저자: PeterSchiff · 외국인
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결론: 피터 쉬프는 금·은·광산주의 상승을, 미 국채금리의 추가 상승(5.5%→6%)을, 그리고 달러 약세와 미국 경제 취약성을 전망하며 금 매수를 권한다. [금 가격 전망] 금은 4,000달러 지지선 부근에서 등락 중이며, 시장은 연준 금리인상과 채권금리 상승을 금에 악재로 보고 매도하고 있다고 진단한다. 그러나 실질금리는 인플레이션 상승으로 오히려 급락 중이므로 금은 신고가로 갈 것이라 주장한다. 은도 함께 상승할 것으로 본다. 현재 금 약 4,000달러, 은 약 54달러를 좋은 가격으로 평가한다. [국채금리 전망] 10년물 금리는 최고 약 5.33% 부근까지 올랐다가 조정을 받아 현재 5% 아래로 내려왔다. 쉬프는 그 저점이 깊지 않을 것으로 보며 다음 상승 목표는 5.5%, 이후 6%다. 장기 상승 추세로 본다. [연준·인플레이션] 연준은 금리인상을 말하지만 과거 실패 이력 때문에 시장 기대만큼 인상할 수 없고, 추가 인상 50~75bp도 이미 상승한 인플레이션에 비해 작다고 본다. 대차대조표와 통화량(M2 연 약 6% 증가)은 줄지 않아 인플레이션은 계속된다는 주장이다. [달러·환율] 달러는 아직 꺾이지 않았지만 결국 붕괴·하락할 것이며, 그 경우 미국 내 유가와 물가를 더 밀어 올린다. 엔화는 개입으로 일시 안정됐으나 근본 문제가 남아 약세 압력이 계속되고, 엔화 자금은 달러보다 금으로 갈 것으로 본다. 원/달러에 대한 직접 언급은 없다. [유가·지정학] 브렌트유는 약 111~117달러대, WTI는 약 103달러로 상승 압력이 크다. 미국의 이란 공습 가능성과 전략비축유 방출 문제가 유가 상승 요인이다. 유가는 금리와 함께 오르는 상관관계가 있다. [기술주·AI] 기업들의 AI 설비투자는 차입 증가와 금리 상승 속에서 수익성이 불확실하며, 과잉부채와 주권부채 위기로 이어질 수 있다고 본다. AI 관련 기술주 급락 가능성은 언급하나 특정 종목 방향 예측은 없다. [주택·은행] 주택 판매는 20년래 최저, 건설업 심리도 최저다. 주택가격 하락으로 모기지 손실이 확대될 것이며, 2008년과 달리 대부분 대출이 손실 상태라는 우려를 제기했다. [중국·각국 금 매수] 골드만삭스 추정 기준 중국은 5~8월 공식 보고보다 많은 금을 장외시장에서 사들였다. 쉬프는 중국이 달러를 금으로 대체하는 전략으로 본다. 영국은 미 국채를 계속 매입 중이다. [기타] 광산주는 연초 고점에서 많이 빠졌지만 아직 초기 단계로 보며 매수 기회라고 강조한다. 쉬프는 자신이 운용하는 Europac Pacific Gold Fund(EPGIX)를 홍보했다. 우크라이나·러시아 전쟁과 이란 관련 제재 역시 달러 이탈을 가속화한 요인으로 설명했다. [리스크] 금리 상승과 연준 긴축 강화, 인플레이션 장기화, 부동산 가격 붕괴, 재정·주권부채 위기가 주요 위험 요인으로 제시된다. 쉬프는 이를 '거의 확실한' 경로로 본다.
다듬은 글
Peter, how are you? Okay. All right. Mario, how are you? Good, man. Good. What the hell is going on? Oil is at 200. Oil's at 100. Gold's below below 4,000. It's above 4,000. I'm confused. I hope you can explain to me what's uh what the markets are telling us. Yeah. All right. Well, yeah. Not much going on today, though, really, except for tech stocks, I think, with all the AI stuff.
