Blog

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, along with its 21-month moving average (see the data at the top of Page 4). But I haven’t looked at the Fear Index in detail sinceRead more

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 about this forthcoming last sale, which is due next month. And I’ve been asking myself, what do the central banks have planned now? What will beRead more

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 related to the other. But these two seemingly disparate events are actually very much related. They both highlight the fragility of today’s money and banking system, whichRead more

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 time. I’ve lost count how many times that has happened. As the price started falling back over the last week or two I have been asked several timesRead 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 www.GATA.org, an organization formed for one purpose – to find the truth about who is keeping a lid on the gold price. Andrew and I recently have beenRead more

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 to say that the Fed is losing control. And then again, maybe even a further refinement is necessary, changing Fed to feds. This additional change is needed because itRead more

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 brilliant strategic move. Newmont has announced its intention to acquire Normandy Mining and Franco-Nevada. If this proposed acquisition is approved by shareholders of the different companies asRead more

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 your kind assistance on the following matter. You are probably not aware that the report of US Reserve Assets published monthly in the Federal Reserve Bulletin has beenRead more

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 all over the world. These emails come from what Bill calls “GATA’s army”, countless people from all walks of life throughout the world who share one common aim – to get at theRead more

October 15, 2001 – When gold resumed trading in New York after the disruptions related to the September 11th attacks, gold held tenaciously around $290. For the first 17 trading days, every dip in gold was bought, and there were several assaults on over-head resistance around $292, with gold briefly trading above that level. IRead more