The Peter Schiff Show Podcast · Oct 17, 2026 · 38m · 30m saved
With Peter Schiff, CEO of Euro Pacific Asset Management
Photo: Gage Skidmore, CC BY-SA 3.0 via Wikimedia Commons
US producer prices rose 1.3% in September, almost triple what analysts expected, and Peter Schiff, CEO of Euro Pacific Asset Management, said on The Peter Schiff Show Podcast that the Federal Reserve has already lost its fight with inflation.
Traders read the week's three hot inflation reports as a reason for the Fed to raise rates harder, and sold gold and silver. Peter reads the same reports as a reason to buy both.
"The hotter than expected inflation numbers doesn't mean that the Fed's going to fight harder to beat inflation. It means the Fed has already lost. Inflation has won." — Peter Schiff
Peter also runs SchiffGold, a gold and silver dealer, so he has a business stake in the trade he recommends. This episode was his solo Friday market wrap, with no guest.
The full episode is covered here so you can skip it. 38 minutes of audio, 8 minutes of reading.
Here are the 11 calls that matter.
Key Takeaways
Three hot inflation reports in three days show the Fed has lost, not that it will fight harder, in Peter's view
Producer prices rose 1.3% in September against 0.5% expected
Fed Chair Kevin Warsh is "a dove in hawk's clothing," with one 25bps hike in five months
CPI is already up 4% in 2026's first nine months, against 2.9% for all of 2024
US mortgage lenders hold about $2T of paper losses before a single default, Peter estimates
Home prices need to fall at least 30%, and Peter expects bank failures on the way down
Interest on the national debt has reached $1.4T a year, more than Medicare
Hot inflation is a reason to buy gold, not sell it, and Peter calls the dip a gift
1. Traders Dumped Gold
The week brought a hot inflation report on each of Wednesday, Thursday and Friday: consumer prices, then producer prices, then import and export prices. Traders treated each one as bad news for precious metals.
Peter Schiff says traders sold gold and silver for the wrong reason
"All of that bad news on inflation was actually bad news for gold and silver as far as the traders were concerned because they sold gold and silver." — Peter Schiff
Their reasoning, as Peter described it, was that hot inflation forces the Fed to raise rates harder. He sees the price drop as a chance to buy.
"Gold dropped half a percent on the week... it closed at $4,145 approximately, even though it should have gone up. That is good news. You can buy more gold at a cheaper price because traders don't understand what's going to happen." — Peter Schiff
Silver fell about 3% on the week to around $56.85. Peter called a price back below $60 "a great buy."
