James Turk's Free Gold Money Report RSS Feed en-uk Copyright 1997-2010 by FGMR. All rights reserved. http://www.fgmr.com/ http://www.fgmr.com/deciphering-the-bis-gold-swap.html http://www.fgmr.com/deciphering-the-bis-gold-swap.html July 29, 2010 Much has been made recently of the news that the BIS last year completed a 380-tonne gold swap with an unnamed commercial bank. This BIS transaction intuitively strikes me as Thu, 29 Jul 2010 00:00:00 GMT http://www.fgmr.com/fear-index-rises-to-sixteen-year-high.html http://www.fgmr.com/fear-index-rises-to-sixteen-year-high.html 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 shadowstats.com. Here is the formula and Sun, 11 Jul 2010 00:00:00 GMT http://www.fgmr.com/banks-are-not-lending.html http://www.fgmr.com/banks-are-not-lending.html 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 as I reported, but not because banks made new Sat, 10 Jul 2010 00:00:00 GMT http://www.fgmr.com/banks-are-lending-again.html http://www.fgmr.com/banks-are-lending-again.html June 17, 2010 Banks are lending again. After many months of sitting on their hands while trying to repair their over-leveraged balance sheets, banks are making new loans. They also Thu, 17 Jun 2010 00:00:00 GMT http://www.fgmr.com/no-improvement-in-the-hyperinflationary-outlook.html http://www.fgmr.com/no-improvement-in-the-hyperinflationary-outlook.html June 15, 2010 The latest financial results of the US government show that it continues to spend and borrow recklessly. As a consequence, there has been no improvement in the Tue, 15 Jun 2010 00:00:00 GMT http://www.fgmr.com/signal-from-the-stock-market.html http://www.fgmr.com/signal-from-the-stock-market.html June 14, 2010 The stock market is often acclaimed for its forecasting ability. Stock prices peak long before the downturn in economic activity that generally results in a recession and a Mon, 14 Jun 2010 00:00:00 GMT http://www.fgmr.com/germans-voting-with-their-pocketbook.html http://www.fgmr.com/germans-voting-with-their-pocketbook.html June 3, 2010 Icelanders voted in a referendum to address their debt problem. Germans have a problem too, but they are voting with their pocketbook. They are dumping the euro and Thu, 03 Jun 2010 00:00:00 GMT http://www.fgmr.com/is-the-imf-gold-really-there.html http://www.fgmr.com/is-the-imf-gold-really-there.html May 5, 2010 Much has been made over the gold purportedly owned and controlled by the IMF. There are many unanswered questions about this gold's true status, and more to the point, Wed, 05 May 2010 00:00:00 GMT http://www.fgmr.com/gold-needed-now-more-than-ever.html http://www.fgmr.com/gold-needed-now-more-than-ever.html April 30, 2010 - Greece's debt troubles are well known. Less recognized is the worrying truth that Greece is just the tip of the iceberg. There have been plenty of warnings. These Fri, 30 Apr 2010 00:00:00 GMT http://www.fgmr.com/hyperinflation-looms-dollar-arrives-at-its-havenstein-moment.html http://www.fgmr.com/hyperinflation-looms-dollar-arrives-at-its-havenstein-moment.html Hyperinflation Looms The Dollar Arrives at Its andlsquo;Havenstein Moment' April 20, 2010 There is an interesting article in Canada's Globe and Mail about the lack of Tue, 20 Apr 2010 00:00:00 GMT http://www.fgmr.com/another-short-squeeze-in-the-precious-metals.html http://www.fgmr.com/another-short-squeeze-in-the-precious-metals.html April 12, 2010 On August 16, 1999, I recounted how legendary traders Jim Fisk and Jay Gould had profited handsomely from a massive short squeeze in gold 130 years earlier. The Mon, 12 Apr 2010 00:00:00 GMT http://www.fgmr.com/new-dynamic-in-the-gold-market.html http://www.fgmr.com/new-dynamic-in-the-gold-market.html April 1, 2010 The shorts in gold and particularly the shorts in silver felt some pain today. Gold climbed $11.80 to close on the Comex at $1125.10, a 1.1% gain for the Thu, 01 Apr 2010 00:00:00 GMT http://www.fgmr.com/bonds-have-seen-their-best-days.html http://www.fgmr.com/bonds-have-seen-their-best-days.html 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 T-note is sending a loud and clear message: interest Fri, 26 Mar 2010 00:00:00 GMT http://www.fgmr.com/debtor-nation.html http://www.fgmr.com/debtor-nation.html March 22, 2010 Only a few decades ago, the United States was the world's largest creditor nation. American capital spanned the globe financing all types of investments in virtually Mon, 22 Mar 2010 00:00:00 GMT http://www.fgmr.com/do-not-count-on-the-consumer.html http://www.fgmr.com/do-not-count-on-the-consumer.html March 20, 2010 There