Image Credit: Grok 
Yesterday Peter joined Fox Business to lay out a stark view of where the U.S. economy is headed and why gold and silver are sending a warning signal.
He connects a weakening dollar, rising consumer unease, and runaway deficits to an American-only financial crisis, and urges investors to consider precious metals and mining stocks as hedges against policy-driven risk.
He opens by noting that the real problem isn’t a temporary government shutdown but that Washington keeps running up promises and liabilities, and that markets are already reacting to that reality:
First of all, the problem with the government is not that it might shut down, but that it’s going to continue to operate. The U.S. government is the biggest reason that gold is at a new all-time record high. The dollar today, the dollar index is at a four-year low against the Swiss franc. The U.S. dollar is at an all-time record low today. Consumer confidence just plunged to a 12-year low.
Peter compares today’s signals from gold and silver to the red flags that appeared before the 2008 crisis, arguing that mainstream voices missed the buildup then and are missing it now:
Just like in 2007 when the subprime market blew up, something that I had been forecasting would happen for years and something that I bet against. When that happened, I knew that it was foreshadowing a bigger crisis that hit the following year. The mainstream investment community, the Federal Reserve, Ben Bernanke said that subprime was contained. He didn’t understand the problem. Gold and silver are warning about a bigger crisis that’s going to hit either later this year or maybe next year.
Peter wraps up with a warning that the next collapse will dwarf 2008 but will be primarily domestic in origin, which changes who benefits and who suffers. He insists this will not be a global crisis in the old sense, but an American one:
We are headed for an economic crisis, again, that will make the 2008 financial crisis look like a Sunday school picnic. The biggest difference between the crisis that we’re about to have and the one we had back then is this one is all in America. It’s not going to be exported to the rest of the world. It’s not a global financial crisis. It’s an American financial crisis. The rest of the world is actually going to benefit from this.
