retail sales

Peter Schiff: Rising Gold Stock Prices ‘Just Getting Started’

Peter Schiff, the CEO of Euro Pacific Capital who correctly-called last decade’s housing crash and recent global economic crisis, was on the Fox Business Network yesterday. Chatting with Liz Claman about the recent terrific performance of gold mining stocks, Schiff told viewers:

But this is just getting started. These gold stocks are just recovering ground they never should have lost. I don’t know why anybody’s surprised at these bad numbers coming out of Macy’s. The retailers have been reporting horrible sales all year. The consumer is broke. We are back in recession. That’s why Trump is a nominee. That’s why Bernie Sanders is beating Hillary Clinton in all these primaries. Because the voters know how awful this economy is. They don’t have any money left to spend…


“Retail Tanking, Gold Stocks Doubling”
YouTube Video

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

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is 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 contained herein.)

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Black Friday Bleaker Than Portrayed

“What recession? Shoppers eat up Black Friday deals”
-Associated Press, November 26, 2010

“Recession takes a breather for Black Friday”
The Viriginan-Pilot, November 27, 2010

“Recession? What recession?”
Culpeper Star-Exponent (VA), November 27, 2010

“Black Friday.” The name given to the day after Thanksgiving Day which traditionally used to mark the beginning of the holiday shopping season (at the rate we’re going, X-mas stuff will soon be on sale over Memorial Day Weekend).

While the mainstream media ran headlines this weekend like those above to herald the event’s supposed success, Chicago-based research firm Shoppertrak released Black Friday sales data which show otherwise. Shoppertrak, which tallies sales in more than 70,000 retail outlets across the United States, reported on their website Saturday:

The traditional kick off to the holiday shopping season provided mixed messages to retailers as Black Friday sales showed a very slight increase over last year despite record spending for the day 0.3 percent increase versus the same period in 2009. According to ShopperTrak, retail sales increased a very slight 0.3 percent versus last year with consumers spending $10.69 billion in various retail locations.

Sorry MSM. Sounds like the financial crisis is still with us. And there’s a lot that needs to be done before America can get back on its feet. Consider what Peter Schiff, president and chief global strategist of Euro Pacific Capital and author of How an Economy Grows and Why It Crashes, had to say in his Schiff Report Video Blog on Friday:

This is Black Friday, the day that we all go out and shop. And you look at the news coverage. First of all, imagine how this plays in Europe. They’ve got austerity. When they have budget problems, they have these austerity measures. What does America do? We go shopping. But the idea that somehow Americans going to the mall is a sign that the recession is over, that our economy is powering back? I mean, it’s not our economy that’s growing. It’s the economies of all the nations that put all those goods on the shelves that we’re buying. I mean, all we did is show up and carry them home…

When you look at the coverage that they have, when you show Asian economies, when they want to show the power of their economies, what do they show? They show factories, they show people on production lines, they show machinery going, they show smokestacks. Things getting made. What do they show? They show Americans in line with shopping carts and credit cards stampeding over one another to see who can buy the most stuff. I mean it really is a crazy spectacle. But even if you watch it- I’m watching the coverage on CNBC- watch the way they cover it. They actually think this is real economic activity. They’re all upbeat. They’re like, the American consumer is back. How can he possibly be back? He’s got no home equity. He either has no job or he’s about to get laid off. We’re facing tax hikes. We’re not back at all. What needs to be back is the American producer. The American saver. The American entrepreneur. Until he’s back, our economy is never going to come back.

Regrettably, one of the accompanying comments probably best sums up the typical American’s attitude towards the whole thing:

Damn it Peter let us buy shit… it’s the holidayyysssssss. worry about it next year.

Sources:

“Black Friday Retail Sales Increase A Slight 0.3 Percent As Compared To 2009; Traffic Rises 2.2 Percent.” ShopperTrak.com. 26 Nov. 2010. (http://shoppertrak.com/black-friday-retail-sales-increase-slight-03-percent-compared-2009-traffic-rises-22-percent). 29 Nov. 2010

Schiff, Peter. “Dollar rally, sovereign debt, black Friday, Schiff Radio.com.” YouTube.com, 26 Nov. 2010. (http://www.youtube.com/watch?v=kbXPu8RnsqQ). 29 Nov. 2010

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Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
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(Memorial Day Weekend 2007-2010)

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