July 11, 2010 – The Fear Index has risen to a 16-year high. As of June 30th, the Fear Index is 2.35%, based on M3 data made available by ...
July 10, 2010 – I need to correct an article I wrote last month stating that banks are lending again. Total bank loans have indeed grown ...
June 17, 2010 – Banks are lending again. After many months of sitting on their hands while trying to repair their over-leveraged balance ...
June 15, 2010 – The latest financial results of the US government show that it continues to spend and borrow recklessly. As a consequence, ...
June 14, 2010 – The stock market is often acclaimed for its forecasting ability. Stock prices peak long before the downturn in economic ...
June 3, 2010 – Icelanders voted in a referendum to address their debt problem. Germans have a problem too, but they are voting with their ...
May 5, 2010 – Much has been made over the gold purportedly owned and controlled by the IMF. There are many unanswered questions about this ...
April 30, 2010 - Greece’s debt troubles are well known. Less recognized is the worrying truth that Greece is just the tip of the ...
Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’
April 20, 2010 – There is an interesting article in ...
April 12, 2010 – On August 16, 1999, I recounted how legendary traders Jim Fisk and Jay Gould had profited handsomely from a massive short ...
April 1, 2010 – The shorts in gold – and particularly the shorts in silver – felt some pain today. Gold climbed $11.80 to ...
March 26, 2010 – Everyone should be taking note that the yield on the 10-year Treasury note this week climbed to a 9-month high. The ...
March 22, 2010 – Only a few decades ago, the United States was the world’s largest creditor nation. American capital spanned the ...
March 20, 2010 – There is a prevailing view held by American policymakers that debt and resurgent consumer spending will lift the country from ...
March 1, 2010 – As the financial crisis has unfolded over the last two years, the Federal Reserve has been responding in a variety of ...
February 26, 2010 – There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. ...
February 24, 2010 – The US Treasury has taken another step on the road leading to hyperinflation. It announced that it will borrow $200 ...
February 15, 2010 – As the debt crisis in Greece continued to unfold last week, the US dollar and US government debt instruments were being ...
February 12, 2010 – “There are rules, and these rules need to be adhered to." This quote could easily have been made by Sir ...
February 4, 2010 – Every once in a great while, the market offers a unique opportunity to buy precious metals ‘on the cheap’. ...
January 20, 2010 – The Fear Index remains within its decade-long bullish uptrend, so we therefore know as a consequence that gold also remains ...
January 14, 2010 – The US government’s deficit grew again in December 2009. The difference between its outlays and receipts as ...
January 9, 2010 – The total quantity of US dollars in circulation has declined over the past year. As of December 31, 2009, M3 is $14.193 ...
January 2, 2010 – It is time to record my outlook for 2010, but before looking forward to the year ahead, I always like to first look back at ...
December 30, 2009 – The Federal Reserve needs more money to continue purchasing US government debt, the aggregate amount of which is soaring ...
December 23, 2009 – Contrary to common belief, hyperinflation does not arise from too much bank lending. The sole cause of hyperinflation ...
December 19, 2009 – Socialism has come to mean many different things to many people, but regardless how it is defined, in the months immediately ...
December 16, 2009 – One of the best explanations of fractional reserves comes from a polemical essay written in 1995 by Murray Rothbard, one of ...
November 29, 2009 – While the debate continues whether inflation or deflation will be the dollar’s eventual fate, the Federal Reserve is ...
November 23, 2009 – Bull markets are marked by three distinct stages, and when gold climbed above $1,000, it only entered its second ...
November 9, 2009 – The Labor Department on Friday reported that headline unemployment in the United States has now climbed to 10.2%, a ...
October 28, 2009 - It wasn’t too many decades ago that the dollar was, as the saying went, “as good as gold”. It was a truism, ...
October 25, 2009 – Because people generally calculate the price of goods and services only in terms of the national currency of the country ...
October 21, 2009 – Evidence continues to emerge that the US dollar is headed for hyperinflation. For example, consider why US stock ...
September 18, 2009 - Certain segments of the media rarely give gold a fair shake, particularly when it approaches important price levels. These ...
August 26, 2009 - According to the National Bureau of Economic Research, the United States has been in an economic contraction since December ...
August 24, 2009 - I expect considerably more volatility in the markets in the months ahead, particularly for gold and silver. Once gold climbs above ...
August 24, 2009 - With the US still in a deep economic contraction with rising unemployment, why is the US stock market rising?
The Pollyannas on ...
August 10, 2009 - I wrote the following 22 years ago this month. As the French say, Plus ça change, plus c'est la même chose! Nothing has changed ...
The US dollar is still on the path to hyperinflation. Here are the criteria that I am watching to confirm that the US dollar continues to head for ...
August 10, 2009 - Given all the euphoria after the unemployment number was released on Friday, one would think that the economic contraction had ...
6 August 2009
August 7, 2009 - In Economics 101 college professors teach that prices are determined by supply and demand. Not usually taught, however, is that the ...
July 27, 2009 - Over the past couple of months there have been several particularly bearish articles on MineWeb.com about gold mining in South Africa. ...
July 13, 2009 - The chart below presenting total US employment over the past twenty years was prepared by the Economic Policy Institute. The ...
June 29, 2009 - I find the accompanying chart to be very interesting, and it is probably one of the most striking and informative charts on economic ...
June 25, 2009 - Yesterday the Federal Reserve completed the latest meeting of its Federal Open Market Committee. It re-affirmed its plan to ...
June 8, 2009 - I've lost count of how many trillions of dollars have been created 'out of thin' air by the Federal Reserve to bail out the banks. But ...
A number of key factors have fallen into place over the past couple of weeks. Unfortunately, together they increase the probabilities that the US ...
May 17, 2009 - Occasionally the stock market gives important clues about its future direction. One way a clue can appear is through a ...
May 4,2009 - This week Bill Murphy and Chris Powell, co-founders of the Gold Anti-Trust Action Committee (www.gata.org), will be in London, England. ...
