US Money Supply and the Demand For Gold (September 1997)
There is no limit to the amount by which the purchasing power of the dollar can be eroded. The widespread realisation that this erosion is taking place will result in a large increase in the monetary demand for gold, and consequently the price of gold.

Gold Versus the Dollar (December 1997)
The entire US financial system is based on confidence - the confidence of foreign investors who continue to pour money into US dollar assets, and the confidence of local investors who are betting their life savings on a continued stock market boom. Recent experience in Asia suggests that this extraordinarily high level of confidence in financial assets may be overdone.

Confidence is Everything (February 1998)
The Asian crisis is a natural and inevitable consequence of confidence based money. It is unrealistic to think that such crises will not occur with increased severity and frequency in the future.

Investment Cycles and the Demand for Gold (April 1998)
The incredible bull market in financial assets which has culminated in excessive debt levels and stock market valuations is precariously supported by a web of confidence. At some stage in the near future the pendulum will reach the highest point in its travel (the point of maximum confidence) and begin to reverse direction, causing investment demand to shift from financial assets to physical assets and leading to a re-valuation of gold against the US dollar. Due to the colossal short position which exists in gold and the enormous volume of dollars which have been created during the latter stages of the bull market in financial assets, THIS RE-VALUATION WILL PROBABLY BE DRAMATIC.

Manipulation Taken To Extremes (September 1998)
Governments have always tried to manipulate markets and they have always failed. The reason they fail is that all manipulation distorts the means by which information is transmitted in any market - price.
In Hong Kong, the government's extraordinary attempts at market intervention have no chance of success.

The Tide Has Turned (September 1998)
I expect we will see further weakness in stocks over the coming weeks and that the Fed will react to this situation by injecting a substantial amount of money into the banking system, thus confirming that inflation will once again be chosen as the most palatable option and setting the scene for a rally in commodities.

Inflation - The Choice of Governments Worldwide (January 1999)
When this thing ends in disaster, as it inevitably must, the "fix" will no doubt be to once again inject a huge amount of money into the system. When this happens, some people might even begin to understand the true nature of modern money and decide to buy some gold. Stranger things have happened.

A Monetary System Out of Order (February 1999)
The substantial liquidity stemming from the credit expansion has fueled massive speculation in the US stock market which, in turn, has resulted in share prices which bear absolutely no relationship to the intrinsic values of the underlying businesses. It is therefore fair to say that today's monetary system is out of order.

The Debt Bubble (March 1999)
The expansion of debt has created the liquidity needed to spur the markets to their current unrealistic levels and these levels can only be maintained through a continued expansion of debt. In fact, to prevent a collapse in the bubble of debt that lies beneath the sky-high share prices, the rate at which new debt is created must be continually increased

Gold, Inflation and the Internet (May 1999)
the next cycle will be characterised by a resurgence of gold and gold stocks, and a continuation of the internet stock boom

In Real Terms (June 1999)
In real terms (adjusting for inflation/deflation) the maximum loss this century from a bull market top to a bear market bottom has been around 70%, so it would not be unreasonable to expect the major US share market indices to lose 70% of their real value during the next 3 years. However, don't expect to see the Dow dropping by anything like the 7,000 points that such a decline may suggest at first glance. A large part of the fall will be shielded from public view by the depreciation of the Dollar.

Y2K - Another Perspective (July 1999)
The effects of Y2K on interest rates, the stock market and gold
This discounting mechanism, applied to the Y2K phenomenon, may mean that the negative impact of Y2K on the stock market will be felt prior to 1/1/00. If this is the case and assuming that the actual effects of the Millennium Bug do not exceed the worst projections, the stock market may experience an enormous relief rally during the first half of next year.

Currency Turmoil/Gold Standard (David Tice, August 1999)
Today, most unfortunately, we see a global fiat currency system increasingly lacking credibility. Indeed, we see the lack of a credible "core" as the overriding factor that will ensure failure. With the US credit system completely out of control and a resulting bubble economy, with a structurally weak Europe and the frailty of its cobbled together currency union, and with Japan and Asia anything but financially or economically stable, there is simply no nucleus of strength and stability that can provide a solid anchor for the global financial system.

