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Articles related to Money Supply
 
Mish - Global Economic Analysis
Competitive Theories: "Deflation Warning" vs. "Inflation is Nearly Everywhere"
Theory #1: Break-Even Rates Provide "Deflation Warning" Bloomberg is sounding a Deflation Warning as 2-Year Break-Even Rates Go Negative. Break-even rates are the difference between treasuries and the same-duration Treasury Inflation-Protected Securities (TIPS). The break-even rate turned negative yesterday for the first time since 2009. In theory, break-even rates reflect investors’ expectations for inflation over the life of the securities. When break-even rates are negative, it's an indic
Friday, December 19, 2014
Steve Saville - Speculative Investor
Is the end of QE bearish for gold?
The conventional view is that Fed money creation is necessarily bullish for gold and that a tightening of monetary conditions beginning with the cessation of Fed money creation is necessarily bearish for gold. It's strange that this view is popular given that gold was clearly hurt more than helped by the QE program that extended from October of 2012 through to October of this year. If gold is now going to be hurt by a 'tighter' Fed, the implication is that regardless of what the Fed does it's be
Thursday, December 18, 2014
Mish - Global Economic Analysis
Ruble Moves 25% Intraday; Bid/Ask Spread at Latvia Currency Exchange Goes Wild; Ruble a Buy?
Reader "Luke" from Riga, Latvia emailed an amusing image he took today of exchange rates at the Latvian currency exchange "Marika". Latvia is on the Euro. Notes Pērk means buy. Pārdod means sell. The bid/ask spread for euros to British Pounds (GBP) at this particular exchange is a hefty 4.7%. The bid/ask spread for euros to Rubles (RUB) at this particular exchange is an amazing 43%. Needless to say no one was buying rubles at that exchange. Ruble Moves 25% Intraday If one looked
Wednesday, December 17, 2014
The Gold Report
Two Countries You Might Be Surprised to Find Hallgarten's Chris Ecclestone Likes Now
How tight is money in the mining industry? So much so, according to Chris Ecclestone, mining strategist with Hallgarten & Co., that juniors are punished for resource estimates because the market believes they can't afford to develop their properties further. In this interview with The Gold Report, Ecclestone explains that canny juniors are choosing past-producing properties, which boast dependable resources estimated by majors and already existing infrastructure. And he names two current gold pr
Tuesday, December 16, 2014
Philip Judge - Anglo Far East
  Loosing Your Shirt 
As history clearly demonstrates, the vast majority of inexperienced investors time their market participation poorly, getting in at or near the top (in the midst of the mania), and then ride it all the way to the bottom before selling
Tuesday, December 16, 2014
Przemyslaw Radomski CFA - SunshineProfits
Will the end of QE3 cause financial turmoil?
We explained that the end of QE3 does not imply the abandon of the expansionary market policy, but rather a change of its tools. However, it does not mean that stopping the purchasing program is irrelevant for the economy and, thus, for the gold market. There are three main effects connected with the halt of buying assets by the Fed. First, it implies the steepening of the yield curve’s shape, because it impacts only its long end, while short-term interest rates are not affected. Second, it in
Monday, December 15, 2014
Adam Hamilton - Zealllc
SPX Topping Valuations 4
The prevailing valuations in the lofty US stock markets are increasingly becoming a bone of contention.Wall Street calmly asserts stocks are fairly valued or even cheap, since it has a huge vested interest in keeping people fully-invested.But a growing chorus of dissenters is disputing that idyllic notion, warning that stock valuations are very high and portend great downside risk.Indeed, topping valuations abound.Since investing is all about buying low and selling high, the price paid for any i
Friday, December 12, 2014
Chris Powell - GATA
  Bank of England's former deputy governor misleads about gold and credit creation
In an interview today with Russia Today's Sophie Shevardnadze, Sir Howard Davis, former deputy governor of the Bank of England and former director of the London School of Economics, makes the most elementary mistake in his objection to restoration of a gold standard for currencies. That is, Davis says a gold standard "would radically reduce the amount of credit and would cause a worldwide depression that would make the 1920s look like a holiday." But of course the amount of credit supported by a
Thursday, December 11, 2014
Gerard Jackson
Australia and the Great Depression: recovery was not driven by real wage cuts, devaluation or consumption
My Keynesian critic asserts that the “cut in nominal wages which was one of the reasons we got deflation…” This is nonsense. The deflation was triggered when the London funds started restricting credit in order to build up their reserves. The result was a massive contraction from March 1929 to September 1931 that saw M1 drop by 27.2 per cent and demand deposits by a whopping 33 per cent. This should not even have to be said but the cuts in nominal wages were in response to the deflation and in n
Thursday, December 11, 2014
Dennis Miller - Casey Reseach
Run Away from the Economic Tsunami
This warning comes from “Big Al” Greenspan, age 88. He’s been in the news a lot lately, speaking with Gillian Tett of the Financial Times at the Council on Foreign Relations and at the New Orleans Investment Conference. After reading several reports of both events, I spoke with Casey Research colleagues who’d attended the conference and asked, “Did Big Al really say this, this, and this?” Their response was crystal clear: “Yep! That’s exactly how I saw it and what I took his remarks to mean.” Mr
Wednesday, December 10, 2014
Mark O'Byrne - gold.ie
Gold Surges As Greece Crashes - Eurozone Debt Crisis Part II Cometh
Gold jumped 2.3 percent to a six-week high yesterday as sharp falls on stock markets globally led to renewed demand for gold as a haven. Monday night and Tuesday saw renewed market turmoil across the world. Leading shares suffered their biggest daily fall since the middle of October, hit by renewed fears about the global economy and uncertainty in Greece following the announcement of snap presidential elections. The FTSE 100 finished 142.68 points or 2.14% lower at 6529.47 yesterday as a combi
Wednesday, December 10, 2014
Steve Saville - Speculative Investor
Any quantity of money is just fine
Some comments by John Mauldin towards the bottom of a recent article reflect popular opinions about money that can be summarized as: "a growing economy needs a growing money supply" and "there isn't enough gold in the world for gold to be used as money today". These opinions reflect a basic misunderstanding about money.Here are the Mauldin comments to which we are referring. We've put notes below each excerpted comment, but the main part of our response is further down the page."The current stru
Wednesday, December 10, 2014
Stewart Thomson - Graceland Update
Gold Bull Flag: Is It Real?
