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Theories Exist to Be Proven

James Howard Kunstler
And thanks to all my Patrons for your support Support this blog by visiting Jim’s Patreon Page

Federal Reserve Policies Aimed at Creating Price Stability Bring About Economic

Frank Shostak
For most economists and politicians, the role of central bank authorities is to make the economy as stable as possible. What do they mean by economic stability? Economic stability refers to an absence of excessive fluctuation, so an economy with consta...

The Fed Girds for Battle

Peter Schiff
It’s the Fed’s “hold my beer” moment. After more than a year in which Federal Reserve leadership appeared clueless, pollyannish, and indecisive, the Fed is conducting a full-throated messaging campaign to show that it is as serious as cancer about the ...

The Absolute Best Way to End Inflation

Nathan Lewis
(This item appeared in American Greatness, on May 13, 2022.) By far, the best way to stabilize the dollar is to return to the system that worked for most of our history, that was the foundation of America’s storied prosperity—a gold-standard system....

What Happens When Central Banks Attempt to Tighten? Even More Resource Misallocation

Frank Shostak
After a prolonged period of easy monetary policy, the US Federal Reserve has embarked on a tighter monetary stance. On May 4, 2022, the Fed raised its benchmark interest rate by 0.50 percent, to a target range between 0.75 percent and 1.00 percent. The hike is the largest since 2000 and follows a 0.25 percent increase in March this year, the first increase since December 2018. Various commentators expect the Fed to raise rates several times in...

Forget What the "Experts" Claim about Deflation: It Strengthens the Economy

Frank Shostak
For most experts, deflation is bad news since it generates expectations for a continued decline in prices, leading consumers to postpone the purchases of present goods, since they expect to purchase them at lower prices in the future. Consequently, thi...

Contrary to What Some Economists Claim, the Fed Can't Give the Economy a "Neutral" Rate of Interest

Frank Shostak
On April 19, 2022, at the Economic Club in New York, the Chicago Federal Reserve Bank president Charles Evans said the Fed is likely to lift by year end its federal funds rate target range close to the neutral range of between 2.25 to 2.50 percent. Fur...

Long-Term Solutions

Nathan Lewis
Now that some of the crisis atmosphere has passed, discussion has turned to more long-term considerations. How Russia Can Go To A Gold Ruble series Let’s identify some of these big-picture issues. Until recently, the Russian ruble has been a sort of lesser satellite of the USD and EUR, in the manner of most low-quality emerging market currencies. This goes back even to the Soviet Union. The currency reform of 1961 established a fixed ...

Recent Events

Nathan Lewis
After talking about broader principles for a while, and letting the present situation calm down a bit, let’s see how things have been shaping up in Russia. How Russia Can Go To A Gold Ruble series The ruble has had a splendid rise vs. gold, actually exceeding the 5000 rubles/gram goal expressed earlier. This translates into 155,517 rubles per troy oz., while the recent value was 125,601 rubles/oz., or 4,038 rubles/gram. As you can see, t...

What Determines Interest Rates? Comparing Mainstream Economics to the Austrian School

Frank Shostak
The conventional view among mainstream economists, as presented by Milton Friedman, is that three factors determine market interest rates: liquidity, economic activity, and inflationary expectations. In this viewpoint, whenever the central bank raises ...

Economic Theory Begins with Human Action, Not Data Sets

Frank Shostak
According to the popular way of thinking, our knowledge of the economy is elusive. Consequently, the best that we can do is to attempt to ascertain some facts of economic reality by applying various statistical methods on the so-called macro data. For ...

The 2021 Creatures of Goldman Sachs: its IPOs, SPACs, Direct Listings Are Imploding after Bonuses Spiked to a Record

Wolf Richter
They sure made hay while the sun was shining. By Wolf Richter for WOLF STREET. One of Goldman Sachs’ many splendid 2021 creatures, the American Depositary Receipt of Chinese ride-hailing company DiDi Global plunged 18% today, to $2.01. The ADR is now d...

Daddies in Mommie-land

James Howard Kunstler
And thanks to all my Patrons for your support Support this blog by visiting Jim’s Patreon Page

How the Fed's Tampering with the Policy Rate Affects the Yield Curve

Frank Shostak
At the end of March this year the difference between the yield on the ten-year Treasury bond and the yield on the two-year Treasury bond fell to 0.010 percent from 1.582 percent at the end of March 2021. shostak_graph_1.png ...

Do "Inflationary Expectations" Cause Inflation? Contra Krugman, the Answer Is No

Frank Shostak
Paul Krugman recently wrote that the reason we see high inflation is that people mistakenly believe inflation is in our future and act accordingly. This reasoning is false. Original Article: "Do "Inflationary Expectations" Cause Inflation? Con...

After Blowing $328 Billion on Share Buybacks since 2017, JPMorgan, BofA, Wells Fargo, Citi, Goldman Sachs S...

