저자: PeterSchiff · 외국인
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연준의 금리인상은 인플레이션 대비 실질금리를 낮추므로 금에 불리하지 않으며, 금 가격은 4,000달러 지지 확인 후 큰 상승을 준비 중이라는 주장. 국가부채 40조 달러와 이자비용 급증으로 채권 금리가 6~8%까지 오르고 결국 채권 위기 및 달러 가치 붕괴가 올 것이라고 봄. 은은 50달러가 바닥이라 주장하고, 금광주(특히 중소형 주니어·로열티 기업)가 저평가라고 봄. AI 버블 여부는 불확실하다고 언급.
다듬은 글
I think that gold's getting ready for another big move up once the markets recognize that these rate hikes are meaningless. The problem is we have 40 trillion in debt and it's not just that the US government is borrowing a lot of money. The rest of the world governments are borrowing a lot of money.
The debt chickens are coming home to roost all around the world. The US government is not going to be able to service the massive debt that it ran up when rates were at zero. Now that rates are at five, yields will hit 6% then 7% then 8%. So the problem's going to get bigger and bigger and bigger and so is the debt bill.
Rather than a headwind for gold, I think the rising bond yields are going to be a tailwind because they're not going to rise enough to offset the loss to inflation. Peter Schiff, great to have you on Commodity Culture. Now gold looked like it was attempting to rally rising from around 4,000 at the start of August over 4,600 by the end of that month, but since then of course, we've seen a sharp sell-off and now down to around $4,100 and change.
What are your thoughts on that price action? Why do you think that rally failed to hold up? Well, I think the markets were surprised by the higher than expected inflation data, which you would in think intuitively is actually a bullish for for gold. But it caused the Fed to have to change the market expectations from rate cuts to rate hikes.
And in fact, the Fed delivered the first quarter point hike um in a recent meeting. And I think it was the fears of a tighter Fed and higher rates that caused gold to surrender the gains uh from that uh bounce. But I think that we're retesting and building solid support around that 4,000 level, which is where gold initially fell to after hitting a new all-time record high about 5,600.
Gold the gold market broke back down slightly below 4,000. I think it maybe traded below 4,000 for 1 day, maybe two tops. Uh before recovering. And this time around it hasn't even been below 4,000. It's been below 4,100, but it still held uh a four handle. So, I think that gold's getting ready for another big move up once the markets recognize that these rate hikes are meaningless, that they're not going to represent any kind of headwind for gold because the rate hikes are much uh smaller than the increase in inflation, the unexpected increase in inflation.
In fact, inflation has already increased by much more than the Fed is even contemplating that they might raise rates. So, real rates are actually much lower than the market expected them to be. So, the gold price should be much higher. I want to talk about the Fed for a moment because the traditional belief, of course, is that rising yields are on both Treasuries and of course a raise in the Fed funds rate is bearish for precious metals.
However, at this point, even if you're getting north of 5% on a Treasury bill, you're not outpacing the real rate of inflation considering how cooked the CPI and other government inflation statistics actually are. Do you think rising yields, if we do see more rate hikes, if we see a higher yield on the US Treasury bills, are those currently one of the headwinds holding gold back?
And if so, could we see further downside ahead if we do see the long-term Treasuries, the 20 and 30-year get to that 6% or above on the yield? Yeah, well, I think it's the misperception of what those rising bond yields imply that is a headwind for gold for now. But, that misperception is going to clear up at some point.
You know, if you look at the CPI and as you mentioned, it's it's a flawed measure because it under under estimates what's actually happening. But so far in 2026 during the first 9 months of this year the CPI is up 4%. It was up 2.9% for all of 2024, which was the the last year under Biden. Uh it was 3.4 in 2023, Biden's you know, second to last year.
So, we're already above both of those years and we got 3 more months left. I think by the time we get the next 3 months of data, we're going to see a five handle on 2026 CPI. And so by that measure the Fed funds rate will still end the year negative. That is not a uh you know, a restrictive monetary policy.
