Gold & Silver Essays

What if the world's stock of aboveground gold was actually smaller than is generally believed to be the case? What would be the implications in terms of common statistics cited in analysis of the gold market? In this essay, James Turk examines why there are solid reasons for believing that many gold authorities overstate the aboveground stock of the metal. The Appendix data for this study can be viewed at this link.

I make this speech in the earnest hope that Croatia, which has emerged from decades of totalitarianism, along with her neighbouring countries, will not make the mistakes we have made. And by “we”, I refer to the advanced economies of Western Europe, North America and Japan. To explain why we have made mistakes, it will help if I summarise the fundamental differences between classical economics, neo-classical, including Keynesian and monetarism, and Austrian economics.

There is frequent debate about the valuation of any asset or asset class. Sometimes the debate is fierce, and few investment topics evoke as much passion and controversy as gold — especially among professional investors. Many believe that gold is useless as a commodity and are sceptical of its alleged monetary value. For those that have legitimate doubts about the value of gold, this paper is an attempt to address some of those doubts.

In a recent article in Fortune, Warren Buffett reiterated his well-known view on money. Far less celebrated, however, is the discerning view of his father, Howard Buffett, expounded in a brilliant speech in 1948 while serving as a 4-term congressman from Omaha. Unlike his son, Howard understood gold's value and cherished its inexorable link with human freedom.