Blog

May 5, 2003 – You can always count on the International Monetary Fund to bash gold. It is a reliable servant to those who would like to keep the gold price subdued. To achieve this disagreeable objective, the IMF can point to many scurrilous accomplishments. For example, it forces its member countries to pretend thatRead more

April 21, 2003 – One of the statistics complied by the International Monetary Fund is the quantity of gold owned by the world’s central banks. That weight is reported to be 32,291 tonnes of gold. Most people accept this number at face value and without questioning its accuracy. However, central banks actually own less gold.Read more

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 ‘dollars’. These different dollars include the Federal Reserve ‘dollar’, the gold ‘dollar’, and most importantly, a Constitutional dollar. As the Founding Fathers understood the term and used itRead more

March 12, 2003 – Have the gold mining stocks finally reached their low? We’ll only learn the answer to this question in the days and weeks ahead. But the evidence suggests that today marks the low, or at the very least, we are very close to it – just a few days and/or a fewRead more

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 path is accelerating. In contrast to last summer when this index moved sideways for a few months after a protracted decline, this time it has hardly stopped forRead more

February 26, 2003 – For months one of the most frequently asked questions that I have been receiving from subscribers is ‘Are you worried about the size of Newmont’s hedge book?‘ Until now, the answer has always been yes. We no longer need worry. Why the change? Newmont’s 4th quarter report provided some significant newRead more

February 24, 2003 – I highly recommend that you read an excellent article in the current issue of Insight magazine. Investigative journalist Kelly O’Meara boldly asks, what if the gold reserves reportedly stored in central bank vaults are gone? She answers, a “panic is near”.(www.insightmag.com) Not only is this article an exceptional piece of journalism,Read more

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 chart. Technical analysis is useful, but it does have its limits. Consequently, I also use a healthy dose of fundamental analysis in these letters. So ifRead more

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 true for every market and every investment – stocks, bonds, commodities, currencies, etc. You name it. You may have even heard the catchphrase that ‘the trend is yourRead more

Januray 6, 2003 – I have today mailed the following letter to the Enforcement Division of the Securities & Exchange Commission. It’s about time that we learn the truth regarding JP Morgan Chase’s activity in the gold market, the full extent of its gold exposure, and whether it used gold loans to fund the so-calledRead more