| Gold Outlook Report 2026 |
Monetary Metals | Unlocking the productivity of gold |
2026-02-03 |
The Monetary Metals 2026 Gold Outlook Report is here. We share our predictions on the gold and silver markets for the coming year and how to prepare. |
|
|
| Gold at all-time highs: should I buy? |
Monetary Metals | Unlocking the productivity of gold |
2026-01-28 |
Sell gold and lock in your gains or to buy more? Here's where we see gold prices going in 2026 and why our outlook has predicted gold’s major rally so far. |
|
|
| CME’s margin shift is pushing the gold market toward leasing |
Monetary Metals | Unlocking the productivity of gold |
2026-01-20 |
CME’s shift to percentage-based margins means hedging gold and silver now requires more capital as prices rise, pushing metal businesses toward metal leasing. |
|
|
| Gold leasing is coming to Türkiye |
Monetary Metals | Unlocking the productivity of gold |
2026-01-09 |
Monetary Metals’ recently announced joint venture with Aga One is the first step in mobilizing the estimated 5,000 tons of gold held by Turkish households |
|
|
| Wile E Coyote Gravity Report 23 October, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-10-24 |
Another week without much major price action, gold +$16 and silver +$0.12. At least if you look at the closing prices. However on Monday after New York market hours, there was quite a spike in silver. The close was $17.46. The price was up 10 cents by midnight in New York. By the morning before |
|
|
| Wrong Measurement, Wrong Macro Call |
Monetary Metals | Unlocking the productivity of gold |
2020-12-14 |
The difference between the measurement paradigm that we propose, and the mainstream, is not merely ideological, pedagogical, tendentious, or pedantic. |
|
|
| Will Interest Rate Hikes Fix Inflation? |
Monetary Metals | Unlocking the productivity of gold |
2022-06-13 |
Everyone is asking if the Fed’s interest rate hikes will be enough to curb inflation. The question's not even wrong. Read on to learn what will really happen |
|
|
| Would Gold Bugs Make Sense? |
Monetary Metals | Unlocking the productivity of gold |
2013-06-02 |
It Wouldn't Make Sense Not to A gold bug argues it would not make sense for the Fed not to manipulate the gold price: If gold isn't suppressed, then the Fed would be leaving it to trade in an open and transparent market Banks can short-sell with impunity because if they take losses they can |
|
|
| Wizard’s First Rule, Report 4 Nov 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-11-05 |
Do you believe that the dollar will lose reserve status, collapse relative to other currencies, and hyperinflate soon? |
|
|
| Yes, Virginia, There Is An Alternative |
Monetary Metals | Unlocking the productivity of gold |
2020-11-11 |
Currently, investors would rather own stocks than bonds, and damn the torpedoes along with the risks. We disagree. |
|
|
| You Can’t Eat Gold, Report 14 Oct 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-10-15 |
Food is good for eating, and gold is not. So what? Food is not good as money. So what’s money? |
|
|
| Won’t Get Fooled Again, Report 17 Jan, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-18 |
There is a great lyric in Won’t Get Fooled Again by The Who: Then I'll get on my knees and pray We don't get fooled again Remember last week, when the price of silver spiked? On Thursday that week, the price was moving sideways around $14. Then around 5am (Arizona time), the price began to |
|
|
| Widening Bid-Ask Spreads, Gold and Silver Market Report 17 February |
Monetary Metals | Unlocking the productivity of gold |
2020-02-17 |
widening bid-ask spreads in the spot market reverses the trend of 2018. |
|
|
| Zero Interest Rate – Bad for Everyone |
Monetary Metals | Unlocking the productivity of gold |
2013-01-16 |
Zero Interest Rate Policy isn't just bad for savers and those living on a fixed income, in other words the people. It is also bad for banks. Net Interest Margin, which should be a major profit center at a bank, if not the profit center, is negative at JP Morgan. JPM Beats Thanks To Ongoing |
|
|
| Wow! Just wow! |
Monetary Metals | Unlocking the productivity of gold |
2013-02-08 |
This is pretty technical, but in essence X owns junk bonds, so he swaps them for Treasury bonds with a promise to un-swap later. Then X has good collateral to post to buy another asset. Y owns Treasury bonds, so he swaps them for junk bonds. Then he has yield (the 10-year Treasury pays less |
|
|
| Yellen Said Something, Gold & Silver Update 20 Sep 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-09-21 |
Fed Char Janet Yellen said something and that set off an avalanche of selling but then it was buy the dip! But what really happened to the metals' fundamentals? |
|
|
| Worried You Might Buy Bitcoin or Gold, Report 5 Mar, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-03-06 |
The price of gold has been rising, but perhaps not enough to suit the hot money. Meanwhile, the price of bitcoin has shot up even faster. From $412, one year ago, to $1290 on Friday, it has gained over 200% (and, unlike gold, we can say that bitcoin went up—it’s a speculative asset that goes |
|
|
| Will Gold or Silver Pay the Higher Interest Rate? |
Monetary Metals | Unlocking the productivity of gold |
2017-05-09 |
This question is no longer moot. As the world moves inexorably towards the use of metallic money, interest on gold and silver will return with it. This raises an important question. Which interest rate will be higher? The Wrong Approach It’s instructive to explore a wrong, but popular, view. I call it the purchasing power |
|
|
| Why Am I Fighting for the Gold Standard? |
Monetary Metals | Unlocking the productivity of gold |
2018-08-31 |
I don’t know if I would choose to be alive after collapse. That is, even assuming I would survive the events immediately after—I expect more than 90% to die when energy and food production come to a halt. I fight to preserve civilization. |
|
|
| Why is the Gold Standard Urgent? |
Monetary Metals | Unlocking the productivity of gold |
2014-10-15 |
After President Nixon’s gold default in 1971, many people have advocated a return to the gold standard. One argument has been repeated: consumer prices are rising. While this is true, it wasn’t compelling in the 1970’s and it certainly doesn’t fire people up today. Rising prices—what most people think of as inflation—is a dead-end, politically. |
|
|
| Why Do Investors Tolerate It, Report 17 Dec 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-12-18 |
It takes two to tango, borrowers who want easy credit and lenders who give it. |
|
|
| Why Duration Mismatch Will Always Fail |
Monetary Metals | Unlocking the productivity of gold |
2013-03-27 |
By taking demand deposits and buying long bonds, the banks distort the cost of money. They send a false signal to entrepreneurs that higher-order projects are... |
|
|
| Why is Gold Draining out of COMEX Warehouses? |
Monetary Metals | Unlocking the productivity of gold |
2013-06-12 |
Gold conspiracy theorists have a new bogeyman. Inventories of gold bars held in the COMEX warehouses are falling. This fact is offered to support the stale allegations of “fractional gold” and “manipulation”. They have been predicting a “signal failure” that is coming any day now, like the Great Pumpkin in the Charlie Brown Halloween special. |
|
|
| Why Was China Carrying Gold? |
Monetary Metals | Unlocking the productivity of gold |
2014-04-03 |
Zero Hedge has run an excellent article explaining the use of commodities, beginning with copper, to work around the Chinese government’s imposed capital controls[1]. Capital controls are intended to prevent arbitrage between the dollar interest rate and the yuan interest rate, which is much higher. To keep this gap open, and prevent the arbitrage—aka hot |
|
|
| Why the Fed Denied the Narrow Bank, Report 9 Sep 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-09-10 |
The Narrow Bank would mess up the Fed’s brittle central plan for the economy. |
|
|
| Why does the “Paper Gold” Price Track the Physical Gold Price? Part I |
Monetary Metals | Unlocking the productivity of gold |
2013-02-05 |
It’s curious, isn’t it? So-called “paper gold” (a futures contract) has a price that is not only very close to physical gold, but it remains locked to it. This is despite the fact that “paper gold” is reviled in the gold community. I am writing this on Sunday evening with little liquidity in the market, |
|
|
| Why Are Wages So Low, Report 23 Sep 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-09-24 |
Wages have been falling since at least 1965. The Left makes the wrong diagnosis and the Right mostly denies it. Here’s why. |
|
|
| Why Did Silver Fall, Report 12 Mar, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-03-13 |
The question on the lips of everyone who plans to exchange his metal for dollars—widely thought to be money—is why did silver go down? The price of silver in dollar terms dropped from about 18 bucks to about 17, or about 5 percent. The facile answer is manipulation. With no need of evidence—indeed with no |
|
|
| Who Knows the Right Interest Rate? |
Monetary Metals | Unlocking the productivity of gold |
2019-02-04 |
We have shown that when the central planner alters either the value of the currency unit or the interest rate that unrecognized losses of capital occur. |
|
|
| Why Are People Now Selling Their Silver? Report 15 Sep |
Monetary Metals | Unlocking the productivity of gold |
2019-09-16 |
Even if the dollar loses value at a constant rate, market participants may not agree and can overshoot and then correct. |
|
|
| Why does the “Paper Gold” Price Track the Physical Gold Price? Part II |
Monetary Metals | Unlocking the productivity of gold |
2013-02-05 |
In Part I of this article, we looked at arbitrage between the physical metal market and the futures market. We saw that there are arbitrageurs who straddle the spread between these markets, who don’t care about price but about the difference between two prices. They seek to profit, not from a change to the gold price, |
|
|
| Why Isn’t Gold Going Up with Inflation? |
Monetary Metals | Unlocking the productivity of gold |
2021-10-25 |
Why hasn't the price of gold risen along with other commodities because of inflation? The answer depends on what causes rising prices and inflation. |
|
|
| Why Are We Here? |
Monetary Metals | Unlocking the productivity of gold |
2015-07-23 |
I don't mean the meaning of life, the universe and everything. I mean why are we in the gold market? This week and especially today, I have seen so many emails, messages, and articles with the same theme. "Woe is me." Seriously? The price of gold dropped $100 in a couple of months, and it's like |
|
|
| Why Can’t We All Just Net Along |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
Every European country owes money to other European countries. This creates a web of cross-linked debt. Why don’t they just cancel everything but the net debt? |
|
|
| Why These Gold Standardites Are Wrong, 13 October |
Monetary Metals | Unlocking the productivity of gold |
2020-10-13 |
Oh, the challenges in accurately predicting inflation – especially if you apply a gold standard to it. Plus, a $2M, 1700ft newly-improved suburban street in TX. |
|
|
| Why Is Gold Becoming Scarcer, 16 Aug 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-08-17 |
For quite a while, we have been talking about scarcity in gold. The cobasis for both October and December is positive. These contracts are backwardated. The cobasis for the February 2016 contract is not far from backwardation. The gold market is tight. Why? Let’s explore. Part of the matter is that the price has fallen. |
|
|
| Why a Yield on Gold Matters |
Monetary Metals | Unlocking the productivity of gold |
2021-11-02 |
In a world where yield is disappearing, real interest rates are negative, and speculative churn is rampant, why does a yield on gold matter? |
|
|
| Why does the “Paper Gold” Price Track the Physical Gold Price? Postscript |
Monetary Metals | Unlocking the productivity of gold |
2013-02-09 |
This article is a follow-up to Part II. I expound upon a point I touched on, and also address some questions raised by readers. First, let’s look at an update of the open interest numbers as of Feb 6. Gold’s open interest actually declined further. Next, here is an update of the bases. The gold |
|
|
| Who Would Invest in a Gold Bond? |
Monetary Metals | Unlocking the productivity of gold |
2018-08-16 |
Nevada should sell gold bonds, to reduce its risk and get out of debt at a discount. And attract capital from all over the world. |
|
|
| Where Then Will Silver Go, Report 12 June, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-06-13 |
The price of gold bumped up thirty bucks, and that of silver about one buck. Is this liftoff—when the dollar falls sharply, and the price of each metal in dollar terms skyrockets? Is this the denoument when the gold bug does not get rich, because although his net worth measured in dollar is massively up, |
|
|
| Where Does Your Profit Come From? |
Monetary Metals | Unlocking the productivity of gold |
2021-08-30 |
It matters where your profit comes from. Investment is not the same as speculation. Dividends are not the same as capital gains. |
|
|
| What Silver Rocket? Report 13 Dec, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-12-14 |
“That [half a dollar of buying] frenzy was not stackers lining up to buy phyz. It was speculators buying paper. Why does that matter? Speculators, who typically use leverage, can’t hold the market price against the tide of the hoarders. They can push for a while, but they have to close their positions sooner or |
|
|
| What Will The Coming Gold Standard Look Like |
Monetary Metals | Unlocking the productivity of gold |
2017-08-04 |
Two pseudo gold standards. What do people need from a monetary system? What is the role of the banker? Why does gold circulate or not circulate? A working definition of the gold standard. How do we get from here to there? |
|
|
| What’s In Your Loan? |
Monetary Metals | Unlocking the productivity of gold |
2021-11-22 |
A healthy monetary system must be able to have stability in lending and borrowing, features which a Gold Standard provides, and Bitcoin and other systems lack. |
|
|
| What Trick did Tricky Dicky Pull 50 Years Ago Today? |
Monetary Metals | Unlocking the productivity of gold |
2021-08-16 |
On August 15, 1971, "Tricky Dicky" decreed that the US dollar would no longer be redeemable for the gold owed, even to foreign governments. Today, it's worse. |
|
|
| What’s the Point, Gold and Silver Report 3 Dec 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-12-04 |
The monetary system is moving inexorably towards Armageddon and there is no single better indicator than the gold basis. |
|
|
| What the Heck Just Happened to the Price of Gold and Silver?! |
Monetary Metals | Unlocking the productivity of gold |
2021-06-21 |
Last week, the price of gold fell $140/oz, and the price of silver nearly $2/oz. What happened? We break down the dramatic price moves in our latest report. |
|
|
| What’s The Real Purpose of Money? |
Monetary Metals | Unlocking the productivity of gold |
2021-02-17 |
Once upon a time gold was commonly used to finance productive enterprise. Unfortunately, 20th century events put that practice on a hiatus. But it’s back! |
|
|
| What Made Gold Go Up, Update 19 Oct 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-10-20 |
What caused gold & silver to go up on the 19th? To answer this we first have to realize that futures and spot two different markets, with two different prices. |
|
|
| What makes gold good money |
Monetary Metals | Unlocking the productivity of gold |
2017-02-06 |
People say that gold is rare this is why it makes good money. To make an analogy to the porridge in Goldilocks, the temperature could not be too cold or too hot. If gold were too common, or too rare, it would not work as money. Think of sand, which is too common, or blue |
|
|
| When Gold Backwardation Becomes Permanent |
Monetary Metals | Unlocking the productivity of gold |
2012-03-16 |
Permanent gold backwardation leading to the withdrawal of the gold bid on the dollar is the inevitable result of the debt collapse. |
|
|
| What Is Pushing Down the Gold Price? |
Monetary Metals | Unlocking the productivity of gold |
2013-04-18 |
Let’s start with a question. If you knew that a casino was cheating, if you saw that there was a magnet under the roulette table, would you gamble there? |
|
|
| What is Pushing Down the Gold Price: Part II |
Monetary Metals | Unlocking the productivity of gold |
2013-04-18 |
The system, based as it is on high and rising leverage, low and falling rates, borrowing short to lend long, and financial engineering, has become very brittle. |
|
|
| What is the Meaning of GLD Gold Outflows? |
Monetary Metals | Unlocking the productivity of gold |
2013-05-24 |
A quick glance at the data for ounces held by each Exchange Traded Fund (ETF) shows that right after the crash of 2008, ounces began to pour into GLD. Ignoring a little jitter, there was no significant outflow until 2013. GLD has lost over 20% of its metal so far this year, dropping from about |
|
|
| What Is the Gold Fundamental? Report 25 June, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-06-26 |
Monetary Metals' views on Steve Saville's fundamental gold model which is based on (1) the real interest rate, (2) the yield curve, (3) credit spreads, (4) the relative strength of the banking sector, (5) the US dollar’s exchange rate, (6) commodity prices, and (7) the bond/dollar ratio. |
|
|
| What Really Happened When Gold Crashed, Monday June 26? |
Monetary Metals | Unlocking the productivity of gold |
2017-06-30 |
Let’s establish three facts up front. One, the volume of contracts traded was not “millions”. Two, this did not occur while “everyone” was sleeping. Three, there was no single large futures trade that “smashed” the price but a large number of smaller trades, with the largest trade being 296 contracts (close to 1 ton or $36 million). |
|
|
| What Gets Measures Gets Improved, Report 23 June |
Monetary Metals | Unlocking the productivity of gold |
2019-06-24 |
If you break a window, GDP goes up. Is this a recommendation to break windows or an indictment of GDP? |
|
|
| When Is a Capital Gain Capital Consumption? |
Monetary Metals | Unlocking the productivity of gold |
2020-05-25 |
There is an important difference between when the price of an asset rises due to an increase in value vs when it rises due to a drop in the interest rate. |
|
|
| What’s the Price of Gold in the Gold Standard, Report 10 Nov |
Monetary Metals | Unlocking the productivity of gold |
2019-11-11 |
There is a widespread confusion between price of gold today vs. the standardized weight of gold that was the dollar in 1792. |
|
|
| Where do gold and silver prices go from here? |
Monetary Metals | Unlocking the productivity of gold |
2021-08-23 |
We’re at a crossroads in gold and silver prices, and the economy at large. Here’s our unique take on where gold and silver prices go from here. |
|
|
| What’s the Price of Gold? It Depends. |
Monetary Metals | Unlocking the productivity of gold |
2020-09-17 |
Spot? COMEX? Retail? How does the price of gold vary by market? And why? |
|
|
| What Will Reddit Do With Silver? 29 Jan |
Monetary Metals | Unlocking the productivity of gold |
2021-01-29 |
A group of individual investors on Reddit drove up GameStop’s stock price this week, and now they’ve set their sights on silver. Where will this go? |
|
|
| What They Don’t Want You to Know about Prices, Report 10 Feb |
Monetary Metals | Unlocking the productivity of gold |
2019-02-11 |
It’s one thing to argue that the central planners haven’t got a metric to help them know the right rate. It’s another to argue that no such metric exists... |
|
|
| What Effect Interest Rates |
Monetary Metals | Unlocking the productivity of gold |
2015-12-22 |
Soggy Dollars There's this article, saying rising rates are good for gold. It repeats two old errors: gold goes up, and things that cause it (e.g. a collapsing paper currency) are "good". We have recently been emphasizing that interest does not correlate well with the price of gold. If you want to speculate on the |
|
|
| Warren Buffett Shorts The Economy, 18 August |
Monetary Metals | Unlocking the productivity of gold |
2020-08-18 |
While Buffett’s 180 on gold is exciting to folks in our circle, it’s also a warning of things to come. |
|
|
| Videos of my lecture “Irredeemable Currency vs. Gold” |
Monetary Metals | Unlocking the productivity of gold |
2011-11-08 |
I gave this talk at the Chicago Objectivist Society MiniCon Sep 4, 2011. Here is the full set of 9 videos on youtube for my presentation plus Q&A at the end, posted on this site to archive the links. Irredeemable currency vs gold – 1_9 introduction.wmv Irredeemable currency vs gold – 2_9 the origin of |
|
|
| Time for a Silver Trade? |
Monetary Metals | Unlocking the productivity of gold |
2022-05-03 |
Is now a good time for a silver trade? We look at how has the Fed’s interest rate hike, and future hikes, have changed the fundamentals for gold, and silver. |
|
|
| We Need a Free Market in Interest Rates |
Monetary Metals | Unlocking the productivity of gold |
2018-09-25 |
We don't have a free market in interest rates. Monetary Metals is developing one. |
|
|
| This is Not The Silver Breakout You’re Looking For! |
Monetary Metals | Unlocking the productivity of gold |
2022-03-09 |
Silver buyers beware. This is not the silver breakout you're looking for. As the price of silver has risen from $24 to over $27, we look at who's buying. |
|
|
| Trust and Oil |
Monetary Metals | Unlocking the productivity of gold |
2015-11-26 |
Soggy Dollars First, there's a word for someone who buys gold in the hope its price will rise. This word is not investor, but speculator. Second, statistical anomalies cannot be asserted as proof of manipulation. Also, the article is giving the reader the blueprint for a no-brainer way to profit by the mistakes of the |
|
|
| They’re Coming to Take Away Your Cash |
Monetary Metals | Unlocking the productivity of gold |
2015-06-16 |
The stories are all over the Internet. Governments are forcing us into a cashless society. Supposedly the pretext is terrorism, and the real reason is to take more control. No doubt more power appeals to politicians, and banning cash seems like the next step after mandatory reporting of cash transactions. However, I think there is |
|
|
| What Caused the Collapse of Silicon Valley Bank? |
Monetary Metals | Unlocking the productivity of gold |
2023-03-13 |
The root cause of the collapse of Silicon Valley Bank was not stupidity, insufficient regulation, or corruption at the rating agencies. The root cause is... |
|
|
| U.S. Deficit / GDP |
Monetary Metals | Unlocking the productivity of gold |
2013-03-15 |
A group called "Being Liberal" posted the following graph to Facebook purporting showing how deficit as a proportion of GDP has fallen from 10% to 4%. The caption implies two things: 1) most Americans are simply ignorant if they think that there is a borrowing or debt problem 2) the deficit is falling (the caption |
|
|
| What Drives the Price of Gold and Silver? |
Monetary Metals | Unlocking the productivity of gold |
2013-02-25 |
If there is a credible rumor that the Fed is planning to further extend its “Quantitative Easing”, how would you expect the monetary metals to react? Typically, the gold price would rise and the silver price would rise even more. The question is why. Traders read the headlines and they know how the price “should” |
|
|
| Ukraine and the Next Wave of Inflation, Part I |
Monetary Metals | Unlocking the productivity of gold |
2022-03-07 |
In Part I of this series we analyze how the fallout from the invasion of Ukraine will increase price inflation, but not in the way most people think. |
|
|
| Wealth Accumulation Is Becoming Impossible, Report 20 Oct |
Monetary Metals | Unlocking the productivity of gold |
2019-10-21 |
People use rising share prices as a substitute for earning interest, but it’s not the same. |
|
|
| U.S. Debt Repudiation |
Monetary Metals | Unlocking the productivity of gold |
2013-03-02 |
John P. Cochran writes on Zero Hedge about Murray Rothbard's propsal that the government default on its debt: Rothbard’s recommendation: “I propose, then, a seemingly drastic but actually far less destructive way of paying off the public debt at a single blow: outright debt repudiation.” Repudiation is not only a sound economic solution to our |
|
|
| What Causes Loss of Purchasing Power, Report 7 Apr |
Monetary Metals | Unlocking the productivity of gold |
2019-04-08 |
The loss of purchasing power can be counterintuitive. |
|
|
| What Can Kill a Useless Currency, Report 28 Oct 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-10-31 |
It’s not a matter that people will “get woke”, there are several simple mechanisms that will lead to the death of a currency with negative interest. |
|
|
| Transitory Inflation and Useless Ingredients |
Monetary Metals | Unlocking the productivity of gold |
2021-10-04 |
Friedman was wrong. Inflation is not always and everywhere a monetary phenomenon. Useless ingredients are the unnamed force behind the UK's Energy Crisis. |
|
|
| Thoughtful Disagreement with Ted Butler |
Monetary Metals | Unlocking the productivity of gold |
2017-10-04 |
Keith Weiner responds to Ted Butler's challenge for someone to thoughtfully disagree with his claim that silver prices are set by a few large speculators. |
|
|
| Useless But Not Worthless |
Monetary Metals | Unlocking the productivity of gold |
2018-10-22 |
A major first world currency has been rendered useless, but not (yet) worthless. |
|
|
| What Drives Negative GOFO and Temporary Gold Backwardation? |
Monetary Metals | Unlocking the productivity of gold |
2013-07-25 |
I coined the term temporary backwardation in March of last year. This is what I said: But in the “new normal”, post 2008, the expiring gold or silver future often flirts with or even slips into backwardation for a period before expiry. This is anything but normal. It’s not a sign of imminent financial Armageddon, |
|
|
| To Frexit or Not to Frexit, Report 23 April, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-04-24 |
This was also a holiday-shorted week. As we write this, the big news comes from the election in France. The leading candidate is a banker named Emmanuel Macron, with about 24% of the vote in a 4-candidate race. The anti-euro Marine Le Pen came in second with just over 21%. From the sharp rally in |
|
|
| Treasury Bond Backwardation, Report 22 Sep |
Monetary Metals | Unlocking the productivity of gold |
2019-09-23 |
A crisis occurred this week in the credit markets. Mainstream media is saying don’t worry, but what happened? |
|
|
| What Do Americans Know About Money? |
Monetary Metals | Unlocking the productivity of gold |
2013-06-09 |
This video has been submitted into the Amagi Metals video contest www.amagimetals.com |
|
|
| The Truth about the Silver Squeeze |
Monetary Metals | Unlocking the productivity of gold |
2021-04-26 |
The #silversqueeze story has got the precious metals community in a tizzy. Meanwhile, the silver price seems to have taken the month off. What’s going on? |
|
|
| The Silver Chart THEY Don’t Want You to See! |
Monetary Metals | Unlocking the productivity of gold |
2022-05-13 |
Trading in the silver market is fascinatingly complex. The chart and analysis below clarify the nuances that many seemingly don’t want you to understand. |
|
|
| The Wealth Effect: Silver Edition |
Monetary Metals | Unlocking the productivity of gold |
2020-08-06 |
In a post-interest world, there's not much return in financing a productive enterprise. So, we're forced to speculate on whatever asset bubble is inflating at the moment. |
|
|
| The Trump Weak Dollar Report, 22 Jan, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-01-23 |
The action favored bettors this holiday-shortened week (Monday was Martin Luther King day in the US), with the price of gold up 13 bucks and silver up 26 cents. We noticed a worrisome remark by newly inaugurated President Trump. The strong dollar of the past 20 years, he said, is not good for American competitiveness. |
|
|
| The Spreads Blow Out, Update 1 May |
Monetary Metals | Unlocking the productivity of gold |
2019-05-01 |
Something has happened to gold and silver that has not happened since 2006. |
|
|
| The Silver Phoenix Market |
Monetary Metals | Unlocking the productivity of gold |
2022-08-29 |
The silver market is showing signs of scarcity that haven’t occurred in years. We break down what this means for silver owners and how it could be resolved. |