That is highly accommodative. And in fact, the highest inflation got in any calendar year under Biden was 7% in 2021. I think there's a very good chance that 2027 will be higher than seven. But I doubt the Fed funds rate will be much higher than five. So, the the negative yield is going to get bigger.
Uh which creates an even bigger incentive to avoid the loss by buying gold. So, you know, rather than a headwind for gold, I think the rising bond yields are going to be a tailwind because they're not going to rise enough to offset the loss to inflation. And in fact as rates rise and more US government debt matures and needs to be rolled over and you get this upward pressure on the cost of carrying debt.
The most recent government numbers showed 1.4 trillion now is the annual tab for interest on the national debt. But that number gets bigger every month. And you know, sometime next year it's going to hit 2 trillion, which means it will be bigger than social security. Social security is 1.7 trillion right now.
Of course, that number's going to get bigger next year as well. But interest on the national debt is now the second biggest government expense, but the fastest rising government expense. So, at some point the Fed is going to have to not only stop hiking, but actually ramp up the QE program because there aren't going to be enough private buyers uh for negative yielding treasuries.
Do you think we are seeing a potential crisis emerge in the sovereign debt markets because treasury yields, many of them at rates not seen since pre-GFC days. Of course, we're seeing yields rise around the world. Japan perhaps being the main poster child. Many of those bond yields rising to historic rates.
What are your thoughts there? Because of course, when it comes to US treasury bills, you have some pundits out there who say yields are rising because of the strength of the American economy. I believe Judy Shelton came on Fox News and said this recently. Some other people have said that as well. And of course, some others are pointing out that the these yields are getting out of control considering the level of national debt we have.
This isn't the '80s where the the the debt levels are much more severe. How bad can this get? And and is there a level on the yields that you're watching for when things could really spiral out of control? Well, well, first of all, it's going to get a lot worse. And it's not the strong economy cuz I don't even know what they're looking at because GDP growth has been slower so far during the past 2 years.
You know, Trump's first 2 years, GDP is growing slower than it was during Biden's second 2 years. So, by pretty much every objective measure, the economy is weaker now than it was a couple years ago. So, it can't be the strong economy that is the reason that rates are rising if the economy is weaker than it was before the rates rates went up.
So, that's not the reason. The problem is we have 40 trillion in debt. Actually, 40.3 trillion, right? Because it keeps going up. But, we have all this debt and uh the it's impossible really to find uh private money to finance it. And it's not just that the US government is borrowing a lot of money.
The rest of the world governments are borrowing a lot of money. I mean, you mentioned Japan. Look what's happening in France over the past week. And the French 10-year is now up around 5%, almost to the level that ours are. Uh but, the increase has been even bigger because the yields in France were actually lower than they were here.
Um but, all of these sovereigns that made too many promises to pay with borrowed money are are are running into problems. The debt chickens are coming home to roost all around the world. That is the difference. And, you know, people are very complacent, too, if they look back 20 years ago and say, "Well, you know, we could handle 5% uh Treasuries.
We were at we could handle a 7.5% mortgage 20 years ago, so why can't we handle it today?" Well, there's a big difference. We have a lot more debt today than we did 20 years ago. The reason we have so much debt now is because we were encouraged to take it on based on how cheap it was. Because the rates were so low, it made it appear uh affordable to borrow.
But, now that the the rates are normalizing, but we have an abnormally high amount of debt, we can't service it. And it's not we it's not just individuals, homeowners, companies, the US government is not going to be able to service the massive debt that it ran up when rates were at zero. Now that rates are at five, but the other important factor is that 20 years ago treasury yields were five, mortgage yields mortgage rates were seven and a half on the way down.
Now they're there on the way up. That is a big difference because even if you if you took out a seven and a half percent mortgage 20 years ago, you had the opportunity to refinance it at six and a half, five and a half, four and a half, three, you know, two and a half. Um rates are headed back up now.
They're No one's refinancing. Yeah, it's going to go They're going to go to eight and a half, nine and a half, 10, 11. Mortgage rates were at 18% in 1981. So, they fell for 40 years. Now they're going to rise maybe for as many years. I don't know or at least half as many and we're only six years into the the rate rise.
