Basel III and Demand for Bank Reserves

Nathan Lewis
We’ve looked into central bank balance sheet construction as a function of the “demand for money,” with this “demand” basically taking two forms: banknotes and coins, among the general public, and bank reserves (deposits at the Federal Reserve), among ...

This Is Not a Printing Press

Peter Schiff
Rene Magritte’s 1929 painting “The Treachery of Images,” depicts a tobacco pipe with a caption that reads “Ceci n’est pas une pipe,” (French for “This is not a pipe”). Everyone who has taken a course in modern art knows that Magritte’s exercise in cont...

World Dollar Liquidity Crashes as Does Marginal Utility of Debt

Lacy Hunt at Hoisington Management has another sterling post in its third quarter review and outlook. Here are some snips from the latest Hoisington Management Quarterly Review by Lacy Hunt. World Dollar Liquidity The Fed’s balance sheet constriction...

Shanghai Housing Sales Plunge 86 in Golden Week

Golden Week, a seven-day Chinese holiday, is traditionally a peak period for home sales. This year, sales plummeted. The South China Post reports ‘Golden Week’ Property Sales Plunge in Major Chinese Cities. Property sales in China’s major cities saw o...

When Was Peak-Insanity of the Unicorn-Startup Bubble That’s Now Imploding?...

Wolf Richter
WeWork was just late to the defenestration party. Everyone – including infamously me – has been trying to pinpoint the exact moment when the magnificent startup-unicorn-bubble broke, and I mean not just broke but imploded spectacularly. All of the bigg...

NYU Professor: Tesla Could Lose 80 Of Its Value...

Tesla could lose more than 80 percent of its value or disappear altogether, a NYU professor of business said a few days after Tesla reported record deliveries for the third quarter, but short of an unofficial target to deliver 100,000 electric vehicles...

Economic Growth Does Not Cause Price Inflation

Frank Shostak
Some commentators are of the view that whenever the economy gains strength it should be the role of the Federal Reserve to step in at some stage and introduce a tighter stance in order to prevent a general increase in the prices of goods getting out of...

A Pattern of Continuous Currency Decline

Nathan Lewis
We have been talking about NGDP Targeting (or “NGDP Level Targeting,” “NGDPLT”). It is a popular notion among somewhat conservative-leaning economist types today. September 15, 2019: Let’s Talk About NGDP TargetingSeptember 22, 2019: Let’s Talk Abou...

A Recession Would Devastate The U.S. Oil Industry...

The U.S.-China trade war and geopolitical flare-ups could threaten the growth of North America’s upstream oil and gas as oil market volatility and the specter of global recession rise, S&P Global Ratings said in a new report this week.S

Why China's Renewable Boom Is Stalling...

When earlier this year China announced subsidies for 22.79 GW of new solar power capacity, those following the country’s renewable energy story must have started to worry. The capacity subsidized is half the amount approved in 2017, at 53 GW. And chanc...

How We Lost the Revolution's Final Battle

George F. Smith
A review of Shays's Rebellion: The American Revolution's Final Battle by Leonard L. Richards, 2003  During the Revolutionary War, the individual states and Congress had issued fiduciary notes to finance U.S. military operations. Fiduciary notes wer...

Civil War On

James Howard Kunstler
Someone in Impeachmentville is not paying attention. Of course, diverting the rubes is exactly the point of the latest CIA operation to negate the 2016 election. Has nobody noticed that there is treaty between Ukraine and the USA, signed at Kiev in 199...

Automakers Aren't Giving Up On Self-Driving Cars Just Yet...

Just a few years ago, automotive companies were promising that by this time we would have had self-driving cars and autonomous car-ride services.Reality turned out somewhat different, although all big automakers are investing in driverless technology a...


Egon von Greyerz
The next explosive phase in the precious metals market has just started. As always is the case, the beginning is so slow that only the wealth preservationists and the gold bugs are seeing it. But since these are less than 1/2% of world financial assets...

