We're starting our coverage here at the V R I C in Vancouver and joining me now Peter Schiff, a CEO of Euro Pacific Capital.

He is also on my panel tomorrow.

The ultimate gold panel.

Yes.

I didn't know this was your first interview.

You are my first interview today.

This is this is probably your first interview.

Six months, six months with twins, I might add.

Thank you, Peter.

All right.

Lots of stuff to cover today.

First and foremost, let's talk about the recent news items.

China us.

We saw the trade deal now signed.

We've seen a deed escalation of tensions with Iran.

Is everything Rosie in the world right now?

Can we breathe a sigh of relieve?

I doubted.

You know, the markets, I think want to believe that.

But, you know, the trade deal really doesn't amount to much.

I mean, I was saying that from the beginning that it was more hype and that I thought that the markets would actually get MME.

Or out of the promise of a trade deal than actually the delivery of a deal that didn't live up to expectations.

And certainly this one did not.

Nothing was really accomplished.

Everything supposedly is back and loaded into phase two, but I don't think there's gonna be a phase two.

This is pretty much it.

And, you know, the markets are the rather than that, the government isn't even really getting rid of the tariffs.

The tariffs are still here, so there's still a problem.

This is not a game changer for the US economy.

It all s o.

I don't think this is really good news.

Middle East.

I think that the tension is probably somewhat less elevated than it was when the missiles were flying.

You know, when they were retaliating.

But I think there is more tension now.

Then there was before way took out solo mania.

So I think the markets have more to worry about.

But what they really need to worry about is the U.

S economy and the Fed policy, because it's Fed policy that's driven the rally.

But this Fed policy is very destructive to the U.

S.

Economy and ultimately, US dollars.

Let's talk about the Fed.

Do you think that this will change at all their course of action?

Well, no.

I mean, we're on a very destructive course of action, they're gonna keep on printing money.

They're gonna keep interest rates artificially low because they're afraid of the consequences of what they've already done.

So rather than deal with those consequences, they want to kick the can down the road by making the consequences even worse, which is what they've done by lowering rates again and going back a quantitative easing.

Let's talk about gold now.

Obviously, we'll go into in depth detail tomorrow.

Ray Dalio.

Is Bridgewater coming out saying, Hey, we wouldn't be surprised if gold rallies 30% this year going up above $2000 an ounce and you're saying no surprise there.

I saw one tweet you put out on this.

You agree?

No, I mean gold could go a lot higher.

At fact, I think if Trump is not re elected, right, if we get like President Sanders, gold should go above 2000 this year.

And if it's not above 2000 by the election, it should be a 2000 election night if we get the results.

But ultimately, gold goes much higher than that, because remember, gold got up to 1900 back in 2011 and that was following a 10 year run where gold started below 300.

So we had a big move.

But the reason that gold got that high was because people initially had the correct reaction to Q E and 0% rates that this was a disaster on that they're Fed was not gonna be able to get out of this.

But then all of a sudden, the Fed managed to convince everybody at least everybody who counted, not me.

But you know, the mainstream that, hey, they could normalize interest rates and shrink their balance sheet.

Everything was gonna be fine.

And it was based on that false belief that gold pulled back.

But now that people are coming to the conclusion that Q is indefinite and that rates are never going to normalize, the bottom's gonna drop out of the dollar.

And that means gold goes through the roof.

What do you make up for when you hear that these Wall Street execs are coming out in favor of gold?

Because for the longest time, as you know, you know, Wall Street has not really been favorable to gold, and they're still not.

I mean, you're talking about Yeah, Leo, there's a couple of guys that are talking about it, Jeff Gundlach.

I mean, but these guys, they're not mainstream thinkers.

I mean, they're smart guys, but, you know, if you look at the typical investment portfolio of a hedge fund or of major investors, endowments, pension funds, they've got no exposure to go.

In fact, gold stocks have outperformed the S and P the last four years.

They beat the S and P in 2019.

They beat the S and P over the last two years.

In fact, last year the S and P was up 30% but earnings were down 1%.

Gold stocks were up about 40% but earnings were up about 80%.

But despite that year to date, even though gold is up another two and 1/2 percent so far in January, gold stocks are down.

And so there isn't a lot of enthusiasm for gold stocks in the investment community.

The last time this happened, where gold was up in the January and gold stocks were down was 2020 years ago.

You're bringing that up because that's the majority of the e mails I'm getting right now is, you know, with gold up wiring the mining stocks performing investors are frustrated because you're not bullish, you know.

But if this is a repeat of 2000 think about January of 2000.

That was the peak of the NASDAQ bubble, and it was the bottom of a 20 year bear marketing gold.

So even though gold started 2000 going up, investors were still negative on the stocks.

Why are they so negative now?

Even though we've had a big increase in earnings of gold companies and gold stocks have been doing well, they're climbing a wall of worry.

People are rushing into the NASDAQ when they should be buying gold stocks.

So I think this is probably a harbinger of good things to come.

I would take this as a contrarian indicator and we should be buying gold stocks.

I mean, I'm already all in, but if you're not, you should be getting into this sector, and you should be taking the advantage of the hype in the U.

S.

Stock market and selling your particular your NASDAQ type stocks.

What are you buying in the mining stock size that the juniors, the mid tears you want barracks?

What do you like?

