Laurent Maurel

On July 27, figures released by the US administration showed GDP up by 2.4%, well above the 2% anticipated by analysts. The U.S. economy seemed to be resisting the sharp rise in interest rates better than expected. But the administration published a terse correction: the increase in GDP was not 2...

With the recent rise in interest rates, demand for credit is collapsing in many sectors of the economy.

US fiscal policy is incompatible with current monetary policy, whose primary objective is to bring down inflation. This incompatibility between fiscal and monetary policy is also the reason for gold's resilience, despite the recent explosion in interest rates and the dollar's rise against the yen.

Against an already tense liquidity backdrop, a new banking stress story emerged this week. The threat of a credit event is likely to support the gold physical demand in the short term.

In the United States, public finances continue to deteriorate. Faced with a weak currency, Japan's central bank is forced to let rates rise. The price of gold in yen broke an all-time record, amid complete media indifference.

The price of gold has rallied in recent days. Not only is the battle against inflation far from won, but the risk of a monetary policy error is also increasing.

Since the introduction of measures enabling banks not to bear bond losses on their balance sheets, the markets have not recorded the slightest correction. We have just witnessed six months of spectacular gains. It's as if the Fed had assured the markets that it would not hesitate to intervene at...

Not only does the US government have to cope with higher loan repayments due to rising rates, but it also has to support an economy that has been amputated by a growing number of consumers who no longer have access to credit due to prohibitive rates.

The US economy continues to send very mixed signals. The number of bankruptcies in the US has risen sharply in recent weeks. Gold prices should have fallen further with weakening Chinese demand and the dollar's Olympic form.

When global debt represents three times world GDP, and given the unfair differences in access to debt, emerging countries suddenly seem to realize the difference between debt and currency.

The U.S. debt crisis has been avoided, but the Treasury must urgently issue an avalanche of very short-term bonds to pay its bills. How much money does the U.S. government need? Initial estimates put the colossal figure at $550 billion, to be found immediately, starting this summer.

After ten consecutive rate hikes, the Fed decided to pause its monetary tightening cycle. However, it has announced that two further rate hikes of 25 basis points are expected between now and the end of the year.

While banks are not in the same situation as in 2008, certain sectors of the economy are beginning to feel the adverse effects of higher rates, and could contribute in the very short term to triggering a credit crunch and a drop in consumption.

The fall in oil prices and the dollar's significant rebound have not led to a significant correction in gold. This came as a surprise to many analysts, who were expecting gold to fall sharply in the face of declining inflation figures. Gold may be telling us that this fall in inflation is only te...

Investors' infatuation with tangible assets and the gradual abandonment of growth stocks is likely to be the theme of late 2023.

It is as if gold and silver are waiting for the resolution of the US debt ceiling talks. In addition to debt risk, the other risk of blowout is now in the U.S. housing market.

The realization of the disconnection between the paper market and physical supply is likely to come very late: it is only when copper reserves are almost exhausted that the importance of physical versus paper will be truly measured. This sudden realization, which will also occur in silver, could...

The banking crisis, which is mainly affecting U.S. regional banks, has deepened this week. The Fed has spent $400 billion to save the banking sector and avoid bank runs. Jerome Powell just announced a pause in the rate hike, but that doesn't mean that the Fed will pivot: high rates will continue...

Without a quick solution to the threat of a payment default, we risk entering a new systemic crisis, this time affecting one of the pillars of the financial system.

Physical silver demand has dramatically skyrocketed. The deficit was barely 50 million ounces last year. This year, the deficit has exploded to 237 Moz. In other words, silver demand exceeds supply by 7,393 tons. A colossal figure!