|
|
| The Ten Minute Gold Standard |
Monetary Metals | Unlocking the productivity of gold |
2013-03-04 |
Far too many people believe that gold serves no useful purpose. I am therefore publishing this response to The 10 Minute Gold Standard: It’s Much Easier than You Think by Nathan Lewis. Mr. Lewis, a professed advocate of the gold standard, argues that even if we have a “gold standard”, we don’t need actual gold. |
|
|
| The Swiss Franc Will Collapse |
Monetary Metals | Unlocking the productivity of gold |
2015-01-28 |
I have worked to keep this piece readable, and as brief as possible. My grave diagnosis demands the evidence and reasoning to support it. One cannot explain the collapse of this currency with the conventional view. “They will print money to infinity,” may be popular but it’s not accurate. The coming destruction has nothing to |
|
|
| The Simon-Ehrlich Bet Wasn't What You Think |
Monetary Metals | Unlocking the productivity of gold |
2020-07-08 |
The bet shows a fatal flaw in how most people think about inflation. |
|
|
| Why Did RadioShack Fail? |
Monetary Metals | Unlocking the productivity of gold |
2019-01-14 |
The debasement of the dollar causes destruction of capital. It casts the illusion of profitability over a strategy which is mediocre at best... |
|
|
| The Two Faces of Inflation, Report 22 Apr |
Monetary Metals | Unlocking the productivity of gold |
2019-04-23 |
Inflation has two different meanings. But one word is used because these different phenomena lead to the same result. |
|
|
| The Toxic Stew, Report 7 Oct 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-10-08 |
Perverse incentives in Switzerland will lead to perverse behaviors that will cause the perverse outcome of currency collapse. |
|
|
| The Prodigal Parent, Report 9 Dec 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-12-10 |
The Baby Boom generation may be the first generation to leave less to their children than they inherited. Or to leave nothing at all. |
|
|
| They Broke the Silver Fix (Part I) |
Monetary Metals | Unlocking the productivity of gold |
2016-02-09 |
Last Thursday, January 28, there was a flash crash on the price chart for silver. Here is a graph of the price action. The Price of Silver, Jan 28 (All times GMT) If you read more about it, you will see that there was an irregularity around the silver fix. At the time, the spot |
References: They Broke the Silver Fix (Blog Article) |
|
| The Ultimate Stablecoin, Report 18 Nov 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-11-19 |
A gold-redeemable crypto currency is the perfect solution. |
|
|
| The Skyrocket Phase, Report 3 Apr 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-03 |
Investment is win-win. Speculation is win-lose, where the losses occur during the skyrocket phase, but are only realized during the crash phase. |
|
|
| They Broke the Silver Fix |
Monetary Metals | Unlocking the productivity of gold |
2016-02-09 |
Part I Last Thursday, January 28, there was a flash crash on the price chart for silver. Here is a graph of the price action. The Price of Silver, Jan 28 (All times GMT) If you read more about it, you will see that there was an irregularity around the silver fix. At the time, |
|
Referenced By: They Broke the Silver Fix (Part I) (Blog Article) |
| The Russians (Propaganda) Are Coming! |
Monetary Metals | Unlocking the productivity of gold |
2022-09-12 |
The Moscow World Standard has been the subject of rumors and speculation. Will the Russians be able to push up the price of gold? We breakdown the dynamics. |
|
|
| The Silver Blaze Report, 14 Feb, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-02-15 |
Again, we had another big drop in the dollar this week. No, we don’t mean against the dollar derivatives known as the euro, pound, etc. We mean by the only standard capable of measuring it: gold. The dollar fell 1.4 milligrams, to 25.1mg gold. Or, if you prefer, 0.1 grams of silver. For some reason, |
|
|
| The Purchasing Power of Capital, Report 29 Sep |
Monetary Metals | Unlocking the productivity of gold |
2019-09-30 |
We are trained to think that capital assets are surrogate bank accounts, and to look forward to spending them when their purchasing power rises. But there’s a problem. |
|
|
| The Wealth Effect, Report 24 Jun 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-06-25 |
The so called wealth effect is the dirty little secret behind central bank attempts to juice up GDP. |
|
|
| The Quantitative Beatings will Continue Until Economy Improves |
Monetary Metals | Unlocking the productivity of gold |
2013-05-30 |
The Fed’s purpose, when it comes down to it, is to buy bonds. Under their various “Quantitative Easing” (QE) programs, they sure have bought a lot of bonds. This pushes up the price of the bonds. Since the yield is basically the inverse of the bond price, this means the rate of interest falls. This |
|
|
| The Standard and Poor Downgrade of Uncle Sam |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
If the S&P rating was intended to account for the value of the currency, then how could S&P give the US an investment grade at any time under any circumstances? |
|
|
| The Trillion Dollar Coin |
Monetary Metals | Unlocking the productivity of gold |
2013-01-08 |
There has been much buzz in the past few days about a truly horrible idea. Instead of having to negotiate with Congress to raise the debt ceiling so the Treasury Department can sell more bonds to pay for more spending, why not just mint a trillion-dollar platinum coin? This coin would contain one ounce of |
|
|
| The National Debt Cannot Be Paid Off |
Monetary Metals | Unlocking the productivity of gold |
2014-02-27 |
Government spending is out of control and, while most say they want spending cuts, people oppose cuts that impact them. Among those who get government money, there’s practically an unspoken, unbreakable pact to keep the money coming. But when I say that the national debt cannot be paid off, it’s not a political forecast; it’s |
|
|
| The Gold Futures Open Interest Caper |
Monetary Metals | Unlocking the productivity of gold |
2013-04-26 |
In the recent Gold Basis Report we published a graph showing at the time of the crash and in subsequent days only a modest decrease in open interest Why did the numbers drop so little? Wouldn’t one expect to see a big drop? |
|
|
| The Great Reset |
Monetary Metals | Unlocking the productivity of gold |
2020-11-23 |
What would a reset look like? Ideas abound! Unfortunately, many appear to be old schemes, repackaged. |
|
|
| The Out Has Not Yet Begun to Fall |
Monetary Metals | Unlocking the productivity of gold |
2020-03-31 |
A great bust was certain to come of the great Fed-fueled boom of 2009-2019. The panic response to the virus is both catalyst and accelerant. |
|
|
| The Halo Effect |
Monetary Metals | Unlocking the productivity of gold |
2022-04-01 |
It’s not fair. It seems everything claims to be gold. Oil is black gold. Melted cheese is liquid gold. It’s just not fair! |
|
|
| The Gold-Silver Opposites Report, 17 Apr, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-04-18 |
Well that was interesting. Gold went down over thirty bucks and silver went up over thirty cents. How much longer can this silver rally continue in the face of gold’s nonparticipation? Will speculators really be comfortable bidding silver up to $20 while gold sits at $1200? Do the fundamentals support a higher silver price? How |
|
|
| The Great Gold Upgrade, Report 15 July 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-07-16 |
A path to upgrade from paper to gold. |
|
|
| The Great Reset, Report 8 July 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-07-09 |
Interest is the only force that can pull gold out of private hoards and into circulation. |
|
|
| The Hyperinflation That Was Not, Report 26 Nov 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-11-27 |
We live under an absurd monetary system that sacrifices savers to debtors. Savers cannot escape the credit pen, not even when they hold what they think is money. |
|
|
| The Gold Money Supply Correlation Report, 3 Apr, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-04-04 |
There were some fireworks this week. Gold went up on Tuesday (it was a shortened week due to Easter Monday), from a low of $1,215 to $1,244 over the day, a move of over 2 percent. Silver moved from $15.02 to $15.44, almost 3 percent. What happened on Tuesday to drive this move down in |
|
|
| The Gold and Silver Fundamentals, 30 Aug, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-08-31 |
Last week, we called for a rising gold to silver ratio. On Wednesday, this ratio hit nearly 80 before backing down a bit by the end of the week. It did not happen with a rising price of gold, rather it was a function of a falling silver price. On Wednesday, the silver price was |
|
|
| The Importance of Gold Backwardation |
Monetary Metals | Unlocking the productivity of gold |
2013-03-12 |
Gold is in Backwardation! |
|
|
| The Laffer Curve And Austrian School Economics |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
The Laffer Maxima is not a hard-wired, intrinsic value of 70 (or 42 for fans of Douglas Adams). Like everything else in the market, it moves around. |
|
|
| The Lazy 1970’s vs. the Frenetic 2000’s |
Monetary Metals | Unlocking the productivity of gold |
2014-05-21 |
Many people today see the Fed’s "money printing" and remembering what happened in the 1970’s jump to conclusions. However, we live in a different world. |
|
|
| The Precious Metals Conspiracy, Report 10 Apr, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-04-11 |
For at least a few weeks now, we have noticed a growing drumbeat from a growing corps of analysts. Gold is going to thousands of dollars. And silver is going to outperform. Reasons given are myriad. Goldman Sachs apparently said to short gold, so if one assumes that the bank always advises clients to take |
|
|
| The Monetary Cause of Lower Prices, Report 12 May |
Monetary Metals | Unlocking the productivity of gold |
2019-05-13 |
Interest is an ingredient that goes into every product. What if we could eliminate interest, as Keynes proposed? |
|
|
| The Great Silver Bubble, Report 7 August, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-08-08 |
The price of gold was down about fifteen Federal Reserve Notes this week. The price of silver was down sixty-two copper-plated zinc pennies. Is the Federal Reserve Note a suitable instrument with which to measure gold? Can one really use debased pennies—which aren’t even made of the base metal copper any more—to measure the value |
|
|
| The Perversity of Negative Interest |
Monetary Metals | Unlocking the productivity of gold |
2019-11-18 |
It’s the elephant in the room. Mainstream economics largely ignores it, and critics expect skyrocketing prices. Meanwhile, it’s causing something else entirely. |
|
|
| The Gold Yield Movement Advances |
Monetary Metals | Unlocking the productivity of gold |
2024-01-18 |
This is the next step in the evolution of yield on gold—investors can access gold yield via the banking system using well-established infrastructure. |
|
|
| The Precise Definition of Inflation |
Monetary Metals | Unlocking the productivity of gold |
2013-02-22 |
The distinction between money and credit is not necessarily important to every discussion, but it is vitally important in a discussion about inflation. |
|
|
| The Loan: An Exchange of Wealth for Income |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
As the title of this essay suggests, a loan is an exchange of wealth for income. Like everything else in a free market (imagine happier days of yore), it is a voluntary trade. Contrary to the endemic language of victimization, both parties regard themselves as gaining thereby, or else they would not enter into the |
|
|
| The Practical Side of Deflation and Deleveraging |
Monetary Metals | Unlocking the productivity of gold |
2013-02-09 |
Companies with cash beat those without it. The need for cash rises with economic uncertainty. Sure, cash has a low yield, but so what--there aren't many better opportunities anyways. Our competitors get it and the central bank gets it. If you don't get it, try to raise the cash to buy the company? Oh, you |
|
|
| The Dollar Price Rises 33% in Lumber |
Monetary Metals | Unlocking the productivity of gold |
2013-05-21 |
Yesterday, we showed pictures of the price of a dollar in gold, silver, euros, and yen. Here is a picture of the price of a dollar in board-feet of lumber. This is a bit silly, as lumber is not a currency. But it is interesting that it shows the same phenomenon. Also, |
|
|
| The Fedcoin is Coming, Part 2 |
Monetary Metals | Unlocking the productivity of gold |
2021-03-08 |
The two main reasons driving a possible Fedcoin are sinister and pernicious. And neither Powell nor Yellen have mentioned them. |
References: The Fedcoin is Coming, 8 March (Blog Article) |
|
| The Fedcoin is Coming, 8 March |
Monetary Metals | Unlocking the productivity of gold |
2021-03-08 |
The two main reasons driving a possible Fedcoin are sinister and pernicious. And neither Powell nor Yellen have mentioned them. |
|
Referenced By: The Fedcoin is Coming, Part 2 (Blog Article) |
| The Fed is Good for Gold, Report 25 September, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-09-26 |
It’s almost like magic. The Fed can say something, or in the case of this Wednesday it can say nothing, and gold and especially silver get a boost of rocket fuel. Actually, the Fed said both yes to rate hikes—in the future—and no to a rate hike now. This was good, if not for people, |
|
|
| The Federal Reserve’s Zugzwang Position |
Monetary Metals | Unlocking the productivity of gold |
2022-02-22 |
In other words, zugzwang. In chess, this is when any move makes your position worse. This describes the Fed’s situation perfectly. |
|
|
| The Duality of Money, Report 10 Mar |
Monetary Metals | Unlocking the productivity of gold |
2019-03-11 |
Keynes’ smug assumption gets it exactly backward. The government is not making capital more abundant, but scarcer. |
|
|
| The Dollar Is Going to 1/10,000 Ounce, Report 31 July, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-08-01 |
The price of gold was up about thirty bucks this week. The price of silver was up almost seventy cents. Last week, a reader reminded us that in the long run the dollar is going to zero. He said: “At some point in time, unknown to me, the futures market for gold/silver will collapse… and |
|
|
| The Failure of a Gold Refinery, Report 12 Nov 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-11-13 |
Republic Metals, a gold refiner failed. It tells us a lot about the state of the gold world. |
|
|
| The Dollar Works Just Fine, Report 20 Jan 2019 |
Monetary Metals | Unlocking the productivity of gold |
2019-01-22 |
Some argue that the dollar isn’t working as a medium of exchange. It is failing in other ways, but not this way. |
|
|
| The Demand to Hoard, Report 13 May 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-05-14 |
A durable rising cycle is when demand to hoard (not to consume) relentlessly outraces supply. We don’t see anything like this dynamic today. |
|
|
| The Dollar Cancer and the Gold Cure |
Monetary Metals | Unlocking the productivity of gold |
2018-04-05 |
In this talk titled the Dollar Cancer and the Gold Cure, I discuss more openly than I ever have before what is Monetary Metals doing, and why are we doing it? |
|
|
| The Fed’s Passive Aggressive Play, Report 4 Feb 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-02-05 |
People are asking: are interest rates in a rising cycle? We say the Fed’s timid little rate-hiking adventure is nothing more than a passive aggressive play. |
|
|
| The End (of the Silver Fix) Is Nigh |
Monetary Metals | Unlocking the productivity of gold |
2014-05-15 |
For a long time, many in the gold and silver communities have been say that the prices of the monetary metals are manipulated. Recently, one particular allegation came to prominence because it was asserted by the German regulator BaFin. This allegation is that the members of the London Fixes for gold and silver are using |
|
|
| The Elephant in the Gold Room, Report 16 June |
Monetary Metals | Unlocking the productivity of gold |
2019-06-17 |
many blithely assume that, because gold is superior money, that it makes superior currency and people will want to pay out gold. |
|
|
| The Exquisite Market Setup, 23 Aug, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-08-24 |
There is an exquisite setup building once again. Tight fundamentals in the gold market apply upwards pressure on the price. For quite a while, we have been saying gold’s fundamental price was around a hundred bucks above the market price. Well, the market price moved up $46 this week. What happened to the fundamental price? |
|
|
| The Fake Economy, Report 21 Jul |
Monetary Metals | Unlocking the productivity of gold |
2019-07-22 |
Something is fake in our economy, but not what you might think if you accept the Orwellian language tools touted by socialist tools. |
|
|
| The Federal Reserve Report, 4 September, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-09-04 |
Why is this issue of the Report entitled the Federal Reserve Report? We chose this headline because the Fed is apparently now the driver of supply and demand of gold and silver. Or at least it’s what speculators in gold and silver expect will drive the decisions of the hoarders, whom the speculators are trying |
|
|
| The Economic Singularity, Report 11 Aug |
Monetary Metals | Unlocking the productivity of gold |
2019-08-12 |
In physics, a construct of zero volume and infinite mass is a singularity. In economics, it is zero interest and infinite NPV of liabilities. |
|
|
| The Federal Counterfeiter |
Monetary Metals | Unlocking the productivity of gold |
2020-05-20 |
The Federal Reserve is not just a counterfeiter, it is also the enabler of counterfeiters. The result is everyone is sinking deeper into debt. |
|
|
| The End of an Epoch |
Monetary Metals | Unlocking the productivity of gold |
2019-12-09 |
Whatever John Maynard Keynes meant by saying “Overturning the existing basis of society,” it is happening in our lifetimes. |
|
|
| The Dollar is Going Up |
Monetary Metals | Unlocking the productivity of gold |
2013-05-21 |
Let’s take a look at a few graphs of the dollar, from Feb 1, 2013 through Friday May 17, 2013. Yes, I said graphs of the dollar. I’ve priced the dollar in gold first (of course), then silver, the euro, and even the yen. The pattern is obvious. The dollar is going up. I did |
|
|
| The Fed’s Decision: “Operation Twist” |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
For months, even before the end of QE2, analysts and prognosticators have been saying the Fed will have to do another QE and another, endlessly. These folks were surprised when it didn’t come last month, and predicted confidently that it would come this month especially because Bernanke extended the September meeting to two days. I |
|
|
| The Dollar Is Rising, Report 20 November, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-11-21 |
“The problem with central banks is that they increase the quantity of money in the same way that the problem with piping sewage into a swimming pool increases the quantity of water.” It’s not really about the quantity, is it? It’s about the quality. We believe that millions of people can see that the quality |
|
|
| The Fed Rate Hike and Gold, Supply & Demand Report 18 June, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-06-19 |
The big news this week comes from the Fed, which hiked the Fed Funds rate 0.25% said it would reduce its balance sheet. The intraday graph of the gold price overlaid with the August basis for Wednesday shows the basis shooting up with the price, then later, the price begins to drop and so does the basis. This relationship is not coincidentaly, it is causal. This is what first speculative buying, then speculative selling, looks like. All in one day. |
|
|
| The Bitcoin Effect, Gold and Silver Report 24 Dec 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-12-26 |
Is bitcoin or interest rates causing the falling gold price trend? |
|
|
| The Bifurcated Interest Rate |
Monetary Metals | Unlocking the productivity of gold |
2023-10-10 |
A fissure in the monetary system is very dangerous. Market participants drastically alter their behavior, which can cause the collapse of financial institutions |
|
|
| The Curious Case of Falling Gold and Silver Prices |
Monetary Metals | Unlocking the productivity of gold |
2013-02-20 |
A curious thing happened last week. The prices of both monetary metals have been falling for a week and a half through February 15. No, that’s not the curious part. There is no law of nature that says the prices have to go up, but if they go down it must be artificial somehow. The |
|
|
| The Bitcoin Perfection Problem |
Monetary Metals | Unlocking the productivity of gold |
2022-11-21 |
We were going through some old bitcoin articles and realized we had a draft of an article Keith wrote that we never published. Better late than never! We hope you enjoy. Listen to the audio version of this article here. The History of Technological Innovation Bitcoin has an intractable problem, and it is intrinsic to |
|
|
| The Anatomy of Brown’s Gold Bottom, Supply & Demand Report 11 June, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-06-12 |
Looking at the gold basis and cobasis during Gordon Brown's sale of the UK's gold we ask if gold was becoming abundant due to selling or did something else happen? |
|
|
| The Curious Case of Falling Gold and Silver Prices. Part II |
Monetary Metals | Unlocking the productivity of gold |
2013-02-20 |
In Part I , we presented the data for gold and silver price, open interest, and basis. They form a curious combination, which we discuss in this Part II. If open interest is rising, then it means one of two things. Contracts are being created by fresh buyers taking the ask, in which case we |
|
|
| The Cost of Bullish Bets, Report 5 June, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-06-06 |
There are two views of the markets for the monetary metals. One, as we have discussed many times in this Report, holds that gold and silver will eventually go up so high that those who own the metals will be rich. This is the Schrodinger’s dollar view. Buy gold because the dollar will soon collapse—witness |
|
|
| The Alleged Trump Deregulation |
Monetary Metals | Unlocking the productivity of gold |
2017-12-21 |
People constantly tell me that Trump is deregulating. What’s the proof? Well I have a personal observation to share: there is no deregulation in banking. |
|
|
| The Coming Silver Correction |
Monetary Metals | Unlocking the productivity of gold |
2013-02-03 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more4 responses to “The Coming Silver Correction” - |
References: Physical Silver Scarcity: Fact or Fiction (Blog Article); Measuring Gold and Silver Supply and Demand (Blog Article); Is Bitcoin Money? (Blog Article); In Irredeemable Paper Money, Savings Is an Illusion (Blog Article); Irredeemable Currencies and the Fate of Europe (Blog Article) |
|
| The “Housing Recovery” |
Monetary Metals | Unlocking the productivity of gold |
2013-01-25 |
Here is a chart of new homes sold, courtesy of the St. Louis Fed. |
|
|
| Temporary Backwardation: The Path Forward from 2008 |
Monetary Metals | Unlocking the productivity of gold |
2012-03-22 |
The March silver futures contract first entered backwardation on Mar 9 and with a few zigs and zags has not only remained there but has gone deeper and deeper in. The April gold future just entered backwardation today. See the graph (backwardation is when (Spot(bid) - Future(offer) > 0). We shall see what the coming |
|
|
| The Decline and Fall of Silver Backwardation |
Monetary Metals | Unlocking the productivity of gold |
2012-02-22 |
On Friday, I published an article in the Daily Capitalist. I was the only one to cover the news of the end of silver backwardation. And I gave my prediction that the price of silver could correct sharply. This piece presents my analysis and theory of what happened. This will necessarily include some educated guesses, |
|
|
| The Curious Widening of the Bid-Ask Spread in Silver |
Monetary Metals | Unlocking the productivity of gold |
2014-01-14 |
Last week, I wrote about a curious development in silver. The bid-ask spread widened in November and December. My article concluded: One should regard this as another type of rot in the core of the system. The point of my dissertation is that narrowing spreads is a sign of increasing economic coordination, and widening spreads |
|
|
| The Decline and Fall of Silver Backwardation 11 Oct, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-10-11 |
The gold price moved up $18. However, the silver price moved up 60 cents which is a much bigger percentage. The silver community is getting pretty excited. A market trend will often begin when a small number of traders learn something new. As they begin buying (or selling), the price begins to move. Others become |
|
|
| The Clinton-Comey Effect, Gold Report 30 October, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-10-31 |
Twice this week, the prices of the metals spiked. Once on early Monday due to a cause unclear to us. The second on Friday late morning (Arizona time) due to, get this, additional problems for Democrat Hillary Clinton. The stock market dropped at the same time that the prices of the metals surged. Call it |
|
|
| The Credit Gradient |
Monetary Metals | Unlocking the productivity of gold |
2014-08-29 |
The United States, and every country, is subject to a monetary authority and legal tender laws. Here in the U.S. we have the Federal Reserve, a central bank that plans money and credit. The Fed thought they had perfected their planning (but of course it cannot be perfected). They thought they had ended the boom |
|
|
| The Cycle of Falling Interest, Gold and Silver Report 12 Nov 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-11-13 |
Central banks lower interest rates to compensate for falling marginal productivity of debt. This just buys time while people’s savings are casually disposed of. |
|
|
| Textbook Falling Interest Behavior |
Monetary Metals | Unlocking the productivity of gold |
2018-10-02 |
Classic behavior in the falling interest trend--investment is made in expanded capacity, with explicit intention to drive prices down. |
|
|
| The Benefits of Issuing Gold Bonds |
Monetary Metals | Unlocking the productivity of gold |
2018-06-27 |
There are fiscal benefits to a government that issues a gold bond. Also to the people and gold miners. And even to government workers and retirees. |
|
|
| The Balance of Gold and Silver, Report 2 April, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-04-03 |
Last week, we discussed the growing stress in the credit markets. We noted this is a reason to buy gold, and likely the reason why gold buying has ticked up since just before Christmas. Many people live in countries where another paper scrip is declared to be money—to picture the absurdity, just imagine a king |
|
|
| The Crime of ‘33, Report 27 May |
Monetary Metals | Unlocking the productivity of gold |
2019-05-28 |
Irredeemable currency disenfranchises the saver. The bond vigilante has gone extinct, like a dinosaur stripped of its teeth. |
|
|
| That Precious Metals Rumor Mill |
Monetary Metals | Unlocking the productivity of gold |
2020-11-30 |
Silver shortage? Famous Buyers? Big Transactions? Let’s look closely at the data. |
|
|
| Technical vs. Fundamental, Report 19 Mar, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-03-20 |
We don’t want to fight with people, we prefer to focus on ideas. So let’s compare and contrast ordinary technical analysis with what Monetary Metals does. |
|
|
| Swapping Equity for Debt |
Monetary Metals | Unlocking the productivity of gold |
2013-02-27 |
When I was working out at the gym a few weeks ago, TJ Rodgers was on the Mad Money show on CNBC (I recall this being Friday January 25, but I cannot find video of this show on the Internet). For those who haven’t seen the show, the host, Jim Cramer, affects a loud and |
|
|
| Super-Duper-Irrational Exuberance, Report 11 Mar 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-03-12 |
By lowering yields central banks create super-duper-irrational exuberance, force-feeding companies more capital than they need. The result? Capital destruction. |
|
|
| Stocks Up and Yields Down, Gold and Silver Report 8 Oct 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-10-09 |
