising long term yields. Most people thought the Fed would be cutting and that would be driving rates down. And I knew that was not gonna be the case. I know that the bond market is losing confidence or the buyers of bonds are losing confidence in the US treasury and they don't wanna buy. And this is what's going on. And the driver is the runaway debt and the inflation. And that is the best scenario for gold and silver. They are inflation hedges. If there's gonna be more inflation, then that's good for gold and silver. If bond prices are falling, that's a sign that investors don't wanna hold bonds, they wanna get rid of bonds. Well, what are they gonna buy when, when they get rid of bonds, they'll buy gold and silver. Gold and silver are a safe haven from bonds because bonds are not a safe haven from inflation. Bonds get eviscerated from inflation. And if investors don't want their personal savings to be eviscerated. They get out of bonds and they get into gold and silver. So what's happening right now is not a reason to sell gold and silver. It is a reason to buy gold and silver. The people selling gold and silver, traders, speculators, don't understand that. Just like the people who were buying long term US treasuries at 4% for example, because they thought they were getting a great deal, because the Fed was cutting and maybe they expected rates to decline dramatically. Remember, at one point the yields on those durations were under 1% in the early days after Covid. But those levels are likely never to be seen again. Even if the Fed does come back with massive qe, I don't think they'll succeed in driving long term yields down to those lows. So the people who expected bond prices to rise and yields to fall clearly don't understand the implications of yields rising. Instead of falling, they think yields are going higher. We should sell gold. Why? What's so enticing? Yes, I could get 5.12% on a US treasury if I take 30 years of inflation risk. It's not worth it. Inflation is going to be more than 5%. You're going to have no return, you're going to going to have a negative return. I'd much rather own gold. And of course these rising interest rates in and of themselves are going to increase the budget deficits because the government now needs more money to pay the higher interest. But it's also going to slow the economy by weighing down consumers and businesses that have debt. It's going to lead to higher mortgage rates and that's going to diminish the revenue coming into the government and increase the expenditures going out. So that makes the deficits bigger too, which is also bullish for gold and silver. But what's the most bullish for gold or silver is all the money the Fed is going to print to try to stop bond yields from rising and the economy and asset prices from tanking. The only question is, when does the Fed cry uncle? I mean, they're already doing stealth qe, they're already buying short term duration bonds. But what they really need to do is buy the long end. In fact, the US Government has been doing that. The US Government, in an effort to artificially suppress long term rates, has been borrowing money from the Federal Reserve effectively by selling the Fed short term rates and then going out and buying back through its treasury buyback program, the longer rates. This is the worst thing you could do if you're trying to manage your fiscal situation because you're retiring the long term debt that you should leave out there and you're taking on more short term debt. That's going to be problematic as interest rates rise and you have to roll it over. But these yields don't even come close to compensating you for what you will lose to inflation. And if you lend the government money at these rates, and that's why the rates are going to keep rising, because bond prices are going to keep falling. And that is not negative for gold and silver. It's positive. Look, I sit through a lot of conversations, interviews, client calls, strategy sessions, research discussions, a lot. And here's what I've noticed. The moment you stop paying attention to take a note, you miss something every time because. Because you can't do both. And then that insight or that number or that line of reasoning that was actually worth remembering, it's gone. That's the problem that Plaud AI solves. Plaud, spelled P L A U D is a hardware and software system built around one idea. Capture the conversation completely so you can be fully present in it. The device records the AI transcribes, and then it does something genuinely useful. It generates a structured summary, key points, decisions, action items. Not just a raw transcript dump, but actual structure. You can search past conversations, ask questions about what was said, pull up a meeting from three months ago and find exactly what you need in seconds. I do a lot of recorded content, this show, interviews, research sessions. The last thing I want to do is manage notes while I'm trying to have an actual conversation. Plod handles that with just one click. Whether it's in person, over the phone, or on Zoom. It captures it, transcribes it, and organizes it. And the Ask Plod feature allows me to go back to a conversation from weeks ago and just ask a question like what did we decide about X? And then I have my answer. That's not a small thing. That's a searchable knowledge base of every important conversation you've had. If you're running a business, managing a team, doing research, or just trying to stay on top of more information than any normal human can retain, this is the tool you need. Try it for your next meeting. Go to PLA Gold and use code Gold for 10% off. That's P L A U D