Real Rates Are Collapsing and Nobody Sees It — Gold's Biggest Setup Ever

PPI hit 6%, yields hit 19-year highs, and gold dropped 4%. Traders are selling on the most bullish data gold has ever seen. Gold fell 4% and silver dropped 10.5% on the week despite the most bullish inflation data in years. Peter Schiff explains why traders have it exactly backwards: April PPI surged 1.4% month-over-month — nearly the entire 2% annual target in a single month — pushing producer prices to 6% year-over-year. Core PPI tripled expectations at 1.0%, annualizing to 12.5%. Import prices jumped 1.9% on the month, proving Americans are paying every cent of the tariffs, while export prices exploded 3.3%, signaling internal US inflation pressure across the board. The 30-year Treasury yield closed at 5.12%, a 19-year high, while the 10-year hit 4.59%. Algorithms are selling gold because they see rising yields as bearish — but Schiff argues they're completely missing that real interest rates are collapsing because inflation is rising faster than nominal rates. The Fed's easing bias in the face of 6% PPI is itself a form of monetary easing. Oil closed at $105 with no end to the Iran war in sight, Bitcoin is down 12.5% year-to-date, and the AI/crypto bubble is one bond market shock away from popping. Schiff's call: back up the truck on gold, silver, and mining stocks while traders are giving them away. Follow @peterschiff X: Instagram: TikTok: Facebook: Get more gold & silver now: 1-888-GOLD-160 (465-3160) Open a T Gold account: Open a managed account: Listen to The Peter Schiff Show: Follow the main channel: Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: * Check out DBJourney and use my code Schiff15 for a great deal: * Check out Fast Growing Trees and use my code GOLD for a great deal: * Check out Plaud AI and use my code GOLD for a great deal: * Check out Quince and use my code quince.com/gold for a great deal: * Check out TruDiagnostic and use my code GOLD20 for a great deal: Privacy & Opt-Out:

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Real Rates Are Collapsing and Nobody Sees It — Gold's Biggest Setup Ever is an episode from The Peter Schiff Show Podcast by Peter Schiff.

This episode is 35:11 long.

This episode was published on May 16, 2026.

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