Keynesian Economics and the End of Central Bank Credibility

It is an axiom of Keynesian economic theory that lower interest rates mean more lending and borrowing, more spending in the near term and a stronger economy. That's the theory that has led central banks to drive down interest rates to record lows, destroy the value of savings and explode bond and stock prices higher.

Latest GDP Numbers Suggest More Fed Stimulus

The equity markets are now setting new all-time highs every day as speculators and especially short-sellers quiver in anticipation of the next round of central bank easing. The market calls it ‘helicopter money’ but the next step being promoted by leading economists is ‘Cold Fusion’.

As Equities Fly, Hang on to Your Gold

The equity markets are now setting new all-time highs every day as speculators and especially short-sellers quiver in anticipation of the next round of central bank easing. The market calls it ‘helicopter money’ but the next step being promoted by leading economists is ‘Cold Fusion’.

This is What a Bond Bubble Looks Like

The Fed Capitulates

In the June 15, 2016 FOMC statement, associated projections and subsequent news conference, investors finally heard from the Fed itself what we have been saying for years: the Fed has no idea what it is doing.

The Spring Winds Tighter on Gold

What a difference a week makes. A few days ago, the stock market bulls were confidently expecting new all-time highs after one of the strongest rallies in recent years. Now the mood has changed as polls show that Britain may vote to leave the European Union on June 23.

Is the Gold Correction Over?

In short, we don't know. Many data points support the view that it is over, but this correction has been much shallower than the corrections typical of past new bull markets.

From the Seabridge Gold 2015 Annual Report

Gold Correction Finally Arrives?

Nothing goes straight up forever. It looks to us that gold is finally cooling off after a $250 rise off the December bottom

Could Fractional Gold Banking Cause a Buying Panic?

Paul Mylchreest, in his May 4th, 2016 Report, examines gold trading in the London Bullion Market (LBMA). His data suggests the possibility of a future buying panic in gold. In essence, there is almost no physical gold in storage to cover the enormous number of paper claims on gold represented by unallocated accounts at the bullion banks.