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Gold, silver, also down on the week. Silver closed at 55.83, I believe. This We're now up 22% so far in July for oil prices. Remember, just because gold is lower now than it was when the war started, that's the new narrative, that war is bad for gold. So, this is a massive head fake that is creating an excellent opportunity for people who missed out on a huge rally to be buying both the metals and the miners.
So, that's what, you know, caused bond yields to move down a bit as the probability of a Fed rate hike went down a bit based on these numbers. The yields are still very high relative to where we've been. Import prices are up 7.1% export prices are up 10.2%. But again, the reason the government wants to misdefine inflation, claim inflation is rising prices, and not an expansion of the money supply, is precisely so they can pretend that they're not the cause.
So, they can try to blame whoever is raising the prices and not accept responsibility for the inflation they created. But gold, silver, also down on the week. Gold down 1% Gold spent a couple of days trading below 4,000, but it didn't close the week below 4,000. We closed at $4,017.30. It finished up the week with just over a $40 gain today.
Silver uh fared much worse, down 4% on the week. Silver closed at 55.83, I believe. This is about the lowest weekly close I've seen in a while for silver. And the mining stocks did even worse, or about the same as silver. The GDX was down 3.9% and the GDXJ down almost 5%, 4.8%. Once again, the markets have got this wrong.
The markets are reacting uh to rising bond yields, uh, to the Fed and I'm going to get I'm going to go over uh, part two of the war's testimony uh, a little bit later in this podcast, but it's the idea that he is now this hawk that's going to be tough on inflation. But also it was the real escalation of the war.
You know, uh, the war really came back in focus this week. Especially in oil prices. Oil prices closed up about 11 and a half percent on the week. Closed it around $82.50. We're now up 22% so far in July for oil price. Remember we were down 30% in June. We're already up 22% in July. So, that also uh, pushed down gold because again, traders are assuming that war is bad for gold.
Just because gold is lower now than it was when the war started, that's the new narrative that war is bad for gold. Today is July 20th, 2026. Gold is trading at approximately $4,024 per ounce. While silver is holding near $57 per ounce. As investors closely watch rising oil prices, persistent inflation, elevated treasury yields, and growing geopolitical tensions, uncertainty continues to build across the global economy.
In his latest analysis, Peter Schiff argues that the recent pullback in gold and silver isn't the end of the bull market. It could be a rare opportunity before a much larger economic storm unfolds. He believes inflation remains far stronger than official data suggests and warns that the US economy could be heading towards something even worse than a recession.
So, what does this mean for gold and silver investors? Let's take a closer look. No, it's not. It's always been good for gold. It always will be good for gold. The only reason that gold went down when this war started was because it went up so much before the war started. And part of that was due to the anticipation of the war.
So, this is a massive head fake that is creating an excellent opportunity for people who missed out on a huge rally to be buying both the metals and the miners. And yes, silver was way off its high of $1.25 is down to 55.83. But, what I focus on is the fact that we're above 50. We had a massive breakout.
You know, there was tremendous overhead resistance just under 50 going back to 1980 and then again in 2011. So, the silver chart looks phenomenal and I think in a couple of years you'll barely notice the drop from 125 down to 55 where we are now. Uh so, it is a great opportunity to be buying. Bond yields did uh ease a bit on the week based on the better than expected inflation numbers.
And I talked about the CPI on my last podcast, better than expected. The same thing happened with the PPI. That came out better than expected, too. In fact, I got those numbers right here. Um producer prices in June down 0.3% on the month year-over-year only up 5.5 versus the prior month of 6.5. And the core up 0.2 uh better than the expectation of up 0.4 and year-over-year excluding food and energy, you have producer prices up 4.7%.
A- and that's better than the 4.9%. So, that's what you know, caused bond yields to move down a bit as the probability of a Fed rate hike went down a bit based on these numbers. But, the yields are still very high relative to where we've been. The yield on the 10-year Treasury closed the week at 4.54 and the 30-year at 5.06.
So, these are still high yields relative to where we've been, not relative to where we're going. And where we've been, you know, going back to the '90s or the '80s or the '70s, they're low compared to that, but in recent memory, post-2008 financial crisis, these yields are about the highest we've seen.
And they're going to get a lot higher. Meanwhile, the news on inflation really isn't good. What drove the drop in producer prices? The same thing that drove the drop in consumer prices. It was a 30% decline in oil prices in June. Well, they're already up 22% in July. So, why are we celebrating a big drop in oil prices that has already been largely reversed?
