Jobless claims continued stockpiling in the US, having topped 26 million over the past five weeks. The government is working to improve stimulus measures as the pandemic continues to ravage the global economy.
Boom Bust is joined by the CEO of Euro Pacific Capital, Peter Schiff, who says the US Federal Reserve is just doubling down on its failed monetary policy: “In order to prop up the market, the Fed hastened to destroy the purchasing power of the dollar.”
According to Schiff, investors “should be buying gold stocks because gold and gold stocks would be the biggest beneficiaries of monetary policy.”
The veteran stockbroker explains that “precious metals are a monetary alternative to fiat currencies that are being debased the world over, particularly in the United States.”
He says that, when it comes to earnings, “gold stocks are going to be among the few companies that see a huge boost to their earnings. In fact, they are benefitting from the reduction in energy prices because energy is a key cost when it comes to operating gold mines.”
“Gold mines right now literally are ‘gold mines’ and I think investors are ignoring the potential.”