* The Dow finished the last trading day in February, with a 123-point decline, in fact the Dow Jones closed at the low of the day; the NASDAQ was down 32.5 points * Gold reversed the declined from Friday, it was up $16.5 today it's up another $2.50 as I record this, we're now back above $1240 * The reason gold declined on Friday was that the rate hike was apparently back on the table because of some stronger than expected Q4 GDP numbers and also the consumer income and spending numbers were hott...
Mar 01, 2016•46 min
* The rally in the U.S. stock market continues, the Dow closing up more than 212 right at the high of the day * It's not just the Dow Jones that is rising, and by the way, this is the highest the Dow Jones has closed since early January, so it's better than a one month high * Oil prices closed above $33/barrel for West Texas, again that's the highest level since early January * The dollar is weak across the board, in fact the Canadian dollar hit a 3-month high today against the U.S. dollar - thi...
Feb 26, 2016•36 min
* We had some wild swing in the market today, particularly the stock market and the gold market * At one point this morning, the Dow Jones was down about 270 points * It finished the day up 53 points * There wasn't any real news that caused the market to go up; people were buying the dip * The oil market also turned around; it was down a buck and change and managed to close up .20-.30 * Gold was the mirror image; gold was up at one point to $27-$28, back above $1250 * Then when the stock market ...
Feb 25, 2016•26 min
* It looks like Jamie Dimon's bottom turned out to be the trap door I thought it was, with the Dow Jones today down almost 190 points * The market was let lower by the financials, JP Morgan itself down better than 4% * Remember it was Jami Dimon having the confidence to put a year's salary into company stock that sparked this rally, but it seems to be losing steam and rolling over * Because we're not going to get a lasting bottom until the Fed makes that bottom * It's not going to be a Jamie Dim...
Feb 24, 2016•28 min
* What a difference two days make! Two days ago I recorded my podcast, "Goldman Sachs Sacks Gold", and that was because Goldman Sachs' comments about shorting gold were partially responsible for the severity of the drop in gold over the holiday weekend * Today, gold is fighting back, at one gold was up better than $30, although as I record this the price has pulled back a bit, still above $1230 - up about $22 on the day * Gold stocks, the GDX index I mentioned in my last podcast, was up 6% on th...
Feb 19, 2016•30 min
* The big story of the day was the pullback in the price of gold * Gold was above $1260 last week; it pulled back a little bit on Friday, but the real damage happened overnight on Monday, while we were celebrating Presidents' Day * At one point gold was down almost $50; trading even below $1190 * When we opened up for trading in New York, gold was back above $1210.; it tried to rally, but really couldn't, in fact the only time gold rallied today is when the Dow sold off to +50 from +150 * The st...
Feb 17, 2016•24 min
* Big day in gold today; gold broke over $1200 for the first time in almost over a year, in fact we hit a new 1-year high * I saw gold trading above 1260 at one point in the morning, that was up better than $60 on the ounce; It closed up 49.10, I believe at $124.90 * Remember, I was on CNBC "Futures Now" earlier in the week and gold was around $1180-$1190 and they were trying to press me on where I thought it would go, and I said, it's going to go higher, I'm bullish in the short term, the mediu...
Feb 12, 2016•28 min
* Janet Yellen was up on the Hill today for the first of her two-day testimony before Congress * Remember I said the only way that Janet Yellen could stop the market from falling is to admit that the Fed will alter its 4-rate-hike trajectory for 2016, and she didn't do that * As a result, the stock market failed to sustain its early morning gains; the Dow was up better than 100 points - closed near the low of the day down 99.64 * The NASDAQ, which was up not quite 100 points earlier in the day c...
Feb 11, 2016•34 min
* It was another volatile day in the U.S. stock market, with the Dow swinging from positive to negative to positive to finally closing negative, but well off the lows and the highs of the day * The NASDAQ was only down about 15; the Dow down about 12 points * The real action was in the currency markets: the dollar got clobbered today, a new 4-month low in the euro, 2-year low in the yen, the Swiss franc was probably the strongest currency on the day * The dollar index actually traded in the 95 h...
Feb 10, 2016•35 min
* As I mentioned in my video blog I recorded on Friday, the jobs data that came out on Friday was just not weak enough for the market * So the markets' carnage continues, because everybody still believes the Federal Reserve may in fact be raising interest rates - the only question is, will it be in March, will it be in June, the markets don't know and so they continue to be under pressure * At one point today, the Dow Jones was down nearly 400 points * The NASDAQ was down about another 150 intra...
