November 19, 2012 – An article in The Wall Street Journal a few days ago caught my attention. It reported: “Gold prices dropped on signs ...
June 15, 2012 – Nikolai Kondratieff (1892-1938) was a Russian economist who theorized that capitalist economies are subject to a repeating ...
March 21, 2012 – Earlier this week Federal Reserve chairman Ben Bernanke gave a lecture to students at George Washington University. It was the ...
November 23, 2011 – There are a number of common misconceptions about the gold confiscation foisted on the American people by President Franklin ...
July 11, 2011 - Discussions by policymakers to increase the US debt limit are in the eleventh hour. Sadly, so far the circus of intense ...
February 3, 2011 – An article today in The Wall Street Journal highlights the latest rise in the price of wheat. Blaming bad weather, it ...
December 22, 2010 – I am pleased to announce the re-printing of Pieces of Eight: The Monetary Powers and Disabilities of the United States ...
December 1, 2010 – Both gold and silver demonstrated some spectacular performance yesterday, climbing 1.4% and 3.8% respectively from the ...
November 16, 2010 – Earlier this month the Federal Reserve announced its latest round of quantitative easing, long ago dubbed QE, but it should ...
September 20, 2010 – There is too much money being printed. No rocket science is needed to reach that conclusion. The markets are giving ...
September 13, 2010 - I am pleased to present the following article written by Mark Lundeen. He explains why the Barron's mining stock average has ...
July 10, 2010 – I need to correct an article I wrote last month stating that banks are lending again. Total bank loans have indeed grown ...
June 17, 2010 – Banks are lending again. After many months of sitting on their hands while trying to repair their over-leveraged balance ...
June 14, 2010 – The stock market is often acclaimed for its forecasting ability. Stock prices peak long before the downturn in economic ...
March 26, 2010 – Everyone should be taking note that the yield on the 10-year Treasury note this week climbed to a 9-month high. The ...
March 22, 2010 – Only a few decades ago, the United States was the world’s largest creditor nation. American capital spanned the ...
March 1, 2010 – As the financial crisis has unfolded over the last two years, the Federal Reserve has been responding in a variety of ...
February 26, 2010 – There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. ...
February 15, 2010 – As the debt crisis in Greece continued to unfold last week, the US dollar and US government debt instruments were being ...
February 4, 2010 – Every once in a great while, the market offers a unique opportunity to buy precious metals ‘on the cheap’. ...
January 9, 2010 – The total quantity of US dollars in circulation has declined over the past year. As of December 31, 2009, M3 is $14.193 ...
January 2, 2010 – It is time to record my outlook for 2010, but before looking forward to the year ahead, I always like to first look back at ...
December 30, 2009 – The Federal Reserve needs more money to continue purchasing US government debt, the aggregate amount of which is soaring ...
November 29, 2009 – While the debate continues whether inflation or deflation will be the dollar’s eventual fate, the Federal Reserve is ...
October 28, 2009 - It wasn’t too many decades ago that the dollar was, as the saying went, “as good as gold”. It was a truism, ...
October 25, 2009 – Because people generally calculate the price of goods and services only in terms of the national currency of the country ...
September 18, 2009 - Certain segments of the media rarely give gold a fair shake, particularly when it approaches important price levels. These ...
August 26, 2009 - According to the National Bureau of Economic Research, the United States has been in an economic contraction since December ...
August 24, 2009 - I expect considerably more volatility in the markets in the months ahead, particularly for gold and silver. Once gold climbs above ...
June 25, 2009 - Yesterday the Federal Reserve completed the latest meeting of its Federal Open Market Committee. It re-affirmed its plan to ...
January 26, 2009 - There is a determined grassroots movement in the United States seeking the restoration of sound money. There are many different ...
January 16, 2009 - An important document buried in the Federal Reserve's archives has been discovered by writer and researcher Elaine Supkis. This ...
January 12, 2009 - I don't like to start any new year on a gloomy note. I am by nature an optimist, but I am also a realist who readily faces facts. ...
October 6, 2008 - One of the basic premises of my portfolio strategy is to avoid the US dollar. My basic recommendation in this regard is simple, ...
September 22, 2008 - In the last letter I commented on the bailout of Fannie Mae and Freddie Mac. My observation was: "This latest bailout of ...
Aug 26, 2008 - A friend recently wrote to me saying that value is what you are offered when you want to sell something. I disagree. What is offered is ...
August 25, 2008 - In the last letter I questioned whether the US government is solvent. All the available financial evidence as well as some simple ...
August 4, 2008 - In my article on January 7th, I analyzed the federal government's financial position using its consolidated financial statements, ...
May 26, 2008 - What a week this has been! As the oil price soared and gasoline prices at the pump touched $4 per gallon, the search for scapegoats ...
March 17, 2008 - The center of focus this past week on Wall Street - and indeed, much of the financial world - was whether or not Bear Stearns will ...
February 11, 2008 - Do I have it right? It is a question that I relentlessly ask myself, comparing what the various markets are doing against what I ...
Jan 25, 2008 - Now that gold has climbed above the $850 high reached back in January 1980, many are proclaiming that gold is at a new 'record'. That's ...