dot A I slash Gold. Plaud AI slash Gold. Most people approach their health the same way they approach their investments. They're guessing. They're reacting to headlines. They're taking advice from some influencer on social media and then wondering why nothing's working. That's a mistake. Your body is unique and what works for someone else or what some celebrities pushing this week might completely wrong for you. Every supplement you're taking blindly is wasted money and it's wasted time. True Diagnostic takes a different approach. It's an at home epigenetic test that uses a simple finger prick to analyze over a million data points and up to 180 biomarkers. And it tells you what your body actually needs based on real data, not on whatever's trending. This month you get a personalized 90 day plan with three clear actionable steps and and then you retest to see real progress. I'd never put money into something without looking at the fundamentals. So why would I put a supplement into my body without knowing if I actually need it? Top longevity clinics use this and health professionals trust it. And now you can run that same kind of analysis on yourself from home. Right now my listeners can get 20% off at truediagnostic.com using code GOLD20 at checkout. That's truediagnostic.com and use code GOLD20 for 20% off. Today you can choose True Age, True Health or the combo kit at a one time purchase or a subscription. Stop guessing and start letting the data tell you what your body actually needs. Look, if you only listen to this show on audio, you're missing something my YouTube audience won't shut up about the shirts. Before I even get into Gold or the Fed, they're already placing bets on what I'm wearing, the color, the pattern, where I got it. And here's a little secret. A lot of those shirts they keep asking about, they come from Quint's. Quint has all the wardrobe staples for spring. I'm talking 100% European linen shorts and shirts for $34. They're lightweight, breathable and comfortable, but still look put together like they're clean. 100% Pima cotton tees with a softness that has to be felt. Their pants also hit that same balance. Relaxed and comfortable, but still polished enough to wear pretty much anywhere. Everything is priced 50 to 80% less than what you'd find at similar brands. Quince works directly with ethical factories and cuts out the middlemen. So you're getting premium materials without the markup. The other night on the show I wore their organic cotton stretch poplin shirt and the chat lit up. It's a great looking shirt. Just ask the comment section. And it also feels great wearing. There's a little stretch to it so it moves with you. Instead of being stiff and boxy, a shirt like this from a traditional brand would easily cost two or three times what Quince charges for the same quality fabric and construction. They just cut out the middlemen and the markup. Refresh your everyday with luxury you'll actually use. Head to quince.comgold for free shipping on your order and 365 day returns. Now available in Canada too. That's Q U I-n c e.com Gold for free shipping and 365 day returns. Quince.com Gold the only question is when will clueless investors figure this out? And speculators? I don't know. But you got to make hay while the sun shines. And that means, you know, buy gold and silver while they don't understand what's going on because this is a great opportunity. Now let me talk about the inflation news. Some of this I already discussed on the podcast I did on Wednesday at my normal YouTube channel and my and Shift radio. So if you didn't watch that one, you should watch it. Even though there'll be a little bit of a repetition here. But that's an hour podcast and most of the stuff I never even talked about or I won't even get to on this market rap. So you should go and watch that one as well and subscribe. Oh and by the way, don't forget to like and subscribe to this video and this YouTube channel because most of the people who follow my main channel have still yet to subscribe to this channel. But the news that I did discuss on the other podcast was the cpi and the PPI CPI did not come out hotter than expected. It was bad. As expected. The monthly increase in consumer prices was 0.6. That's a big number, right? What does that annualize out to? Over 5%? 6% inflation? 7%? Something like that. Big number. Yes, they were looking for a big number and we got a big number. But that's not good news. Year over year up 3.8% prior month. Year over year 3.3. So not only are we well above 2%, but we are moving in the other direction. It's not enough for the Fed to just not cut rates. They need to hike rates. And a quarter point, a half a point. That's too little, too late. We need dramatic increases, maybe 200 basis points. The Fed would still be behind the curve, but that might be a decent start. But there's no way that is going to happen. And in fact even the core core CPI throw out food and energy up 0.5 on the month, double the 0.2 from the prior month. Year over year, 2.8, well above 2 headed in the wrong direction. But the worst numbers were the producer prices. Now those are more important actually than the consumer prices because that's what's coming for consumer prices. Because before consumers pay higher prices, the producers pay higher prices and then pass them along by raising their prices. So if you wanna know what tomorrow's CPI is gonna look like, look at today's ppi. The media often overlooks the ppi. It doesn't get the headlines until it shows up in the cpi. But of course, by the time it does, well, you know, it's way too late to do anything about it. In fact, it's already too late for