Ideas and analysis on money, markets and the world around us.
An unexpected destruction of fiat currency has been advanced by the monetary and fiscal response to the coronavirus. Financial markets have yet to discount the possibility of such an outcome, but in the coming months…
Read the articleEquities are pricing in vastly different inflation expectations than gold. We think stocks are pricing in massive future monetary expansion while gold is only pricing in what central banks have done so far. Whether…
Read the articleDespite persistent premiums on Comex over London’s spot gold and silver, both metal contracts were marked down this week, with gold down $54 from last Friday to trade at $1673 in Europe this morning, and silver lost…
Read the articleBefore the coronavirus caused governments to impose lockdowns, whole economies, markets and even currencies were already on course to be destroyed by a vicious downturn in bank lending at a time of contracting trade and…
Read the articleGold rose on the week, but silver was barely changed. From last Friday’s close, gold rose $47 to $1728 in early European trade this morning, while silver rose five cents to $15.23 on the same timescale. While silver…
Read the articleThis article asserts that infinite money-printing is set to destroy fiat currencies far quicker than might be generally thought. This final act of monetary destruction follows a 98% loss of purchasing power for dollars…
Read the articleGold and silver were not much changed on a dramatic week. In European trade this morning gold was down $5 at $1690, and silver was down 28 cents at $15.12 from last Friday’s close. There is still a large gap in the…
Read the articleThe powerful forces of bank credit contraction are at the heart of a rapidly evolving financial crisis in global derivatives, whose gross value is over $600 trillion; an unimaginable sum. Central banks are on course to…
Read the articleAhead of the Easter break it has been an interesting week for precious metals. Gold rose $55 from last Friday’s close to $1681.8 yesterday, the highest closing level since 2012. Silver rose a dollar on the week to close…
Read the articleCommentators routinely confuse the deflationary effects of a contraction of bank credit with the inflationary effects of central bank policies designed to offset it. Central banks always ensure their stimulus is…
Read the article