PPI hit 6%, yields hit 19-year highs, and gold dropped 4%. Traders are selling on the most bullish data gold has ever seen.

Gold fell 4% and silver dropped 10.5% on the week despite the most bullish inflation data in years. Peter Schiff explains why traders have it exactly backwards: April PPI surged 1.4% month-over-month — nearly the entire 2% annual target in a single month — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, annualizing to 12.5%. Import prices jumped 1.9% on the month, proving Americans are paying every cent of the tariffs, while export prices exploded 3.3%, signaling internal US inflation pressure across the board.

The 30-year Treasury yield closed at 5.12%, a 19-year high, while the 10-year hit 4.59%. Algorithms are selling gold because they see rising yields as bearish — but Schiff argues they're completely missing that real interest rates are collapsing because inflation is rising faster than nominal rates. The Fed's easing bias in the face of 6% PPI is itself a form of monetary easing. Oil closed at $105 with no end to the Iran war in sight, Bitcoin is down 12.5% year-to-date, and the AI/crypto bubble is one bond market shock away from popping. Schiff's call: back up the truck on gold, silver, and mining stocks while traders are giving them away.

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PPI doubled estimates at 1.4%, yields broke 5% on $39T debt, and CNBC says sell gold stocks — that's the best buy signal I've ever seen.

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Kevin Warsh was confirmed as the new Fed Chair and immediately inherited a stagflation crisis: April PPI came in at 1.4% month-over-month — double the high end of estimates — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, an annualized 12.5% rate. The CPI the day before showed 0.6% monthly with year-over-year inflation climbing to 3.8%. The 30-year Treasury yield broke above 5% for the first time in 19 years, with a bond auction requiring a 5% coupon — but unlike 2007 when the debt was $9 trillion, today it's $39 trillion.

Peter Schiff argues real interest rates are crashing even as nominal rates rise, making the environment extremely bullish for gold and silver — with silver hitting $89 intraday and leading gold for the first time this cycle. He highlights CNBC analysts recommending viewers sell gold stocks as a perfect contrarian buy signal, dismantles Trump's proposed ban on corporations buying homes as socialist policy, defends Jeff Bezos against critics who blame him rather than consumers for disrupting small businesses, endorses Thomas Massie's congressional primary fight, and promotes his new 10-minute FOIA evidence video exposing the IRS conspiracy to destroy Euro Pacific Bank.

Chapters:

00:00 Cold Open Montage

00:55 Show Begins Tech Issues

01:27 New Fed Chair Firestorm

03:26 CPI Breakdown April

05:24 PPI Shock And Stagflation

07:59 Trump Inflation And Politics

09:43 Bond Yields Debt Trap

13:20 Fed QE Dilemma

15:39 Ad Break NetSuite AI

17:01 Markets Misread Inflation

18:38 Real Rates Gold Silver

23:12 Metals Boom Copper Oil

24:51 Tariffs Beef And Constitution

29:09 Ad Break Outskill AI

31:42 Stocks Ignore Inflation Bubble

32:18 Bubble Mentality Critique

33:10 CNBC Chart Pattern Trap

34:30 Gold Stocks Contrarian Buy

35:38 Mining Stocks vs AI Hype

36:15 Trump Housing Ban Backlash

37:46 Why Rentals Need Investors

39:19 Backing Thomas Massie

42:25 Trump Grip on GOP

43:08 Trump China Summit Skepticism

45:05 Defending Bezos and Amazon

46:20 Consumers Drive Competition

49:07 Living Wage Reality Check

53:35 Rigged Playing Field Factors

55:31 Puerto Rico Inventory Tax

57:36 FOIA Bank Conspiracy Video

59:05 Demanding Government Accountability

01:00:35 Wrap Up and Next Plans

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The household survey says we've lost jobs every month of 2026. The establishment survey says record highs. One of them is lying.