is a prevailing view held by American policymakers that debt and resurgent consumer spending will lift the country from today's financial morass. The thinking Sat, 20 Mar 2010 00:00:00 GMT http://www.fgmr.com/us-dollar-money-supply-is-underreported.html http://www.fgmr.com/us-dollar-money-supply-is-underreported.html March 1, 2010 As the financial crisis has unfolded over the last two years, the Federal Reserve has been responding in a variety of unprecedented ways. Therefore, it is logical to assume Mon, 01 Mar 2010 00:00:00 GMT http://www.fgmr.com/what-are-banks-doing-with-their-depositors-money.html http://www.fgmr.com/what-are-banks-doing-with-their-depositors-money.html February 26, 2010 There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. The Wall Street Journal, for example, on Wednesday Fri, 26 Feb 2010 00:00:00 GMT http://www.fgmr.com/us-treasury-takes-another-step-on-the-road-to-hyperinflation.html http://www.fgmr.com/us-treasury-takes-another-step-on-the-road-to-hyperinflation.html February 24, 2010 The US Treasury has taken another step on the road leading to hyperinflation. It announced that it will borrow $200 billion and leave this money on deposit with the Wed, 24 Feb 2010 00:00:00 GMT http://www.fgmr.com/us-government-debt-is-not-a-safe-haven.html http://www.fgmr.com/us-government-debt-is-not-a-safe-haven.html February 15, 2010 As the debt crisis in Greece continued to unfold last week, the US dollar and US government debt instruments were being touted as a andldquo;safe havenandrdquo; alternative to Mon, 15 Feb 2010 00:00:00 GMT http://www.fgmr.com/greece-broke-the-rules.html http://www.fgmr.com/greece-broke-the-rules.html February 12, 2010 andldquo;There are rules, and these rules need to be adhered to.' This quote could easily have been made by Sir Isaac Newton 300 hundred years ago explaining how Fri, 12 Feb 2010 00:00:00 GMT http://www.fgmr.com/precious-metals-at-bargain-basement-prices.html http://www.fgmr.com/precious-metals-at-bargain-basement-prices.html February 4, 2010 Every once in a great while, the market offers a unique opportunity to buy precious metals andlsquo;on the cheap'. I believe today is one of those moments. There is Thu, 04 Feb 2010 00:00:00 GMT http://www.fgmr.com/two-important-messages-from-the-fear-index.html http://www.fgmr.com/two-important-messages-from-the-fear-index.html January 20, 2010 The Fear Index remains within its decade-long bullish uptrend, so we therefore know as a consequence that gold also remains within an uptrend. But the Fear Index is also Thu, 21 Jan 2010 00:00:00 GMT http://www.fgmr.com/us-governments-deficit-grows-yet-again.html http://www.fgmr.com/us-governments-deficit-grows-yet-again.html January 14, 2010 The US government's deficit grew again in December 2009. The difference between its outlays and receipts as presented on the following chart has now reached a new Thu, 14 Jan 2010 00:00:00 GMT http://www.fgmr.com/m3-declines-from-one-year-ago.html http://www.fgmr.com/m3-declines-from-one-year-ago.html 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 trillion compared to $14.317 trillion one year Sat, 09 Jan 2010 00:00:00 GMT http://www.fgmr.com/outlook-for-2010.html http://www.fgmr.com/outlook-for-2010.html 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 what I was expecting for this past year. My Sat, 02 Jan 2010 00:00:00 GMT http://www.fgmr.com/federal-reserve-needs-more-money.html http://www.fgmr.com/federal-reserve-needs-more-money.html December 30, 2009 The Federal Reserve needs more money to continue purchasing US government debt, the aggregate amount of which is soaring because of ballooning deficits. But the Fed has Wed, 30 Dec 2009 00:00:00 GMT http://www.fgmr.com/what-causes-hyperinflation.html http://www.fgmr.com/what-causes-hyperinflation.html December 23, 2009 Contrary to common belief, hyperinflation does not arise from too much bank lending. The sole cause of hyperinflation is always too much government spending. The Wed, 23 Dec 2009 00:00:00 GMT http://www.fgmr.com/will-sovereign-debt-defaults-bring-the-end-of-socialism.html http://www.fgmr.com/will-sovereign-debt-defaults-bring-the-end-of-socialism.html December 19, 2009 Socialism has come to mean many different things to many people, but regardless how it is defined, in the months immediately ahead it will be put to a rigorous test. Sat, 19 Dec 2009 00:00:00 GMT http://www.fgmr.com/fractional-reserve-aspects-of-gold-etfs.html http://www.fgmr.com/fractional-reserve-aspects-of-gold-etfs.html December 16, 2009 One of the best explanations