Uh treasuries were at 14% and they went down to a half a percent. So, now we're at 5%, but 5% is still pretty cheap money. It's just not so cheap when you owe so much, but yields will hit 6%, then 7%, then 8%. So, the problem's going to get bigger and bigger and bigger and so is the debt bill. We're going to be paying $2 trillion a year in interest on the national debt by the end of next year.
But if rates rise to 8% and the national debt is 50 trillion in two or three years, which it will be, we could be spending $4 trillion a year on interest on the national debt. I mean, that's 80% of tax revenue. And if we were spending $4 trillion a year on interest, that would mean the entire budget deficits would be about six or seven trillion because we'd have to borrow all that money.
We don't have it. So, can we survive with budget deficits, annual budget deficits, that enormous? No. So, sometime between here and then, right now, we're going to have a bond crisis. And and it could happen in a few weeks. It could happen in a few months. I doubt we're going to be able to hold it off for a few years.
I hope you've been enjoying this interview with Peter Schiff. If you're looking for great prices on gold and silver bullion products, our sponsor Ark Silver Gold Osmium has you covered. You can see some of their prices on your screen right now. These are subject to change and while supplies last, so reach out to owner Ian Everard today at 307-264-9441 or by email at [email protected].
We get nothing but positive comments about working with Ian. When you do give him a call, make sure to tell him that Commodity Culture sent you. The next question comes from a member of the Commodity Academy. It's an online class we run. Guys, you can check it out in the description below and get your chance to ask guest questions.
This is Sabrina. She asks, "What specific indicators would you say would reveal that we've crossed from a normal precious metals bull market into an actual dollar devaluation or confidence crisis?" Now, a lot of what you've laid out seems to point in that direction. Um, is there any other parameters that you're watching that would point to dollar devaluation or confidence crisis?
Well, I think one thing is you need to see the dollar actually losing value against its fiat counterparts. So, if you see the dollar weakening against the euro, against the pound, against the yen, uh, that would be one indication. Another one would be when you start to see the gold market responding to hotter than expected inflation numbers by going up, not down.
Or when you see the bond market rising when interest rates rise, not bond yields, not falling. Because that will be a strong indication that the markets are figuring it out, that traders are recognizing that, you know, higher inflation numbers are not just a sign that the Fed is going to have to fight harder to beat inflation.
They're confirming that the Fed has already lost the inflation fight. That inflation is won. That the Fed can't fight hard enough to beat it. That is the problem. That that that is the actual reality, but the markets still don't get that. They see, "Oh, inflation is higher than we thought. Oh, the Fed is just going to have to be more aggressive." But they can't be.
They they put themselves in a box. Look, uh Walsh has been Fed chair for 5 months, and during those 5 months, the inflation numbers have gotten progressively worse. Yet we've only got 125 basis point rate That's it. Meantime, the balance sheet is bigger now than it was 5 months ago when he took office, and money supply M2 is growing at a 6% annualized rate.
This is a highly accommodated Fed. They they this is not an inflation-fighting Fed. So despite what Walsh has said that has spooked the gold market about his resolve and how the Fed is going to do whatever it takes to bring inflation down, so far what it's doing is is pushing inflation up. So the forget about what they say, look at what they do.
Now, if gold bugs are lamenting right now due to a drop in the gold price, silver stackers are even more upset as we see the metal plunge to around $57 after soaring to triple digits earlier in the year. I've personally been a buyer at these levels. I'm wondering if you're seeing this as an opportunity to accumulate, and how low do you think silver could go in a worst-case scenario?
Well, I mean, I think that $50 is the support because I think that was the resistance that basically uh was holding the market back since 1980 81. Uh it acted as very substantial resistance in 2011. And even as gold initially rose from 2,000 to 4,000, silver still couldn't get above that. It wasn't until gold really finally had that, you know, 4 to 5,000 dollar rally that all of a sudden silver went from 30 to 125.
