Peter Schiff: The Price of Everything Is Going Up

  BY SCHIFFGOLD  

As the Federal Reserve meeting wrapped up last week, Peter Schiff appeared on RT Boom Bust. The interview covered a number of topics, including gold, oil prices, the Fed and the Snowflake IPO.

The discussion started with the rising prices of gold and silver. Peter said central bank policy is creating a very bullish environment for precious metals prices to continue to rise. Unfortunately, a lot of other prices will rise as well.

Well, certainly the prospects for the precious metals are very bright. But you know, the prospects for a lot of prices to move up, unfortunately, are not good. The Federal Reserve is creating a tremendous amount of inflation. It claims that its goal is for the cost of living to rise at a more rapid pace than it has in the past. Jerome Powell claims that we need to make up for the cost of living rising too slowly in the past by making sure it rises more rapidly in the future. But I think really, what Powell is trying to do, is provide cover to maintain the asset bubbles that he denies exist.”

Peter pointed out that even as the Snowflake IPO came out at a crazy high valuation, Powell was saying there is no bubble.

But of course, that’s exactly what we’ve been living in. I think Powell knows that because every time the air starts coming out, the Fed does all it can to blow it back in. But as long as they’re doing that, the price of gold is going much, much higher. And that’s a reflection of the value of the dollar going much, much lower.”

Oil recovered some last week after data out of China showed industrial production expanded more than expected. The price also got a boost due to Hurrican Sally’s impact on Gulf oil production. But Peter said a bigger factor will drive oil higher in the long run……more here

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