I have explained in recent letters why I believe the US is on the road to hyperinflation. I think the writing is on the wall, but we will of course ...
April 14,2009 - An old Chinese saying declares that wisdom begins by calling things by their right name. Truer words could not be spoken about ...
Do you still doubt that the US is on the road to hyperinflation? Then consider this news item, released late Friday afternoon on a 3-day weekend in ...
April 13, 2009 - There is no doubt that I have some amazing subscribers. I received a bunch of emails regarding the new Sound Money Indicator (SMI) ...
March 23, 2009 - The other day at lunch with a friend, we began talking about my Fear Index. He suggested that I give it a new name in order to more ...
March 23, 2009 - The page-1 article in the last letter was “On the Cusp of Hyperinflation”. If you doubted that the dollar was ...
March 2, 2009 - It was only two years ago in early 2007 that subprime lenders and homebuilders began suffering under growing defaults as a consequence ...
Feb 23, 2009 - I am often asked whether I favor gold or silver as my preferred sound money. It is a difficult question, and perhaps comparable ...
January 26, 2009 - There is a determined grassroots movement in the United States seeking the restoration of sound money. There are many different ...
January 16, 2009 - An important document buried in the Federal Reserve's archives has been discovered by writer and researcher Elaine Supkis. This ...
January 12, 2009 - I don't like to start any new year on a gloomy note. I am by nature an optimist, but I am also a realist who readily faces facts. ...
December 22, 2008 - This letter is the last one for this year, so it's time to look ahead to 2009. It's shaping up to be an ugly year for ...
December 12, 2008 - Over the last few weeks, there have been a lot of articles on the Internet about backwardation, i.e., when the price of ...
November 24, 2008 - Gold remains in a bull market, but has been in a correction since making a new record high above $1020 in March. Gold's $50 ...
November 24, 2009 - I last wrote about Citibank eight months ago in an article entitled "Will Citibank Survive?" That article is still ...
October 27, 2008 - To identify the primary trend of the stock market, I like to follow the trading pattern of the so-called 'bellwethers ', key ...
Oct 27, 2008 - In an article published in The New York Times on October 16th, Warren Buffet tells us that he has "been buying American ...
October 6, 2008 - One of the basic premises of my portfolio strategy is to avoid the US dollar. My basic recommendation in this regard is simple, ...
September 22, 2008 - The term 'government money' has been bandied about a lot in recent weeks. It is being portrayed as a near miraculous elixir with ...
September 22, 2008 - In the last letter I commented on the bailout of Fannie Mae and Freddie Mac. My observation was: "This latest bailout of ...
Sept 9, 2008 - There was a thought-provoking book published last year entitled The Black Swan. It provides an insightful perspective into seemingly ...
Aug 26, 2008 - A friend recently wrote to me saying that value is what you are offered when you want to sell something. I disagree. What is offered is ...
August 25, 2008 - In the last letter I questioned whether the US government is solvent. All the available financial evidence as well as some simple ...
August 4, 2008 - In my article on January 7th, I analyzed the federal government's financial position using its consolidated financial statements, ...
July 22, 2008 - I wrote the following article for "Information Line", published by Michael Checkan and Glen Kirsch, the proprietors of ...
July 21, 2008 - I lived in South East Asia for most of the 1970's, working in the branch offices there for one of the large New York City banks. I was ...
July 7, 2009 - The Commodity Research Bureau Continuing Commodity Index tracks the price of seventeen commodities. It made a new record this past ...
June 23, 2008 - As the inventor of digital gold currency (DGC), I am compelled to respond to the spate of recent articles that focused upon the ...
June 1, 2008 - In the early 1980s I began researching and experimenting to find a reliable and trustworthy guide to evaluate the precious metals. I ...
May 26, 2008 - What a week this has been! As the oil price soared and gasoline prices at the pump touched $4 per gallon, the search for scapegoats ...
May 26, 2008 - Probably almost everyone is familiar with the hyperinflationary episode that engulfed Germany after the First World War. That nation's ...
May 12, 2008 - The Bush administration spin artists were out in force on May 8th. With the burst of activity that day, one can only assume that word ...
April 28,2008 - There have been numerous media reports about food shortages around the globe and the resulting riots caused by empty store shelves. ...
April 28, 2008 - In the last letter I quoted Murray Rothbard to help explain how the practice of keeping only fractional reserves - where a bank's ...
April 7, 2008 - "Crises are endemic to financial systems." So says The Economist in an April 3rd editorial about the present credit ...
March 17, 2008 - The center of focus this past week on Wall Street - and indeed, much of the financial world - was whether or not Bear Stearns will ...
Mar 14,2008 - Everybody knows that gold is an inflation hedge. That's why most people buy it. They know from experience that the purchasing power of ...
March 3, 2008 - "Inflate or die." I'm not sure when Richard Russell, the editor of Dow Theory Letters (ww2.dowtheoryletters.com), first ...
Feb 25, 2008 - During the fourth quarter of 2007, the gold price rose a healthy 12.4% from US$742.80 to $834.90. Obviously there was strong demand ...
February 11, 2008 - Do I have it right? It is a question that I relentlessly ask myself, comparing what the various markets are doing against what I ...
January 28, 2008 - I received an interesting email the other day from Nick Laird, the proprietor of www.sharelynx.com. He brought to my attention ...
Jan 25, 2008 - Now that gold has climbed above the $850 high reached back in January 1980, many are proclaiming that gold is at a new 'record'. That's ...
January 7, 2008 - "We might hope to see the finances of the Union as clear and intelligible as a merchant's books, so that every member of ...
December 17, 2007 - One year ago in Letter No. 375 I provided my forecasts for 2007. It’s time to repeat that task. Hopefully my ...
Dec 12, 2007 - The Federal Reserve today announced a new scheme to inject more liquidity into the money markets. It cobbled together a partnership ...
