35 Burst results for "Schiff"
Rep. Zach Nunn on Recent Removals of Dems on Committees
"Appropriate for these Democrats in the House to complain about some of their members being kept off committees in particular Schiff and swalwell from the Intel committee and Omar from the foreign affairs committee. There certainly was a lot of loud speech making in the chamber that you saw this week on that latter issue. Yeah, you know, so I am perplexed why any American regardless of party wants to have someone on the very sensitive intelligence committee who has had a relationship with a Chinese spy as swalwell did for a long period of time. There's a lot of different committees and the speakers have been very clear on this. If the people from California want to keep or swallow well in office, fine. He can serve on other committees. He does not need to have access to the nation's most sensitive secrets. Look, I'm a squadron commander for an intelligence squadron. And one of the things that we have removed people's security clearances for are just the appearance that they may have been breached or approached or are compromised. So for a lot less than what Adam Schiff represents swalwell or representative Omar have done, we have removed clearances. You know, one of the things that surprised me, most Jeff was coming into Congress as somebody who's had access to above top secret classified information, I go through a battery of reviews every year, including counterintelligence, polygraphs to make sure that I am a sound source and this information can be shared with. When you get to Congress, there's none of that. You basically are handing it a classified document and said, hey, this is restricted. Most of these folks have never even seen classify, let alone know how to handle it, how to manage it, how to protect it. Maybe some of the reasons we're seeing classified ending up in presidents and former presidents, personal dwellings.
Ilhan Omar Getting Booted From the Foreign Affairs Committee
"It looks like today Ilhan Omar is going to be kicked off the House foreign affairs committee and this also means that Ilhan Omar will no longer be the top Democrat on the subcommittee on Africa. This is something that she has taken great pride in. And so this is a kind of a blow to Ilhan Omar and she's been fighting hard against it now for a several days it looked like this might not happen. In other words, it looked like Kevin McCarthy had the votes to boot swalwell to boot Adam Schiff, but not to boot Ilhan Omar for a couple of reasons. One is that there is one Republican who thought that Elon Omar was doing a pretty good job on the committee. There was another Ken buck who's been on this podcast and Ken buck, I think, was taking the principled view that, hey, listen, just because the Democrats threw Republicans off their committees doesn't mean that we, the Republicans should throw the Democrats off their committees, Ken buck, I think, was joining the, let's call it we're better than they are school of politics. We should sort of show them by example that this is the right way to do things. And then Nancy mace, she's the one I think who was opposed to removing Ilhan Omar. But Kevin McCarthy basically did what good leaders do, which is he started pulling these people into a back room and having a little bit of a talk with them. And out of the three, he convinced two to swap their vote. So Ken buck now and a Victoria spartz have agreed to vote to remove Ilhan Omar, they insisted upon a provision that she gets a chance to quote appeal her removal, which is kind of a worthless thing to do because that appeal is not going to very likely succeed. And so Ilhan Omar is going to be out of there.
Manafort Owns up to Passing 'Campaign Data' to Suspected Russian Agent
"Here's Dan ladden hall Daily yeast Manafort owns up to passing campaign data to a suspected Russian agent Notice how Adam Schiff and Clint watts never mention a name Now the yeast mentions the name here Donald Trump's 2016 campaign chairman Paul Manafort on Monday publicly admitted he gave polling data to Constantine kilimnik a suspected Russian intelligence asset What Wow That sounds really bad Now that did happen Paul Manafort did admit to that But who's Constantine kilimnik He gave him polling data Well I like the same polling of data that already appeared in The Washington Post and stuff So I'm not apologizing for Paul Manafort I'm just telling you the truth Who's Constantine kilimnik Because it seems like someone else gave Constantine kilimnik a whole lot more access Wouldn't you know it It's the freaking Obama administration Again what What's that stuff on your face Oh I was cleaning the chimney We don't have a chimney
Why Did Paul Manafort Share Polling Data With Konstantin Kilimnik?
"Why was he sharing this polling data with this guy Constantine kilimnik Another listen remind me reminded me of Moscow maddow Russia Rachel talked about all the time kilimnik Folks for a fairly obvious reason I've said a couple of times on the show and forgive me I don't mean not to sound arrogant pretentious I'm just trying to reiterate the point Ukraine was a piggy bank Paul Manafort was very active in Ukraine Ukraine had a very serious national divide Large portions of the country wanted to align more with the Europeans other portions of the country felt that they should align more with more pro Russia approaches So different factions of the country who wanted the pro Russia or pro European side represented in the United States where the United States government was giving a lot of money to Ukraine would hire Americans former politicians lobbyists and others to advance their cause It was all a grifting thing People found business opportunities over there with George Soros type groups Basically Ukraine was a big piggy bank Again I wrote a whole book on this the opening chapter of follow the money is about Ukraine It's called insane in Ukraine And it's about exactly this So why was Manafort giving polling data to kilimnik I don't know my guess is he was doing it because money he was probably there was probably some type of business deal involved with them And he was showing him look I have access to this date it hasn't come out yet polling data Now however untoward me that is and kind of shady From that Adam Schiff derives that Donald Trump was giving Vladimir Putin back rubs and they stole an election Do you realize the degree of a holy you need to make that leap It doesn't even make sense
Adam Schiff Lies About Not Connecting With Whistleblower
"Sleaze ball Adam Schiff lying about like the whistleblower and Adam Schiff's office We're coordinating to take out Trump because the Russia hoax failed So much so that two members of the National Security Council that know the whistleblower went to work in Adam Schiff's office Oh I didn't know that Of course not You're a liberal moron Here listen to shift lie about his contact with the whistleblower Check this out Let me give you another He says that this is part of a pattern ahead of the first Trump impeachment You said the committee had not spoken to a whistleblower In fact that turned out not to be true you know The Washington Post said so in a fact check The Washington Post identified that yes before the person became a whistleblower they sought advice from the committee When I was asked the question I thought they were referring to whether we had brought the whistleblower in and I should have been more clear in my answer I should have been more clear on my answer Like why not lie in BS to everyone What do you mean more clear Folks two people who are on the National Security Council who set Trump up I believe This kabbalah people inside the Trump White House that were trying to set him up with the impeachment hoax Get him recorded on the Ukraine call him Malika when leaked that he did a quid pro quo Well Trump touched them all by releasing the transcript where we saw that wasn't true but none of that matters The left lives in a world in a vacuum of incredible stupidity
Who Is Konstantin Kilimnik?