Feb 09, 2016•25 min
* It really was a brutal week on Wall Street, led by the tech-heavy NASDAQ, which is down about 5-1/2% on the week; 3% of that alone came today, now down about 17% from its high * Not officially in a bear market yet, but getting there * The vast majority of NASDAQ stocks are in bear markets, in fact, many of those stocks are down 40 or 50% or more - a number of those stocks down 40 or 50% today alone * The Russell 2000 is already in a bear market; it's down 24% * Dow Transports also down 25%, an...
Feb 06, 2016•28 min
* So far the month of February is just 4 trading days old, and already the U.S. dollar index is down just over 3 percent * We closed January at 99.6 and we closed at 96.5 * Gold, going the other way, now up about $13 today, closing above $1,155; the price of gold is up almost 3.5% in the first 4 days of February * That shows you that most of the move in gold is the result of the dollar going down * This move is just getting started * The markets are just beginning to price in the fact that the F...
Feb 05, 2016•26 min
* It was another tough day in the stock market today; the Dow Jones finished down 295 points, NASDAQ fared even worse, down 103 points, that's about 2.25% * These 100-point moves are coming quite often now; in the NASDAQ, the transports were hardest hit once again down 204 points - that's almost 3% * When I saw this carnage, I wondered if North Korea had tested another nuclear bomb - early in January the market was down about 250 points and they blamed it on the North Korean bomb test * The mark...
Feb 03, 2016•32 min
* First it was the ECB, and then it was the Bank of Japan, cutting interest rates overnight to -.1% * That is the first time in this 20-year experiment of cheap money - I think they've been at zero, but they've never gone negative until just now * One of the most ironic aspects of the move is that Kuroda, just 8 days ago told the Japanese Parliament that the Bank of Japan was not seriously considering negative interest rates, yet in a span of a week, they went from not considering it, to actuall...
Jan 30, 2016•29 min
* As I said in my last podcast, when the the Federal Reserve issued its press release yesterday at 2:00pm, Janet Yellen did not give the markets they were hoping for; in a way, it was almost as if she threw them an anchor instead, because the Dow Jones ended up falling about 200 points as a result of the disappointing statement * The statement was dovish, but it wasn't dovish enough, and even though the Dow recovered about half those gains, I think the market is still on the defensive, given the...
Jan 29, 2016•28 min
* The Mario Draghi "No-Limits"-inspired rally from Thursday and Friday of last week ended on Monday with the Dow Jones down just over 200 points; the NASDAQ was down about 75 points, so an even bigger percentage drop * But today the market reversed; the Dow actually recouped 100% of what it lost, it rose 282 points by the close * A lot of volatility in the oil markets; down yesterday and up above $30/barrel today * The bigger action today was in gold, up another $12 or so, the highest price for ...
Jan 27, 2016•30 min
* The U.S. stock market ended the week with a 2-day rally, in fact the Dow Jones closed better than 200 points today, to about 1690 * NASDAQ, even stronger, up 119, closing at almost back up to 4600 * The rally actually began early yesterday morning, and not just in stocks * Oil had a huge rally, in fact, today alone, crude was up $2.72 back above $30, at $32.25 * What sparked the rally was comments made by Mario Draghi at an ECB press conference that followed their official statement that they ...
Jan 23, 2016•24 min
* The bear market in global stocks continues, and I believe we're in a bear market in the U.S. * Technically the major averages are not quite down 20%, although some of the averages are * Transports were down 30% from their highs * The Russell 2000 was down more than 25% * Many individual sectors are way down into bear market territory, as are some individual stocks * IBM hit a new 6-year low; and, of course, IBM is the poster boy for share buy-backs * Imagine how much shareholder money has been...
Jan 21, 2016•29 min
* The Dow Jones ended another down week on a down note, dropping 390 points * The NASDAQ was down 126 points * This is the worst January in the history of the stock market the Dow is off about 13% from its highs, the NASDAQ about 15%, firmly in correction territory * We are probably in a bear market right now, because ultimately these indexes will be down 20% * Some indexes are already firmly in the bear camp; the transportation average is down about 27.5%; the Russel 2000 is down aboutr 23% * M...
Jan 16, 2016•34 min
* Last night I watched President Obama deliver the State of the Union Speech and probably the only good thing about the speech is that it was his last one * It will probably go down in history as the most clueless State of the Union Address ever * All he talked about was how great the economy is - how he created all these jobs * He even had the chutzpah to take credit for reducing the budget deficit! * President Obama will have doubled the national debt during his presidency * He added more debt...
