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The rise in commodity prices over the past several months has been unrelenting. Equally unrelenting has been the stream of central bank apologists aiming to re-direct the blame for soaring prices to almost everything imaginable except the real cause, which of course is unrestrained money printing.

January 3, 2011 – It is that time of the year again to record my expectations and outlook for the year ahead.  But before looking at 2011, as always I first re-visit what I was expecting for this past year in order to evaluate whether my forecasts were close to the mark. My forecasts forRead more

I am pleased to announce the re-printing of Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution by Edwin Vieira. This is a special run of the 2002 revised edition of the two-volume, 1,700+ page study of American monetary law and history that has been out of print and virtually unavailable (except at scalpers’ prices) since 2006.

December 21, 2010 – Last week the British pound fell 3.0% against the US dollar.  Some say it was because of UK bank exposure to Spain, which Moody’s warned could be downgraded.  Others blamed the UK’s close economic link and heavy debt exposure to Ireland, which Moody’s did actually downgrade last week by 5-levels toRead more

So despite the fact the Fed will be purchasing $600 billion of US government debt instruments, T-bond and T-note yields are climbing, a clear sign that investors are rushing to sell their US government paper. Why? Because they know the purchasing power of the dollar is being debased by QE, and more importantly, will continue being debased.

December 4, 2010 – The scramble for physical gold and silver is intensifying.  People increasingly want to own the real thing, and not some paper substitute, all of which come with counterparty risk.  This conclusion is apparent from the following two charts of gold and silver forwards, which are based on data made available byRead more

December 1, 2010 – Both gold and silver demonstrated some spectacular performance yesterday, climbing 1.4% and 3.8% respectively from the previous day’s closing price.  November is the eighth month that gold has risen this year to generate its 26.5% year-to-date appreciation.  Silver has also risen eight months this year, and so far is up aRead more

November 17, 2010 – Iceland, Dubai, Greece – and now Ireland?  Will the Emerald Isle be the next domino to fall as a consequence of too much debt accumulated during the boom-years? It may be hard to believe, but Ireland is even more bankrupt than Illinois and probably even California.  Due to the serial bailoutsRead more

November 16, 2010 – Earlier this month the Federal Reserve announced its latest round of quantitative easing, long ago dubbed QE, but it should be called by what it really is – money printing.  The Fed buys US government debt and turns it into currency.  The process is somewhat arcane, but very simple at itsRead more

November 14, 2010 – Silver’s short-term uptrend remains intact, notwithstanding silver’s big price drop on Friday.  The fundamental factors driving silver higher have not changed.  The outlook for silver remains very bullish. There has been no damage to silver’s technical condition.  For example, silver is above its 21-day moving average.  Also, silver remains well aboveRead more