Blog

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 dollar so strong? After all, factors that both logic and past experience say should have weakened the dollar have had little or no affect on the dollar’sRead more

June 4, 2001 – It is probably not too surprising for you to learn that at the recent conference in Durban, South Africa sponsored by , a number of questions were asked of me and the other speakers about Alan Greenspan. People eagerly want to learn more about the man. It seems that his wordsRead more

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 with the Bundesbank, and other matters. I’d like to share with you these questions, and my answers. Q. Do you believe that the GATA summit was successful? A. Yes,Read more

April 23, 2001 – This past December in “The Smoking Gun” I provided substantive proof that the Exchange Stabilization Fund was intervening in the gold market. From publicly available reports prepared by the Federal Reserve, I established that the weight of gold held as a component of the US Reserve Assets has been changing, andRead more

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 at the time to appreciate what I had heard, but as I grew older I came to understand that what we humans can dream, we canRead more

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 is good insight. His point was that because we usually approach markets with preconceived notions about what we expect will happen, when something different happens we consequentlyRead more

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 hope that they can be used to help explain, or perhaps even predict, an uncertain and unknowable future. For example, waves always break upon rocksRead more

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 everywhere is groaning and quaking under the stress that continues to build. I believe that a financial crisis is in the making. I’ve been alludingRead more

February 12, 2001 – Over the years I have presented in these letters several different, but meaningful, ways to measure Gold’s relative value. Long time readers are aware that my favorite measure is my Fear Index, which by the way has at the end of January reached an all-time low of 0.97%. The average FearRead more

January 29, 2001 – My lead article in Letter No. 276, “The Smoking Gun”, has received a tremendous, positive response. I would like to thank all of you who wrote or emailed to me your kind comments. I would also like to thank those of you – and there were many – who had questionsRead more