Gold Money

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The relationship between money and prices

The quantity theory of money and its accompanying equation of exchange are generally accepted as defining the relationship between money and prices.

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A detailed look at Bank of England gold

The London Bullion Market is the global trading centre for physical gold, and the Bank of England holds gold on behalf of other central banks.

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Osborne cornered

On 20 March George Osborne, the UK’s Chancellor, will present his budget.

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The Final Countdown

Governments have refused to accept the necessity of a period of economic re-adjustment following the credit-bubble. The bubble burst about five years ago and economic progress has been effectively suspended ever since. The consequences of this refusal to accept reality are at a minimum to make this adjustment unnecessarily drawn out and needlessly painful, … Continue reading

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Spike in Banks’ Net Short Silver position

Last Friday night (European time, 8 February) the Bank Participation Report for 5 February was released. This showed that US banks reduced their net short gold position by 12,886 contracts over the month of January, while non-US banks increased theirs by 2,887 contracts. This is evidence that the US banking community is aggressively closing its … Continue reading

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The Impossibility of Economic Calculation in a Fiat World

The impossibility of economic calculation in a fiat world The purpose of keeping accurate accounts is to quantify net worth at any given point in time – as well as the change from a prior date. It goes without saying that the measure used, money, should be constant if comparisons over time are to mean … Continue reading

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Subjective value and currencies

“The issuer’s promise” is a phrase I have used recently to describe the backing for fiat currencies.

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Managed money positions hint at bullish turns for gold and silver

I have recently written about the breakdown of disaggregated data from the futures markets into producers and swap dealers for gold and silver futures, as reported in the Commitment of Traders reports issued by the US government’s Commodity Futures Trading Commission (CFTC).

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Managed money positions hint at bullish turns for gold and silver

I have recently written about the breakdown of disaggregated data from the futures markets into producers and swap dealers for gold and silver futures, as reported in the Commitment of Traders reports issued by the US government’s Commodity Futures Trading Commission (CFTC). There is a further category of trader to consider, and that is Managed Money. According … Continue reading

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