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all right now this is the moment of course that we've all been waiting for and that's our next guest he's certainly not shy about where gold is going in fact just last week he said this on Futures now they could certainly make a move back up to 17 1800 when the world figures out the position that we're in I mean it's it's it's the gold that's going to the Moon not the stock market somebody was talking about the stock market going to the Moon uh it's more likely gold is going to the moon so how does Peter Schiff feel about it now and is he ready to wave the white towel europ Pacific's Peter shiff joins us on the Futures phone Peter let me preface this question by saying I love having you on the show you are one of my favorite guests but every time you come on you make the case that gold prices are going higher as we just heard and so far you really have not been right you've been incorrect so what I want to know from you today is really what are you telling people that you've convinced to buy gold when it's roughly off 30% from its high all right well again put it in perspective I've been doing this for 12 years gold was below 300 when I started so it's not like I just started buying gold two years ago uh so it and I do believe that gold prices are going up here's what's happening right now people are jumping to the wrong conclusion they think the FED is going to tighten they're not in fact the next move from the FED is to expand QE they're not going to taper it the US economy is going back into recession right the phony recovery that the FED created it's evaporating before his eyes interest rates are rising also been telling you that bond prices are going to fall they're falling interest rates are rising they're going to keep on Rising we could be at a 4% 10 year uh maybe even by the end of the summer uh are headed over 5% it means housing prices are headed back down we're going to make new lows in the housing market the unemployment rate is headed back above 8% before the FED even begins to taper which means the FED is going to call it off the FED is going to have to wave the right White Flag not me they're going to have to admit that it hasn't worked and they're going to up the size of QE meanwhile the gold Traders are preparing for something that's not going to happen and they're going to be caught by surprise and you're going to see a vicious rally in gold as people look to Reby the gold that they sold based on the false premise that the economy was improving and the Fed was going to tighten well that's interesting Peter because certainly a lot of interpretation on beran's comments yesterday everybody is trying to sort of really read into them I haven't necessarily heard that we're going to see an expansion of Q um but Mee I want to shifts for a second sorry Ben beri said if the economy doesn't recover the way he believes and of course he's normally wrong when he makes a forecast he said that he's going to increase the size of the QE and that is what he is going to do he he's pretending that there's a real recovery but there's not the whole all the proof of recovery is that stock prices went up and that real estate prices went up but they're all going to go down the stock Mark's going to keep on falling until the FED cries uncle and the real estate market is is rolling over you're going to have all sorts of sellers now all the speculative buyers in the real estate market are going to turn into Sellers and all the foreclosures are now being moved forward the banks are foreclosing more on properties there's going to be lots of sellers there's going to be no buyers and the prices are going to go back down and so will the economy but Peter isn't that good for the dollar if that happens and if so then that's going to have an impact on gold as well it's going to send it lower no it's going to be terrible for the dollar and meanwhile the dollar is not really strong it's up a little bit over the last couple of days but it's no higher than it was last week and what this is going to do is expose the phony nature of this recovery and let people know that it really is QE Infinity that there is no way for the FED to stop the QE because QE is the economy without the QE the economy implodes you know Ben bernacki says that you know he's going to he's going to take his foot off the gas but he's not going to step on the break well he's going to have to push his foot on the gas even harder but the problem is he's driving driving the car over the edge of a cliff because that's what happens if we never stop the QE but if we stop it we're right back in a worse recession and we were in in 2008 uh when the FED began this crazy experiment when people again as I said the last time on the show when the world figures out what I'm already trying to explain to you right now they're going to be buying gold as fast as they can not selling it but what if banki happens to be right and you happen to be wrong here if the data does improve substantially and he does pull back a little bit then what happens to Gold that would be unprecedented for Ben bernacki to be right I mean I think I have a much better track record than he does but think about it this way the only thing that propped up the housing market was low mortgage rates and speculative buying that's what's going on mortgage rates are rising probably the fastest they've ever risen in history take a look at your quote screen look at the 30-year look at the 10year and there is no chart support you know we're at 2445 right now in the 10e we could be at 2.8 by next week we can crack through 3% If the Fed doesn't come in and say uncle it is a crash in the bond market it is the bursting of the biggest bubble in