H although didn't Brent drop by like $4, let me check. Um I don't know. I don't You're not following it that closely, I think. Well, I'm looking at WTI. It's only down about 4050 cents. It's still about $103 a barrel. November. Yeah. Well, Brent was Well, Brent's up at like 117. Yeah. Now it's down to 111.
Well, when did it when did it just drop six bucks? I'm still looking at 117, but that price could be delayed by 105 minutes. I'll check. Hold on. Let me just I'll check for you in the meanwhile. Yeah, hold on. Yeah, it is 111. Unless I'm looking at the wrong thing. I'll check. But um it's a different month or something.
Yeah, I'll check. Um but what what do you maybe start with gold? Um hasn't been doing too well recently. Well, gold's been banging around the $4,000 support. It did dip below it slightly, but didn't really stay there. But I think again, investors have got this trade wrong. They keep You're right about Brent.
I was I was looking at the wrong thing. My bad. You're right with They they keep looking at rising bond yields. They look at the Fed and the fact that the Fed is going to raise rates and all this is seen as being bearish for gold. And so traders are selling gold based on, you know, the idea that the Fed's going to hike rates because inflation is is too high.
But inflation is too high because the Fed lacked the ability to raise rates high enough to contain it. The reason the Fed stopped hiking rates originally was because things started to break. Not because inflation was was was vanquished, but because uh Signature Valley Bank uh was was failing and other banks uh were were starting to fail because of their exposure to the bond market, to the mortgage market.
Well, you're now getting even more downward pressure on on lender balance sheets uh based on falling bond prices and falling value of of of mortgage back securities. So, I don't think there's that many rate hikes coming. But even if we get all the rate hikes that the market seems to anticipate, maybe another 50 or 75 basis points, that's nothing.
The inflation has already risen. The official inflation rate has risen by more than that uh since the time that markets expected the Fed to cut rates. So, I would argue that real rates are actually falling and they're falling rather sharply. And that is bullish for gold. And traders haven't figured that out yet.
That's the buying opportunity for the people who understand. This doesn't matter if the Fed hikes rates. It's too little too late. Inflation is going to keep rising. The Fed is going to fall further and further behind the curve with each hike. Uh so gold's going to new highs. So is silver. So people should be buying now before investors figure out what they already should know.
What do you make of bond yields as well? Um, everyone was worried of them hitting high after high and then things have calmed since. Yeah. Well, nothing goes up in a straight line. You know, there are traders, people take profits. Um, so I I think bond bond yields are going to keep rising. you know, the high that we set, I think we got to about um five point maybe 69 on a 30-year and I think 5.33ish on the 10-year before we've pulled back.
In fact, the 10-year yield is now slightly below 5%. But I doubt it will go much lower than here. And I think, you know, the next move up will be five and a half, then six. uh you know this is a long journey and rates are not going to stop at six that there's no reason they they they need to go a lot higher and they ultimately will go a lot higher and what do you make of the u the fragility of the tech sector in the last few days and weeks I think I was reading a comment that Elon made that if I interpreted it correctly but he's implying that you know appetite for that level of risk is drying up pretty quickly Yeah.
Well, again, it's hard to know what the motivation for Musk is uh for those statements. I mean, maybe he believes it or maybe he's trying to make it harder for competition to raise money uh by talking about the fact that it's hard for companies to borrow money, but but I agree there's a lot of money that's being borrowed.
Uh the the interest rates that companies are paying is rising. Um, you know, the question is, can these companies continue to get access to credit? Can they afford to pay the higher rates? Will the investments they're making in the AI related capex, uh, the data centers, all the compute, uh, will that provide enough revenue to repay the debts with the interest and make, you know, a good profit for the companies?
I don't know. Uh, you know, there are a lot of factors that I that I that I don't know uh how they'll play out with respect to uh AI and and what you know what the value will be uh that these companies are providing relative to what their competitors may be able to provide at a lower cost I don't know you know this whole thing is evolving very quickly um you know around AI but I I think that there's going to be a big problem with all of the the resourc resources and all of the, you know, the money that needs to be borrowed in order to pay for this at a time where, you know, governments are already borrowing so much money and there's not a lot of savings and there's also not a huge abundance of spare capacity with these resources.