of fractional reserves comes from a polemical essay written in 1995 by Murray Rothbard, one of the prominent champions of the Austrian School of Wed, 16 Dec 2009 00:00:00 GMT http://www.fgmr.com/federal-reserve-buying-mortgage-backed-securities-debases-the-dollar.html http://www.fgmr.com/federal-reserve-buying-mortgage-backed-securities-debases-the-dollar.html November 29, 2009 While the debate continues whether inflation or deflation will be the dollar's eventual fate, the Federal Reserve is pursuing a pernicious policy that is insidiously Sun, 29 Nov 2009 00:00:00 GMT http://www.fgmr.com/stage-two-of-golds-bull-market.html http://www.fgmr.com/stage-two-of-golds-bull-market.html November 23, 2009 Bull markets are marked by three distinct stages, and when gold climbed above $1,000, it only entered its second stage. In other words, gold has much further Mon, 23 Nov 2009 00:00:00 GMT http://www.fgmr.com/americas-jobless-recovery.html http://www.fgmr.com/americas-jobless-recovery.html November 9, 2009 The Labor Department on Friday reported that headline unemployment in the United States has now climbed to 10.2%, a 26-year high. I use the word Mon, 09 Nov 2009 00:00:00 GMT http://www.fgmr.com/dollar-depends-on-politicians-now.html http://www.fgmr.com/dollar-depends-on-politicians-now.html October 28, 2009 - It wasn't too many decades ago that the dollar was, as the saying went, andldquo;as good as goldandrdquo;. It was a truism, almost too obvious for mention because everyone Wed, 28 Oct 2009 00:00:00 GMT http://www.fgmr.com/true-picture-of-the-us-dollar.html http://www.fgmr.com/true-picture-of-the-us-dollar.html October 25, 2009 Because people generally calculate the price of goods and services only in terms of the national currency of the country where they live, it is not easy for them to recognize Sun, 25 Oct 2009 00:00:00 GMT http://www.fgmr.com/hyperinflation-watch-october-21-2009.html http://www.fgmr.com/hyperinflation-watch-october-21-2009.html October 21, 2009 Evidence continues to emerge that the US dollar is headed for hyperinflation. For example, consider why US stock markets are rising. The Dow Jones Industrials, Wed, 21 Oct 2009 00:00:00 GMT http://www.fgmr.com/here-they-go-again.html http://www.fgmr.com/here-they-go-again.html September 18, 2009 - Certain segments of the media rarely give gold a fair shake, particularly when it approaches important price levels. These publications time and again take bald pokes at Fri, 18 Sep 2009 00:00:00 GMT http://www.fgmr.com/federal-tax-receipts-tumble-while-outlays-and-debt-soar.html http://www.fgmr.com/federal-tax-receipts-tumble-while-outlays-and-debt-soar.html August 26, 2009 - According to the National Bureau of Economic Research, the United States has been in an economic contraction since December 2007. It is now the longest contraction since World Wed, 26 Aug 2009 00:00:00 GMT http://www.fgmr.com/hyperinflation-watch-august-24-2009.html http://www.fgmr.com/hyperinflation-watch-august-24-2009.html 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 Wall Street and the politicians in Washington would Mon, 24 Aug 2009 00:00:00 GMT http://www.fgmr.com/expect-more-volatility.html http://www.fgmr.com/expect-more-volatility.html August 24, 2009 - I expect considerably more volatility in the markets in the months ahead, particularly for gold and silver. Once gold climbs above $1,000, I expect a whole new ballgame will emerge. Mon, 24 Aug 2009 00:00:00 GMT http://www.fgmr.com/full-faith-and-credit.html http://www.fgmr.com/full-faith-and-credit.html 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 except the data, which I have updated in brackets Mon, 10 Aug 2009 00:00:00 GMT http://www.fgmr.com/still-depression.html http://www.fgmr.com/still-depression.html August 10, 2009 - Given all the euphoria after the unemployment number was released on Friday, one would think that the economic contraction had ended. Unfortunately, the euphoria was misguided. The Mon, 10 Aug 2009 00:00:00 GMT http://www.fgmr.com/hyperinflation-watch-aug-10-2009.html http://www.fgmr.com/hyperinflation-watch-aug-10-2009.html 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 the fiat currency graveyard. 1) Yields on long-term Mon, 10 Aug 2009 00:00:00 GMT http://www.fgmr.com/demand-for-money.html http://www.fgmr.com/demand-for-money.html August 7, 2009 - In Economics 101 college professors teach that prices are determined by supply and demand. Not usually taught, however, is that the 'price' - i.e., the purchasing power - of money is Fri, 07 Aug 2009 00:00:00 GMT