Dec 12, 2007 - The Federal Reserve today announced a new scheme to inject more liquidity into the money markets. It cobbled together a partnership ...
December 3, 2007 - The outcome from the relentless inflation of a currency is all too predictable. Unfortunately, the inevitable future of currency ...
November 12, 2007 - Everyone knows that the dollar is losing purchasing power day after day because of inflation. Consequently, the practice of ...
October 22, 2007 - On September 18th former Federal Reserve chairman Alan Greenspan appeared on the Jon Stewart Daily Show, where he made the ...
October 1, 2007 - It has been a long-running debate. Most everyone recognizes that the US economy is unsustainable because of too many years of ...
September 3, 2007 - M3 has been resurrected, so I have my trusty roadmap back. We can once again closely track what is happening to the dollar by ...
July 30, 2007 - I recently wrote an article published on Kitco.com that made reference to a July 10th speech by Federal Reserve chairman Ben ...
May 28, 2007 - I am writing this newsletter one week earlier than planned because several markets are at critical points. In short, there is simply ...
May 14, 2007 - We have a battle on our hands. It';s the Battle for $700, and it is just the latest clash in a long war being fought between gold ...
March 26, 2007 - For several years there has been an ongoing effort in New Hampshire to re-establish sound money within the state. See for example ...
January 29, 2007 - It seems clear to me that the US is following a monetary path that is leading to ever-growing rates of inflation that will over ...
December 18. 2006 - Treasury secretary Hank Paulson and Federal Reserve chairman Ben Bernanke (together with 59 underlings) trekked to China to meet ...
Dec 5, 2006 - The CRB Continuous Commodity Index closed at 408.79 on November 30th, an all-time record high. This new high means that the ...
December 4, 2006 - This is the time of the year that I dust-off my crystal ball in order to look at the year ahead. I will share with you what I ...
Nov 27, 2006 - While America was celebrating Thanksgiving, the US dollar swooned. Major support was broken in the process, and the US Dollar Index ...
November 13, 2006 - In 1787 Russian general Grigori Potemkin constructed facades of buildings along the banks of the Dnieper River to fool Catherine ...
October 2, 2006 - Connolly to Baker to Paulson. It could be the names of three infielders in an around-the-horn triple play, but it's not. These ...
September 18, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and publicly report M3, which is the total ...
August 14, 2006 - The Federal Reserve has stopped raising interest rates. Therefore, the logical question to ask ourselves is whether their ...
August 7, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and report M3, which is the total quantity of dollars ...
July 24, 2006 - Many thanks to Adrian Douglas for the accompanying chart of the price of gold plotted against the Dow Jones Industrials Average. ...
May 29, 2009 - I've received more than my usual share of emails over the past several weeks. Not all of them are a result of gold's climb to $700 and ...
May 15, 2006 - There has been a lot of bullish hype as the Dow Jones Industrials Average has approached the record high that marked the top of the ...
May 8, 2006 - It was only two short months after Alan Greenspan was appointed chairman of the Federal Reserve that he faced his first crisis. The ...
March 28, 2006 - Each week the Federal Reserve reports various measures of the US dollar money supply. One of these, M3, is the total quantity of ...
March 6, 2006 - Long-term US dollar interest rates rose again this past week, continuing the uptrend that began in mid-January. For example, the ...
February 27, 2006 - On February 22, 2006, a news report was published by Dow Jones Newswires based on a press release issued the same day by Barrick ...
February 6, 2006 - When you follow the markets with as much careful and continuous attention as I do, it’s inevitable that you end up hearing ...
January 23, 2006 - A couple of years ago I read Empire: the Rise and Demise of the British World Order and the Lessons for Global Power by British ...
January 9, 2006 - As we begin this new year, there is a lot to ponder over and worry about. High on this list is the imminent departure of ...
October 31, 2005 - We all have heard of Ben Bernacke, who president Bush just recently appointed to be chairman of the Federal Reserve to succeed ...
October 3, 2005 - All of the pieces of the puzzle are falling into place neatly and pretty much on schedule. When the puzzle is finished, it will ...
Sept 14, 2005 - I'm no fan of John Maynard Keynes. I find most of his economic theories to be just plain wrong. But for the sake of truth and ...
August 1, 2005 - The Fear Index is my most important analytical tool for evaluating gold. It's like a trusty compass that one might take on a hike. ...
June 6, 2005 - Currency risk is a troublesome problem that everyone faces. It arises for a variety of different reasons, but more often than not, ...
May 16, 2005 - There are two principal monetary provisions in the American Constitution. Taken together they make clear ...
April 11, 2005 - Crude oil expert Matt Simmons is becoming a familiar name to many, particularly as the price of crude oil climbs higher. He has been ...
March 28, 2005 - Tim Wood is the founding editor of Resource Investor, (www.resourceinvestor.com) an online newsletter focusing on junior mining ...
March 15, 2005 - On March 10th GATA (www.gata.org) issued a press release that presented an analysis of the gold market prepared by Dan Norcini, a ...
