-
A Red Week Is Not a Bad Year
Silver traded around $62.70 yesterday. A year ago, it was around $42.68. So even after the latest selloff, silver is still roughly 47% higher than it was a year ago.…
-
Europe’s AI Gap Could Become a Silver Story
Europe is starting to talk about AI infrastructure differently. Not just as a technology race. But as a strategic necessity. Christine Lagarde recently pointed out that the U.S. has roughly…
-
Half of COMEX Silver Shorts Are in Eight Hands
The eight largest short traders on COMEX now hold positions equal to 51.3% of total open interest. A week earlier, that figure was roughly 50.6%. And the four largest short…
-
84% Is No Longer a Fringe View
84% of central banks expect gold to make up a larger share of global reserves five years from now than it does today. Last year, that figure was 76%. To…
-
Oil Is Reminding Us What Physical Means
The most interesting number in the oil market today, in my view, isn’t the price of Brent itself. It’s the gap between what the market will pay for barrels that…
-
The Fed Story Just Flipped
Just a few weeks ago, the base case was that the Fed would keep rates unchanged. Now Goldman Sachs and JPMorgan are preparing for the opposite. Goldman has shifted its…
-
Where Central Banks Keep Their Gold
In Europe, the debate over repatriating gold reserves from London and New York back to domestic vaults is gaining attention again. If gold is truly a reserve asset for times…
-
One Tanker Voyage Can Cost $10–20 Million More
This is exactly the kind of cost that looks like a shipping problem at first. In reality, it can travel much further through the economy. If a single tanker voyage…
-
This Time, Gold Wasn’t Pulled by Just One Horse
Gold rose 13% in August. That made it the third-strongest monthly gain of the past 25 years. But I don’t think the number itself is the most interesting part. Strong…
-
ETFs Are Back — In a Big Way
Global gold ETFs added 121 tonnes of gold in August. During the first seven months of this year, central banks bought roughly 130 tonnes of gold on a net basis.…
-
Bab el-Mandeb Could Be the Bigger Threat
Most of the world’s attention is still focused on the Strait of Hormuz. But an Israeli official told Channel 12 that Houthi control around Bab el-Mandeb could pose an even…
-
China Is Still Paying Much More for Silver
As of September 10, the Shanghai Gold Exchange silver benchmark was trading at roughly $72.78 per ounce. Western spot was around $64.38 at the same time. The difference? About +13%.…