Blog
Algorithms, Confidence Games and the Fragility of Big Narratives
Every era has its preferred prophets. In the 1920s it was journalists urging households to buy stocks on margin. More recently it was the cryptocurrency evangelists who promised a future where you could buy bitcoin or a banana with the same keystroke. Today we have traded tarot cards for algorithms and convinced ourselves that the […]
Kintsugi and the Cracks in the Financial System
In Japan, when a finely made bowl is broken, it is not discarded or hidden away. It is repaired with lacquer mixed with gold powder, the seams left visible and gleaming. The practice is known as Kintsugi, or “golden joinery”, and it transforms what was once considered ruined into something of even greater worth. The […]
Can you Trust the Rising Price of Gold and Silver?
Gold and silver prices are climbing again, reaching three-week highs overnight as traders digest signs that the U.S. government shutdown may finally be ending. December gold traded around $4,146, while silver crossed $50, extending Monday’s strong rally. Markets are reading this as more than a relief bounce. A government reopening would restart the flow of key U.S. […]
The Madness of Money
There was a time when the word “millionaire” carried a certain weight. It described an achievement that was unusual, almost mythical. Today, it is the inevitable outcome of rising house prices, easy credit, and years of quietly compounding inflation. To own a modest property in a decent postcode is, in many cases, enough to join […]
The New Gold War: Why Countries Are Fighting Back
Gold prices declined again early today, following a shift in tone from Federal Reserve Chair Jerome Powell. Although the Federal Open Market Committee lowered interest rates by 0.25 percent as expected, Powell cautioned against assuming further cuts this year. A December move, he said, is “far from a foregone conclusion.” That comment pushed Treasury yields […]
Friday Read: Everything Else Is a Promise
Jan Skoyles and I have been discussing an idea that has shaped much of our recent work, and it is one that grows more relevant as each new crisis unfolds. The modern financial world, for all its complexity, rests on a very simple foundation. Almost every form of wealth today is a promise. Gold and […]
Gold and Silver: The Great Liquidity Squeeze
Gold is recovering after one of its hardest drops in years. At the time of writing, prices are up $62 to about $4,126/oz, while silver has climbed $1.25 to $48.93/oz. Platinum jumped 6.4% in London to $1,646/oz, its biggest move since 2020, as traders rushed to secure physical metal. Oil is also rising. U.S. crude […]
This is REALLY why Central Banks want all the gold
Gold has been experiencing some volatility these last few days. After surging above $4,350 an ounce earlier this week, the metal has since retreated to below $4,150. Silver is now trading closer to $48. Such wide intraday swings are a clear sign that this is not an ordinary market phase but one defined by uncertainty […]
The Signal in Gold’s Rally: Lessons from History and Professor Ferguson
This week I listened to a podcast featuring Professor Niall Ferguson, the financial historian whose understanding of the past often sheds light on the present. As ever, it was interesting to hear another perspective on what is happening in markets, particularly from someone with such a deep sense of economic history. Much of what he […]