January 10, 2005 - From time to time over the past couple of years I have been comparing our present circumstances to those prevailing in the ...
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 ...
June 14, 2004 - A recent report crossed my desk by Dr. Marc Faber, editor of the Gloom Boom & Doom Report. I first met Marc nearly twenty years ...
May 10, 2004 - Catching up on my reading last week, I was very much taken by comments made recently by Congressman Ron Paul of Texas. From his ...
March 1, 2004 - An article in the February 26th issue of The Economist addresses the issue head-on. Even its title is provocative, "Heading for a ...
December 22, 2003 - It is easy for economists - like generals - to fall into the trap of fighting the last war. The big monetary upheavals of the last ...
December 1, 2003 - By a so-called Executive Order, President Roosevelt declared on April 5, 1933 that:
"All persons are hereby required to ...
November 10, 2003 - "Predicting rain doesn't count - building an ark does." So says Warren Buffett.
Long-time readers of these letters know ...
October 27, 2003 - Because financial statements provide a snap-shot of a company's balance sheet for just one day, the opportunity exists for ...
August 25, 2003 - Debasement is a word often used to describe money, or more precisely, the decline in the value of a currency. According to ...
June 16, 2003 - The headline of the May 30, 2003 issue of The New York Times blared "U.S. Cautiously Begins to Seize Millions in Foreign ...
March 31, 2003 - What is a dollar? This question seems simple, but it isn't. The answer is complicated because there are in fact several types of ...
March 10, 2003 - The Dollar Index closed this past Friday at 98.04, a new 3-year low, 19% below its 2001 high. Even more importantly, its downward ...
February 24, 2003 - I highly recommend that you read an excellent article in the current issue of Insight magazine. Investigative journalist Kelly ...
February 10, 2003 - I will be the first to admit that the future cannot be predicted just because some line on an uptrend channel is broken on some ...
January 20, 2003 - One of the most important things to do when managing an investment is to stay aligned with the primary trend. This principle is ...
Januray 6, 2003 - I have today mailed the following letter to the Enforcement Division of the Securities & Exchange Commission. It's about time ...
September 23, 2002 - Though every market is different in that each one is driven by its own unique factors affecting supply and demand, there are ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
October 16, 2000 - Most everyone assumes that a crash in the stock market is the Federal Reserve's worst nightmare. There are many sound reasons to ...
June 5, 2000 - A couple of weeks ago when the Dow Industrials were threatening to break below 10,000 and the NASDAQ looked ready to collapse through ...
March 13, 2000 - Everything you can think of about this multi-year rise in the stock market has been unprecedented - its duration, the price ...
January 31, 2000 - In recent letters I have referred time and again to the predicament of the shorts, and more specifically, to those short physical ...
November 22, 1999 - "We assume that the currency which is in all our hands is fixed, and that the price of bullion moves; whereas in truth, it is ...
August 16, 1999 – In 1869, Jim Fisk and Jay Gould tried to corner the gold market, and for a time, this notorious duo succeeded. It is a ...
August 16, 1999 – If I’ve learned anything over the years, it is to not underestimate the power of central banks and their willingness to ...
July 26, 1999 - In Letter No. 246, 'Is Gold Cheap and therefore Good Value?', I presented a detailed case that Gold is cheap and good value, and that ...
April 12, 1999 - If you could borrow Dollars at 1% and invest them in another asset (e.g. T-Bills) yielding 4%, would you do it? Of course you would ...
September 14, 1998 - The Gold price has rallied sharply over the past two weeks, and may have formed an important bottom. Though it is far too early ...
July 27, 1998 - Beauty or beast? Either of these adjectives can apply when it comes to the stock market. At times the market is something wonderful to ...
June 15, 1998 - Mr. Miller was ousted, and Paul Volcker was rushed in to pick up the pieces. But the change came too late. The damage had already been ...
April 6, 1998 - Ever since the Dow Industrials Average made a new record high in early February, I have been warning that one should play the market ...
February 16, 1998 - I think it was Helmut Kohl who compared the political process to sausage making - by advising facetiously that in politics like ...
November 10, 1997 - On October 24th a committee of government bureaucrats from the Swiss finance ministry and the Swiss National Bank shocked the Gold ...
July 7, 1997 - A war of words was started at the recent G-7 meeting in Denver. The first salvo was fired by President Clinton in a discussion with ...
February 24, 1997 - The finance ministers of the G-7 industrialized nations have spoken. 'The Dollar stops here!'
After two years of Dollar strength ...
January 6, 1997 - An old Chinese proverb says that wisdom begins by calling things by their right name. It is possible to create a corollary of this ...
December 9, 1996 - We have a problem. It is not an easy problem to solve, but it is an easy problem to understand. It has to do with money, and ...
November 4, 1996 - In the last letter I noted the possibility of "one last upward spike in T-Bond prices to provide the markets with one last ...
October 21, 1996 - What will happen to the Gold price after the November election? Will it remain stuck below $400 per ounce, or can we finally expect ...
April 25, 1994 - Over the past few years I have become acquainted with a wealthy, retired American industrialist who has an interesting story to tell. ...
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