December 3, 2007 - The outcome from the relentless inflation of a currency is all too predictable. Unfortunately, the inevitable future of currency ...
November 12, 2007 - Everyone knows that the dollar is losing purchasing power day after day because of inflation. Consequently, the practice of ...
Nov 7, 2007 - Exactly six months ago I wrote about an indicator that has predicted with 100% accuracy when the price of gold was about to rise. The ...
October 22, 2007 - On September 18th former Federal Reserve chairman Alan Greenspan appeared on the Jon Stewart Daily Show, where he made the ...
October 16, 2007 - I have long suspected that the US Gold Reserve is being used by the gold cartel as a tool to help it try capping the gold price. ...
Oct 16, 2007 - Gold and silver have many similarities, but they are also different in many ways. One big difference is their volatility. If owning ...
October 1, 2007 - It has been a long-running debate. Most everyone recognizes that the US economy is unsustainable because of too many years of ...
Sep 28, 2007 - Last week I spoke at the annual Silver Summit in Coeur d'Alene, Idaho. I had two basic messages. I first explained that while I am ...
September 3, 2007 - M3 has been resurrected, so I have my trusty roadmap back. We can once again closely track what is happening to the dollar by ...
August 20, 2007 - "A banker is the person who lends you his umbrella when the sun is shining and wants it back the minute it rains."
We ...
Aug 10, 2007 - A new but inevitable twist has emerged in the escalating subprime woes. Bank solvency is now being called into question.
As a ...
July 30, 2007 - I recently wrote an article published on Kitco.com that made reference to a July 10th speech by Federal Reserve chairman Ben ...
July 12, 2007 - Federal Reserve chairman Ben Bernanke delivered on July 10th a lengthy presentation on the public's expectation of future inflation. ...
July 9, 2007 - Counterparty risk is often ignored and misunderstood. But it can only be ignored at one's peril, particularly now that the subprime ...
June 25, 2007 - The terse Reuters announcement this past Friday contained only 101 words.
Brookstreet Securities Corp., an Irvine, California ...
June 4, 2007 - Last week the S&P 500 Index made a new all-time record high, finally joining the Dow Jones Industrial Average in that exulted ...
May 28, 2007 - I am writing this newsletter one week earlier than planned because several markets are at critical points. In short, there is simply ...
May 14, 2007 - We have a battle on our hands. It';s the Battle for $700, and it is just the latest clash in a long war being fought between gold ...
May 7, 2007 - Wouldn't it be wonderful if there was an indicator that accurately predicted when the price of gold was about to rise? Well, here's ...
April 30, 2007 - The US government claims that the Treasury Department owns and has in its possession 261.5 million ounces of gold, which is ...
April 23, 2007 - It is widely recognized and understood that bull markets have three stages. What is less well understood is how those three stages ...
April 9, 2007 - Over the past few years I have carefully analyzed the gold exchange-traded fund (NYSE ticker symbol: GLD) and written extensively ...
March 26, 2007 - For several years there has been an ongoing effort in New Hampshire to re-establish sound money within the state. See for example ...
26 March, 2007 - It is a basic premise of today's fiat-currency-based monetary system that central bankers only tell you what they want you to hear. ...
March 5, 2007 - The World Gold Council recently announced that the assets of StreetTracks Gold Shares (ticker symbol: GLD), the NYSE-listed ...
Feb 23, 2007 - A subtle change is taking place in the gold market. In addition to all of the reasons people already have to buy physical metal, ...
February 19, 2007 - On January 15th the Financial Times published a series of questions from its readers about gold that were answered by James ...
Jan 30, 2007 - The Federal Reserve will soon be meeting to discuss whether to increase short-term interest rates. Most observers expect the ...
January 29, 2007 - It seems clear to me that the US is following a monetary path that is leading to ever-growing rates of inflation that will over ...
January 8, 2007 - The above title is from a very insightful article about the international monetary system that appeared in the January 5th edition ...
December 18. 2006 - Treasury secretary Hank Paulson and Federal Reserve chairman Ben Bernanke (together with 59 underlings) trekked to China to meet ...
Dec 5, 2006 - The CRB Continuous Commodity Index closed at 408.79 on November 30th, an all-time record high. This new high means that the ...
December 4, 2006 - This is the time of the year that I dust-off my crystal ball in order to look at the year ahead. I will share with you what I ...
Nov 27, 2006 - While America was celebrating Thanksgiving, the US dollar swooned. Major support was broken in the process, and the US Dollar Index ...
November 13, 2006 - In 1787 Russian general Grigori Potemkin constructed facades of buildings along the banks of the Dnieper River to fool Catherine ...
October 23, 2006 - The Dow Jones Industrial Average made a new record high this past week. It settled back somewhat on Friday, but still closed the ...
Oct 4, 2006 - The Dow Jones Industrial Average yesterday closed at a new record high. In stark contrast, gold was whacked, closing down $21.40 on ...
October 2, 2006 - Connolly to Baker to Paulson. It could be the names of three infielders in an around-the-horn triple play, but it's not. These ...
September 18, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and publicly report M3, which is the total ...
Sept 15, 2006 - "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy ...
August 28, 2006 - Gold is one of the world's most misunderstood assets. There are many reasons for this unfortunate situation, but one stands out. ...
August 14, 2006 - The Federal Reserve has stopped raising interest rates. Therefore, the logical question to ask ourselves is whether their ...
August 7, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and report M3, which is the total quantity of dollars ...
July 24, 2006 - Many thanks to Adrian Douglas for the accompanying chart of the price of gold plotted against the Dow Jones Industrials Average. ...
July 7, 2006 - I've been using the following chart of the Commodity Research Bureau Index for years as I have always viewed commodity prices to be an ...
June 12, 2006 - My interview in the May 29th edition of Barron's prompted the following letter from Stuart Thomas, who manages the gold ...