And there's a good chance that it'll be completely reversed. But, even more significant than that, look at the numbers that came out today on import-export prices. I've mentioned this many times on the podcast. These are much more honest numbers than the CPI or the PPI cuz there's no substitution, there's no hedonic adjustments.
The numbers are the numbers. And year-over-year, import prices are up 7.1% export prices are up 10.2%. Compare that to the 3 and 1/2% increase year-over-year in the CPI. Or and a little bit hotter, as I just said, in the producer prices. These numbers are far more reflective of the price increases that Americans are actually paying.
Obviously, if imports are up 7.1% we buy a lot of imports, we're paying those higher prices. Maybe the CPI doesn't reflect it, but we're paying it. I want to talk a little bit about what I heard our Secretary of the Treasury, Scott Bessent, say on Fox News. He was being interviewed by Jesse Waters uh and he was taking him on a tour uh I guess of you know on the wall there there were um framed old uh Federal Reserve notes prior to 1968 or prior to 1933 where you had silver certificates and gold certificates where they were it was legitimate currency, IOUs redeemable on demand in gold or silver coins.
And and so Scott Bessent is walking uh down the hall pointing this out to Jesse Waters and explaining to him you know, how our currency changed, how it used to be backed by gold and silver, and how now it's just fiat currency, right? Which which is true. Of course, it's all unconstitutional. Uh he didn't get into that, but the the reason I'm bringing this up is he then told Jesse Waters that if any of these old notes still exist, right?
The the silver certificates or the gold certificates, he said if you have one of these you can bring it to Fort Knox and you can get your gold. You can get your silver. He actually believed that these silver certificates are still good. They're not. How can he not know that? Now, I guess I can forgive the average guy or gal on the street might not know that, right?
That the government repudiated these notes years ago. It was Roosevelt, 1933. Roosevelt said, "If you have a gold certificate, you can no longer get any gold. You can't get gold for your gold certificates." The silver certificates remained good until 1968. But after 1968, those were no good, either.
You could not get any redemption. So, yes, you know, maybe your typical guy, especially somebody who went to a government school, like, what the hell do they learn? So, they might not know anything about the monetary history of the United States or the Federal Reserve. But if there's anybody in the Trump cabinet that you would think would know this, it's the Secretary of the Treasury.
I mean, he's the guy that actually signs the bills. Right? He He He's supposed to know about the history of our money. And he thinks he does because he's, you know, he's explaining it to Jesse Waters as if he knows, yet he is completely wrong about something that's so obvious. I mean, I I can't even remember when I originally learned this, but I've known it pretty much my entire adult life.
I'm pretty sure when I was still in junior high school, I knew that you couldn't uh take these notes in for redemption. In fact, you know, when when um Scott Bessent said, "If any of these things are around," there's lots of them. There are a lot of these certificates. You know, I went on eBay and that, you know, you could buy them on eBay, and I saw one set that was framed, right?
So, you could buy it with the frame, and it had three silver certificates, two $2 bills, and a $1 bill. So, that means that you could get five silver dollars back in the day, right? You could have gone to the government, handed them that, you know, a $2 bill. Peter Schiff believes many investors are misreading the recent weakness in precious metals.
Although gold briefly traded below the $4,000 level and silver experienced a sharp correction, he argues these moves represent a healthy pause within a much larger long-term uptrend. Schiff points out that silver remains above its historic breakout level near $50, which he believes reinforces the bullish outlook.
He also challenges the market's confidence in softer inflation reports, arguing that rising import prices, export prices, and a rebound in oil prices reveal inflation pressures remain much stronger than headline numbers suggest. According to Schiff, expanding government deficits, continued money creation, and rising debt are steadily reducing the purchasing power of the US dollar.
Beyond his analysis, central banks continue to hold significant gold reserves, while investors remain focused on Federal Reserve policy, geopolitical developments, and inflation trends as key drivers for the precious metals market. Schiff's core message is that long-term investors should focus on protecting their purchasing power rather than reacting to short-term price swings because the broader economic risks have not disappeared.
With that in mind, here's the key takeaway from Peter Schiff's latest warning. And they would have given you two silver dollars. Uh you either get, you know, a Morgan silver dollar or a peace dollar, right? You you got real silver. You could buy those three bills. They were selling them in the set. It was like um uh $31, $31.95 or something like that.
