Steve Saville archives 05/21/2019 TSI Stock Selection Update #89 04/30/2019 Gold, Commodities, and Bob Moriarty’s New Book 01/30/2019 Random Predictions For 2019 06/09/2016 Gold and the Keynesian Death Spiral 05/25/2016 Nobody Knows Anything 01/26/2016 How much longer will the gold-mining bear market last? 01/05/2016 Are rising interest rates bullish or bearish for gold? 11/29/2015 Stealing Deflation 11/13/2015 Why hasn’t the Fed’s QE caused “inflation”? 11/04/2015 Why governments can’t just print the money they need 11/02/2015 Gold is not money: the final word 10/29/2015 There is no economic yardstick 10/28/2015 What Is Gold? 10/13/2015 Gold Is Not Money, Part 2 10/07/2015 Gold is not money 08/24/2015 Gold’s safe-haven status is not in doubt 07/02/2015 The “Inflation” Turnaround 06/11/2015 Gold isn’t cheap, but nor should it be 05/21/2015 BitGold: Great product, over-priced stock 04/09/2015 The problematic comparison with the 1970s 02/14/2015 2015 forecasts for gold and gold-mining stocks 01/21/2015 How Money Vanishes 01/14/2015 Gold stocks during an equity bear market 12/16/2014 Is the end of QE bearish for gold? 12/11/2014 Any quantity of money is just fine 11/09/2014 Gold, Inflation Expectations & Economic Confidence 10/20/2014 Why is gold mining such a crappy business? 10/08/2014 Why the US$ is rallying 10/02/2014 Gold vs Silver during Precious-Metals Bull Markets 08/30/2014 The “Escape Velocity” Myth 08/17/2014 Future “inflation” and the Fed’s madness 08/01/2014 Currency devaluation: The most destructive policy of all 07/22/2014 Setting the stage for the next collapse 06/25/2014 US money pumping, past and present 05/01/2014 Gold during booms and busts 04/16/2014 US Monetary Inflation Slowdown 04/01/2014 Gold versus Silver 02/26/2014 Most gold bulls will be right for the wrong reasons 02/19/2014 Economics Myths 02/13/2014 Random thoughts about the year ahead 02/07/2014 Hyperinflation and Capital Controls 01/22/2014 US Monetary Inflation Slowdown 12/21/2013 What a bubble looks like (and why gold's price action wasn't bubble-like) 10/16/2013 Future "inflation" and monetary madness 10/01/2013 Another nail in the coffin of the deflation case 09/24/2013 Gold Fundamentals 09/17/2013 Fed expansion plus commercial bank contraction 09/10/2013 Do Bank Reserves Matter? 09/03/2013 Monetary-Base Confusion 08/27/2013 Gold 08/21/2013 The stock market’s long-term trend 07/31/2013 Interpreting the gold sector’s long-term performance 07/06/2013 The gold mining sector breaks a record 06/26/2013 The true meaning of "International Reserves" 06/18/2013 The Dreaded “Tapering” 06/05/2013 Explaining the gold bull market 05/30/2013 Crash Patterns 05/28/2013 Gold and the Dollar 05/21/2013 Falling Prices Are Natural 04/25/2013 Money Matters 04/10/2013 Deflation or Hyperinflation? 03/19/2013 Money-Pumping Update 03/12/2013 Fantasyland for policy-makers 02/06/2013 The ever-changing yardstick 01/15/2013 The root cause of gold’s bull market 01/01/2013 The idiotic notion that QE is not inflationary 12/11/2012 Money Supply Instability 12/05/2012 Chronically low gold price forecasts 11/20/2012 Increasingly bullish prospects of gold stocks 11/07/2012 Commodities Update 10/31/2012 How to identify a major gold top 10/18/2012 Preparing for the US Presidential Election 09/25/2012 The Fed is the great enabler 09/19/2012 Fed Up 08/30/2012 The irrelevance of currency reserves 08/22/2012 Does "Austrian Economics" predict inflation or deflation? 