Mike Maloney, Peter Schiff Discuss Next Economic Crisis, Gold

The gold price has fallen to its lowest level in more than five years as talk of a US interest rate rise has led investors to sell the precious metal.

Gold closed 2.5% lower at $1,104.60 an ounce in London, having earlier fallen below $1,100 an ounce for the first time since March 2010.

The gold price is now more than 40% below its August 2011 peak…”

-BBC News website, July 20, 2015

I had to chuckle when I read the above.

“Talk of a US interest rate rise…”

How many months, no, years now has the Federal Reserve been talking about hiking the federal funds rate?

“But Chris, the economy is in recovery mode…”

If the U.S. economy was truly in a recovery, rates wouldn’t still be close to zero.

The Fed knows if they start raising interest rates at this point in the game, the “recovery” is toast and we’re heading back into recession.

So what’s Janet Yellen and the Federal Reserve going to do? If the pressure builds on them to raise rates but there’s no excuses around for not doing so, I suspect we’re looking at a miniscule hike in the near future. Maybe even a few (but not too close together).

At which point, the Fed will proclaim:

We told you we were going to raise rates.

Yeah, right.

Earlier today, I watched a discussion on YouTube.com between two well-known “crash prophets” concerning the state of the U.S. economy/larger financial system and where gold fits into the equation. From the SchiffGold.com website on June 2:

For the first time ever, renowned investment gurus Mike Maloney and Peter Schiff sat down to a frank discussion about the future of the American economy. Together, they analyzed detailed charts and data to show why an even bigger crash than the 2008 crisis is in the making…

Schiff (an economist, financial broker/dealer, and author who heads up Euro Pacific Capital) and Maloney (a precious metals expert, advisor, and author who runs GoldSilver.com) predicted the U.S. economic crisis that reared its ugly head in the fall of 2008, and both are now warning of a more dire situation dead-ahead.

Their observations and arguments make sense to me, as opposed to the position staked out by the economic Pollyannas.

If you have the time, check out the following YouTube playlist of their exchange released last month:

• “Economic Crisis 2015- Peter Schiff & Mike Maloney (Part 1)” (run time 41:40)
• “Is Gold Overvalued? Peter Schiff & Mike Maloney (Part 2)” (run time 4:43)
• “Your Government Will Break Your Legs- Peter Schiff & Mike Maloney” (Part 3) (run time 7:18)
• “Inflation Or Deflation? Peter Schiff & Mike Maloney (Part 4)” (run time 3:43)
• “Gold Vs Debt Default- Peter Schiff & Mike Maloney (Part 5)” (run time 6:27)

YouTube Video Playlist

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

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