Ideas and analysis on money, markets and the world around us.
The chasm between Eurasia and the Western defence groupings (NATO, Five-eyes, AUKUS etc.) is widening rapidly. While media commentary focuses on the visible side of the conflict in Ukraine, the economic and financial…
Read the articleGold and silver had a torrid week, particularly for silver which as our headline chart shows is now marginally down on the year. In European trade this morning gold was at $1915, down $14 on the week after falls the…
Read the articleThis article anticipates the rapidly approaching time when we might be engulfed in a combined currency, asset, and banking crisis. It is becoming clear that such an event can no longer be ruled out. Economists of the…
Read the articleGold and silver weakened since last Friday’s close, with silver particularly hard hit. In European morning trade today gold was at $1942, down $33 from last Friday’s close, and silver at $24.15, down $1.45. Trading…
Read the articleIn recent articles I have argued that the era of a financialised fiat dollar standard is ending. This article takes my hypothesis further and explains that it is not just the emergence of new commodity backed currencies…
Read the articleRussia is the world’s second largest petroleum exporter. About 5mb/d of crude oil and petroleum products are exported to Europe. A European ban on Russian petroleum imports would have an immediate effect on >1mb/d of…
Read the articleGold and silver prices advanced this week, with Comex volumes for silver increasing, while those for gold remained subdued ahead of the Easter holidays. In European morning trade today (Thursday), gold was at $1974, up…
Read the articleThis is the background text of my Keynote Speech given yesterday to European Gold Forum yesterday, 13 April. To explain why fiat currencies are failing I started by defining money. I then described the relationship…
Read the articleOver the past weeks, gold prices showed a remarkable resilience to the relentless rise in both nominal and real-interest rates. For the first time since 2020, gold prices are now reflecting slightly higher long-term…
Read the articleIn this two-part report we analyse the recent moves in oil markets. In the first part we explained the drivers behind the strong rally in prompt oil prices over the past year. In this second part we will take a deep…
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