Jan 13, 2016•29 min
* Hi everybody, this is Peter Schiff and I am recording this on Friday, January 8, and Wall Street just finished the worst opening week to a new year in the history of the stock market * The Dow Jones was down another 1% on Friday to finish the week better than 1,000 points - it was a 6% decline on the week * Now there have been weeks that have been down more than 6% in the history of the stock market, in fact we had one about 4 years ago, but we've never had a week this bad in the first week of...
Jan 09, 2016•29 min
* Well the Dow Jones got clobbered again today, down 252 points at the close * The NASDAQ down about 55 * The transports continue to get clobbered down another 146 points, decisively in bear market territory * CNBC blamed the entire decline on jitters over North Korea's hydrogen bomb test * I admit that this prospect is not good, but I don't believe that announcement was the reason for the decline * The real problem is the Fed removing the monetary herion from the addicts on Wall Street and this...
Jan 07, 2016•33 min
* The U.S. stock market opened the first trading day of 2016 with a bang, but not the type of bang the bulls were hoping for * The Dow was down 276 points-it was down as much as 450 points in the last hour of trading * In fact,we opened down 300 and change and we hung around the down 350 - 400, in fact down 276, at the close was about the best level of the day * The NASDAQ closed down around 104 * The Dow Jones transports continues to get crushed - the weakest index on the day, down 156 points *...
Jan 05, 2016•24 min
* Let me begin my final podcast of 2015 by wishing all of my listeners a Happy New Year * It certainly wasn't a happy New Year's Eve Day on Wall Street * Normally the last day of the year is a positive one; you normally have a Santa Clause rally and it continues on to New Year's Eve * That wasn't the case today. The Dow Jones finished its first down year since 2008 - down 178 points * The S&P also negative on the year, the NASDAQ managed to gain about 5% or so * I'm hearing a lot of people b...
Dec 31, 2015•27 min
* Recording this podcast on Monday afternoon; the stock market closed about an hour ago, and the stock market was up over 100 points today, but the more dramatic days happened on Thrusday and Friday * Despite the initial euphoric increase in the stock market that greeted the Fed's highly anticipated quarter-point rate hike on Wednesday the market tanked on Thursday and Friday, down over 600 points * The most significant part of the sell-offs is that on both days the markets closed on the lows fo...
Dec 22, 2015•28 min
* Yesterday, the Federal Reserve finally met market expectations and increased interest rates to .25% * Actually, the official rate was 0 - .25 and now, the official rate is .25 to .5 * The actual rate was always in the middle between zero and .25 * Assuming the Fed tries to keep the rate closer to .25 than .5, the actual increase in rates could be less than 25 basis points * The initial reaction to this rate hike is to proclaim the end of the era of "cheap money" * .25% is still cheap money. Al...
Dec 18, 2015•33 min
* The U.S. stock market finished up its worst week since August, when everybody though a rate hike was just around the corner * Substantial triple-digit losses across the board * The Dow Jones closed down 309 points - almost 4% * Similar percentage decline for the S&P 500 * The NASDAQ dropped 111 points, over 4% decline for the week * The media is blaming this decline on oil prices, and yes, oil prices are weighing on some stocks * Some stocks benefit from lower oil prices - case in point: t...
Dec 12, 2015•28 min
* We are just about a week away from the Federal Reserve's first rate increase in about 10 years * Everybody believes the stage is set for liftoff based on the most recent better than expected Non-Farms Payroll report * The idea is that the only thing preventing the Fed from liftoff would have been a horrific jobs number * In fact the markets estimated 190,000 jobs added and we got 211,000 * We did beat estimates, and in fact they revised last month's number up to 298,000 * The unemployment rate...
Dec 08, 2015•31 min
* Mario Draghi of the ECB sent shockwaves through the foreign exchange and currency markets today * He didn't deliver the stimulus traders expected * The big question is, will Janet Yellen surprise the market by failing to raise rates? * The ECB did slightly lower interest rates, and extended QE if it will be needed * Draghi's goal is inflation * He equates 2% inflation to "price stability", when prices in Europe are stable now * The big divergence that everybody is trading on a tightening in th...
Dec 04, 2015•31 min
* The price of gold was down another $15 today, a 6-year low * Selling began early this morning following a better than expected jobs report from ADP * This is private payrolls released a couple of days before the official government Non-Farm Payroll number, coming out on Friday * Last month's ADP report was 182,000 jobs, which was below expectations * But the government reported better than expected jobs numbers * Today's number was not significant enough to have triggered a sell-off in gold wi...
Dec 03, 2015•29 min