June 9, 2006 - Michael Hodges is the publisher of the Grandfather Economic Report. His very informative website http://mwhodges.home.att.net/ states ...
May 29, 2009 - I've received more than my usual share of emails over the past several weeks. Not all of them are a result of gold's climb to $700 and ...
May 15, 2006 - There has been a lot of bullish hype as the Dow Jones Industrials Average has approached the record high that marked the top of the ...
May 8, 2006 - It was only two short months after Alan Greenspan was appointed chairman of the Federal Reserve that he faced his first crisis. The ...
April 17, 2006 - When will the Federal Reserve stop raising interest rates? It is the question everyone is asking these days.
The federal funds ...
March 28, 2006 - Each week the Federal Reserve reports various measures of the US dollar money supply. One of these, M3, is the total quantity of ...
March 27, 2006 - For more than twenty years the Fear Index has been a reliable and trustworthy guide. I invented it in the mid-1980s in order to show ...
March 15, 2006 - Anybody who has been lending money to the US federal government by buying T-Bills and its other debt instruments received a brutal ...
March 6, 2006 - Long-term US dollar interest rates rose again this past week, continuing the uptrend that began in mid-January. For example, the ...
February 27, 2006 - On February 22, 2006, a news report was published by Dow Jones Newswires based on a press release issued the same day by Barrick ...
Feb 22, 2006 - Gold and silver have been in a short-term correction for the past couple of weeks. Corrections like the current one are ...
Feb 10, 2006 - In my previous alerts I explained that precious metal bull markets "are caused by people looking for a safe haven ...
February 6, 2006 - When you follow the markets with as much careful and continuous attention as I do, it’s inevitable that you end up hearing ...
January 23, 2006 - A couple of years ago I read Empire: the Rise and Demise of the British World Order and the Lessons for Global Power by British ...
Jan 20, 2006 - Silver is frequently said to play "second fiddle" to gold, but this characterization is not only incorrect, it ...
January 9, 2006 - As we begin this new year, there is a lot to ponder over and worry about. High on this list is the imminent departure of ...
December 19, 2005 - I wrote my last commentary when gold was $503, having just broken above the $500 level the day before to make a new 22-year high. ...
December 5, 2005 - It finally happened. Gold has climbed above $500 per ounce ($16.08 per goldgram), and settled in New York this past Friday at ...
November 14, 2005 - Last week as I sat at my desk pounding away on my computer, a news 'flash' on CNBC caught my attention. But instead of some ...
October 31, 2005 - We all have heard of Ben Bernacke, who president Bush just recently appointed to be chairman of the Federal Reserve to succeed ...
October 17, 2005 - For months formidable forces of inflation and other forms of monetary debasement have been gathering at a frightening pace. Rising ...
October 3, 2005 - All of the pieces of the puzzle are falling into place neatly and pretty much on schedule. When the puzzle is finished, it will ...
September 19, 2005 - The title of the last newsletter was "Get Ready!" I intended this one to be entitled "Get Set!", with ...
Sept 14, 2005 - I'm no fan of John Maynard Keynes. I find most of his economic theories to be just plain wrong. But for the sake of truth and ...
August 29, 2005 - It seems like yesterday, but it was six years ago when after describing the gold squeeze engineered by legendary traders Jim Fisk ...
August 1, 2005 - The Fear Index is my most important analytical tool for evaluating gold. It's like a trusty compass that one might take on a hike. ...
July 27, 2005 - I carefully explained in the last letter how the gold cartel has been picking the pockets of gold traders. We’ve just ...
July 12, 2005 - Alan Greenspan gets blamed for many things. You know the usual drill - interest rates are too high, inflation is getting worse, the ...
July 11, 2005 - Last August I wrote an alert entitled "The End of Cheap Hydrocarbons" that was published on the GoldMoney website. The ...
June 6, 2005 - Currency risk is a troublesome problem that everyone faces. It arises for a variety of different reasons, but more often than not, ...
May 23, 2005 - In the last letter I drew attention to two charts that presented conflicting pictures. The first chart (last presented in Letter No. ...
May 16, 2005 - There are two principal monetary provisions in the American Constitution. Taken together they make clear ...
April 11, 2005 - Crude oil expert Matt Simmons is becoming a familiar name to many, particularly as the price of crude oil climbs higher. He has been ...
March 28, 2005 - Tim Wood is the founding editor of Resource Investor, (www.resourceinvestor.com) an online newsletter focusing on junior mining ...
March 15, 2005 - On March 10th GATA (www.gata.org) issued a press release that presented an analysis of the gold market prepared by Dan Norcini, a ...
February 21, 2005 - The International Monetary Fund supposedly owns about 3,200 tonnes of gold. I say 'supposedly' purposefully, because like the ...
January 31, 2005 - In the previous article I provided a bullish forecast for gold and the gold mining stocks in 2005. My comparison was to ...
January 10, 2005 - From time to time over the past couple of years I have been comparing our present circumstances to those prevailing in the ...
December 13th, 2004 - Lines are being drawn in the debate about the new exchange-traded fund developed by the World Gold Council, which is listed on ...
December 5th, 2004 - In my article "Where is the ETF's Gold?" I raised important questions about the loose custodial controls being used to ...
November 22, 2004 - This past Thursday trading began on the NYSE for what is being called a 'gold ETF'. Here's how CBSMarketWatch described it just ...
November 1, 2004 - Gold closed on Friday at $428.50. It was the highest weekly closing price for gold since $431.70 on December 2, 1988, and the ...
October 18, 2004 - Readers are probably aware that I was interviewed in the October 4th issue of Barron's. The entire interview, which was fairly wide ...
September 27, 2004 - I am often asked to provide my thoughts about the "big picture". It's a fair request, as it is understandable that ...
September 13, 2004 - Last week Sons of Gwalia, one of Australia's largest gold mining companies, declared bankruptcy. It is being labeled as an $800 ...
August 30, 2004 - Next month central bankers from around the world will gather in Washington D.C. for another annual meeting of the Int'l Monetary ...
