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2 Oct, 2020 14:45

Dollar going down regardless of who's elected US president – Peter Schiff

Dollar going down regardless of who's elected US president – Peter Schiff

The US currency was “the mirror image” of precious metals, such as gold and silver, as well as equities in the third quarter of this year, according to veteran stockbroker Peter Schiff.

He pointed out in his podcast that the greenback was up on the month in September, but down on the quarter. The dollar index gained nearly two percent in September but ended down just over 3.5 percent on the quarter, Schiff said.

The CEO of the Euro Pacific Capital projected that “there could be a lot of fireworks in the fourth quarter,” explaining: “I think it can be a particularly negative quarter for the dollar — maybe even for the bond market as well, and the stock market.”

According to the economist, the dollar index could decline in 2021. “And if it doesn’t happen in 2021, well, then it may happen in 2022. But ultimately, I think the dollar index could go a lot lower than 60. I wouldn’t be surprised to see it down at 40. I think there is tremendous downside risk.”

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Schiff went on: “I think the dollar is going to go down regardless of who the next president is and which party controls Congress. I mean, that should be abundantly clear based on the debate.”

He also noted that a Biden win would also be more negative for stocks given that the Democratic Party nominee is promising to raise corporate taxes.

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