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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purpose-of-money-header What’s The Real Purpose of Money? - There is an old rhyme once used in economics books. “Money is a matter of functions four: a medium, a measure, a standard and a store.” Three of these functions are clear. A medium of exchange is what people use to pay for goods. A measure means that money is a way of measuring economic […]
bitcoin header Bitcoin: Better Than You Think - The following is a guest submission from Monetary Metals client David S., responding to a recent article by CEO Keith Weiner. After learning of David’s perspective, we invited a published response in the spirit of  healthy debate & productive disagreement.     As a proponent of both gold and bitcoin, I have a few responses […]

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gold outlook 2021 Monetary Metals Gold Outlook 2021 - This is our annual analysis of the gold and silver markets. We look at the market players, dynamics, fallacies, drivers, and finally give our predictions for the prices of the metals over the coming year. Introduction Predicting the likely path of the prices of the metals in the near term is easy. Just look at […]
Is Now a Good Time to Buy Gold? Market Report 16 March Part Two - In Part One, we laid out the general case for owning gold and silver, and the specifics of our current macroeconomic environment. In other words, people attempt to use the government’s debt paper as if it were money, but no one should be 100% all-in to this paper. And right now, the Fed is embarking […]

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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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