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Via SchiffGold.com,

On Sunday, Peter recapped a stellar week for gold. He also provided an analysis of President Biden’s State of the Union Address and criticized Fed Chair Jerome Powell’s perspective on the economy. 

Both gold and bitcoin hit records last week, with gold nearly topping $2200/oz and bitcoin trading above $70,000. Gold’s surge is driven by central bank demand abroad, but Bitcoin’s spike is driven mainly by ETF hype in the retail sector, which is less likely to last:

Gold continued to rise even as last week’s highly-anticipated government jobs report exceeded the most optimistic expectations. The report, of course, is suspect and should be accepted cautiously. Last month’s figures were revised downward by over 30%, and this month’s figures could be revised similarly:

Even if the numbers are correct, the fact that this report deals with public sector jobs raises the question, does the economy need more government jobs?

Peter pivots to address the second half of Jerome Powell’s congressional testimony last week, in which he denied that the Fed is facilitating government debt:

Powell also fundamentally misunderstands the purpose of the Fed’s political independence:

In his address last week, President Biden chose to highlight issues abroad, like the war in Ukraine, rather than confront the true crisis America faces:

Peter dismantles Biden’s claim that his administration has improved the economy and, most notably, created many new jobs:

Biden’s plan to tax wealthier Americans is also misguided at best and destructive at worst:

Both Powell’s testimony and Biden’s speech reveal a startling fact: the economy is in the hands of incapable and woefully mistaken politicians. If they have their way, the economy will only get worse, and the common man will suffer.