Blog

December 5th, 2004 – In my article “Where is the ETF’s Gold?” I raised important questions about the loose custodial controls being used to manage the assets of the new exchange-traded fund being sponsored by the World Gold Council. So far, the WGC has not responded, but investors have – they appear to have goneRead more

November 22, 2004 – This past Thursday trading began on the NYSE for what is being called a ‘gold ETF’. Here’s how CBSMarketWatch described it just before the launch: “The first exchange-traded fund investing in gold bullion will begin trading on the New York Stock Exchange on Thursday, said sources familiar with the situation. CalledRead more

November 1, 2004 – Gold closed on Friday at $428.50. It was the highest weekly closing price for gold since $431.70 on December 2, 1988, and the highest monthly closing price since $431.30 in August 1988. These new 16-year closing highs are very significant. There are many investors who do not follow daily prices. TheyRead more

October 18, 2004 – Readers are probably aware that I was interviewed in the October 4th issue of Barron’s. The entire interview, which was fairly wide ranging, is posted at the Smart Money website:  www.smartmoney.com. I received a lot of feedback about the interview, but nearly all of it was directed to my comments aboutRead more

September 27, 2004 – I am often asked to provide my thoughts about the “big picture”. It’s a fair request, as it is understandable that people want to view as many different perspectives on the future as possible. But to better understand the future, it is sometimes necessary to look at the past. And perhapsRead more

September 13, 2004 – Last week Sons of Gwalia, one of Australia’s largest gold mining companies, declared bankruptcy. It is being labeled as an $800 million collapse, but the betting is that the company’s liabilities will top $1 billion when the debt on its balance sheet is toted up with its off-balance sheet liabilities. Off-balanceRead more

August 30, 2004 – Next month central bankers from around the world will gather in Washington D.C. for another annual meeting of the Int’l Monetary Fund. No one benefits from the conspicuous self-indulgence and excessive revelry accompanying these meetings except Washington’s hookers, but in between the caviar, lavish parties and limousines, these pooh-bahs of financeRead more

August 9, 2004 – Crude oil is going to $60 per barrel, and probably even a lot higher than that. It is an outcome that is inevitable, but we should not be surprised. Crude oil has been getting more and more expensive for decades, as can be seen from the following chart. From $1.17 perRead more

July 27, 2004 – How does the gold cartel pick pockets?  One way works like this.  There is a huge pool of capital – running well into the tens of billions – that trades the commodity markets.  When leveraged, this capital can have the impact of hundreds of billions of dollars. Much of this capital is tradedRead more

July 26, 2004 – I hope that you subscribe to and read the gold market commentaries of Bill Murphy and his associates that are posted almost daily at www.lemetropolecafe.com. They are first-rate. Not only are they informative, they provide in my view real and valuable insight about what is happening within the gold market fromRead more