Who Fed the Tomorrow Eaters? (Sean Corrigan, September 1999)
For all the acres of newsprint expended on glowing talk of the New Paradigm and all the post-hoc musings of the gerontocrat technophile, Greenspan, on the potentialities of the laser beam (sic) and the silicon wafer, economists of the Austrian school cast a more sceptical eye on proceedings. Devotees of von Mises, Hayek and Rothbard would recognise events of the last four years as nothing more than a classic, interventionist, credit expansion and would warn of the inevitable consequences when the process stutters to a halt.

Top Ten Internet Myths (James Cramer, September 1999)
Investment in the Internet has become a joke. There, phew, I said it. I, having made millions of dollars investing in the Net and having spent millions of dollars building a site, am out of the closet -- free at last -- to speak the truth about what really goes on behind the URL.

Money and Debt (JC Lyons, September 1999)
Today's money is debt,
If there is no debt,
There is no money,
In order to increase the money supply,
There must be an increase in debt.

What the President Should Know About Our Monetary System (Larry Parks, September 1999)
The monetary system of the United States is inherently a fraud upon people, both at home and abroad. Essentials of our money are being misrepresented, and crucial information is not being disclosed. The beneficiaries of the fraud are mostly those in the financial sector of the economy, very large corporations, and the politicians they finance. The victims are everybody else, but especially ordinary people who are dependent upon the integrity of our monetary system for their savings, their pensions, and their jobs.

Global Monetary Independence (John Meyer, September 1999)
The European central banks' new gold policy must be viewed as an aggressive escalation in their policy to establish monetary independence. The world has crossed the threshold into a monetary system that will be comprised of three reserve currencies. Gold is no longer to be held hostage to American monetary policy.

Debunking Deflation (Bill Haynes, October 1999)
Investors should plan for massive inflation. The Economist accurately sees "runaway deflation" as more dangerous than inflation. Alan Greenspan, too, knows the dangers of deflation. Over the last five years, the Federal Reserve has steadily increased the money supply. With no gold standard to hold the Fed in check, inflation is inevitable. Plan your investments accordingly. Precious metals should be the foundation of all portfolios.

A Perilous Dollar Standard (Hans Sennholz, December 1999)
The world monetary system is about to change again. It is difficult to foresee the form and structure of the coming order. Clinging to their powers, the monetary authorities of the world will want to repair the old order with restrictions and regulations. But their failure to prevent the numerous crises, which put nearly all countries in serious jeopardy, is casting serious doubt on their credibility and ability.

Gold, Interest Rates and Commodities (Heinrich Leopold, January 2000)
I believe we will see a sudden price spike in raw materials. Gold as the traditional harbinger for such a bull trend is unfortunately tainted as an inflation indicator. This is most probably due to overt price manipulation by Central Banks. Consequently, gold will probably flip-flop, becoming a lagging indicator. Nevertheless. History is testament to the fact that government interventions are rarely successful. Therefore, gold will rise again…faster and farther than in previous bull markets.

Wooden Nickels Float (Paul Hein, February 2000)
The encouraging thing, I suppose, is that when times get tough, people instinctively
prefer to have money they can get their hands on, like cash. The discouraging thing is
that they fail to realize that numbers engraved on bank "notes" are no more valid or
significant than those handwritten or typed on checks. They represent nothing, and
entitle their holders to nothing from the source which issued them. There is, sadly, no
actual money, and the numbers which represent imaginary money are in banks, were
created in banks, and can never leave the banking system.

Commercial Paper (Doug Noland, March 2000)
This commentary provides a superb description of how the supply of money is expanded outside the banking system.

Euro Weakness: It's the Dollar, Stupid! (Francois Sicart, May 2000)
The dollar is about to weaken. The main question, from an investor’s point of view, is “weaken against what?” It has already lost significant ground against the Japanese yen, which tends to fluctuate based on hard-to-predict technical factors. This leaves the Euro and, possibly, gold as credible alternatives. The first shoe to drop was the improvement in the Euro’s fundamentals, which we described. Don’t look to Europe for the other shoe: it will drop in the United States, with the deflating of unrealistic investors’ expectations.