Ideas and analysis on money, markets and the world around us.
Russia 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…
Read the articleGold and silver showed little change on the week, with gold trading at $1932 in Europe this morning, up $8 from last Friday, and silver at $24.66, up 5 cents. In the first week of the new quarter, Comex turnover for…
Read the articleWe will look back at current events and realise that they marked the change from a dollar-based global economy underwritten by financial assets to commodity-backed currencies. We face a change from collateral being…
Read the articleGold and silver drifted lower on balance this week, seemingly caught in limbo while traders tried to make sense of news developments. In Europe this morning, gold traded at $1935, down $22 from last Friday’s close, and…
Read the articleCommentators are trying to make sense of Russian moves. However, there is a back story which differs from much of the speculation, which this article addresses. The Russians have not put the rouble on some sort of gold…
Read the articleBrent crude oil prices rallied $100/bbl since the lows in 2020. This reflects very tight fundamentals, where petroleum inventories are at extremely low levels relative to consumption and supply is struggling. The war in…
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