August 9, 2004 - Crude oil is going to $60 per barrel, and probably even a lot higher than that. It is an outcome that is inevitable, but we should ...
July 27, 2004 - How does the gold cartel pick pockets? One way works like this.
There is a huge pool of capital – running ...
July 26, 2004 - I hope that you subscribe to and read the gold market commentaries of Bill Murphy and his associates that are posted almost daily at ...
July 12, 2004 - It was both a privilege and a pleasure to attend this past Friday the first meeting of the Single Global Currency Assn. ...
June 14, 2004 - A recent report crossed my desk by Dr. Marc Faber, editor of the Gloom Boom & Doom Report. I first met Marc nearly twenty years ...
May 24, 2004 - 'Leverage' is a generic term applied to debt that is applied to and used in trading and investment positions. For example, if you use ...
May 10, 2004 - Catching up on my reading last week, I was very much taken by comments made recently by Congressman Ron Paul of Texas. From his ...
April 19, 2004 - Judging from the volume of emails I have received, it seems that most everyone has heard about the hysterical anti-gold rant in the ...
April 5, 2004 - Take a close look at the accompanying chart of the CRB Index of commodity prices. This chart is familiar to long-time readers. I have ...
March 15, 2004 - On March 8th the European Central Bank and 14 of Europe's national central banks made the following announcement - ...
March 1, 2004 - An article in the February 26th issue of The Economist addresses the issue head-on. Even its title is provocative, "Heading for a ...
February 9, 2004 - New Hampshire made history this past week. It is the first state since President Roosevelt's gold confiscation in 1933 to attempt ...
January 19, 2004 - Germany's Bundesbank is making waves in the gold market again. And this time it received some help from perennially bearish ...
January 5, 2004 - Seventy years ago this month the dollar was devalued against gold by 69% when the federal government arbitrarily changed the ...
December 22, 2003 - It is easy for economists - like generals - to fall into the trap of fighting the last war. The big monetary upheavals of the last ...
December 8, 2003 - Since the spring of 2002 the World Gold Council (WGC) has been developing an exchange-traded fund (ETF) for gold. The objective is ...
December 1, 2003 - By a so-called Executive Order, President Roosevelt declared on April 5, 1933 that:
"All persons are hereby required to ...
November 10, 2003 - "Predicting rain doesn't count - building an ark does." So says Warren Buffett.
Long-time readers of these letters know ...
October 27, 2003 - Because financial statements provide a snap-shot of a company's balance sheet for just one day, the opportunity exists for ...
October 6, 2003 - After gold trading closed in New York on Friday $13.70 lower from the previous day, a Reuters article gave the following reason for ...
September 15, 2003 - Back in January 1993 The Economist magazine published an article entitled "Fool's Gold". It was so full of inaccuracies ...
August 25, 2003 - Debasement is a word often used to describe money, or more precisely, the decline in the value of a currency. According to ...
August 11, 2003 - Thirty-two years ago this week, President Nixon changed the course as well as the innate qualities of the dollar. The dollar, which ...
July 27, 2003 - A lot has happened this past week, and as far as gold and silver are concerned, all the news has been positive. I decided to publish ...
July 21, 2003 - I'm no fan of John Maynard Keynes. I find most of his economic theories to be just plain wrong. But because I am a determined and ...
July 7, 2003 - Within the next several months, the price of gold will soar. This past January I projected gold to reach $900 in February 2004. Even ...
June 16, 2003 - The headline of the May 30, 2003 issue of The New York Times blared "U.S. Cautiously Begins to Seize Millions in Foreign ...
May 26, 2003 - I continue to hear the horror stories. A subscriber tells me that the bank where he stores his silver announced a three-fold increase ...
May 5, 2003 - You can always count on the International Monetary Fund to bash gold. It is a reliable servant to those who would like to keep the gold ...
April 21, 2003 - One of the statistics complied by the International Monetary Fund is the quantity of gold owned by the world's central banks. That ...
March 31, 2003 - What is a dollar? This question seems simple, but it isn't. The answer is complicated because there are in fact several types of ...
March 12, 2003 - Have the gold mining stocks finally reached their low? We'll only learn the answer to this question in the days and weeks ahead. But ...
March 10, 2003 - The Dollar Index closed this past Friday at 98.04, a new 3-year low, 19% below its 2001 high. Even more importantly, its downward ...
February 26, 2003 - For months one of the most frequently asked questions that I have been receiving from subscribers is 'Are you worried about the ...
February 24, 2003 - I highly recommend that you read an excellent article in the current issue of Insight magazine. Investigative journalist Kelly ...
February 10, 2003 - I will be the first to admit that the future cannot be predicted just because some line on an uptrend channel is broken on some ...
January 20, 2003 - One of the most important things to do when managing an investment is to stay aligned with the primary trend. This principle is ...
Januray 6, 2003 - I have today mailed the following letter to the Enforcement Division of the Securities & Exchange Commission. It's about time ...
December 23, 2002 - There have been several important developments regarding gold since the last newsletter. These include:
December 2nd - A strike ...
December 2, 2002 - Gold failed to close above $325 at the end of November. As a result, I am concerned that the Fear Index may begin to break-down ...
November 18, 2002 - Long time readers of these letters know that I am not shy about making my views known. In other words, when it comes to markets, I ...
October 28, 2002 - It has been several months (see Letter No. 301, March 18th, 2002, Asking for Help from My Congressman), but my Congressman has at ...
October 14, 2002 - One of my favorite writers is Lew Rockwell, who not only is the proprietor of the eponymous www.lewrockwell.com, but also president ...
September 23, 2002 - Though every market is different in that each one is driven by its own unique factors affecting supply and demand, there are ...
September 22, 2002 - I was recently given an interesting challenge. An Australian friend of mine named Laurie McGuirk, a hedge fund manager with an ...
