The Peter Schiff Show Podcast

Peter Schiff
  • 4.6 (5.6K)
  • Investing
  • Updated Semiweekly

Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.

  1. 1d ago

    Tariffs Failed. Imports Hit a Record. France Is Rioting. We're Next.

    Tariffs failed, imports hit a record, and France is rioting. Peter Schiff explains why America's sovereign debt crisis is next. 📢 Please Support Our Sponsors: - Noom. The Noom GLP-1 Program starts at $39 and is delivered to your door in as little as seven days. Go to https://noom.com to learn more. - HomeServe. Join the millions of customers who trust HomeServe. For 50% less your first year, go to https://homeserve.com/gold. Savings compared to renewal price. Void in Florida. - Function Health. Get more insight on how your body is aging with 160+ lab tests. Join at https://functionhealth.com/peter and use code PETER25 for a $25 credit. Imports hit a record in August, the tariffs failed, and France just showed America where runaway debt ends. Peter Schiff opens with the August trade deficit: $105.6 billion against a $99 billion forecast, with total imports at a record high despite Trump's tariffs. The tariffs did not reduce buying; they only made imports more expensive. Prices paid in the ISM services survey rose to 74, the highest since July 2022. Peter argues Republicans squandered two years of control and that Trump could have forced a balanced budget by vetoing debt ceiling increases, but pushed to abolish the ceiling instead. France is the preview. Its 10-year yield of 4.75% now sits below America's 5.28%, its government spends 57% of GDP, and even timid proposals to slow spending growth are meeting protests in the streets. Peter explains why the eurozone failed exactly as he warned in the 1990s, then makes the case that keeping America out of World War I would have prevented World War II. With gold below $4,200 and silver near $60, he argues precious metals are the last safe haven as sovereign debt crises spread. Chapters: 00:00 Global Debt Unrest 00:42 Stocks Hit Records 02:37 Trade Deficit Shock 07:40 Tariffs Backfire 10:48 Inflation Signals Rising 12:51 GOP Spending Failure 16:28 Veto Power Missed 18:25 MAGA Loyalty Machine 25:09 France Bond Spread Alarm 30:47 France Cuts Spark Protests 32:55 Welfare State Backlash 33:41 Pension Changes Explained 34:40 Healthcare and Sick Pay Tweaks 36:27 Freezes and Token Cuts 38:24 Debt Crisis and ECB Limits 39:18 Eurozone Moral Hazard 43:23 ECB Bailouts and Inflation 44:26 France as US Warning 45:11 Brazil Election Market Reaction 47:38 Tucker Interview on War 49:31 Why WWI Led to WWII 55:13 Unintended War Consequences 01:00:09 Wrap Up and Gold Pitch Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #Tariffs #SovereignDebt Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  2. 5d ago

    Jobs Missed. Wages Stalled. Tariffs Failed. Bonds Fell Anyway.

    Peter Schiff on a 29,000 jobs miss, weak wage growth, a $132.6B trade deficit, Trump's inflation remark, and why bonds sold off anyway. 📢 Please Support Our Sponsors: - Odoo. Get your first application free for life at https://www.odoo.com/r/peter - DripDrop. Stock up now at https://dripdrop.com and use promo code GOLD for 20% off Peter Schiff breaks down the September jobs report: just 29,000 jobs against an 85,000 estimate. July was revised back to negative 10,000 and August down to 133,000. Unemployment rose to 4.2%, private payrolls added 46,000, and average hourly earnings rose only 0.1%, the smallest monthly gain in more than five years, while August CPI rose 0.4%. Peter had forecast both the miss and the downward revisions on Tuesday's podcast. Peter explains why the bond market sold off despite the weak report and softer August PCE data, even as the odds of an October rate hike fell sharply. The 10-year Treasury closed the week at 5.28% and the 30-year at 5.63%, which he calls classic bear market action. He also covers personal income rising 0.2% against spending up 0.9%, a 4.1% savings rate, and an August trade deficit of $132.6 billion, the fourth worst in US history, which he says shows tariffs have not reduced imports and that importers are the ones paying them. On stocks, Peter notes the Nasdaq hit an intraday record while 147 stocks made new 52-week lows against 38 new highs on the week, breadth he compares to 1999-2000 and 1973. He responds to President Trump's interview comment that inflation will pay off the debt, arguing it amounts to a sell signal for bondholders, and disputes Trump's claim that he inherited inflation from Biden. Peter reviews gold near $4,140, silver at $60.37 and the miners, Bitcoin near $84,500 and Strategy's Stretch trading back near par, and argues the data points to stagflation, with AI capital spending propping up GDP. He discusses the G7's 100 million barrel oil reserve release, mortgage rates he thinks could reach 8% this month, risks to housing, autos, credit and Fannie and Freddie, $40 trillion in debt at 5% interest, Janet Yellen's past comments on low rates, and Rick Santelli's final day at CNBC. He closes by urging listeners to buy the dip in gold and silver, with support near $4,000 and $60. Chapters: 00:00 Bond Crisis Warning 01:02 September Jobs Shock 03:02 Revisions and Labor Details 06:22 Wages Lag Inflation 08:16 Bonds Sell Off Anyway 12:36 Income Spending PCE 15:47 Trade Deficit Tariffs 20:13 Stocks Ignore Rising Yields 26:48 Trump Inflation Pays Debt 28:06 Inflation Pays Debt Claim 29:02 Who Owns Inflation Blame 30:17 Bondholders Get Burned 31:20 Weekly Market Scorecard 31:49 Gold Silver Yield Paradox 34:13 Stagflation And AI Distortion 36:17 Bitcoin Strategy Stretch Update 38:35 Bond Vigilantes Take Over 40:21 Oil Reserves And Mortgage Shock 45:08 Debt Math And Crisis Setup 49:51 Midterms And Voter Reality 51:56 Buy Metals And Wrap Up Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #JobsReport #BondMarket Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  3. Sep 30

