Last Week Was the Warning... What Comes Next Is Bigger

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Peter Schiff argues the latest CPI print was misleadingly benign, while the real macro signal came from the Treasury’s $432B July deficit — described as the worst single month in US history — bringing the 10-month deficit to $1.8T and the national debt to within $150B of $40T. He frames this as inflationary fiscal dominance rather than disinflation, with the bond market failing to rally on the softer CPI because deficit dynamics and renewed oil strength point to hotter prints ahead. For precious metals, the core message is firmly bullish: the episode says gold is holding above $4,400/oz and silver above $65/oz, with heavy Asian buying presented as evidence that the de-dollarization trade is reasserting itself. Schiff also ties the move to a weaker confidence backdrop in the dollar and Treasuries, alongside a rising yen and Japan-related swap-line support that he characterizes as backdoor QE. Near term, the implication is that fiscal deterioration and persistent inflation risk remain the key catalysts for further upside in gold and silver, especially if August CPI re-accelerates and Treasury market pressure continues. The main risk to the trade is any temporary stabilization in rates or dollar strength, but the broader setup he describes still favors hard assets over financial claims.