"Here's an article by the hill about Constantine Constantine kilimnik who just to be sure here Adam Schiff goofball spineless loser not a shred of human dignity at all The epitome of human waste piled 6 feet tall how did they mold a pile of human waste to look like Adam Schiff like them They get the color out How did they do that Adam Schiff goes on CNN And repeats this weekend the Russia hoax again because he was dealing with a Russian asset but he doesn't mention his name Why Because when you look up the name Constantine column one of the pieces that comes up is a piece of the hill By an actual reporter John Solomon And John Solomon notes talking about the Mueller report is what it doesn't state is that Constantine kilimnik was a sensitive intelligence source for the State Department going back to at least 2013 while he was still working for Manafort according to FBI and State Department memos John Solomon himself reviewed Kilimnik was not even just any kind of run of the mill source he interacted with the chief political officer at the U.S. embassy in Kyiv Sometimes meeting several times a week to provide information on the Ukraine government He relayed messages back to Ukraine's leaders and delivered written reports to U.S. officials via emails that stretched on for thousands of words the memo shows Wait wait hold on Read this again So the guy working with Paul Manafort who sleazebag human waste pile 6 feet high Adam Schiff Says is a Russian asset meaning anyone working with this guy is a de facto Russian asset too Was a source for the State Department and the FBI back in 2013
Rep. Lauren Boebert: Bogus Complaints by Dems for Committee Removals
"We had some hacks and goons in the media losing their minds over the speakers fight saying oh the public's never going to forget Everybody was melting down peeing their diapers or whatever As predicted of course the public did forget The people move on And you guys you and the other 19 the brave 20 who stood up got some really great concessions And I have to say in a hat tip to the speaker who if he you know we're going to keep him in check That's what we do here but he booted Adam Schiff and Eric swalwell off those committees Yes So we're going to keep him in check I know you are but that was kind of a good development You can't have these guys in these committees They're national security threats They absolutely are And this isn't anything that's political This is for the security of our nation If it was political they wouldn't be serving on any committees just like Nancy Pelosi did to Republicans in the last Congress So this outrage that they have over being taken off of these significant committees where they could do a lot of damage to our country is completely bogus And how rich is it that Ilhan Omar is standing in a press conference which Eric smells not so well and Adam Schiff Talking about their committee assignments being taken from them When she called for me to be removed from committees in the last Congress So you know I mean the hypocrisy is always on full display when it comes to the dunes on the left But you know this is justice Democrats have set the precedence They have they have already made it clear that they'll remove people from committees And we're just trying to protect our nation from people who are a threat
Rep. Lauren Boebert: Can't Sleep With Spies to Be on Intel Committee
"Know the Democrats not all of them I mean I don't like to paint with the broad brush They do that to us There's some in there who are sensible very few unfortunately but some of them They're more wrong Yeah he's probably yet maybe I mean at the rest of really tier one level imbeciles I mean it's not as if we didn't warn them They overrode the judicial filibuster at the appeals court level At the appellate level and we warned them we said to Harry Reid at the time who was the leader of the Democrats in the Senate We said if you do this then we are going to dump the filibuster for the Supreme Court And it's going to kick you in the knots They didn't listen And then we warned them on this too If you're going to push for congresswoman boebert or Paul gosar Marjorie Taylor Greene or anyone else to be kicked off committees congresswoman they were warm They said you're setting a dangerous precedent that's going to come back And now it bites them in the ass and they're all acting surprising Here's the irony of me to draw up but you have Adam Schiff this lunatic whining on TikTok a Chinese Communist Party connected app And then begging for money while claiming we're fundraising off it I mean the irony is just delicious Yes well you reap what you sow And then with the help Intel committee this is completely different members who have a history of leaking lying and being in bed with a Chinese spies Do not qualify for that committee A 100%
Adam Schiff Complains About Kevin McCarthy, Asks for Money on TikTok
"Here's Adam Schiff, Adam Schiff, there's a lot of buzz about Trump being invited back to Facebook and they're all upset about that too. Well, apparently, Adam Schiff says, hold my beer. I'm going back to TikTok. He has or I'm launching on TikTok. Now, TikTok, that's ironic because they're trying to ban TikTok. The United States wants to ban TikTok because the Chinese are spying on us through TikTok. Colleges, government offices are banning TikTok, but Adam Schiff says, no, no, no, no, no. I'm gonna go to TikTok because that's where I'll complain about Kevin McCarthy. Hello, I'm congressman Adam Schiff with some troubling news. Today, Kevin McCarthy removed me from the House intelligence committee, all for doing my job for holding Trump accountable and standing up to the extreme maga Republicans. We knew it would be bad when the Republicans took over, but it's far worse than we expected. But I can promise you this, this is not the end of my fight for our democracy. This is just the beginning. Please join us and contribute today. Thank you. That contribute. I want to fundraise off being kicked over being kicked off the intelligence committee. This is flat out a skit from Saturday Night Live. That is that is flat out a comedy skit.
Will Hild: Why Are Companies Practicing 'Woke Capitalism?'
"Are you encountering a sort of the path of least resistance by a lot of these decision makers in these big Fortune 500 companies? That's exactly right because the problem is that even though these asset managers are managing other people's money in other words, it's pension holders. It's a university endowment. When they go and meet with corporate leaders, boards of directors, CEOs, COOs, they represent large portions of these companies shares. So they have to worry that their largest shareholder is upset about something, whether they like it or not, whether it's good for business or not, they have to play ball. And this, by the way, I know your viewers care a lot about this trend of quote unquote woke capitalism. Why is suddenly every corporation, you know, getting involved with BLM or pushing diversity equity and inclusion nonsense, or even in 2021, getting involved in fights over election legislation in states. ESG is the reason for that because they have to answer to people like Larry Fink at BlackRock and just take Exxon as a concrete example two years ago, he helped elect three radical environmentalists to the board of that company to push them out of the oil and gas industry and into unreliable unaffordable quote unquote green technologies. So if you take an example like that, all of these corporate leaders see that. And they see Larry pushing, you know, raises onto the boards of directors of these companies and they know that could be them next if they don't play ball. And Larry's been vocal about this. He spoke in an interview publicly in 2017 with The New York Times that he that he believes behaviors have to be forced to change. And BlackRock, they are forcing behaviors. And he was talking in terms of corporate governance. And literally race and sex quotas on boards of directors. So this is not this explains a lot of why we've seen these corporations going, well,
Will Hild: E.S.G. Is a Scam by Far-Left Progressives
"This. They've read about ESG. They've kind of heard about it. It's kind of in the background. What does let's get right to what ESG stands for and how and why ESG came into being? Certainly. Well, ESG stands for environmental social governance. And it's billed by its proponents as just another type of investing strategy. So something like value investing that Warren Buffett is famous for or momentum investing or technicals looking at technicals. But what it really is is a stocking horse for far left progressives to shoehorn their politics into the corporate boardroom. And so what they do is they take public dollars that are being managed by companies like BlackRock and state street and Vanguard, but BlackRock being the worst and the largest. And they use that money to force things like net zero carbon emissions targets on the companies like Exxon, for example. And this raises the costs of everything from the grocery store to the gas pump or American consumers. It is a huge burden on American consumers and it is going to reduce the shareholder returns for these pension funds. So the whole thing is a scamp, and what we really need to do is to be is to be pushing back on it because this sort of World Economic Forum type agenda that we've seen where we're all going to meet is going to be a treat and we're barely going to get to drive our cars. This is being driven by this ESG strategy.