Obviously I mean, Barrack, I think, is pretty well positioned right now.

But the best gains are gonna be in the juniors if you get the right ones, right?

Of course you could buy the wrong ones, that's why.

Look, I've turned over my stock picking in that area to Adrian Day, who was also here.

I'll know if you're gonna do an interview with Adrian, but he manages my gold fund.

We got five stars, which is the most they give.

I even got a plaque from Lipper Go.

So I had the best gold fund for the five years ended December of last year.

We gave back a little bit of ground last year, but we're still five stars, but I think that was because some of our positions really haven't matured yet.

But I think we've got a great portfolio.

So I think the best way to really get exposure to that junior sector is through my gold fund because I think Adrian has created a great portfolio with tremendous potential.

Of course, if I'm right, the price of oil goes up also, you're also love physical gold.

You by physical.

Yeah, well, they're very different animals.

Visible gold is a very secure conservative store of value.

It's on alternative to keeping cash rather than keeping dollars or euros.

Keep gold.

Once you get into gold mining stocks, you've got a whole new element of risk.

You're an investor in a mining company.

There are a lot of different things that could go wrong.

But I think there's a lot of stuff that could go right for the miners That is not priced into those stocks.

I want to use that to Segway into a crazy story.

You told me we were way just happened to be on the same flight last night and you shared with me What happened to your You have a big You have a wallet, Bitcoin wallet.

I can't access it now, but I have it.

If you could share with everyone what happens?

People were gifting you Bitcoin.

You've been you know, you're you're not an advocate off that crypto currency.

Oh, I mean, what what happened is so initially I did a debate with Eric Vorhees at the SoHo form.

You could see that debate on Internet on YouTube.

It's got over half a 1,000,000 views, so it's a popular.

So after dinner, Eric and I went out after the debate.

We went out to dinner and Eric set up a wallet for me on ah Blockchain dot com.

I never had one.

And so he gave me 100 bucks worth of Bitcoin, and then I gave him 50 bucks back.

So I had $50 where the big point hit this wall in, right.

And then since I had that wall, I went to like the money show, and I had some copies of one of my dad's books and one guy wanted to give me some crypto currency.

And since I have this new Wallace, it okay?

And so he gave me some ether and some Bitcoin cash, so I had, you know, and it was about 60 bucks worth, so I had, like, maybe $100 worth of crypto in my wallet.

So I was on a panel with Jeffrey Tucker at Freedom Fest, and during that panel, he I mentioned to him that I have this wallet now and I have a big coin.

I got big coin cash I've got either because I know he was a big crypto component proponent.

And I you know, I had not been really endorsing it, so I had mentioned him like, ironically.

Look, I've got some now.

It was a tiny amount.

So anyway, then Jeffrey does an interview on the radio, That's all.

Yeah, I was doing this panel with Peter Ship, and he told me all I got bit corner got big cats.

I got a list.

So now all of a sudden, there's rumors were circulating all over the Internet that I'm a secret Vic Corn Hodler, right?

Like like, even though I'm, like, trashing Bitcoin, I'm just buying.

And I have all this money in Bitcoin, and so I'm not being honest.

I mean, I'm just I really believe in it, but because it's negative for my gold business, I'm publicly.

So what happened is I was like, No, this isn't true.

I mean, I've got a tiny amount of crib, though, that I got for free.

And so then you know, Anthony, Papa Jano is like, Oh, you got a wallet.

Give me your address.

I'll give you 100 bucks worth, right?

You.

Everyone's just like people aren't getting gift getting gift.

A little, but anyway this.

So here goes the story.

So, Anthony popping ice.

I'll give you some money.

So I said, Okay, here's my wallet.

I gave him that.

I had never really used it, so I gave my wild idea.

Initially, I gave the wrong one and I gave the right one.

And Anthony never gave me the 100 bucks, But other people gave me about $2000 worth.

All of a sudden, I start getting all these little gifts, so that was the entire content of my wallet.

And so I was on the Internet the other day and somebody was bringing up the fact that I was, you know, secret Big Corn holer.

And so I wanted I went to check out my wallet on my on my phone, and I goto Wagen.

I don't have the normal.

Normally it just has a a keypad, and I push in my numeric code and all of a sudden it says, Hey, I've been logged out or something's wrong.

I gotta log back in and my code doesn't work anymore.

My password.

And so now my big quarter gone and I contacted Eric and he's like, Well, you know you need to have your your phrase, your memory friend.

What's that?

What's that?

You never told me about that.

He set it up for me.

The moral of the story is easy.

Come, easy go.

I mean, I lost all of my Bitcoin that I was Hotaling onto, right.

I've lost it all.

It's all gone.

You want tips and advice for Peter Schiff?

People think.

But again, they think I forgot my password.

100%.

No, I know exactly what my password was.

It was very simple.

It's impossible for me to not remember it.

It's just that the wallet doesn't recognize it anymore, and and I have no way of retrieving it.

So my Bitcoin is still in that wallet.

They just can't be accessed.

So initially, of course, you know they have no intrinsic value.

Now they have no market value because even if I wanted to sell them, I can't.

So that's that's That's my kryptos.

I love it.

Turns out that crypto was my worst investment ever because I lost 100%.

But at least at least I didn't buy him.

I got him for free.

Had I bought some that would be even worse.

Thank you for sharing that with us, Peter.