Wolf Richter
Q1 was crappy as IPOs imploded, investment banking took a hit, mortgage activity fizzled, other stuff happened. By Wolf Richter for WOLF STREET. Of the big five banks and bank holding companies in the US by total assets – JP Morgan, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs Group – four reported Q1 earnings so far, and BofA will do so next week. Those earnings reports were marked by a sharp decline in revenues and net income, ...

Do "Inflationary Expectations" Cause Inflation? Contra Krugman, the Answer Is No

Frank Shostak
In the New York Times article “How High Inflation Will Come Down,” Paul Krugman suggests that the key for future inflation is inflation expectations. Krugman does not think that currently inflation expectations are comparable to the 1980s. According to...

March Madness in the Bond Market

Peter Schiff
There was a little March Madness on Wall Street. In fact, the month turned into an old-fashioned blood bath. But you wouldn’t have found any carnage in the stock market. In fact, the Dow Jones gained a decent 2.3% on the month. But beneath that glitter...

After Robinhood Shares Collapsed 87 from Peak and 70 from IPO, Goldman Sachs, IPO Lead Underwriter, Cuts St...

Wolf Richter
It would be funny – if it weren’t so serious – how this stuff is imploding, and Wall Street, which created it, is now washing its hands of it. By Wolf Richter for WOLF STREET. Back in December 2020, Robinhood Markets selected Goldman Sachs and JP Morgan as the lead underwriters for its IPO. Then on August 3, 2021, just eight months ago, Robinhood went public at an IPO price of $38 a share, giving the company a valuation of $32 billion, amid en...

Common Modes of Failure

Nathan Lewis
We’ve been looking at how Russia can go to a gold standard right now, perhaps at 5000 rubles per gram of gold. How Russia Can Go To A Gold Ruble Series There is evidence that the Central Bank of Russia has indeed begun to do this, with the ruble definitively reaching its 5000/gram parity late last week. But, we will not talk so much about current events today, but rather, the common ways in which central banks mess up bigtime — in...

The Fed Cannot Undo the Damage It Has Already Caused

Frank Shostak
On Wednesday, March 16, 2022, the US central bank, the Federal Reserve System, raised the target for the federal funds rate by 0.25 percent, to 0.50 percent. According to Fed officials, the increase in the federal funds rate target was in response to the strong increases in the yearly growth rate of the Consumer Price Index (CPI), which stood at 7.9 percent in February against 7.5 percent in January and 1.7 percent in February of the year befo...

What Is to Be Done?

James Howard Kunstler
And thanks to all my Patrons for your support Support this blog by visiting Jim’s Patreon Page

Central Banks Have Broken the True Savings-Lending Relationship

Frank Shostak
Most people believe lending is associated with money. But there is more to lending. A lender lends savings to a borrower as opposed to "just money." Let us explain. Take a farmer, Joe, who has produced two kilograms of potatoes. For his own consumption...
Chart usGOLD
PRODUCERS
Freeport McMoranUS$ 39.65+9.20%
GoldcorpCA$ 2.29+9.05%
US EnergyUS$ 4.14+8.09%
Coeur d'AlèneUS$ 4.06+6.84%
PetropavlovskGBX 1.50-13.79%
Orvana Min.CA$ 0.31-7.46%
HochschildGBX 106.00-4.42%
Ariana Res.GBX 3.65-3.95%
GOLD Trend Power : -13
Trendpower 
SILVER Trend Power : -6
Trendpower 
DEVELOPMENT
GalantasCA$ 0.56+24.44%
McEwen MiningUS$ 0.61+22.07%
St. Elias MinesCA$ 8.08+12.69%
BalladCA$ 0.27+8.00%
Canarc Res.CA$ 0.28-5.08%
Solitario Explora...CA$ 0.87-4.40%
Anglo Asian MiningGBX 86.50-3.67%
WesdomeCA$ 11.95-2.69%
EXPLORERS
Comet IndustriesCA$ 4.00+34.23%
AmerixCA$ 1.41+27.03%
Sable Res.CA$ 0.28+21.74%
Radius GoldCA$ 0.29+16.00%
Marathon GoldCA$ 1.82-8.08%
Vulcan Min.CA$ 0.29-6.45%
Red Rock Res.GBX 0.38-6.25%
Roscan Min.CA$ 0.33-5.80%
World Gold and Mining Times
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From our Archives
Fundamental

US Treasury : Federal Notes have no Value for themselves
Food for thought
Gold University

A beginner's guide to investing in Gold
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One’s motivation for buying gold is fundamental to deciding in which form you should buy it. Are you a speculator, investor or saver...
Fundamental

Everybody loves an Early Inflation
Food for thought
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Gold University

Whither Gold?
Antal E. Fekete
The year 1971 was a milestone in the history of money and credit. Previously, in theworld's most developed countries, money (and hen...
Fundamental

You cannot legislate the poor into freedom...
Food for thought
You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, ...
Gold University

Is Aggregate Debt Excessive?
Antal E. Fekete
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 8.15-0.97%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.37+3.37%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.84+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.61+22.07%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.70+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-20.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.30+3.12%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 11.05+3.76%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-5.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28-1.79%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.55+0.00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 75.80+2.78%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+14.29%Trend Power :
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