Is Trump Being Set up by Going Back to Facebook, Twitter & Instagram?
"So what does he do? What does he do? Where does he go? Here's a text message on the MyPillow text line from Michigan, I hope Trump does join any of them. They only want him on there so they can bash him for telling the truth. Because he puts out mean tweets, so he needs to stay off of them and laugh at everybody else and stick to truth social. The argument against that, though, is that he reaches many, many, many more millions of people through Twitter and Facebook and Instagram. So where are you with this? I mean, a lot of people are pushing back against the idea of Trump going back. A text from Alaska, returning to those platforms will send the message that those platforms can abuse their discretion and get away with it. I mean, let's just look at this big picture for a minute. What changed now? After two years of being banned, what has Trump done that would warrant his return to those platforms has he apologized for anything? And you know me, I'm the Trump supporter. I'm not saying he should. I'm saying from their standpoint, what has changed? He hasn't backed off of anything he said. He doesn't back down off of his belief that the election was stolen from him. He hasn't backed down over his insistence that he did nothing wrong on January 6th. What changed? Why would Facebook, why would Instagram why would Twitter suddenly want him to return to those platforms? I smell a rat. And I can guarantee you, they're setting him up. Again,
Adam Schiff: 'Tragic Decision' by Meta to Allow Trump Back
"Check out shifty Schiff, Adam Schiff, who's whining and crying about losing his committee chairmanship, he was on with joy Reid last night on MSNBC whining about Trump coming back to Facebook. Please. Facebook's decision to reinstate Donald Trump is inexplicable. It represents, in my view, a total caving in and copping out the only mode of I can see is a profit motive here. If you look at what Donald Trump has been posting on his own social media platform, all of that violates Facebook's policies. He's continued to give aid and comfort to those who committed accident insurrection. He's continuing to spread the big lie. And the idea that somehow he would not do that on Facebook when he's doing it in his own platform to me is a tragic decision by a company that's putting its profit above the public interest.
Meta Allows Donald Trump Back on Facebook and Instagram
"Scary news, he's back, guess who's been invited back to Facebook and Instagram and Twitter. Yep, Donald Trump has been given the green light. And I'm sitting here wondering, why now? Why is meta and Twitter and all these big social media giants? Why are they all saying, oh, come on back now. Mister Trump, the water's fine. Come on back in, sir. This is, I've got friends who say this is a win. I'm not so sure. I'm not so certain. I mean, it's great for Trump. I guess he's going to have a headache with truth social because I don't know how he navigates that. This is a very interesting dilemma. President Trump, spearheaded truth social. And true social is a great place. It's a great site, lots of like minded conservatives, they have an ability on truth social to kind of, I think, squeeze out the trolls and the goofballs and the bottom feeders who wind up on there. It's not like, it's not like Twitter, where everything goes, everybody's on a lot of viciousness, a lot of contentiousness. There's something nice about truth social that it makes it a more comfortable place, at least for like minded conservatives to hang out. And president Trump has a business interest, a substantial business interest in truth social. He's not supposed to go on Twitter. That's why he hasn't tweeted yet apparently.
Meta Announces That Donald Trump Is 'Allowed' Back on Facebook
"Turning back to the news of the day and Donald Trump on Facebook. It'll be interesting to see how quickly he gets out there on Facebook. You know, he's got some legal agreements with true social that require him to post their first. But what I'm most fascinated by is the timing of all this, and how bad things must really be over there at Facebook that they're like, okay, okay, now it's time now it's time. We're going to get Donald Trump back because that actually made it sort of exciting. Don't forget, they tried really hard to try and tweak the algorithms to try and really get politics out of the picture, but then they found that there wasn't as much engagement, and so they're kind of struggling. They're really struggling. They're stocks down around 50% just in the last 12 months alone, and they've announced layoffs. And they're not seeing the kind of engagement that they had seen in prior days. Meanwhile, you know, they get the threat of the DoJ, Department of Justice out there. Which just went after Google, of course, wanting to break Google up. It's online advertising business. And so I think that may be weighing on Facebook as well. A lot of different things going on, but hey, hey, they want a party to happen. We've got another election coming up. They're thinking, how do we make money? And one of the best ways for Facebook to make money is to have more engagement and more engagement means having all the people that love and all the people that hate Trump on there. Therefore they need Trump. Therefore, you know, if I were Trump, I'd try and do a deal where they paid me to be on Facebook. He ought to be the one that's gotten a big payday out of this because they're just trying to somehow keep the company going
Kevin McCarthy Makes It Official: Schiff and Swalwell Are Out
"Idea that the likes of Adam Schiff remember the shift show, or Eric swalwell, remember fang fang, or Ilhan Omar, some bad things happened. I mean, the idea that any of these people have such incredibly important sensitive positions or hat, I should say in the past tense within our government is pretty alarming. Now, okay, I get it, they're elected officials. Nonetheless, even as elected officials one has to, and this is where the Speaker of the House comes in and why he or she, in some cases, Nancy Pelosi is so important. One has to exercise some judgment over who is given certain committee positions. You think about the house Intel committee and the kind of information that you are exposed to. Adam Schiff is such a political animal. Do not forget that. That he was right out there manipulating the public into thinking certain things were true. Russia Russia, Russia, that absolutely were not. And I think that's pretty unforgivable and speaks volumes about who he is as a person and as a politician. When you are on the house Intel committee, you need to kind of be above all that, right? Okay, we get it. You're out there in your district, pushing a certain narrative. But when it turns in such the way that the shift show did and become so overtly political, that's when it becomes, I'll use this word dangerous. And so Adam Schiff does not deserve a position on the intelligence committee because of that. The other person that doesn't deserve a position on the intelligence committee and this one should be pretty obvious. I mean, when our own intelligence is investigating a relationship, a lawmaker had with someone that was believed to be a Chinese spy, I'm talking fang fang, I mean that is, to me, total disqualifier. I mean, I'd get the guy right out of the house. And he ought to have been voted right out of his position, but it's pretty darn obvious that he can not be on the intelligence committee, because he doesn't have, shall we say enough intelligence himself to beware of the threats all around him, like
Mike Pompeo: Adam Schiff Previously Leaked Classified Info
"A former Secretary of State Mike Pompeo with us mister secretary it's a pleasure Let me ask you something First of all he's written a fantastic book never give an inch fighting for the America I love I recommend it very very strongly It is a very impactful book It's a very intriguing book It's easy to read It's entertaining And you live through this America but there's a lot of things that took place behind the scenes And I'm not talking about gossipy stuff And settling scores in that kind of thing But really fascinating when it comes to diplomacy and decisions made by allies and enemies alike Mike Pompeo you had mentioned on outnumbered on Fox I think it was that Adam Schiff leaked classified information Is that correct Yes Mark Thanks for having me on I struggled with this a ton during the time of the Russia hoax the committee that House intelligence committee led by chairman Adam Schiff would ask for all these documents and president Trump frankly wanted us to provide them I write about this and never give an inch but get them something There's nothing to see here Don't hold on to this And it would end up in the press And there was the damage thing whether it's hammer his staff for both of them really really bad stuff This was classified information And somehow when it went to that committee it ended up in The Washington Post to The New York Times or someplace else And yet when speaker McCarthy puts his foot down with him and swalwell the press is like well why are you doing this And you can't do this and there's something after Pelosi did what she did What do you make of that Isn't that ridiculous It's ridiculous The press is always going to take entirely hypocritical positions They are partisan there not looking at this objectively
Kevin McCarthy Kicks Schiff and Swalwell Off Their Committees
"Kevin McCarthy and you Speaker of the House coming out guns ablazing shift the most mendacious individual on Capitol Hill kicked off the committee, Eric swalwell, who strangely can not say the following words. I never slept with a Chinese intelligence officer. He can't say that. It's so strange he's been kicked off to you heard. What Kevin said about Devin Nunes, the former chairman, while he's with us right now, in studio, what a fabulous fabulous guest to have. Chairman Nunes Devin explained to us how egregious, can you put meat on the bone of what Kevin just said about shifts chairmanship? Well, look, if you go back, I mean, all this time that he's been there starting in 17, he knew I was out there publicly saying that, look, there's no evidence of Trump and Russia. There's none. And he would say things continually like, oh, they're just covering for Trump. You haven't seen what I've seen. I've seen the evidence. I can't talk about it. But I've seen that more than circumstantial evidence, he said at one time. He had so many variations of all of this evidence that he had supposedly seen, and then we would go out and say, no, that's a lie. And you know, at that time, you know, we had everybody against us. I mean, even a lot of the so called conservative outlets were even kind of attacking us, right? At that time, and the reality was, is that I always said this, and it's still baffles me. That the one crime we knew that was committed early on was the leak of general Flynn talking to the Russian ambassador. He's the incoming national security adviser and there were 9 sources.
