Ideas and analysis on money, markets and the world around us.
A dispassionate look at the quantities and flows of fiat dollars tells us much about the current state of the US economy, and therefore prospects for the dollar itself. This is a starting point for understanding the…
Read the articleGold and silver prices on balance drifted with an upwards bias over the week, with a firm undertone. Interest was impacted by the US Thanksgiving Holiday. Given the near-certainty of a rise in the fed funds rate next…
Read the articleThere are two problems with understanding deflation: it is ill defined, and it has a bad name. This article puts deflation into its proper context. This is an important topic for advocates of gold as money, who will be…
Read the articleConclusion: This weeks stats need some more explanation. We have an overall tight situation for PADD2 in the US with Keystone out until the end of the month, Cushing drawing and reports of extremely low inventories at…
Read the articleIt is time to talk about higher rates and what it means for gold For the first time since the onset of the credit crisis, we believe the market is beginning to price in a higher probability that the Fed is finally in…
Read the articleGold and silver traded in narrow ranges this week, with gold up $7 from last Friday’s close, at $1282 in early European trade this morning (Friday).On the same time scale, silver rose 19 cents to $17.05. Volumes on…
Read the articleAs we lurch through successive credit crises, central bankers and economists believe they learn valuable lessons every time, and that the ultimate prize, the suppression of business cycles through monetary policy, will…
Read the articleGold and silver rallied this week, with gold up $14 from last Friday’s close at $1283 in early European trade this morning. Silver is up by 18 cents at $17.00 over the same time-frame. The best day was Monday, following…
Read the articleThe assumption in some quarters is that crypto-currencies will replace gold as money, or at least challenge it. This is an error borne out of a misunderstanding of catallactics, or the theory of exchange. It also…
Read the articleConclusion: The large draws continue as net imports remain very low. We continue to believe that we are in a large global deficit in 4Q17, but most of the draws seem to show up in the US for now. With Brent at $63.50 at…
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