Monetary Metals's blog

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The boldness of bitcoin’s promoters is matched by the unsoundness of bitcoin’s monetary design (as opposed to the technological soundness of the blockchain). This combination will result in devastating losses to whomever is left holding the bag at the end.

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The prices of the metals fell $29 and $1.02. Did the market change in a durable way? Are gold and silver being devalued? Is it time to capitulate and avoid the rush? As always, we are interested in the fundamentals.

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Monetary Metals' views on Steve Saville's fundamental gold model which is based on (1) the real interest rate, (2) the yield curve, (3) credit spreads, (4) the relative strength of the banking sector, (5) the US dollar’s exchange rate, (6) commodity prices, and (7) the bond/dollar ratio.

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One would expect Gordon Brown's sale of the UK's gold would results in gold becoming abundant. However looking at the gold basis and cobasis during that period we find that gold was becoming less abundant and scarcer, peaking at significant scarcity and backwardation.