    Every Crisis I Warned About Is Converging... This Is the End Game

    Peter Schiff on record bond yields, a 12-year low in consumer confidence, the end of the 40-year refi era, and why gold is the last safe haven. 📢 Please Support Our Sponsors: - Proton Pass. Go to https://proton.me/peter to get 50% off, backed by a 30-day money-back guarantee. - Noom. The Noom GLP-1 Program starts at $39 and is delivered to your door in as little as seven days. Go to https://noom.com to learn more. Bond yields hit new highs on weak data, consumer confidence sank to a 12-year low, and Peter says the end game has arrived. The 30-year Treasury touched 5.62% and the 10-year closed at 5.26%, two weeks after 5% was supposed to be the ceiling. What makes this week different is that bonds sold off on bad news: consumer confidence collapsed to 81.9, the lowest in 12 years and below the depths of the pandemic, job openings missed, and yields rose anyway. Peter's warning is direct: if Friday's jobs number is weak and bonds still fall, the orderly grind lower becomes a crash. Gold's $170 drop is the market getting this backwards. Money leaving bonds ends up in gold, the last safe haven standing. The bigger story is housing. America is now in the worst quadrant, high debt and high rates, which it has never lived through. For 40 years mortgage rates only fell, from 18% in 1981 to 2.65% in 2021, and homeowners rode that wave with serial cash-out refis that turned the house into an ATM. At 7.4% and headed past 8%, that era is over: no more refis, no cash out, no wealth effect, with homes at five times income and down payments at 13.8%. Fannie and Freddie are down 75% while the government buys more mortgage bonds. Neither party will name a cut. Every crisis Peter has warned about is converging, and he says to get your plan B in order. Chapters: 00:00 Bond Crash Warning 01:02 Yields Surge and Mortgages 02:59 Gold Dip and Safe Haven 07:11 Weak Data Ignored 13:21 Housing Market Cracks 14:48 Password Security Ad 16:00 High Debt High Rates Era 19:17 Housing Bubble Math 23:56 Refi Boom Ends 28:24 Home Prices Next Drop 31:30 Noom Weight Loss Pitch 33:07 GSE Stocks Get Crushed 35:50 Trump Hype And Dump 39:39 PSA Or Campaign Ad 42:41 Deficits Nobody Will Cut 47:59 Affordability Promises Backfire 50:08 Socialism Messaging Trap 52:12 AI Hope Versus Debt Crisis 56:02 Fed Out Of Tricks 56:43 Prepare For The Storm 57:28 Wrap Up And Plan B Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #BondMarket #MortgageRates Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  4. Sep 27

