Basic Reports

Oil, the Ruble and Gold Walk into a Bar… Part II

Gold Exchange Report

Part II – What is the link between rubles, oil, and gold? What is meant by the word “link?” What impact will that “link” have, if any, on the global monetary system?  To listen to the audio version of this article click here. To Read Part I, click here. To Listen to Part I click […]

Oil, the Ruble, and Gold Walk into a Bar… 

Gold Exchange Report

Part I – Unpacking the narrative of how Russia is going to change the global monetary system  To listen to the audio version of this article click here.  There is a Narrative about Russia and how it will change the monetary system. Many analysts in the gold community are promoting this story. There’s just one […]

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 […]

Gold and Silver: Breaking Out? Or Breaking Down?

Supply and Demand Report

Two weeks ago, we published This is NOT the Silver Breakout You’re Looking For.  via GIPHY The silver price had gone from $24 to over $26 and the gold price was up about $50/oz over the same period. Our basis indicator made it clear that the rapid runup in prices was driven primarily by […]

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. […]

This is Not The Silver Breakout You’re Looking For!

Supply and Demand Report

To listen to the audio version of this article click here. Every once in a while, one regrets not acting sooner, or not acting soon enough. In our case, we did not publish this Tuesday evening. We should have. Today the price is down, and others may also call for lower silver prices. Oh well. […]

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 […]

Dissecting Gold and Silver Prices After Russian Invasion

Supply and Demand Report

To listen to the audio version of this article click here. Russia invaded Ukraine. It’s only three words, but millions of lives are directly impacted and billions indirectly. We will focus our commentary on the markets. Market Analysis At first, it was classic “risk off”: stocks down, other currencies down in USD terms, Treasurys up […]

The Federal Reserve’s Zugzwang Position

Supply and Demand Report

To listen to the audio version of this article click here.  It’s a funny bull market, this gold thing. Unloved by the mainstream commentariat, who desperately cry “barbarous relic”, and by the bitcoin bettors, who call it an “ugly yellow rock”, its price is now with a hair’s width of the all-time high. $1,905, as […]

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 […]