Falling company earnings and dividend yield and rising debt will create a problem for shareholders. But for now, investors don’t see much downside, only upside. |
|
|
| Standing Ready to Lease Gold, Report 18 Mar 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-03-19 |
Greenspan’s “central banks stand ready to lease gold in increasing quantities should the price rise” is not about price suppression but about backwardation suppression. |
|
|
| Take It To The Bank: Interest Rates Won't Rise, Report 11 Feb 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-02-12 |
There is a consensus, from Fed propagandists to the gold bugs and everyone in between. Everyone thinks that rates are rising. We say interest rates won't rise. |
|
|
| Supply and Demand Report 27 Dec, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-12-28 |
The prices of the metals rose a bit this quiet, holiday week. Merry Christmas! Speaking of Christmas, Keith’s brother who is an amateur woodworker of growing skill, gave him this present on Friday. Regular readers may recognize the design as our logo. Each “M” is made of a single piece of wood. They are stained |
|
|
| Supply and Demand Report 6 Sep, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-07 |
This was a fairly quiet week in the market for the metals, with a min-rally on Thursday especially in silver which hit almost $15. By the end of the week, the price of gold was down $13 and the price of silver was up 3 cents. The action was elsewhere (e.g. equities and currencies). We |
|
|
| Silver’s on Fire, Report 24 Apr, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-04-25 |
Another interesting week, in that the price of silver separated from the price of gold. The former went no nowhere, while the latter gained over 4.5%. We get the trading thesis, that if the precious metals are in a bull market, then silver should go up more than gold. Silver is the high-beta gold. It’s |
|
|
| Supply and Demand Report, 13 Mar, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-03-14 |
On the week, the prices of the metals didn’t move all that much. However, the move around 6am (Arizona time) on Thursday is notable. The price of silver spiked up from around $15.12 to $15.64—3.4%—by around 8am. Twelve hours later, the price touched $15.73 before sliding off. We are always interested in the fundamentals, as |
|
|
| Soft and Softer Silver Fundamentals, Report 19 June, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-06-20 |
Last week, we asked where then will silver go. Well, the price moved around this week, dipping on Thursday but then rebounding sharply on Friday. It closed up 13 cents from last week. The price of gold rose $24. This week, the Federal Reserve announced that it will not hike rates. Most economists (and traders) |
|
|
| Silver’s Got Fundamentals, Report 8 Jan, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-01-09 |
This week was another short week, due to the New Year holiday. We look forward to getting back to our regularly scheduled market action. The prices of both metals moved up again this week. Something very noticeable is occurring in the supply and demand fundamentals. We will give an update on that, but first, here’s |
|
|
| Stocks, Bonds, Euro, and Gold Go Up, Report 4 June, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-06-05 |
The jobs report was disappointing. The prices of gold, and even more so silver, took off. In three hours, they gained $18 and 39 cents. Before we try to read into the connection, it is worth pausing to consider how another market responded. We don’t often discuss the stock market (and we have not been |
|
|
| Supply and Demand Update 2 Dec |
Monetary Metals | Unlocking the productivity of gold |
2014-12-02 |
This is a brief follow up on the Supply and Demand Report of 30 November. In that report, we observed an extraordinary development in the gold market. We made several predictions, which came true almost immediately. We don’t always expect this to happen, but today we think it’s worth looking at what we said and |
|
|
| Something for Nothing, Report 20 May 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-05-21 |
Speculation is where someone gets something for nothing at the expense of someone else who gets nothing for something. |
|
|
| Slaves to Government Debt Paper, Report 25 Mar 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-03-26 |
Investors cannot escape from bondage to the Federal Reserve and government debt paper until they stop thinking of the dollar as “Money” with a capital M. |
|
|
| Surest Way to Overthrow Capitalism, Report 6 Jan 2019 |
Monetary Metals | Unlocking the productivity of gold |
2019-01-07 |
The world is following Lenin’s playbook, as told by Keynes. |
|
|
| Social Security Deterioration, Report 17 Jun 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-06-18 |
Irredeemable currency causes pensions to fail. The Social Security Board of Trustees recently issued a troubling report. |
|
|
| Targeting nGDP Targeting, Report 3 Nov |
Monetary Metals | Unlocking the productivity of gold |
2019-11-04 |
nGDP targeting is another way to answer the same Begged Question: how shall the center planner determine how much money to print? |
|
|
| Tariff threat makes gold market go haywire |
Monetary Metals | Unlocking the productivity of gold |
2025-08-11 |
A surprise 39% tariff threat on Swiss gold imports sent shockwaves through the gold market. Gold prices remained relatively stable, but spreads exploded. |
|
|
| Speculating Our Way to Prosperity, Report 15 Jan 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-16 |
What is the solution to a mad centrally banked world that thinks a whole society can speculate its way to prosperity, while really only enriching a few? |
|
|
| Subjective Theory of Value |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
The question “what is value” must first be addressed outside the field of economics; it is one of the fundamental questions in the field of philosophy. It is the core of the branch of philosophy known as ethics. For millennia, philosophers debated the nature of value. One view was that value is intrinsic—given by a |
|
|
| Summary of Keith Weiner’s Interview on Capital Account with Lauren Lyster – Debunking the Naked Short Position |
Monetary Metals | Unlocking the productivity of gold |
2013-01-07 |
Last Friday, I was interviewed on Capital Account with Lauren Lyster. We discussed one of the more popular conspiracy theories regarding gold price manipulation. The claim is that a banking cartel is surreptitiously suppressing the price of gold by selling contracts short “naked” (i.e. without having the metal to deliver) in the futures market. We |
|
|
| Stockholm Syndrome Gold Report, 16 July 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-07-17 |
Key behaviors in Stockholm Syndrome are positive feelings for their captors, a refusal to work with law enforcement afterwards, and even a belief in the terrorist’s humanity. Key behaviors of investors today show eerie parallels: a desire to bid on dollars with their assets, a refusal to support the gold standard, and even a belief that the dollar is money. |
|
|
| Stocks vs. Flows |
Monetary Metals | Unlocking the productivity of gold |
2012-02-18 |
Today, people who believe that gold is money think that one should hoard gold. They seek to take possession personally. Or when they have it stored professionally, they look for a private vault outside the banking system where they can (hopefully) trust their warehouse receipt. And why shouldn’t they avoid the banking system? Its corruption |
|
|
| Socialism and Gold |
Monetary Metals | Unlocking the productivity of gold |
2020-03-04 |
There is a megatrend towards socialism. Perversely (for the socialists) this will drive the disenfranchised and displaced people to buy gold and silver. |
|
|
| Silver Is Now Offered At a Discount, Report 2 July, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-07-03 |
Have you ever been in a discussion about gold, when someone blurts out “we don’t have enough gold to operate a gold standard!” We have a standard retort. “Oh, that’s interesting. Please tell us how much gold you think would be necessary, and how you calculated it.” We have never heard a coherent answer to this question. Most people just don’t like gold, and will say whatever words they think will dismiss the monetary question entirely, without actually having to address the issues. |
|
|
| Silver Price Spikes, But What Demand 4 Oct, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-10-04 |
For a few frenzied minutes, while everyone was sleeping, the price of silver spiked 56 cents. Well, at least the West Coast of America was sleeping. It began at 8:30 in New York, where presumably most traders were not sleeping. And of course, it was afternoon here in London (where Monetary Metals just held a |
|
|
| Silver Flash in the Pan, Report 10 Jan, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-11 |
No doubt, many people were excited on Thursday to see a spike in the silver price. The big news almost seemed like it would be a spike in the silver price. We were not quite so exuberant, tweeting (follow us on Twitter @Monetary_Metals): “What happened to silver supply and demand fundamentals this morning?!” We expected |
|
|
| Silver Falls, We’ve Got #$*&! Mail – 6 October |
Monetary Metals | Unlocking the productivity of gold |
2020-10-06 |
Keith Weiner's analysis of the recent silver fall, plus how to deal with hate mail after disagreeing with price suppression theorists. |
|
|
| Silver Rocket and Gold Moribund, Report 18 September, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-09-19 |
The prices of both metals were down again this week. We would guess that it has something to do with the fact that everyone knows: higher rates are coming to the dollar. The yield on the 10-year Treasury closed the previous week at 1.762% and this week at 1.701%. It may not look like much, |
|
|
| Silver OMG, Report 3 July, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-07-04 |
On Wednesday through Friday, the price of silver spiked massively. It ended the week about $2 higher than the previous week. The last time we recall silver price action like this was about 3 years ago, in August 2013. That one week, the price rose about $2.50. Before that was a week in August 2012, |
|
|
| Silver Gone Wild Report, 20 Mar, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-03-21 |
Early on Monday morning (Arizona time), silver began to rise. From its close on Friday of $15.46, it ran up to $15.82. Then it began to slide, eventually dropping to $15.17 by midmorning on Wednesday. Then… *BAM* The Fed said not a lot. It will go on manipulating the rate of interest rate to the |
|
|
| Silver Update: Scarcity Gets More Extreme |
Monetary Metals | Unlocking the productivity of gold |
2022-09-02 |
Silver is showing signs of scarcity that haven’t occurred in years. Key indicators continue to stray further from normal conditions, and we break down why. |
|
|
| Silver Rises $0.70 on “Fundamentals” (or something) |
Monetary Metals | Unlocking the productivity of gold |
2013-06-04 |
Yes, big red candle followed by two big green candles occur at the same time: 6AM - 9AM PDT. Somewhere, a credit spigot opened... |
|
|
| Silver Goes Foom, Report 24 Jan, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-25 |
This will be a brief report, as we’re focused on releasing our Outlook 2016 Report which is over 8,000 words of our assessment of the gold, silver, currency, and credit markets. Also, this was a holiday-shortened week (Monday was Martin Luther King Day in the US). But that did not stop the fireworks in silver |
|
|
| Silver Is in a Different World, Report 21 August, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-08-22 |
Measured in gold, the price of the dollar hardly budged this week. It fell less than one tenth of a milligram, from 23.29 to 23.20mg. However, in silver terms, it’s a different story. The dollar became more valuable, rising from 1.58 to 1.61 grams. Most people would say that gold went up $6 and silver |
|
|
| Silver Relative Strength Report, 27 Mar, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-03-28 |
Gold went down (as the muggles would measure it, in dollars). It dropped almost 40 bucks. Silver fell almost 60 cents. Since silver fell proportionally farther than gold, the gold-silver ratio went up. Why do we keep reiterating that gold goes nowhere, that it’s the dollar which mostly goes down over long periods of time |
|
|
| Silver Futures Market Assistance, Report 12 Feb, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-02-13 |
This week, the prices of the metals moved up on Monday. Then the gold price went sideways for the rest of the week, but the silver price jumped on Friday. Is this the rocket ship to $50? Will Trump’s stimulus plan push up the price of silver? Or just push silver speculators to push up |
|
|
| Silver Returns Earthward, Report 11 September, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-09-12 |
The prices of both metals were down this holiday-shortened (Labor Day in the US) week, especially on Friday. The decline corresponded to a spike in interest rates. Of course everyone watched the action of the stock market on Friday. Whatever the proximate cause, the root is credit. When borrowing to buy assets does not work, |
|
|
| Silver Scarcifies, 27 July |
Monetary Metals | Unlocking the productivity of gold |
2020-07-28 |
Silver got scarcer and simpler on Monday. While the price of silver went up, a lot, the abundance of the metal to the market went down, a lot. |
|
|
| Silver Speculators Gone Wild, Report 29 Jan, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-01-30 |
This week, the prices of the metals had been up Sunday night but were slowly sliding all week—until Friday at 7:00am Arizona time (14:00 in London). Then the price of silver took off like a silver-speculator-fueled-rocket. It went from $16.68 to $17.25, or 3.4% in two hours. What does it mean? We don’t know. We |
|
|
| Silver Perspective |
Monetary Metals | Unlocking the productivity of gold |
2013-03-04 |
As this set of infographics show, more than half of the silver mined throughout history is still in human inventories. Be sure to keep reading and scroll to the bottom. |
|
|
| Silver Takes the Elevator Down, Report 30 April, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-05-01 |
Last week, we talked about the effect of the French election on the gold and silver markets, and noted: Of course, traders want to know how this will affect gold and silver. As we write this, we see that silver went down 30 cents before rallying back up to where it closed on Friday. Gold |
|
|
| Silver Rorschach Test |
Monetary Metals | Unlocking the productivity of gold |
2021-08-09 |
On Friday, August 6, the price of silver fell over a dollar/oz. Why did it fall? We provide forensic analysis, using our silver basis and cobasis indicators. |
|
|
| Silver Supply & Demand Still Strong at $29, 11 Aug |
Monetary Metals | Unlocking the productivity of gold |
2020-08-11 |
The 6 phases of trading action indicate silver was no more abundant yesterday. And with this much buying, things are looking bullish. |
|
|
| Silver Market Change Report 5 July, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-07-06 |
The prices of the metals drooped further this shortened week (Friday was a holiday in the US, as the Fourth of July, Independence Day, occurred on Saturday). The S&P 500 index also fell this week, as did crude oil. Markets all over the world are beginning to feel shocks from Greece. As we write this, |
|
|
| Silver Rises, JP Morgan Manipulates! 29 September |
Monetary Metals | Unlocking the productivity of gold |
2020-09-29 |
While silver climbed a bit on Monday, we introduced JP Morgan to Motte and Bailey. And once again, logic ensued. |
|
|
| Silver Rocket Report 6 Dec, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-12-06 |
The prices of the metals moved mostly sideways this week. That is, until Friday. Then foom! (Foom is the sound of a rocket taking off.) From 6 to 10am (Arizona time, i.e. 8 to 12 NY time) the price of gold rose from $1,061 to $1,087. Not surprisingly, the silver price rose a greater percentage, |
|
|
| Silver Fever, or Silver Fading? |
Monetary Metals | Unlocking the productivity of gold |
2022-09-14 |
The silver scarcity has begun to resolve. We discuss what the data in the silver market is saying and why the market has become a Keynesian Beauty Contest. |
|
|
| Silver Purchasing Power or Perverse Incentives? 12 Aug |
Monetary Metals | Unlocking the productivity of gold |
2020-08-13 |
The Fed doesn’t increase purchasing power. It offers a perverse incentive, which drives perverse actions, leading to perverse outcomes. |
|
|
| Silver Not Stimulated – 7 Oct |
Monetary Metals | Unlocking the productivity of gold |
2020-10-07 |
What was selling on Tuesday…futures or metal? Plus, why Peter stimulating Paul is a bad idea all around. |
|
|
| Silver Crash Makes Silver Trash? |
Monetary Metals | Unlocking the productivity of gold |
2021-09-30 |
The silver price fell over 4% yesterday. Was it “the cartel” shorting with paper futures? Or did physical metal get dumped on the market? Find the answer here. |
|
|
| Reflections Over 2012 |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
The last workweek of the year is complete. Beers were had with friends yesterday, Friday evening. The final shopping trip to the mall was completed today, followed by a good meal with my wife. Now I find myself in a reflective mood, and this is a perfect time to reflect on what an incredible year |
|
|
| Rising Interest Rates Spoil the Party |
Monetary Metals | Unlocking the productivity of gold |
2013-12-10 |
I originally wrote this in September 2013. It is just as relevant now in December. The big news in America is that the rate on the 10-year Treasury bond has risen dramatically from around 1.6% to over 2.9%. This is 130 basis points from a starting point of 160, or an increase of more than |
|
|
| Silver Backwardation Returns, Gold and Silver Market Report |
Monetary Metals | Unlocking the productivity of gold |
2020-03-02 |
The price of gold and especially of silver dropped. And with that, backwardation emerges in silver. |
|
|
| Reflections Over 2022 |
Monetary Metals | Unlocking the productivity of gold |
2023-01-02 |
My reflections are that we just may pull it off—our mission to help the world transition to a proper gold standard. 2022 was a helluva year, bring on 2023 baby! |
|
|
| Silver Elevator Keeps Falling, Report 7 May, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-05-08 |
The dollar moved strongly, now over 25mg gold and 1.9g silver. This was a holiday-shortened week, due to the Early May bank holiday in the UK. The big news as we write this, Macron beat Le Pen in the French election. We suppose this means markets can continue to do what they wanted to do |
|
|
| Selling Low and Buying High: Hedging by the Gold Miners |
Monetary Metals | Unlocking the productivity of gold |
2013-06-24 |
Hedging is a controversial topic, probably as controversial as any I have written about. Nevertheless, I want to share my thoughts and hopefully add something new to the topic. It is general knowledge that the gold miners had adopted hedging during the long years when the gold price was moving sideways to downwards, culminating in |
|
|
| Response: Fed’s Digital Currency Paper |
Monetary Metals | Unlocking the productivity of gold |
2022-01-24 |
The Federal Reserve has solicited comments about its ideas for a central bank digital currency (CBDC). This is our extended commentary offered in response. |
|
|
| Rising Fundamentals of Gold and Silver |
Monetary Metals | Unlocking the productivity of gold |
2021-11-08 |
To describe the fundamentals of the gold and silver markets, or even predict its price moves, a coherent theory must look at the gold and silver bases. |
|
|
| Selling Low and Buying High: Hedging by the Gold Miners Part II |
Monetary Metals | Unlocking the productivity of gold |
2013-08-19 |
To use an analogy, the benefit of having bought a fire insurance policy is that the insurance company will pay for the damage when your house is on fire. |
|
|
| Reflections Over 2021 |
Monetary Metals | Unlocking the productivity of gold |
2022-01-11 |
In March, I flew for the first time since the start of Covid health theater. I was invited to speak at the Austrian Economics Research Conference in Auburn, AL. |
|
|
| Shut Down Shoddy Debt, Report 21 Jan 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-22 |
Government borrows in bad faith as it has no means or intent to repay. Yet people mistakenly believe the government’s bad debt paper is good money. |
|
|
| Sandy Relief passes the House today |
Monetary Metals | Unlocking the productivity of gold |
2013-01-16 |
Sandy Relief passes the House today The total is now over $50B. That's over $150 for every man, woman, and child in the country. Most children don't work. Many people are retired. There are people in jail, on the dole, and who work for the government including military (whose cannot by definition help pay for |
|
|
| Resetting the Federal Debt |
Monetary Metals | Unlocking the productivity of gold |
2021-06-07 |
That the debt is unpayable may be obvious, but the endgame is not obvious at all. The Fed keeps printing, but no default. How come? Is a simple "reset" coming? |
|
|
| Savers are Just Collateral Damage, Report 29 Apr 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-30 |
Falling interest causes a falling savings rate. Most economists ignore this collateral damage of their central planning goals. |
|
|
| Rising Debt Burden and Falling and Rising Rates |
Monetary Metals | Unlocking the productivity of gold |
2013-02-27 |
Three links from Seeking Alpha’s Wall Street Breakfast: Must-Know News today really underscore the intractable debt and interest rate problems in irredeemable currency. Corporate pension deficits soar. The WSJ shines a light on the significant funding gap in corporate pension plans, with the deficit among Russell 3000 companies rising to $441B in 2012 from |
|
|
| Sideways Silver Market, Report 16 October, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-10-17 |
Not much price action at the metals tables in the casino. Gold -$7, and silver -$0.10. Gold to silver ratio unchanged. This will be a brief report, due to the rigors of travel this week. Read on for the only true picture of the fundamentals of the monetary metals. But first, here’s the graph of |
|
|
| Rising Rates Falling Assets, Report 30 Dec 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-12-31 |
Falling interest rates cause rising asset prices and rising rates cause falling assets. |
|
|
| Reflections Over 2020 |
Monetary Metals | Unlocking the productivity of gold |
2021-01-04 |
What’s the connection between forged battlefield weaponry and the concept of redeemability in a gold standard? Read on. |
|
|
| Revenge of the Fundamentals, Report 22 May, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-05-23 |
The price of gold moved down about twenty Federal Reserve Notes, and the price of silver dropped $0.57. The big news is that the gold-silver ratio moved up about 1.5. We hate to say “we told you so,” well, OK. Actually… sometimes there’s a certain je ne said quoi about gloating. *Achem* In all seriousness, the |
|
|
| Silver Explodes—But Why? |
Monetary Metals | Unlocking the productivity of gold |
2020-08-07 |
This manic rise in the price of silver will end someday. But today is not that day. Stack on! |
|
|
| Reddit Residue on Silver, 3 February |
Monetary Metals | Unlocking the productivity of gold |
2021-02-03 |
What caused this week’s yoyo-like swings in silver? Residual Redditors? FOMO? What can we expect from here? |
|
|
| Ruh Roh Silver, 2 February |
Monetary Metals | Unlocking the productivity of gold |
2021-02-02 |
The headlines blaring about the “disconnect” between paper and physical silver have it wrong. They are, in effect, saying “wet street caused sunshine!” |
|
|
| Silver Crash! 22 September |
Monetary Metals | Unlocking the productivity of gold |
2020-09-22 |
Conventional monetary thinkers measure the dollar in terms of the euro, pound, yuan – or consumer prices. However, we are not conventional. |
|
|
| Should the Gold Price Keep Up with Inflation? |
Monetary Metals | Unlocking the productivity of gold |
2016-05-11 |
The popular belief is that gold is a good hedge against inflation. Owning gold will protect you from rising prices. Is that true? Most people define inflation as rising prices. Economists will quibble and say technically it’s the increase in the quantity of money, however Milton Friedman expressed the popular belief well. He said, “Inflation |
|
|
| Possible Sign of Silver Turn, Report 31 Jan, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-02-01 |
The price of the dollar was down 50mg gold, to 27.8mg, or if you prefer 0.04g silver to 2.18g. Why do we measure the volatile dollar in terms of gold and silver? There’s nothing else to measure it, certainly not the dollar-derivatives called euro, pound, franc, yen, and yuan. In the common tongue, gold was |
|
|
| Permanent Gold Backwardation: The Crack Up Boom |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
The conclusion we can make is that Ludwig Von Mises’ “Crack Up Boom” will be an inevitable consequence of permanent backwardation in gold. |
|
|
| Raising Rates to Fight Inflation |
Monetary Metals | Unlocking the productivity of gold |
2019-11-25 |
Armed with a false theory, monetary planners can wreak havoc. |
|
|
| Quantum Change in Gold Demand Continues, Report 7 Jan 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-08 |
Wall Street sees a robust economy. We see a classic rising-risk-asset, borrow-to-spend, drive up GDP while it lasts boom: but we’re just eating our seed corn. |
|
|
| Possible Silver U-Turn Report, 7 Feb |
Monetary Metals | Unlocking the productivity of gold |
2016-02-08 |
Wow, did the dollar move down this week! It dropped more than it has in quite a while. It fell 1.3mg gold, or 0.1g silver. Gold and silver bugs of course are excited, as they look at it as the prices of the metals going up $55 and 72 cents respectively. The collapse of what |
|
|
| Perception vs. Reality at the Fed |
Monetary Metals | Unlocking the productivity of gold |
2014-10-03 |
Last week, a story broke about Fed whistleblower Carmen Segarra. I wrote an article on Forbes about it, Disgruntled Fed Lawyer Blows Whistle on Regulatory Capture. Segarra is a former Fed regulator assigned to supervise Goldman Sachs. She secretly recorded 46 hours of audio from her meetings, during her short stint on site at Goldman |
|
|
| Paper Gold Is Rising, Report 1 May, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-05-02 |
The price of gold shot up over $60 this week. The price of silver moved up proportionally, gaining over $0.85. The mood is now palpable. The feeling in the air is that of long suffering suddenly turned to optimism. Big gains, if not the collapse of the price-suppression cartel, are now inevitable. The headlines and |
|
|
| Putting Pennies in the Fusebox, Report 26 Mar, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-03-27 |
Back in the old days, homes had fuse boxes. Today, of course, any new house is built with a circuit breaker panel and many older homes have been upgraded at one time or another. However, the fuse is a much more interesting analogy for the monetary system. When a fuse burned out, it was protecting |
|
|
| Open Letter to Ted Butler |
Monetary Metals | Unlocking the productivity of gold |
2012-10-03 |
Responding Ted Butler's allegations of "manipulation", by which he means naked selling of silver futures. This is not occurring, and we have data to prove it. |
|
|
| Putting the Latest Silver Crash Under a Lens |
Monetary Metals | Unlocking the productivity of gold |
2017-07-12 |
On Thursday, July 6 the price of silver crashed. The move was very brief, but very intense. This article looks deeply into the trading action at the time of the crash. |
|
|
| Quantum Change in Gold and Silver Demand, 2 Jan 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-02 |
Something unusual happened in both the gold and silver markets on Thursday, and we are not referring to prices but the spread between spot and futures prices. |
|
|
| Physical Silver Scarcity: Fact or Fiction |
Monetary Metals | Unlocking the productivity of gold |
2013-04-21 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more4 responses to “Physical Silver Scarcity: Fact or Fiction” - |
References: Measuring Gold and Silver Supply and Demand (Blog Article); Is Bitcoin Money? (Blog Article) |
