Peter Schiff Predicts ‘A Horrendous Christmas,’ ‘The Dow Is Going To Rally From Here,’ And ‘Gold Stocks Are Going To Take Off’

Euro Pacific Capital CEO Peter Schiff just added a new entry to The Schiff Report YouTube vlog Friday. Schiff, who correctly-called the housing bust and economic crisis last decade, shared some forecasts with viewers. From the video:

I think that given the lousy jobs number that we just got, given the revision to the previous numbers making them worse, given now today’s factory orders and the economic data that we’re likely to get next week, I think before long- or it’s not going to be too long- before the Atlanta Fed GDP now reflects a negative print, a negative number, for third quarter GDP. Now, if we get a negative number for third quarter GDP, I bet we get another negative number that’s even bigger for the fourth quarter. Because if you look at the trend over the last six years or so, the fourth quarter is always weaker than the third. The third quarter is a stronger quarter. And if that quarter is weak, what does that tell you about the second quarter? It’s going to be even weaker. So if we get a negative third quarter, and then we get a negative fourth quarter, well, that’s a recession. Right? Technically that’s a recession. What the Fed going to do?

This is going to be a horrendous Christmas, that’s my forecast, as far as what the retailers are expecting and what they’re going to get. This is probably going to be the worst Christmas shopping season of the recovery. And I think next year a lot more layoffs are coming…

The Dow was down as much as 250 points or so early in the morning. But then the buyers came in because they realized, “Hey wait a minute! If the Fed isn’t going to raise rates, then this party can continue for a while longer.” And the Dow finished up 200 points. That’s a 450 point move. We were almost down at the Black Monday lows. I think this was a pretty significant reversal. My guess is that the Dow is going to rally from here. I don’t know if it’s going to rally to new highs- that would be a stretch. But I think right now, given the weakness of this report, I think that you can see some strength in the U.S. stock market…

This time, if the dollar rises based on an anticipation of rate hikes, and the hikes don’t even come, can you imagine how much selling there’s going to be on that fact, when you don’t even get the event that everybody’s been waiting for? That’s going to work in reverse for gold. People have been selling gold for the same reason. “Oh, the Fed’s going to raise rates- that’s going to be bad for gold.” You know, when the Fed raised rates last time, it was great for gold, because gold rose the whole time. But imagine how good it’s going to be for gold when everybody expects a rate hike, and instead we get QE 4. I think this is going to be the biggest up-leg of the gold bull market, which means the gold stocks are going to take off if I am right, because gold stocks today are cheaper than they were when the last bull market began when gold was under $300 an ounce. They’re cheaper now with gold at $1,130 than they were when gold was $270…


“Sept. Jobs Report Confirms Weakening Labor Market”
YouTube Video

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

(Editor’s notes: Info added to “Crash Prophets” page; 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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