Peter Schiff: The Dollar Is Not Just Going Down; It’s Going to Crash


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July 30, 2020 by SchiffGold 0 3

As gold was closing in on its all-time record cost recently, Peter Schiff appeared on the Claman Countdown and alerted about the looming dollar crisis.

Claman set up the interview pointing out that Peter forecasted this big move up in gold months earlier and asked, “What’s your new forecast about the dollar?”

Peter stated it’s not actually a new forecast, however perhaps it’s more prompt.

The dollar’s not simply decreasing. It is going to crash.”

Prior to the interview, Claman mentioned that the Dow was up, but Peter stated there is another method to look at it.

Priced in genuine money, gold and silver, the Dow is really down. And what gold is informing you, and silver, is that the dollar is losing value. It’s losing purchasing power.”

The dollar had been drifting lower against other fiat currencies over the previous several weeks. At the time of the interview, the dollar index was simply a few check off its March low.

However I think the dollar is going to keep drifting down up until it collapses,” Peter said. “And this is going to introduce a real economic crisis in America, unlike something we’ve ever seen. Because it’s going to force the Fed to select between saving the dollar, and disposing all the bonds its been buying, letting rate of interest rise dramatically, forcing the US government to slash costs today and desert all these stimulus plans, or just let inflation damage the entire economy and erase a generation of Americans.”

Claman asked Peter what is the trade offered what’s boiling down the pike. Peter said his guidance is “to get out of Dodge.”

Get out of dollars. Top, yeah, own gold and silver. The gold and silver mining stocks are eliminating it, but they’re simply getting going. I indicate, these stocks, I believe, can go up 10, 20 times in dollar terms.”

Peter likewise advised foreign stocks that derive their earnings outside the United States and earn them in foreign currencies, not US dollars. They can return those appreciated foreign currencies to you in dividends that avoid the inflation tax.

Forget about the payroll tax. The real tax that’s going to clobber every American is inflation since that’s how the federal government is now moneying its costs is through inflation. And inflation is a tax on anyone who owns US dollars.”

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