"schiff" Discussed on Fresh Air
"So Adam Schiff, when you said that he'd compromised his elections and will do so again, were you expecting an insurrection? I was not expecting an insurrection. I didn't have that kind of clairvoyance. But saying what I did really didn't require much clever ways at all. It was very apparent who Donald Trump was at that point. And the risk that he posted the country. And I did realize during the trial I had a bit of an epiphany that I write about when one of my staff grabbed my arm before I went to do the closing for that day and said that they believe he's guilty. They want to know why should it be removed? And up until that point, I don't think I fully appreciated the fact that the senators who would go out during the trial and say there was no quid pro quo. Didn't believe what they were saying. In fact, it was reported at one point that Ted Cruz told Trump's defense team to stop making that argument because nobody believes it. They understood exactly what Trump had done. And what they need to be persuaded was why he needed to be removed from office. Normally during a trial as a prosecutor, all you had to do was prove the facts. Well, we had proven the facts. And that wasn't enough for these senators. And I remember thinking to myself, God, if they realize he withheld 400 million in military aid to to get help cheating in the election, and that's not enough, what will it take? And I realized that they needed to be persuaded that he was a continuing danger to the country. And to me, what made him so dangerous then what makes him so dangerous now is that he is fundamentally untruthful. He doesn't know right from wrong. And he is basically indecent. And I wanted to appeal to the decency of the senators. Let me reintroduce you again. If you're just joining us, my guest is congressman Adam Schiff. His memoir midnight and Washington has just been published in paperback. We'll be right back. This is fresh air.
"schiff" Discussed on Real Estate Coaching Radio
"Tim and julie harris with tim and julie harris real estate coaching radio and today we have a very special guest. Peter schiff is a well known american investment broker author economic forecaster and investment advisor. His strategy is strongly influenced by the free market austrian school of economics. He is credited with accurately predicting the two thousand seven. Housing market collapsed in the subsequent. Two thousand eight financial crisis in the united states is expertise and financial matters and economic theory has made him sought after speaker an annual list at various forms. His views and predictions have been aired across the spectrum of media including the wall street journal. Washington post cnn and even aljazeera. He also hosts his own radio and television shows and runs a video. Blog and podcast on financial matters shifts started his career as a stockbroker and went onto establish financial establishments including a brokerage firm and bank. His investment strategy focuses on long term wealth savings with emphasis on emerging market and commodity focused investments. He's a strong supporter of the libertarian. Party and contested for the republican nomination to the two thousand ten united states senate election in connecticut so without further ado. Here is mr peter. Chef arts our pleasure to welcome you as our guest. Yes in our neighbor neighbor and our friends. So thank you for being our podcast. We sincerely appreciate it. I'll sure sure thank you for inviting me to be on your podcast. We've been we've been trying to set this up as you may look as you may be thinking about over the last two years to get you on the show so finally we said yes so we appreciate persist pays off. I guess being neighbor. That doesn't hurt either. So that's right so we're going to talk about the reason that there's a whole bunch of reasons that we wanted peter honor podcast but from jillian from a personal perspective. And i've told you this before. Peter was a significant on. Julian is life back in two thousand five two thousand six and two thousand seven when we saw from the coaching perspectives. We saw all these different markets. We saw signs of the markets was definitely going to have some sort of Interruption of some variety no one predicted. Except for maybe peter and a handful of other people will how significant that would be that because july..
"schiff" Discussed on What Bitcoin Did
"Tell me how please tell me how against you. You take you take cryptocurrency. That's backed by real money and any gold. It could be some other asset but has to be backed by something and then let all those people transact in that have a viable store value. That isn't volatile doesn't swing around that isn't dependent on somebody else buying it that. Is it a ponzi scheme. It's it's called the blockchain it would be called the blockchain and bitcoin is the first and probably the only real use case for a blockchain in it that it is truly decentralised all these other blockchain's which have a component of centralization. You could do it much more efficiently with other databases. But let's go back. Peter mccormick please. I think we agree on this with peter. Schiff sound money is a moral responsibility correct. We agree with on that gold. Bugs and bitcoin is all agree. That sound money is a moral issue or a more responsibility in that vein been. Bitcoin doesn't qualify. Why it's it's actually a harder money than gold this. It's gonna better stock to flow and by the way sir. One minute please a again. It is verifiable portable transferable. All the things that gold lacks. It's a better. Raise your twitter. Jones reason that the reason that gold is hard. The reason that it sound is those are ways to compare it to paper money which is soft not hard and when you drop a bill on the on the table it doesn't make a sound sound. Money makes a sound a gold coin. When you drop you hear a sound. That's where the sound money came from. It was the sound that the money made so you. Bitcoin doesn't make a sound. It doesn't have any substance it's softer paper. It's ron network. Drops that network on the world and it will move the world off. Its axis is the world's strongest business though. This is this so what this is of. Steel is part of the cult of bitcoin. To get people into it. You come up with all this nonsense said okay you know but when you strip it all down it it just a pasi..
