Ideas and analysis on money, markets and the world around us.
While there is no starting-pistol that tells us the final phase of the credit cycle leading into the next credit crisis has actually begun, nearly all the signs point to it being the case for the US economy. There are…
Read the articleGold and silver lost further ground this week, as the dollar rallied back above the 95 level on its trade weighted index. As our headline chart shows, both metals have made a clear break below the important low…
Read the articleThe father of modern macroeconomics was Keynes. Before Keynes there were macro considerations, which were firmly grounded in human action, the personal preferences and choices exercised by individuals in the context of…
Read the articleThe bears continued to dominate precious metals futures this week, and the shorts in the managed money category on Comex stood at a record at the last Commitment of Traders Report, dated 17 th July. This week gold and…
Read the articleSummary In this article I point to the pressures on the Fed to moderate monetary policy, but that will only affect the timing of the next cyclical credit crisis. That is going to happen anyway, triggered by the Fed or…
Read the articleThe bears have been feasting on the bones of the bulls this week, enjoying a sell-off in precious metals, that has been echoed in commodities generally. Gold fell a net $18 between last Friday’s close and early European…
Read the articleThe most important question faced by the human race is almost never addressed in modern times: which should be the master, the state over the individual or the individual over the state? It is particularly relevant…
Read the articleAs our headline chart clearly shows, gold and silver have returned to test the level set at the major turning point of last December. Will they break down and resume a slide, or will they bounce higher? The longer they…
Read the articleTonight (Thursday) President Trump comes to Britain on a much-anticipated visit. The political situation in Washington is very different from when Mrs May last visited. In Washington, President Trump appears to have…
Read the articleIn this second part of our updated gold price framework we take a deep dive into the true energy exposure of gold mining companies. We find that gold miners are not just exposed to significant direct energy costs such…
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