Ideas and analysis on money, markets and the world around us.
In “The General Theory of Employment, Interest and Money”, Keynes virtually created macroeconomics. But Keynes was a mathematician, not an economist, and did not fully understand free markets, so he was hardly qualified…
Read the articleGold and silver continued to strengthen this week, both seeing new closing highs for the year. Gold rose by $12 from last Friday’s close to trade at $1510 in early morning European trade and silver by 15 cents to…
Read the articleSilver prices have lagged gold prices since 2017 which has pushed the gold-to-silver ratio close to the all-time high. Silver prices are also significantly below what is predicted by our pricing model. We think that the…
Read the articleThis article demonstrates that only government borrowing in the US and UK drives GDP growth. This surprising conclusion is confirmed by long-run statistics. GDP does not represent economic progress, nor does it include…
Read the articleIn their best week for a long time, gold and silver continued their upward move against all currencies. Against the dollar, gold rose $62 on the week to trade at $1502 in early European trade, and silver by 80 cents to…
Read the articleGrowing evidence of a severe global recession is sure to provoke more aggressive monetary policies from central banks. They had hoped to have the leeway to cut interest rates significantly after normalising them. That…
Read the articleDuring the week when on Wednesday the Fed cut its headline interest rate by 0.25% gold and silver had some big moves. It was the first interest rate reduction in eleven years. Gold traded in a $48 range yesterday…
Read the articleIn this article, we look at the implications of the new Johnson government: its strategy, the likely outcome of EU negotiations, and the golden opportunities to reform trade, tax and monetary policies to secure a better…
Read the articleFor another week, gold and silver consolidated the gains from their recent bull run. Gold lost $7 on the week to trade at $1418 in early morning European trade today (Friday), and silver gained a net ten cents to trade…
Read the articleGold’s dramatic move above $1400 has caught the investment establishment by surprise. Physical gold ETFs, as a proxy for direct portfolio investment, amount to only 0.05% of the estimated $250 trillion of global…
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