August 19, 2002 - There is an old Wall Street adage that bull markets climb a 'wall of worry'. Having been through a large number of bull markets in ...
August 5, 2002 - There has been a flurry of letters from the Federal Reserve and the Treasury Department responding to various enquiries about the ...
July 15, 2002 - The slide in the stock market really picked up some momentum this past week. The Dow Jones Industrials Average dropped 7.4%. The ...
July 1, 2002 - Over the past several weeks, the stock market has taken a severe pasting. The Dow Jones Industrial Average has declined six weeks ...
June 10, 2002 - The Fear Index has given a buy signal. It is only the fifth buy signal since the US government abandoned the Gold Standard in August ...
May 20, 2002 - In the last letter I explained in graphic detail my oft-stated premise that a flight from the dollar is beginning. I contend therefore ...
April 29, 2002 - One of the most basic premises about which I have been writing for years is about to be tested. Will we get a flight from the dollar ...
April 1, 2002 - The long awaited ruling from Judge Lindsay has arrived. All claims against the Bank for International Settlements (BIS) and the other ...
March 18, 2002 - I've been completely stonewalled by the Federal Reserve. Alan Greenspan has not responded to my letters. So my questions to the ...
March 4, 2002 - The Fear Index is my most trusted model upon which I rely to establish gold's relative value. I report the Fear Index in each letter, ...
February 20, 2002 - In just a few weeks the Bank of England will conclude the bi-monthly gold sales that it began in 1999. I've been thinking a lot ...
February 11, 2002 - Argentina's debt default and economic bust has been moved out of the headlines by the collapse of Enron, as if one debacle was not ...
January 28, 2002 - It happened yet again. That same $292 barrier that has stopped so many rallies in the past has proven insurmountable yet one more ...
January 7, 2002 - A few weeks ago I received an interesting email from Andrew Hepburn. He is a diligent researcher who has done yeoman's work for ...
December 17, 2001 - The above title might be somewhat premature. Complete control may not yet have been lost, so instead, it is perhaps more accurate ...
November 26, 2001 - Newmont Mining has made a bid to become the world's #1 gold mining company as measured by annual production and reserves. It is a ...
November 5, 2001 - I wrote to Federal Reserve Chairman Alan Greenspan on September 14th. Here's what I said:
Dear Mr. Greenspan:
This is to ask for ...
October 21, 2001 - Bill Murphy, proprietor of www.lemetropolecafe.com and the founder of GATA (see www.GATA.org), is being inundated with email from ...
October 15, 2001 - When gold resumed trading in New York after the disruptions related to the September 11th attacks, gold held tenaciously around ...
October 1, 2001 - September 11th began for me like most other business days. I had been in the office for almost an hour, catching up on what had ...
September 10, 2001 - Even before "Crashmaker" arrived in the post, I knew that I would like this book. My expectations were high because ...
August 31, 2001 - I've been waiting for it to happen, and now the war of words has finally begun. The Bank for International Settlements today fired ...
August 27.2001 - In the last two letters I have written about the earmarked gold stored in the vault of the Federal Reserve Bank of New York. Foreign ...
August 13, 2001 - Here's a mystery for you. It ranks high with any of the great thrillers solved by Sherlock Holmes, but this one is not fiction.
I ...
July 23, 2001 - This past December I wrote ("The Smoking Gun") about my discovery of a discrepancy between two reports that tracked the ...
July 9, 2001 - Do you know which company's stock has been listed on the New York Stock Exchange longer than any other? You might guess US Steel or ...
June 25, 2001 - When we look at recent and current economic and financial activity within the United States, it seems very logical to ask why is the ...
June 4, 2001 - It is probably not too surprising for you to learn that at the recent conference in Durban, South Africa sponsored by ...
May 21, 2001 - I have received many interesting questions from readers about my article Behind Closed Doors, the apparent swap of Gold from West Point ...
April 23, 2001 - This past December in "The Smoking Gun" I provided substantive proof that the Exchange Stabilization Fund was intervening ...
April 9, 2001 - When I was still a young boy I remember hearing someone say that science fiction sooner or later becomes science fact. I was too small ...
March 26, 2001 - Years ago an old stock market pro told me that sometimes the most difficult thing about markets is believing what you are seeing. It ...
March 9, 2001 - It is natural for us humans to search for rules we hope will prove to be unchanging. We want these rules to be unchanging because we ...
March 5, 2001 - Every once in a while one can almost sense that something is wrong in the financial system. We are at one of those moments. The system ...
February 12, 2001 - Over the years I have presented in these letters several different, but meaningful, ways to measure Gold's relative value. Long ...
January 29, 2001 - My lead article in Letter No. 276, "The Smoking Gun", has received a tremendous, positive response. I would like to thank ...
January 8, 2001 - On December 3rd, the Sunday Telegraph, which is one of London's leading newspapers, published an article about my new Internet ...
December 11, 2000 - The June 1972 break-in at the Democratic headquarters in the Watergate building in Washington, DC, seemed at the time suspicious ...
Noverm 27, 2000 - Though I have not written about my proprietary Fear Index for awhile, I have not been ignoring this important indicator. I continue ...
November 13, 2000 - To ask what something is worth is to ask a question that will result in a lot of different answers. After all, we are all aware of ...
October 30, 2000 - Back on August 7th in Letter No. 268 I alerted readers to some of the accounting gimmicks being employed by both Cisco Systems and ...
What's happening to the stocks of the Gold mining companies? It's a question being asked a lot these days as the stocks of these companies sink to new ...
October 16, 2000 - Most everyone assumes that a crash in the stock market is the Federal Reserve's worst nightmare. There are many sound reasons to ...
September 25, 2000 - In recent weeks I have received a number of inquiries from readers on a variety of subjects. I also have some comments on a ...
September 11, 2000 - Readers will recall that one year ago I took a very strong view that the Gold market was about to experience a sharp short ...