Referenced By: The Coming Silver Correction (Blog Article) |
| Phone Call from a Bank Manipulator, Special Report 1 Apr, 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-01 |
After our recent article debunking manipulation, we got a phone call from a man who told us how bank manipulation actually happens in the big banks. |
|
|
| Real vs. Nominal Interest Rates |
Monetary Metals | Unlocking the productivity of gold |
2016-08-09 |
What are real interest rates vs nominal interest rates? This contrast is a problematic idea. Let’s drill deeper into why and how it's flawed. |
|
|
| Perversity Thy Name is Dollar |
Monetary Metals | Unlocking the productivity of gold |
2021-11-15 |
The perverse incentives of the dollar and the centrally planned falling interest rates lure the debtor deeper into inescapable debt. |
|
|
| Oscillation, Feedback, and Resonance |
Monetary Metals | Unlocking the productivity of gold |
2013-09-18 |
I just saw this fascinating video of a bunch of metronomes that begin ticking out of sync with one another, but slowly line up until they all beat in unison. I really love the title slide where it says “NONLINEAR DYNAMICAL SYSTEMS”, how apropos! Watch the video, the outcome is counterintuitive. The metronomes show some principles |
|
|
| Recovery: GDP vs MPoD |
Monetary Metals | Unlocking the productivity of gold |
2020-11-02 |
Recent announcements about GDP says a recovery has begun. We disagree. Why? Bring on the MPoD. |
|
|
| Pure Gold and Soggy Dollars |
Monetary Metals | Unlocking the productivity of gold |
2015-09-30 |
We’re going to be introducing some new formats. One of them is quick article links, with the good ones labelled Pure Gold and the bad ones labelled Soggy Dollars. Pure Gold When a Fed-induced boom turns to bust: "In the lynch-mob atmosphere that inevitably follows the bust cycle of Fed-induced business cycles, it was not |
|
|
| Rare Gold-Silver Crystal Sighting |
Monetary Metals | Unlocking the productivity of gold |
2022-07-06 |
Is this the moment we've all been waiting for? We analyze signals from the silver market not seen since 2009 and why they matter to silver owners and users. |
|
|
| Prediction: Gold and Ratio Up, Stocks Down 27 Sep, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-28 |
The price of gold moved up moderately, and the price of silver moved down a few cents this week. However, there were some interesting fireworks in the middle of the week. Tuesday, the prices dropped and Thursday the prices of the metals popped $23 and $0.34 respectively. Everyone can judge the sentiment prevailing in gold |
|
|
| Please Join Us on Sep 11 in NY City |
Monetary Metals | Unlocking the productivity of gold |
2015-08-19 |
We don’t have a normal economy, or normal markets. We are six years into a so called recovery based on zero interest rates, and it’s obvious that the Fed’s interventions aren’t working. The Fed’s critics, however, are also wrong. The price of crude oil is now at a low not seen since the height of |
|
|
| Problem with GDP |
Monetary Metals | Unlocking the productivity of gold |
2013-01-11 |
The problem with GDP is that government consumption of private capital is positive. The problem with government gradually taking over all aspects of the economy is that even a small cut in spending will send workers to the unemployment line and shutter businesses. http://www.zerohedge.com/news/2013-01-11/35-us-2013-gdp-could-evaporate-due-enacted-tax-hikes |
|
|
| Price Moves and Term Structures 20 Sep, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-21 |
The prices of the metals moved up a bunch this week, with gold + $32 and silver +$0.55. We have seen some discussion of gold backwardation in the context of scarcity, and hence setting expectations of higher prices. That’s good, as the swings from contango to backwardation and back are the only way to understand |
|
|
| Open Letter to Steve Keen |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
26/04/12 Keith Weiner Dear Professor Keen, I am a monetary scientist and a fan of some of your work. I admire the courage it took for you to call the Australian housing crisis as early as you did, and to make a bet that you would be right. But I came across this video (http://www.youtube.com/watch?feature=player_embedded&v=aqY_DYtp60s#), |
|
|
| Open Letter to the Banks |
Monetary Metals | Unlocking the productivity of gold |
2016-01-12 |
Jamie Dimon, JP Morgan Chase Brian T. Moynihan, Bank of America Michael Corbat, Citigroup Gentlemen: On Friday, I attended a digital money summit at the Consumer Electronics Show. I am writing to you to warn you about the disruption that is about to occur in banking. There are many startups (and larger companies too) that |
|
|
| Partial Silver Crash, Report 9 October, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-10-09 |
On 18 September we said, “the market is in the grips of a mini silver mania (we would not dare say bubble, at least not without trigger warnings).” Since then, we have warned every week that the fundamentals of silver were lousy. Last week we said, “Buying silver right now—at least if you’re buying it |
|
|
| Part II of Ukraine and Inflation, Can Russia Enact a Gold Standard? |
Monetary Metals | Unlocking the productivity of gold |
2022-03-10 |
Does Russia have enough gold to declare a gold standard? Let’s first address the question of would they even want to, and how the world would react. |
|
|
| Quantum Metal Lease #1 (gold) |
Monetary Metals | Unlocking the productivity of gold |
2019-02-11 |
Monetary Metals leases gold to Quantum Metal |
|
|
| Oil, the Ruble and Gold Walk into a Bar…Part III |
Monetary Metals | Unlocking the productivity of gold |
2022-04-11 |
Gold Standards, the good, the bad, and the ugly. Is it even possible to return to a gold standard? Is Russia leading the push, or do we need something else? |
|
|
| Oil, the Ruble, and Gold Walk into a Bar… |
Monetary Metals | Unlocking the productivity of gold |
2022-04-04 |
A narrative has formed about how Russia will change the monetary system via a link with rubles, oil, and gold. There's not just one problem, with this narrative |
|
|
| Oil, the Ruble and Gold Walk into a Bar… Part II |
Monetary Metals | Unlocking the productivity of gold |
2022-04-06 |
What is the link between rubles, oil, and gold? What is meant by the word “link?” What impact will that “link” have, if any, on the global monetary system? |
|
|
| Motte and Bailey Fallacy, Report 13 Oct |
Monetary Metals | Unlocking the productivity of gold |
2019-10-14 |
The defenders of evil institutions have a variety of clever fallacies. One ruse in their bag of tricks is this fallacy which shifts context mid-argument. |
|
|
| Motivated Reasoning About Silver |
Monetary Metals | Unlocking the productivity of gold |
2021-07-26 |
Despite rumors of solar panel demand and central banks buying gold, did the bull case for gold and silver just get a bit weaker last week? Read on to find out! |
|
|
| Open Letter to Crispin Odey |
Monetary Metals | Unlocking the productivity of gold |
2020-05-21 |
If gold were confiscated, it would have no effect on bank solvency, interest rates, or consumer prices. Fears of gold confiscation are not based on solid reasoning. |
|
|
| Open Letter to Lex Fridman and Michael Saylor |
Monetary Metals | Unlocking the productivity of gold |
2022-05-09 |
The first thing I want to say is—well done! The monetary system faces grave problems and discussing them is of vital importance. |
|
|
| Oil or Wheat as Money???? |
Monetary Metals | Unlocking the productivity of gold |
2013-02-12 |
Why wouldn't oil or wheat or land or bonds work as money? To understand why, think of simpler example: manufacturers money-off coupons. To anyone buying the product, the coupon is worth its face value. So why don't coupons circulate as a kind of currency. Let's say you were planning on buying Charmin bath tissue today. |
|
|
| Open Letter to Hugo Salinas Price |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
Dear Mr. Price: I read your piece: "On the Use of Gold Coins as Money" (http://www.plata.com.mx/mplata/articulos/arti...iidarticulo=196). I think you ask the right question. This is the elephant in the room. Why do gold and silver not circulate? I love your analogy of the Swiss asserting that they will "allow" gold to have a monetary role, |
|
|
| On Board Keynes Express to Ruin, Report 24 Mar |
Monetary Metals | Unlocking the productivity of gold |
2019-03-25 |
If there is ever a movement to reform our monetary system, it would come from the capitalists, gold bugs, or free-market economists. However, that is not in the cards today. |
|
|
| Never Mind the Bollocks, Here’s the Avocado Toast, Report 16 Sep 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-09-17 |
The marginal utility of newly-produced movies is approaching zero, due to falling interest rates. |
|
|
| New Inflation Indicator, Report 14 Apr |
Monetary Metals | Unlocking the productivity of gold |
2019-04-15 |
This would be a useful inflation indicator, at the risk of adding more useless ingredients to consumer products. |
|
|
| Nonmonetary Cause of Lower Prices, Report 5 May |
Monetary Metals | Unlocking the productivity of gold |
2019-05-06 |
In the same time that a monetarist can say “the Fed is inflating”, a Toyota worker said “if we move this tool caddy to the right, we can save two seconds on every bolt.”. |
|
|
| Obvious Capital Consumption, Report 28 Jul |
Monetary Metals | Unlocking the productivity of gold |
2019-07-29 |
Socialism institutionalizes capital consumption. Our central banks are doing the same thing, but in a more sophisticated way. |
|
|
| Open Letter to Congressman Alex Mooney: H.R. 5404, A Bill to Define the Dollar as a Fixed Weight of Gold |
Monetary Metals | Unlocking the productivity of gold |
2018-04-12 |
Thank you for introducing H.R. 5404. I agree with your findings, especially that inflation undermines jobs and retirement. Yet I must say that the dollar cannot now be defined as a weight of gold. |
|
|
| Murphy’s Law of Gold Analysis, Report 3 Jan, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-04 |
Perhaps it may be lesser known than his other Laws, but Murphy wrote one for the basis analysis. It goes like this. If we observe that the fundamental price.. |
|
|
| News from Switzerland and Turkey |
Monetary Metals | Unlocking the productivity of gold |
2018-09-13 |
Surprisingly soft labor market in Switzerland. Turkey sells a gold bond. |
|
|
| One of These Silver Days is Not Like the Other |
Monetary Metals | Unlocking the productivity of gold |
2020-07-23 |
Silver has another big day, but market dynamics were different. Keith includes an open letter to Mercatus, responding to their swipe at the gold standard. |
|
|
| Nominal Dollar Interest vs Real Gold Interest |
Monetary Metals | Unlocking the productivity of gold |
2021-09-17 |
By contrast to interest on dollars, interest on gold does not have to be adjusted for inflation. If you earn 3% interest on gold, you have a real 3% gain. |
|
|
| Moving from Gold-Redeemable to Irredeemable Currency |
Monetary Metals | Unlocking the productivity of gold |
2021-08-02 |
The Fed is the issuer of America’s and the world’s reserve currency. But, what gives it value? Fed apologists and critics imbue it with almost a mystical power. |
|
|
| Open Letter to Gregory Mankiw, 7 December |
Monetary Metals | Unlocking the productivity of gold |
2020-12-07 |
We’re pleased to see an NYT article from a Harvard econ prof concerned about falling interest rates. However, the dangers are even greater than he suggests. |
|
|
| Open Letter to John Taft |
Monetary Metals | Unlocking the productivity of gold |
2019-12-18 |
People criticize capitalism, but that is not the system we have today. Not even close. |
|
|
| Open Letter to M. Benjamin Bernanke to Discuss your Misunderstandings about Gold |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
Keith Weiner New Austrian School of Economics Gold Standard Institute M. Benjamin Bernanke Chairman of the Federal Reserve Re: Open Letter to Discuss Your Misunderstandings About Gold Keith Weiner Dear M. Bernanke: You have publicly gone on record with some off-the-wall assertions about the gold standard. What made you think you could get away with |
|
|
| Open Letter to GATA |
Monetary Metals | Unlocking the productivity of gold |
2018-03-14 |
Irredeemable currencies will continue to be used in trade and finance, while they gradually fail drowning in debt. We believe the solution is paying interest on gold to pave the pathway for the world to move forward to the gold standard. |
|
|
| Monetary Metals Supply and Demand Report: 5 Oct, 2014 |
Monetary Metals | Unlocking the productivity of gold |
2014-10-05 |
How much higher can the dollar go? Betting on the Fed’s paper has been one helluva speculation. No doubt the Fed’s credit quality has been falling, but powerful forces are driving it up, such as desperate debtors clutching for cash to calm their creditors (sorry, couldn’t resist). The dollar was up this week, from 25.5 |
|
|
| Monetary Metals Supply and Demand Report 2 August, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-08-02 |
You cannot understand gold if you think it goes up and down, that the dollar is money and therefore the measure of all things, including gold. This is a very bold statement, so let’s look a little closer. Mainstream articles often ask the question if gold is a good inflation hedge, which means: does gold |
|
|
| Monetary Metals Supply and Demand Report 9 August, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-08-10 |
Last week, we left off with this. “Something is happening with gold…” It began in Dec 2008. To understand it, it is necessary to understand two principles. The first is that gold is money and the dollar is credit, which currently has nontrivial value. A dollar is worth 28.4mg gold. To understand the second, let’s |
|
|
| Monetary Metals Supply and Demand Report 26 July, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-07-27 |
For those who are speculating on the dollar—i.e. most people—there was good news this week. The dollar rose almost a milligram, to 28.3mg gold. That’s a big gain, and welcome news for those who keep all of their eggs in the one dollar basket, perhaps because they don’t want to risk any of it on |
|
|
| Monetary Metals Supply and Demand Report 19 July, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-07-20 |
The prices of the monetary metals cascaded downward this week, and the ratio of the gold price to the silver price rose accordingly. Many analysts and speculators are puzzled. With everything going on in the world, gold should go up. After all, China released its new gold holdings and the banking system in parts of |
|
|
| Monetary Metals Brief 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-01-31 |
It’s the start of a new year. The question on everyone’s mind is whither the prices of gold and silver? This Brief presents our answer (and the full Monetary Metals Outlook 2015 report gives our reasoning). One approach to the question of price is to draw a line, extrapolating the past trend into the future. |
|
|
| Monetary Metals Brief 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-28 |
Monetary Metals' annual outlook for precious metal markets with forecasts for gold and silver. |
References: Monetary Metals Brief 2018 (Blog Article); Monetary Metals Yearly Outlook 2016 (Blog Article); Monetary Metals Outlook 2018 (Blog Article) |
|
| Monetary Metals Supply and Demand Report: 11 May, 2014 |
Monetary Metals | Unlocking the productivity of gold |
2014-05-12 |
This was another short week, with Monday a bank holiday in the UK. Through Tuesday, the prices of the metals seemed to want to hold onto the increase that was sparked by an unemployment report. It wasn’t until Wednesday that the prices began to sag, almost but not quite to the pre-unemployment report levels again |
|
|
| Monetary Metals Supply and Demand Report: 8 Mar, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-03-09 |
Last week, we borrowed a phrase from Gandalf in the Lord of the Rings. We said it felt like, “the deep breath before the plunge”. We added, “We don’t necessarily mean a plunge in the price of gold measured in dollars. It could be a plunge in the price of the dollar. And there are |
|
|
| Monetary Metals Gold Brief 2020 |
Monetary Metals | Unlocking the productivity of gold |
2020-02-03 |
Monetary Metals discusses how to look at the gold and silver markets, and their predictions for 2020. |
|
|
| Monetary Metals Gold Brief 2021 |
Monetary Metals | Unlocking the productivity of gold |
2021-02-16 |
Our annual analysis of the gold and silver markets. We look at the market players, dynamics, fallacies, drivers, and price predictions for the coming year. |
|
|
| More Squeeze, Less Juice, Report 7 Jul |
Monetary Metals | Unlocking the productivity of gold |
2019-07-08 |
How do we measure a true picture of the strength of the economy? How much juice do we get per unit of squeeze? |
|
|
| Money and Prices Are a Dynamic System |
Monetary Metals | Unlocking the productivity of gold |
2019-12-02 |
Quantity analysis of money and prices makes the mistake of thinking in static terms, but the real economy is dynamic. |
|
|
| Modern Monetary Theory: A Cargo Cult, Report 20 Jan 2019 |
Monetary Metals | Unlocking the productivity of gold |
2019-01-28 |
A cargo cult goes through the motions, and imbues a talisman with magical properties to bring the free goodies. |
|
|
| Monetary Consequence of Tariffs, Report 12 August 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-08-13 |
Einstein never proposed a monetary theory of relativity. |
|
|
| Monetary Paradigm Reset, Report 5 August 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-08-06 |
Most people are not stupid. The problem is that they are stuck in a false paradigm, which blinds them to the truth. |
|
|
| Monetary Facts |
Monetary Metals | Unlocking the productivity of gold |
2013-05-28 |
Milton Friedman said that if a country had bad economic policies, its currency would weaken, which would restore balance. Imports would drop and exports would rise. Japan's insane policy has so far crushed the yen by 22%. The results? As Mish writes, imports +9.4%, exports +3.8%. Their trade deficit fell to the worst level in decades. |
|
|
| Monetary Metals Supply and Demand Report: 15 Mar, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-03-16 |
Last week, we talked about currencies. This week, let’s look at what the dollar is worth. No, we don’t mean purchasing power, which is just the inverse of consumer prices. Every day, every business that wants to remain alive is busy cutting costs. Real prices are in free fall, and some dollar prices too. For |
|
|
| Monetary Metals Gold to Hit $64,000 Report: 24 May, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-05-25 |
The Bloomberg headline thunders, “Chinese Gold Standard Would Need a Rate 50 Times Bullion’s Price”! The text of the article follows up on this assertion with a price of $64,000 an ounce. Since it’s common Internet Knowledge that China is moving to a gold standard, it’s a fact that gold is going to $64,000. Everyone |
|
|
| Monetary Metals Supply and Demand Report: 28 June, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-06-29 |
The price of gold sagged all week. The price of silver took a similar journey, though it was up on Monday. On the week, they were down 25 bucks and 28 cents, respectively. On Friday around midnight Arizona time, there was a flash crash. We will publish a forensic analysis of this event late on |
|
|
| Monetary Metals Supply and Demand Report 12 July, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-07-13 |
Last week, we concluded with this: “So now, for the first time in about two years, the fundamental price of silver is above the market price, about $0.35 over. … Unless you really like to trade the bleeding edge of a signal change, you may not want to jump in here. Silver’s newfound scarcity could |
|
|
| Monetary Metals Brief 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-29 |
Monetary Metals' annual outlook for precious metal markets with forecasts for gold and silver. |
References: Monetary Metals Outlook 2018 (Blog Article) |
Referenced By: Monetary Metals Brief 2016 (Blog Article) |
| Monetary Metals Silver Headfake Report: 22 June, 2014 |
Monetary Metals | Unlocking the productivity of gold |
2014-06-23 |
Something extraordinary occurred this week. On Wednesday, the Fed made a routine announcement. That day, the price of silver was rising, but not out of the normal. Fireworks began on Thursday, and in 6 hours, the price of silver skyrocketed by 5%. We have never before changed the headline or format of the Supply and |
|
|
| Lies, Damn Lies, and Statistics |
Monetary Metals | Unlocking the productivity of gold |
2013-05-15 |
Homebuilder confidence increased in May. Lumber prices in the last two months? Not so much, down over 20%. When I was a kid, I saw many competing stereo receivers offering higher and higher wattage. It was pretty ridiculous to see these lightweight and flimsy boxes claiming to put out 500 watts or more. Clearly a |
|
|
| Latvian Deflation will Increase their Debt Burden |
Monetary Metals | Unlocking the productivity of gold |
2013-05-17 |
This article claims that falling prices will increase Latvia's burden of debt. It is not falling prices, but falling interest rates, that increase the burden of debt (and it is not just Latvia but the whole world, which has falling interest rates). Think of borrowing at the high level as selling a bond. Think of selling |
|
|
| Legal Tender Renders Planning Impossible |
Monetary Metals | Unlocking the productivity of gold |
2014-07-24 |
There is much confusion over what the legal tender law does. I have read articles, written by people who are otherwise knowledgeable about economics, claiming that legal tender forces merchants to accept dollars under threat of imprisonment. Recently, I wrote a short article for Forbes clarifying how legal tender law works in the US. Legal |
|
|
| Lions, Tigers, and Gold Bears, Oh My! |
Monetary Metals | Unlocking the productivity of gold |
2015-07-21 |
We can’t count how many articles we saw today, bemoaning gold going down. The price action is bad for gold (whatever that means). China underreported their gold holdings. No, China doesn’t care about gold. No they want the price to go down so they can buy it cheap. No, they want to convince the IMF |
|
|
| Little Change to Supply and Demand Report 25 Oct, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-10-25 |
At the risk of being boring, there’s not a lot to say about the markets for gold and silver this week (and frankly being on a challenging travel itinerary, flying from Vienna to Sydney to give a keynote at the Gold Symposium this week, is part of it). There was a modest drop in the |
|
|
| Light Thanksgiving Week Report 29 Nov, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-11-30 |
In this holiday-shortened week (Thanksgiving), the price of gold dropped $20 and silver 10 cents. Friday, when the price dropped the most, could not have had much liquidity as most Americans were out of work shopping or partying. Whatever they may have been buying, it sure wasn’t gold. We might be inclined to take the |
|
|
| Johns Fleeing a Burning Whorehouse, Report 17 July, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-07-18 |
The prices of the metals were down this week, -$29 in gold and -$0.05 in silver. However, the gold to silver ratio dropped another fraction of a point. Keith was on a panel this week at FreedomFest, when the moderator asked the panelists for their view about the price of gold. Unsurprisingly, this being a |
|
|
| Keith Weiner Gets Interviewed |
Monetary Metals | Unlocking the productivity of gold |
2019-07-03 |
interest on gold, Basel III, macroeconomics |
|
|
| Merry Christmas, Report 26 December, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-12-27 |
This will be a short Report, due to the Christmas and Boxing Day holidays (which is also why it is coming out on Monday evening Arizona time, a day later than our usual). We wish everyone a Merry Christmas! The price of gold moved sideways, whereas that of silver had a plunge on Friday. Below, |
|
|
| Keith’s World Tour Summer 2023 |
Monetary Metals | Unlocking the productivity of gold |
2023-08-29 |
Monetary Metals CEO, Keith Weiner sets out on another around-the-world trip to raise awareness and to meet prospective clients. Follow his progress here. |
|
|
| Liquidity Preference Rising, Report 3 Jun 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-06-04 |
what happens when investors’ time preference is violated? Liquidity is the substitute. |
|
|
| Keynes Was a Vicious Bastard, Report 17 Mar |
Monetary Metals | Unlocking the productivity of gold |
2019-03-18 |
Keynes laid out the path to the destruction of civilization itself. And he was smarter than most of his critics. |
|
|
| Keith Interviewed by Jay Taylor |
Monetary Metals | Unlocking the productivity of gold |
2019-05-23 |
Keith Interviewed by Jay Taylor |
|
|
| Milking the Savers, Report 8 Apr 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-09 |
The reason to own gold is not price speculation. The reason to own gold is to opt out of being a creditor. |
|
|
| Japan Announces Purchase of European Bonds |
Monetary Metals | Unlocking the productivity of gold |
2013-01-09 |
Japan will buy the bonds of the so-called “European Stability Mechanism”. (See http://www.bloomberg.com/news/2013-01-08/japan-to-buy-esm-bonds-using-forex-reserves-to-help-weaken-yen.html ) The ESM is an 80 billion euro pool of capital that can be levered up to 700 billion euros by selling bonds. Supposedly, 200 billion has to be kept safe but that remains to be seen. The ESM is a mechanism |
|
|
| Lower Prices, Stronger Fundamentals |
Monetary Metals | Unlocking the productivity of gold |
2021-09-20 |
Gold and silver prices fell last week, but their fundamentals strengthened. In this week’s report, we peek under the hood to see how strong the fundamentals are |
|
|
| Mea Culpa, Report 9 April, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-04-10 |
Dear Readers, I owe you an apology. I made a mistake. I am writing this letter in the first person, because I made the mistake. Let me explain what happened. I wrote software to calculate the gold basis and cobasis (and of course silver too). The app does not just calculate the near contract. It |
|
|
| June 26 Silver Flash Crash: A Forensic Analysis |
Monetary Metals | Unlocking the productivity of gold |
2015-06-30 |
On Friday morning, at around midnight (Arizona time), the price of silver had a little crash. It dropped 30 cents in 11 minutes. More importantly, it dropped more than 10 cents in a single second. Then, the price rose above its level before the event. Here is a graph of the event, with each tick |
|
|
| Like Dripping Silver Icicles |
Monetary Metals | Unlocking the productivity of gold |
2014-07-28 |
I don’t typically emphasize price charts in analyzing the market, however something unusual has been happening in the spot (physical) silver market. It did not happen in the silver futures market, nor in the gold market. I have been bearish on silver because of its supply and demand fundamentals, and the price action shown below |
|
|
| Japanese Monetary Policy = Insanity |
Monetary Metals | Unlocking the productivity of gold |
2013-01-22 |
After 20 years of trying to fight deflation, and 10 or 11 rounds of Quantitative Easing, now Japan is trying the same thing again and expecting a different result. Aside from proving that they are insane, it also proves that the widely accepted theory (rising money supply = rising prices and falling currency) doesn't work. |
|
|
| Keith Weiner on Capital Account – Gold and Silver Manipulation |
Monetary Metals | Unlocking the productivity of gold |
2013-01-07 |
Keith Weiner discusses Gold and Silver Manipulation with Lauren Lyster on Capital Account. |
|
|
| KeithGram: The ‘Crash JP Morgan’Campaign’ |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
It is now the second anniversary of a campaign to "crash" JP Morgan by encouraging people to buy silver (see max Keiser http://www.youtube.com/watch?v=H4IBUTHyROs). The idea is that JP Morgan has a large naked short position in silver. If people buy physical silver it will drive the price up and deprive JP Morgan of the metal |
|
|
| Measuring Gold Demand |
Monetary Metals | Unlocking the productivity of gold |
2013-02-14 |
The World Gold Council asserts that gold demand fell 4% in 2012. Can you spot the fallacy? |
|
|
| Measuring Gold and Silver Supply and Demand |
Monetary Metals | Unlocking the productivity of gold |