the Fed to do anything about it. That the horses have long since left the barn on this one. But listen to this number. In April, producer prices surged 1.4% in one month. That's almost the entire 2% target. In just one month. The prior increase, which was originally reported as a point five, that was revised up to a point seven. So a horrible number. Year over year, 6% increase in producer prices. That's the biggest increase since sometime in 2022, but it's going up from here. And a month ago, just one month ago, the year over year rate of increase was only 4%. So a 50% increase in year over year inflation in a single month. The Fed is so far behind the curve it can't even see the curve. Think about that. 1.4% annualized. What if that happened every month for an entire year? What is that, 70 something percent inflation? This is going off the charts even if you throw out food and energy. Cuz if you want to blame all that on the war and the closing of the strait, which of course is going to continue. And of course, if you're going to blame high prices on the war, well, you got to blame Trump because he's the one that started the war. And as far as I'm concerned, there's no way to end this war other than claiming victory when we haven't won anything and just allowing Iran to continue to control the strait and charge a toll. Because I think the only way we can actually win the war would be to have a boots on the ground invasion and then occupation of Iran, which I hope never happens. But that's the only way I think we could win. But I think winning in that case is even worse than losing. So all Trump can do is pretend to win as he actually loses because Iran will end up in a better position than they were before the war. Yes, they won't have as big a Navy and an Air force, but who cares? They're gonna be making money hand over fist, charging people up the nose to go through the Strait. And they're gonna have more influence in the region. So will China, so will Russia. And by the way, I gotta throw this out there before I get back on track. That big China summit. Much ado about nothing. Just a bunch of photo ops. Yeah, you know China's gonna buy a couple of hundred planes from Boeing. That would have happened anyway. I don't know if there was some behind the scenes deals done for the Trump Organization in China, but anything that was accomplished could have been accomplished on a zoom call. We didn't need to spend all that money bringing Air Force One and other planes over there, bringing all the security detail over there. It's just a photo op so Donald Trump can claim he's out there negotiating these fantastic deals. We're not getting anything. Nothing's being accomplished. Again, it's all hat and no cattle. Typical of what Trump is doing. But anyway, let me get back on track. So X food and energy producer prices were still up 1% on the month. That annualizes out to like 12.5% inflation, not even counting food and energy. Year over year. The core, core PPI is up 5.2%. No impact from the war. If anything, maybe higher food and energy prices should have pushed these core prices lower. That's a big jump from the 3.8% year over year rise from just one month ago. So inflation is soaring out of control. Gold and silver should be flying because real interest rates are imploding. But again, traders, algorithms are following the headlines, not the fundamentals. And in fact, a lot of the traders don't even understand the fundamentals. That's part of the problem. But the fundamentals always work out in the end. The last piece of inflation data that just came out today that I didn't talk about on my normal podcast was import export prices. And those of you who are longtime listeners will recall that early in 2021, while everyone was still talking about transitory or there's no need for the Fed to hike. Inflation's under control. They were looking at the CPI and it was still pretty benign. I was pointing out import export prices to my audience, saying, you gotta look here. This is like the early warning, especially since these numbers are not adjusted. There's no hedonics, there's no substitution. They're just the raw prices, the raw import and the raw export prices. Well, import prices were up 1.9% on the month. That's almost your entire 2% inflation in just one month. And the prior number was tweaked up from 0.8 to 0.9. The consensus was for a 1% increase, which is in and of itself would have been bad, but it was almost 2%, almost double. Nobody expected that. The range of expectations were from 0.8 to 1.1. Year over year, import prices now up 4.2% versus 2.1%. Not only is this bad news for consumers who are buying these imports, but it also proves again that Trump was lying when he said that foreigners would eat our tariffs. Because the only way for foreigners to eat our tariffs is to lower their prices by an amount equal to the tariffs because the tariffs are not imposed until the goods get to the United States. So let's say there's a widget that we're importing from China that costs $10 and now Trump puts a 25% tariff on it. The only way we can still get the item for $100 and pay the 25% tariff is if the other country cuts the price of their goods, maybe down to 75 cents. I am not doing the exact math, but then if they take a 25% hit and then we import it at 75 cents and then add the 20, the tariff, now we can get up to a dollar. That's the only way that Americans avoid the tariff. But the fact that import prices are up by 4.2% means that foreigners aren't eating anything. Americans today are paying 4.2% more to import foreign products. And then on top of that, they are paying whatever's left of Trump's tariffs.
