7 votes

What's up with Peter Schiff?

I have read most of Peter's books, and I listen to his show almost ever day. I think he is one of the most fervent advocates of liberty and sound money in the world. I like 90% of what he says, which leads me to some of the stuff that makes me raise an eyebrow...

In the past few weeks I have heard a number of callers on the Peter Schiff Show ask questions about metal manipulation. Each time I hear Peter reply he always beats around the bush, or just flat out says there is no manipulation. Peter is one of the most rational people I have ever heard speak, yet when the subject is raised he sounds like he's being cornered and makes no sense. Peter always talks about government meddling in the economy and how it distorts the free market. However, when it comes to the price of gold and silver the free market works just fine, he says. Why does he do this? I can only think of two reasons...he gets enough crap already for being a gold bug. Perhaps blaming low prices all on manipulation would make him sound too conspiratorial and alienate some of his audience. Maybe he's playing a different angle and knows something that most don't.

Peter always talks about the fundamentals being strong for gold and silver, and to hold on just a little longer. What I dont get is how anyone can deny that the Comex, JP Morgan and all the other big players manipulate the price with so called "paper metal". Since the very early days of gold merchants holding gold there has been more paper issued than gold on reserve. It's a pretty old game. Why in the world would anyone believe they aren't playing that game right now? He's right the fundamentals are strong, waaaay too strong for the prices we are seeing today. We need to demand an audit of these gold merchants just like an audit of the Fed.

Heres Eric Sprott talking about metal suppression


The main point is that with all the gold and silver contracts, especially shorts, its easy for these companies to manipulate the price. They can make huge sell offs whenever they want and freak out the market. It doesn't really reflect how much gold there is, just the fears of all the speculators. There are hundreds of thousands of contracts out there representing many millions of ounces. They have a lot of control over the price.

Found the audio from the show I was listening to that made me write this post: Friday 3/1 at 1:26
Couldnt find a youtube, and don't want to worry about copyright, I just wanted to post a reference.

He basically says the conspiracy couldn't last because there would have to be too much cooperation among those who are manipulating.

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My Take

I think his approach is that, regardless of whether or not it's manipulated, his investment advice is the same - buy it. Plus it's probably not something that can be proven (beyond circumstantial evidence) so it's not worth all that much talk about. I'm guessing that's his opinion. Or maybe he just doesn't want to publicly come across as conspiratorial but, privately, he agrees w/ you.

Could you provide an example

Could you provide an example of Schiff doing this?

I'll try and dig up the

I'll try and dig up the audio. I'm hoping there are some other people here that have heard his recent shows.