2013-09-09 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more5 responses to “Measuring Gold and Silver Supply and Demand” - |
References: Is Bitcoin Money? (Blog Article) |
Referenced By: The Coming Silver Correction (Blog Article); Physical Silver Scarcity: Fact or Fiction (Blog Article) |
| Measuring Your Net Worth in Gold |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
Gold Outlook 2025 Report Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read more Earn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more |
|
|
| Liquidating Civilization, Report 22 Apr 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-23 |
Pushing interest rates below zero and beyond allows borrowers to destroy capital, and show a profit doing so. This is not sustainable as one eventually runs out of capital. |
|
|
| Invitation: Event in London Oct 2 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-18 |
You are cordially invited to a discussion of the economy, markets, interest rates, commodities, speculation, investment, and of course the monetary metals and our unique approach to valuing them. This seminar was successful in New York on Sep 11, and all the seats filled up. Here is the agenda. 1pm to 2:30pm You cannot understand |
|
|
| Is Inflation or Deflation Coming? 15 March |
Monetary Metals | Unlocking the productivity of gold |
2021-03-15 |
Understanding the monetary and nonmonetary forces currently at play is important if you’re going to predict what comes next. |
References: Is Inflation or Deflation Coming? Part 2 (Blog Article) |
|
| Is Now a Good Time to Buy Gold? Market Report |
Monetary Metals | Unlocking the productivity of gold |
2020-03-16 |
After stocks and interest rates have crashed, now is a good time to ask the question. |
|
|
| Invitation: Event in NYC Sep 11 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-01 |
You are cordially invited to a discussion of the economy, markets, interest rates, commodities, speculation, investment, and of course the monetary metals and our unique approach to valuing them. Here is the agenda. 1pm to 2:30pm You cannot understand what’s happening in the markets with the conventional view. This view says that central banks print, |
|
|
| Is Silver a Good Trade Right Now? |
Monetary Metals | Unlocking the productivity of gold |
2013-01-24 |
Report of tightness in the silver market are appearing all over the blogosphere. Does one trade this informaiton, or is there a better way to judge how tight the gold and silver markets really are? And therefore, is there a better way to trade the gold silver ratio |
|
|
| January Video Update |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
New Years Resolution: Measure your net worth in Gold. |
|
|
| Is this the Beginning of the End? |
Monetary Metals | Unlocking the productivity of gold |
2013-02-14 |
The rate of interest on the 10-year Treasury has been ticking up. Some prognosticators are calling for rising rates, trouble at the Treasury (when they roll lower-interest bonds at a higher rate), and the Beginning of The End. Here is a graph to put it in perspective. |
|
|
| Irredeemable Currencies and the Fate of Europe |
Monetary Metals | Unlocking the productivity of gold |
2013-02-11 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more7 responses to “Irredeemable Currencies and the Fate of Europe” - |
References: Is Bitcoin Money? (Blog Article); In Irredeemable Paper Money, Savings Is an Illusion (Blog Article) |
Referenced By: The Coming Silver Correction (Blog Article) |
| Introduction to the Monetary Metals Supply and Demand Report |
Monetary Metals | Unlocking the productivity of gold |
2013-09-09 |
The Monetary Metals Supply and Demand Report is the only accurate picture of the fundamentals of the gold and silver markets. |
|
|
| Janet Yellen Lit the Fuse Report 20 Dec, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-12-21 |
The prices of the metals were sagging. Silver was trading around $13.80. On Wednesday, Janet “Good News” Yellen said the magic words. The Federal Reserve hiked the federal funds rate by 25 basis points. The price of silver was surging in anticipation of the news (we assume). Within an hour or so of the announcement, |
|
|
| Introducing Yield Purchasing Power |
Monetary Metals | Unlocking the productivity of gold |
2016-10-25 |
The monetary debate seems artificially limited. On one side is Federal Reserve policy based on discretion. On the other is policy based on rules. It’s Keynes vs. Friedman. It’s central planning of our economy based on the reactive whims of wise monetary planners vs. central planning of our economy based on the proactive rules written |
|
|
| Interview, Ted Talk, Gold Bug Hope |
Monetary Metals | Unlocking the productivity of gold |
2018-10-18 |
Keith Weiner interviewed, Adam Carroll talks about real money (ie paper currency), and Paul Romer waxes eloquent about flawed models. |
|
|
| Investing in Gold vs Gold Investing |
Monetary Metals | Unlocking the productivity of gold |
2018-05-16 |
Those who invest in gold look at the price in dollars whereas gold investors look at the interest rate in gold. Monetary Metals can give your gold interest. |
|
|
| It's Only Paper |
Monetary Metals | Unlocking the productivity of gold |
2020-04-27 |
It’s tempting to think that the losses due to the government’s response to the virus are only paper. Wrong. |
|
|
| Is the Gold Standard the Economists’ Punching Bag? |
Monetary Metals | Unlocking the productivity of gold |
2021-08-12 |
The gold standard is the punching bag in the economists’ gym, and David Beckworth and Patrick Horan are the latest to give it a good jab. |
|
|
| Is a 13 or 15 Handle Next for Silver? 22 Nov, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-11-23 |
The price of gold dropped six bucks, and silver seven cents. Without much price action, let’s look a few other angles to gain some perspective. First, here’s the chart of both silver and the decidedly not-monetary metal copper. The Prices of Silver and Copper in Gold There’s a good correlation, with the biggest divergence being |
|
|
| Is Bitcoin Money? |
Monetary Metals | Unlocking the productivity of gold |
2013-03-03 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more16 responses to “Is Bitcoin Money?” - |
References: In Irredeemable Paper Money, Savings Is an Illusion (Blog Article) |
Referenced By: The Coming Silver Correction (Blog Article); Measuring Gold and Silver Supply and Demand (Blog Article); Irredeemable Currencies and the Fate of Europe (Blog Article); Physical Silver Scarcity: Fact or Fiction (Blog Article) |
| Irredeemable Paper Money, Feature #451 |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
A rise in the rate of interest reduces the burden of debt that has been accumulated previously. And a fall in the rate of interest increases the burden of debt. |
|
|
| Is Inflation or Deflation Coming? Part 2 |
Monetary Metals | Unlocking the productivity of gold |
2021-03-15 |
Understanding the monetary and nonmonetary forces at play in the economy is important if you’re going to predict what comes next. |
|
Referenced By: Is Inflation or Deflation Coming? 15 March (Blog Article) |
| Is Lending the Root of All Evil? Report 24 Feb |
Monetary Metals | Unlocking the productivity of gold |
2019-03-03 |
Aristotle said, “The most hated sort [of moneymaking], and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural use of it. |
|
|
| Irredeemable Currency De-tooths Savers, Report 18 Feb 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-02-19 |
An irredeemable currency system traps dollars like cattle in a pen and disenfranchises savers: even if dollar holders get out by buying gold, the dollars remain. |
|
|
| Is Keith Weiner an Iconoclast? Report 28 Apr |
Monetary Metals | Unlocking the productivity of gold |
2019-04-29 |
call us iconoclast if you must, but our motive is not to gore sacred oxen, but to help people understand the destructive trend. |
|
|
| Is Capital Creation beating Capital Consumption? Report 3 Mar |
Monetary Metals | Unlocking the productivity of gold |
2019-03-04 |
Our monetary system is failing. With a falling interest rate, which causes both capital churn and conversion of one party’s wealth into another’s income... |
|
|
| Is Now a Good Time to Buy Gold? Market Report 16 March Part Two |
Monetary Metals | Unlocking the productivity of gold |
2020-03-16 |
Supply and Demand in the silver market |
|
|
| Irredeemable Currency Is a Roach Motel, Report 9 June |
Monetary Metals | Unlocking the productivity of gold |
2019-06-10 |
The old Roach Motel commercials said that roaches can check in, but they can’t check out. An irredeemable currency is like that. |
|
|
| How to Maintain a Bull Market after Covid |
Monetary Metals | Unlocking the productivity of gold |
2020-05-11 |
Many people are mystified by the disconnect between the real economy and the stock market. The explanation is simple. |
|
|
| Inflation and Counterfeit Credit, Report 19 Nov 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-11-20 |
We define inflation as the counterfeiting of credit, where a borrower has neither means or intent to repay. And the best example of fraudulent borrowing is … |
|
|
| Inflating a Silver Bubble, 5 August |
Monetary Metals | Unlocking the productivity of gold |
2020-08-05 |
Monday brought another silver spike. But the pattern we're seeing isn't the standard supply-and-demand stuff from Econ 101. It's different, but not obvious. |
|
|
| In Irredeemable Paper Money, Savings Is an Illusion |
Monetary Metals | Unlocking the productivity of gold |
2013-04-05 |
Markets on the edge: A setup for volatility The ghosts of policies past continue to haunt today’s macroeconomic halls. Global... Read moreEarn a 4% return on your gold in our latest gold lease opportunity Monetary Metals gold fixed-income leases and bonds Monetary Metals delivers a Yield on Gold, Paid in Gold® through two distinct... Read more4 responses to “In Irredeemable Paper Money, Savings Is an Illusion” - |
|
Referenced By: Is Bitcoin Money? (Blog Article); The Coming Silver Correction (Blog Article); Irredeemable Currencies and the Fate of Europe (Blog Article) |
| In Defense of the Corporation |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
© April 28, 2012 by Keith Weiner Today, the government of the USA is in an accelerating transition. For the first 100 years (with a few exceptions) the government of the USA existed to set man free from men. The rights of the people were respected by the law and by the courts. And it |
|
|
| Interest Rate Roadkill |
Monetary Metals | Unlocking the productivity of gold |
2013-06-05 |
Yield Curve Arbitrage Does a steepening yield curve help bank profits? It depends on whether a bank has already bought long bonds before the steepening curve makes them cheaper. If the banks already own those bonds, then the more the curve steepens, the more it inflicts losses and then the banks have to sell, which steepens the |
|
|
| Interest on Gold Is the New Tempest in a Teapot |
Monetary Metals | Unlocking the productivity of gold |
2016-03-02 |
Zero Hedge published an article on Canadian Bullion Services (CBS) last week. Other sites ran similar articles. The common thread through these articles, and in the user comments section, is that CBS is committing criminal fraud. Or, if not, then it’s a conspiracy by the Canadian government to confiscate gold. Terms like fractional reserve and |
|
|
| Inflation and Gold: What Gives? |
Monetary Metals | Unlocking the productivity of gold |
2021-12-20 |
In this Supply and Demand report we discuss Ireland buying gold for the first time in over a decade and the different theories of gold price movements. |
|
|
| Human Action in the Silver Market |
Monetary Metals | Unlocking the productivity of gold |
2022-03-28 |
We dispel the precious metal price conspiracy and show why telling the truth helps buyers enter the metals market for the right reason. |
|
|
| In Next Crisis, Gold Won’t Drop Like 2008, Report 19 August 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-08-20 |
We cannot think of any gold-bearish differences between now and 2008. The differences are all gold-bullish by comparison. |
|
|
| Inflation or Lockdown Whiplash? |
Monetary Metals | Unlocking the productivity of gold |
2021-06-28 |
Only one question is open for debate - Is inflation transitory? Or is it running away? These are the wrong questions to ask about inflation. Read on for why. |
|
|
| Illicit Arbitrage Cut by Tax Cuts and Jobs Act, Report 3 Sep 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-09-04 |
Price fixing of interest rates causes conflict. Investors strike back, lobby to end municipal bond refinancing. |
|
|
| In a Gold Standard, How Are Interest Rates Set? |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
Today, short-term interest rates are set by the diktats of the central bank. And long-term interest rates are set in a “market” in which the central bank is obliged to keep coming back to buy ever more bonds, and speculators front-run the central banks to buy ahead of them. The result has been that, for |
|
|
| Inflation Is Not Under Control, Report 3 Mar 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-03-05 |
The Fed says inflation is under control as CPI has only risen 2.6 times since 1982. In reality, investors’ Yield Purchasing Power has declined 16 times. |
|
|
| I Know Usury When I See It, Report 4 Aug |
Monetary Metals | Unlocking the productivity of gold |
2019-08-05 |
Do you know it, when you see it? To know it, you need a clear concept of what it is. So what is usury? |
|
|
| In A Paper System, All Assets Are Backed by the Treasury Bond |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
The next time someone blurts out that the dollar works just as well as gold (or better than gold!), an explanation of this should shut him up. |
|
|
| How Is Negative Interest Possible? Report 8 Sep |
Monetary Metals | Unlocking the productivity of gold |
2019-09-09 |
People say that bonds are in a “bubble” and there will be a market backlash against negative rates. But it’s not possible. |
|
|
| In America, Government Pays You Interest. In Switzerland, You Pay Government. |
Monetary Metals | Unlocking the productivity of gold |
2015-01-21 |
The old joke is, “(with a Russian accent) In America, you correct newspaper, but in Soviet Union, newspaper corrects you.” Switzerland is now experiencing the bond market equivalent. In America, the government pays you to borrow but in Switzerland you pay the government. All Swiss bonds have a negative yield out to 9 years. Negative |
|
|
| How to Fix GDP, Report 14 Jul |
Monetary Metals | Unlocking the productivity of gold |
2019-07-15 |
The problem with GDP is that it does not take into account consumption of capital. Here’s one way to measure it. |
|
|
| Ilinois Credit Downgrade |
Monetary Metals | Unlocking the productivity of gold |
2013-01-27 |
The state of Illinois owes $271B. That they acknowledge. This is owed to someone. Now their credit rating is downgraded again. People should be thinking about the creditors. Who are they? I don't mean vendors of supplies purchased by the state. I mean the bondholders, not just who own state debt but who own the debt |
|
|
| Inflation: An Expansion of Counterfeit Credit |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
The Keynesians and Monetarists have fooled people with a clever sleight of hand, convincing people to look at inflation to understand the monetary system. |
|
|
| Impact of Germany’s Gold Repatriation |
Monetary Metals | Unlocking the productivity of gold |
2013-01-20 |
Germany has announced that it plans to take home all 374 tonnes of its gold stored at the Banque de France, and 300 out of 1,500 tonnes held at the Federal Reserve Bank of New York (http://www.ft.com/intl/cms/s/0/97970542-5fd2-11e2-b128-00144feab49a.html#axzz2I9UZ7iGA). Bill Gross of PIMCO tweeted: “Report claims Germany moving gold from NY/Paris back to Frankfurt. Central banks don’t |
|
|
| How Not to Trade the Dollar |
Monetary Metals | Unlocking the productivity of gold |
2013-04-30 |
I hope this essay provides some food for thought. It is not my intention to insult or belittle anyone, but using humor and cold logic, to help people understand an abstract topic with many counterintuitive principles. The ultimate goal is to protect what you have and make some more (in that order). Gold is money. |
|
|
| How Do They Get Away With It? |
Monetary Metals | Unlocking the productivity of gold |
2021-09-13 |
The government inflicts bad policies, with perverse outcomes. It consumes capital, and increases costs. How do they get away with it? |
|
|
| Happy New Year, Report 2 January, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-01-03 |
This weeks is also a short Report, and also a day later than normal, due to the New Year’s holiday. We hope everyone has a healthy, happy, and prosperous 2017! The prices of the metals moved up last week, except for Friday which was a bump in the road, especially for silver. Below, we will |
|
|
| Gold Price Smashdown vs Gold on Fire |
Monetary Metals | Unlocking the productivity of gold |
2021-08-10 |
The gold price dropped precipitously on Sunday evening, August 8. Or it was smashed down. We look at the data to see what happened to the price of gold. |
|
|
| Gold-Silver Divergence, Report 17 April, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-04-18 |
This was a holiday-shorted week, due to Good Friday, and we are posting this Monday evening due to today being a holiday in much of the world. Gold and silver went up the dollar went down, +$33 and +$0.53 -64mg gold and -.05g silver. The prices of the metals in dollar terms are readily available, |
|
|
| Gold, Silver, and Horse Betting Report 13 Sep, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-09-14 |
Consider the sport of betting on the sport of horse racing. It’s actually similar to the analysis of the gold and silver markets. How’s that? First, there is the manic-depressive crowd. Sometimes (as we are told—we don’t hang out at race tracks) the bettors sometimes get overly excited about a horse with slim chances to |
|
|
| Guest Post: Why is gold mining such a crappy business? |
Monetary Metals | Unlocking the productivity of gold |
2014-10-30 |
by Steve Saville Below is an excerpt from a commentary originally posted at www.speculative-investor.com on 12th October 2014. That gold mining has generally been a crappy long-term investment for almost five decades is evidenced by the following chart. The chart, much of the data for which were provided by Nick Laird of www.sharelynx.com, shows the ratio of the Barrons |
|
|
| Good News and Bad News, Report 27 November, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-11-28 |
Sometimes, we think that every story in the gold community has the same template: I have inside information to share with you My peeps are telling me that will happen If happens, then the gold price will go ballistic ( will happen, I just know it) So buy gold now, to front-run |
|
|
| Gold-Silver Ratio Breakout Report, 28 Feb, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-02-29 |
The gold to silver ratio moved up very sharply this week, +4.2%. How did this happen? It was not because of a move in the price of gold, which barely budged this week. It was due entirely to silver being repriced 66 cents lower. This ratio is now 83.2. It takes 83.2 ounces of silver |
|
|
| Gold Leaps Into Backwardation! |
Monetary Metals | Unlocking the productivity of gold |
2013-02-18 |
Since late January, the February gold contract has been in backwardation. This means that one could make a profit by simultaneously selling a gold bar and buying a February contract. One would still have one’s gold plus a little extra. I coined the term “temporary backwardation” (https://www.monetary-metals.com/temporary-backwardation-the-path-forward-from-2008-3/), to describe this curious and very recent phenomenon. |
|
|
| High Frequency Trading |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
The financial press and alternative investing blogosphere is all abuzz about proposed German controls that attack High Frequency Trading (http://www.cnbc.com/id/49174317). Government always justifies its coercive intrusion into markets by appeal to a sense of the "public good", and its interference never delivers the goodies as advertises (see my doctoral dissertation for a full explanation of |
|
|
| Growing Dollar Demand, Silver Weirdness |
Monetary Metals | Unlocking the productivity of gold |
2020-06-15 |
When debt rises, so does demand for money. Something happened in silver that is unprecedented: a contract headed into expiry had a rising basis. |
|
|
| Gold's Gone Wild |
Monetary Metals | Unlocking the productivity of gold |
2020-03-25 |
The bid-ask spread in gold blew out on Tuesday, but it does not mean what most think it means. |
|
|
| Gold:Silver Ratio spikes over 66! |
Monetary Metals | Unlocking the productivity of gold |
2013-05-20 |
Yesterday in the Gold Basis Report, we wrote: "...we reiterate that we are cautious about the price of silver (measured in grams of gold) and think the ratio is more likely to rise than to fall." Little did we know. As this 5-minute chart shows, the ratio rose to over 66(!) before coming back down |
|
|
| Grave Silver Mistake |
Monetary Metals | Unlocking the productivity of gold |
2016-04-27 |
We came across an article today, talking about silver supply troubles. We get it. The price of silver has rallied quite a lot, so the press needs to cover the story. They need to explain why. Must be a shortage developing, right? At first, we thought to just put out a short Soggy Dollars post |
|
|
| How Can the State Bank of India Pay Interest in Gold? |
Monetary Metals | Unlocking the productivity of gold |
2014-08-13 |
How can the State Bank of India make a yield on gold? I asked some of my friends from India this question. I got two basic answers. One way they could is by... |
|
|
| Guest Post: Western Bank Exposure to Mainland China Explodes Higher – Australia Vulnerable |
Monetary Metals | Unlocking the productivity of gold |
2014-02-18 |
Author Pater Tenebrarum, Acting Man We recently cited the work of Sean Darby, equity strategist at Jefferies, regarding the exposure of Hong Kong banks to the Mainland (see: “How Dangerous is China's Credit Bubble for the World” for details). Although Hong Kong is technically part of China, it is a foreign country in terms of its |
|
|
| Hedging in the Gold Miners |
Monetary Metals | Unlocking the productivity of gold |
2015-10-20 |
There are two ways to run a gold mining company. One respects the simple fact that it is producing money. It is not eager to trade its the money it produces for government paper, legal tender laws be damned. It keeps its books in gold, and produces and trades to earn more money (i.e. gold). |
|
|
| Gold Price Drop of 6 Nov: Drilling Down |
Monetary Metals | Unlocking the productivity of gold |
2015-11-10 |
The price of gold dropped abruptly Friday morning (Arizona time). How much of a drop? $10.30, as measured by the bid on the December future. How abruptly? That move happened in under a second. At first, the price of gold in the spot market did not react. This caused what looks like a massive backwardation |
|
|
| Guest Post: Pater Tenebrarum – US Stock Market – Giddy Bulls Abound |
Monetary Metals | Unlocking the productivity of gold |
2013-04-24 |
Barron's Big Money Poll Bullish Consensus Reaches a Record High This week's Barron's magazine contains the latest Barron's 'big money' poll. Evidently they interviewed a herd – there was once again near unanimity on a number of markets. The bullish consensus on US stocks clocked in at a new all time high for the Barron's |
|
|
| Gold-Silver Ratio Reversal Report, 6 Mar, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-03-07 |
So the price of silver rocketed up 80 cents, while the price of gold jumped $37. Silver is now more expensive than it was two weeks ago; the price decline of last week was more than overcompensated. This pushed the gold-silver ratio down about two whole points, with virtually the whole move on Friday. Last |
|
|
| Help us select our new logo |
Monetary Metals | Unlocking the productivity of gold |
2013-12-11 |
We are in the process of upgrading our corporate image. Would appreciate your feedback on the following logo options. Please leave a comment on this post with your favorite option (1,2,3,or 4). |
|
|
| Gold Is Slowing, Report 8 May, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-05-09 |
The price of gold moved down slightly this week, while that of silver dropped more substantially—1.9%. We don’t see much decrease in the enthusiasm yet from this minor setback. This was a shortened week due to the May Day holiday outside the US. Let’s look at the only true picture of supply and demand fundamentals. |
|
|
| Gold Data Science, Report 28 May, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-05-29 |
The price of gold went up $12 this week, and that of silver $0.50. That’s not bad for gold and silver owners, and not good for the vast majority who are all-in on the dollar (though they don’t think of it that way). Since we began publishing this Supply and Demand Report four and a |
|
|
| Gold Bonds: Averting Financial Armageddon |
Monetary Metals | Unlocking the productivity of gold |
2012-02-03 |
After the near-collapse of the financial system in 2008, a growing number of people have come to realize that our monetary disease is terminal. |
|
|
| Gold Conspiracy Theories |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
One of the conspiracy theories that's popular in the gold community right now is that when the CME and various brokers increased the margin required to hold silver, this caused the price to fall from $49 to $34. Of course, observing the silver basis does not confirm this claim. Today, Zero Hedge has a short |
|
|
| Gold Arbitrage and Backwardation Part I |
Monetary Metals | Unlocking the productivity of gold |
2014-01-21 |
Professor Tom Fischer has written three papers[1][2][3] about gold backwardation and arbitrage. Across these three papers, he makes a case against the ideas of Professor Antal Fekete. I write this response solely on my own behalf. I do not speak on behalf of Fekete or his New Austrian school of Economics. I have two motivations |
|
|
| Gold Arbitrage and Backwardation Part II (the Lease Rate) |
Monetary Metals | Unlocking the productivity of gold |
2014-02-04 |
In Part I, we discussed the concept of arbitrage. We showed why defining it as a risk-free investment that earns more than the risk-free rate of interest is invalid. There is no such thing as a risk-free investment, and in any case, economics must be focused on the acting man rather than theoretical constructs. We |
References: Gold Arbitrage and Backwardation Part III (Gold as a Commodity) (Blog Article) |
|
| Gold Arbitrage and Backwardation Part III (Gold as a Commodity) |
Monetary Metals | Unlocking the productivity of gold |
2014-03-30 |
In Part I, we discussed the concept of arbitrage. We showed why defining it as a risk-free investment that earns more than the risk-free rate of interest is invalid. There is no such thing as a risk-free investment, and in any case economics must be focused on the acting man rather than theoretical constructs. We |
|
Referenced By: Gold Arbitrage and Backwardation Part II (the Lease Rate) (Blog Article) |
| Gold Costs 80oz of Silver, Report 21 Feb, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-02-22 |
The big news is that the gold-silver ratio closed at 80. This is not only a new high for the move. It’s higher than it has been since 2008. It’s also exactly what Monetary Metals has been calling for. Last week, we said the gold fundamental was $1,450 and the silver fundamental was $14.90 (i.e. |
|
|
| Permanent Gold Backwardation, Report 30 Sep 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-10-01 |
Gold is in permanent backwardation already, but not where you expect! |
|
|
| Gold is a Giant Ouija Board, Report 25 Feb 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-02-26 |
Gold’s trading action is like a giant Ouija Board, with each group of traders having a thumb on it. Why does the price “planchette” move as it does? This is the dynamic we study. |
|
|
| Gold and Silver Price Fundamentals Update |
Monetary Metals | Unlocking the productivity of gold |
2021-09-14 |
Let's revisit some of our fundamental analysis on gold and silver prices that we last mentioned in our August 23 report. Silver and gold scarcity is rising. |
|
|
| Gold Caught With Its Backwardation Showing |
Monetary Metals | Unlocking the productivity of gold |
2013-03-05 |
