Central banks

In May, central banks reported adding a net 35t to global gold reserves. This is the second consecutive month of net buying, having recently oscillated between monthly net purchases and sales.

This is the paradox of this unprecedented situation: the collapse of demand is leading speculators to open bearish positions on metals, at the very moment when the energy crisis is threatening available stocks!

As public debt in the eurozone approaches 12 trillion (95.6% of GDP), the single European currency has never been so threatened by structural instabilities. On the one hand, the ECB's key interest rate changes are increasingly inappropriate for such a differentiated monetary union. On the other h...

The massive money creation in the 2000s has led to a debt and asset bubble, which is about to burst. Investors will be shocked by the speed of the decline and won’t react before it is too late. The massive money creation by central and commercial banks in this century has resulted in a growth of...

What if the fight against stagflation is only just beginning? Gold is the safe haven asset par excellence in case stagflation takes hold, especially since the supply of physical gold is decreasing.

To cope with historically high inflation, central banks are gradually ending "free money." The era of abundant liquidity seems over. But for how long? The consequences of a normalization of monetary policies are already being felt in the markets. However, monetary institutions do not seem to be r...

On Sunday the Biden admin alongside the G-7 announced that they will ban Russian gold imports to "further impose financial costs on Moscow for its invasion of Ukraine."

With most asset classes falling rapidly, the world is now approaching calamities of a proportion not seen before in history. What few investors realise is that this is the mere beginning. Before this bear market is over, the world will see 75-90% falls of stocks, bonds and other assets. For the f...

Much like the 1940s, many developed market central banks are trapped. They can’t raise interest rates persistently higher than the prevailing inflation rate, and instead are stuck with slowly moving interest rates up, jawboning forward guidance, yield curve control, and trying to inflate some of...

Historically, the European and North American economies have been closely linked. The figures show comparable growth rates and standards of living, even if the United States has always kept a lead over "old Europe". The current crisis, with the return of inflation and the war in Ukraine, crystall...