Ideas and analysis on money, markets and the world around us.
Gold and silver continued their consolidation of the last few weeks, becoming progressively less overbought in the process. Since last Friday’s close, gold was down $18 by early trade in Europe this morning, at $1329.…
Read the article“While it is the duty of the citizen to support the state, it is not the duty of the state to support the citizen” – President Grover Cleveland The point President Cleveland made back in the 1880s was that individuals…
Read the articleThe timing of any credit crisis is set by the rate at which the credit cycle progresses. People don’t think in terms of the credit cycle, wrongly believing it is a business cycle. The distinction is important, because a…
Read the articleIn early European trade this morning (Friday) gold was down $2 from last Friday’s close at $1,347. Silver is down 25 cents at $17.18. Comex volumes have declined, and the dollar has stopped falling. It has mostly been…
Read the articleThe battle for ideas in the Brexit debate comes down to two basic economic approaches. The neo-Keynesian macroeconomists in the permanent establishment, who manage the state as economic planners and regulators are on…
Read the articleConclusion: Overall inventories built this week, particularly crude (which is seasonally normal). Cushing still drew, we think this needs to end soon, which probably will require the WTI-Brent gap to close a bit…
Read the articleThis week, gold and silver continued their rise from the 11 December low, and are now up 9.3% and 11.6% respectively. In a little over five weeks, gold has increased more than the annual average since the Nixon shock in…
Read the articleConclusion: Further declines in US inventories, faster than even we predicted. Oil production growth is strong at close to 1mb/d and is now confirmed by the monthly data. The arb from Cushing to the USG for uncommitted…
Read the articleDeficits are mounting in pension obligations. It is a global problem over which pension trustees are helpless. It is also a problem that’s brushed under the carpet, with prospective and current pensioners generally…
Read the articleIt had to happen after a terrific run from early December, so a consolidation in precious metals is hardly a surprise. With gold trading at $1,337 in early European trade this morning (Friday) it is unchanged, and…
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