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The April jobs report showed 115,000 jobs created against expectations of 63,000 — but 391,000 of those came from the birth-death model, meaning without statistical assumptions the economy actually lost jobs. The household survey confirms this: employment declined 226,000 in April alone, with net job losses every month of 2026 averaging 343,000 per month. Full-time jobs collapsed by 424,000 in a single month, dragging the total to its lowest since December 2024. Labor force participation fell to 61.8%, the lowest since October 2021.

Markets rallied to record highs on ceasefire optimism, with the Nasdaq up 4.5% and silver surging 9.4% on the week. Peter Schiff argues the AI spending driving GDP is a bubble comparable to dot-com — the technology is real but the stocks are wildly overvalued and most will go to zero. He dismantles Bernie Sanders' criticism of Jeff Bezos for layoffs, pointing out Bezos employs 1.5 million while Sanders has created zero private-sector jobs. On the debt, Schiff debunks the claim that $31.8 trillion in US government assets offset the national debt — most of it is illiquid land, national parks, and defaulting student loans that cannot service a single dollar of interest payments.

Chapters:

00:00 Show Cold Open

00:56 Podcast Intro

01:20 April Jobs Beat

03:19 Job Quality Concerns

04:58 Participation Rate Drop

07:22 Household Survey Reality

07:52 Birth Death Model Critique

12:26 Full Time Collapse

14:57 War Talk Tease

15:29 Sponsor Odoo Ad

17:31 Markets Rally on Peace Hopes

21:48 AI Bubble Warning

25:03 Bezos vs Sanders Debate

30:34 Sponsor Hims Ad

31:16 Telehealth Weight Loss Setup

31:57 Metals Rally Recap

32:30 Copper and AI Demand

33:56 Miners and Physical Buying

36:12 Oil Dollar and War Fallout

37:10 War Narrative and Objectives

40:22 Bond Yields and Default Risk

45:10 Debt Math and Interest Spiral

50:31 Fake Asset Claims Debunked

57:05 Preparing Investors for Crisis

59:34 Final Sign Off

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The dollar erased every war gain, oil's back above $102, yields are at 4.5%, and mining stocks just gave you the buying opportunity of the year.

Gold settled the week at $4,612 with silver at $75.33, both drifting lower as investor attention shifted to record-high stock indexes. Mining stocks took the hardest hit with GDX down 6.25% — a buying opportunity Peter Schiff says is being created by the same complacency that preceded every major gold breakout.

The dollar index fell to 97.7, erasing every penny gained since the Iran war began — a historically weak bounce for a supposed safe haven currency. Oil climbed back above $102 while 30-year Treasury yields touched 4.5%, recreating the exact conditions that forced Trump to reverse Liberation Day tariffs. Schiff revisits Powell's claim of 40 years of controlled inflation, breaking it down decade by decade to show average CPI of 5.5% in the '80s, 3% in the '90s, and 2.6% in the 2000s — with only the post-crisis 2010s near the 2% target. He also highlights the Bitcoin conference where last year's darling Nakamoto is down 99% between conferences, while this year's pitch of "digital credit" is even worse than subprime.

Chapters:

00:00 Welcome and Subscribe

00:25 Gold Silver Weekly Recap

01:08 Mining Stocks and Fund Plug

02:00 Why Gold Bullish Now

03:14 Stocks High Oil Yields Rising

06:27 Fed Presser and Powell Exit

10:05 Money Supply Inflation Reality

17:32 Debt Deficits and Fed Failure

19:54 Tariffs Cars and Stagflation

22:48 Bitcoin Strategy Ponzi Talk

24:30 Dollar Weak Bonds to Gold

27:19 Gold Targets and Crypto Risks

29:15 Schiff Gold App Call to Buy

30:58 Wrap Up and Where to Follow

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Trump wants to buy Spirit Airlines at bankruptcy with taxpayer money to "save jobs." That's not capitalism — that's Bernie Sanders with a red tie.

