The Midterms Are Over — Peter Schiff’s Warning for Gold & Silver Investors
The Midterms Are Over — Peter Schiff’s Warning for Gold & Silver Investors
Peter Schiff spoke the morning after the midterms and called gold near four thousand dollars and silver around fifty a good place to start buying. Schiff reads the election as a referendum on the cost of living, and he does not expect the problem to ease. He puts consumer prices up four percent over the first nine months of this year against two point seven percent for all of last year, sees about five percent by the end of the calendar year, and says next year could top seven percent. On the Fed he is blunt. It speaks loudly because it has no stick, and a twenty five basis point move in December would be too little too late while inflation runs faster than the hikes. Behind that sits the arithmetic he returns to again and again: one point four trillion dollars a year in interest on the national debt, three trillion dollars a year being added, old paper rolling over three to four hundred basis points higher, and a path where interest payments eventually exceed what the government collects in tax. The housing section is the one most people miss. Mortgage rates near seven and a half percent are historically normal; it is the prices that are not, after tripling in twenty years. He says mortgage lenders already carry around two trillion dollars of unrealized losses, three trillion if rates reach eight and a half, against roughly five hundred billion lost through the entire housing bust, and that is before a single default. The way out, he argues, is inflation, which is exactly what sends everything else soaring. He also warns that the economy is firing on one cylinder, AI capital spending, and that a slowdown there tips it into recession. Our own evaluation follows the interview, with the current data and three corrections.
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