In this episode, he discusses media coverage of inflation, this week's CPI report, and Bitcoin's weakening price relative to gold.

Peter starts by recapping this week's price action and movements in the dollar's strength. The dollar is currently performing better than other foreign currencies, but that doesn't mean it's doing well:

"The dollar index was up today, but that doesn't mean the dollar was up. Gold tells you the dollar was down. What the rising dollar index tells you in an environment of a rising gold price is that the dollar is losing value. It's just losing less value than the euro— or losing its value more slowly than the euro or the pound or the yen. That's what's happening. I mean, if I'm going backwards at 10 miles an hour and there's a car next to me going backwards at 20 miles an hour, relative to that car, I'm going forwards. But I'm not. I'm actually going backwards. I'm just going backwards more slowly than the other car."

The financial press is either completely oblivious to the reasons gold is surging or they're choosing to provide political cover to policymakers responsible for inflating the dollar:

"Like I said with the canary and the coal mine, instead of recognizing, 'Gee, gold's going up because of inflation,' they're making up other reasons for why gold's going up. Like the Canary died of a heart attack. 'Gold's going up because of geopolitical risk.' They don't want to admit that gold's going up because of inflation, because the Fed is making a mistake, because these rate cuts are wrong, because they should be hiking rates. So they [the press] do this whole segment on inflation, and they don't even mention gold."