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So there's the proof. Foreigners are not paying the tariffs. We are. It's amazing that he can still get away with this. And the Republicans let him get away with it. Of course, you know, they let him get away with anything because he has so much control over the Republican party. And if they end up ousting Thomas Massie on Tuesday, he's gonna have even more control, which he's the best congressman we've got. That's why Trump wants to get rid of him, cuz he's the main guy that's objecting to all the deficit spending, all the undeclared wars, the tariffs, all the bad things that Trump is doing. Massie's trying to stop it. He's the only one with any guts to stand up to him. Because everybody else is quivering in their boots cuz they're afraid of not getting reelected, of Trump backing one of their primary challengers. This is the attitude that's gonna wreck the Republican party because the economy is gonna be so weak, inflation is gonna be so strong, and the Republicans are gonna have to take all the blame. But as bad as the import numbers were, the export numbers were even worse. Export prices in April surged by 3.3% in one month. Right. That would still be a big number if it took all year because it would be way above like 2% one month. 3.3%. That's more than double the 1.6% of the prior month, year over year. Export prices are now up 8.8%. I think you got to go back to early 2022 to see a big a jump. That high 8.8%. That's almost 9%. The prior month was 5.6. Look at that trajectory. How can the Fed still have an easing bias in the face of these inflation numbers? Annualized 3.3. What the hell does that number come out to? Yeah, again, Maybe that's the one that's like 70%. Maybe the two is maybe 30%, I don't know. But it is a huge, huge number. Now, some people might say, well, Peter, why do we care about export prices? Because we're not paying those prices. Right? That's. That's our trading partner's problem. Right. They got to pay the higher prices. Well, the point is that just about everything we export, we also consume. Right? We export agricultural products, we export energy. You know, there are some products that we export. Well, if we have to charge 3.3% more for our exports, stands to reason we're also charging more for what we don't export, for what Americans buy. Costs are going up across the board for American producers. And so they pray they raise their prices to all their customers, whether they're abroad or domestically. But also there are factors, US Related factors that are driving up those prices. So import prices are more controlled by external factors, plus the exchange rate. Right. Of the dollar, which hasn't really changed much. But our export prices have to do with internal price pressures here in the United States, because the stuff that we produce at export now costs more. And because it costs more, it reveals that there is higher inflation. And that higher inflation is not just going to bite the export markets, it's going to bite the domestic market. So I have fact, in many respects, the export prices are more important because that 100% reflects US inflation, whereas import prices can reflect the inflation our trading partners are experiencing. So this was it. This was a trifecta of bad news on inflation that drove yield prices higher and bonds lower. Plus, you got rising oil prices that are in this numbers, but they're not in the core numbers, which are lousy. But oil prices went up. They're gonna continue to go up. Bond yields are gonna continue to go up. The only thing that won't continue is gold and silver going down. In fact, they were making good progress until today, so took a big step back as far as the price is concerned. But again, I'm nowhere near recommending that shift. Gold customers sell their gold or their silver. So the fact that prices came down and we're not selling doesn't bother us. But what it does do is create an opportunity to buy more. And if you don't own any gold and silver, shame on you. But buy some now. Take advantage. Again. Shift Gold is open 24,7 over the weekends. In fact, you can go to the app store and download the Shift Gold app. And you can buy gold and silver this weekend while it's on sale on the app. And you're buying it from people who are foolish enough to sell it because they don't understand that rising bond yields are not bad for gold. They are good for gold. The only yields that really count are short term yields. If they were rising, that could be a problem, but not if they're rising more slowly than inflation. Then it's not a problem. Then it's actually a benefit. Because if short rates are going up less than inflation is going up, then real short rates are coming down. And remember, it's the real rate that counts. The nominal is just for show. The real rates are for dough. Right? And traders are just completely missing the forest for the trees here. But that is giving us an opportunity, giving my customers at Shift Gold an opportunity. And in fact, if you're also taking advantage of the gold mining stocks, the gold stocks got clobbered this week. The gdx today was down 7%. GDXJ down 7.4. On the week, the GDX was down 10.4%. GDXJ actually a little less 10.2 year to date. Both indexes are still up, but barely up. Just 2% on the GDX and 3% on the GDXJ. That's less than