Category Archive: 6a.) Monetary Metals
How to Fix GDP, Report 14 Jul
Last week, we looked at the idea of a national balance sheet, as a better way to measure the economy than GDP (which is production + destruction). The national balance sheet would take into account both assets and liabilities. If we take on another $1,000,000 debt to buy a $1,000,000 asset, then we have not added any equity.
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Keith Weiner, PhD, CEO & Founder of Monetary Metals
Keith Weiner, PhD, CEO & Founder of Monetary Metals, believes interest rates must go lower to keep interest expense under control and result in a deflationary credit implosion.
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More Squeeze, Less Juice, Report 7 Jul
We have been writing on the flaws in GDP: that it is no measure of the economy, because it looks only at cash and not the balance sheet, and that there are positive feedback loops.
“OK, Mr. Smarty Pants,” you’re thinking (yes, we know you’re thinking this), “if GDP is not a good measure of the economy, then what is?!”
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All this borrowing to consume is unsustainable and the bill is overdue
June has been an interesting month for gold, as geopolitical events, market fluctuations and developments on the monetary policy front fueled an exciting ride for the precious metal. As long-term investors with a strict focus on the big picture, short-term moves and speculative angles are largely irrelevant in and of themselves, but they do provide important signals that, without fail, confirm the strategic superiority of precious metals holdings...
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Keith Weiner Gets Interviewed
Our economic views and unique product are generating buzz. There have been a number of interviews recently (more will be posted soon). Lobo Tiggre interviewed Keith Weiner (video) about the unique Monetary Metals business model to pay interest on gold.
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GDP Begets More GDP (Positive Feedback), Report 30 June
Last week, we discussed the fundamental flaw in GDP. GDP is a perfect tool for central planning tools. But for measuring the economy, not so much. This is because it looks only at cash revenues. It does not look at the balance sheet. It does not take into account capital consumption or debt accumulation. Any Keynesian fool can add to GDP by borrowing to spend. But that is not economic growth.
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What Gets Measures Gets Improved, Report 23 June
Let’s start with Frederic Bastiat’s 170-year old parable of the broken window. A shopkeeper has a broken window. The shopkeeper is, of course, upset at the loss of six francs (0.06oz gold, or about $75). Bastiat discusses a then-popular facile argument: the glass guy is making money (to which all we can say is, “plus ça change, plus c’est la même chose”).
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Gold Bullion International Lease #1 (gold)
Monetary Metals leased silver to Gold Bullion International, to support the growth of its gold jewelry line. The metal is held in the form of inventory in a third party depository.
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The Elephant in the Gold Room, Report 16 June
We will start this off with a pet peeve. Too often, one is reading something about gold. It starts off well enough, discussing problems with the dollar or the bond market or a real estate bubble… and them bam! Buy gold because the dollar is gonna be worthless! That number again is 1-800-BUY-GOLD or we have another 1-800-GOT-GOLD in case the lines on the first number are busy!
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Irredeemable Currency Is a Roach Motel, Report 9 June
In what has become a four-part series, we are looking at the monetary science of China’s potential strategy to nuke the Treasury bond market. In Part I, we gave a list of reasons why selling dollars would hurt China. In Part II we showed that interest rates, being that the dollar is irredeemable, are not subject to bond vigilantes.
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Dollar Supply Creates Dollar Demand, Report 2 June
We have been discussing the impossibility of China nuking the Treasury bond market. We covered a list of challenges China would face. Then last week we showed that there cannot be such a thing as a bond vigilante in an irredeemable currency. Now we want to explore a different path to the same conclusion that China cannot nuke the Treasury bond market.
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The Crime of ‘33, Report 27 May
Last week, we wrote about the impossibility of China nuking the Treasury bond market. Really, this is not about China but mostly about the nature of the dollar and the structure of the monetary system. We showed that there are a whole host of problems with the idea of selling a trillion dollars of Treasurys: Yuan holders are selling yuan to buy dollars, PBOC can’t squander its dollar reserves If it doesn’t buy another currency, it merely tightens...
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China’s Nuclear Option to Sell US Treasurys, Report 19 May
There is a drumbeat pounding on a monetary issue, which is now rising into a crescendo. The issue is: China might sell its holdings of Treasury bonds—well over $1 trillion—and crash the Treasury bond market. Since the interest rate is inverse to the bond price, a crash of the price would be a skyrocket of the rate. The US government would face spiraling costs of servicing its debt, and quickly collapse into bankruptcy.
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The Monetary Cause of Lower Prices, Report 12 May
We have deviated, these past several weeks, from matters monetary. We have written a lot about a nonmonetary driver of higher prices—mandatory useless ingredients. The government forces businesses to put ingredients into their products that consumers don’t know about, and don’t want. These useless ingredients, such as ADA-compliant bathrooms and supply chain tracking, add a lot to the price of every good.
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Nonmonetary Cause of Lower Prices, Report 5 May
Over the past several weeks, we have debunked the idea that purchasing power—i.e. what a dollar can buy—is intrinsic to the currency itself. We have discussed a large non-monetary force that drives up prices. Governments at every level force producers to add useless ingredients, via regulation, taxation, labor law, environmentalism, etc.
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Money Metals Exchange Lease #1 (silver)
Monetary Metals leased silver to Money Metals Exchange, to support the growth of its gold and silver bullion business. The metal is held in the form of inventory in its vault. For more information see Monetary Metals’ press release.
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Monetary Metals Leases Silver to Money Metals Exchange
Monetary Metals® announces that it has leased silver to Money Metals Exchange® to support the growth of its business of selling gold and silver at retail and wholesale. Investors earn 2.2% on their silver, which is held in Money Metals’ vault in the form of silver products.
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The Spreads Blow Out, Update 1 May
The bid-ask spread of both (spot) gold and silver has blown out. Both, on March 1. In gold, the spread had been humming along around 13 cents—gold is the most marketable commodity, and this is the proof, a bid-ask spread around 1bps—until… *BAM!* It explodes to around 35 cents, or two and half times as wide.
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Is Keith Weiner an Iconoclast? Report 28 Apr
We have a postscript to our ongoing discussion of inflation. A reader pointed out that Levis 501 jeans are $39.19 on Amazon (in Keith’s size—Amazon advertises prices as low as $16.31, which we assume is for either a very small size that uses less fabric, or an odd size that isn’t selling). Think of the enormity of this. The jeans were $50 in 1983. After 36 years of relentless inflation (or hot air about inflation), the price is down to $39.31. Down...
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The Two Faces of Inflation, Report 22 Apr
We have a postscript to last week’s article. We said that rising prices today are not due to the dollar going down. It’s not that the dollar buys less. It’s that producers are forced to include more and more ingredients, which are not only useless to the consumer. But even invisible to the consumer. For example, dairy producers must provide ADA-compliant bathrooms to their employees.
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