It was just an explosion uh with a breakout. It makes sense that that type of parabolic rise wasn't sustainable and we had a pullback. Now, the pullback was actually bigger than I had expected when we were trading at those levels. But, I didn't think that it would be out of the question. And I think that you know, anything below $60, frankly, I think represents the bottom now.
I think that, you know, 50 is probably the new 20 at, you know, for silver. And, you know, we're going a lot higher. So, it's been a bigger correction than what we had in gold. But, um silver still looks cheap to me relative to gold. Even though it's not as cheap as it was. You know, it was 100 to 1 at one point.
It was over 100 to 1 when when when, you know, gold was uh at the highs and silver was still, you know, below 30. It was like 20 and barely above 20 even. Gold and silver equities also taking quite a hit recently. What are your thoughts on the gold and silver miners here? And how do you view physical metals versus miners in terms of portfolio allocation?
Well, you know, there are different uh types of investments. I look at gold, physical gold and silver as money, as just being a store of value. They're not investments per se. Uh they're just a way to preserve your purchasing power. I think that gold and silver mining companies as a an investor, as a stock market investor, I think these businesses are undervalued because I think investors just don't understand how much higher the price of gold and silver will be in the future and how much money these companies are going to make not only on their mining operations, but how much more valuable their reserves are going to become with much higher metal prices.
So, I have a lot more mining stocks uh than I just have physical metal because I I think I'm getting a much better deal on the gold that's still in the ground than buying what's already been mined given that my outlook doesn't really march match uh the the conventional wisdom of of of future gold prices.
I see a real dollar crisis, a sovereign debt crisis, much higher prices. Meanwhile, you know, gold stocks are earning a lot more money now than they were a few years ago even though the price of gold has pulled back. Look at where it is. And even though oil prices are high in dollar terms at, you know, over $90 a barrel, when gold is over $4,000 an ounce, historically, that's a very cheap relationship between uh gold and oil.
And and and oil is, you know, a major cost component of mining. But since the price of gold is has risen more than the price of oil, uh it it it it's a great environment for these gold mining companies. And I think gold prices are headed a lot higher. I think the price of gold is going to outpace the price of oil.
I think both are headed higher, actually. So, I think oil prices are going to go up. And in the short run, rising oil prices have again acted as a headwind for gold uh because the markets perceive that as meaning a a tighter Fed. But ultimately, higher oil prices are going to be mean a looser Fed because the Fed is going to accommodate those higher oil prices with bigger budget deficits and more quantitative easing.
And that's going to be bullish for gold. We're going to have more inflation as a result not of the pri- rise in the price of oil, but as a result of the the monetary policy that the Fed will pursue uh as a result of the increase in the price of oil. And so, do you think the biggest and the best of the gold producers are still undervalued at these levels?
Your Agnico Eagles, the Barricks, Newmonts, your royalty streamers like Franco and and Wheaton Precious Metals. Would you be going a little further out on the on the risk chain to the smaller producers and the developers? Would love to get your thoughts there. Yeah, I think the whole sector is undervalued, but I I think that the smaller ones represent the best relative value.
Uh one because they didn't participate as much as the bigger companies in the the rise over the past couple of years. But, because I believe that these larger companies are going to be making so much money, have so much free cash flow, they are going to be acquiring a lot of the smaller companies because they have the resources to develop their projects.
And they need to expand their reserves because over the years of really the big bear market, there was a underinvestment in exploration and development. So, they don't have as big a pipeline as they should. So, I think you're going to see a lot of consolidation within the industry, and that's going to favor uh the companies that gets consolidated into the bigger companies.
So, uh that's why you know, I think it's a great time to be invested in in our fund, our gold fund, the Euro Pacific Gold Fund, EPGFX is the the no load symbol because we have overweighted uh the juniors. And the way we hedge the risk of doing that is we also overrate uh the royalty companies. So, uh those are a a little bit less risky because their cash flows are more predictable because you don't have the cost exposure that you do in conventional mining.
So, we've combined an overweight in the royalty companies with an overweight in the juniors. Uh and that you know, we still have those companies that you mentioned. Uh we just have them uh as a smaller waiting relative to you know, their waiting in in in index or something. How close do you think we are to a potential bursting of the AI bubble and the broad market correcting?