08/07/2012 Unfortunately, it’s all about the central banks 07/17/2012 The cons and cons of debt monetisation 07/04/2012 Monetary Inflation and Gold 06/27/2012 It’s risky to anticipate QE 06/19/2012 Buffett and everything else versus gold 06/12/2012 Inflation-Adjusted Prices 05/23/2012 Gold Stocks: The Big Picture 05/01/2012 The “Mistake of 1937” 04/25/2012 Is gold still cheap? 04/18/2012 QE: Past, Present and Future 04/03/2012 Gold stocks versus the stock market 03/28/2012 Intermediate-term outlook for gold stocks 03/16/2012 The relationship between gold and interest rates 03/14/2012 A new twist on “Operation Twist” 03/08/2012 Is the Fed a Failure? 02/21/2012 A repeat of 2008, only worse? 02/14/2012 Monetary Inflation versus "Price Inflation" 02/07/2012 Common Misconceptions About Gold 01/31/2012 Secular Trends 01/18/2012 Random thoughts about the year ahead 12/20/2011 Gold Sector: Current Situation and Per-Ounce Valuations 12/14/2011 Gold Stocks: The Wide Angle View 12/06/2011 Is the US$ in danger of losing its reserve currency status? 11/29/2011 A Summary of the Risks 11/22/2011 The two prerequisites for hyperinflation 11/15/2011 Why the sovereign debt crisis began in Europe 11/01/2011 Big Picture Charts 10/18/2011 How the Fed could boost the money supply... 10/11/2011 The next shoes to drop 10/04/2011 The Sceptical Inflationist 09/20/2011 Why debt levels are so high 09/13/2011 The Nikkei Model & Monetary Inflation 08/30/2011 Gold: The Big Picture 08/23/2011 Nobody wants a strong currency 08/09/2011 Does the Fed simply follow the market? 07/26/2011 Real Performance 07/19/2011 Bonds, Inflation Expectations, QE3 06/30/2011 The insidious effects of monetary inflation 06/21/2011 Bank reserves, money supply... 06/14/2011 The “backing” of today’s money, pt 2 06/07/2011 What “backs” today’s money? 05/24/2011 What should the gold/silver ratio be? 05/17/2011 The “smoothing out the bumps” fallacy 05/03/2011 Gold vs silver & other commodities 04/12/2011 When will the gold bull market end? 04/05/2011 Inflation, Bank Lending, & the Employment Spiral 03/30/2011 Long-term bearish on China and the US 03/28/2011 The only effective protection against the gov't 03/22/2011 Japan and the T-Bond 03/08/2011 Inflation-Related Thoughts 03/01/2011 Gold Market Update 02/15/2011 Will silver do better than gold? 02/08/2011 Inflation is a deliberate policy everywhere 02/02/2011 Egypt’s Revolution and Inflation 01/26/2011 Random thoughts about the year ahead 01/18/2011 Gold Update 12/28/2010 Inflation Update 12/15/2010 Inflation & the “Commodity Supercycle” 12/07/2010 China’s Bubble and Commodities 11/23/2010 Inflating the debt away 11/17/2010 The choice of an 'accounting yardstick’ 11/10/2010 Running faster… in the wrong direction 11/02/2010 The faith-based metal 10/26/2010 China and the Anti-Realists 10/20/2010 Inflation and Treasury Bonds 10/15/2010 The next US banking crisis? 10/04/2010 Can the Fed help the US economy? 09/29/2010 How Hyperinflation Really Happens 09/21/2010 Devaluing the Dollar 09/14/2010 Gold As "Money" 08/24/2010 Approaching the point of recognition? 08/17/2010 Print, baby, print! 08/10/2010 The depression outlook, revisited 08/03/2010 What is gold really worth? 