So there's going to be all these bottlenecks that could blow everything up and we could easily have a debt crisis, a sovereign debt crisis before we get an answer to the question of how how much productivity and profitability is going to flow to the providers of AI. Um Peter, what will happen to just society as a whole?
I want to move away from these little details. I'm I was reading an article yesterday uh fuel protests continuing in multiple Iran Italian cities. State media RAI reports of violent altercations between protesters and police in Bologna, Pascara and Turin. Um protests were held in other cities like Rome, Milan, Bari, Verona, etc.
That's in Italy. We saw a lot worse in France. And there's a lot of talk, not even talk, it it looks pretty imminent now that the US is going to strike Iran. How far do you think the global economy could take this war? H how far how how high would oil prices go before the economy breaks? That's the question I've been thinking about.
Yeah. Well, the Trump administration is talking about doing something after the midterms, which I think, you know, in and of itself is suspicious because you should not be planning military action around our elections because that's an admission that is all political. Um, so I I don't like the whole idea that, you know, things should be done after the election because you don't want uh the what you're doing to have an impact on the election.
But um I think oil prices are going higher regardless of whether or not we escalate this war. And I don't think that escalating it means that we're going to win it uh or that it's going to bring victory any closer uh than than it already is. Um, so I I think what's really going to have an impact is when we have to turn off the spigots from the strategic petroleum reserve and you know we have to deal with uh the actual uh oil and not not all this extra oil and if we get to see a decline in the dollar which hasn't happened yet but if the dollar finally rolls over and falls that will also be pushing up oil prices for Americans.
It may be restraining them some somewhat for the rest of the world. Uh but it will certainly be adding to the upward pressure uh that Americans are seeing with with oil prices. But it's a combination too. It's not just the price of oil. It's actually the price of everything that's going up and and and and the cost of credit.
So interest rates are also going up. Fact, there's a pretty strong correlation between oil prices and interest rates or you know long-term bond yields. they're they're rising together and yeah, the US economy is is in the process of breaking uh you know when that is going to accelerate into a crisis.
It's it's hard to say, but we're certainly heading in that direction. But I think the main reason Yeah. I think the main reason that Donald Trump's popularity continues to hit new lows is because the economy is weak and all of the talk about the strong economy is is just talk. The reality is that the economy is weak and uh prices are are rising.
Uh we have, you know, a bigger increase in prices happening now than we did under Biden. uh certainly under Biden's last two years, the first two years of Trump have seen bigger price increases than the last two years of Biden. So, uh you know, we've turned that corner and inflation is headed up now, not down.
Uh and GDP growth has actually been weaker. Uh during Trump's first two years, the GDP is going to grow less than it did under Biden's last two years. So, the economy has weakened, inflation has strengthened. That is the opposite of what Trump promised. and it's the opposite of what he is pretending is happening.
So if that how would the economy break? What would break first? What would be things you'd be looking out for? Uh well, you know, I think you could see housing the housing market is in a very precarious position. uh you know sales are the weakest they've been in in in over 20 years which means they're weaker than they were you know in the early uh years after the financial crisis and collapse of the housing market and builder sentiment is the lowest it's been in over 20 years uh because it cost a lot to build a new home and nobody can afford to buy it.
So the whole industry is in a lot of trouble. But what has been kind of keeping some of the uh the real damage at bay is the fact that homeowners, a lot of homeowners still have very low mortgages and they can afford to make the payments on the homes that they can't sell. But eventually you're going to see a repricing lower of home prices regardless of people uh holding on to homes who have those low interest rates.
And not everybody has a 3 or 4% mortgage. There are plenty of people uh with five 6% mortgages. Even though current rates are closer to 7 and a half, uh they still may not be able to afford to make those payments and the incentive to do so will disappear once their home equity is gone. So, I still think that you have a major uh crisis coming from a collapse in home prices.
