The Phaserl



“In the past, when you could get 6 or 7 percent interest on a CD, and inflation was 2 or 3 percent, you were still ahead of the game. But now you get a half a percent on your CD and inflation is 2, 3, 4, 5, whatever it actually is – you’re losing. You can’t win. And so as more people wake up to this reality, the demand for gold is just going to explode worldwide. And the price of gold is going to go through the roof.”

– Peter Schiff, Euro Pacific Capital

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  • Jeff

    Yea this is exactly why I stopped following PS. He refuses to acknowledge the blatant, confirmed manipulation in the PM market. Just this morning on ZH we find an article “Barclays Fined For Manipulating Price Of Gold For A Decade; Sending “Bursts” Of Sell Orders” but somehow PS thinks the price is being set by “legitimate” market forces.

  • AK

    I have always wondered why Peter won’t go “there” until it dawned on me that he is such a highly visible, public figure that I think he is treading carefully to not be put in the “conspiracy theory” camp. He is one of the few honest people out there who still has a voice in the main stream media and I think his voice is very important. I think he is right not to jeopardize that exposure by jumping on the manipulation band-wagon. His message is important and resonates with a lot of uninformed people who only get the main-stream media view. I think Peter understands very well that all financial instruments are manipulated to some extent but in the end it won’t matter because the fundamentals always win out in the end.

    Great interview guys!

    • STEVEN

      he won’t go there because he is selling precious metals himself…think about it! he touts how metals are going to the moon but he is selling LOL

      wake up people!

  • I love Peter Schiff stuff he’s always on point but I’m confused.because he usually doesn’t change his philosophy he sticks with what he believes that’s why I’m thrown back buy him accepting Bitcoin for gold and silverI can’t count how many videos he put out bashing bitcoin saying that its not as good as gold and would crash so tell me why would he except bitcoins for gold and silver?

  • J

    He is being leveraged by the USG who holds his aged father in prison.

    Figure it out…

  • James Owen

    Yes, it is great to see that Barclays was fined, but unfortunately, I guess we all know that the Bank of England, the Fed, and the BIS will continue to use some other form of front for their efforts. We also know that no better forum exists than the futures market.

    Still, it’s still a piece of good news which we can use to show those who have been using all kinds of pejoratives to describe us and our manipulation claims.

    Sean, thanks for your great interviews.

  • Happydude

    I suppose continually slamming gov’t employees is a winning strategy, that is, until they have the means and willingness to make some sort of positive difference for those (including themselves if they are “awake”) “bracing for impact”. One thing I find unsettling is that there are many gov’t employees I personally know who would love to do something else (other than work for the gov’t) and agree with guys like Schiff, SGT, etc. but are continually harangued as “welfare recipients”. Yes, they are supported by taxpayer dollars but the largesse is flowing to those at the top of the food chain and those lesser ones are having to look over their shoulders now in this age of consolidation and centralization of power. 

    • James

      Great example of welfare, and government employees. I also wonder what Peter thinks about minimum wage and social security. Is the game to get power? Money and power?
      I don’t need either to run for a local office.

    • Don

      So it’s ok because they (gov workers) just build the gas chambers, service them, and make sure the trains run smoothly?
      They may have not designed the system, but it would cease to function without their selfish input.

      • James

        Do you like your trash pick up or how about your local water supply? Lets not get into fluoride, but my aunt and uncle at the FAA do run the train smoothly. What do you even mean by government worker? Is that the guy who plows the street when it snows, he works for the government too. I don’t know how these people are selfish, they are in the race with us, some people choose government (public sector) over private.

        • Don

          Such a sophomoric semi strawman rebuttal. You are either willfully ignorant or have an agenda.
          I’m sure the ‘just following orders’ line will work this time….

          • James

            Well then lets debate it mr. senior class president. When does someone who work for the government not follow orders? What government are you even talking about local state or federal? They all have jobs, the local happens to have the most jobs. So what government jobs are good and which ones are bad?

            • Happydude

              Indeed James, the problem I have with painting all gov’t workers with such a broad brush is that if those who aren’t of that cloth were able to change the system, I think they’d have done it by now. I see it as a coming together of folks of differing backgrounds to effect substantive change for the better. As to the charge that gov’t workers build the gas chambers, etc., let us not forget private industries role (I.G. Farben, IBM, etc.)in that particular happening. Good and bad people can be found on both sides of the fence and unilaterally discounting a significant part of the equation could very well be the deciding factor in the end.

  • James

    Maybe the Fed policy is working and thats why they keep doing what they do.. Maybe the ‘main stream media’ is mocking us for a reason.

    Next time can we ask Peter if he is a conservative (in the camp of the Koch brother who want no government regulation), or a liberal (in the camp that government intervention in markets can be beneficial). Conservatives are yesterdays liberal.