the increase in gold and silver. You've got a great buying opportunity on Monday. Obviously maybe it won't be as good if these stocks open higher, but you should be buying these things on Monday. You can't do it over the weekend. Like you can buy physical gold and silver. And by the way, if you haven't set up your T Gold account at Shift gold, go to tgold.com, set up an account and start filling up your wallet with some virtual gold and silver that you will need one day as a medium of exchange. But on Monday you can go and invest in my gold fund or any gold fund or any gold stock. I mean, I'm obviously partial and biased to mine, but Adrian Day runs it for me. I think he's the best. That's why I hired him. I knew he'd do a better job than me. So I hired him to be my stock picker and that's what you need. You need a great spot stock picker, especially in the junior miners which is about a third of the portfolio. So I would recommend, you know, Epgix, that is the no load ticker symbol. You could buy it at any discount broker. You can also buy the shares directly on the Europact site. Don't forget though, there's a prospectus on Europack.com read it. There's a lot more risk in buying gold and silver mining stocks than there is in buying gold and silver. But I also think there's a lot more upside and so that's why I'm recommending it. It's the upside potential relative to the downside risk and I think it's a enormous opportunity, especially when you get sell offs like we got on Friday on good fundamental news. It'd be one thing if gold and silver and the mining stocks went down because there was actually bad news for gold or silver. No, they actually got great news. You couldn't have asked for any better news for gold and silver. I mean it's lousy for the US economy, it's lousy for the consumer, it should be lousy for the stock market. But investors haven't figured that part out yet. But you know, you guys don't have to figure it out because I already explained it and so you could take advantage of it by buying. By the way, I know you know there's some bitcoiners that watch this and think, wow, bitcoin held up better than gold. Well, Bitcoin was down 3% today, so not quite. And on the week Bitcoin was down 2.2% which is not as bad as gold. But year to date, while gold and silver are still positive about 5%, Bitcoin is down 12.5%. So Bitcoin is having a lousy 2026 after having an awful 2025. But you ain't seen nothing yet. I think the back half of 2026 is going to be a lot worse for bitcoin and other crypto than the front half. But I also, I think that's when gold could really shine. I think that bitcoin is and tech stocks and in fact the main thing that's been holding up bitcoin is the tech stocks and the AI bubble. But a lot of air should come out of that bubble because the bond market should prick it. Yes, we haven't had a big reaction yet to a 5.2% 30 year and a 4.59%, almost 4.6% 10 year. But as we keep rising and we put more and more distance between four and a half on the 10 and five on the 30, at some point that is going to prick this bubble and the air is going to come gushing out not just of AI stocks, but of crypto and bitcoin because those bubbles are intertwined. They're all part of the same speculative mania and really being fueled in bitcoin by microstrategy or strategy. Excuse me, but that's also going to blow up in their whole Ponzi scheme called stretch may be the pin that pricks that bubble, which is part of the overall bitcoin bubble that in large part is being driven by the leverage buying of Michael Saylor on the part of strategy. But anyway, that's it for today's Shift Gold market wrap. Again. Go to the website, you can see the address above my shoulder. Shiftgold.com, take advantage today, Saturday, Sunday. You know, almost 15% off yesterday's high in silver. You gotta love that opportunity to buy. It's still a beautiful looking chart. Massive breakout. Looks to me like we're headed much higher. Gold is very solid in here. You know, it's almost back down to 4,500. Not quite, but that's over $1,000 off the February high. I would be taking advantage of that. And tell your friends, you know, if you've got friends that don't own any gold and silver, now's the time to get em on board. Let them also take advantage. Lot of people you know may see those declines and get scared out of the market. Oh, I thought gold was supposed to be a safe haven. Nothing's a safe haven every single day. But gold and silver are safe havens. The increased volatility that we're seeing now is a function of the breakout. This is a consolidation with big volatility following major technical breakouts. The most likely resolution to those patterns is a resumption of the uptrend that preceded them to new highs. And so before we make new highs, back up the truck and load up. Anyway, have a great weekend everybody. Don't forget, I'll be back with more podcasts on my regular channel and potentially another Shift Gold Friday market wrap. So just make sure to subscribe to both and be on the lookout for emails. Bye for now. I sold my car in Carvana last night. Well, that's cool. No, you don't understand. It went perfectly. Real offer down to the penny. They're picking it up tomorrow. Nothing went wrong. So what's the problem? That is the problem. Nothing in my life goes to smoothly. I'm waiting for the catch.
