Peter Schiff Video Blog - January 21, 2011

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The big news this week was the surge of the Euro, especially the Euro vs the Dollar. The market will probably shift to focus on the problems in the United States rather than in Europe. Normally gold and the Euro go in the same direction, but this time they went in opposite directions. This is rather bullish for gold and silver.

The 30 year yield closed at an 8 month high. There is both a falling dollar and falling bond prices. This shows that there is a serious inflationary problem.

Everyone is beating up on China for being currency manipulators. The Chinese are pegged to the dollar, and the are manipulating their currency in order to maintain a stable relationship with the dollar. When they first pegged their money to the dollar, it was a prudent choice. At the time, the dollar was extremely stable and was backed by gold.

A stronger Chinese currency means that prices in China will fall. The Chinese people will be able to purchase more goods and enjoy a higher standard of living. However, the reverse is true in the United States. The weaker dollar means that all the citizens will have less purchasing power. This will lower their standard of living.

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[SidneyBou]

Thanks for putting the date at beginning and in title.

[xMaXiMuSx]

@howtogetwell

their standard of living is going up anyway because the more the real GDP grows and end the more production you have, you will have a deflationary system.. The reason chinese peg to the dollar is because the dollar is the reserve currency and there are so many reason they feel like they need to peg to the dollar I could type for days.

[howtogetwell]

Peter, the Chinese want their currency to be weak vs the dollar because this increases exports and this causes economic growth. They do NOT want their citizens to share in the economic advantage. The primary goal of China is growth, not increasing the standard of living for its citizens. That is why they held dollars. It was currency manipulation and it hurt the usa. the usa should have put tarrifs on imports because china refused to let supply and demand dictate currency values.

[charles43110]

silver is the long term best buy for the day the dollar becomes worthless

when gold is $3200 & silver is $200 and gas is $15 and bread starts at $9

stock now food, and silver bullion rounds

April looks treacherous to me

when empires collapse the fiat fails and that 90 to ONE silver to gold ratio closes

check the ratio TODAY

eventually it will be 16 to one when the dollar is 20 cents buying power

plus FEDS will again confiscate gold

[rwgamer]

I think the U.S. wants the Chinese dollar stronger in relation to the dollar so that products in the US become relatively cheaper and people start buying more in the US. It's like stealth protectionism. But if all countries devalue their currencies at the same time, this effect would be negated.

[ajmprovidence]

thanks pete, all good info!