August 28, 2000 - It's time to update my forecast for the precious metals. Readers know that when Gold broke below $300 in February of this year, I ...
August 7, 2000 - Every once in a while a bubble is created in a market. Bubbles can occur in any market, whether stocks, commodities, real estate or ...
July 24, 2000 - Is Gold money? Or is it jewelry? The answer to these questions about the essential nature of Gold is of fundamental importance to ...
July 17, 2000 - "The price has to stop falling before it can begin rising." These words of advice were offered to me by a good family friend ...
June 26, 2000 - Energy Secretary Bill Richardson has been screaming about high oil prices. Al Gore and countless other Democrats have been harping ...
June 5, 2000 - A couple of weeks ago when the Dow Industrials were threatening to break below 10,000 and the NASDAQ looked ready to collapse through ...
May 15, 2000 - In recent letters I have been purposefully directing everyone's attention to the Commodity Research Bureau Index. Though the components ...
May 1, 2000 - A week ago both the stock and bond markets were jolted by an unexpectedly large jump in inflation. That there was any surprise from ...
May 1, 2000 - I got a lot of response to my last letter, which reviewed my correspondence from the US Treasury and its Department of the Mint. I can't ...
April 10, 2000 - At last the Treasury Department has answered my inquiry from August about the auditing of the US Gold Reserves. I have just received ...
March 27, 2000 - In an article entitled "Managing Markets" published in Letter No. 203 on April 21, 1997, I began to voice my growing ...
March 13, 2000 - Everything you can think of about this multi-year rise in the stock market has been unprecedented - its duration, the price ...
February 28, 2000 - I have received a lot of questions asking what I intend to do next to pursue the status of the Gold Reserves supposedly stored in ...
February 21, 2000 - At last I have received a reply from the US Treasury Department in response to my questions about auditing the US Gold Reserves ...
January 31, 2000 - In recent letters I have referred time and again to the predicament of the shorts, and more specifically, to those short physical ...
January 24, 2000 - In Letter #233 ("Grist for Conspiracy Theorists", October 26, 1998), I laid out my view - now well known to the readers ...
January 11, 2000 - My congressman got a reply from the Treasury Department, sort of. Here is what was sent to The Honorable John E. Sununu by Linda ...
January 10, 2000 - Central Banks Control the Gold Market? I offered in that report what I still believe to be an accurate and exhaustive analysis of ...
December 13, 1999 - In the 1970's a very courageous gentleman named Edward Durrell claimed that substantially all of the US Gold Reserve being stored ...
December 2, 1999 - This is to let you know that Kjeld Thygesen and I are no longer managing or advising the Midas Fund. As of yesterday, our contract ...
November 22, 1999 - "We assume that the currency which is in all our hands is fixed, and that the price of bullion moves; whereas in truth, it is ...
Dear Mining Company Executive:
I am addressing this letter to all mining companies that continue to lock in today the forward price of the Gold they ...
October 18, 1999 - The accompanying chart of the Gold price in terms of Deutschemarks is absolutely and completely breathtaking for anyone interested ...
October 5, 1999 - Last April in Letter #243 ("Mobilizing Gold - Here's Comes GATA"), I introduced readers to the Gold Anti-Trust Action ...
October 4, 1999 - Inarguably no tree grows to the sky. By the same logic, all bull markets eventually come to an end. And more to the important point ...
September 23, 1999 - In a continuation of the sell-off that began a few weeks ago, the Dow Jones Industrial Average today closed down -205.47 points, ...
September 20, 1999 - "It is precisely when a free gold market is needed that most modern governments seek to suppress it. For it reflects and ...
September 14, 1999 - There have been several important events in the Gold market in recent days. Do not be misled by the lackluster Gold price, which ...
August 30, 1999 - There are two sides to the Gold market. One is the paper side, which encompasses all transactions denominated in terms of Gold for ...
August 17, 1999 - When I began email subscriptions a couple of years ago, I told subscribers that they would eventually receive more than just speedy ...
August 16, 1999 – In 1869, Jim Fisk and Jay Gould tried to corner the gold market, and for a time, this notorious duo succeeded. It is a ...
August 16, 1999 – If I’ve learned anything over the years, it is to not underestimate the power of central banks and their willingness to ...
July 26, 1999 - In Letter No. 246, 'Is Gold Cheap and therefore Good Value?', I presented a detailed case that Gold is cheap and good value, and that ...
July 12, 1999 - One of the most basic axioms of trading and investing is that every market has a story to tell. Traders, generally speaking, need to ...
June 28, 1999 - The price of Gold ended Friday at $260.40. One year ago the price was $293.80, so over the past twelve months Gold has lost $33.40, or ...
June 7, 1999 - Many things in finance and economics are counter-intuitive. In fact, many things in life are counter-intuitive.
For example, when ...
May 17, 1999 - For months it has been my contention that central banks are manipulating the Gold price. More proof came on May 7th.
The British ...
April 26, 1999 - In the last letter I laid out the case that Gold in recent years was being increasingly mobilized. It is being borrowed today in ...
April 12, 1999 - If you could borrow Dollars at 1% and invest them in another asset (e.g. T-Bills) yielding 4%, would you do it? Of course you would ...
March 22, 1999 - In the last Letter I wrote that it is the physical market that drives the price of Gold, not the other way around. The paper market ...
March 1, 1999 - Every once in awhile there is some heated discussion and contentious debate within the Gold market about the relative impact on the ...
February 8, 1999 - Several months ago I put forward a very simple proposition. In Letter #233 ("Grist for the Conspiracy Theorists", October ...
January 25, 1999 - The Internet offers the potential to become one of the greatest technological advances in the history of mankind. I truly expect ...
January 11, 1999 - One of the biggest issues facing the Gold market over the past couple of years has been the weight of Gold sitting in European ...
December 21, 1998 - We live in crazy times. Who would have thought that Sadam Hussein would outlast another US president? Or that Bill Clinton, a ...