in in in in the world and that's going to take down the real estate market it's going to take down the stock market and all this consumer confidence that was the result of all this wealth is going to go away meanwhile consumers took on even more debt because the FED convinced them that they were richer the fact is they're poor and now they have to pay back the money they borrowed and the cost of doing that is going up the whole refinancing business has grind to a halt now banks are going to be laying off a lot of people because nobody can refinance their mortgage anymore all right a lot to unpack in there want to send it out to Jim for a second Jim a question for Peter yeah yes Peter will you talk about everyone's going to flock into gold when the dollar collapses here's what I can't get my head around you could help me with why would real estate necessarily implode then too might there be a look for tangible assets as well if they want to store their money away from dollars and into things I don't get that part well first of all look at beats are already collapsing look at the home builders they're down as much as the Gold stock and they got a lot by the way real estate is a function of Leverage it's a function of the ability to borrow money to buy it and the only reason that people are buying real estate is because they can borrow the money real cheap so just like bonds go down when interest rates go up real estate prices only real estate prices are probably even more affected by the cost of financing most American Peter back to your point when you're talking Peter when you're talking about gold you're talking over a long-term Horizon when you're talking about the dollar you're saying you're looking really far back into history when you're talking about rates it's really the same thing even though rates are rising relatively they're not that high no but they're high when you've got prices for houses that are where they are right now they need those low rates the country is broke and you have to look at the percentage they're increasing yes they're still low but they're not nearly as low as they were we had mortgage rates at three and a quter that's what it took to the market you know out of the bottom but when rates are 5% or 6% again which they're going to be they'll by by the end of the year if the FED does a reverse course people cannot afford to buy houses but they will be able to afford to buy houses if the economy is actually improving and everybody's doing a little bit better the economy is not improving the only thing that's happening is the stock market went up and the real estate market went up despite the fact the economy is not improving we're not creating any jobs still destroying jobs the labor force is shrinking people are going from paychecks to disability checks you know you the the savings rate has collapsed people are broke they're barely keeping their heads above economic water the only thing they got going is the illusion that things are getting better because of all the FED stimulus but that illusion is wearing off I mean it's wearing off before the FED even dials it back that's how addicted we are to QE even if you talk about the possibility of slightly tapering back next year that's more than the markets can handle all right Peter shiff always a colorful conversation when you're on thank you so much for joining us today time interest rates are rising I've also been telling you that bond prices are going to fall they're falling interest rates are rising they're going to keep on Rising we could be at a 4% 10e uh maybe even by the end of the summer uh are headed over 5% it means housing price are headed back down we're going to make new lows in the housing market the unemployment rate is headed back above 8% before the FED even begins to taper which means the FED is going to call it off the FED is going to have to wave the right White Flag not me they're going to have to admit that it hasn't worked and they're going to up the size of QE meanwhile the gold Traders are preparing for something that's not going to happen and they're going to be caught by surprise and you're going to see a vicious rally in gold as people look to Reby the gold that they sold based on the false premise that the economy was improving and the Fed was going to tighten well that's interesting Peter because certainly a lot of interpretation on beran's comments yesterday everybody is trying to sort of really read into them I haven't necessarily heard that we're going to see an expansion of QE um but meantime I want to shift gears for a second sorry Ben bernacki said if the economy doesn't recover the way he believes and of course he's normally wrong when he makes a forecast he said that he's going to increase the size of the QE and that is what he is going to do he he's pretending that there's a real recovery but there's not the whole all the proof of recovery is that stock prices went up and that real estate prices went up but they're all going to go down the stock Mark's going to keep all right now this is the moment of course that we've all been waiting for and that's our next guest he's certainly not shy about where gold is going in fact just last week he said this on Futures now they could certainly make a move back up to 17 1800 when the world figures out the position that we're in I mean it's it's it's the gold that's going to the Moon not the stock market somebody was talking about the stock market going to the Moon uh it's more like likely go is going to the moon so how does Peter Schiff feel about it now and is he ready to wave the white towel EUR pacifics Peter shiff joins us on the Futures phone Peter let me preface this question by saying I love having you on the show you are one