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Jerome Powell's final press conference as Fed Chair featured a claim that inflation was "under control" for 40 years before the pandemic — a statement Peter Schiff demolishes decade by decade, showing average CPI of 5.5% in the 1980s, 3% in the 1990s, and 2.6% in the 2000s, with only the post-crisis 2010s anywhere near the 2% target.

The Fed held rates at 3.5% while oil surged past $108 WTI and $120 Brent, bond yields pushed back toward post-Liberation Day highs with the 30-year hitting 5%, and four FOMC members dissented on the dovish bias. Powell announced he'll stay on the board to protect "Fed independence," but Schiff argues he'll be irrelevant. The episode also covers Trump's plan to buy Spirit Airlines at bankruptcy — proof he doesn't understand capitalism — Michael Saylor's Bitcoin conference keynote pushing Stretch preferred stock as a thinly veiled Ponzi, and explosive IRS FOIA documents proving the agency collaborated with Puerto Rico's SIF to shut down Euro Pacific Bank as a PR stunt, with every email focused on publicity strategy rather than any actual wrongdoing.

Chapters:

00:00 Cold Open Montage

00:58 Fed Holds Rates

02:47 Powell Stays On

05:07 Fed Independence Debate

06:17 Inflation Mandate Critique

09:38 Reporters And Data

11:04 Decades Of CPI Reality

15:01 Ad Break Pebble

16:43 Powell On His Record

20:04 Inflation Fire Economy Weak

21:59 Oil Yields And Markets

27:18 Gold Silver And EPAM Pitch

29:15 Ad Break NetSuite

31:05 Trump Spirit Bailout

34:10 Bitcoin Conference Reality Check

37:21 Saylor Stretch Digital Credit

39:44 Ponzi Claims And Warning

42:57 Yield Over Bitcoin

43:26 IRS FOIA Fight

45:58 Explosive Email Evidence

47:02 Debanking Timeline

49:55 SIF Findings Breakdown

57:42 PR Motive Revealed

01:06:47 Press Conference Coordination

01:16:43 Why This Matters

01:20:08 Puerto Rico Potential

01:25:12 Final Call To Action

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Newmont is earning $11/share at 10x PE with 132% growth — half the S&P's multiple. Wall Street is asleep at the wheel.

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Newmont Mining just posted 132% earnings growth with five-to-one margins and a stock trading at 10x earnings — half the S&P multiple — and Wall Street barely noticed. Peter Schiff breaks down why gold miners are the most undervalued sector in the market and why he's been accumulating positions in companies like Newmont, Franco-Nevada, and Wheaton for over 20 years without selling a share.

The episode also covers Trump's Iran war pivoting from threatened annihilation to an economic blockade that's keeping oil above $94, the DOJ dropping its criminal investigation into Jerome Powell's Fed building remodel as an olive branch to clear the way for Kevin Warsh, Schiff's own six-year experience with leaked government investigations that were never officially closed, Michael Saylor's Strategy preferred stock as a self-described Ponzi scheme the SEC refuses to touch, and a new cottage industry of mass tort lawyers helping businesses claim tariff refunds — proof that Americans, not foreigners, paid every cent of those tariffs.

Chapters:

00:00 Cold Open Montage

00:57 Show Intro Puerto Rico

01:28 War Drags On Markets Shrug

04:27 Blockade Strait Oil Spike

08:18 Election Pressure Inflation Risks

13:22 Commercial AI Mastermind Ad

15:54 Post Office Hikes Inflation

16:41 Powell Probe Fed Incentives

22:31 Schiff Investigation Story

30:00 Commercial ExpressVPN Pitch

31:37 Gold Friday Market Wrap

34:35 Newmont Earnings Surge

36:52 Gold Miner Margins Explained

38:20 Buybacks and M&A Signals

39:27 West Red Lake Pullback

40:19 Buying Bad News Strategy

42:38 Position Sizing and Risk

45:04 Gold Fund and Active Picks

46:40 Bitcoin Yield Ponzi Rant

53:18 Tariff Refund Fallout

56:50 Debt Deficits and War

01:02:01 Wrap Up and Subscribe

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Warsh won't say Trump lost in 2020, won't name one policy he disagrees with, and can't explain what 1% rates would do. This is our next Fed Chair.