And I think the losses to banks in the financial system will be staggering because not only are the lenders losing money or will they lose money when mortgages default and home prices are down, but they lose money on every mortgage that does not default. And that is a a a huge difference between the '08 crisis and now.
Back then, the lenders only lost money on 10% of the mortgages that defaulted. They actually had unrealized gains on the 90% that didn't default. Now, they have losses on pretty much all the mortgages, whether they default or not. Uh they just may have greater losses on defaulted mortgages, uh if real estate prices really tank, which it looks to me like they're going to do, you know.
And then you have the reverse wealth effect of uh you know all these retirees uh watching their home equity you know vanish. Yeah. Well US treasuries um was starting to get worrying a few weeks ago we had the intervention by Bessant that flopped but it seems his intervention in Japan partially worked.
Is that fair to say? Well, partially worked in what sense? Well, the yen is not in freef fall anymore, right? But it hasn't risen very much either. It's still relatively close to that 160 level which was, you know, around the lows. So, um, yeah, I mean, an intervention is not going to work. uh maybe it buys you some time, but as long as the fundamentals remain in place, uh the the downward pressure on the yen is going to continue.
And you know, so far that you know, has benefited the dollar somewhat in that money leaving the yen could go to the dollar. Uh but I think more of it will go to places like gold because gold's a much better hedge uh than the dollar. if you're in in Japan and you're worried about a debt crisis or inflation because we got our own debt crisis coming and our own inflation problem.
Uh so, you know, selling yen for dollars is not necessarily a smart move. But, uh Japan does have a lot of problems that are that are associated with too much debt. And so far, they're not doing anything to get at the root of those problems, which is cutting government spending. That's not happening.
Talking about gold, there was a graph I saw today, this is it here, says China purchased 25 more tons of gold in August via the London OTC market, according to Goldman Sachs estimates. This is 25% more than the official 20 tons reported by China's central bank for this month. This also follows estimated purchases of 35 to 40 and 48 tons in July, June and May respectively.
Over these four months, China's estimated gold purchases through the OTC market exceeded officially reported purchases by 83 tons, which is 128%. If you look at that bar chart there, the the gray part is what the official reporting by China is, how much gold they've purchased. The gold part, yellow part is Goldman Sachs estimates.
So, first the question is, is it common for a country not to officially report the gold they buy? Well, I I I think for China, it probably is. U you know, I to the extent that you're trying to buy a lot of gold, you don't necessarily want to let everybody know how much you're buying because it may impact the price.
So, I think that if I were in the position of China, I would not want to to show my hand. I' I'd want to keep my cards very close to my vest and and and hope that I could buy as much gold as possible at the lowest price possible. What is China's strategy here? Why are they stocking up to this day? Obviously, they're selling US treasuries as well.
Other countries are buying up. I think the UK is buying treasuries again and a few others while Japan sells a bit and China keeps selling. But what what is China's strategy with all this gold? Well, I think their strategy is to replace their dollars with gold to have a much stronger backing for their currency.
Whether they ultimately want to recreate an alternative reserve currency to the dollar, one that would be backed by gold, maybe even redeemable in gold, I don't know. But I know the Chinese recognize that they have to have some backing for their currency. And gold makes a lot more sense than the dollar, especially since China is now moving uh to have uh you know a smaller uh trading relationship with the United States.
Their exports to the United States have fallen considerably while exports to the rest of the world have have have gone up. We still have you know record trade deficits I guess with China. uh but China is now uh moving uh uh you know to to other trading partners to do more business uh there rather than with the US given uh the tariffs that have been levied and threatened.
Um so that that that takes away the incentives to really hold dollars and provide some motivation to get rid of dollars. And it's not like they really needed a reason to get rid of dollars. I mean, there's 40 trillion reasons to get rid of dollars, uh, the national debt, and that's going to keep rising.
