Michael Pento Warns: Stock Market May Go Off the Cliff, Stagflation Like Never Before (Podcast)
BY MONEY METALS
TheDailyCoin.org
JULY 6, 2019
Michael Pento Warns: Stock Market May Go Off the Cliff, Stagflation Like Never Before Podcast by Mike Gleason for Money Metals
Coming up Michael Pento of Pento Portfolio Strategies joins me for a tremendous interview on what he sees as pending doom in the stock market and why he believes we’re in for a bout of stagflation that will make the 1970s look like a walk in the park. He also makes a compelling case for gold during an interest rate environment that he believes will soon be turning profoundly negative in real terms. So don’t miss a must-hear interview with Michael Pento, coming up after this week’s market update.
Following yesterday’s Independence Day celebrations, perhaps more Americans will wake up to the need to declare their independence from the financial system. One of the best ways to do that is by shifting dollar-denominated wealth from bank and brokerage accounts into physical precious metals.
Although the public isn’t yet clamoring in huge numbers to buy bullion, we have seen some encouraging price action of late in metals markets. The main fireworks have been in gold – rising to a multi-year high – and palladium.
This week, palladium posted a new all-time high. Palladium prices currently come in at $1,568, up 0.7% since last Friday’s close. Its sister metal platinum is down 3.5% on the week to trade at $809.
Turning to the monetary metals, which are selling off a bit here today during thin trading in the futures markets on this holiday weekend – surprise, surprise. Gold shows a slight weekly decline of 1.0% now to bring spot prices to $1,396 per ounce. Silver, meanwhile, continues to play second fiddle to gold and has yet to generate any real upside momentum of its own this year. For the week silver is off by 2.2% with essentially all of that decline coming here today and is at $15.03 as of this Friday morning recording.
Gold bugs took notice of President Donald Trump’s newest attempt to re-shape the Federal Reserve. He had previously floated Herman Cain and Stephen Moore as nominations to the central bank’s Board of Governors, but they each withdrew after coming under attack by the media and getting preemptively rebuked in the Senate by “Never Trump” Republican Mitt Romney.
Earlier this week, President Trump announced plans to nominate two new candidates to fill the remaining seats on the Fed’s Board of Governors.
One is a conventional pick, Christopher Waller of the St. Louis Fed. Along with St. Louis Fed President James Bullard, Waller is regarded as dovish and would likely be a voice for the interest rate cuts currently favored by the White House.
Trump’s other pick is less conventional – and of more interest to sound money advocates. He has tapped one of his economic advisors and a longtime gold standard proponent named Judy Shelton.
“Yahoo Finance Newswoman: So we know President Trump has had trouble getting some of his recent Fed picks confirmed in the past. Do you think it’ll be different this time around?
Mainstream News Media Commentator: Well, that’s a great question. Judy Shelton seems to have preferred the going back on the gold standard, which I’m not sure how popular that idea will be.
Sarah Bloom Raskin: Judy Shelton is somebody who has some unorthodox views. She’s known as a gold bug, for example.
CNBC Newswoman: What do you make of her previous support for going back to a gold standard?
Stephen Moore: Well, look, I’m one who’s always believed we should make the dollar as good as gold. You want the dollar anchored to something.
The Rest…HERE
