Gold Economics

Monetary Metals® takes an unconventional approach to economics and precious metal market analysis. At the core of our thinking is the idea of incentives. Largely unnoticed by most people, incentives motivate people to act – be it the entrepreneur who sees an opportunity to profit from meeting the needs of others, or the arbitrageur who keeps markets aligned and efficient by profiting from divergences in prices.

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Our Supply and Demand Report is a weekly discussion about the fundamental and speculative forces driving the monetary metals, based on our view that analysis of price spreads can often reveal more about the supply and demand balance in the market than just looking at price movements. Register to view charts and receive email notification each time our report is published Sunday night.

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Interview, Ted Talk, Gold Bug Hope - I was on the Jay Taylor Show again, to talk about the the Swiss franc. No, the headline was not of my choosing. Adam Caroll gave a Ted Talk about how people behave differently when money isn’t real. And gets into a discussion of how kids will click to spend on their parents’ phones without […]
Textbook Falling Interest Behavior - This is a textbook case. Well, it would be if there was a textbook that presented the dynamics of the rising and falling interest rate cycles. Costco is spending over a quarter billion dollars, to make a capital investment in chicken processing. This is not the typical entrepreneurial investment, which seeks to increase margins by serving […]

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Monetary Metals Outlook 2018 - Prefer to read offline? Download Outlook 2018. Predicting the likely path of the prices of the metals in the near term is easy. Just look at the fundamentals. We have invested many man-years in developing the theory, model, and software to calculate it. Every week we publish charts and our calculated fundamental prices. However, predicting […]
Da Boyz Whacked Silver Again, Update 28 Nov 2017 - The price of silver abruptly dropped on Tuesday. There it was, sitting around $17.05 at 14:00 GMT. And boom. By 15:10, it was $16.78. Twenty seven cents of Fed-petrodollar-supporting non-profit illicit profits for da boyz in da cartel (you know who you are)! Or was it…? In the gold and silver communities, one needs no […]

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The Benefits of Issuing Gold Bonds - A gold bond is debt obligation that is denominated in gold, with interest and principal paid in gold. As I will explain below, it’s a way for the issuer to pay off its debt in full, and there are other advantages. Sometimes, I find that it’s helpful to show a picture of what I’m talking […]
Marginal Productivity of Debt - Understanding the marginal productivity of debt is key to understanding whether the amount of credit created is unsustainable, resulting in the failure of the monetary system and loss of everyone’s savings. Falling Productivity of Debt introduces the idea of the marginal productivity of debt, that is, how much additional GDP is added for each newly-borrowed […]

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