"schiff" Discussed on What Bitcoin Did
"When the prices at five thousand or one thousand and they paid fifty thousand was also do that best times. You've never guys always want to bet with me. i'm big. I got if i bet every bitcoin guy that wants a bet with me peter i can i ask a question greg. Let me feel sorta great. I'm i'm gonna try. I'm wanna i wanna try and thought it because i think actually I think if there's a chance at peter schiff can be convinced or understand. Some of it actually is actually a really good thing. Now when you said yes these people have benefited from the special speculation on the price and they have been able to use this former money in that scenario all we therefore not proving the use case. That decentralization is the indian. Peter picked bev. Everything i i think i want before you just try answer without thinking three. Let's just thinking through what we've talked about the fact that these people have benefited from this price appreciation so they've benefited from a market for this price existing so and they've also benefited from the technology. We have we not proven that the world does benefit from a decentralized woman money that is pernicious that is sensitive resistant. isn't that the innovation where the innovation was. Gold is you can make jewelry. The innovation with bitcoin is. You've created the money that governments control that can actually help people in scenarios so therefore the reason need to hold and there is a use case for holding it. Well first of all. I think governments can have a lot more control over it. Then you think if they put their minds to it. I mean they can outlawed they can. They can do a lot of things that would make very difficult for law abiding people to have anything to do with with bitcoin or any other cryptocurrency. So it's not like it's beyond the reach of government and in fact it's far more likely that the government in the united states or other governments would ban gold bitcoin then they would goal because it's very difficult to ban gold. I mean even when fdr made it illegal for americans to own gold. It wh- where that was true. But americans couldn't own monetary gold. They can have a gold watch. They have a gold ring. In fact i remember when i grew up. Our silverware was made of gold. Is that people were making silverado..
"schiff" Discussed on What Bitcoin Did
"Only in those people who are into the broad crypto I mean i wanna ask one question is this is one thing i gotta ask because i don't get it. So if bitcoin is stored energy. I know it takes a lot of energy to to mathematically solve the problem to create a bitcoin so a lot of energy is used to create a bitcoin. But you're saying that. I can liberate that energy that all that energy is somehow stored within the bitcoin and i can extract it and power my my house with it or drive my car with it. There's actually energy that. I can release from bitcoin and use it because you can convert it back to energy by buying energy with no no no but that doesn't convert it to energy now. I have to buy new energy that has to be produced all over again. A store of energy would mean that i can just take my bitcoin and crack it open and the energy comes out to say that while i can use it to buy energy well now somebody has to make that energy from scratch so i can buy it that means. Bitcoin is historic anything. What you're just saying is. I could use bitcoin to buy energy if somebody is dumb enough to buy bitcoin. But if no one wants my bitcoin. I don't have any energy of in terms of the miners who are Using excess energy which goes to waste so whether that's the excess energy that is it used a hydro dams excess energy that is used Flaring what they're doing is that the turning the excess energy into a pristine asset which they can then use to buy. They're wasting their wasting on bitcoin. They could've used it energy to do something else. Is solid this extra energy and they got nothing to do with it. They use it to make bitcoin because they can sell the bitcoin at a prophet right now. Because there's a bunch of fools that are willing to buy it. That's how we're wasting energy. We're not storing anything we're wasting. It meant to motive. Greg all let you answer that so There's a lot for me to attack in that one Look i wanna. I wanna take one step backwards. I peter and i like your now. Peter schiff. I like your analysis in terms of debating whether where where prices can go. They can go in either direction. Right what if. Bitcoin is actually super cheap right. Now you're arguing that it's super overvalued. I'm actually arguing that it's super undervalued and i mean my intrinsic would skater. Excuse me i'd come up with my intrinsic value calculation using credit default swaps on sovereign nations on the outstanding amount of debt that these sovereign nations hold by that very basic calculation. I feel that big coins worth over one hundred fifty thousand dollars per bitcoin Based on the insurance that provides against the default of sovereign nations. And you may say oh my goodness the. Us will never default all argue that the us actually did default back in nineteen seventy-one when it went off the gold standard This is some you know..
"schiff" Discussed on What Bitcoin Did
"I've the legendary bitcoin skeptic. Shift back on the show to debate over bitcoin. But this time. I asked my buddy greg foster come on as well and go back for bitcoin. And you know this one's going to get a little bit fiery now about a year ago. Peter came on the show debate me and to be honest. I don't think we really got anywhere with that one because we're basically talking over each other and talk about each other on certain points. I was a bit disappointed with that. One as. I know the goal bugs and bitcoin is liquor a lot of the issues with their feet system in the same lens and i also know more and more dogs. I am talking to and seeing the volume. Bitcoin so really wanted to carry on this conversation and the very first time interview great. He said he really wanted to debate with peter so i hit them up as him to come on and i think we got somewhere with this one. Now listen. don't get me wrong. We definitely didn't convince. Peter schiff to become a bitcoin. And there's still a lot of talk over each on that but i do think we made some progress and found some fundamental issues where we have common ground now just warning as i know people listening. We yell at me to me about this while i set out to moderate the debate. I'm clearly on the bitcoin side and felt i needed some arguments back on peter so while i said i was moderating this debate or as many moderate. This debate economic ended up being a debate. Where peter debated greg so apologies. My failure to be completely impartial on this one and we listen. I know you're going to enjoy this. And if you questions you can hit me up my email addresses. Hello what bitcoin did. I think the best thing i can do but the show on this peter. Good to see you again. How are you. i'm well how are you doing here and doing very good. I think he's scott quite good setting for this. Because i'm actually in el salvador. The moment which is relevant to the top poor el salvador about to get a lot for you guys really sucker sucker. El salvador had well. We will see about that one. greg false. My buddy About a week ago deny bus. Somehow you will thank you. Nice to meet you. Peter schiff and thanks. Peter mccormick For having the. I'm canadian peter schiff. I'm canadian but i'm in maine right now. All right. do you wanna give peter a little bit of your background and your entry into bitcoin. A little bit about you about you because you know chef assure absolutely well. I started watching peter in the late nineties while i was working on the sell side of the street. I was a high yield bond trader. Peter i worked on the sell side of the street for about fifteen years for.