Because by all valuation metrics, highly overvalued here. Um and if but of course, over the past several years I've had a lineup of guests on this show saying we're you know, very close to some sort of correction. We saw a very small one with the initial Trump tariffs, kind of a flash crash, and a very fast recovery.
What where do you think the broad market sits today? And in the event of a bursting of that bubble in a large drawdown, is there any worries about it taking the mining sector and gold and silver down with it? Yeah, well, I mean, first of all, it's hard to say if AI is in a bubble. First of all, just about everybody is talking about the fact that it's in a bubble.
So, it's not like, you know, you have that many people denying it. Uh and sometimes when a bubble is obvious, well, maybe maybe it's not. Uh I I you know, I I don't think that AI as a technology is a bubble at all. I mean, we we're probably underestimating the impact that it's ultimately going to have on on humanity.
Um but it's hard to say the companies in the US that are investing so much right now in building out the AI infrastructure, all the cap backs related to uh the compute and the data centers, it's hard to know if that is a bubble. If those particular investments will ultimately prove to be profitable or if they're all going to lose money.
Uh because the US is really the country that's making this big bet. I mean, everybody else has uh access to the same information, but you're not seeing anywhere near this kind of spend uh in other countries. I mean, you're seeing China is involved, uh but you know, so this is either going to be a big bet that pays off or we're going to be we're going to be stuck with with with with with uh a bunch of malinvestment if at the end of the day uh AI can be acquired uh from competitors at at at more favorable terms.
You know, we don't know what ultimately it's going to cost to deliver the uh the inference or, you know, the tokens that are ultimately needed uh to to to drive, you know, an AI workforce cuz that that's where the productivity comes from. The productivity comes from the potential for AI to be more efficient than than humans.
And therefore, a lot of the work that's currently being done by humans uh will be done by artificial intelligence uh quicker and and cheaper. Uh so, we'll see. I mean, I'm sure that ultimately that's going to happen, but it it it's it's hard to say, but I think right now the AI build-out is going to run into a lot of constraints that people just kind of take for granted or don't realize.
One is going to be all of the credit demand from a limited pool of savings and the upward pressure on interest rates, which will be substantial and not sustainable in an environment where we have so much existing debt. But also just the the the resources, the raw materials that are needed for this massive build-out.
Um where are they going to come from? And you know, what are we going to give up? What are we going to do without in order to make this possible? Because in general, people don't want to give up stuff. They don't want to do without stuff. I mean, look at the riots that you're seeing in France right now.
You know, and and they've barely scratched the surface of what they have to ask the French to give up. Because they don't have they're broke. They can't keep borrowing money anymore. Uh so I I think that before we get to the AI promised land, we're going to be wandering in the desert for a while. So, there there there's going to be some problems that and nobody is really a concerned about, but all of a sudden everybody will be concerned when it it's too late to do something to to prevent it.
And so, if we do see a crash in the broad market, do you think gold and silver and related equities will take a big hit? And in such an event, do you think it's prudent to keep extra cash on the sidelines right now? Or do you think it's more, you know, time in the market versus timing the market that makes sense here?
Well, I wouldn't be worried about your physical precious metals, even if we're to go down temporarily. I don't believe it would stay down. And it may not go down at all. Maybe this is as far down as we're going. You don't know. Uh and it depends on how preemptive you know, the government's going to be.
When are they going to recognize the problem and and come out with the big guns, right? The big QE program. Are they going to wait till after everything crashes or early in the crash recognize what's coming and try to get ahead of it? So, you don't know. So, my my thought is always to just hold your gold and silver.
Don't worry if the price goes down because you're not selling it when the price is going down. You're holding it because we know eventually not only will the price be way up, but it may be what we need uh as money. It may be the only thing that actually buys something. Uh when we have to purchase goods or services from other people gold may be how they want to be paid or silver.
They may not want dollars. We don't know what the dollar is going to be worth or you know, if people will be willing to exchange valuable goods and services for what may be worthless pieces of paper. The gold and silver will always have value and so people will be willing to trade value for value. They just not may not be willing to trade value for nothing.
