Over-Confident Republicans Poised For Disappointment – Ep. 238

The Peter Schiff Show Podcast

On Monday the market got its first opportunity to react to President Trump and the Republican Congress' failure to repeal and replace Obamacare With something more palatable And as a result, the market declined At the lows, the Dow was down approximately 200 points Although the "Buy the Dippers" came out, and by the end of the day, the Dow was UP about 150 points But it was the 8th consecutive down day for the Dow Which I think was a tie for the longest losing streak since 2011 Had the Dow been down again today, it would have been the longest losing streak since sometime in the 1970's So it wasn't that surprising that the Dow rallied We were up about 150 points, so we more than wiped out yesterday's losses On the other hand, the dollar sold off yesterday and actually traded with a 98 handle For the first time since just after the election Almost all of the Trump-related dollar rally has been eviscerated The dollar rallied back today closing at 99.71 today The pound was weak; the Scottish are getting ready to have another referendum Whether or not they want to leave the U.K. Remember, the Scots did not want to leave the EU They narrowly rejected an independence referendum before and now that there is going to be another vote, the market is nervous Maybe that helped push the dollar down, but we're below 100 on the dollar index right now Gold got back up to $1260 yesterday; at one point it was up about $17 I didn't see it hit $1261 That was about the high for the year Gold still closed today above $1250 Silver was actually up again Adding to yesterday's gain, we're now holding above $18 So gold and silver going up; the dollar going down We did get a rally in the bond market yesterday; gave back some of that today I think today's rally was more of a technical bounce on the "Buy the dip" mentality