With all the discussion on the Internet, some of it confusing, we thought a picture would be worth a thousand words. Backwardation is when there is a profit to decarry the metal. This is the simultaneous sale of metal in the spot market and purchase of metal in the futures market. Selling is on the |
|
|
| Gold and Silver Sentiments Violently Diverged in 2013 |
Monetary Metals | Unlocking the productivity of gold |
2013-12-27 |
There are two reasons why people buy gold and silver. The first is that they’re the monetary metals. Many people don’t want more than a certain exposure to the risks of the banking system. They hold dollars for liquidity and beyond that trade them for metallic money. This money is not for trading. The second |
|
|
| Gold Confiscation |
Monetary Metals | Unlocking the productivity of gold |
2013-09-05 |
It is well known that in 1933, President Roosevelt confiscated the gold of U.S. citizens and made possession of gold illegal. He gave gold owners about $20 an ounce and when he was done, he raised the gold price to $35. The common telling of this story portrays it as a simple case of robbery. |
|
|
| Gold is Not Going to $10000, Report 24 July, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-07-25 |
The prices of the metals were down again this week, -$15 in gold and more substantially -$0.57 in silver. Stories continued to circulate this week, hitting even the mainstream media. Apparently gold is going to be priced at $10,000. Jump on the bandwagon now, while it’s still cheap and a bargain at a mere $1,322! |
|
|
| Gold and Silver Speculation |
Monetary Metals | Unlocking the productivity of gold |
2014-04-10 |
There is a stark difference between the states of the markets for the monetary metals. The number of open futures contracts in gold is low, while in silver it’s high. First, let’s look at the data and then we’ll discuss what it means. Here is the graph showing the open interest. The picture is clear |
|
|
| Gold Bullion International Lease #1 (gold) |
Monetary Metals | Unlocking the productivity of gold |
2019-06-19 |
Monetary Metals leases silver to Gold Bullion International |
|
|
| Gold Demand Falling, Report 15 May, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-05-16 |
The price of gold moved down about sixteen bucks, while that of silver dropped about three dimes. In other words, the dollar gained 0.3 milligrams of gold and 0.04 grams of silver. We continue to read stories of the “loss of confidence in central banks.” We may not know the last detail of what that |
|
|
| Gold and Silver Supply and Demand Report, 14 August, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-08-15 |
"Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it." |
|
|
| Gold and Silver: Breaking Out? Or Breaking Down? |
Monetary Metals | Unlocking the productivity of gold |
2022-03-25 |
Is this time different for metals or is it buyers of futures using margin accounts to maximize their hoped-for returns of $ on a quick flip of a metal position? |
|
|
| Gettin’ High on Bubbles, Report 15 Apr 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-04-16 |
What the world needs is a stable monetary unit. The path to this stability is not paved by a skyrocketing gold price but with the return of the gold interest rate. |
|
|
| GDP Begets More GDP (Positive Feedback), Report 30 June |
Monetary Metals | Unlocking the productivity of gold |
2019-07-01 |
There are positive feedback loops, where GDP-generating activities cause other GDP-generating activities. At least, while it lasts. |
|
|
| Gold and Silver Divergence, Report 5 Feb, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-02-06 |
This week, the prices of the metals went up, with the gold price rising every day and the silver price stalling out after rising 42 cents on Tuesday. The gold-silver ratio went up a bit this week, an unusual occurrence when the prices are rising. Everyone knows that the price of silver is supposed to |
|
|
| Gold Always Wins, Report 6 November, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-11-07 |
This week the prices of the metals, as measured in terms of the much-abused and much-hated but much-preferred US dollar, went up. +$28 and +0.66 respectively. That’s a pretty big deal. So big, in fact, that a prominent voice for the use of gold as money tweeted about it. You may want to skip past |
|
|
| Gnome Underpants Gold Model, Report 21 May, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-05-22 |
There is a often-promoted plan to grow your wealth. Here’s the background. The dollar is going to be worthless. Soon! The reason is because [their peeps in high places tell them / the Chinese / end of the petrodollar / historical fiat currencies / Rothschild Jekyll Island Master Plan Private Fed / Fed printing] will |
|
|
| Fractional Reserve Banking |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
The issue is that the bank is contractually obligated to its depositors but will be unable to honor its obligations. This is a mathematical inevitability. |
|
|
| Fractional Reserve Is Not the Problem |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
In the United States, there are once again TV commercials advertising Adjustable Rate Mortgages (ARMs) for residential real estate. Today, I saw one from Quicken Loans promoted with the tagline “why pay more in interest charges now just to know what rate you will have in 2018?” (they are offering a 7-year “teaser” rate and |
|
|
| Friction and Gravity, Report 11 December, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-12-12 |
The price action was mixed this week. Those hoping for dollar declines in gold terms were disappointed. However, silver gave them a sop as the price of the buck declined by one one-hundredth of a gram of silver. In Monetarist terms, gold went down $18 and silver up 11 cents. Monetarism, in its insistence that |
|
|
| Gold and Silver Markets Start to Normalize |
Monetary Metals | Unlocking the productivity of gold |
2020-05-04 |
The extraordinary bid-ask spreads and bases are coming down, in both gold and silver. The reason may surprise you. |
|
|
| Going All-In On a Weak Argument |
Monetary Metals | Unlocking the productivity of gold |
2014-12-31 |
In Poker, to go all in means to bet everything you have. I do not think it is an exaggeration to say that gold advocates have gone all in on inflation... |
|
|
| Forensic Basis Analysis of Apr 12-15 Gold Crash |
Monetary Metals | Unlocking the productivity of gold |
2013-05-10 |
A forensic analysis of the gold and silver price crash of April 12-15, 2013. Instead of looking at price graphs, let’s look at a graph of the gold basis. |
|
|
| Gold and Silver Fundamentals Up, Report 28 August, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-08-29 |
The dollar exchange rates of the metals fell this week, with that of silver falling more. Friday’s trading action was notable, because at first markets (including the US stock market) interpreted comments by Fed Chair Janet Yellen as “dovish”—i.e. low interest rates will continue. This means rising money supply, and everyone “knows” that that means |
|
|
| Gold and Silver Aren’t Getting Stronger, Report 29 May, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-05-30 |
The dollar moved up, though most people would say gold fell about $40, and silver 32 cents. In the mainstream view, the value of the dollar is 1/N (N is the quantity). So how could the dollar go up? Certainly, the quantity keeps on increasing. Our view is different. If you borrow dollars to buy |
|
|
| Gold and Silver Capitulation Report, 7 July 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-07-10 |
The prices of the metals fell $29 and $1.02. We are interested in the fundamentals. Did the market change in a durable way? Are gold and silver being devalued? Is it time to capitulate and avoid the rush? |
|
|
| Gold and Silver Price Drop of 3 July, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-07-04 |
What happened on 3 July 2017 when price of gold dropped to $1,219, or -1.8%, and the price of silver fell to $16.11, or -2.9%? |
|
|
| Four-Letter “G” Word Discussed on TV |
Monetary Metals | Unlocking the productivity of gold |
2013-02-15 |
The title of the following video clip is Would Returning to Gold Standard End Currency Wars? Obviously, countries which use gold as money would have to accept the fact that gold cannot be devalued. This would be a huge improvement over today. Michael Woolfolk from Bank of New York Mellon takes the anti-gold position, and Komal |
|
|
| Gold 1, Bitcoin 0 |
Monetary Metals | Unlocking the productivity of gold |
2021-09-23 |
Coinbase, a leader of the crypto revolution has announced it's borrowing $2 Billion in dollars. Not bitcoin, dollars. Does anyone see the irony? |
|
|
| Dutch Deflation |
Monetary Metals | Unlocking the productivity of gold |
2013-02-02 |
A bank, not in the PIIGSC (Portugal, Ireland, Italy, Greece, Spain, Cyrpus) is insolvent. It's in Netherlands. So the government is taking it over. Inflation is an expansion of counterfeit credit. Deflation, a forcible contraction of credit, is the inevitable consequence of inflation. - goal is to "shore up confidence" - Netherlands' deficit was already |
|
|
| Debunking Gold Manipulation |
Monetary Metals | Unlocking the productivity of gold |
2011-12-07 |
Yesterday [Nov 29, as I wrote this on Nov 30], the December gold contract moved sharply into backwardation (it happened in silver also, but let’s focus on gold). This means that one could sell physical and simultaneously buy December to make a profit (please see the graph). So let’s look a little deeper. December basis |
|
|
| Falling Interest Rates Destroy Capital |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
I place the blame for Sudden Capital Death Syndrome on falling interest rates. The key to understanding this is to look at a bond as a security. |
|
|
| EU Ponders Gold Backed Bonds |
Monetary Metals | Unlocking the productivity of gold |
2013-01-18 |
Portugul and Italy consider using their national gold reserves to back new debt issuance. Is this a good idea? |
|
|
| Deflation? It’s not about falling prices! |
Monetary Metals | Unlocking the productivity of gold |
2013-01-22 |
Here is what Deflation is really about... - falling real estate values - falling stock market values - falling employment - falling banking system - falling incomes - falling economy That's why governments and central banks are trying so hard to fight it (in vain). http://www.reuters.com/article/2013/01/21/us-spain-banks-protests-idUSBRE90K0N920130121 |
|
|
| Falling Interest Rates and Duration Mismatch |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
Corporate executives have a choice. The right thing to do is accurately assess the useful life of the tool, hotel, or whatever they are going to buy with the... |
|
|
| Falling Discount, Gold and Silver Get Powelled 29 Oct 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-10-30 |
In a free market for money, aka gold standard, no one has the power to manipulate interest rates, asset prices, yield purchasing power, or discount rates. |
|
|
| Euro Backwardation |
Monetary Metals | Unlocking the productivity of gold |
2013-03-21 |
Not too long ago, I wrote dollar backwardation. It's happening, not in the dollar, but in the euro in Cyprus. Zero Hedge writes the following. Banks have been closed all week, the threat of loss of part of one's deposits is still there, it is at best uncertain when banks will reopen, and capital controls |
|
|
| Distortions and Deflation |
Monetary Metals | Unlocking the productivity of gold |
2013-01-04 |
Distortions and Deflation There is an interesting article on Zero Hedge with commentary by Bill Gross. There are two take-home points that I'd like to look at: 1. Investment decisions are distorted by low interest rates 2. Is "deflation" a rising dollar or debt defaults? It seems that corporations actually consider the rate of interest |
|
|
| Don’t Short the Treasury Bond Just Yet |
Monetary Metals | Unlocking the productivity of gold |
2013-02-18 |
Keith Weiner discusses why interest rates prior to 1933 was set by the marginal saver and how the saver was removed from this process post 1933. |
|
|
| Falling Currencies |
Monetary Metals | Unlocking the productivity of gold |
2012-03-16 |
In 1913, the US Congress authorized the creation of the Federal Reserve. Its mandate was limited, but it grew over time to become the central planner of all things monetary. In 1933, President Roosevelt outlawed the ownership of gold. In 1944, the soon-to-be-victorious allied powers signed a treaty at Bretton Woods, agreeing to use the |
|
|
| Falling Interest Causes Falling Wages |
Monetary Metals | Unlocking the productivity of gold |
2015-03-19 |
Interest rates have been falling for over three decades. Conventional economics has two things to say about this. One, inflation expectations are falling. Monetarists believe that the interest rate is set based on bond traders’ predictions of future price increases. Two, if employment and GDP are weak, then the central bank should increase the money |
|
|
| Deflation Is Everywhere—If You Know Where to Look, Report 18 Aug |
Monetary Metals | Unlocking the productivity of gold |
2019-08-19 |
Time preference is very low today, in contrast to the 1970’s. To get consumers to buy, manufacturers have to get creative with discounts. |
|
|
| Dollar Supply Creates Dollar Demand, Report 2 June |
Monetary Metals | Unlocking the productivity of gold |
2019-06-03 |
Does an increase in the supply of dollars cause a decrease in the value of them? |
|
|
| 23-Feb-13 |
Monetary Metals | Unlocking the productivity of gold |
2013-02-24 |
The Last Contango Basis Report The downdraft in the dollar prices of the metals began in late January, with gold just under $1700 and silver over $32. This is not likely news to readers of the Last Contango Basis Report. Gold and Silver Price The purpose of this Report is to shed some light onto |
|
|
| Directive 10-289, Report 25 Aug |
Monetary Metals | Unlocking the productivity of gold |
2019-08-26 |
The president of the United States of America Ordered American companies to move their manufacturing. This is not good. |
|
|
| Forensic Analysis of Fed Action on Silver Price |
Monetary Metals | Unlocking the productivity of gold |
2022-05-06 |
We zoom deep into the wacky silver market the last couple of days and analyze how the Fed's decision and speculators have altered the market. |
|
|
| Defaults are Coming |
Monetary Metals | Unlocking the productivity of gold |
2020-06-22 |
Financial institutions invested in the bonds of travel-related businesses. This debt will be defaulted, and creditors will wish they had invested in gold. |
|
|
| Fans of Central Banking Have an Achilles Heel |
Monetary Metals | Unlocking the productivity of gold |
2014-10-26 |
Most of my writing about the gold standard is about how it works, and how the paper dollar standard doesn’t. A casual conversation I had with someone recently underscored that there is an even stronger argument. Our opponents, those who support central banking and irredeemable paper money, have to make two cases. One is to |
|
|
| Dang It Gold’s Supposed to Go Up! Report 4 December, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-12-05 |
We’ve gone through a succession of events and processes that were supposed to make gold go up. The following list is by no means exhaustive: Quantitative Easing Bernanke’s Helicopter Drops Janet Yellen’s Keynesianism Obama’s Deficits (US government debt is now a hair away from $20,000,000,000—and that’s just the little part of it they put on |
|
|
| Don’t Short This Dog, Report 20 Feb, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-02-21 |
This week, the prices of the metals mostly moved sideways. There was a rise on Thursday but it corrected back to basically unchanged on Friday. This will again be a brief Report, as yesterday was a holiday in the US. Below, we will show the only true picture of the gold and silver supply and |
|
|
| Fed Rate Hike Causes Gold Price Drop, Report 18 December, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-12-19 |
The price action was not what most of those in the gold community hoped for (or predicted). The price of gold dropped another $24 and that of silver nearly a whole dollar. The big news of course is that the Fed hiked rates another 25 basis points. So far, stock market speculators don’t seem to |
|
|
| Dissecting Gold and Silver Prices After Russian Invasion |
Monetary Metals | Unlocking the productivity of gold |
2022-02-25 |
We analyze the gold and silver price movements and what Russia invading Ukraine and increased global tensions mean for the precious metals market. |
|
|
| Debt and Profit in Russell 2000 Firms |
Monetary Metals | Unlocking the productivity of gold |
2019-04-11 |
40% of the companies in the Russell 2000 index are unprofitable. That’s telling us something. |
|
|
| Deutsche Fuels Silver, Report 2 October, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-10-03 |
Last week, it was the Fed’s magic boosting up the price of silver. This week, the slow slide in the silver price resumed, going all week except during peak fear about the woes of Deutsche Bank. When it looked bleakest—and the potential size of the capital-eating fines was highest—there was a wicked little rally in |
|
|
| Don’t Trade Last Week’s Silver Story! |
Monetary Metals | Unlocking the productivity of gold |
2013-08-20 |
Since February of this year, there has been at least one silver contract in backwardation. Since May 31, the September contract has been backwardated. But that has now come to an end. Before we get to the graphs, let’s define our terms. Some people look at a graph of (cleared trade) prices. If they find |
|
|
| Bye Bye Trillion Dollar Coin |
Monetary Metals | Unlocking the productivity of gold |
2013-01-12 |
Obama's Treasury decides against the trillion dollar coin. Both parties and their voters want the spending to continue. The only real debate is over the pork and scoring points for one's team. Obama must feel he's got the leverage to make the Republicans tap out. http://www.businessinsider.com/treasury-rules-out-trillion-dollar-platinum-coin-2013-1 |
|
|
| Central Planning Is More than Just Friction, Report 17 February |
Monetary Metals | Unlocking the productivity of gold |
2019-02-19 |
Under monetary central planning, do people work at the same tasks they would have worked? Is the only consequence, that goods have a higher price (due to inflation)? |
|
|
| Cyprus Forced Into Bailout Deal |
Monetary Metals | Unlocking the productivity of gold |
2013-03-26 |
Do you think that depositors in Cyprus are being taxed? That their money is being taken from them to go to the government in Cyprus or to Europe? Most analysis of the Cyprus bailout is wrong on this point. Cypriot banks are like all banks in one respect. They raise capital to buy assets that |
|
|
| Cyprus Collapse Triggers Unintended Consequences |
Monetary Metals | Unlocking the productivity of gold |
2013-04-01 |
Some people believe that by imposing losses on investors and reducing the Cyprus banking system liabilities, the European powers have addressed the problems in Cyprus (if harshly). Others think that it was just an unjust tax on depositors. I have written about the sequence of events. Cyprus banks borrowed money and bought Greek government bonds. |
|
|
| Cheering for Bitcoin, Gold and Silver Report 17 Dec 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-12-18 |
Bitcoin shows there is a mainstream audience of millions looking for an alternative to the Fed’s failing fiat currency, something no Fed apologist can ignore. |
|
|
| China Fantasy or China Reality |
Monetary Metals | Unlocking the productivity of gold |
2013-02-06 |
It's become popular to theorize that China is smarter than the US, that China's economy is doing better, that China will rise to surpass the US, etc. This theory is false, in our opinion. China has massive government controls and intrusions into the market throughout the economy. This article (http://www.zerohedge.com/news/2013-01-23/what-really-goes-china) enumerates some of China's problems: |
|
|
| Common Sense Monics, Report 10 Jun 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-06-11 |
What they teach in monetary economics today is nothing less than Lysenkoism. |
|
|
| Crying Wolf, Report 22 July 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-07-23 |
Sure, the world is going to end, but how much credibility remains for those who have predicted 17 of the last 0 ends of the world? |
|
|
| Central Planning Vs. Economics |
Monetary Metals | Unlocking the productivity of gold |
2019-12-30 |
Buy Gold Now, World to End on December 31 |
|
|
| Crouching Silver, Hidden Oil |
Monetary Metals | Unlocking the productivity of gold |
2020-04-20 |
Today, an ounce of silver can buy a barrel and a half of oil. And silver is dirt cheap! |
|
|
| China’s Nuclear Option to Sell US Treasurys, Report 19 May |
Monetary Metals | Unlocking the productivity of gold |
2019-05-20 |
Can China use the nuclear option? Can it sell its holdings of US government bonds? |
|
|
| Cyprus Targets Its Savers in Bailout Agreement: Part II |
Monetary Metals | Unlocking the productivity of gold |
2013-03-18 |
There is nothing like the pain of real losses to impress a principle deeply into people’s psyches. In Cyprus (and likely in other similarly situated countries) a lesson is now clearer to more people and businesses than it has yet been. The Euro-banking system cannot be trusted. Below are our analysis and predictions. We expect |
|
|
| Cash is Toilet Paper |
Monetary Metals | Unlocking the productivity of gold |
2020-03-23 |
Cash is like toilet paper, but not in the way most people think! |
|
|
| Curious Gold-Silver Ratio That Did Not Fall, Report 26 Feb, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-02-27 |
This holiday-shortened week (Monday was President’s Day in the US), the price of the dollar fell. In gold, it fell almost half a milligram to 24.75mg, and prices in silver it dropped 30mg, to 1.7 grams of the white monetary metal. Flipped upside down, gold went up 23 notes from the Federal Reserve, and silver |
|
|
| Condo and Currency Collapse |
Monetary Metals | Unlocking the productivity of gold |
2021-07-06 |
The collapse of the Champlain Towers South Condo building in Miami provides a surprising number of insights into the collapse of a currency. |
|
|
| Capitalism: Death By A Thousand Cuts |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
Capitalism died with Zero Interest Rate Forevah(TM). Capitalism is long since dead. Whatever the name for today’s failed system is, “capitalism” it is not... |
|
|
| Crude Oil Supply and Demand |
Monetary Metals | Unlocking the productivity of gold |
2015-01-12 |
We don’t normally analyze the crude oil market. However, there has been a huge price move (which may not be complete yet). With the endless rumors of deals that explain the move, we thought we would look at the spreads. The data shows a startling picture. You should approach supply and demand in this market |
|
|
| Cyprus Targets Its Savers in Bailout Agreement: Part I |
Monetary Metals | Unlocking the productivity of gold |
2013-03-18 |
After markets closed on Friday, it was announced that Cyprus worked out a deal with the European Central Bank, European Commission, and the International Monetary Fund (“the Troika”). Here is a typical article reporting on the story. Cyrpus has been in desperate need of a bailout, and was in discussions as early as June last |
|
|
| Crude Goes Negative! |
Monetary Metals | Unlocking the productivity of gold |
2020-04-21 |
The price of crude oil fell way below zero on April 20. The spread between spot and future price rise to $58 a barrel. How to interpret this unprecedented event? |
|
|
| Congress Passes Fiscal Cliff Deal |
Monetary Metals | Unlocking the productivity of gold |
2013-01-03 |
We now see who are "millionaires and billionaires" in practice. They are individuals with income over $400,000 or married couples with income over $450,000. Their top tax bracket rises from 35% to 39.6%, an increase of 13%. The capital gains tax rate goes from 15% to 20%, an increase of 33%. The temporarily reduced payroll |
|
|
| Da Boyz Whacked Silver Again, Update 28 Nov 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-11-29 |
Gold and silver prices dropped on Tuesday as Jay Powell testified before Congress. Gold recovered but silver did not. What accounts for this disparity? |
|
|
| Bitcoin Myths, Report 27 Oct |
Monetary Metals | Unlocking the productivity of gold |
2019-10-28 |
With bitcoin back to its skyrocket phase, and with Keith speaking at a conference where gold and bitcoin were presented, it’s a good opportunity to revisit USD, AU, and BTC. |
|
|
| Asset Inflation vs. Consumer Goods Inflation, Report 1 Sep |
Monetary Metals | Unlocking the productivity of gold |
2019-09-03 |
The Quantity Theory of Money is a paradigm that can limit one’s ability to grasp the problem with the dollar. |
|
|
| Blowing Bubbles |
Monetary Metals | Unlocking the productivity of gold |
2013-02-14 |
Investor attitudes have become quite bullish again. Few want corporations to improve their balance sheets. And near-record numbers of them want corporations to spend money on capital projects. Congratulations Dr. Bernanke. You have reflated the credit bubble. Bets that when it bursts this time, the ensuing crisis will be even worse than the one in |
|
|
| Broken Hedges |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
Peter Tchir wrote a piece yesterday describing yet another hole in the banks’ balance sheets: I am not sure I fully understand it, but to me it looks something like this: A bank has a duration mismatch. Its funding is short-term, which means it must be rolled over frequently. This subjects the bank to the |
|
|
| Buy Gold, Because… |
Monetary Metals | Unlocking the productivity of gold |
2022-08-08 |
People are buying gold hoping to hedge against inflation. We offer a more compelling reason to own gold and discuss what it can do when you own it. |
|
|
| Bernanke “No Tapering”: Silver Goes Up and Down Again |
Monetary Metals | Unlocking the productivity of gold |
2013-05-22 |
In February, I wrote What Drives the Price of Gold and Silver? If there is a credible rumor that the Fed is planning to further extend its “Quantitative Easing”, how would you expect the monetary metals to react? Typically, the gold price would rise and the silver price would rise even more. The question is why. |
|
|
| BitTulip |
Monetary Metals | Unlocking the productivity of gold |
2013-03-21 |
In the 17th century, the price of Dutch tulips ran up to incredible levels before collapsing, ruining many who participated in the first well-documented bubble. We are not knowledgable about horticulture, but we are sure that those Dutch tulips were fine specimens and produced wonderful flowers. And this is where bubbles generally begin. There is |
|
|
| Buying Growth, Not Sustainable |
Monetary Metals | Unlocking the productivity of gold |
2013-01-17 |
There is no way to make SS "actuarially sound", and there is no way for the government to massively distort the economy in a "business friendly way." It is not possible to make a sound annuity under an irredeemable currency. The interest rate is falling, which means dwindling income for the annuity. And of course |
|
|
| Barclays Caught Red Handed Manipulating Gold |
Monetary Metals | Unlocking the productivity of gold |
2014-05-27 |
It was all over the news last week, both mainstream and gold sites. Barclays was caught manipulating the gold price. They were fined £26M, and forced to pay a client who was damaged by their action. The trader who worked for Barclays, Daniel Plunkett, was also fined and banned from working in the financial sector. |
|
|
| Be Careful What You Wish For |
Monetary Metals | Unlocking the productivity of gold |
2013-01-16 |
Be Careful What You Wish For The German central bank is withdrawing its gold on deposit at the Federal Reserve and bringing it back to Germany (It Begins: Bundesbank To Commence Repatriating Gold From New York Fed). Most gold bugs are thinking about the gold "price" measured in dollars. They think that this will likely |
|
|
| Bitcoin, Gold, and the Quantity of Money |
Monetary Metals | Unlocking the productivity of gold |
2014-01-29 |
The popular view today is based on the linear Quantity Theory of Money. It seems to be common sense. If more units of a currency are issued, then logically... |
|
|
| BitFlashCrash |
Monetary Metals | Unlocking the productivity of gold |
2013-03-24 |
