According to Schiff the ignorance is “likely to remain the case until the fall becomes a crash, which I don’t think will begin until the Dollar Index breaks 80. At its current rate of decline that level could be breached before year end, perhaps by election day.”
No one seems worried about the falling dollar. That's likely to remain the case until the fall becomes a crash, which I don't think will begin until the Dollar Index breaks 80. At its current rate of decline that level could be breached before year end, perhaps by election day.
— Peter Schiff (@PeterSchiff) July 31, 2020
The decline of the US dollar accelerated in recent weeks on a rise in coronavirus cases in the United States and indications of a pickup in global economic activity. The ICE US Dollar Index, which tracks the greenback against a basket of six major rivals, fell 0.4 percent on Friday to 92.635 and traded at its lowest since July 2018. Meanwhile, gold continued its rally to hit fresh all-time highs.
“Coronavirus just accelerated the process of the dollar’s fall and there’s nothing that the Federal Reserve could do right now to preserve the dollar from falling,” Schiff said on his podcast.
He explained that the negative interest rates are actually far more negative because the US government is using the CPI (Consumer Price Index) “which barely scratches the surface on how high inflation is.”
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