It is scale, not uncommon on peaches. If its a small tree rub it off with your hands and then hit whats left with oil. Leave off the first step if its a larger tree. There is no need to pull a low chill peach, low chill peaches are not a problem in most east/midwest climates. They tend to be less hardy but you are in zone 7 where all peaches are hardy. Scott

I have seen a pest called ambrosia beetle that bores holes into stonefruit trees,,, it may be secondary tho. The fruit has brown rot in those flat peaches, there are a host of sprays for that, wettable sulphur at blossom is a start but you will be battling. There are bacterial diseases that infect and kill the branches, then the ambrosia beetle drills into the wood http://extension.psu.edu/pests/plant-diseases/all-fact-sheets/pseudomonas-syringae-a-common-pathogen-on-woody-plants Brown rot http://agriculture.vic.gov.au/agriculture/pests-diseases-and-weeds/plant-diseases/fruit-and-nuts/stone-fruit-diseases/brown-rot-of-stone-fruits

As of right now, I have 5 different varieties on that tree. It's a 5 in 1, each variety being single except for the peach, of which there are 2 varieties on the tree. This is the third year in the ground and each graft has at least one fruit on it. The apricot and santa rosa plum have about 5 and 10 fruit respectively, after thinning. I also have a multi graft pluot 3 in 1, with 2 of those varieties being absolutely loaded with fruit even after thinning twice. I purchased a 4 in 1 apricot/aprium for my Mom and it formed up perfectly, with each graft growing about the same. Lots of fruit on it now. For my dad, I purchased a peach/nectarine 4 in 1. This one we had trouble with because I wasn't around to prune. We planted with the thinnest graft facing southwest, but the next thinnest faced the back and it is being shaded out by other grafts on each side. Those grafts have grown so aggressively that they have almost overtaken the 2 smaller grafts. I haven't been up to check in about a year so I don't know how it's doing over all.

Did you read the link? It tells you what to use. I don't find insecticidal soap to be as effective as horticultural oils, so I would start with them. Neem oil would be my first choice as it is naturally derived and is safe around pollinators and beneficial insects. Will also help to control other common citrus pests like aphids, spider mites and scale. Neem oil is sold under a variety of brand names and should be available at any good garden center. If you can't find, try all-season horticultural oil.