07/27/2010 The Decade Cycle 07/20/2010 Economists don’t understand money 07/14/2010 Re-visiting the “China Story” 06/29/2010 The Bad-Policy Spiral 06/22/2010 Inflation Update 06/15/2010 The promises must be broken 06/07/2010 Articles point to a higher gold price 05/25/2010 The post-bubble recriminations ramp up 05/18/2010 Gold & Silver Update 05/06/2010 Paying people to break windows 04/27/2010 Beware of analysts bearing equations 04/20/2010 Explaining gold price fluctuations 04/13/2010 Long-term bearish on China 03/23/2010 Measuring the Money Supply 03/16/2010 Are rising interest rates bullish or bearish for gold? 03/09/2010 Diverting the blame for "inflation" 03/02/2010 “Peak Gold” Central Banker Confusion 02/23/2010 The "too big to fail" lie (as applied to US banks) 02/16/2010 Monetary Inflation & the Fed’s Exit Strategy 02/02/2010 Gold Stocks vs Gold Bullion 01/19/2010 Interest Rate Manipulation 01/12/2010 Thoughts on Monetary Inflation 12/15/2009 Recognition of the US Inflation Problem 12/08/2009 Dubai, Inflation, and Gold 12/01/2009 Inflating away the debt? Not really 11/24/2009 The stock market’s lengthy topping process 11/10/2009 Why changes in gold production don't matter 11/03/2009 Bank Reserves and Inflation 10/27/2009 The "long run" is a sequence of "short runs" 10/20/2009 Popular Misconceptions 10/13/2009 Gold and Saving 09/29/2009 The "credit-based" monetary system 09/22/2009 Mini Inflation Blow-Off 09/16/2009 Is this the top for the gold sector? 09/08/2009 Gold money vs. the monetary ambitions of governments 09/01/2009 The Inflation Process 08/25/2009 Bank Reserves and Inflation 08/11/2009 Withdrawing the Stimulus 08/10/2009 Paying people to break windows 08/04/2009 Getting some things straight regarding China 07/21/2009 M3’s false signal & the Japan myth 07/20/2009 The coming government debt default 07/07/2009 Inflation: Expectations and Effects 06/23/2009 The Depression Case Reiterated 06/16/2009 The Government Bubble 06/02/2009 Money Confusion & Inflation/Deflation 05/26/2009 Thoughts The Gold Standard, Risk & Speculation 05/19/2009 Why we are gold bulls 05/12/2009 Everyone is wrong, again (except the gold bulls) 05/05/2009 Central planning is back in vogue 04/28/2009 The Effects of Inflation 04/14/2009 Greenspan’s Mistake 04/07/2009 What’s happening on the inflation front? 03/24/2009 Gold The Big Picture 03/17/2009 Market Value, Money & Credit 03/10/2009 Sentiment In the gold, stock & commodity markets 03/03/2009 Depression and Inflation 02/24/2009 Arguments against the depression outlook 02/17/2009 The End of an Era 02/10/2009 The Coming Great Depression 02/03/2009 The Inflation-Deflation Debate 01/27/2009 It's ONLY a gold bull market 01/20/2009 Loan defaults, deflation and bonds 01/13/2009 Bear Market Comparison 01/07/2009 Monetary Delays 01/05/2009 Gold stocks during the 1930s 12/16/2008 The next bubble to burst 12/09/2008 Deflation and Counterfeiting 12/02/2008 Increasing Instability 11/25/2008 Political Pragmatism/Evaporating Wealth 11/18/2008 Gold: Is there a valid bearish argument? 11/11/2008 The "Paradox of Thrift" 11/04/2008 Commodities Long-term outlook 10/28/2008 Inflation Watch 10/21/2008 Trying to get something for nothing 10/13/2008 Financial Crisis will soon abate, Real Crisis will soon begin 10/07/2008 Inflation's New Upward Trend 09/23/2008 Disastrous Policies 09/16/2008 The Real Interest Rate 09/09/2008 Bernanke has kept his helicopters grounded... 09/02/2008 Gold Supply and Demand 08/29/2008 The Coming Deflation Scare 08/19/2008 Gold and the Money Supply 08/12/2008 The US$ and the Gold Sector 08/05/2008 Natural Gas Weekly Market Update 07/29/2008 The difference between good money & bad money 07/22/2008 Money, Credit, Inflation & Deflation 07/15/2008 Gold Stocks The '1973 model' 07/10/2008 Government Spending and Inflation 07/01/2008 The 1973 Model 06/17/2008 Returning to gold money 06/03/2008 The Stock Market's Secular Trend 05/27/2008 Monetary Stuff 05/20/2008 Bonds and Interest Rates 05/13/2008 Gold versus Industrial Commodities 04/29/2008 Credit Contraction, Economic Bust... 04/22/2008 The Decade Cycle 04/15/2008 Commodities: The topping process continues 04/01/2008 Is the Fed deflating? 