Uh and that's you know, one of the reasons I'm developing my T-Gold platform is to really get out in front of that so that when people own their gold and we have it stored for them that we actually are creating a mechanism that makes it easier to use your gold as a a medium of exchange. actually conduct uh 24-hour day, 7-day a week commerce in gold.
Whether you're paying somebody gold for their goods and services or whether they're paying you gold in exchange for your goods or services. Well, I want to I want to talk about that a little bit later, but first I do want to unpack these riots that are happening in France, civil unrest looking like it's now starting to crop up in Italy um and some other places as well in Belgium, too.
Uh we're seeing riots, looting, clashes with the police and it doesn't appear to be slowing down at this point. Um what do you think is behind all of this? Does this have to do with the the debt and deficit situation? Is France just totally broke? Cost of living, you know, is cited as one of the issues.
Other people are blaming unchecked immigration. I mean, there's so many different theories swirling around there. What do you think is behind this? Yeah, look, I think this is a consequence of creating a welfare state. You create a culture not only of dependency, but of entitlement. People believe that they're entitled to stuff uh just simply because they exist.
And if they're not getting what they believe they deserve, they lash out at the government because the government is seen as the provider. And a lot of people don't understand that government doesn't actually have anything. They think, "Oh, government gives me all this stuff." They assume that the government has the stuff.
It doesn't have anything. Government doesn't create anything. Government can redistribute. So, if the government is going to give money to some people, it has to first take it away from somebody else. And and and and and so, you get to a point though where you can't keep taking from the people you're taking from uh because they're going to move or they're going to change their behavior.
You know, it's like if you've got a certain number of people who are riding in the barrel in a in a wheelbarrow, and then you have a certain number of people who are pushing it and making it go. You know, if you try to get more people in that barrel and fewer people pushing it, pretty soon the people pushing it just give up.
It's just too hard. And everybody wants to go in the barrel, but then there's nobody left uh uh to to push it. So, you're starting to see this happening in in in France. And and one of the reasons you know, you get the looting, you get the violent reaction because again, when people think they're getting ripped off, that they're getting you know, they're not getting what they deserve.
And ironically, one of the things they're protesting or the main start in France was the students were protesting that the government wasn't spending enough on the schools. Yet, they're burning down the schools. And so, I mean, that's even worse because now the schools aren't even there or money that could have been spent maybe improving the schools, now they got to rebuild what the students have destroyed.
So, they're making the very problem worse that started the whole protest in the first place. The protesters are making it worse by burning down the schools. Now, you've been banned from Fox News. I don't know if that's still ongoing. Um you basically went on and told the truth about the US economy. President Trump tweeted at you.
Uh it was a the whole situation. Now, I'd love to get your current view here. How dire are things getting out there for the middle class in the United States? And if we do continue to see inflation spiral out of control, cost of living continue to rise, could we see the same type of civil unrest in America that is occurring in France right now?
Um oh, yeah. Oh, definitely. And you know, the only Fox show that I'm still allowed on is uh Liz Claman show on Fox Business, but pretty much every other Fox Business show and Fox News stopped booking me after the president complained to Fox News about having me on because they didn't like me saying that inflation was getting worse.
In fact, if you go back and look at the clip from over a year ago, I predicted that inflation was going to get worse and that the the Trump's policies were not were were were actually contributing to higher inflation and he went ballistic and he said that I'm a jerk and I'm a loser and I don't realize that prices are collapsing, they're falling for everything and why is, you know, Fox booking somebody like me.
Uh so, Fox basically kicked me off because they don't want me criticizing the president. CNN, uh MSNBC, whatever, um all these networks stopped inviting me on years ago because I was criticizing the Democrats. So, I can't get on any major uh media outlet in the United States because nobody wants me to criticize their guys.
So, the the may you have the left-wing media that won't let me on because they don't want me exposing the Democrats. And Fox won't let me on because they don't want me exposing the Republicans. Now, I still get on I get on Newsmax. They'll still have me on. So, maybe I'm not they're considered mainstream or One America News will have me on.
