Peter Schiff on Gold’s Dominance Over the S&P and the Plot to Stop You From Noticing
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Why did Peter Schiff start buying gold?
Peter Schiff, thank you for doing this. So when did you personally first start buying gold, physical gold?
Well, you know, ironically, the first time I bought gold was when I got bar mitzvahed. This was when I was 13 years old. Wow. And so this is in the 70s when the original gold bull market. And so I got my bar mitzvah money. And because of my father, I bought gold. And I ended up selling it. coincidentally, near the highs in 1980.
What lies are being told about inflation?
Because gold went from $35 an ounce in 1970 to $850 in 1980. So in the middle of that run, I took my bar mitzvah money, because I probably got bar mitzvahed in 1975, 76. And I took my bar mitzvah money and I bought gold. And then I sold it to buy my first car. which I was a senior in high school. What kind of car? It was an MGB convertible. Nice. Yeah. So, although it broke down all the time and I didn't, I bought it. It was a stick shift. I didn't even know how to drive a stick, but I wanted that car. So I had to figure it out as I was going along.
How does the government manipulate the economy?
So I happened to get out of gold, you know, near the highs because then gold went into a 20 year bear market, right? From 1980, when gold hit 800,
What is the real unemployment rate?
It was, you know, bottomed out at 250 in 2000, 1999, 2000. But that's about when I started recommending it. So I got into the brokerage business in the 1990s and I was a stockbroker. But I also wanted my clients to own gold. I wasn't in the gold business at the time, but I believed that everybody should have some of their portfolio in gold. And so that's when I started recommending it. And so it's outperformed by a pretty big margin. The S&P 500, Dow Jones, going back to the beginning of this century, 2000, 2001, if you were to price the Dow in terms of gold, it's down about 70%. Against gold. Yeah. I mean, so there's an illusion that, oh, you know, we have all this prosperity because in the year 2000, the Dow was about 10,000 and now it's almost 50,000, right?
So that's a big gain when you price it in dollars that have lost a lot of their purchasing power. But when you price it in gold and realize that, hey, gold was 300 back then and now it's 4,300, right? The gold, it took, I think, 45 years ounces of gold to buy the Dow. And I forget what it is now, maybe 16 or 13. You can buy a lot more of the Dow now than you could back then. So what that shows you is that the gain in the stock market
How does gold compare to cryptocurrency?
is inflation it's not real value that's been created in the market we've just destroyed the value of the currency that we use to price things in right and so you need more dollars to buy stocks but you don't need more gold you could buy stocks with a lot less gold because gold is real money government can't just create gold they can't create inflation and and create gold out of thin air like they do uh federal reserve notes paper dollars You know, originally, the dollar in 1792 was defined as a weight of gold. I mean, that's really what the dollar was. It was a specific quantity of gold or silver. And, you know, for a long time, you know, until 1913 when we got the Federal Reserve, we were pretty much just using gold and silver as money.
And even when the Federal Reserve was created, all the Federal Reserve notes were redeemable in lawful money and gold. And gold was money up until 1971. And even though Americans couldn't redeem their Federal Reserve notes, which we call dollars, they couldn't redeem them for gold. Foreign governments could. And foreign governments held a lot of gold as dollars as a reserve. But they did that because they knew that those dollars were not only backed by gold, but convertible on demand into gold. And so we were on a gold standard even through the dollar up until 1971. But once we defaulted and the U.S. government reneged on its commitments to pay gold for its notes, that's when the real inflation started.
That's when we really started printing a lot of money. And that's why you had the big price increases of the 1970s. And it wasn't... arabs that were just you know uh jacking up their oil prices because oil went from three dollars a barrel to forty dollars a barrel but it wasn't that oil was getting more expensive it's just that we used to pay for our oil with gold and we started paying for it with paper but all that money we printed it you know in the 60s you know for the war on poverty the great society the vietnam war we ran these big deficits which
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Chapters
8 chapters
1
Why did Peter Schiff start buying gold?
0:04–0:35
2
What lies are being told about inflation?
0:35–1:13
3
How does the government manipulate the economy?
1:13–1:24
4
What is the real unemployment rate?
1:24–3:05
5
How does gold compare to cryptocurrency?
3:05–9:39
6
What are the historical trends of gold versus the S&P 500?
9:39–13:20
7
How does inflation affect the value of money and assets?
13:20–32:02
8
What should investors know about the future of gold?
32:02–1:20:58
Speakers
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