February 3, 2026
Peter took to the mic on Wednesday to walk listeners through a dramatic day in the markets and to explain what it all means for ordinary savers. He focuses on runaway gold and silver prices, a plunging dollar, and what he sees as a Federal Reserve that refuses to face the monetary signals staring it in the face. He ties the market moves to politics-especially the consequences of Donald Trump's trade posture-and urges listeners to protect themselves with real assets.
He opens by describing the fireworks in the precious metals markets and the confusion among investors and pundits alike:
But gold, as I am recording this live podcast, is up another $70 this evening after being up $235 during the day. $235. Gold closed earlier today at $5414. But an hour ago, gold was up more than another $150. We almost got to $5600. Gold was up $400 within a single day. Now, I mean, it's not midnight yet, so who knows ? Maybe it'll make new highs and it'll be up even more. Silver made a new all-time record high an hour ago. Silver got above $119. It almost hit $120, but it got above $119 an ounce. It's now trading at just over $117, which was the record high we set on Monday.... The financial commentators are clueless. The Fed is clueless about what is going on right now with gold and silver and what it portends.
He connects the metal rallies to sharp weakness in the U.S. dollar and low consumer sentiment, and he says the disconnect undercuts claims that America is enjoying a booming economy:
But what also happened yesterday, the dollar got clobbered to a four-year low. The Swiss franc, the dollar fell to an all-time record low. The dollar has never been lower against the Swiss franc than the level it hit yesterday. We also got consumer confidence that came out at a 12-year low. So the dollar is at a four-year low, consumer confidence is at a 12-year low, gold's at an all-time high, and Donald Trump is out there saying we have the hottest economy in the world.
He is baffled that the Federal Reserve chair refuses to treat the falling dollar as his business in this week's FOMC meeting, and he reminds listeners that Federal Reserve notes literally bear the Fed's name:
He refused to answer the question; he never said whether he was concerned. He simply said, "that's none of my business."... And I'm like, what the hell is this guy talking about ? What does he think the dollar is ? The dollar is our money. I mean, look at a dollar bill: take one out of your pocket, read what 's written on the very top. It says Federal Reserve note. He's the chairman of the Federal Reserve and those are Federal Reserve notes-those are his notes.
He is even more incredulous that the Fed chair dismisses gold as irrelevant to monetary policy, noting that past Fed leaders treated gold as an important indicator:
Just when you thought it couldn't get any stupider, he got a question on gold.... The reporter said, are you watching this, paying attention ? Is there any message that is being sent by the precious metals market that maybe you should pay attention to ? And Powell basically said, no, absolutely not. We don't care. We don't pay attention to it. We don't think it has any relevance. So we don't care what happens to the price of gold. Now, gold is a monetary metal. It is the most important monetary metal in the world. He said that he is in charge of monetary policy. Well, isn't a monetary metal relevant to monetary policy?
Peter's final thesis is this: Wednesday's market reaction is part of a larger shift away from the dollar at the central-bank level, and he blames U.S. foreign and trade policy for accelerating the move:
Central banks are moving out of the dollar, right ? They are replacing it with gold, right ? Just like the U.S. went off the gold standard, the world is going back on. The world is going off the dollar standard. Now they should have done it a long time ago, but they're doing it now. And it's not a coincidence that they're doing it now because look at what Donald Trump has done. He finally gave the world a reason to do what they should have done anyway. Trump has antagonized the entire world and united the world against the United States. We have vilified all of the people who have been propping us up. We have bit every hand that has been feeding us.
This article was originally published on SchiffGold.com.