    This Happened Twice in 100 Years... Both Times, Stocks Fell 49%

    Peter Schiff on why 86% of the S&P is already in a bear market, the 1973 and 2000 parallels, 5% Treasury yields, and new IRS emails on his bank. 📢 Please Support Our Sponsors: - My Patriot Supply. Get a 3-Month Emergency Food Kit + FREE Mega Protein Kit at https://PrepareWithPeter.com - Proton Pass. Go to https://proton.me/peter to get 50% off, backed by a 30-day money-back guarantee. - Perplexity Computer. Start your free trial today at https://pplx.ai/gold and experience the next phase of AI. Market breadth has only been this bad twice in 100 years, and both times the S&P 500 fell nearly 50%. Peter Schiff opens with the relentless rise in long-term yields: the 10-year Treasury closed at 5.16%, the 30-year at 5.49%, and the five-year at 5.00%, while stocks shrug it off. Mortgages sit above 7% only because the Trump administration ordered Fannie and Freddie to buy, and Peter expects 8% regardless. Bond yields rose even as oil fell from $100 to $92, showing the bond market has decoupled from the Fed narrative. The S&P is 0.7% from a record, but the average stock is 19% below its high, 60% of stocks are in bear territory, and new lows outpaced new highs three to one. Peter compares this to January 1973 and early 2000, the only two precedents, both followed by roughly 49% declines. He also covers the Michigan sentiment drop to 48.1 and the hoarding psychology behind it, Bill Ackman's call to raise the inflation target, why rising yields are bullish for gold, and the Trump-Xi meeting that produced no commitments. The second half returns to Euro Pacific Bank: newly unredacted IRS emails reveal an MOU with OCIF and no answer when the IRS-CI chief asked what the bank did wrong, while the receiver has repaid 78 of roughly 3,500 customers in four years and paid himself over $850,000. Chapters: 00:00 Breadth Crash Warning 00:59 Bond Yields Surge 04:40 Global Rates and Mortgages 07:37 Oil Link Breaks 11:01 Consumers and Hoarding 14:58 Markets Misread Gold 18:47 Hidden Bear Market Breadth 21:06 History Rhymes Again 23:21 Ackman and Inflation Target 29:15 China Summit and Tariffs 33:05 Bank Shutdown FOIA Fight 38:20 FOIA Fight With IRS 39:11 Settlement And New Disclosures 42:03 Press Conference Double Standard 43:46 Jim Lee Email Questions 47:10 MOU Proof Of Coordination 50:56 Unanswered Questions Expose Narrative 55:02 Publicity Stunt Motive 56:04 Portugal Freeze Fallout 57:23 Receivership Numbers Breakdown 01:04:40 Government Vs Free Market Rant 01:06:41 Congress Won't Act 01:07:41 Wrap Up And Investing Pitch Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news Peter Schiff serves as Global Strategist of Euro Pacific Asset Management, LLC (“EPAM”), an SEC-registered investment adviser. The views and opinions expressed are those of Mr. Schiff as of the date of recording and may change without notice. Certain statements concerning historical events and regulatory matters reflect Mr. Schiff’s interpretation of the facts and information available to him. Market and investment commentary is provided for informational purposes only and does not constitute individualized investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. International investing involves additional risks, including currency, political, economic and regulatory risks. For information regarding EPAM’s investment advisory services, please visit europac.com. Registration with the SEC does not imply a particular level of skill or training. Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  5. Sep 24

    22-Year High Yields. Record Diesel. McDonald's Gave Up on 2%.

