CENTCOM announced a FIFTH straight night of strikes on Iran in the middle of this conversation, while gold sat under $4,000 and oil under $80.
Peter Schiff thinks those prices are running on wishful thinking.
June's inflation numbers only looked calm because oil fell 30% on hopes the war was ending; July has already clawed back 20% with half the month left.
In his view $80 oil is cheap for a world like this one, and a fear charge gets built into every barrel for years, since everyone now knows a ceasefire can restart.
Gold is the part he called flat out wrong.
It climbed ahead of the war and sold off once the war arrived, leaving traders convinced war is bad for gold.
His forecast runs the other way: escalation strengthens gold, the turn will be too fast to time, and his target once it comes is $5,000.
Then the sharpest point.
Trump's ace with markets is announcing peace, and it has worked before.
How many more times can "the war is over" rally stocks while strikes run nightly? Peter's read: Tehran knows, and a sinking market strengthens Iran's hand at any table.
And on the 20% Hormuz toll that died within days, his obituary was short: it went down "like the Hindenburg."
Protection priced far above Iran's passage fee never had a customer.
@PeterSchiff
