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

Page: https://stenobird.com/podcast/schiffgold-friday-gold-wrap-podcast-975964/real-rates-are-collapsing-and-nobody-sees-it-gold-s-biggest-setup-ever
Text version: https://stenobird.com/podcast/schiffgold-friday-gold-wrap-podcast-975964/real-rates-are-collapsing-and-nobody-sees-it-gold-s-biggest-setup-ever.md
Podcast: [SchiffGold Friday Gold Wrap Podcast](https://stenobird.com/podcast/schiffgold-friday-gold-wrap-podcast-975964)
Published: 2026-05-16T16:27:18+00:00
Episode link: https://soundcloud.com/user-566069106/real-rates-are-collapsing-and
Audio file: http://www.podtrac.com/pts/redirect.mp3/feeds.soundcloud.com/stream/2321843822-user-566069106-real-rates-are-collapsing-and.mp3
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JSON: https://stenobird.com/v1/public/podcasts/schiffgold-friday-gold-wrap-podcast-975964/episodes/real-rates-are-collapsing-and-nobody-sees-it-gold-s-biggest-setup-ever
Duration seconds: 2117

## Resource

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.

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## Transcript

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