Gold is Money. Everything Else is Credit.

Gold is Money, Everything Else is Credit. Question of the week: If gold is an inflation hedge, why did it fail to perform well last year when inflation was rampant? And if inflation is receding now, why is gold now approaching new all-time highs? Bloomberg Markets Live produced an article this week answering that question; […]
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This Week in History | August 20, 2022

This Week in History 51 years ago, on August 15, 1971, the gold standard came to a close as the gold-dollar peg was completely removed. From that date forward, we have had a fiat currency, that is, a currency not backed by anything tangible. The result? Since August 1971, the CPI has risen more than […]
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The Long and Short of Interest Rates | February 27, 2021

The Long and Short of Interest Rates When the week started, it appeared that short-term rates would be the ‘story of the week’ due to a planned drain of Treasury cash (See “Are Negative Rates Coming Despite Fed Opposition”, below.) However, on Thursday, long-term rates took center stage as the 10-year yield jumped from a […]
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