Ideas and analysis on money, markets and the world around us.
This 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…
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…
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