The Gold Exchange Report is Keith Weiner’s monthly commentary incorporating Keith’s unique insights into monetary science and economic theory. He riffs on markets, metals, macro and money.

Gold Exchange Report

Unit of Account and Current Valuations by Paul Belanger

Gold Exchange Report

We’re pleased to republish this guest post by Paul Belanger. Paul is the author and owner of the website, Evidence Based Wealth, and the YouTube channel belangp, where he’s published over 10 years of research and analysis of gold. He’s also the author of Evidence Based Wealth: How to Engineer Your Early Retirement, available for […]

Investments, Speculations and Money by Paul Belanger

Gold Exchange Report

We’re pleased to republish this guest post by Paul Belanger. Paul is the author and owner of the website, Evidence Based Wealth, and the YouTube channel belangp, where he’s published over 10 years of research and analysis of gold. He’s also the author of Evidence Based Wealth: How to Engineer Your Early Retirement, available for […]

Human Action in the Silver Market

Human Action Silver Market

Listen to the audio version of this article here. We have recently seen an increase in social media posts about the big increase in short positions by the bullion banks. What would motivate them to short a commodity during this period of inflation, much less a monetary metal when central banks are printing money with […]

Part II of Ukraine and Inflation, Can Russia Enact a Gold Standard?

Gold Exchange Report

To listen to the audio version of this article click here. In Part I we discussed how the fallout from the Russian invasion of Ukraine will lead to inflation, but not in the way most people think.  In Part II we discuss the possibility of Russia repudiating the dollar and going on a gold standard. […]

Ukraine and the Next Wave of Inflation, Part I

Gold Exchange Report

To listen to the audio version of this article click here.  The term inflation is used by many people to mean rising consumer prices, regardless of the cause. Though most are aware of nonmonetary causes, there is a tendency to scrutinize the quantity of dollars whenever prices are rising. Milton Friedman famously said that “inflation […]

Gold Outlook Brief 2022

Gold Outlook 2022 Brief

To listen to the audio version of this article click here. This is a brief of our annual analysis of the gold and silver markets. In the full Outlook Report, we take an in-depth look at the market players, dynamics, fallacies, drivers, and finally give our predictions for gold and silver prices over the coming […]

Response: Fed’s Digital Currency Paper

Gold Exchange Report

To listen to the audio version of this article click here. The Federal Reserve published Money and Payments: The U.S. Dollar in the Age of Digital Transformation, and solicits comments about its ideas for a central bank digital currency (CBDC). This is our extended commentary offered in response. Implications from the Federal Reserve’s Paper Our first comment is that every monetary change from […]

The Zombie Ship of Theseus

Gold Exchange Report

The Zombie Ship of Theseus To listen to the audio version of this article click here. The Ship of Theseus is an old philosophical thought experiment. It asks a question about identity. Suppose you replace all of the boards of a ship with new ones—is it still the same ship? We are not going to […]

What’s In Your Loan?

Gold Exchange Report

To listen to the audio version of this article click here Opposing Monetary Directions “Real estate is the future of the monetary system,” declares a real estate bug. Does this make any sense? We would ask him this. “OK how will houses be borrowed and lent?” “Look at this housing bond,” he says, pointing to […]

Perversity Thy Name is Dollar

Gold Exchange Report

Listen to the audio version of this article here Breaking Down the Dollar Monetary System If you ask most people, “what is money?” they will answer that money is the generally accepted medium of exchange. If you ask Google Images, it will show you many pictures of green pieces of paper. Virtually everyone agrees that […]