So, there are some conservative outlets that are willing to accept criticism of Trump. Um but the fact that the Republicans have been so blindly loyal to Trump is you know, the biggest reason that the Democrats are going to win the win the the the midterms in a landslide and and why the Democrats are going to win the White House in um in 2028.
So, my guess is that maybe sometime in 2029 Fox will start inviting me on again so I can criticize the Democrats. I mean, they're they're happy to have me criticize the Democrats. But the thing is that I'm the only one that actually can criticize the Democrats. Because if you did not criticize Trump for massive deficit spending, you can't criticize the Democrats for doing it because you're a hypocrite.
The only one who's not a hypocrite is me because I criticize the the the Republicans for doing exactly what the Republicans used to criticize the the the Democrats for but now won't because Trump's doing the same thing. And in fact, it's not just the big deficits, it's the corruption. The Democrat The Republicans were critical of the Biden administration for the self-dealing and the money they were making on the side that at least they covered up with sham transactions and and you know, uh uh you know, uh accounts, you know, in different names and they they they moved the money between family members, right?
I mean, they were laundering the money, but at least they recognized that it was dirty money and they needed to launder it. But the Trumps are doing the same thing as far as self-enrichment and self-dealing and they're they're making billions as opposed to the millions that the Bidens made. But the Republicans who were criticizing Hunter Biden and you know and and and and all that have nothing negative to say about the Trumps.
And and I was consistent. I was a big critic of the Bidens and I'm a critic of the Trumps when they do the same thing. I don't just forget about uh you know that kind of behavior just because a Republican is the one guilty of it. In fact, once you've done that, you know, that you've just established that as the norm.
And I'm sure the next Democratic administration is going to be off the charts corrupt. Now that we've basically uh said that that's that's okay. That you you anything goes now. Once you get the White House, you can exploit the power uh it as much as you can to enrich yourself, your family, and your friends.
Well, that begs the question, is there a political solution left for America because we're seeing such blatant and brazen corruption on both sides of the aisle and as you mentioned now they'll probably put a Democrat in the White House and it'll probably be somebody pushing socialist, everybody gets a handout policies.
Um how do we get through this when there's only two parties and they both appear to be horribly corrupt? Well, we don't get through it. We have a crisis. Uh that's that's where we're headed. Because there there is no policy that's going to have political support. The the the correct policy is unpopular.
So it's never going to be adopted. So all we're going to do is kick the can down the road until we can't do that anymore. Until a crisis blows up. And a crisis really where there's not going to be any bailouts like we had in 2008. So we're going to have a real crisis, and you know, we're going to destroy the value of the currency.
We're going to see soaring prices, uh and then we'll probably even see shortages and rationing because the government is probably going to impose price controls. So, it's going to get really messy. Now, the question is, in the aftermath of that, with that kind of social unrest and you know, food shortages and rolling blackouts and and riots and all kinds of bad things happening, in that environment, will we be able to do the right thing?
When we got nothing to lose by doing the right thing cuz it's already as bad as it can get, right? Everything bad has happened. And all the people in power are likely to get voted out of power anyway. Uh so, maybe we'll do the right thing then. Um but then again, that's just the optimist in me. Well, tell us about this new gold platform you've got uh for transacting, doing everyday transactions in gold.
Tell us about Euro Pacific Asset Management, uh the Peter Schiff Show, and anywhere else you want to direct people online. Yeah, well, my my business, Euro Pacific Asset Management, europac.com is our website. That's my registered investment advisor. And if you've got a portfolio, stocks, bonds, I really suggest that you contact us and transfer an account for us to manage because I think most people's portfolios are really going to get wiped out.
Uh especially if you have a lot of bonds, whether it's Treasury bonds, corporate bonds, muni bonds. Uh inflation tax is going to destroy you. I mean, you you if you're in muni bonds and you think, "Well, see, I'm I'm getting tax-free. I'm not paying income taxes." Yeah, but you're going to pay the inflation tax through the nose.