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Donald Trump's Fed Chair nominee Kevin Warsh spent two hours dodging every meaningful question in his Senate confirmation hearing, and Peter Schiff watched the whole thing so you didn't have to. Warsh refused to say whether Trump lost the 2020 election, wouldn't name a single Trump policy he disagreed with, and couldn't answer the obvious question of what 1% interest rates would do to consumer prices — even though he'd already admitted inflation comes from government spending and money printing.

Before breaking down the hearing, Schiff delivers a history of the Federal Reserve that most economics PhDs have never learned: why the Fed was created as a private bank to issue superior banknotes backed by 40% gold, how the original act prohibited the Fed from owning treasuries, and how World War I opened the door to everything wrong with monetary policy today. He also takes aim at MicroStrategy's Strategy preferred stock as a textbook Ponzi scheme — Saylor can only pay the 11.5% yield by selling new shares, and the fine print lets him stop paying whenever he wants.

Chapters:

00:00 Cold Open and Intro

00:57 Warsh Nomination Stakes

02:34 InvestingPro Sponsor Demo

07:32 Why Fed History Matters

08:08 Before the Fed Era

11:12 Fed Independence and Constitution

14:00 Superior Banknotes Explained

17:40 Outskill Sponsor Break

21:47 Elastic Money Supply Myth

25:49 War Finance and Treasuries

32:16 Hearing Reactions Begin

33:05 Trump Spending And Inflation

34:02 Warren Attacks And Rate Cuts

35:17 Warsh Denies Being Puppet

36:34 Fed Praise And Wealth

38:16 Price Stability Redefined

41:15 Dodging Trump Questions

43:45 One Percent Rates And QE

46:06 Inflation Tax And Deficits

47:00 Fed Chair And The Dollar

49:54 No CBDC Crypto Pandering

50:46 MicroStrategy Ponzi Rant

54:20 Lawyer Evasions And Politics

57:34 Warsh Verdict And Gold Pitch

01:02:11 Final Wrap And Signoff

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Hank Paulson warns of a "vicious" debt crisis — but his only plan is to brace for it, not prevent it. That tells you everything.

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Former Treasury Secretary Hank Paulson is warning about a "vicious" sovereign debt crisis and urging a break-the-glass emergency plan — but Peter Schiff points out that Paulson himself architected the bailouts and QE policies that made this crisis inevitable, and his only advice now is to prepare for the crash rather than prevent it.

Markets hit record highs this week with the Nasdaq up 7% on ceasefire optimism and oil dropping to $83, but Schiff warns the rally is built on the false premise that peace means rate cuts. The Fed's balance sheet has quietly grown over $200 billion in 2026 while M2 money supply expands at 5% year-over-year. Meanwhile, NYC Mayor Manda proposes city-owned grocery stores and taxes on non-resident condos — policies Schiff dismantles as the kind of anti-capitalist thinking that drives wealth creators to places like Panama, which is rolling out the welcome mat for every entrepreneur New York chases away.

Chapters:

00:00 Show Cold Open

00:57 Live From Puerto Rico

01:59 War Headlines Fuel Rally

04:12 Bitcoin Gold Silver Check

07:07 Fed Policy And Real Rates

08:54 Producer Prices Reality Check

11:09 Paulson Warns Debt Crisis

19:09 Panama Versus New York Taxes

22:21 How Wealth Gets Created

25:42 Fair Share And Job Creation

30:03 Wealth Creation Backlash

31:52 City Owned Grocery Plan

34:11 Profit Motive And Prices

39:18 Subsidies And Market Damage

43:25 Farm Subsidies And USSR

45:36 Taxing Nonresident Condos

51:06 Why Profit Builds Cities

51:59 Property Tax Critique

59:44 Closing Markets And Gold

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#PeterSchiffShow #DebtCrisis #GoldInvesting