The SGT Report recently interviewed Peter Schiff about the US economy and the gold market. This forty-minute conversation covers a lot of topics, including:

Highlights from Peter’s responses:

“I don’t know how the Dutch were able to succeed where the Germans failed [in repatriating their gold]. I think we need more proof that actually in fact happened… Gold is rising on the back of both a rate cut in China and more promises by Draghi to create more inflation fast in Europe. The one thing central banks can deliver on is their promises to create inflation. They can’t do anything else. They certainly can’t grow the economy or create good jobs, but they can certainly raise everybody’s cost of living…

“Look at what Putin is doing. A lot of people thought that Russia was selling gold to defend the ruble. Instead, they were buying even more gold. I think the smart central bankers are doing just that. They are preparing to win the currency wars by buying as much gold as they can…

“Ben Bernanke and Janet Yellen are just following the playbook that Alan Greenspan wrote. Now he admits that the playbook is no good and that you should buy gold. This is the first time that you should actually listen to Alan Greenspan and buy gold. One thing I disagreed with – he said gold was currency… It’s not currency, it is money. Dollars and euros are a poor substitute… Legitimate currency is backed by real money. So when the dollar was redeemable with gold, the dollar was currency and gold was money. But now that dollars are redeemable in nothing, they’re Federal Reserve IOU-nothings. You have the choice between owning a fiat currency or owning real gold. I think right now the only thing that’s keeping gold from going ballistic is the false belief that the Fed is the lone hold-out in this race to the bottom. That the Fed is out of the QE business and is going to be raising rates. When people figure out that is wrong… The only safe-haven standing in a monetary sense is going to be gold…