Graceland Updates By Stewart Thomson1.Is there a strong bull flag pattern in play on the daily gold chart?For the likely answer, please click here now. 2.The US stock market has lost upside momentum, and the falling price of oil threatens to create an “Armageddon” type of event in the junk bond market, yet gold looks and feels superb.3.Please click here now. In addition to the bullish flag pattern, there’s an inverse head and shoulder bull continuation pattern that looks solid.The target of this
Tuesday, December 09, 2014
Alasdair Macleod - Finance and Eco.
Market report: Post referendum bounce
It turns out the Swiss referendum last weekend which sought to force the Swiss National Bank to maintain 20% gold reserves was a red herring so far as precious metal markets are concerned. It was fairly obvious before the referendum that no sensible trader would had bought gold in the expectation it would go through, so there would be few short-term sellers afterwards. Equally, it was so obvious to traders the referendum would fail that there may have been some short-sellers, or perhaps deferred
Friday, December 05, 2014
Alasdair Macleod - Finance and Eco.
Market Report: Waiting for Godot
Alternatively, watching paint dry. That's how it has felt this week with gold's volatility slowing to a crawl ahead of Thanksgiving yesterday and the Swiss gold referendum on Monday. However, Open Interest1 on Comex2 , has suddenly collapsed for both gold and silver, indicating something interesting is going on. At the same time, the gold forward rate in London (GOFO) has gone sharply negative to -0.4% as shown in the next chart, from the LBMA. The chart covers the year so far, and it can be
Friday, December 05, 2014
Deepcaster
Profiting from the Inflation/Deflation Puzzle
Investors are getting mixed Messages about whether we are facing an Inflationary or Deflationary Future. Answering that question correctly is important both to profitability and protecting wealth.Major Bankers and some Government Officials Claim they are worried about Deflation.But rising costs for Health Care, Food and, until recently, Energy, indicate we face an inflationary, and perhaps even a hyperinflationary, future.Which is it? Inflation or Deflation?Some sectors have clearly been Deflati
Friday, December 05, 2014
FOFOA - FoFOA
Global Stagnation
"This brilliant, modern free trade system and all of its benefits cannot be implemented using the US dollar as a reserve currency. It shuts off commerce that in turn limits the use of commodities such as oil, metals, food and the like. Many hail the low price inflation in the US as a victory and ignore the intent other nations had in following "free trade". That being to promote a world economy, not just a US economy. Understand that the increased use of commodities is a good thing. It's not j
Wednesday, December 03, 2014
Mickey Fulp - Mercenary Geologist
Dollars and Gold Revisited
In the midst of the global economic crisis of 2008-2009, I posted a musing entitled ?Dollars and Gold? (Mercenary Musing, March 23, 2009). At that juncture, gold was priced at less than $1000 per ounce in US dollars. The Federal Reserve was only six months into what turned out to be a five-year campaign of massive inflation of the US money supply backstopped by zero interest rates. In that missive, I bucked the bullion bugs and boldly bo
Wednesday, December 03, 2014
Sam Kirtley - Sk Options Trading
The Swiss Gold Referendum Was Just a Storm in a Teacup
Results for Swiss gold referendum were released today, ending weeks of enthusiastic bulls calling for gold to rally to new highs on a “yes” vote and countless articles speculating about the impact of the result. The Swiss people voted overwhelmingly against the policy of that would have caused the Swiss National Bank to significantly increase their gold reserves. However, the excitement and the speculation around the potential impact of the result represents a misunderstanding of the event and i
Monday, December 01, 2014
Gerard Jackson
The Great Depression: Australia’s record humiliates Roosevelt and refutes Keynesianism
This is another response to a Keynesian critic. My Keynesian critic says I “cannot compare the USA in 1938 and Australia in 1938 apart from both having stimulatory policy”. Well, I can and I did and justifiably so. It’s ludicrous to argue that comparisons are not justified. You also stated that in 1937 America “had the greatest change in fiscal policy under Roosevelt”. Complete baloney – and I have spent considerable time examining the data from official sources. I made my case in my post on the
Monday, December 01, 2014
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