    Peter Schiff on 22-year high yields, record diesel, McDonald's inflation warning, and Trump's claim he told Warsh how to vote. 📢 Please Support Our Sponsors: - AG1. For a limited time, save 20% on your first subscription order of AG1 Next Gen or AG1 Pro at https://drinkag1.com/schiff - Upwork. Visit https://upwork.com right now and post your job for free to connect with top talent ready to help your business grow. - Ethos. Protect your family with life insurance from Ethos. Get up to $3 million in coverage in as little as 10 minutes at https://ethos.com/gold. Application times may vary. Rates may vary. Peter Schiff reviews the rise in Treasury yields to multi-decade highs and what 5% rates would mean for interest on the $40 trillion national debt. He opens with a comment Donald Trump made after the Fed's 25 basis point hike: that he told Kevin Warsh he "might as well vote with the board." Peter argues that either Trump is lying or, if the conversation happened, the Fed chairman is clearing his votes with the president, and that Warsh should be asked directly at the next press conference. He then turns to the bond market. The five-year auction cleared at 5.03%, the highest in just over 20 years; the 30-year reached 5.41%, a 22-year high, and the 10-year hit 5.12%. He expects the 10/30 spread, now under 30 basis points, to widen back toward 50 or more, and suggests shorting the 30-year against the 10-year. If the government pays 5% on $40 trillion, interest would run $2 trillion a year, about 35% of tax revenue and more than Social Security, with the debt growing by more than $3 trillion a year. He says stock investors still assume yields are near a top. McDonald's stock fell about 5% after its CEO said inflation would stay elevated for "many more years," which Peter contrasts with Warsh's claim that expectations are anchored at 2%. He agrees with Warsh that growth does not cause inflation; loose monetary policy does. Diesel set another record above $6.50 a gallon, near $10 in California. Peter argues a diesel export ban would cut production, and that drawing down the Strategic Petroleum Reserve leaves nothing for a real emergency. On the midterms, he notes Democrats are now 65% favorites to take the Senate, with cost of living the top issue, and blames Trump rather than Biden for inflation, while the Gulf conflict looks to be worsening. He criticizes the White House for pulling credentials from CNN, Politico and MS Now, recounts Trump's reaction to his Fox & Friends appearance, and discusses California's lawsuit against Trump Media over selling early access to Trump's posts for $50,000 to $100,000 a month, which he calls insider information. Peter closes with his Schiff Sovereign Plan B conference in Panama, which drew 130 to 140 attendees, and the story of his grandparents arriving through Ellis Island in 1902 and 1903 with no paperwork. His argument: the problem is not immigrants but the welfare state, and listeners should get their financial house in order, including gold, silver and TGold. Chapters: 00:00 Diesel Hits Record Highs 00:52 Back From Panama Update 03:19 Trump Fed Comment Fallout 09:34 Treasury Yields Break 5% 12:42 Debt Interest Disaster Math 17:30 McDonalds Warns Inflation Years 22:20 Diesel Export Ban And SPR Risks 27:23 Midterms Senate Odds Shift 30:40 War And Media Crackdown Concerns 31:38 Press Ban Fallout 33:18 Fake News Double Standard 33:38 Fox Interview Backlash 35:54 Truth Social Insider Edge 37:12 Market Moving Posts Explained 41:13 GOP Hypocrisy Warning 43:06 Panama Plan B Conference 45:27 Why Panama Appeals 47:40 Gilded Age Tariff Myth 48:45 Open Immigration Then 55:21 Welfare State Border Reality 59:23 Plan B Portfolio Prep 59:51 Signing Off Anniversary Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #nationaldebt #inflation #federalreserve Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  6. Sep 17

    The Fed Hiked Rates 0.25%. It Won't Stop What's Coming.

    The Fed hiked a quarter point. Peter explains why it will not stop the bond market, the dollar, or what is already coming for housing. 📢 Please Support Our Sponsors: - NetSuite. If your revenues are at least seven figures, get the free business guide, Aligning for the Agentic Era: How AI Is Changing Everyday Work, at https://netsuite.com/GOLD - Proton Pass. Go to https://proton.me/peter to get 50% off, backed by a 30-day money-back guarantee. The Fed finally hiked. Peter says the quarter point changes nothing about what is already in motion. The Federal Reserve raised the fed funds rate 25 basis points to 3.75 to 4 percent, a 90 percent probability going in and a unanimous vote coming out. Peter's read is that none of that signals resolve. The Fed did not hike because it wanted to. Months of tough talk had stopped working, the bond market had called the bluff, and the committee was left with a put-up-or-shut-up moment it could not dodge. So it did the smallest thing available, and Kevin Warsh gave the shortest press conference of his tenure on the way out. A quarter point does not touch inflation heading for a four handle, not with oil above 100 dollars and diesel at record highs. The reason the Fed will not do more is not caution, it is capacity. A hike large enough to break inflation would break the economy and the Treasury's ability to fund itself. The market understood immediately. The Dow closed down roughly 600 points after being green before the announcement, and the 10-year Treasury pushed back above 5 percent, which Peter calls a stepping stone to 6. He also covers Trump's demand for sub-1 percent rates, Scott Bessent's testimony, why 8 percent mortgages are coming, and why he expects gold to recover from this selloff quickly. Chapters: 00:00 Fed Hikes Under Pressure 00:33 Markets Priced In the Move 03:46 Fed Cornered by Inflation Talk 06:38 Symbolic Hike and Market Fallout 10:11 Fiscal Policy and Real Inflation 21:31 Bond Yields Surge and Trump Reacts 32:28 Import Cold Turkey Fallout 33:40 Tariffs And China Surplus 35:08 Empty Shelves Economic Crash 36:18 Five Thousand Dollar Dividend 44:30 Bonds For Bombs And Meme Coins 53:32 Crypto Politics Gold Outlook Farewell Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #FedRateHike #Inflation #Gold #BondMarket Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  7. Sep 13