Trump's Unwinnable Trade War: Gold Explains Why

Trump wants to cure trade imbalances via tariffs. It cannot possibly work. Another Look at NAFTA One of my readers proposed that problems US balance of trade issues started with NAFTA. Wrong! Please consider Disputing Trump’s NAFTA “Catastrophe” with...

Miami Real Estate Is About To Collapse… This is About Condos, and it Would Be...

Wolf Richter
On the surface, Miami’s condo market is in trouble. But beneath the surface, “the whole system is jammed up.” Signs have been piling up that the Miami condo market, where luxury towers are still sprouting like mushrooms, is getting into serious trouble...

Do We Need More Savings Before We Can Have More Lending?

Frank Shostak
There is an emerging view held by many commentators that it is banks and not the central banks that are key for the expansion of money. This way of thinking is promoted these days by the followers of the Post Keynesian school of economics (PK). In a re...
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Latest Comments
Enter, the Dragon
21 OctS W.
Is it true that HRC actually eats babies?
Bank of England Warns of an ‘Abrupt’ Financial Collapse Due To Clim...
18 OctThemis2
A cynical attempt on Carney's part to deflect the blame for the coming financial crisis. The central banks must shoulder the majority of the culpa...
Bank of England Warns of an ‘Abrupt’ Financial Collapse Due To Clim...
16 OctS W.1
What a load of nonsense from Carney, Likely there will be a crash but to blame it on the climate is ...nonsense I am wondering if he has re...
A Hard Rain
09 Octcarlomar0
Bravo! The best analysis of what is going on! I read your column faithfully and always find new thoughts and valuable ideas in your writing!
Juniors ? The Butterflies in the Animal Farm of the investing world ?
07 Octstocking up pennies
Very well written article, Alan. It pictures the volatibility of the junior stocks, that are, indeed, mostly comparable to ''social butterflies'' a...
We Are Very Confident In $1,700 Gold Before The Muppets Awaken
08 OctThemis
You are correct regarding spelling but is it necessary to be pedantic about it? Surely the content of the article is more important?
A Hard Rain
08 OctThemis2
I agree with every word. Keep telling it as you see it. People are so close to the issues that they need a commentator like you to stand back and...
We Are Very Confident In $1,700 Gold Before The Muppets Awaken
02 OctLouis Solomons
There is no such word as commentairies.
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From our Archives
History of Gold

Oct 24, 1907 - Jesse Livermore and the 1907 Crisis. A day I shall never forget

Panics, Manias and Crashes
October 24, 1907. Reports from the money crowd early indicated that borrowers would have to pay whatever the lenders saw fit to a...
History of Gold

Gold coins: The Mexican Libertad

Gold coins
Mexico´s Libertad (Freedom) has been minted by the Mexican Mint “Casa de Moneda de Mexico” since 1981. After the South African Kruge...
Gold University

Who Are The Greatest Coin Collectors?

Perth Mint Blog
Numismatics is the name given to the study and collecting of coins and medals, and is derived fromnomisma,the Greek word for coin....
Gold University

The Golden Thorn In The Flesh, Part 2

Antal E. Fekete
Gold University

A Century Unique In All History

Philip Judge
This last century is unique in all of history, as it tells the story of the first time in all of history, that gold has been complet...

The 100 first disappearing items in case of a war

Beans Bullets Bullion and Bible
This is a list of the 100 items that disappeared first during the Sarajevo War
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 :
announces expected non-cash impairment
AU$ 7.90+1.67%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 3.45+1.77%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.31+1.85%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
US$ 1.60+1.27%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.72+7.46%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+33.33%Trend Power :
Closes Bridge Loan Financing
CA$ 1.87-2.09%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 0.81-2.41%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.77+1.04%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.06-7.69%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.10+0.00%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$ 2.02+0.50%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 21.30+3.05%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.05+0.00%Trend Power :
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