Uh, so it doesn't make sense to be a creditor of a nation that has as much debt as the United States. Why don't we see other countries do the same thing? Some of them are Poland's an obvious example, but other countries are still buying US treasuries. Why don't we see we see all countries following China's footsteps, considering the concerns you've echoed many times on your show and on here?
Yeah, I don't know. I mean, I guess old habits die hard and you know, and you know, there's a lot of inertia in in politics and and uh people are creatures of habit and they're used to buying dollars when they're worried about stuff as a safe haven. But I think that's that's all changing. It's just, you know, changing slowly until one day it will change, you know, change rapidly.
It's hard to know exactly when you go from rapid from slowly to rapidly, but it's going to happen. Yeah. Well, especially if the US continues on this path cuz like the Well, that that that's for sure. We're we're going to stay on this path. There's there's no indication we're leaving the path. Yeah.
Nor is there any reason for us to do so until there's a crisis because as long as we can get away with it, we'll keep doing it. Yeah. Yeah. Like the only the only market the only thing that can force these politicians to start paying attention to America's debt is the bond market. But the I don't know that what we're seeing now the rotation away from AI stocks stocks and and funds going into into treasuries with the high yields and a safe and a safe haven instead of the the risky tech sector.
But we're just aren't we seeing that rally in gold? Why aren't we seeing investors flee the tech sector and go into gold instead of US treasuries? Well, as I as I explained it, it's the the rate hikes. uh the tough talk from the Fed, from Worsh in particular, about how committed they are and how strong their resolve is to bringing inflation down to 2% and that they're going to do whatever it takes and don't doubt them.
Uh and the fact that the inflation numbers have been hotter than expected, that is ironically causing the selling pressure on gold when it should be causing the reserverse. the fact that inflation is a lot higher than the Fed thought, that's a reason to buy gold, not a reason to sell it. You know, it doesn't mean that the Fed just has to fight a little bit harder to win.
It means that it's already lost. And the reason it lost is that it can't fight hard enough to win because we have so much debt. The the the rate at which interest rates would have to be to really bring inflation back down, it's too high for the US economy to bear. And not just rate hikes. We need, you know, the liquidity that the Fed injected into the economy to be withdrawn.
The balance sheet needs to really shrink. Money supply needs to shrink. That's not happening. The balance sheet is still growing. It's not growing very rapidly, but it's still growing. It's not shrinking. And money supply since Worsh uh took over M2 is growing at about 6% annualized rate. that that's a lot of inflation that's being created in the banking system.
The Fed is not stopping that. So, I think the markets need to pay attention to what the Fed does and ignore what the Fed says. Uh because the Fed is saying stuff to avoid having to do stuff, but talk doesn't do anything. Yeah. Well, these are the countries that are still buying up US treasuries. You've got this one shows China, Japan versus the UK.
The UK is the second biggest holder I think of US treasuries. The first is Japan if I'm not mistaken. But you got Japan obviously selling. You see the white line there. China's been selling for years, decades, whatever 10 years or so. But you got the UK still buying them up. Is there um does politics play a big role in which countries buy versus sell US treasuries or is it purely an economic decision?
Is that just the UK government or is does that count like you know hedge funds or does foreign holdings of US treasuries jump 83 billion in August? Let me see. The surge was driven by Canada etc. Meanwhile, Japan, China's the foreign holdings of US treasuries are rising. It doesn't say. It just says let me think for you.
Hold on. That's billions of US dollars. Yeah, it doesn't say. Yeah, but I mean you know, you know, the British, you know, the pound's got some problems, too. So maybe they're trying to, you know, buy more more treasuries. But do politics they should they should be buy they should be buying gold, you know, but the the you know the western banks don't seem to be as as smart as that as the eastern ones.
Do you think politics though plays a role in their decision-m? Probably. I mean, you know, I mean, you know, if they started to buy more gold, that would raise some eyebrows about why are you doing that? What are you worried about? Um yeah, you know, buying dollars is not necessarily, you know, a warning that you see a problem in the the global financial system or the current uh you know, world order.