03/18/2008 Stagflation & other misconceptions 03/11/2008 Gold Stock Scenarios 02/26/2008 ...a manic-depressive mob 02/19/2008 Gold stocks vs gold bullion: the pressure builds 02/05/2008 The sub-par performance of gold stocks 01/29/2008 A Stock Market Bottom 01/23/2008 Bad Economics 01/15/2008 Gold Sector Update: No speculative froth, yet 01/08/2008 Elephants and Market Stabilisers 01/02/2008 Industrial Commodities Update 12/18/2007 What to do about gold stocks? 12/14/2007 China's Currency Problem 12/04/2007 Exploration-Stage Gold Stocks 11/27/2007 Industrial Metals in Nominal & Real Terms 11/20/2007 Which market is wrong? 11/13/2007 Stock Market Notes 11/06/2007 Economic Confidence... 10/23/2007 The "Secular Bear" Thesis Revisited 10/16/2007 Commodities and the Crack-Up Boom 10/09/2007 Fed rate cuts and the US$ 10/03/2007 Gold Risks The COT & the Dollar 09/25/2007 Not a good time to be a govt price fixer 09/18/2007 Inflation: not a monetary phenomenon after all? 09/11/2007 Gold and the Fed 09/04/2007 Random thoughts on stocks, debt, gold 08/28/2007 Thoughts: Currencies & the Gold/Silver Ratio 08/21/2007 Stock Market: Looking forwards by looking backwards 08/14/2007 Inflation and the Base Metals 08/07/2007 Gold and Gold Stocks 07/30/2007 The Long-Term Bond Bear 07/17/2007 More thoughts... 07/10/2007 The Commodity "Super Cycle" 07/03/2007 A logical inconsistency... 06/26/2007 Some stuff about gold... 06/19/2007 Cutting Through the Bull 06/12/2007 The Bearish Bond Divergence 05/29/2007 Equities, Inflation and Gold 05/22/2007 Why the US$ will rally 05/15/2007 The Yen Carry Trade 05/08/2007 Currencies and Equities 05/01/2007 Gold Stocks' Leverage (or lack thereof) 04/24/2007 The Bond Bear 04/17/2007 Focus on the disease, not the symptom 04/10/2007 Is the Fed privately owned? Does it matter? 04/02/2007 Analysing the Gold Sector's Performance 03/27/2007 A sustained or momentary liquidity contraction? 03/20/2007 Stocks, Commodities & Inflation 03/13/2007 Silver versus Gold 03/02/2007 Sometimes it actually is different 02/20/2007 Inflation's non-uniform modus operandi 02/14/2007 The Dollar-Gold Relationship 02/06/2007 Stock Market Outlook 2007 01/30/2007 The Current Account Diversion 01/23/2007 Short-term Interest Rates & the US Stock Market 01/17/2007 Confusing the effects of inflation with real improvement 01/11/2007 Natural Gas Update 01/09/2007 How fast will S&P500 earnings grow? 12/18/2006 The 'Strong' Yuan 12/12/2006 The Globalisation of Finance 12/05/2006 The Stock Market: Warning Shots & Spin 11/28/2006 A reason to like gold/A reason to dislike... 11/21/2006 Are rising interest rates bullish or bearish for gold? 11/14/2006 Debunking "growth leads to higher prices"... 11/07/2006 Growth Causes Inflation? 11/01/2006 Markets about to turn the screws on the Fed? 10/24/2006 Inflation, Manipulation, Long-Term Mkt Trends 10/19/2006 Playing a Rebound in the Oil Sector 10/10/2006 Base Metals and Manipulation Theories 09/26/2006 Gold Stock Cycles 09/19/2006 The coming industrial metals downturn 09/12/2006 A Strange Inverse Relationship 09/05/2006 The Gold-Oil Relationship 08/29/2006 Out-of-the-box thoughts on the yield curve 08/15/2006 The Main Flaw in the Deflation Case, pt 2 07/25/2006 Gold versus Silver and the US$ 07/18/2006 The Main Flaw in the Deflation Case 07/11/2006 US$ Fundamentals... 