    I'm Banned From Fox News for This Forecast... It Just Came True

    Fox dropped Peter for saying inflation would accelerate. August CPI proved it. Now an 88% rate hike, 19-year-high yields, and $100 oil. 📢 Please Support Our Sponsors: - My Patriot Supply. Check out the Be Ready Bundle at https://preparewithpeter.com and receive over $1,000 in food and preparedness gear FREE. - Upwork. Visit https://upwork.com right now and post your job for free to connect with top talent ready to help your business grow. - Odoo. Sign up for free at https://www.odoo.com/r/peter Peter got dropped from Fox News for saying inflation would accelerate. August CPI just proved him right. Last December Peter went on Fox News and said prices were still rising and the rate of increase would accelerate. Trump called him a Trump hater; Fox stopped booking him. Today's CPI: up 0.4% for August, 3.4% year over year, core hotter than expected, PPI running 5.4%, oil back over $100. Consumer inflation expectations jumped to 4.6%. Everything he said would happen has happened, while the president told a Republican convention this week that prices are "rapidly going down." Markets now put 88% odds on a rate hike next week, and Peter says the Fed has backed itself into a corner: Warsh has talked tough for so long that not hiking ends the Fed's credibility. But a symbolic 25 basis points "ain't gonna cut it" when inflation is rising faster than rates. The bond market already knows. The 10-year hit 4.97%, a 19-year high, the 30-year 5.35%, and Peter argues we're only six years into a bear market where 5% is nowhere near the top, with $40 trillion of debt to refinance. He also takes apart Trump's $5,000 "dividend" (a bribe paid from $4 trillion of new debt), calls gold dips a gift, and says Bitcoin's chart projects to zero. Chapters: 00:00 Fox News Inflation Call 00:34 9/11 Reflections and Liberty 05:27 CPI Report and Fed Odds 14:16 Symbolic Hike Won’t Work 36:49 Metals and Bitcoin Check 37:51 Bitcoin Head and Shoulders 39:24 Why a Midterm Convention 44:55 The 5000 Dividend Claim 57:17 Inflation Jobs and Wrap Up Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

  8. Sep 9

    The Bond Market Is About to Break... And Stocks Go With It

    Oil near $100, copper at a record, and the Fed still says 2%. Why the bond market breaks before the stock market does. 📢 Please Support Our Sponsors: - Proton Pass. Go to https://proton.me/peter to get 50% off, backed by a 30-day money-back guarantee. - Function Health. Join at https://functionhealth.com/peter and use code PETER25 for a $25 credit. - Pebl. Go to https://hipebl.ai to get a free estimate. Oil near $100, copper at a record, and 65 straight months above 2%. Peter says the bond market breaks first. Brent touched $99.50 and copper hit an all-time high, and Peter's point is that the Fed's 2% target was already unreachable when oil was falling. Sixty-five months above target, and now the inputs are rising again. PPI Thursday and CPI Friday could both come in hot, and if they do, the damage shows up in bonds before it shows up in stocks. The market is pricing roughly 60% odds of a hike next week. Peter doesn't think the Fed will do it, and thinks 25 basis points wouldn't matter if it did, since the market would immediately start pricing the next one. The rest is the bill coming due elsewhere. China just posted a record trade surplus, with August exports up 25% year over year and exports to the US up 34%, which is what happens when tariffs price Americans out of the best deal rather than moving production home. Peter got the receipt himself: the courier billed him for the tariff, then billed him again to process it. Meanwhile the hyperscalers that used to park cash in Treasuries are borrowing from the same pool the government needs, at a moment when interest costs already run $1.2 trillion a year. Chapters: 00:00 Intro 00:39 War Shock Fuels Commodities 02:15 Copper vs Gold Real Money 06:11 Iran War Drags On 21:31 Tariffs and Trade War Fallout 30:18 Producers vs Consumers 31:50 Tariffs Shift Trade 35:52 Why Trade Wars Fail 43:37 Nickels Beat Treasuries 50:59 Fed, Inflation, and Wrap-Up Follow @peterschiff X: https://twitter.com/peterschiff Instagram: https://instagram.com/peterschiff TikTok: https://tiktok.com/@peterschiffofficial Facebook: https://facebook.com/peterschiff Free Reports & Market Updates: https://www.europac.com Book Store: https://schiffradio.com/books Sign up for Peter's most valuable insights at https://schiffsovereign.com Schiff Gold News: https://www.schiffgold.com/news #PeterSchiffShow #BondMarket #Inflation Our Sponsors: * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai Privacy & Opt-Out: https://redcircle.com/privacy

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Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.

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