Blog

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 established relationships between some markets. For example, if the price of grain rises suddenly and unexpectedly, the price of beef often declines. The reason is that the higher priceRead more

September 22, 2002 – I was recently given an interesting challenge. An Australian friend of mine named Laurie McGuirk, a hedge fund manager with an exceptional track record who happens to be an enthusiastic gold bull, had been in touch with a friend of his who is a gold analyst at one of the world’sRead more

August 19, 2002 – There is an old Wall Street adage that bull markets climb a ‘wall of worry’. Having been through a large number of bull markets in stocks and commodities, I can attest to the accuracy of that statement. There is always plenty to worry about when you have your cold, hard cashRead more

August 5, 2002 – There has been a flurry of letters from the Federal Reserve and the Treasury Department responding to various enquiries about the federal government’s activity in the gold market. Not surprisingly, these letters make the same contention as other letters I have seen in the past – specifically, they contend that theRead more

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 broader S&P Index of 500 stocks dropped 6.8%. These are huge one-week declines. Because of this big drop in stock prices, I am again presenting the accompanying two chartsRead more

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 straight, which is a relatively rare event. In fact, because it is rare I was compelled to test my 23-year database of the Dow to see how many timesRead more

June 10, 2002 – The Fear Index has given a buy signal. It is only the fifth buy signal since the US government abandoned the Gold Standard in August 1971. This buy signal is bullish for gold. The Fear Index is my own invention, and I find it to be a very useful tool. InRead more

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 that the monetary disruption we now face is not one of inflation or deflation. The arguments for inflation or deflation focus only on the supply of money, ignoringRead more

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 or will there be some other alternative? The moment of truth is rapidly approaching. It has been one of my basic contentions that argumentsRead more

April 1, 2002 – The long awaited ruling from Judge Lindsay has arrived. All claims against the Bank for International Settlements (BIS) and the other defendants have been dismissed. When I received this news, my initial reactions weredismay and disappointment, but I was also surprised. The wrong doing by the Defendants appears so clear-cut, andRead more