A flash crash occurs when the bid is either very thin or disappears altogether. Under any selling pressure, the cleared price can fall to any level at least temporarily. By definition and by nature, money is not subject to flash crashes. |
|
|
| Banning Short Selling |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
First, contrary to popular misconception, the purpose of the stock market is not to go up, ratcheting higher and never lower. Its purpose is price discovery. |
|
|
| Big Debt in Little China |
Monetary Metals | Unlocking the productivity of gold |
2013-01-31 |
- Local governments to borrow for unneeded "infrastructure" - They acted under orders from Beijing - Unable to pay, they "rolled the debt over" - Li says it's OK, it takes time to amortize(!) - Yiping says it's fine when duration is mismatched - Peng says everyone does it - Most banks refuse to lend |
|
|
| Bank Deposits – The Final Backstop |
Monetary Metals | Unlocking the productivity of gold |
2013-03-19 |
Put this in perspective. The government of Cyprus borrowed money it had neither means nor intent to repay. Borrowing, for a government, means selling bonds. The Cyprus banks borrowed money, which for a bank means taking in deposits (among other sources of funds). They used that money they borrowed from their depositors to buy Cyprus |
|
|
| Bitcoin Crashed. Again. |
Monetary Metals | Unlocking the productivity of gold |
2013-03-13 |
When writing about economics (as opposed to trading), one does not expect to be proven right within days of publishing something. Things can take years to play out. On Monday, February 25, we published What Drives the Price of Gold and Silver? In that article, I wrote: If there is a credible rumor that the |
|
|
| Bailouts and Moral Hazard |
Monetary Metals | Unlocking the productivity of gold |
2013-01-29 |
Bailouts and Moral Hazard are not just for "banksters". The money quote from this piece about Nortel's bankruptcy is: "I'd rather end up on welfare than give our hard-earned assets to these vultures," Mills said in the statement" Mills admits he is not negotiating in good faith, with a taxpayer bailout of his personal finances |
|
|
| Bitcoin: Oh Why Did You Have to Crash? |
Monetary Metals | Unlocking the productivity of gold |
2013-04-14 |
During the recent exponential rise in the price of Bitcoin, there were jokes all over the Internet about the fall of the dollar—more than 80% in Bitcoin terms. Why not measure the value of the dollar in terms of tulips? One must measure the more variable unit with the more constant. Dollars are used to |
|
|
| Brexit Drives Gold Frenzy, Report 26 June, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-06-27 |
The big news this week was that the British voted to exit the European Union. This was not the outcome expected by pundits, or the polls. “Risk on” assets were relentlessly bid up prior to the vote. For example, S&P 500 index futures had closed the previous Friday, June 17, at 2059. This Thursday, prior |
|
|
| Arizona Governor Ducey Vetoes Gold |
Monetary Metals | Unlocking the productivity of gold |
2016-05-13 |
In my testimony in support of the gold legal tender bill this year, I discussed failing pension funds. Retirees who count on their pension checks are being told that their monthly check will be reduced by up to 60%. This is devastating to them, obviously. What isn’t obvious is the cause. In the news coverage |
|
|
| Book Review: The Golden Revolution |
Monetary Metals | Unlocking the productivity of gold |
2013-01-02 |
There are many books on the market today about the coming collapse of the global dollar-based monetary system. Many of them purport to help the reader “profit” from the collapse(!) Others are filled (just like the blogosphere from which they often come) with dark, conspiratorial whispers, psychologizing of leaders in government and finance, and preposterous |
|
|
| But “We Owe It to Ourselves”, Report 28 May 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-05-29 |
Declaring “we owe it to ourselves” is breathtaking dishonesty. Yes, some of us owe others of us and the aggregate sum is zero. But you cannot conclude from this that it’s not a problem. |
|
|
| Book Review: Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
In Free Market Revolution, co-authors Yaron Brook and Don Watkins, colleagues at the Ayn Rand Institute, undertook a difficult task. Since Ayn Rand made the case for egoism as the morality of capitalism in Atlas Shrugged (and more pointedly in Capitalism: The Unknown Ideal), numerous books have argued that free markets produce wealth, discussing various |
|
|
| A Picture of Capital Destruction in Germany |
Monetary Metals | Unlocking the productivity of gold |
2013-05-02 |
Today, the European Central Bank announced that it was cutting interest rates. It also said that it was open to negative deposit rates. We are witnessing nothing less than the metastasis of monetary cancer. A falling interest rate causes the destruction of capital. Here is a picture of the rate falling from over 4% to |
|
|
| And Silver Crashes Some More! 24 Sept |
Monetary Metals | Unlocking the productivity of gold |
2020-09-24 |
Silver took a dive for the second time this week. Have we hit a floor? Time to watch & wait. |
|
|
| And Then There Was None (Backwardation) 18 Oct, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-10-19 |
The dollar dropped about half a milligram gold, and 50mg silver. But who wants to read about the universal currency falling, failing? Few people are so barbarous as to think of the dollar’s value as being priced in terms a monetary metal. As all right thinking folks know, the value of these commodities is only |
|
|
| A Hint of Gold Backwardation, Report 15 Jan, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-01-16 |
Last month, we noted that there could be a trend change in progress. Not only are the prices of the metals rising (which is just a mirror-image of the dollar falling, from 27.6 milligrams of gold just before Christmas to currently under 26mg). But the scarcity of gold as we measure it, using the spread |
|
|
| Another Look at the Gold Price Drop of 6 November |
Monetary Metals | Unlocking the productivity of gold |
2015-11-24 |
The prevailing view in the gold community is that banks are speculators who bet on a falling price. To begin, they commit the casino faux-pas of betting on Do Not Pass at the craps table. When everyone wants the price to go up, the banks seem to want it to go down. Uncool. In contrast |
|
|
| Against Irredeemable Paper, Report 23 July 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-07-24 |
The antidote to the poisonous system of irredeemable paper currency is the gold standard. However, higher gold prices will not cause gold to circulate in the economy. The one thing that can make gold circulate is interest. |
|
|
| Arizona Considers Issuing a Gold Bond |
Monetary Metals | Unlocking the productivity of gold |
2016-08-18 |
The Arizona House of Representatives has convened an Ad Hoc Committee on Gold Bonds. The purpose is to explore if and how the state could sell a gold bond. This is an exciting development, as the issuance of a gold bond would be a major step towards a working gold standard. Yours truly is a |
|
|
| A Politically Incorrect Look at Marginal Tax Rates |
Monetary Metals | Unlocking the productivity of gold |
2013-01-01 |
In my last piece, The Laffer Curve and Austrian Economics, I argued that the “Laffer Maxima” moves depending on where the economy is in the boom-bust credit cycle. I used an example of a marginal restaurant business in the bust phase, which fails when the income tax rate on the people who live nearby rises |
|
|
| About that Spike in the Silver Price… |
Monetary Metals | Unlocking the productivity of gold |
2020-07-22 |
This spike in the silver price is different than the others since 2011. Also, we comment on the possible appointment of Judy Shelton to the Fed. |
|
|
| A Golden Renaissance, Report 25 Nov 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-11-26 |
The gold standard is about boring old-school stuff like honesty, integrity, trust, and sound credit. |
|
|
| A Sense of Foreboding, Report 10 July, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-07-11 |
This was a shortened week, due to the American holiday of July 4, celebrating the start of the war that lead to “Amexit”, 240 years ago. The prices of the metals were up this week, +$25 in gold and +$0.48 in silver. The gold to silver ratio dropped a fraction of a point, showing that |
|
|
| A Wealth Tax Consumes Capital, Report 6 Oct |
Monetary Metals | Unlocking the productivity of gold |
2019-10-07 |
A wealth tax is now all the rage. It is supposedly how to rectify wealth inequality. But what does it really do? |
|
|
| Are Stocks Overvalued, Report 24 Dec 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-12-24 |
Everyone knows the Fed debases the dollar, but its distortion of time is not as well understood. |
|
|
| Are Japanese Banks on the Verge of Insolvency? |
Monetary Metals | Unlocking the productivity of gold |
2013-05-17 |
"...holdings in [gold] exchange-traded funds fell to the lowest in over four years..." as this article states. But is this a real relationship? Do holdings at the ETF necessarily fall with a falling gold price and rise with a rising gold price? The same thing has not occurred in SLV--amidst an even larger price drop than that of |
|
|
| A Socialist’s Proposed Fix for the Economy |
Monetary Metals | Unlocking the productivity of gold |
2011-07-20 |
Charles Hugh Smith may not call himself a socialist. But I've always found this altruist, collectivist, populist undertone to his writing. Let's see what he wrote today. http://www.zerohedge.com/article/guest-post-you-want-fix-us-economy-heres-start He has an 8-point plan to fix the economy. The first thing I'll note is that he does not address the punitively low rate of interest set |
|
|
| A Picture of Gold Availability Update |
Monetary Metals | Unlocking the productivity of gold |
2013-08-01 |
The December gold future went into backwardation today, July 31. Below, we show the dates when previous gold contracts went into backwardation. As you can see, it is creeping farther and farther out. This is a picture of gold availability to the market drying up. – Apr first backwardated Feb 15, 30 trading days before |
References: A Picture of Gold Availability (Blog Article) |
|
| A Picture of Gold Availability |
Monetary Metals | Unlocking the productivity of gold |
2013-07-09 |
The October gold future went into backwardation today, July 8. Below, we show the dates when previous gold contracts went into backwardation. As you can see, it is creeping farther and farther out. This is a picture of gold availability to the market drying up. – Apr first backwardated Feb 15, 30 trading days before |
|
Referenced By: A Picture of Gold Availability Update (Blog Article) |
| A Salvo in the Battle for the Gold Standard |
Monetary Metals | Unlocking the productivity of gold |
2015-02-25 |
I wrote what I thought was a fairly simple article for Forbes on Tuesday. I noticed that some people really got it, and they were very excited. However, others were skeptical or asking questions that went into the weeds. The former tells me that I said something important, but the latter says that I said |
|
|
| A Signal of Coming Collapse |
Monetary Metals | Unlocking the productivity of gold |
2014-11-06 |
I proposed seven drivers of financial implosion in my dissertation. My recent writing has focused on two of them. One is the falling rate of interest on the 10-year government bond. As interest falls, the burden of debt rises. Since the falling rate incentivized more and more people to borrow, the number of indebted people, |
|
|
| An Idea Whose Time Has Come, Report 1 July 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-07-02 |
Our monetary system is like the French Monarchy under King Louis XVI. |
|
|
| A Monetary Cancer Metastasizes in Europe |
Monetary Metals | Unlocking the productivity of gold |
2014-09-24 |
The European Central Bank again cut the interest rates it controls. Notably, the deposit rate was moved deeper into negative territory. It is now -0.2% (minus 20 basis points, that is not a typo). The ECB says it’s trying to nudge prices higher, but it’s actually feeding the cancer of falling interest. The linked article |
|
|
| An Economist Rebukes The Economist |
Monetary Metals | Unlocking the productivity of gold |
2020-12-18 |
There are but two ways that man can deal with man: reason and force. Reason includes invention, design, entrepreneurship, finance, borrowing and lending, construction, production, manufacturing, mining, farming, trade, marketing, distribution, sales, and contract. Force is when someone picks up a gun. The gun is used to override the reason of the victim with the |
|
|
| Another Gold Bearish Factor, Report 26 August 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-08-27 |
Third world people use gold as collateral to borrow currency. This is all well and good until defaults spike, resulting in the sale of the gold. |
|
|
| A Free Market for Goods, Services, and Money |
Monetary Metals | Unlocking the productivity of gold |
2017-10-13 |
The solution to the destructive interference of government in money and credit is to rediscover the principles of free markets and begin returning to a gold standard. |
|
|
| A 14 Handle on Silver. Again. 8 Nov, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-11-09 |
What’s the difference between the Supply and Demand Report 1 November and the Supply and Demand Report 8 November? Just a minor punctuation change. Last week, we asked (rhetorically) if silver would have a 14 handle again. This week, the market answered. Why yes, yes we can! Silver closed the week, trading at $14.78. This |
|
|
| A Bumper Under that Silver Elevator, Report 14 May, 2017 |
Monetary Metals | Unlocking the productivity of gold |
2017-05-15 |
If you can believe the screaming headline, one of the gurus behind one of the gold newsletters is going all-in to gold, buying a million dollars of mining shares. If (1) gold is set to explode to the upside, and (2) mining shares are geared to the gold price, then he stands to get seriously |
|
|
| A Curious Development in Silver |
Monetary Metals | Unlocking the productivity of gold |
2014-01-07 |
I write frequently about supply and demand in the monetary metals, gold and silver. I’ve argued that one cannot just look at numbers pertaining to “famous” buyers or sellers like India or the People’s Bank of China, while ignoring thousands or millions of anonymous people who are on the other side of the trade. Who |
|
|
| 100% of Mainstream Interest Rate Theory is Wrong |
Monetary Metals | Unlocking the productivity of gold |
2014-10-22 |
The interest rate is pathological. It’s like an object that gets too close to a black hole. Once it falls below the event horizon, then a crash into the singularity of zero is inevitable. |
|
|
| A 14 Handle On Silver Again?! 1 Nov, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-11-02 |
The prices of the metals dropped by 20 bucks and 20 pennies this week. In other words, the dollar went up ½ milligram gold or 30 mg silver. It wasn’t the euro, which ended the week unchanged. It wasn’t the US stock market, which ended up seven bucks. What was it? To answer this, we |
|
|
| A 14 Handle on Silver for Now. 15 Nov, 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-11-16 |
In gold terms, the dollar went up a small 0.15 milligrams gold. The price of the dollar in silver went up considerably more as a percentage, 0.08 grams to 2.18g. Most people would say that gold went down and silver went down (though we continue to ask why should the prices of the monetary metals |
|
|
| “Indisputable Proof” |
Monetary Metals | Unlocking the productivity of gold |
2013-05-14 |
Japanese bond yields must be watched carefully now to see if this is the long-awaited collapse into the abyss or if the central bank can ferociously buy enough to stave of disaster for another while yet. |
|
|
| The rise and fall of sovereign gold bonds |
Monetary Metals | Unlocking the productivity of gold |
2025-12-11 |
Both governments and private firms issue gold bonds. Learn why public gold bonds struggle while private gold bonds are on the rise. |
|
|
| Leasing vs “leasing” gold for a return |
Monetary Metals | Unlocking the productivity of gold |
2025-02-26 |
In this article we compare conventional bank leasing with true gold leases. A Monetary Metals lease is NOT a promise to pay gold later. That would be a loan. |
|
|
| Monetary Metals featured in CNBC on the rise of gold leasing |
Monetary Metals | Unlocking the productivity of gold |
2025-11-24 |
Gold owners are increasingly turning to leasing out their idle gold for income that's paid in gold, as gold prices remain at historic highs |
|
|
| Against Bitcoin financialization |
Monetary Metals | Unlocking the productivity of gold |
2025-11-24 |
This article was written in August 2025 and originally appeared in the print edition of Bitcoin Magazine. Bitcoin maxi and MicroStrategy founder Michael Saylor is the poster child for a burgeoning new segment of bitcoin treasury companies. The tech giant (now rebranded simply as “Strategy”) has been at the vanguard of this movement, acquiring bitcoin |
|
|
| What is allocated gold pool? |
Monetary Metals | Unlocking the productivity of gold |
2025-10-07 |
Gold and silver allocated “pool” are physical precious metals in a liquid or readily marketable form of a known weight and purity held at a Depository. |
|
|
| Why sell the gold you bought to escape the dollar? |
Monetary Metals | Unlocking the productivity of gold |
2025-10-14 |
Many buy gold to escape the falling dollar, only to sell that gold when the price rises, effectively going back into dollars they initially sought to avoid. |
|
|
| Distribution strategy unlocks growth |
Monetary Metals | Unlocking the productivity of gold |
2025-09-26 |
Our Gold Yield Marketplace® is growing fast, driven in part by our new distribution partners like a OGold in concert with botim and Nasdaq-listed Streamex. |
|
|
| Taxing gold and silver yield |
Monetary Metals | Unlocking the productivity of gold |
2025-08-29 |
Discover how gold and silver yield is taxed in the U.S. and abroad, including reporting rules, cost basis, and key documents for accurate filing. |
|
|
| 3 analogies to help explain gold leasing |
Monetary Metals | Unlocking the productivity of gold |
2025-07-03 |
How does a gold lease work? Three real-world analogies help explain how you can unlock your gold’s potential to earn income the same way other asset owners do. |
|
|
| Gold doesn’t need a black swan to work |
Monetary Metals | Unlocking the productivity of gold |
2025-07-31 |
Gold doesn’t need a black swan to deliver. Explore how investors can use gold for portfolio balance, income generation, and long-term stability. |
|
|
| Bonds vs Gold: What does the data say? |
Monetary Metals | Unlocking the productivity of gold |
2025-07-25 |
Gold alone can replace bonds in terms of diversification and long-term capital preservation. But gold with yield? That’s a different paradigm altogether. |
|
|
| The different storage options for gold |
Monetary Metals | Unlocking the productivity of gold |
2025-07-17 |
It's important for investors to know what type of gold they own and how they own it. Different forms of gold storage come with different risks and costs. |
|
|
| Monetary Metals Yearly Outlook 2015 |
Monetary Metals | Unlocking the productivity of gold |
2015-01-30 |
We have consistently been making the contrarian call for a falling silver price and a rising gold to silver ratio for years. This leads to the logical question. Are we ready to change our call yet? This being the start of a new year, we wanted to take the opportunity to look at this question |
|
|
| Monetary Metals Yearly Outlook 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-01-26 |
Monetary Metals' annual outlook for precious metal markets with forecasts for gold and silver. |
References: Monetary Metals Outlook 2018 (Blog Article) |
Referenced By: Monetary Metals Brief 2016 (Blog Article) |
| Thoughtful Disagreement with Ted Butler - Gold Basis |
Monetary Metals | Unlocking the productivity of gold |
2017-10-04 |
This article follows on from Keith Weiner's response to Ted Butler's Thoughtful Disagreement challenge with a chart of the basis for130 gold future contracts. |
|
|
| Monetary Metals Outlook 2018 |
Monetary Metals | Unlocking the productivity of gold |
2018-01-29 |
Monetary Metals' annual outlook for precious metal markets with forecasts for gold and silver. |
|
Referenced By: Monetary Metals Brief 2018 (Blog Article); Monetary Metals Brief 2016 (Blog Article); Monetary Metals Yearly Outlook 2016 (Blog Article) |
| Scottsdale Precious Metals Lease #4 (Gold) |
Monetary Metals | Unlocking the productivity of gold |
2018-04-19 |
Monetary Metals® is seeking offers from investors to lease gold to Scottsdale Precious Metals to finance its inventory of high-quality vintage and new jewelry. |
|
|
| The hidden cost of a rising gold price |
Monetary Metals | Unlocking the productivity of gold |
2025-06-27 |
Many gold owners don't realize that they are paying a hidden cost when the gold price rises. Thankfully there's a way to eliminate this cost entirely. |
|
|
| Ronnie Stoeferle: Why I Invested in Monetary Metals |
Monetary Metals | Unlocking the productivity of gold |
2024-07-26 |
Monetary Metals is one, if not the only, company I know that is actively building the financial plumbing for a market that runs on sound money. Read why Ronnie Stoeferle invested in Monetary Metals. |
|
|
| Brent Johnson: Why I joined Monetary Metals’ Advisory Board |
Monetary Metals | Unlocking the productivity of gold |
2025-06-17 |
Monetary Metals has both a grounded vision and a viable, executable plan to actually shift the global financial conversation meaningfully in gold’s direction. |
|
|
| Gold gains in Gallup’s latest poll |
Monetary Metals | Unlocking the productivity of gold |
2025-05-16 |
Every April Gallup surveys Americans to find out what they believe is the best long-term investment and this year gold overtook stocks in popularity. |
|
|
| How does gold perform during elections? |
Monetary Metals | Unlocking the productivity of gold |
2024-11-04 |
Regardless of who wins, we will continue to provide opportunities for our clients to build wealth in an asset that has stood the test of time. |
|
|
| Understanding rich gold vs poor gold |
Monetary Metals | Unlocking the productivity of gold |
2025-01-21 |
With Monetary Metals, you can transform your gold into an income-generating asset that aligns with Robert Kiyosaki’s investing framework. |
|
|
| Gold Outlook Report 2025 Brief |
Monetary Metals | Unlocking the productivity of gold |
2025-03-13 |
Monetary Metals 2025 Gold Outlook Report is here. We share our predictions on the gold and silver markets for the coming year and how to prepare. |
|
|
| Comparing gold vs the S&P 500 |
Monetary Metals | Unlocking the productivity of gold |
2025-03-25 |
What does the data say about investing in gold versus investing in stocks? We analyze price performance and how adding a yield to gold enhances returns. |
|
|
| The impact of tariffs on gold and silver |
Monetary Metals | Unlocking the productivity of gold |
2025-04-03 |
If tariffs are imposed on gold and silver will their prices rise, fall, or stay the same? We explain facts and myths when it comes to gold prices and tariffs. |
|
|
| Do indicators point to market declines? |
Monetary Metals | Unlocking the productivity of gold |
2025-04-14 |
As equity markets face sharp falls, many investors wonder if this correction is temporary or just the beginning of a serious reversal for stocks |
|
|
| What Is Undermining the Banks? |
Monetary Metals | Unlocking the productivity of gold |
2023-04-01 |
It’s only common sense, that to cause this many bank failures all over the world, that unnatural if not supernatural forces must be at work. |
|
|
| The Voldemort Effect in the Gold Market |
Monetary Metals | Unlocking the productivity of gold |
2016-04-01 |
Gold market analysts have for puzzled for years over the unusual behavior of the market and no one has been able to identify the hidden source of demand... |
|
|
| Monetary Metals April Fools Articles |
Monetary Metals | Unlocking the productivity of gold |
2022-04-03 |
Here at Monetary Metals we take our mission seriously. And that includes making you laugh on the first of every April with our April Fools articles! |
|
|
| Keith Weiner interviewed on Run Your Mouth by Robbie “The Fire” Bernstein |
Monetary Metals | Unlocking the productivity of gold |
2022-01-20 |
CEO of Monetary Metals Keith Weiner gives a ton of insights into interest rates, zombie companies, inflation and more with Comedian Robbie "The Fire" Bernstein. |
|
|
| Gold and the Death Blow to Crypto |
Monetary Metals | Unlocking the productivity of gold |
2022-05-18 |
CEO of Monetary Metals Keith Weiner sits down with Matthew Piepenburg of Matterhorn Asset Management to discuss gold, fiat and crypto. |
|
|
| Backwardation Profit Taking, Report 13 November, 2016 |
Monetary Metals | Unlocking the productivity of gold |
2016-11-14 |
The big news this week is that Donald Trump was elected to be the next president of the United States. Whether due to his comments about restructuring the government debt, tariffs on imported goods, or other economic concerns, many expected news of his election to push up the price of gold. They were wrong. Every |
|
|
| Alchemy Rediscovered by Research Scientist |
Monetary Metals | Unlocking the productivity of gold |
2020-04-01 |
Could creating gold from lead really stimulate the economy 1,600 times better than printing dollars? Color us skeptical, that is, until we spoke with Dr. Mus. |
|
|
| Recurring ACH Purchase Tutorial |
Monetary Metals | Unlocking the productivity of gold |
2024-11-25 |
With our monthly recurring ACH purchases feature, you can schedule recurring purchases of gold and silver, directly from your client portal. |
|
|
| How we think about gold and silver |
Monetary Metals | Unlocking the productivity of gold |
2023-01-31 |
Five market participants interact to form a constantly changing dynamic. This is the only way to analyze the supply and demand fundamentals for gold and silver. |
|
|
| Is Gold About To Go Mainstream? |
Monetary Metals | Unlocking the productivity of gold |
2022-07-11 |
Merrill Lynch just disclosed an investment thesis called FAANG 2.0. It’s a fascinating idea and gold plays a prominent role. Let’s unpack it. |
|
|
| Gold Outlook 2024 Brief |
Monetary Metals | Unlocking the productivity of gold |
2024-03-12 |
Every year we take an in-depth look at the market dynamics and drivers and finally, give our predictions for gold and silver prices over the coming year. |
|
|
| Gold Outlook Brief 2022 |
Monetary Metals | Unlocking the productivity of gold |
2022-02-01 |
Monetary Metals gives a peek into how we view the precious metals space and what key indicators and price drivers to look out for gold and silver in 2022. |
|
|
| Heat Death of the Economic Universe |
Monetary Metals | Unlocking the productivity of gold |
2022-06-24 |
So when those two things are going opposite directions, debt is going up and GDP is going down, then that is completely unstable. That's thermonuclear. |
|
|
| Best Episodes of 2023 |
Monetary Metals | Unlocking the productivity of gold |
2024-01-03 |
The Gold Exchange podcast features top guests who help untangle market complexity and offer their takes on how economic and policy changes affect l markets. |
|
|
| COMING SOON: The Gold Exchange podcast |
Monetary Metals | Unlocking the productivity of gold |
2020-11-23 |
Podcast launching soon! Sign up here. |
|
|
| The Fed’s Demand Destruction: What It Means for You and Me |
Monetary Metals | Unlocking the productivity of gold |
2023-02-13 |
The Fed's demand destruction policy is monetary quackery, like the Medieval practice of bloodletting. The more blood they took, the worse the patients got... |
|
|
| Freedom from Financial Repression |
Monetary Metals | Unlocking the productivity of gold |
2018-07-18 |
Monetary Metals is on a mission to right this wrong. The company's Gold Fixed Income investment offers an alternative to Financial Repression. |
|
|
| Monetary Innovation in the Ancient World |
Monetary Metals | Unlocking the productivity of gold |
2019-04-01 |
Let’s tell the story of the ancient city of Orinthus. They had monetary innovation that was millennia ahead of their time, or ours for that matter... |
|
|
| Gold & Silver ETFs: The Fine Print |
Monetary Metals | Unlocking the productivity of gold |
2020-08-26 |
Gold and silver ETFs are all the rage right now. But before you ride that train? Here are a couple things to consider, in case you didn’t know. |