"schiff" Discussed on The Peter Schiff Show Podcast
"Bitcoin held up very well during the week. In fact bitcoin was up during the week. It was pretty strong. It shrugged off all the concerns about the taper off the fed raising interest rates. Now why is that well. That's because bitcoin is irrelevant to monetary policy. It doesn't matter. What interest rates are. It doesn't matter what inflation is bitcoin's not and inflation hedge. I mean the only thing that's relevant to bitcoin on interest rates is the fact that interest rates are so low. People are interested in speculating which is why. A lot of other speculative stocks held up pretty well. In fact the nasdaq outperforms the dow way outperformed the russell. Two thousand was down about two and a half percent because you have economically sensitive stocks there and the dow was down more than the peop- but the nasdaq held up relatively well. Because people are looking to gamble in these momentous stocks and bitcoin again is a highly speculative asset. it is not an inflation. Hedge is not a store value so it doesn't react to the perception that the fed is going to be tightening policy to fight inflation because people aren't buying it as a hedge against inflation i mean they marketed that way but people are buying it because they think the price is going to skyrocket right. If you think something is gonna go up tenfold in the next year which a lot of people buy bitcoin. Do you know. That's not an inflation hedge. I mean inflation is going to be anywhere near that. High people are looking for massive and rapid growth when they buy bitcoin. Nobody's looking to hedge against inflation because inflation. Even if you take an honest look and say okay. Inflation is ten percent ten percent a year. Well if you're buying bitcoin thinking it's going to double in a year or triple in the year. How does that make sense as an inflation heads. That's way beyond anything. that inflation does so. Bitcoin just marches to the beat of its own drum in fact one of the things that i think really caused the rally over the last couple of days in bitcoin is the news that united wholesale mortgage which they're saying the second largest mortgage lender in the united states that they're going to start. I think in the third quarter allowing people who have mortgages to make their payments in bitcoin. Right and this has got everybody. Bitcoin community real excited. Because oh you see. Peter schiff is wrong right or guys like peter ship because this is showing mainstream adoption. Bitcoin is now going to be used to make mortgage payments. So it's like a currency so media of exchange it's being adopted and so everybody's excited see this proves the concept is working. It doesn't prove anything i mean. This is more of a marketing gimmick again for united wholesale mortgage..
"schiff" Discussed on The Peter Schiff Show Podcast
"And by the way if you're not yet a subscriber to my youtube channel make sure and subscribe encourage your friends to subscribe as well and until they're francis subscribe. This particular video is the second peter. Schiff was right video. Somebody came out with this one as a cnbc edition. It was a follow up to the original. Peter schiff was right video that particular video featured almost exclusively clips of my interviews from fox news. There was one i think. Cnbc interview in there but everything else was for fox news. They actually were taken from these saturday. Business programs that raw. There's a two hour time block. And there were four different half hour shows and i was frequently invited to be guest on those shows to kind of be the token bear to balance out all the other bulls and everybody would make fun of me and because of that it because how many people made fun of me. It was great footage for the ultimate peter. Ship was right video so that video really showed a disproportionate amount of clips from fox news. Which i believe maybe pissed off some of the producers on fox news which is why no longer invited on those programs. I haven't been on in years. In fact i think now they just have one to our live show on saturdays hosted by neil convert off my release sure but they stopped inviting me on ears in years ago and maybe it had something to do with the fact that they were pissed off at me for this. Peter ship was right video. That really concentrated on fox news and a lot of air gas sin and hosts. And of course i had nothing to do with the production of that video. It was made by fan and that person selected those clips but then another fan decided that cnbc needed to be more heavily scrutinized. So he put together or she. I really have no idea who did it. Another video peterson was right. The cnbc addition and we actually posted that one to my channel. You know i did get around to a couple of years ago. Posting a version of the original. Peter schiff was right because the actual original peter schiff was right. That had millions of us. The guy who put that up eventually took it down. I have no idea why he decided to take it down from youtube but he did i so i put one up on my channel just so it would still be there and the reason that we decided to put this one up as i have been pretty critical of cnbc recently and they haven't had any on any of their programs in years at least fox news still has me on. Maybe they don't have me on those shows. But i've been going. I'm tucker carlson now for a while. I've done fox. Business with louis claim in with charles pain so i am still invited. I'm persona non grata over at cnbc. But the real reason..
"schiff" Discussed on The Peter Schiff Show Podcast
"The goal that i have which is to educate people to understand economics and understand the damage that the federal reserve in the. Us government are doing to the economy. I think gunnlaug understands the damage that that is being done and he knows that. I am doing an excellent job of communicating these mistakes to the public and i think he can help me reach an even larger audience and maybe even reach an audience. That may be in a position to make a difference. I know there are some people think. Oh you know. He's he doesn't want to admit he listens to you because he's worried that somehow his credibility will be diminished. He doesn't have to worry about that at all. I mean. I remember one time jim cramer on. Cnbc said something. Negative about jeff gone locke and then jeff gunnlaug. I think on twitter said well. I'm just never going to be on cnbc again. If you're going to criticize me. I'm not going to be on your air. And the very next day they forced jim cramer. Basically he had to apologize. Had a comeback crawling on his hands and knees with his tail between his legs is begging forgiveness. A gun lock. Because i'm sure that network came down on him like a ton of bricks because they could not risk having jeff gun. Lock boycott cnbc. Because he's that important of a guest. I mean whenever they have him on they roll out the red carpet. They promoted for days in advance. They give him entire hour to talk. I mean they treat them like royalty. He's the bond king and so maybe he's the reigning king and so. There's nothing that he could say. That would kick him off. Cnbc or any other mainstream media outlet. In fact it would be personally satisfied to me. I would love to see jeff. Gunnlaug mentioned my name on cnbc because nobody else is allowed to mention my name. That's why the last time when he used my analogy when he did the analogy. And i made another youtube video about that running into an old college friend and saying hey how you doing if he would have said to. Cnbc hey you know. Peter schiff has a great analogy to explain. This had he said that on cnbc and stuck it in their faces. Yeah it would have been personally satisfying to me. Because cnbc doesn't think their audience should be listening to peter ship. Because they've they banned me from their air and not that. I even want to go on anymore. I don't if they were to invite me on. I would decline. But the reason they stopped inviting me on is because they don't want their audience to hear any things. I have to say yet. Jeff gun lock is basically saying the same thing and in fact in some cases he's saying the identical thing when he's using my days so if he were to remind the people at cnbc that while they don't want their audience listening to peter schiff that he listened superior shift yes..
"schiff" Discussed on The Peter Schiff Show Podcast
"To two thousand and five. When i first used it in an article that i publish the title of it was even steven roach. Has it wrong. And the analogy has to do with a group of castaways stranded on a desert island. And they're on this island and of course you know there and they've got nothing and so they have to divide up. The work and some of the castaways are assigned certain jobs and in my analogy. Of course i make reference to the nationality of the castaways. Because i am trying in my original example to explain the relationship that the united states have with asia when it comes to trade where they do all the production and we just consume and so in my example of these six castaways five of them are asians and one is an american and the asians get assigned all these productive jobs and the american gets assigned the job of eating. He's consuming all the agents are producing so in the jeff gunnlaug analogy. He doesn't reference their nationality. He just says there castaways but all of them get assigned productive jobs of hunting and fishing and building a fire and cooking food and then one guy gets assigned the job of consuming. And he's showing how the guy who gets job of consuming is not actually doing anything of value and he's not actually adding anything to the island community but the analogy was one hundred percent taken for my analogy. Many of the same words that i use and again i have no problem with gun. Lock using my analogies to help explain concepts that we agree on. I'm not saying that. Hey deaf gunnlaug. Understanding of economics is a result of his listening to my podcast. That's not what i'm saying. What i am saying is that he is learning better ways to explain these concepts to other people. That's the whole purpose of my analogy is to help. Put this economic concept into a form that makes it easily understandable by a lay person who maybe doesn't have a lot of economic education but can understand this basic story about these castaways on an island. And so what jeff gun lock needs to do when he wants to use an analogy that he learns about from me is credit me. So what jeff gun locks should have said during this talk was. Hey you know peter. Schiff has a great analogy to explain this concept. And here's his analogy. That's all he had to say..
