BROADCASTS.com

b'
\\n \\t* This is my 200th\\xa0 podcast and I looked back to the date of the first one and it was just over 2 years ago, September 2014
\\n \\t* I began this podcast shortly after I ended the Peter Schiff Radio Show
\\n \\t* I hope everybody is enjoying these podcasts and if you like what you\'re listening to, help turn on other people to the same information
\\n \\t* Statements early this morning by Richmond Fed President Jeffrey Lacker certainly sent tremors through the precious metals markets
\\n \\t* Gold tumbled over $40/oz; closing $1268 and change
\\n \\t* This is the first time we\'ve actually been below $1300 in the last few months
\\n \\t* Silver down just over a buck; 17.78
\\n \\t* It wasn\'t that long ago that we\'d gotten above $20
\\n \\t* It was even worse for gold and silver mining stocks; this was the worse day of the year for those stocks
\\n \\t* The markets closed right near the lows of the day
\\n \\t* There was a big sell-off right after those statements came out and there was no reprieve
\\n \\t* The dollar was stronger on the day, although not against the euro
\\n \\t* There were some rumors that the European Central Bank may begin to taper its QE program
\\n \\t* That held the euro steady against the dollar
\\n \\t* The weak currencies were the yen and the pound which was "pounded" again to about a new 35-year low
\\n \\t* On concerns that we might have a hard Brexit rather than a soft Brexit
\\n \\t* This is more a matter of the yen and pound weakness today than dollar strength
\\n \\t* The bond market was weaker on the day, closing near the lows
\\n \\t* The Dow, though, only off about 85 points
\\n \\t* If the markets really believe that a rate hike is coming, which is clearly what the metals traders seem to believe
\\n \\t* I think the stock market should be even weaker
\\n \\t* Although probably what\'s helping the stock market is the strength in the financials
\\n \\t* Because as I have said before, people actually believe that higher interest rates are good for the financials
\\n \\t* So the fear of higher rates actually lifted the financials, which helped support the market
\\n \\t* But people who think the Fed is going to raise rates, and that higher rates are good for the financials
\\n \\t* They\'re wrong twice, because the Fed\'s probably not going to raise rates and if they did, it would be horrible for financials
\\n \\t* They might get lucky, though because they\'d be wrong on the rate hike and would not then lose as much had the Fed actually raised rates
\\n \\t* I want to go over the Lacker\'s statement that started all the turmoil: What did this guy say that caused everybody to jump to the conclusion that the Fed\'s about to hike rates?
\\n \\t* The probability of a rate hike had been rising; it didn\'t just start today, but the probability did notch up a bit
\\n \\t* They\'re now looking at a 60% chance of a December rate hike, but there\'s a 25% chance now of a November rate hike
\\n \\t* The November meeting is one week before the election why would people think the Fed would take a chance on an adverse market reaction to a rate hike a week before the election?
\\n \\t*
\\n\\nOur Sponsors:\\n* Check out Ethos: ethoslife.com/GOLD \\n\\nPrivacy & Opt-Out: https://redcircle.com/privacy'