Article Image

IPFS News Link • Gold and Silver

Peter Schiff: The Data Looks Grim For The Dollar

• Zero Hedge


Peter's back in Puerto Rico this week for his podcast after another week of record gold prices. 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."