Blog

January 12, 1998 – The Great Depression had ended before I was born, but this traumatic collapse that unhinged the world economy in the 1930’s has had a profound influence on my life. Worried that a depression may repeat, when still young I learned to fear it. This emotion was the common thread I receivedRead more

December 15, 1997 – I have been conspicuously quiet about the Yen for many months. After very successfully riding the Yen’s strength from the ¥120’s and selling at ¥80 in 1995, we have been on the sidelines. The reason is that the outlook for the Yen has been very uncertain, and more importantly, even thoughRead more

November 24, 1997 – Two op-ed articles about Gold appeared last week in two of London’s leading newspapers. The timing is not surprising. Given the low Gold price and the current discussions about Gold’s role in the proposed European Monetary Union, one would expect some editorial opinion. And as is often the case of ‘opinions’,Read more

November 10, 1997 – On October 24th a committee of government bureaucrats from the Swiss finance ministry and the Swiss National Bank shocked the Gold market. After having reviewed for several months Swiss monetary policy as well as the legal framework by which the Swiss currency is managed, the committee announced that it was recommendingRead more

October 20, 1997 – Many aspects of Gold are misunderstood by many people, and this lack of knowledge leads to numerous misconceptions about Gold, its usefulness, and in particular, its ongoing role as money. However, there is one aspect of Gold that is nearly totally misunderstood – interest rates. If you ask 99 out ofRead more

October 6, 1997 – It is a great pleasure to announce that the above referenced patent, which has just been published, has been awarded to me. I have invented a process which creates a new form of electronic currency, and as you might expect from me given my pro-bullion views, this process involves Gold. TheRead more

September 22, 1997 – In recent weeks as the Gold price slid to test support around $320, the bears have come out with newer and lower targets. Some say Gold is headed for $300. Some have set their price target to be $282, which is the 1985 low. These may or may not be reasonableRead more

August 25, 1997 – In the last letter I discussed some basic tenets and related misconceptions about the supply and demand of Gold. Most importantly, I noted that Gold is accumulated and not consumed. Therefore Gold stands in marked contrast to soybeans, crude oil and other commodities, all of which disappear once used. These non-accumulatedRead more

August 11, 2010 – At current Gold prices many of the mining companies are taking a drubbing. Clearly, the worst hit are those with the highest operating costs. Many of the more marginal mines (i.e., those mines now at or below break-even) have a cash operating cost above $300 per ounce. In other words, itRead more

July 21, 1997 – When it comes to markets and making investment decisions, I don’t except anyone’s pronouncements at face value. Every statement is given a very rigorous treatment, and it is then either accepted on its merits, or rejected if the logic of the statement and/or the facts needed to support it are missing.Read more