That's the big tax. So, you really got to re- diversify international equities, uh emerging markets, uh you know, commodities exposure, whether it's precious metals, industrial metals, energy, alternative energy, agriculture, all this stuff is going to get more valuable, especially with AI. I mean, if AI creates more productivity, it's going to lead to more demand for resources.
Uh and so, you know, owning those resources, owning that capital is going to provide a bigger return because the return on labor is going to be going down. If you're just a worker and you're selling your labor, that's not worth as much cuz I I I can just have my an AI agent do your job cheaper and faster and I don't have to worry about, you know, getting sued.
You know, I can't I can't get sued for sexual harassment or, you know, discrimination. You're not going to call in sick. You're not going to get pregnant. I mean, you know, nothing's going to happen. I got a I got I got basically a 24-hour, 7-day-a-week slave. That That's the best worker I've ever had, right?
So, the return on on manual labor is going to go down. Now, that doesn't mean that people's standard of living doesn't go down because if we have so much more productivity, but on a relative basis, owning capital, owning resources will be even more valuable because, you know, you don't need to labor anymore as as a factor of production.
Um so, uh you've got to you've got to have these kind of investments. And so, and you know, so go to Euro Pacific Asset Management and if you don't own any gold and silver, you should buy gold and silver right now. I think we're at great prices. Uh and we've got great prices at Schiff Gold. It You can, you know, shop around.
It's hard to find better prices, but we also have a great service. We have great people to help you. We don't get We don't get you into numismatics or proof sets or any of that crap. Just highly reputable bullion bars and coins and my newest adventure launching from Schiff Gold is Chee Gold and you can go directly to tgold.com and T-Gold is where we're buying gold, but we're storing it for you.
You're buying it in your spot gold and silver. We're not charging any storage right now. Eventually, we might, but it won't be much. But, um we're going to build out a platform where you can get a debit card, a secure credit card, where you can move gold uh to other people's accounts, where they can send gold to your account, so you can transact in it.
Eventually, we want to have it so you can not only withdraw the physical, which you can do right now, but you can draw a withdraw it in a token. So, you can take out tokenized gold, you know, off a blockchain, just put it on a wallet that you might have where you have your other fiat crypto, and maybe you have some Bitcoin or some other shitcoins, whatever, but you can also hold tokenized gold in in the in the same wallet.
But, when you're holding tokenized gold, you got something real. You you own the gold. The token is just a a a receipt, evidence of your own ownership of gold. When you own Bitcoin, it doesn't evidence that you own anything other than the Bitcoin. You know, so it's like if you go uh and check your coat and they give you a claim check when you have tokenized gold, you actually have a claim check.
You can turn your claim check into an actual coat. When you own Bitcoin, you just have a piece of paper that you can't turn into anything. You can't go back and get a coat for it because there's nothing behind it. You know, you just got a little little ticket that, you know, you're not going to be It's not going to keep you warm uh on a cold night like like an actual coat.
So, when you own T-Gold or if you withdraw a token, that's actually where I got the T, tokenized gold. But, when you have tokenized gold, you actually own gold. So, it that's really digital gold. Bitcoin is digital fool's gold, so there's a big difference. So, good people go to T-Gold right now and tgold.com and and set up your account.
Great, I'm going to put all those links in the description below. Peter, as always, really appreciate you coming on the show and sharing your knowledge with the audience. Oh, my pleasure and I do it on my own show. Again, don't forget to listen to the Peter Schiff Show podcast on schiffradio.com or on my YouTube channel, which if you want to see me as well as hear me, then you want to listen on on Peter Schiff YouTube channel.
Thank you for joining us today. If you're looking for great prices on gold, silver, platinum, rhenium and more, reach out to owner Ian Everard of our sponsor Arc Silver, Gold, Osmium. You can see some of their prices on your screen right now. Give Ian a call at 307-264-9441 or by email at [email protected].
Make sure to tell him that commodity culture sent you and if you're interested in diving deeper into investing in the commodity space, join our online classroom, the commodity academy. That's at school.com/commodityacademy. The link is in the description below and I'll hope to see you inside and I definitely hope to see you in the next episode.
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