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Peter Schiff, Euro Pacific Capital CEO & chief global strategist, on the market impact of Obamacare and upcoming employment data.
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With gold trading lower we turn to our favorite gold bugs Peter Schiff Euro Pacific Capital.
CEO and author of the real -- America's coming bankruptcy.
Peter all this coming ahead of that.
Friday's big June jobs report what do you think the number will be on Friday good or bad and then what happens as a result.
Well I.
I don't expect again not -- know that employment opportunities -- continue to be diminished in the United States and I think now that the Supreme Court has rubber stamp which should -- and unconstitutional.
Our mandate now -- lawyers know that there's a real reason not to have fifty employees.
In fact if you've got more than fifty employees you should start thinking about who you can lay off.
Because everybody will benefit now from working at a small company.
Because people no longer have to buy health insurance in this country particularly if you're healthy because you -- just -- this little penalty and die and and you'll have just the same coverage so I think we're gonna continue to lose jobs.
And we never had a real recovery anyway.
But of course goal is also benefiting.
From European demand now that Merkel is -- and we're gonna have more inflation in the eurozone so the Europeans now have more reason to buy gold so -- gonna go higher.
Right so now the that and so now gold could go actually.
Back up.
2007 you're quite right.
When that await meltdown came.
You continue to opted to believe that even though stocks of course came back an awful lot of good eighty per cent.
Now though gold have been weighed down the dollar is up is that frustrating beyond shocked that the dollar can even be up when the US government -- -- It's not frustrating and first of all.
The market is comeback but not in terms of gold the stock market has lowered today in terms of gold than it was before the financial collapse so.
The real value of stocks continues to go down yeah we're printing a lot of money.
But that doesn't mean anything look at -- look at the price of commodities price of energy we're talking about the dollar is being debased and this is a process.
And I think -- ultimately will be vindicated on all of my predictions including the ones that haven't taken place.
But if you remember when I forecast a crisis of -- way I said that was really -- beginning of a bigger crisis not the end.
I knew then that the real crisis was gonna result not from that disease but from the government secure and it is -- you QE3 is coming.
And when people recognize that it's coming it's gonna hurt the dollar.
And you know eventually the Fed will not be able and keep interest rates at zero.
-- when they rise it's gonna be even more difficult frost and pay our debts than it is for Europe.
-- -- and yet -- ten year treasuries are in a lower interest rate now than they were in the await meltdown I don't understand how we got to go thank you very much fully with the -- you don't understand it I mean just realize that it's insanity and it will end badly.
Just like the technology stock bubble in Internet stocks.
Just like the housing bubble in sub prime mortgages and then came back I -- -- thirty year treasuries are making -- same mistake a of course the problem is the biggest buyer is the Federal Reserve and they're buying -- our money.
Yes agreed sir thank you very much leadership appreciate -- being with us -- that's.