B
Maybe there's no catch.
A
That's exactly what a catch would want me to think. Wow.
B
You need to relax.
A
I need to knock on wood. Do we have wood? Is this table wood? I think it's laminate. Okay. Yeah. That's good. That's close enough.
B
Car SELLING WITHOUT a CATCH Sell your
A
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Date: May 16, 2026
Host: Peter Schiff
Peter Schiff delves into the recent sharp drop in gold and silver prices, despite receiving what he sees as fundamentally bullish news — soaring inflation and collapsing real interest rates. Schiff argues that much of Wall Street and mainstream traders are missing the critical story: real rates are plunging, and this presents "the biggest setup ever" for gold and silver. He critiques prevailing market sentiment, explains why rising bond yields are actually bullish for precious metals, analyzes recent inflation data, and repeatedly urges listeners to take advantage of the current sell-off by buying gold and silver — before the rest of the market catches on.
"It's not the nominal rate that's important, that's what these traders don't get." (12:08)
"What's the most bullish for gold or silver is all the money the Fed is going to print to try to stop bond yields from rising and... asset prices from tanking." (16:33)
"The U.S. Government has been... borrowing money from the Federal Reserve effectively by selling the Fed short term rates and then... buying back... longer rates." (17:36)
"The Fed is so far behind the curve it can't even see the curve. Think about that. 1.4% annualized... 70-something percent inflation." (36:05)
"There's the proof. Foreigners are not paying the tariffs. We are." (41:06)
"If you don't own any gold and silver, shame on you. But buy some now. Take advantage." (45:46)
"You've got a great buying opportunity on Monday." (47:10)
"Bitcoin is down 12.5%. So Bitcoin is having a lousy 2026 after having an awful 2025. But you ain't seen nothing yet." (50:36)
"This is a consolidation with big volatility following major technical breakouts. The most likely resolution... is a resumption of the uptrend that preceded them to new highs." (56:12)
On market misunderstanding:
"What's happening right now is not a reason to sell gold and silver. It is a reason to buy gold and silver. The people selling... don't understand that." (13:52)
On real versus nominal yields:
"You could get 5.12% on a US treasury if I take 30 years of inflation risk. It's not worth it. Inflation is going to be more than 5%. You're going to have a negative return. I'd much rather own gold." (15:14)
On monetary policy and inflation:
"The Fed is so far behind the curve it can't even see the curve." (36:05)
"The only thing that won't continue is gold and silver going down." (45:10)
On investing advice:
"If you don't own any gold and silver, shame on you. But buy some now. Take advantage." (45:46)
"The nominal is just for show. The real rates are for dough." (46:42)
"You couldn't have asked for any better news for gold and silver... It'd be one thing if they went down because there was bad news... No, they actually got great news." (49:48)
On Bitcoin:
"Bitcoin is down 12.5%. So Bitcoin is having a lousy 2026 after having an awful 2025. But you ain't seen nothing yet." (50:36)
Peter Schiff delivers a passionate, data-driven case for gold and silver amid a wave of inflationary news and rising bond yields. He criticizes market participants for overlooking collapsing real rates, asserts the Fed is hopelessly behind, and fervently recommends buying precious metals and mining stocks on current weakness — arguing the fundamentals are stronger than ever. Schiff’s tone is fast-paced, direct, and often combative toward both Wall Street traders and political leaders, while his message is consistent: the real opportunity in gold and silver is now, before the rest of the market catches up.