The Peter Schiff Show Podcast · Nov 7, 2026 · 1h 3m · 54m saved
With Peter Schiff, CEO of Euro Pacific Asset Management
Photo: Gage Skidmore, CC BY-SA 3.0 via Wikimedia Commons
Bitcoin fell about 3% in the week after the midterms, to roughly $75,900, while gold rose about 2.75% to $4,070 an ounce. Peter Schiff, CEO of Euro Pacific Asset Management, said on The Peter Schiff Show Podcast that Bitcoin's rally was a bet on Trump, and that the Democratic sweep took that support away. Crypto investors spent the past two years treating a friendly White House as a tailwind; Peter argues it was a political exposure that is now working in reverse.
"Deficits are going through the roof. Inflation is going through the roof. Investors still haven't come to terms with how bad this is." — Peter Schiff
Peter predicted the sweep before the vote, and he runs a gold business, SchiffGold, that sells the metals he tells listeners to buy instead of Bitcoin.
The full episode is covered here so you can skip it. 63 minutes of audio, 9 minutes of reading.
Here are the 12 predictions that matter.
Key Takeaways
Democrats are on track for 56 Senate seats, the biggest Senate flip since 1958 in Peter's count
No Republican has won the White House without Texas since 1968, and Texas just elected a Democratic governor
Trump will cave on spending to keep his tax cuts, and the debt ceiling could be abolished
The "AI bubble" cracked as Democratic governors-elect promised to slow data-center construction
Gold miners jumped about 9% in a week while the Nasdaq fell 4%
Strategy's Bitcoin has returned about 1% in 6 years, against Michael Saylor's promise of 30% a year
Peter tells listeners to sell Bitcoin now and buy physical gold and silver
1. The Biggest Senate Flip
Peter opened with the scale of a sweep he had predicted before the vote.
Peter Schiff expects Democrats to finish with 56 Senate seats
"The Democrats picked up so far seven Senate seats... they're going to pick up nine seats. They're going to have 56 Senate seats after this is said and done." — Peter Schiff
Two races, in Mississippi and Alaska, were not yet certified, but betting markets made them near-locks. A nine-seat gain would be the biggest Senate flip since 1958, when Democrats gained 13, and bigger than the Republicans' 12-seat wave under Reagan in 1980 or the nine-seat swing of 2014. Democrats also gained 44 to 45 House seats despite gerrymandering that Peter says held back an even bigger wave, and picked up six governorships for a 30-to-20 lead in state houses.
