The Fed Set the Fiercest Wildfire
Wildfires are raging out of control in western states doing millions of dollars in damage and disrupting countless lives. In a recent podcast, Peter Schiff said the Federal Reserve has set an even fiercer wildfire – inflation. And we are in danger of it burning out of control through the entire US economy.
Stock markets closed last week mixed, with the Dow and the S&P 500 up a bit, and the NASDAQ and the Russell 2000 down. Some analysts say the problems that seemed to be brewing, particularly in the NASDAQ, have passed since there really wasn’t any significant follow-through after the NASDAQ dipped into correction territory last Tuesday. But Peter says he doesn’t think the bulls are out of the woods yet.
I still think the charts look like there is a lot of potential that we can see a bigger decline. Of course, you’ve got the backstop of the Federal Reserve. In fact, it’s only because the Fed is there that the market didn’t have a bigger drop this week. The reason we didn’t have more follow-through is because people expect the Fed to come to the rescue. In fact, if the Fed wasn’t there, the market never would have been at the levels that it just dropped from.”
Meanwhile, gold finished with a small gain on the week. Peter said the technicals on gold look incredible.
It is building this new support, or consolidating rather, above the support level that used to be the resistance level. The sp
Article from LewRockwell