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Gold may seem overvalued because of the recent record highs in its 6-decade ascent from $35 to $2500, but prices – like appearances – can be deceiving. What’s more, the value of any asset is more important than its price. Price and value are too often conflated, which is a mistake. An asset’s price andRead more

Monetary and banking crises are a recurring event. Sometimes their impact is contained, like occurred when three California banks collapsed in early 2023. Other times – like the Great Depression – the fallout can be calamitous. Large or small, these crises are inevitable and unavoidable. This observation is not only undeniable from even a cursoryRead more

“How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” Ernest Hemingway, The Sun Also Rises, 1926. The financial position of the federal government of the United States has been gradually deteriorating for decades. It is now rushing headlong to the financial tipping point that will cause it to default onRead more

Money is routinely defined by what it does, rather than what it is. That is unfortunate because its modern definition overlooks money’s important – but now forgotten – fourth function. Aristotle observed that money is a medium of exchange, unit of account, and store of value. This definition omits the fourth function needed to explainRead more

In 1922 Benito Mussolini became prime minister of Italy, putting that country on a path that had global ramifications. He was the world’s first fascist leader. Other fascists soon followed with fanciful promises that were varied but tuned in to what people wanted to hear. Their problems would be solved, whether the restoration of order,Read more

Some interesting data on housing prices in the United Kingdom(1) was recently published by Savills, one of the world’s leading property agents. The important messages that can be drawn from this data apply globally, namely, that fiat currency has a clear and direct impact on prices that can lead to a variety of misconceptions aboutRead more

“The Earth speaks to us through the elements of nature. In every natural thing, we can find a hidden, powerful message.” Ralph Waldo Emerson Every natural element to which the earth has been endowed has a usefulness – a purpose. If we listen to gold, one of the earth’s natural elements, its message is loudRead more

The German version of The Epoch Times newspaper published an interview by Roman Baudzus with James Turk on April 8, 2022, which was also posted online and can be read at this link. With their permission to publish the English version, the interview follows: RB: I would like to start our conversation with a lookRead more

Silver continues to underperform gold, but I believe that is about to change. It may happen as soon as this week after the Federal Reserve announces its half-hearted effort to control inflation by raising interest rates only .25% or .50%. Based on last Friday’s closing prices, it took 76 ounces of silver to equal theRead more

It was not long after the internet began appealing to a wide audience with the adoption of browsers in the late 1990s that virtual currency appeared in online gaming. The potential of virtual currency opened a world of new possibilities, and entrepreneurs acted. Capitalism creates new products to replace those when they fail to provideRead more