- Post-Election Stock Market is Going to be ‘PARTICULARLY BRUTAL’ & Gold Will Be Last Safe Haven Standing – Peter Schiff
The US stock market is coming off its worst week since March and is the worst pre-election stock market in history, according to veteran stockbroker Peter Schiff.
He said on his podcast that the weak stock market doesn’t bode well for Donald Trump’s re-election, who had touted the stock market as his great accomplishment. He also doesn’t think that the stock market would ultimately sell off on the reality of a Joe Biden presidency – that it would be “buy the rumor, sell the fact.”
“Well, apparently they’re not waiting for the fact and they’re selling on the rumors. They bought on the rumor Biden was going to win and now they’re selling on the rumor that he’s going to win, because a Biden victory is not good for the stock market. It means much higher taxes and that is not going to be offset by the Federal Reserve.”