Blog

April 5, 2004 – Take a close look at the accompanying chart of the CRB Index of commodity prices. This chart is familiar to long-time readers. I have also written about it in my GoldMoney alerts. See:GoldMoney.com In that alert posted on January 6th I said: “Importantly, the CRB Index has broken out of theRead more

March 15, 2004 – On March 8th the European Central Bank and 14 of Europe’s national central banks made the following announcement – www.ecb.int “In the interest of clarifying their intentions with respect to their gold holdings, the undersigned institutions make the following statement: 1. Gold will remain an important element of global monetary reserves.Read more

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 fall, by fiat?”, and its subtitle appears even more confrontational, “The trouble with paper money”. The entire article is posted at the following link: www.economist.com. Long-time readers of theseRead more

February 9, 2004 – New Hampshire made history this past week. It is the first state since President Roosevelt’s gold confiscation in 1933 to attempt the praiseworthy goal of returning to constitutional money, i.e., gold and silver coin. I am honored to say that I had a small role to play in this laudable effort.Read more

January 19, 2004 – Germany’s Bundesbank is making waves in the gold market again. And this time it received some help from perennially bearish Bloomberg, which is known for its penchant to bash gold whenever the opportunity arises. Last week Bloomberg, using as its source an article in a German newspaper which itself was basedRead more

January 5, 2004 – Seventy years ago this month the dollar was devalued against gold by 69% when the federal government arbitrarily changed the definition of the dollar. What had been 23.22 grains of gold ($20.67 per ounce; $0.66 per goldgram), with the stroke of Franklin Roosevelt’s pen was suddenly cheapened to 13.71 grains ofRead more

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 century were caused by deflation and inflation. So it is really not surprising that most economists today focus their debates on these two monetary afflictions.Read more

December 8, 2003 – Since the spring of 2002 the World Gold Council (WGC) has been developing an exchange-traded fund (ETF) for gold. The objective is to eliminate the hassle and inconvenience of handling physical metal by providing the ownership of gold through a listed security that can be conveniently purchased and sold through stockbrokers.Read more

December 1, 2003 – By a so-called Executive Order, President Roosevelt declared on April 5, 1933 that: “All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, goldRead more

November 10, 2003 – “Predicting rain doesn’t count – building an ark does.” So says Warren Buffett. Long-time readers of these letters know that I hold Mr. Buffett in the highest possible regard. Though I have never met the man, I admire him from afar, and I continue to marvel at his exceptional track record.Read more