Entries by Keith Weiner

A Free Market for Goods, Services, and Money

A thesis submitted September 3, 2012 by Keith Weiner to the Graduate Faculty of the New Austrian School of Economics, in partial fulfillment of the requirements for the degree of Doctor of Philosophy. Major Subject: Monetary Science. Abstract A free market is composed of people who produce and trade the products of their efforts in […]

Gold and Silver Intraday for Friday 6 Oct 2017

These are the intraday charts for Friday, subscriber-only supplement to the Supply and Demand Report for 8 October. The price action was pretty crazy on Friday, so we wanted to show what happened with the basis. Speculative or fundamental? Here is the chart. We see that the basis tracks the price. Although, there is this […]

Stocks Up and Yields Down, Gold and Silver Report 8 Oct 2017

Many gold bugs make an implicit assumption. Gold is good, therefore it will go up. This is tempting but wrong (ignoring that gold does not go anywhere, it’s the dollar that goes down). One error is in thinking that now you have discovered a truth, everyone else will see it quickly. And there is a […]

Thoughtful Disagreement with Ted Butler

Dear Mr Butler: In your article of 2 October, entitled Thoughtful Disagreement, you say, “someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” I will take you up on your request. You state your case in this […]

Is That a Feature or a Bug? Gold & Silver Report 1 Oct 2017

We have covered many reasons why bitcoin is unsound and not money. It’s a ledger of unbacked liabilities. It is designed to have finite quantity but therefore indeterminate and hence volatile value. This makes it unusable for borrowing or lending and hence savings, but a great a vehicle for conversion of one person’s wealth into […]

Is Bitcoin a Commodity, Gold & Silver Report 24 Sep 2017

Carl Menger, father of the Austrian School of Economics, showed the world that money is not the product of the state. He did not mean that government is intrinsically incapable of decreeing something to be money while other groups, organized for different purposes, could do it. He described how money emerges as the commodity which […]

Yellen Said Something, Gold & Silver Update 20 Sep 2017

Fed Char Janet Yellen said maintain rate, support job market, blah blah. Well, that set off an avalanche of selling. Copper, crude, the Australian dollar, even the euro fell almost 2 cents. Oh yeah, and da boyz in da cartel manipulated gold and silver down. For those hoping to trade their metal for more of […]

Bitcoin is Precise but not Accurate, Gold & Silver Report 17 Sep 2017

Previously, we have discussed the issue of a currency’s backing. From comments and emails, we realize this topic could use a bit more illumination. And there are some related concepts that should be addressed at the same time. Let’s start with an analogy, the engineering concepts of accuracy and precision. These related words are oft-confused, […]

Tragedy of the Speculations, Gold & Silver Report 10 Sep 2017

Bitcoin is often promoted as the antidote to the madness of fiat irredeemable currencies. It is also promoted as the replacement. Bitcoin is promoted not only as money, but the future money, and our monetary future. In fact, it is not. Why not? To answer, let us start with a look at the incentives offered […]