December 7, 1998 - It would be very easy here to let one's emotions get the upper hand and to paint a bearish picture for Gold. However, it would not ...
November 16, 1998 - I approach all the markets from two different perspectives. I look at the technical side of the market to see what the charts are ...
October 26, 1998 - Most people readily accept the notion that governments throughout the world do not want the Gold price to rise. The reason for this ...
October 5, 1998 - Long-Term Capital Management was supposed to have been run by some of the best minds on Wall Street. Its management boasted that two ...
September 14, 1998 - The Gold price has rallied sharply over the past two weeks, and may have formed an important bottom. Though it is far too early ...
August 31, 1998 - Something unusual happened this past Thursday and Friday that made me stand up and take notice. As the stock market was falling, the ...
August 17, 1998 - The Gold price and the general level of commodity prices are inexorably linked. The reasons for this relationship are hotly debated, ...
July 27, 1998 - Beauty or beast? Either of these adjectives can apply when it comes to the stock market. At times the market is something wonderful to ...
July 13, 1998 - By the time you receive this letter, the outcome of Japan's election will be known. Up for grabs is the majority of seats in the ...
June 29, 1998 - Investing requires taking action based on a calculation of probabilities, not certainties. And right now the probabilities suggest ...
June 15, 1998 - Mr. Miller was ousted, and Paul Volcker was rushed in to pick up the pieces. But the change came too late. The damage had already been ...
May 18, 1998 - A full contingent of European finance ministers and central bankers met on May 2nd to take additional steps toward the creation of the ...
April 27, 1998 - There has been in recent weeks a very significant and noteworthy development in the precious metal markets. Three of the precious ...
April 6, 1998 - Ever since the Dow Industrials Average made a new record high in early February, I have been warning that one should play the market ...
March 23, 1998 - This week the Belgian central bank released a statement that read in part: "The weekly situation...was influenced by an ...
March 9, 1998 - Last month Warren Buffett lit the fuse of a precious metals firecracker with the stunning announcement that his investment company, ...
February 16, 1998 - I think it was Helmut Kohl who compared the political process to sausage making - by advising facetiously that in politics like ...
January 26, 1998 - You may not have heard about the 'Millennium Bomb' yet, but you will soon be hearing about it a lot. Increasing attention is being ...
January 12, 1998 - The Great Depression had ended before I was born, but this traumatic collapse that unhinged the world economy in the 1930's has had ...
December 15, 1997 - I have been conspicuously quiet about the Yen for many months. After very successfully riding the Yen's strength from the ...
November 24, 1997 - Two op-ed articles about Gold appeared last week in two of London's leading newspapers. The timing is not surprising. Given the ...
November 10, 1997 - On October 24th a committee of government bureaucrats from the Swiss finance ministry and the Swiss National Bank shocked the Gold ...
October 20, 1997 - Many aspects of Gold are misunderstood by many people, and this lack of knowledge leads to numerous misconceptions about Gold, its ...
October 6, 1997 - It is a great pleasure to announce that the above referenced patent, which has just been published, has been awarded to me. I have ...
September 22, 1997 - In recent weeks as the Gold price slid to test support around $320, the bears have come out with newer and lower targets. Some ...
August 25, 1997 - In the last letter I discussed some basic tenets and related misconceptions about the supply and demand of Gold. Most importantly, I ...
August 11, 2010 - At current Gold prices many of the mining companies are taking a drubbing. Clearly, the worst hit are those with the highest ...
July 21, 1997 - When it comes to markets and making investment decisions, I don't except anyone's pronouncements at face value. Every statement is ...
July 7, 1997 - A war of words was started at the recent G-7 meeting in Denver. The first salvo was fired by President Clinton in a discussion with ...
June 9, 1997 - Anyone who has been around Gold for any length of time knows that this precious metal has the uncanny ability to lead events. For ...
May 19, 1997 - Last week I attended the presentation of the World Silver Survey. This annual event is sponsored by the Silver Institute, an ...
May 5, 1997 - One of my favorite precious metal analysts is Andy Smith, who works in London for the Union Bank of Switzerland. His reports are always ...
April 21, 1997 - A distinguishing feature of the twentieth century has been the emergence of the Nation-State, and most of these territorial entities ...
April 7, 1997 - Cult TV stars Mulder and Scully never had a case as bizarre as this one. Even though aliens have not yet landed in the jungles of ...
March 24, 1997 - Like bombs from the belly of a B-52, T-Bond prices are falling around the world. It is a phenomenon not confined just to the United ...
February 24, 1997 - The finance ministers of the G-7 industrialized nations have spoken. 'The Dollar stops here!'
After two years of Dollar strength ...
February 10, 1997 - The past few weeks have been rough ones for Gold. Can we expect more of the same, or is the bloodletting nearing an end?
No one ...
January 27, 1997 - It has become a tradition of mine at this time of the year to share some of my thoughts about the various markets, and to make some ...
January 6, 1997 - An old Chinese proverb says that wisdom begins by calling things by their right name. It is possible to create a corollary of this ...
December 9, 1996 - We have a problem. It is not an easy problem to solve, but it is an easy problem to understand. It has to do with money, and ...
November 25, 1996 - Nobody these days has anything good to say about Gold. In keeping with prevailing sentiment, I won't say anything good about it ...
November 4, 1996 - In the last letter I noted the possibility of "one last upward spike in T-Bond prices to provide the markets with one last ...
October 21, 1996 - What will happen to the Gold price after the November election? Will it remain stuck below $400 per ounce, or can we finally expect ...
September 30, 1996 - I recently had the opportunity to meet Thabo Mbeki, the Deputy President of South Africa. A lunch in his honor was hosted in New ...
September 9, 1996 - Since May I have been warning that stocks may be topping out. Our attention was first focused on the NASDAQ, which took a nasty ...
April 25, 1994 - Over the past few years I have become acquainted with a wealthy, retired American industrialist who has an interesting story to tell. ...
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