    Good interview, but.. It is all capitalism anyways. Even with social welfare there is capitalism. I guess thats why I question the role of gold and silver. Money, savings, well see one day? Unless we destroy the environment with conservative capitalism.

  • Sam

    Peter knows full well that the system is leaving his stock investor clients exposed, yet he continues for the almighty buck as was pointed out to him point blank with the famous Ann Barnhardt interview on his own radio show! The, “who gives a crap” position also shines thru especially with his investments in fracking the ground waters into poison – and yes, this too was pointed out to him by others with the same PS attitude – this guy is a piece of work.

  • Ed_B

    You just have to love how these bankster cretins ALWAYS refuse to admit any guilt, pay a good sized fine, and basically buy their way out of trouble. It’s like… “We didn’t do anything wrong, here’s a bunch of money, and we won’t do it again!”. Different day, same crapola.

  • Ed_B

    Although I am a BIG Peter Schiff fan and most often agree with his comments, I am having a hard time agreeing with some of what he said in this interview.

    As to bank accounts and FDIC insurance… yes, I believe that bank deposits should be insured so that our deposited money is held safely. After all, other than safety and convenience, what reasons are there for depositing money into a bank? None! But where we left the track in this is that the US Gov should not be involved. They should require banks to buy private depositor insurance from independent insurance companies. Since it would be in the insurance company’s financial interest to watch the banks like hawks and to raise their premiums whenever the banks started behaving badly with the depositors money, that would ensure that our money was handled conservatively and not in a wild and frenzied search for leveraged profits. Peter says that we should have competition determine which banks get our money but the BIG problem with that is that the banks are VERY good at disguising what they are doing; so how would we know that our bank was heading for trouble until it goes bust? Answer: we probably wouldn’t, and that’s the crux of this issue.

    Most of the unemployed in this country are NOT satisfied with being unemployed. This comment smacks of Marie Antoinette’s famous quote of “let them eat cake”, when she was told that the people had no bread. The thing is, MANY Americans are exhausted from looking for jobs that simply are not there anymore and have given up looking for “work”. My guess is that many of them are working off the books, so are not paying any income taxes these days.

    As to any “secret Belgian account for UST paper buying”… this is absolutely unnecessary. The amount of UST paper supposedly purchased by Belgium is almost 30% of their GNP, which would be a ridiculously large percentage of their GNP. Belgium cannot print money because they are part of the EU and cannot print euros. Only the ECB can print euros. The ECB cannot fund these purchases either because they have more on their plate with the PIIGS countries plus France, now teetering towards insolvency thanks to its recently more socialist policies. No, it MUST be the Fed who is funding this bond buying and it is likely that they are using the multi-trillion dollar / euro swap account that was set up a few years ago to remove this activity from their balance sheet as a separate entry… as well as from public awareness. The perception that they are tapering MUST be maintained, yet they continue to pursue QE via proxy now rather than directly.

    Yes, food prices ARE rising and at double digit rates in many cases. As Sean points out, this is somewhat disguised via smaller packages at the same or only slightly higher cost. But meat especially is clearly inflating and we are only in the early stages of that. The drought in California plus the pig disease that has killed millions of pigs in the US in the past year or so will combine to double or more the prices for beef and pork. Those who home can fruits and vegetables can also can some meat and would be well advised to do that at the current prices. It won’t be long before the better cuts of beef and pork double in price from today’s already rising prices. This would be a MUCH better use of money than to put it in the bank where it melts away slowly from inflation or quickly from a bail-in. Food, fuel, and the stock market are where the inflation is that Bernanke professed unable to find. But that’s the way that TPTB handle things. They LIE about them, usually by changing the rules of the game in mid-stream, such as by not counting that which is rising fastest in price (food and fuel) or the long-term unemployed / discouraged workers who have given up or they simply lie by omission. Either way, they are not telling us the truth.

    I think that Peter is being disingenuous about silver and gold price manipulation. He’s a very smart guy, so surely this is not getting past him. Naked shorting and the dumping of thousands of gold and silver futures contracts in very brief periods of the most thinly traded part of the day has one and only one possible reason and that is not to make a profit but to slam down the prices of precious metals. Most of us on here can see this clearly. It really is obvious, yet it goes unacknowledged in this interview.

    The central bankers claiming that we need more inflation is one of the most idiotic things ever uttered. Inflation is merely the rate at which the value of paper money is destroyed. To say that we need more of this would be like a cancer patient saying that his tumor is too small and that it needs to be bigger. On behalf of everyone else out there, let me say that the citizens of the US and the other Western countries need LESS inflation and MORE buying power… and not the reverse.

    Rant complete… whew… 😉

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