Government Can’t Do Anything Right – Ep. 220

The Peter Schiff Show Podcast

It's Friday the 13th and it is a Friday before a 3-day holiday weekend Monday, of course is Martin Luther King Day The stock market will be closed in observance of the holiday Once again, I guess Friday the 13th was bad luck for those hoping for Dow 20,000 In fact, the Dow finished the day Down, it was a slight decline for the Dow But not so for gold; gold was up again The Dollar was actually down again In fact, this year is already shaping up to be a mirror image of what everybody expected when the year began The Dow is up slightly, about a half a percent; the S&P is maybe up about 1-1/2 percent But look at the dollar; the dollar index is down 1% In terms of foreign currencies, the Dow is actually down The dollar index is mostly the euro If you take a look at some of the other currencies, the Canadian Dollar, for example, is up 2.5% so far in 2017 The Australian dollar is up 4% These are some pretty big moves early in the year Remember, everybody was bullish on the dollar That was the trade, it was so crowded, everybody was in it Every strategist that I saw on financial news at the end of last year and early this year Was long the dollar, short the Aussie, short Canada, short the euro, short the yen Meanwhile, all these currencies are going up I think they're going a lot higher and I think the shorts are going to lose a lot of money Take a look at gold stocks Gold stocks are up about 10% so far in 2017 only 2 weeks into the year This is already a much stronger start for gold stocks than we had last year And of course, last year was a great year for gold stocks despite the fact that they sold off toward the end of the year Based on all the hype surrounding Donald Trump and all the great economic growth that we are going to get And how the Fed is going to be raising rates even faster and the dollar was going to be even stronger I knew all that was a bunch of nonsense People still believe it, but the markets are already showing it to be a false paradigm And most of the Wall Street strategists are going to once again miss out on these opportunities