"schiff" Discussed on The Peter Schiff Show Podcast
"In the world i mean you have other people who are against it neural rabin any you know Jim rickards jim. Rogers warren buffett. I mean there's a long list of people you know who completely dismiss it and say it's a fraud it's a con but i don't think anybody is as popular as me if you look at all the memes out there. It's i'm the one that everybody's making fun of. I am the laughing stock of the bitcoin community. So much. talk to me. I mean if he's now if he's coming off his high mark of being big engineer this billionaire. Who's you know making electric cars and you know spaceships. And he's now a big promoter of bitcoin and trying to claim that it's better than gold. I'm the guy that he should be having a conversation with in a clubhouse and of course what if he convinces me i mean what if what if he says something because ultimately if bitcoin is going to succeed at replacing gold. You're going to have to convince me. And people like me to accept it right and so this is an opportunity. Hey maybe we can get peter schiff. Let's take a shot. You know people keep saying well peter's never gonna like bitcoin because he's biased because he sells gold gold selling goal. this shift. Gold is a side business. it's a small percentage of my income. And i much so stubborn that if somebody can actually prove to me that i'm wrong i would admit it if some could actually prove hey. Bitcoin is better than gold and prove it to me. I mean that's okay. And of course a lot of the people who think that you should bitcoin. They also think that you should own gold. I mean it doesn't mean. I have to stop selling gold because i embrace bitcoin. I mean there's a lot of people that say. You gotta go as well as total meaning. Hold onto your goal. hold onto your silver. i mean look if elon. Musk is going to bill rocket ships. he's probably going to be using some gold silver and his electric cars. So you know. I'm a big target convinced me and all the dominoes are gonna fall right so if you're a big bitcoin guy get peter schiff on board. Get me to accept. Bitcoin and you you accomplish a lot. You know..
"schiff" Discussed on The Peter Schiff Show Podcast
"And they shorted and it kept going up and to minimize their losses. They had a cover and as they cover. You know they have to buy it. In fact elon. Musk himself was really making fun of the shorts. I mean in fact he on his website. He started selling these tesla's short shorts while repairs shorts that he was actually selling his merchandise to to make fun of the shorts because he knew that there were all these shorts in tesla. And tesla is a bubble. I don't care how high it's gone or you know how much higher it might go before the bubble pops. It will eventually pop. That doesn't mean to tesla's gonna go out of business. It probably won't. It doesn't mean the tesla's cars aren't any good. I mean there's probably going to be a place for tesla into global automobile market and may even have a pretty large place but is it going to have a market capitalization that exceeds forty or fifty percent of the entire automobile market cap of all the companies in germany and japan. You know all over the world. I mean tesla's gonna be this huge company. I mean right now. It's got a market cap larger than the next ten largest companies combined now. There's not a chance that that's going to happen just like there's no chance that game stop is ever going to be worth. The price is trading at. That doesn't mean it can't go higher. If in the short run people are willing to pay an even higher price for an obviously overvalued stock now maybe tesla is is less obvious that it's overpriced to a lot of people but a lot of people once they get into tesla is kind of like a colt you know and and musk is the leader of the cult and and so it rationality goes out the window and it's all about musket his personality and so there's a bubble there and i think that the last thing that elon musk wants to happen is for bubbles to start poppin because once they start they may not stop and then you go from one bubble to another and it's like dominoes and if the bitcoin bubble pops will then maybe the tesla bubble can't be too far off so i think the idea for musk is i just gotta talk up every bubble so people don't notice that they're they're that's even why i think bitcoin guys were jumping on the game. Stop a bubble. I mean 'cause they like their comrades they want to support all that and again when it comes to throwing pins..
"schiff" Discussed on The Peter Schiff Show Podcast
"Isn't enough new buying the company itself will crush the market for its own shares by selling stock to capitalize on the fact that the shares are so overpriced. So the whole thing has to collapse. But it's the exact same dynamic with bitcoin. You all of these people who have all this. Bitcoin who have never sold any of it better convinced that they're going to be rich because they believed the price of bitcoin is going to keep on rising the only people who are going to make money and bitcoin other people who are selling just like the only people who are gonna make buddy in game stop are the people who are selling now some people who bought it yes. They only make money because they've sold it the people who hold it to people who buy it and don't sell it even if temporarily they're making money on paper none of that matters because at the end of the day. The market's going to crash and they're just going to be stuffed holding a bunch of worthless paper. The problem with bitcoin is. There's nothing worthless to whole because there is no paper. You'll just have a worthless string of numbers Digitally that nobody. Nobody wants to buy and interestingly enough. You know elon. Musk came out again last night and said some more positive things about bitcoin. Only this time it really didn't move the market very much in fact. Bitcoin had pretty much retraced the entirety of the mosque bounce right went from like thirty. Two thousand and change up to about thirty eight thousand well last night before musk's comments and he he was on clubhouse bowels late on sunday night. I guess it's an audio based social media app. I just read the articles about his appearance on clubhouse. And i read you know quotes of what he said while he was there and very positive comments about bitcoin. I mean more so before it was just kind of big you as tweets. He didn't really say anything he just again. Put the hashtag. Bitcoin in his bio on twitter. And you know so. He didn't really come out and say that he liked it or he didn't like it but this time he actually said that he likes it. He's a fan of bitcoin. He thinks it's on the verge of being adopted by institutions. And all that. And he says yeah. I wish i had bought someone. I i heard about it. Which of course anybody could say that anybody wishes they bought it with the benefit of hindsight all the people at initially looked at it and dismissed it because they understood that it was fundamentally worthless like mosque. Or like me anybody who dismissed it initially. Yes can regret with the benefit of hindsight having not bought it anyway. Just buying something that's worthless and say you know what i know. It's worthless. But i think a bunch of other people won't they're going to be conned. They're going to buy it and this worthless thing is going to go way up and so if i buy now i could cash out and sell it all. The people who don't know is worthless and are willing to pay a much higher price than what i paid knowing it's worthless but that's easier said than done but.