07/04/2006 Gold versus Other Markets 06/20/2006 Why do we have taxation? 06/13/2006 Gold Sector Review 05/30/2006 Stock Market: Valuation, Real Performance, Warning Shot 05/23/2006 Understanding the Gold Bull 05/16/2006 Can you profit from a falling US$ by buying... 05/03/2006 Gold versus Oil 04/25/2006 Gold's Message 04/18/2006 Interest Rates 04/07/2006 Intermediate-term outlook for the US stock market 04/04/2006 Is the US following Japan's path? 03/28/2006 Problems With Price Indices 03/21/2006 The Non-Stop Inflation 03/17/2006 The long-term dollar bear 03/08/2006 Iran and Oil 02/22/2006 The Silver Versus Gold Debate 02/14/2006 The World's Most Misleading Words 02/10/2006 China and Gold 02/06/2006 The End Game 01/18/2006 Gold Sentiment 01/09/2006 Gold's Missing Monetary Premium (part 2) 12/30/2005 The Fed's Biggest Fear 12/19/2005 Boom/Bust Cycles 12/09/2005 The most important chart in the financial world 11/30/2005 The Dollar and the Current Account 11/22/2005 Silver versus Gold 11/15/2005 Inflation: What, Why and How 11/05/2005 The Bernanke Fed 10/28/2005 The long and the short of it 10/18/2005 Inflation, Inflation Expectations & the Dollar 10/04/2005 Gold Stocks versus Oil Stocks 09/23/2005 Houses and Commodities 08/25/2005 Gold's missing monetary premium 08/09/2005 Gold and Terrorism 07/26/2005 The Golden Constant 07/19/2005 Inflation Expectations 07/12/2005 The Bond Story 06/30/2005 Gold versus Oil 06/24/2005 Pegging to Gold and a 100% Gold Standard 06/17/2005 Euro Negativity 06/03/2005 The Dollar Rally: Parallels with the late-1980s 05/27/2005 Inflation & Deflation: Definitions explained 05/18/2005 The Counter-Cyclical Nature of Gold Stocks 05/10/2005 Gold and Deflation, Part 2 04/27/2005 Gold versus Commodities 04/19/2005 Gold and Deflation 04/12/2005 The Coming Deflation Scare 04/07/2005 Gold versus Commodities 03/16/2005 High-Confidence Views 03/04/2005 Commodities and Gold 02/22/2005 The Secular Trend 02/01/2005 The best money for long-term investors 01/18/2005 It's a matter of confidence 01/10/2005 The Coming Deflation Scare 01/04/2005 Why should the dollar rally? 12/17/2004 The US dollar, asset markets & current account 11/30/2004 A positive case for the stock market? 11/24/2004 Why the US$ is likely to rise 11/19/2004 Stock Market: Why this year has not been simple 11/09/2004 Thoughts on Interest Rates 10/21/2004 Big Picture Stuff 10/11/2004 Gold Stock Seasonality 10/01/2004 Managing Inflation Expectations 09/22/2004 Bonds and 'flatio 09/16/2004 More thoughts on the "synthetic dollar short" theory 09/02/2004 Gold versus Silver 08/12/2004 Why hold gold stocks at all? 07/29/2004 Gold and the Dollar 07/16/2004 Gold and Interest Rates 06/30/2004 Investment Success & the Long-Term Gold Bull 06/23/2004 Gold stocks, the yield-spread & the 'Hedge Fund Economy' 06/15/2004 The Secular Stock Market Trend 05/19/2004 The Deflation Threat/More Thoughts on Gold... 05/11/2004 The Stock Market, Gold & Interest Rates 04/26/2004 The US$ Short Position 04/21/2004 Stock market 'on the edge' 04/05/2004 The relationship between the dollar & the current account 03/26/2004 Bonds and Deflation 03/15/2004 Silver, Deflation, Gold & Bonds 03/02/2004 Dollar Fundamentals & Non-US$ Commodity Prices 02/21/2004 A brief look at cycles 01/30/2004 Gold Sector Update 12/29/2003 The Gold Sector 12/05/2003 Interest Rates and Oil 11/21/2003 The long-term dollar bear 11/14/2003 Why the Fed will have to hike