US Jobs Disaster Triggers Gold, Silver Surge as Japan's Yen Crisis Deepens

July's jobs report was a disaster for the US economy, showing a loss of 23,000 jobs and downward revisions to prior months' numbers. The labor force participation rate fell to 61.4%, a level unseen since the COVID lockdowns in 50 years. Full-time jobs have declined in six out of the last seven months, while wages lag behind inflation, confirming Peter Schiff's long-held warnings of stagflation.

The bigger story is Japan, where the yen has hit a 40-year low and JGB yields are at record highs. The US intervened with its largest yen intervention since 1998, using euros instead of dollars in a move that blindsided the European Central Bank. This stealth form of quantitative easing contradicts the Fed's inflation-fighting rhetoric.

The markets got the message: gold jumped 7.8% to $4,341, silver surged 12.3% to $63.46 after breaking above the old $50 ceiling, and GDX rocketed 22% in one week. Bitcoin's gain of 3.7% was overshadowed by these metal price increases.

Peter Schiff argues that this intervention is just the beginning, with the Fed unlikely to hike interest rates before the midterms. He believes a currency and sovereign debt crisis is approaching, urging listeners to prepare with gold, silver, miners, and foreign stocks. The coming crisis, he claims, will be caused by government policies, not market forces.