of my favorite guest but every time you come on you make the case that gold prices are going higher as we just heard and so far you really have not been right you've been incorrect so what I want to know from you today is really what are you telling people that you've convinced to buy when it's roughly off 30% from its high right again put in perspective I've been doing this for 12 years gold was below 300 when I started so it's not like I just started buying gold two years ago uh so it and I do believe that gold prices are going up here's what's happening right now people are jumping to the wrong conclusion they think the FED is going to tighten they're not in fact the next move from the FED is to expand QE they're not going to taper it the US economy is going back into recession right the phony recovery that the FED created it's evaporating before it eyes real estate necessarily implode then too might there be a look for tangible assets as well if they want to store their money away from dollars and into things I don't get that part well first of all look at Pat are already collapsing look at the home builders they're down as much as the Gold stock and they got a lot by the way real estate is a function of Leverage it's a function of the ability to borrow money to buy it and the only reason that people are buying real estate is because they can borrow the money real cheap so just like bonds go down when interest rates go up real estate prices only real estate prices are probably even more affected by the cost of financing most Americans when they buy a house down payment monage pment Peter when you're talking about gold you're talking over a long-term Horizon when you're talking about the dollar you're saying you're looking really far back into history when you're talking about rates it's really the same thing even though rates are rising relatively they're not that high no but they're high when you've got prices for houses that are where they are right now they need those low rates the country is broke and you have to look at the percentage they're increasing yes they're still low but they're not nearly as low as they were we had mortgage rates at three and a quarter that's what it took to Market you know out of the bottom but when rates are 5% or 6% again which they're going to be they by the end of the year if the FED doesn't reverse course people cannot afford to buy houses will be able happens to be right and you happen to be wrong here if the data does improve substantially and he does pull back a little bit then what happens to Gold that would be unprecedented for Ben bernacki to be right I mean I think I have a much better track record than he does but think about it this way the only thing that propped up the housing market was low mortgage rates and speculative buying that's what's going on mortgage rates are rising probably the fastest they've ever risen in history take a look at your quote screen look at the 30-year look at the 10e and is no chart support you know we're at 2.44 five right now in a 10e we could be at 2.8 by next week we can crack through 3% If the Fed doesn't come in and say uncle it is a crash in the bond market it is the bursting of the biggest bubble in in in in in the world and that's going to take down the real estate market it's going to take down the stock market and all this consumer confidence that was the result of all this wealth is going to go away meanwhile consumers took on even more debt because the fed convinced them that they were richer the fact is they're poor and now they have to pay back the money they borrowed and the cost of doing that is going up the whole refinancing business has grind to a halt now banks are going to be laying off a lot of people because nobody can refinance their mortgage anymore all right a lot to unpack in there want to send it out to Jim for a second Jim a question for Peter yeah yes Peter will you talk about everyone's GNA flock into gold when the dollar collapses here's what I can't get my head around you could help me with why would keep on falling until the FED cries uncle and the real estate market is rolling over you're going to have all sorts of sellers now all the speculative buyers in the real estate market are going to turn into Sellers and all the foreclosures are now being moved forward the banks are foreclosing more on properties there's going to be lots of sellers there's going to be no buyers and the prices are going to go back down and so will the economy but Peter isn't that good for the dollar if that happens and if so then that's going to have an impact on gold as well it's going to send it lower no it's going to be terrible for the dollar and mean the dollar is not really strong it's up a little bit over the last couple of days but it's no higher than it was last week and what this is going to do is expose the phony nature of this recovery and let people know that it really is QE Infinity that there is no way for the FED to stop the QE because QE is the economy without the QE the economy implodes you know Ben bernacki says that you know he's going to he's going to take his foot off the gas but he's not going to step on the brake well he's going to have to push his foot on the gas harder but the problem is he's driving the car over the edge of a cliff because that's what happens if we never stop the QE but if we stop it we're right back in a worse recession than we were in in 2008 uh when the FED began this crazy experiment when people again as I said the last time on the show when the world figures out what I'm already trying to explain to you right now they're going to be buying gold as fast as they can not selling it but what if banki
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