"schiff" Discussed on The Peter Schiff Show Podcast
"Ten one ten ounce coins that one ounce gold ends up costing you a lot more money than buying just one ounce what i would do is i would buy the one ounce coins and then if you want. Hey i need some smaller denominations for barter transaction. That's where silver comes in. You could buy yourself some silver instead of buying these fractional gold coins. Now if you're buying a lot of gold and you wanna have a small percentage of it in these fractional coins. You can do that. But you shouldn't have a large percentage of those coins because then you end up getting less gold. You want to get as much gold and silver as you can for the money. So you wanna buy bigger and you want to avoid all of the the numismatic or collectibles. Or anything that's rare anything. That's mint condition or anything that's proof or any of this stuff. These are all just a bunch of things that salesman. tell you. In order to overcharge you for your gold and silver i what would be even worse than buying collectible or rare coins as a hedge against inflation would be buying bitcoin or any other crypto currency for the same purpose because bitcoin or any other crypto currencies are not a hedge against anything. They are gambling. That's all they are. I mean the what's happening with game. Stop and a lot of these stocks simply shines a light on that whole thing in that more and more people are willing to buy things simply because the price is going up. They're willing to look the fact that there is no inherent value in what they're buying but the price is going up and that is the reason they're buying it's because they believed the price will continue to go up you know. I've talked a lot of people to that somehow. Think can't the price game stop. Just go up forever. I mean why would it have to stop going up. I mean it shows you how little a lot of people who are buying the stock know about the stock market. No it can't just keep going up. I mean yes in theory if none of the people who are buying game stop stock if none of those people sell then maybe the price will never go down. But if nobody ever sells the stock. How does anybody derive value from owning it. If you simply have brokerage account and you point to your statement and you have all this money and game stop well. What good is it if you never sell. It only matters when you try to sell. The problem is once people try to sell. There's nobody to buy. i mean right now. You have shorts who are covering well. Eventually the shorts are going to be finished covering and you have people who are trying to squeeze him out who are buying. But once that's over nobody is going to buy the stocks that does inflated prices who is looking at them as an actual investment so eventually the market has to implode and even if the investors don't sell the stock the company will the company is staring at this market price and they can issue stock that they knows overpriced they can sell it into the market and get cash. So that's going to drive the price down eventually..
"schiff" Discussed on The Peter Schiff Show Podcast
"You buy lumber you by trees or something like that. You're not going to buy a baseball card like you know you could buy antique furniture. But that's not an investment in would. The furniture is made out of wood. But you're not investing in lumber when you're buying this antique Chair that happens to be made of wood. The wood is irrelevant to the value of the chair. And that's the same thing with a real rare quite. You can buy a rare coin. Let's say a gold coin. You pay a million dollars for a gold coin has announced the golden it. Does it make a difference. What happens to the price of gold when you paid a million dollars for the coin and you only have eighteen hundred dollars worth of gold. No the price of goal is irrelevant to the value. That coin was relative to the value. That coin is the supply and demand of that point how many collectors want to buy it versus how many collectors that want to sell it. And how badly do the collectors who don't have it want it right now. The other thing that you can argue is that to the extent that there is a big demand. Wealthy people very very wealthy people can store a lot of value in a very very small quantity right if you have a rare gold coin. That's worth a million dollars. Well you'd have to have a lot of bullion coins to get a million dollars so if you wanna have a lot of value concentrated in a very small place then keeping some of your wealth in rare coins could make sense. But when you're talking about your average guy who maybe has a ten thousand dollars to invest fifty thousand one hundred thousand dollars. You know you don't have to worry about having too much gold or silver. You have plenty of places to keep. You are not in the area where you need to have a way to really concentrate large amount of money in a very small area and of course the problem there is. You've got these massive spreads to that you're not gonna have with bullying so if you want to invest in gold and silver you wanna hedge against inflation..
"schiff" Discussed on The Peter Schiff Show Podcast
"It's easier for a rush of buying. Push up the price of the gts. Jay was up six percent five and three quarters so a big day. But i mean i've seen plenty of days like this over the past year so really. Everything was concentrated in the silver itself and in silver stocks. In fact i think one of the reasons that gold may have had some headwinds. Today is a lot of people do spread these metals. And i think there were people who were probably long old and short silver and they're getting squeezed a bit because now that silver is kind of breaking out on a chart and it looks more bullish. I bet you had some of these traders that wanted a square off those positions and then they had a by silver which contributed to this big run up in the price. But they also had a sell gold to flatten out that trade and so that would put some selling pressure on gold and that might be why gold didn't enjoy a bigger bounce in sympathy with what was going on in in the price of silver. So maybe we'll catch up over the next several days or several weeks there might be some more buying into Into gold but as far as the advice that i would give people at the moment given that we have had a big run up in the price of silver. Is maybe you want to be a little bit. More cautious with your silver buys. I mean thirty dollars. An ounce is a bit of resistance. And i don't necessarily think we're going to move through that level like a hot knife through butter. I mean this is not going to be like game. Stop were you can send this stock up. Whatever it was ten twenty dollars up to five. Hundred as i said in the last podcast red brigade just doesn't have the firepower to really do that. But alternatively this is a real market and everybody who was buying silver. I believe is going to make money if they hold it now..
"schiff" Discussed on The Peter Schiff Show Podcast
"Of the day and actually of the entire weekend wasn't gold but silver the other precious metal heavy demand retail demand. Not just today again. All weekend long sparked by the read. It made the raiders. A wall street. Beth's as i discussed on fridays podcast about the red riders now riding silver instead of simply piling into heavily shortage stocks. We had a lot of buying in silver physical silver over the weekend. You know there are a lot of stories about some of the bigger dealers that were running out of silver. They had posts on their websites that they're out of inventory and so this led a lot of people. I guess in the chatrooms. Thank you know. They're already running out a silver. Remember these online retailers. They just aren't going to sell silver if they can't call their wholesaler and it because they have to buy it from somebody else. They're not just sitting on a bunch of inventory they just act as a dealer and so they go and they buy wholesale and then they turn around and sell retail. Well are closed. Because it's a weekend and they're getting all these orders coming in online over the weekend they're not gonna fill them and they're not gonna take that exposure of quoting price when they don't even know what it's gonna cost him the by the merchandise so i'm sure that a lot of these companies that were out of silver over the weekend. We're able to fill some of those orders on monday. Although not all of them. I know from what happened at shift gold today. That some of our ho- salvors did in fact run out of supply but that doesn't mean that we weren't able to meet the demand because we have other wholesaler relationships that we were able to turn to so that everybody who called shift gold today to buy silver got their order filled. Now i can say that the premiums that were paying now to buy silver over spot for the bars and coins they are higher than they normally are and that is because of a sudden rush in demand because you have a lot of people that were never buying silver all of a sudden buying it in fact at shift gold. It was a record day for new customers. We had a lot of people buying that had never bought from us. Before i mean most of our business tends to be repeat business where customers that have been buying gold and silver from us by some more But today it was a lot of people who have never done business with us buying for the first time in these are the people that are learning about it now from the chat rooms and also we had a very low average order size so people are. It's a lot of orders a lot of individual orders but not quite as much silver. Although there were some big owners in there it was a higher concentration of smaller buyers so first time buyers who have never bought from from shift golden and never bought gold silver and so when that happens obviously the prices are gonna go up because you have to allocate the supply. And the way you do that. Is you let price increase and probably a lot of people who would normally by silver may not have wanted to join the rush. They're probably a little bit more experienced and they want to wait a little bit for the dust to settle. Because there's a good chance that we're going to back and fill and the price of silver will come down in fact. We almost hit thirty dollars today in the futures market..