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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.
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:
“For my money that’s the contrarian indicator: what the retail public is buying is generally what you want to sell, and what the retail public is selling is what you want to buy. The smart money is buying gold. The dumb money is selling gold and buying bitcoin.”
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:
“That number is highly likely to be revised much lower next month, which is exactly what happened to the January number, which was reported last month at 353,000 jobs. That was revised down to 229,000. About 120,000 jobs were erased. … That was a huge downward revision, and so given that and given the tendency to revise down just about every number that we’ve had, why does anybody even care what the original number is? Why celebrate a ‘beat’ that could be revised to a ‘miss’ next month?”
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?
“These are all related to government spending and the deficit, and they’re not goods-producing. But if you take healthcare, education, and government, that’s 71% of the jobs. We don’t need more government jobs. In fact, we have too many government jobs! We need to eliminate government jobs. We can’t afford them because we don’t have the money to pay for them.”