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Via SchiffGold.com,

This week, Peter reacts to politicians’ sophomoric views on inflation and explains the recent surge in the price of gold. He also comments on the first day of Jerome Powell’s congressional testimony. Be sure to watch Peter’s special extra episode from earlier this week if you missed it. 

Peter thinks the price of gold has finally broken free from resistance, and it’s going to keep rising. Because retail investors have been dumping gold recently, a retail sell-off is unlikely to bring gold below where it is now:

Even more promising for gold is the fact the central banks are increasing their purchases of the yellow metal, and they aren’t planning on selling it anytime soon:

If the retail sector stops selling and central banks keep buying gold, they’ll inevitably bid its price up even higher than it is today:

Pivoting to recent political news, Peter takes aim at Congresswoman Maxine Waters, who spuriously claims that housing prices cause inflation. Peter corrects her:

Peter also responds to Congressman Brad Sherman, who mistakenly thinks the Fed’s inflation target of 2% should be revised upward. But, as Peter explains, when the 2% figure was decided on, it was supposed to be the upper limit of inflation in the United States:

Moving on to another batch of data released this week, Peter analyzes private sector payroll and factory order statistics, urging cautious skepticism, since these numbers are typically revised after the fact in ways that benefit politicians:

Finally, as President Biden and others wage a blame campaign against private companies for “shrinkflation,” Peter explains why this is a strategic move meant to benefit those who actually benefit from inflation:

Sadly, the logical end of this campaign is the institution of price controls, which are bound to make economic life worse:

With the 2024 election quickly approaching, political rhetoric about inflation is only going to get worse. Tune in this Sunday night for Peter’s reaction to both President Biden’s State of the Union Address and more of Powell’s congressional testimony.