Blog

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 Webster’s, it means “to lower in status, esteem, [or] quality.” That definition surely applies to the dollar, and many other national currencies for that matter. But debasement also hasRead more

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 is a money that predates the Constitution, had always been a precise weight of precious metal – silver until 1900 and gold thereafter. All that changed in 1971. ButRead more

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 this Interim Letter to provide a quick update. And to do this, I will use the accompanying charts. Looking first at gold, we can seeRead more

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 outspoken advocate of truth and accuracy, I would like to correct a terrible injustice levied on Keynes, and at the same time also correct anRead more

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 though gold has climbed somewhat since then, the days continue to rapidly tick away, making that price target appear evermore distant within the months remaining until theRead more

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 Banks”. It was frightening headline, as was the story itself. The federal government was seizing millions of dollars from foreign banks solely because the feds said it was “ill-gottenRead more

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 in fees. His bank therefore recommended that he sell his silver “because it is expensive to store and has been a poor investment.” When he gave his bankRead more

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 price subdued. To achieve this disagreeable objective, the IMF can point to many scurrilous accomplishments. For example, it forces its member countries to pretend thatRead more

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 weight is reported to be 32,291 tonnes of gold. Most people accept this number at face value and without questioning its accuracy. However, central banks actually own less gold.Read more

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 ‘dollars’. These different dollars include the Federal Reserve ‘dollar’, the gold ‘dollar’, and most importantly, a Constitutional dollar. As the Founding Fathers understood the term and used itRead more