Peter Schiff

Given that last week's stock market rally was inspired by more false claims by Trump that the U.S. won the war and the Strait of Hormuz would completely reopen in days, it's surprising that stocks are not selling off, especially given the persistent weakness in Treasuries.

Strategy sold another 1,690 BTC last week for $108.6M at an average of $64,262, and sold $653 million worth of discounted $MSTR shares, to raise cash to pay future dividends and buy back $STRC, reducing the YTD Bitcoin yield to just 1.7%, an 87% reduction since May 25th. Ouch!

Dems think Trump is far right because they've moved so far left. To the extreme left, even a left-of-center Rep like Trump looks far-right. The question is whether Dems are moving left and pulling Reps left to compete, or Reps are moving left and pushing Dems further left to win.

Everything I Warned You About Just Happened... All in One Week https://t.co/bMWpYF4cok

The U.S. national debt now exceeds $39.835 trillion. The larger the debt grows, the harder it is for the Fed to raise interest rates, but the more important it becomes to raise rates, as the growing debt is what's driving the Fed to create inflation to help finance it. Got gold?

Everything I Warned You About Just Happened... All in One Week New Episode. https://t.co/PnDU9hRYp8 Here is the boat in June, moored in the Exumas. https://t.co/Dgi6pMngQ2

This week silver rose 12.3%, gold rose 7.8%, the NASDAQ rose 4.7%, and Bitcoin rose 3.7%. Enough said.

Trump describes the $400 million White House ballroom as a "gift to America." I don't consider turning the White House into a palace so Washington elites can throw lavish balls average Americans will never attend a gift to America. Americans need more freedom and less government.

As I've been forecasting, a weak U.S. labor market, already massive and soaring federal debt, and the need to keep Japan from selling Treasuries mean the Fed won't hike rates no matter how far above 2% annual CPI gains rise. Inflation will become a much bigger problem. Got gold?

David Kelly of JPMorgan just told @CNBC that as long as wage gains are slow, the Fed shouldn't act to contain inflation. But inflation that excludes wages makes it an even bigger problem for workers, and therefore heightens the urgency for the Fed to do something to contain it.

The U.S. economy "unexpectedly" lost 23K jobs in July, while June's gain was revised down to a mere 20K. The unemployment rate slipped a bit because more people left the labor force, as the participation rate fell to 61.4%, the lowest in 50 years excluding COVID. Stagflation!

Copper is trading above $6.70 a pound, hitting a new all-time high. This does not bode well, given the Fed’s decisions not to raise interest rates and to open up the monetary spigots even more to keep Japan from selling Treasuries. Talk is cheap. The Fed can’t afford to act.

Gold is up another $50, adding to today’s $170 gain and trading just below $4,300. Investors are starting to figure out that while Warsh is talking about fighting inflation, he is busy creating more of it by conducting dollar swaps to prevent Japan from selling U.S. Treasuries.

Nice breakout for precious metals. Gold is up $180, trading above $3,250 for the first time since June. Silver is up almost $3, trading above $62.25. The move began last night, but the weak July ADP jobs report was likely a catalyst for the explosive move this morning. Got gold?

In case you haven't noticed, this peace-inspired mega-rally hasn't lifted all boats. Despite the huge rise in risk assets, including mining stocks, Bitcoin is barely up. That doesn't bode well for Bitcoin's prospects during the next risk-asset selloff. The Bitcoin party is over.

@DrakeMallardhth @Geiger_Capital I recognize that in many respects it no longer matters. But it may matter in this case.

In the past week, @Saylor sold 1,638 Bitcoin & more than 3 million $MSTR shares to raise cash and buy back $STRC. This reduced Bitcoin YTD Yield to 3.5%, 74% below its May peak. STRC is now an albatross around MSTR’s neck, ensuring continued Bitcoin sales & common-stock dilution.

Coldcard wallet attack drains up to $89M in Bitcoin from 1,200+ addresses https://t.co/DkqjaGd28d #FoxBusiness This will only get worse as AI and quantum computing make hacking even easier.

Trump’s 33% approval rating is his lowest ever and, except for Nixon’s in the days just before he resigned in disgrace, the lowest of any second-term president since 1940. This is not consistent with a booming economy, but with one in which Americans are struggling to get by.

Trump claims the U.S. economy is booming like never before, yet serious credit-card delinquencies are at their highest rate since the aftermath of the 2008 financial crisis. This shows that Americans are struggling to pay their bills, which is consistent with bad, not good times.

$TLT, the 20-year U.S. Treasury ETF, is trading now below $82 for the first time since 2004. YTD, it’s down almost 7%, and it’s down over 52% from its 2020 all-time high. So much for U.S. Treasury bonds being risk-free. The losses are much greater when adjusted for inflation.

Trump used media coverage of his Cabinet meeting to repeat lies that U.S. companies are slashing prices, that we have the lowest drug prices in the world, that tariffs have made America rich, and that foreign companies are now producing their cars in the U.S. to avoid tariffs.

Bitcoin is breaking down today, with $MSTR leading the way, down 7% following @Saylor’s morning X post that Strategy’s “primary corporate objective” isn't to maximize shareholder value but “for $STRC to trade at $99–$100 over time.” In other words, MSTR shareholders are screwed.

The OCIF-appointed Trustee overseeing the liquidation of Euro Pacific Bank just made an important admission in a legal filing opposing my appeal of the district court’s dismissal of my civil-rights lawsuit. The Trustee wrote that my bank “was subject to a joint tax-enforcement investigation by the Internal Revenue Service (‘IRS’) and OCIF, conducted together with the Joint Chiefs of Global Tax Enforcement (‘J5’).” This statement, supported by the internal emails produced pursuant to my FOIA lawsuit, directly contradicts the official claims by both OCIF and the IRS that OCIF acted independently. Moreover, OCIF is a Puerto Rico’s banking regul…

Treasury yields continue to hit new highs as bond investors demand higher interest rates to offset the higher inflation Warsh has chosen to help the Fed create. The 10-year is at 4.73%, and the 30-year is at 5.26%. Stock market investors are ignoring this trend at their peril.

The BoJ’s decision to hold rates at 1%, with only the possibility of a quarter-point hike by year-end, ensures a weaker yen, rising inflation, and higher long-term interest rates, ultimately forcing the BoJ to hike much more in the future, with even more adverse consequences.

Warsh choosing inflation has taken pressure off the Japanese yen, which is up 2.5% today as the dollar exchange rate falls back below 160. If the yen rally continues and the short-term rate differential between the U.S. and Japan narrows, the yen carry trade can unwind quickly.

The Fed Just Chose Inflation... And the Bond Market Called Its Bluff https://t.co/zoBvEnEztP

Given Warsh's history and his public commitment to lowering annual CPI gains to 2%, the issue is not just that his actions don't match his words, but why he is so afraid to act. Investors should be very concerned about what Walsh is so worried about that he can't even discuss it!

The U.S. dollar is falling sharply, briefly trading below 100, and gold is up again, now trading above $4,100, the day after Warsh chose to continue the inflationary monetary policies of the past rather than adopt the more hawkish approach he had previously asserted he would.