Blog

July 15, 2002 – The slide in the stock market really picked up some momentum this past week. The Dow Jones Industrials Average dropped 7.4%. The broader S&P Index of 500 stocks dropped 6.8%. These are huge one-week declines. Because of this big drop in stock prices, I am again presenting the accompanying two chartsRead more

July 1, 2002 – Over the past several weeks, the stock market has taken a severe pasting. The Dow Jones Industrial Average has declined six weeks straight, which is a relatively rare event. In fact, because it is rare I was compelled to test my 23-year database of the Dow to see how many timesRead more

June 10, 2002 – The Fear Index has given a buy signal. It is only the fifth buy signal since the US government abandoned the Gold Standard in August 1971. This buy signal is bullish for gold. The Fear Index is my own invention, and I find it to be a very useful tool. InRead more

May 20, 2002 – In the last letter I explained in graphic detail my oft-stated premise that a flight from the dollar is beginning. I contend therefore that the monetary disruption we now face is not one of inflation or deflation. The arguments for inflation or deflation focus only on the supply of money, ignoringRead more

April 29, 2002 – One of the most basic premises about which I have been writing for years is about to be tested. Will we get a flight from the dollar or will there be some other alternative? The moment of truth is rapidly approaching. It has been one of my basic contentions that argumentsRead more

April 1, 2002 – The long awaited ruling from Judge Lindsay has arrived. All claims against the Bank for International Settlements (BIS) and the other defendants have been dismissed. When I received this news, my initial reactions weredismay and disappointment, but I was also surprised. The wrong doing by the Defendants appears so clear-cut, andRead more

March 18, 2002 – I’ve been completely stonewalled by the Federal Reserve. Alan Greenspan has not responded to my letters. So my questions to the Federal Reserve remain unanswered. I don’t like being treated like that, particularly when my questions touch upon matters of accurately reporting facts to the American people. Consequently, I am pursuingRead more

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