The market saw a massive rally today due to the coordinated action by central banks all over the world. Central banks from the U.S., Canada, Britain, Japan and Switzerland all jointly lowered borrowing rates so European banks have easier access to cash.

Peter Schiff, global strategist of Euro Pacific Capital Inc., gave his take of today’s actions. In the video below Peter Schiff says, “Well I think the world’s central banks rung a pretty loud bell today to buy precious metals, you had the Federal Reserve along with many central banks around the world reducing their rates by 50 basis points that they charge for dollar swaps.” This allows banks access to cheap dollars.

Schiff maintains the cheap access to dollars will in effect lower the value of the dollar index against other currencies. Schiff believes that everyone who has been waiting to buy precious metals should do so now. He’s also bullish on platinum which is trading at a discount to current gold prices.

Schiff also believes that the bailout was for U.S. banks as well and points to the S&P downgrades Tuesday night of more than 20 major financial institutions.

“This is not about economic growth its about propping up insolvent financial institutions by creating inflation.” Schiff added.

Schiff also talks about the recent credit easing in China after nearly 3 years of credit tightening to combat inflation. You can watch the full video below.