Uh because that is, you know, the traditional safe haven at least uh in recent tradition. Um go gold is uh you know seen as a threat to that that world order that you know the dollar's dominance coming to an end uh is is significant. Yeah, makes sense. And just on the political side of things, Peter, because me and you've been speaking throughout the entire war, first, are you surprised that we're still talking about a war?
And I don't know how closely you follow it, but all the indicators, and I'm not I'm the person that was very optimistic the war was over for months. Um, but all the indicators plus people I speak to privately, plus people on the show are saying that strikes almost happened on the weekend. There were reports that the the Netanyahu ordered the strikes.
The head of the IDF refused those orders that came in from Israeli media yesterday. CNN corroborated it today. Um, everyone was expecting Trump to strike Iran. And the end, he could still obviously strike. It's a matter of when rather than if. That's what every report says. So my question to you though is does that surprise you that we're still talking about a war that is so catastrophic economically?
No, not not at all. In fact, I just, you know, reposted over the weekend. I found one of my ex posts from a week after the war started and I pointed out that the markets seem to be pricing in a relatively short uh and uh you know, victorious war. And I wrote that I thought the probability of that was low and and that I expected a drawn out war that we didn't win.
And I thought, you know, I thought that when the markets figured this out, we would see a big change. And actually, I got I got most of those predictions wrong. I I predicted higher oil prices and higher bond yields. So, I got those two right, but I also thought it would mean a lower stock market uh and a lower dollar and higher gold prices.
And I got those wrong because the market went up, gold went down, uh, the dollar went up a bit. Uh, but I was correct in my overall assessment that the market was being way too optimistic on what the how they thought the war was going to end. And this was all based on Donald Trump talking about how quick this was going to be over.
Uh, you know, we're obviously the world's biggest military. We've got all this all these weapons. uh surely I Iran is no match for us and we'll just, you know, mop the floor with them and go home. And I was saying at the time, I I don't buy any of this. And I I was like, you know, I know from the past, not that I'm some, you know, genius military strategist, but I've seen all this before where we claim it's we're going to be in and out of the Middle East and, you know, it's going to be no problem.
like and every time we're told about how quickly we're going to win some kind of war in the Middle East, that never happens. And so I don't doubt that this war is still going on. Look, look, the same thing happened. Look at with um uh Russia and and Ukraine. I mean, when when that war started, everybody was saying this is going to be over quickly.
And I said, I don't think so. I think this war is going to be here for a long time. And look, I mean, look how many years it's been and there's no end in sight. And you know, when Donald Trump ran, he said, "Oh, I'm going to end the war immediately. As soon as I I'm sworn in, I'm going to end that war." That was one of his campaign promises that in, you know, that he claims to have kept because he says he keeps them all.
Well, he's been in office for close to two years, and the war is no closer to an end now than it was two years ago. And that means we're like four years into it. I think it started in 2022. But you go back and you see all the promises of how quickly the war was going to end. And what I said at the time, I said, you know, we would have had a much quicker end to the war had the world not joined in to help uh Ukraine.
Had Britain, had the United States in particular, not sent so much aid to Ukraine, the war would have ended. In fact, it may have never even started. We enabled that war by, you know, providing the resources for the Ukraine to wage it. It would have been much better off had they just made a deal with with with Russia initially.
That's what I wanted. I was like, look, you know, give Russia some territory, you know, you know, because you're not going to they can't win the war. Uh but all that happened is that millions uh you know probably of lives were lost unnecessarily on both sides, Ukrainians and Russians. Um uh and and resources and economic destruction.
I mean none of this I think would have happened had we not you know you know come to taken sides. Had we just stayed out of it I think it would have been settled almost immediately. In fact, again, there may not have even been a war had we minded our own business. Yeah. Uh but but we didn't do that.
And you know, so you know, wars are generally started by politicians and you know, they always promise, oh yeah, you know, all this good stuff is going to happen. Uh but it never does. And there are Yeah. Yeah. Look, I mean, obviously a lot of money has been made on the war in Russia and Ukraine, and money is being made on the war with Iran by the companies that supply either side with the weapons.
