The Fed indicated that we're going to get at least two more rate cuts between now and the end of the year. So bullish, bullish, bullish. Uh and and so gold's got no place to go but up. Silver's got no place to go but up. The Fed wasn't independent. There was a general belief that it was. And now that's falling apart because they're they're pulling back the curtain and they're showing everybody that there really is no Fed independence. So I think the dollar is going to tank. But more significantly,


gold is is going to rally and rally big. Gold and silver aren't just climbing, they're ripping higher. And Peter Schiff says the Fed is pouring fuel on the fire. With at least two more rate cuts signaled before year end, the metals already look unstoppable. Gold is up 40% this year, silver 48% and mining stocks are the real stars with gains that leave the broader market in the dust. The GDX has surged 113% and the GDXJ 115% compared with the S&P 500's modest 13.3% rise. Strip out the dollar distortion,


shift notes, and the S&P is actually down more than 25% when priced in gold. Politics, meanwhile, could reshape the Fed in ways no one expected. Shiff highlights talk of Trump possibly appointing a Fed chair who would also serve as Treasury Secretary. Steve Bannon has even floated Scott Bet for both roles, a move that would erase the traditional wall between fiscal and monetary policy. That wall was meant to keep the Fed from enabling runaway government spending. Instead of acting as a check, the Fed would become an


enabler, a move shift calls deeply risky. Markets are already pushing back. Bond yields climbed last week despite the Fed's cuts. The 10-year ended at 4.13% up from 4.02% and the 30-year hit 4.74%. Shift says that shows investors aren't buying the Fed's easing narrative. Inflation fears and a weakening dollar are forcing the long end of the curve higher. [Music] The Fed indicated that we're going to get at least two more rate cuts between now and the end of the year. So, bullish, bullish, bullish. Uh, and and


so gold's got no place to go but up. Silver's got no place to go but up. But let me get to these three other very significant, I guess, news items of the week. One is I watched a interview with Steven Moran this morning on CNBC. Now, Steven Moran was the head of uh Trump's uh economic adviserss who is now serving a stint as an FOMC member. So, you know, he's wearing two hats, although technically one hat, you know, he's got checked. Uh, you know, he's going to go pick it up. So, it's obviously a big


compromise of Fed independence to have a member of the Trump administration infiltrating the FOMC. But two startling uh comments that he made. One was he said that rates need to be much lower because he says the Fed is way above neutral. And not only is he wrong, not only are we not way above neutral, we're below neutral. We're too loose. The Feds should have hiked rates, not cut them. Uh that's what the market is telling you. That's what the long end of the bond market is telling you.


That's what the gold market is telling you. Nobody wants to listen to those market symbols. Look at the money supply. Look at what's happening with consumer prices, right? We have high inflation, uh, well north of 2% and headed higher. But I think an even bigger admission that should be even scarier if you're holding US dollars and not gold is that um Moran said that in an in answer to a question about the dollar. He said that one of the Fed's mandates is not a strong dollar or to


worry about the exchange rate of the dollar. He says there's nothing in the Federal Reserve Act that mentions the dollar and that it's not uh up to the Fed. He said that the policy regarding the dollar uh that lies with the president, right? Not the Fed, which should be very scary because if the Fed doesn't care about the value of the dollar, how is it going to deliver on its primary mandate of price stability? Because price stability relies on the stability of the dollar. Because prices


are a function of the value of the dollar. If the dollar is losing value, you need more dollars to buy stuff. So in a way, when the Fed is mandated to maintain price stability, it is also being mandated to maintain the purchasing power of the US dollar. So to say that the dollar is not a part of the Fed's mandate either means you don't understand what the Fed's mandate is or you're just lying. And so either you know it's one or the other, but there's no uh you know third option. So he's on


the Fed and Trump is going to appoint uh a new Fed chairman that is going to share uh that that perspective. In fact, one of the president's closest confidants or was at one time Steve Bannon, he came out this week in favor of the president nominating Scott Bessett to be Fed chairman while he is still secretary of the Treasury. In other words, Scott Bannon thinks that the chairman of the Federal Reserve and the Secretary of the Treasury should be the same person. one one guy wearing both hats or gal depending on who's


there. That is a horrible idea. I mean often those two work together, but they shouldn't. There should be like a Chinese wall there. In fact, the secretary of the treasur of the of the chairman of the Fed needs to push back against reckless uh uh monetary deficits uh and fiscal policy. Gold is now up 40% this year alone in 2025. Silver is up 48%. These are incredible returns uh for precious metals, especially given that last year was also a very good year. But the only thing that's outperforming gold


and silver are the gold and silver mining stocks. Today alone, both the GDX and the GDXJ jumped 5%. 5%. We didn't even have really a 1% gain in the price of gold or, you know, I guess it was about 1% because it was 40 bucks. So, a little over 1%. But 5%. So, we had five times the move in gold stocks today as we had in gold. And the GDX closed at an all-time record high. Never been this high. And the GDXJ is the highest it's been in like, you know, 13, 14 years, something like that. On the week, the GDX was up 3.75%.


Uh, and the GDXJ was up 2.2. The star of the of the day was Barrack Gold, which was up 10% in one day. That's rare for a company that big to be up 10%. Normally, you might see some smaller companies, although all the gold mining companies are small. when you compare them to like the tech companies. But in the mining universe, uh Bareric is I think the second biggest following new, which you know was still up almost 5% on its own today. So not too shabby there. Uh but these are all big moves year to date.


Year to date, the GDX is now up 113%. And the GDXJ is up 115%. Right? So, these stocks are doing better than tech stocks year-to- date. The S&P 500 is up um 13 uh.3%. 13.3%. Gold stocks are up 10 times as much. 10 times as much. So, what's the big deal? And in fact, if the S&P is up 13% but gold is up 40%. What does that tell you? That means in real terms, the S&P is down 27%. This is a major bare market in stocks if you price them in real money. But nobody's pricing them in real money.


They're pricing them in funny money. And so you're getting an inaccurate uh perspective. Now, in other markets that were significant on the week, the dollar was actually only uh up slightly on the week. Uh I think that's going to reverse. Uh but it's still very weak, the dollar index. What was also up were bond yields. Again, I was forecasting that uh when the Fed started to cut again, long-term rates would rise. And that's what's happening. The year on the 10, the yield on the 10-year finished


week at 4.13. On Tuesday, the day before the rate cut, it was 4.02. >> Please like and subscribe our channel. Thanks for watching.