Ideas and analysis on money, markets and the world around us.
Gold and silver sold off this morning, taking them to the lower end of the current consolidation range, which has been in place all month. It is also the quarter-end, a time when the bullion banks play their games to…
Read the articleLast week’s failure in the US repo market might have had something to do with Deutsche Bank’s disposal of its prime brokerage to BNP, bringing an unwelcome spotlight to the troubled bank and other foreign banks with…
Read the articleUsing nominal GDP, or GDP deflated by the CPI, as the principal guide to the state of the economy is a common mistake which will eventually prove very costly. Having convinced themselves that GDP measures economic…
Read the articleAfter the sharp falls seen at the end of last week, gold and silver consolidated in a narrow range, other than yesterday when the ECB announced a 10 bp cut in its deposit rate to minus 0.5%. Gold’s trading range before…
Read the articleTrump and Johnson face a common enemy in their complacent and costly establishments, but it is wrong to think they share a common approach to government business and finances. For the moment, all attention in Britain is…
Read the articleGold and silver had a remarkably strong performance before a sharp mark-down yesterday, which continued into early morning trade in Europe. Gold was down a net $14 on the week at $1505, and silver down 26 cents at…
Read the articleChina has made some silly errors in its conflict with the US, reflecting the arrogance that often afflicts every state actor. But the appearance that China is being backed into a corner over Huawei, trade tariffs and…
Read the articleWhile gold ran into some profit-taking this week, silver was the star performer. From last Friday’s close, after further strong gains taking gold as high as $1550, this morning in European trade gold was down $2 at…
Read the articleThe reason for persistent strength in the price of gold can be found in the changing relationship between time preference for monetary gold, and a new round of interest rate suppression for the dollar. Evidence mounts…
Read the articleGold and silver continued their consolidation into an eighth trading day this morning, from the intraday peak on 13 August. The band has tightened on declining Comex volume, which is as one would expect in a bullish…
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