Peter Schiff: Fed's Response To Coronavirus Is Just "Delaying The Day Of Reckoning" Peter Schiff appeared on the Quoth the Raven podcast (iTunes, Spotify, YouTube) on Friday, where he and host Chris Irons discussed the impact of the coronavirus on the economy, gold, bitcoin and why he thinks the Fed is not going to be able to stop the upcoming collapse of the financial system. Here are a couple of Schiff's thoughts from the interview and a link to the full podcast. Schiff on Gold "I've never seen a less loved bull market in gold than the one we have now," Schiff says. "The gold traders are so afraid of this rally, they don't believe in it, they think gold is going to fall any minute now. Meanwhile, we just keep on rising." Schiff says in the past, when you don't see gold miners confirm the rally in gold that it could be a harbinger of bad news. But "gold just keeps rising" Schiff notes, despite that. "I was buying more gold stocks on Friday. I thought it was just an incredible opportunity to increase an allocation that I already had." "I don't think there's any real money yet" in gold, he says. "There's day traders in there. But I don't think you've seen pension funds or endowments make any strategic shift into mining stocks," Schiff says. "The physical buyers of gold are basically safe haven buyers. When you're in an environment where central banks are printing money, if you really just want to play it safe, if you want to be out of stocks and out of bonds, what do you buy? You buy gold. You buy real value. Real money." Schiff on The Coronavirus and The Fed Schiff says that the coronavirus is going to lead to stagflation: "Stagflation is what's coming and the coronavirus is the pin. The important thing is the bubble that the pin pricks. We know that every bubble eventually finds its pin." He continued: "The Fed has erected this extremely leveraged economy and the reason we all have so much debt is because every time we try to have a recession, the Fed interferes. Instead of having a healing recessions, where debts are paid down and balance sheets are improved, we just keep levering up." "They keep saying we need to print more money. What is that going to do? That's not going to cure the virus. That's not going to put more products on shelves. All that's going to is destroy the dollar, which is going to make prices go up," Schiff says. Schiff on the Coming Election "Donald Trump is probably not going to get re-elected," Schiff says about the election. "A run of the mill Democrat like Biden - there's no way he's going to lose if we're in a recession on election day." He continues: "If you think we're printing a lot of money now, imagine how much larger they're going to be with a Democratic president in the middle of a recession. Deficits are going to be $3 trillion, $4 trillion." "And by the time Biden takes office, rates will be at 0%," he concludes. You can listen to the full hour long interview here: * * * The QTR Podcast is a completely, 100% listener supported podcast that is always going to be free. The podcast is full time work, if you enjoy the content, please support the QTR Podcast in any, or all of the following ways: Please make a small recurring donation, which is gratefully accepted at: https://www.patreon.com/QTRResearch Tyler Durden Sun, 03/08/2020 - 14:10