Silver Is Exceedingly Cheap
As I often say, there’s nothing like zooming out to get a wider perspective. It’s often too easy to just focus on daily, monthly, or even yearly data for a particular asset to understand what might come next. And no matter how you slice it, silver is exceedingly cheap. This chart shows the silver price […]
Understanding Silver Demand Sources
Silver is so unique, I like to call it the ‘Irreplaceable Metal’. In many ways, that’s true because it’s more or less equal parts money and industrial metal, and because trying to substitute with other metals in many of its industrial applications is either impossible, or nearly so. Since this letter is all about silver, […]
Basel III: The Ground Under the Paper Gold Market is Shifting…
At the end of June a new set of regulations, known as Basel 3, came into effect in Europe. In January the same rules will apply in England. These rules are supposed to strengthen requirements around leverage and lending for banks. There are three parts of Basel 3 that matter to gold. The Available Stable […]
Looking Back & Ahead
This is gold over the last 3 days. I’m including the chart because it feels like today’s price action captures what it’s been like to be a gold investor so far this summer. OK, so perhaps that’s a touch dramatic. Gold hasn’t always given up its gains within a few hours. But it hasn’t exactly […]