From Von Greyerz: I agree with Von Greyerz. We have been over this scenario often, so I will spare you the long version. Basically every fiat currency in history (except the Pound which has lasted 1200 years but is not the same monetary object it was at inception), has been
The FED speaks: THE 25-BASIS-POINT HIKE IS NOT THE STORY The Federal Reserve has raised interest rates by 0.25 percentage point, taking the federal-funds target range to 3.75%–4.00%. The immediate effect is largely psychological. Markets react to the headline, algorithms react to the headline, commentators react to the headline, then
GOLD IS NOT AN OBSOLETE RELIC The Netherlands just moved 86 tonnes of gold. The reason is more important than the gold itself. Between March and August 2026, the Dutch central bank, De Nederlandsche Bank (DNB), reallocated approximately 86 tonnes of its gold reserves from New York and Ottawa to
My fear for the US economy, and, as a result the world economy, is that most countries have borrowed far more than they can afford, and they cannot afford to reduce or pay back the debt. I feel that the confidence built in the dollar over decades is being destroyed
I have seen quite a few articles lately saying that rising bond yields are detracting from the gold and silver prices. It appeared to be true on Tuesday night when both gold and silver prices were smashed, only to recover all the losses easily on Wednesday morning. When looking at
US GDP reportedly grew by 1.5% in the second quarter. Cause for celebration? Not necessarily. The figure comes from the government, and whether it accurately reflects economic reality is open to debate. Personally, I have my doubts. Economists generally regard annual GDP growth of 2% to 3% as healthy. At
It appears that both gold and silver may have found a bottom. Nothing in financial markets is certain, but the charts are giving me increasing confidence that a turning point may be close. My initial reaction to this week’s Middle East crisis was that the market was finally behaving in
What is happening with silver. It appears to be falling into the abyss. Why is it happening when the fundamentals are so good? Perth Mint silver sales collapsed from 364 thousand ounces in May (already the lowest since April 2012) to 294 thousand ounces in June. This is 37% less
Van Greyerz writes in his newsletter that gold reserves valued at today’s prices comprise about 0.5% of the value of global wealth, $32 trillion. This represents the value of all the gold mined in human history. As a comparison, the market capitalization of the 12 largest US corporations equals $30
Both silver and gold have once again taken a beating this week. I still stand by my conviction that long-term physical holdings should be held, and short-term tradeable metals, stocks, etc. should be traded. The temptation to sell the physical metals at this time is real. The psychological reason is
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