That you know, that includes the frame and everything. Now, according to Scott Bassett, you could take those $5 to Fort Knox, and they will hand you five silver dollars, which are worth about 60 bucks a piece, $300 worth of silver. According to uh Scott Bessent, you can do that. I mean, it would be funny if somebody like had that video, put it on their phone, went down to Fort Knox with some of these old certificates, and said, "Hey, I'm here to get my silver.
Scott Bessent said I just have to bring them down, and you you'd give me my silver." Now, of course, a lot of people, when I pointed this out on X, people were saying, "Oh, come on, Peter. He didn't really say that." He really said that. That is exactly what he said. Go on my X feed. I I reposted the the clip.
Um you know, the person who posted it didn't even pick up on it. I reposted somebody else, because in the same clip, he said that, "Hey, he's been down to Fort Knox, and all the gold is there, so don't worry about it. It's all there." Well, I'm not going to believe anything he says. If he doesn't even realize that the gold certificates are no longer valid, and you can't get redemption or in the silver certificates, you know, why should I believe him on what's in Fort Knox?
But, the person who posted it just focused on on that point. Hey, how do we believe this guy? But, I the minute I'm listening to it, I'm like, "Oh my god. How could the guy not understand something so simple?" And then, other people were saying, "Look, you know, uh he was he may be he slipped, he misspoke." No, he didn't.
Listen to what he said. He was very clear. He believed that you could still get your gold and silver for these notes, that they were still good. Now, maybe he's confused by the fact that they're still legal tender. Yeah, I mean, if you've got an old $2 silver certificate, you can still spend it. It's still $2, but you're not going to get $120 worth of silver.
And what that shows you is how much purchasing power the US dollar has lost, because in 1968, if you were dumb enough to keep the paper, then you still got two bucks. But, if you converted it and got your silver dollar, you got, you know, 60 bucks. The difference is the inflation. Right? The difference is how much money the government has created uh between 1968 and now to pay for the Great Society, the war on poverty, the Vietnam War, you know, and everything that's happened since, right?
'70s, '80s. Well, all these expenditures, that's why the dollar buys so little because the government robbed so much of the purchasing power. Now, you might say, "Well, we don't care about the export prices because we're not paying that, so it doesn't matter if they're up 10.2%." But, most of what we export, we also consume ourselves.
Let's say we export a lot of agricultural products, wheat, corn, soybeans. Well, we also eat wheat, corn, and soybeans. Pretty much everything we export, we also consume. And so, if the price of what we're exporting is going way up, well, the price of what we're not exporting must be going up by the same amount because it's the same stuff.
And this relates to the cost of producing stuff in America. So, the cost of the stuff we make ourselves rose 10.2% year-over-year. The cost of the stuff that other people make for us that we buy and import only went up 7.1%. So, that shows me that the inflation pressures inside the United States are even stronger than the inflation pressures outside the United States because the costs of the stuff we make here are rising faster than the cost of the stuff that's made abroad.
But, this shows you inflation is a much bigger problem than what the government claims, and that's why it's such a big concern. Right? That's why the public is so irate about inflation. That's why it is the number one economic problem. It's because the problem has gotten worse. Donald Trump promised that prices would be coming down on day one.
And instead of going down, they've gone way up. And that's also why this is all they're talking about at these hearings. That's why Congress and the Senate are berating the Fed over what are you going to do about inflation? How are you going to stop inflation? Of course, I pointed out on the last podcast, they're helping to cause it, so they've got no right to criticize the the inflation that they themselves had a hand in creating, because inflation is a tax.
It is the way government spending is funded, and they're the ones that are voting for the huge deficits that therefore necessitate inflation to fund them. But again, the reason the government wants to misdefine inflation, claim inflation is rising prices, and not an expansion of the money supply, is precisely so they can pretend that they're not the cause.
So they can try to blame whoever is raising the prices, and not accept responsibility for the inflation they created that resulted in people having to raise prices. Peter Schiff's message is clear. Short-term market corrections don't change the long-term investment case for gold and silver. He believes persistent inflation, growing government debt, and continued currency debasement could create economic challenges far greater than a typical recession, making real assets an important part of preserving long-term wealth.
Now we'd like to hear from you. Do you believe this correction in gold and silver is creating a long-term buying opportunity? Or do you think more downside is still ahead? Share your thoughts in the comments below. If you found this analysis valuable, please like this video, subscribe to the channel, and turn on notifications for more updates on gold, silver, investing, and the global economy. Thanks for watching and we'll see you in the next video.
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