So, yeah, I thought the markets would force Trump's hand, but uh rationality is uh is not always the one dictating policy, unfortunately. Yeah. And the other thing that we screwed ourselves up with the war is the sanctions on Russia uh accelerated the move out of the dollar because we basically uh created an example that other nations didn't want to follow.
They didn't want to be the next uh Russia to have their dollars seized uh frozen or whatever sanctioned. And so they you know that was a big impetus to get into gold. You know, we we gave the world a kick in the ass that that they really shouldn't have needed. They should have just wanted out of the dollar anyway just because of our budget deficits and our inflation.
But then we gave them another reason to do what they should have been doing anyway. Agree. Well, Peter, um people could check out your podcast. I've been listening to your content recently. Loving your tweets as well. Very colorful tweets. Congratulations on winning the lawsuit as well. Winning what?
I don't know. I saw you tweet about a lawsuit. Oh, that was a long time ago. That was my lawsuit, my defamation lawsuit that I won years ago, but the problem is the journalist was taking a jab at you or something. The the the the the media won't report that I won my lawsuit because they want to cover for the reporter uh who lost it.
Uh they want to pretend that I didn't, you know, that I didn't win. Uh but, you know, I I won a very decisive victory. uh in that lawsuit. I mean, I you know, people can go to my website at ninfraud.com to get information on it, but you know, it's an ongoing uh saga that that continues because it was a huge conspiracy that the media helped uh you know, uh disseminate that the media worked with the government.
And you know what's what's so um annoying about it is you know we have freedom of the press and the reason we have freedom of the press the main reason is so the press can uh you know report government corruption to keep the government honest by having a free press that can bring things to the attention of the public.
But in America the press uh seems to have the opposite role. Instead of exposing government corruption uh they help cover it up. And not only do they help cover it up, they help disseminate propaganda on behalf of the government. So it's a complete violation of, you know, the role of the media, especially the big companies like the New York Times, for example, in the United States.
Uh they they see themselves as an arm of the government that they're there to cover for the government uh to uh protect the government uh when they break the law. And so instead of, you know, protecting the people from a corrupt government, they protect the corrupt government from the people. You know, that's what my case really, really shows.
And you know, I'm getting more information all the time uh to uh you know, reveal the extent of this conspiracy that involves journalists from Australia, the United States, uh the US government, IRS, the Australian government, the British government, all these politicians just liying and conspiring to achieve a public relations objective at my expense and at the expense of thousands of innov.
innocent customers who have had their deposits stolen uh by corrupt government officials, you know, here in Puerto Rico. So, it's, you know, it's it's a huge story and it's unfortunate that it's not being told in the mainstream media. So, I always have to post about it just to, you know, just to keep it out there because the mainstream won't touch the story.
Uh, you know, but this is exactly the type of story that should be news, you know. I agree. Well, man, I appreciate you coming on as always. People could check out your podcast, Peter Schiff show, and uh check out your colorful tweets on X. Peter's always and and before gold goes up, you know, we're talking about gold and silver.
Gold's a,000 uh 4,000 rather. Silver's about $54. I think these are great prices. So, people should go over to Shift Gold and pick up some gold and silver before uh we really see a big rebound, which I think we're building a base. And I think we're going to take off. And the mining stocks, too, have been beaten up.
Uh they're still way up from where they were a couple years ago, but they're well off their highs from earlier this year. And I think for the people who missed out on the first part of the of the increase, it's not too late. In fact, it's still early, I think, over in the in in the in the scheme of things to get into the mining stocks.
And you know, we have a fund at Europacific, Europe Pacific Gold Fund, EPGIX is the no-load symbol. You can buy it at any discount broker or you can go to Europe Pacific Asset Management and get information on my fund. In fact, we have separately managed accounts uh that that that focus on on metals.
And I think there's a lot of opportunity there. Peter, it's always a pleasure. Thanks a lot. All right. Thanks a lot, M. See you, man. All right, guys. I'll be live with Brandon for the daily news recap in a few minutes. Bye.
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