|
|
| How to Invest in Gold Better than Ray Dalio |
Monetary Metals | Unlocking the productivity of gold |
2021-10-20 |
You could invest in gold better than Ray Dalio and Bridgewater by treating it not just like an ordinary commodity, but as a yield-generating capital asset. |
|
|
| Can Interest on Gold Outpace Inflation? |
Monetary Metals | Unlocking the productivity of gold |
2021-10-21 |
In light of the recent transitory inflation we’re facing how can you generate a yield that will beat inflation? The answer involves that four-letter word: gold. |
|
|
| Gold Under the Mattress vs Gold Investments |
Monetary Metals | Unlocking the productivity of gold |
2022-01-11 |
“If you can’t hold it in your hand, you don’t own it.” While there is truth in this saying, investing by these words alone could prove a costly mistake. |
|
|
| We Need the Sound Money Virus |
Monetary Metals | Unlocking the productivity of gold |
2022-01-11 |
Healthy economies, stable interest rates and financial institutions that serve their constituents instead of political whims. Doesn’t that sound refreshing? |
|
|
| How Much is the Gold Cube Worth? |
Monetary Metals | Unlocking the productivity of gold |
2022-03-14 |
When we heard that an artist had designed a gold cube as an art installation in the middle of Central Park we couldn’t help but start doing a little math on it. |
|
|
| Six Reasons Why Gold is the Best Money |
Monetary Metals | Unlocking the productivity of gold |
2022-03-21 |
Why is gold so uniquely suited to be money? Here are our top six reasons why we think gold is the best money, and why dollars and bitcoin don’t even come close. |
|
|
| Robbie the Fire Breakdown |
Monetary Metals | Unlocking the productivity of gold |
2022-03-24 |
Our CEO Keith Weiner talked about so many interesting and counterintuitive topics with Rob that we thought it would be nice to give viewers a breakdown. |
|
|
| It’s Time for TINA to Retire |
Monetary Metals | Unlocking the productivity of gold |
2022-04-19 |
In the world of trends, history repeats more than it rhymes. Things which were considered “in” decades ago, reemerge. Inflation is the latest trend to reemerge. |
|
|
| CEO Keith Weiner on MishTV |
Monetary Metals | Unlocking the productivity of gold |
2022-04-12 |
Mish and Keith talk about how the dollar is not close to losing reserve currency status and why many financial pundits can't seem to understand why. |
|
|
| Monetary Metals CEO Keith Weiner Interviewed on RealVision |
Monetary Metals | Unlocking the productivity of gold |
2022-06-02 |
CEO Keith and RealVision's Mike Green discuss how Monetary Metals increases gold’s value proposition by paying interest on gold and silver holdings. |
|
|
| Analysis Featured In Gold We Trust Report 2022 |
Monetary Metals | Unlocking the productivity of gold |
2022-06-07 |
This report features macroeconomic analysis and contribution from Monetary Metals CEO Keith Weiner on "How to Understand Gold’s Supply and Demand Fundamentals". |
|
|
| Investments, Speculations and Money by Paul Belanger |
Monetary Metals | Unlocking the productivity of gold |
2022-06-21 |
The differences between investments, speculation, and money are of great importance to anyone who wants to have an investment philosophy. |
|
|
| CEO Keith Weiner on Real Talk with Zuby |
Monetary Metals | Unlocking the productivity of gold |
2022-06-23 |
Monetary Metals CEO Keith Weiner was on Real Talk with Zuby discussing the difference between gold and "digital gold", the problems with the economy and more. |
|
|
| Unit of Account and Current Valuations by Paul Belanger |
Monetary Metals | Unlocking the productivity of gold |
2022-06-24 |
Lending dollars is therefore inherently speculative. This article will discuss the potential success of a speculation in bonds and if it is favorable today. |
|
|
| Bitcoin Volatility is a Feature, Not a Bug |
Monetary Metals | Unlocking the productivity of gold |
2022-06-27 |
The following is not a prediction for bitcoin’s price in 2022. We don’t know what the price will be in the short term, and neither does anyone else. It is a look at the economics of bitcoin. First off, bitcoin is not a Ponzi scheme. A Ponzi is a fraud, in which the sponsor promises |
|
|
| Keith Weiner on Palisades Radio |
Monetary Metals | Unlocking the productivity of gold |
2022-07-15 |
Vincent Lanci is the Owner and Founder of Echobay Partners LLC. In his appearance on the popular Gold Palisades Radio show, Lanci mentioned CEO Keith Weiner's commentary in the annual In Gold We Trust Report. In the report Keith discusses gold backwardation and why gold is different than all other commodities. "Gold has been mined |
|
|
| What the Heck Is Happening to Silver?! |
Monetary Metals | Unlocking the productivity of gold |
2022-07-18 |
We discuss the recent news of JP Morgan’s spoofing and why the monetary metals are behaving so oddly with our proprietary gold and silver charts. |
|
|
| Soho Forum Debate: Gold vs Bitcoin |
Monetary Metals | Unlocking the productivity of gold |
2022-07-18 |
On Tuesday, July 26, 7:00 PM ET at the Mises Institute in Auburn, Alabama, Gene Epstein will be moderating a debate on the question: Has gold lost its glitter? |
|
|
| Moneychanger Interview with Keith Weiner |
Monetary Metals | Unlocking the productivity of gold |
2022-08-03 |
Franklin Sanders of the Monechanger interviewed Keith Weiner on how Monetary Metals is working to restore gold and silver as money that circulates. |
|
|
| Smart Investor Interviews Keith Weiner |
Monetary Metals | Unlocking the productivity of gold |
2022-08-03 |
Ralph Malisch of Smart Investor, interviewed CEO of Monetary Metals, Keith Weiner on the economic issues facing the global economies. |
|
|
| The Knockout Blow to Crypto |
Monetary Metals | Unlocking the productivity of gold |
2022-08-22 |
Government-caused inflation persists, so the UFC is right to be thinking outside of the dollar box. But there’s a better solution than hyper-volatile crypto. |
|
|
| Keith Weiner on the VoiceAmerica Business Channel |
Monetary Metals | Unlocking the productivity of gold |
2022-09-06 |
CEO Keith Weiner returns to popular radio show Turning Hard Times into Good Times hosted by Jay Taylor. Jay argues that the U.S. government hates gold. |
|
|
| Interest Rates Cannot Go Up Far, Or Hold for Long |
Monetary Metals | Unlocking the productivity of gold |
2022-09-19 |
Despite higher inflation rates and the actions of the Federal Reserve, we show how interest rates cannot go up, or stay up, for long. Today is not like 1970. |
|
|
| Is the Yield on Gold Enough? |
Monetary Metals | Unlocking the productivity of gold |
2022-09-23 |
A yield on gold is an attractive alternative to falling yields in dollars or the negative yield with costs of vaulting your precious metals. But... |
|
|
| How to Build and Destroy a Pension Fund System in 22 Easy Steps |
Monetary Metals | Unlocking the productivity of gold |
2022-10-25 |
Monetary Metals CEO Keith Weiner gave a talk at the New Orleans Investment Conference on how to build and destroy a pension fund system in 22 easy steps. |
|
|
| Gold 2.0 – How to Upgrade your Gold with Monetary Metals |
Monetary Metals | Unlocking the productivity of gold |
2022-10-31 |
VP of Marketing Dickson Buchanan gave a presentation on the benefits of Gold 2.0 to investors at the New Orleans Investment Conference. What is Gold 2.0? |
|
|
| The Fed has a Hammer, and You’re a Nail |
Monetary Metals | Unlocking the productivity of gold |
2022-11-03 |
In order to save, they destroy. In order to contain, they unleash. In order to stabilize, they destabilize. It would be comedic, if it wasn’t so tragic. |
|
|
| Sam Bankman-Fried FTX’ed Up |
Monetary Metals | Unlocking the productivity of gold |
2022-11-16 |
Last week the cryptocurrency exchange FTX, which was recently valued at $32 billion, imploded. Although the tragedy continues, let’s summarize the events... |
|
|
| Keith Weiner Interviewed on Ticker News |
Monetary Metals | Unlocking the productivity of gold |
2022-11-21 |
CEO Keith Weiner joins Ticker News Insight to talk about the success of gold bonds, failing fiat currencies, and what investors can expect from gold. |
|
|
| The Current Yield Curve Inversion, Explained |
Monetary Metals | Unlocking the productivity of gold |
2022-12-19 |
The Fed has massively inverted the yield curve. We explain why investors might be frontrunning themselves and why the long-term rate won’t budge. |
|
|
| CEO Keith Weiner Quoted in Barron’s |
Monetary Metals | Unlocking the productivity of gold |
2023-02-02 |
CEO Keith Weiner's commentary was featured in Barron's. In an article discussing "Why silver is outperforming gold" and the implications for the global economy. |
|
|
| 2023 Gold Outlook Webinar |
Monetary Metals | Unlocking the productivity of gold |
2023-03-08 |
In the live 2023 Gold Outlook Webinar, CEO Keith Weiner commented on the conclusions of the Gold Outlook Report and answered attendees' questions on markets... |
|
|
| Did the Fed just Pivot? |
Monetary Metals | Unlocking the productivity of gold |
2023-03-20 |
We explain why SVB was not an isolated incident and why other banks are also at risk. Is this the start of the Fed pivot and what does it mean for gold? |
|
|
| Why Can’t Banks Raise Their Rates on Deposits? |
Monetary Metals | Unlocking the productivity of gold |
2023-03-27 |
Why haven’t banks raised their rates on customer deposits with interest rates rising? What does this imply for the broader banking system |
|
|
| Did Argentina Just De-Dollarize? |
Monetary Metals | Unlocking the productivity of gold |
2023-05-15 |
Argentina announces its plan to use Yuan to pay for imports as pundits fear de-dollarization. What would a beneficial de-dollarization would look like |
|
|
| Jeff Deist: Why I Joined Monetary Metals |
Monetary Metals | Unlocking the productivity of gold |
2023-04-05 |
I am exceptionally pleased to join Monetary Metals after ten years at the Mises Institute. Offering yield on gold is both simple and yet novel... |
|
|
| The Risks of Safe Deposit Boxes |
Monetary Metals | Unlocking the productivity of gold |
2023-05-16 |
Learn the risks associated with safe deposit boxes at commercial banks and explore sounder alternatives to protecting and growing your wealth. |
|
|
| Keith Weiner’s Macroeconomic Equation |
Monetary Metals | Unlocking the productivity of gold |
2023-05-23 |
Economists from the Moneterist School to popular writer Thomas Piketty have all attempted to use equations to predict economic outcomes. |
|
|
| How To Stay Ahead Of The Fed |
Monetary Metals | Unlocking the productivity of gold |
2023-05-26 |
In the first episode of Debased, Jeff Deist explains why he joined Monetary Metals, what will happen with the banking crisis, and how to profitably align... |
|
|
| How Will A Central Bank Digital Currency Work? |
Monetary Metals | Unlocking the productivity of gold |
2023-05-30 |
What are the preconditions necessary for a FedCoin and why are they coming to the fore now? What will happen to banks? Could the Fed be lender of first resort? |
|
|
| What’s Inside The Debt Ceiling Deal? |
Monetary Metals | Unlocking the productivity of gold |
2023-05-31 |
Jeff Deist explains what's lurking in the debt ceiling bill, why the debt is larger than most people think, and the reason politicians can't stop the madness. |
|
|
| Will Trump’s Indictment Hurt the US Dollar? |
Monetary Metals | Unlocking the productivity of gold |
2023-06-09 |
Jeff Deist explains why the Trump indictment is more than just political, the future scenarios that are likely for the dollar, and why the rule of law is... |
|
|
| Understanding The US and Capital Controls |
Monetary Metals | Unlocking the productivity of gold |
2023-06-26 |
On the latest Debased podcast episode Jeff Deist, Peter St Onge, and EJ Antoni discuss the US and the potential for capital controls and their consequences. |
|
|
| The 2024 Candidates VS the Fed |
Monetary Metals | Unlocking the productivity of gold |
2023-07-06 |
Jeff is joined by a panel of experts who dive into the 2024 Presidential Candidate's opinions on the Fed and Monetary Policy. Comic Dave Smith joins to give his opinion on RFK, Vivek, and more! Connect with Jeff and Monetary Metals on Twitter: @JeffDeist @Monetary_Metals Additional Resources Upgrade to Gold 2.0 Vivek Ramaswamy Interview Theory |
|
|
| Is the BRICS Currency Real or Hype? |
Monetary Metals | Unlocking the productivity of gold |
2023-07-19 |
In this episode of Debased, host Jeff Deist, EJ Antonio, and David Waugh, discuss the proposed BRICS currency. Is it real or hype? They delve into mechanics... |
|
|
| Is Dollar Supremacy Over? |
Monetary Metals | Unlocking the productivity of gold |
2023-08-03 |
Jeff Deist, Alisdair Macleod, and the rest of the expert panel delve into the future of the US dollar and its position as the world's reserve currency. |
|
|
| Will Argentina have a Milei Moment? |
Monetary Metals | Unlocking the productivity of gold |
2023-08-29 |
Milei is portrayed as a figure who understands the complexities of Argentina's economic challenges and advocates for drastic measures such as... |
|
|
| Is Bidenomics Working? |
Monetary Metals | Unlocking the productivity of gold |
2023-09-08 |
Will Bidenomics steer the economy towards a recovery or into a recession? Jeff Deist and the Debased guests express their concerns and criticisms of Bidenomics. |
|
|
| Two-Factor Authentication Tutorial |
Monetary Metals | Unlocking the productivity of gold |
2023-12-01 |
Clients of Monetary Metals can watch their ounces grow, view monthly account statements, review current and past lease presentations, and purchase or sell metal, as well as other important features in their Client Portal. Monetary Metals offers Two-Factor Authentication (2FA) for clients who want increased security of their Client Portal. Below is a step-by-step guide |
|
|
| Reflections Over 2023 |
Monetary Metals | Unlocking the productivity of gold |
2024-02-21 |
Every once in a while, everyone should put down his work tools, ake a step back, and survey where you’ve been and where you’re going. |
|
|
| Interview with BullionStar on intricacies between the physical and paper gold market |
Monetary Metals | Unlocking the productivity of gold |
2016-08-23 |
In April Keith and I met with Torgny Persson and Luke Chua from BullionStar while visiting Singapore to speak at the Mining Investment Asia conference. We both recorded interviews with them and the first one has just been released. Topics covered include: Trends in the physical gold market - flows into ETFs, impact of speculators |
|
|
| Swiss Customs Data Indicates Gold Flowing East to West |
Monetary Metals | Unlocking the productivity of gold |
2016-08-25 |
Switzerland has just released its gold import/export figures for July and the summary below from www.goldchartsrus.com shows another big month of net exports. Swiss gold flows are worth looking at because Switzerland is home to over 5000 tonnes of refinery capacity (see this BullionStar article for more detail) as well as being a major vaulting |
|
|
| Yin and Yang |
Monetary Metals | Unlocking the productivity of gold |
2016-07-13 |
During gold's bear market from 2011, the flow of gold out of ETFs drove the popularity of the West to East narrative not just among goldbugs but also bullion market professionals. It was a life raft I suppose that many clung to, to find hope as the price relentlessly fell, notwithstanding how much gold was |
|
|
| Gold Dividends Shows Demand for Receiving Income in Ounces |
Monetary Metals | Unlocking the productivity of gold |
2016-09-01 |
Earlier this week Resolute Mining announced that it was offering shareholders the option to receive their dividend payments in gold directly into a Perth Mint Depository account. The offer is limited to shareholders with more than 5,000 shares, as at a declared dividend of 1.7 cents per share that would only be $85 worth of |
|
|
| Silver Smoking Gun to Stop Dishonest Dealing |
Monetary Metals | Unlocking the productivity of gold |
2016-12-15 |
The London Silver Fixing Antitrust Litigation included damaging chat logs provided by Deutsche Bank that reveal manipulation and collusion between bullion bank traders to “shade”, “blade”, “muscle”, “job”, “spoof” and “snipe” the silver market. |
|
|
| LBMA 2017 Forecasts (for the US dollar) |
Monetary Metals | Unlocking the productivity of gold |
2017-02-01 |
Every year the London Bullion Market Association (LBMA) surveys the top precious metals analysts of bullion banks and consultancy firms for their forecasts for precious metal prices for the year ahead. We look at things a little differently, and would say that the analysts are forecasting the value of the US Dollar, priced in gold |
|
|
| Prohibition on Home Storage of Bullion in an IRA |
Monetary Metals | Unlocking the productivity of gold |
2018-02-23 |
The Industry Council for Tangible Assets, the voice of rare-coin and precious-metals dealers in Washington, has released a white paper cautioning against home storage of bullion in an IRA. |
|
|
| Backwardation, the Bank of England, and Falling Prices |
Monetary Metals | Unlocking the productivity of gold |
2018-03-28 |
Backwardation indicates physical shortages and is associated with rising prices. So why did the gold price fall from 2013 to 2016 when GOFO was negative? |
|
|
| Open Letter to Warren Buffett |
Monetary Metals | Unlocking the productivity of gold |
2018-04-10 |
Warren Buffett thinks gold is incapable of producing anything. That may have been true in the past but Monetary Metals offers a yield on gold, paid in gold. |
|
|
| Why Did JP Morgan Say “Money is Gold, Nothing Else”? |
Monetary Metals | Unlocking the productivity of gold |
2018-08-03 |
The basis of banking is credit, is it not? Not always. That is an evidence of the banking, but it is not the money itself. Money is gold, nothing else. |
|
|
| Keith Interviewed on "Know Your Risk" Radio Show |
Monetary Metals | Unlocking the productivity of gold |
2019-03-06 |
Keith was recently invited as a guest on Zach Abraham's "Know Your Risk" radio show alongside Brent Johnson, CEO of Santiago Capital. The two discuss gold... |
|
|
| Keith Interviewed by Swiss Fintech Magazine "10x10" |
Monetary Metals | Unlocking the productivity of gold |
2019-03-13 |
The Swiss fintech information platform and online magazine profiles "The Next Generation of Finance" for the investment industry. Keith talked about... |
|
|
| Silver Doctors Discuss Permanent Gold Backwardation |
Monetary Metals | Unlocking the productivity of gold |
2019-10-25 |
Keith Weiner interviewed by Silver Doctors. He discusses a variety of topics like an exponentially rising gold price and permanent gold backwardation. |
|
|
| Why Gold, Why Now? |
Monetary Metals | Unlocking the productivity of gold |
2020-05-26 |
Growing US debt, the dwindling yields of Treasury bonds, as well as their increasing risk. This May 2020 print article rings even more true now. |
|
|
| Precious Metals Leasing |
Monetary Metals | Unlocking the productivity of gold |
2020-06-10 |
There's leasing, and then there's Monetary Metals Gold Fixed Income Leasing, with interest paid in metal, at a rate determined in a free-market auction. |
|
|
| Gold in a Coronavirus World |
Monetary Metals | Unlocking the productivity of gold |
2020-06-17 |
"The price of gold is rising, but that’s not the most important thing." That's the start of a compelling article our CEO, Keith Weiner, wrote this week about our current environment. In it, he illustrates your role - and mine! - as creditors in the ever-expanding US debt burden. Eye-opening, indeed. You can see it |
|
|
| 5 Ways Oversubscription Can Benefit Investors |
Monetary Metals | Unlocking the productivity of gold |
2020-07-08 |
Oversubscription? No worries. That's a signal your investment has liquidity, marketability, and that it's unlikely any single investor can take the deal down. |
|
|
| Stay Away From Gold?!? |
Monetary Metals | Unlocking the productivity of gold |
2020-07-29 |
What?! Forbes Senior Contributor Larry Light wrote an opinion-piece titled “Stay the Hell Away From Gold.” Let's school him. |
|
|
| The Dollar Cancer and the Gold Cure |
Monetary Metals | Unlocking the productivity of gold |
2020-09-21 |
In this interview, Kerry Stevenson of the Gold and Alternative Investments Conference picks Keith Weiner's brain about money, credit, debt & gold. |
|
|
| The Dollar Cancer and the Gold Cure, Part 2 |
Monetary Metals | Unlocking the productivity of gold |
2020-09-22 |
This interview between Kerry Stevenson of the GAIC & Monetary Metals CEO Keith Weiner is the followup to a recent post, The Dollar Cancer and the Gold Cure. Stevenson is the Founder of the Gold and Alternative Investments Conference coming up in November. This time around, they cover the following topics: Why consuming capital is finite |
|
|
| The Future of Gold and Money: A Roundtable Discussion |
Monetary Metals | Unlocking the productivity of gold |
2020-09-22 |
A roundtable discussion with Mises Institute’s Jeff Deist, Keith Weiner of Monetary Metals, and James Dale Davidson, author of The Sovereign Individual. |
|
|
| Gold and Alternative Investments Conference 2020 |
Monetary Metals | Unlocking the productivity of gold |
2020-10-04 |
Keith Weiner's keynote address on the nature of money, Fall 2019 at the Gold and Alternative Investments Conference in Sydney. |
|
|
| Why Austrian Economics is on the Rise |
Monetary Metals | Unlocking the productivity of gold |
2020-10-21 |
The internet is full of views on economics and finance. One of the movements swimming against the current is the Austrian school of economics. |
|
|
| Precious Metals Amid The Pandemic |
Monetary Metals | Unlocking the productivity of gold |
2020-11-11 |
CEO Keith Weiner joins Jordan Goodman to discuss Monday's gold dive, pension fund money managers, and what to expect if the Democrat agenda goes into effect. |
|
|
| The Problem with Record-Low Interest Rates |
Monetary Metals | Unlocking the productivity of gold |
2021-01-19 |
Keith Weiner on the GoldNewsletter podcast: record-low interest rates and how cheap borrowing comes at the expense of capital productivity. |
|
|
| InvestmentNews: An Old Bond Strategy is New Again |
Monetary Metals | Unlocking the productivity of gold |
2021-01-20 |
In early January, Monetary Metals announced the issuance of a bond paying principal and interest in gold - the first proper gold bond in 87 years. Jeff Benjamin from InvestmentNews covered the story. In addition to news and opinion writing, Jeff is the co-host of The InvestmentNews Podcast. Read the full story on the InvestmentNews website. |
|
|
| Financial Advisor: Gold Grows As Dollar Weakens |
Monetary Metals | Unlocking the productivity of gold |
2021-01-28 |
In January 2021, Monetary Metals announced the issuance of a bond paying principal and interest in gold - the first proper gold bond in 87 years. Karen DeMasters from Financial Advisor Magazine covered the story. Read the full article, Gold Grows as Dollar Weakens, on the Financial Advisor website. |
|
|
| Bitcoin: Better Than You Think |
Monetary Metals | Unlocking the productivity of gold |
2021-01-29 |
The following is a guest submission from Monetary Metals client David S., responding to a recent article by CEO Keith Weiner. After learning of David's perspective, we invited a published response in the spirit of healthy debate & productive disagreement. As a proponent of both gold and bitcoin, I have a few responses |
|
|
| Private Debt Investor: Monetary Metals Issues Gold Bond |
Monetary Metals | Unlocking the productivity of gold |
2021-02-02 |
In January 2021, Monetary Metals announced the issuance of a bond paying principal and interest in gold - the first proper gold bond in 87 years. Robin Blumenthal of PEI Media covered the story in Private Debt Investor. Read the full article, Monetary Metals Issues Gold Bond, on their website. (Free registration required). |
|
|
| The Theory of Interest and Prices |
Monetary Metals | Unlocking the productivity of gold |
2021-03-26 |
What do a famous broken bridge and Jimi Hendrix have in common with monetary effects on consumer prices? Short answer: a dynamic system & positive feedback. |
|
|
| Is Gold the Next Bitcoin? |
Monetary Metals | Unlocking the productivity of gold |
2021-03-29 |
Jonathan Hoenig and Seth Levine invited Keith Weiner on their show to discuss gold and bitcoin, including the advantages and disadvantages of each. |
|
|
| Wall Street Silver Interviews Monetary Metals’ CEO Keith Weiner |
Monetary Metals | Unlocking the productivity of gold |
2021-04-09 |
The official Wall Street Silver Reddit channel invited Keith, CEO of Monetary Metals, on their youtube channel to discuss the precious metals markets. Keith provides analysis on where he thinks gold and silver prices are headed this year, and how things have changed for the US dollar system since Covid-19. They also discuss Keith's theory |
|
|
| James Delingpole Interviews Keith Weiner on the Delingpod |
Monetary Metals | Unlocking the productivity of gold |
2021-04-12 |
James Delingpole invited Monetary Metals' CEO Keith Weiner on his show to discuss how to prepare for the coming hyperinflation. This wide-ranging conversation includes the fundamental reasons for investing in gold and silver and Monetary Metals' Gold Fixed Income investments, which pay interest on gold and silver. They discussed why John Maynard Keynes was a |
|
|
| Roundtable on Basel III and the Gold Price |
Monetary Metals | Unlocking the productivity of gold |
2021-06-23 |
How will Basel III regulations impact the price of gold and silver? Keith Weiner was part of a roundtable discussion unpacking the effects of Basel III on gold. |
|
|
| Basel III and Gold Resource Center |
Monetary Metals | Unlocking the productivity of gold |
2021-07-08 |
Welcome to the Basel III and Gold Resource Center! This page is a resource for gold investors who want to understand the impact of Basel III on gold markets. |
|
|
| Top Wealth Management Companies in Arizona |
Monetary Metals | Unlocking the productivity of gold |
2021-07-15 |
We were showcased as one of the top wealth management companies in Arizona by Daily Finance Magazine out of the UK. We build real wealth in real money - gold! |
|
|
| Celebrating Five Years of Interest on Gold |
Monetary Metals | Unlocking the productivity of gold |
2021-07-22 |
This month marks the five-year anniversary of Monetary Metals paying interest on gold. This post celebrates how far we've come and where we're headed! |
|
|
| Monetary Metals in Wealth Management, Townhall, Inside Sources, and Barron’s |
Monetary Metals | Unlocking the productivity of gold |
2021-09-03 |
Keith Weiner and Monetary Metals were featured in several news outlets last month including Wealth Management Magazine, Townhall, Inside Sources, and a letter to the editor of Barron's. Here's a quick recap of each feature with a link to the original. InsideSources: Is the Gold Standard the Economist's Punching Bag? Inside Sources ran an article |
|
|
| Daniel LaCalle interviews Keith Weiner |
Monetary Metals | Unlocking the productivity of gold |
2021-09-30 |
Daniel LaCalle invited Monetary Metals’ CEO Keith Weiner on his show to discuss inflation, lockdown effects and the future macroeconomic outlook for gold. |
|
|
| Palisades Gold Radio Interview |
Monetary Metals | Unlocking the productivity of gold |
2021-10-12 |
Monetary Metals CEO Keith Weiner was back on the Palisades Gold Radio podcast. He discussed how gold has one key feature that bitcoin does not. |
|
|
| Addison Quale Interviewed on the Tom Woods Show |
Monetary Metals | Unlocking the productivity of gold |
2021-11-16 |
Tom Woods invited Monetary Metals’ VP of Relationship Management Addison Quale on his show to discuss the Monetary Metals mission and how the company works. |
|
|
| Mickey Fulp Interview: Investing in Interest-Bearing Gold Bonds |
Monetary Metals | Unlocking the productivity of gold |
2021-12-02 |
Mickey Fulp interviewed Monetary Metals' CEO Keith Weiner to discuss the maturity of its most recent gold bond, which pays interest on gold. |
|
|
| How Not to Think About Gold |
Monetary Metals | Unlocking the productivity of gold |
2022-04-18 |
Everyone is always constantly bullish on gold prices “going to the moon” and rumors or predictions that gold is about to “break out” like never before. |
|
|
| Want to know where silver is headed in 2023? Look at this little-known indicator… |
Monetary Metals | Unlocking the productivity of gold |
2023-03-02 |
This year we noticed an interesting relationship between the silver price and an indicator you probably wouldn’t associate with silver, at first glance... |
|
|
