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Today the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically. So after falling […]


This Is What Gold Does In a Currency Crisis

by John Rubino on December 16, 2014 · 767 comments

To say that gold is in a bear market is to misunderstand both gold and markets. Gold isn’t an investment that goes up and down. It is money in the most basic store-of-value sense. Most of the time it just sits there, and when its price changes in local currency terms that says more about […]


China Gives Thanks For Cheap Gold

by John Rubino on November 28, 2013 · 32 comments

Just a quick Thanksgiving morning update on China’s gold imports, which continued at extraordinary levels in October. To put the 131 tonnes in perspective: Until recently there was an agreement in place that limited European central bank gold sales to 400 tonnes per year, because any more than that was seen as disruptive. Now China […]


Bloomberg’s latest report on Chinese gold imports is a great illustration of a journalist’s power to shape a message by highlighting certain data points and downplaying others. Here’s the article: China Gold Imports From Hong Kong Fall on Premium, Slow Demand Gold shipments to China from Hong Kong fell for a second month after the […]


Gold Miners Finally Start to Outperform

by John Rubino on June 3, 2012 · 9 comments

Okay, we get it: gold miners are not the same thing as gold. Mining is a business with all kinds of issues that have nothing to do with the metal’s price. Shafts can cave in, governments can demand contract revisions or nationalize foreign-owned properties, and energy and labor costs can go up faster than revenues. […]


A Tale of Two Gold Miners

by John Rubino on May 1, 2012 · 11 comments

Gold has doubled since 2008, so you’d expect the gold mines that were green-lighted based on those old numbers to be generating massive cash flow by now. Some are. But some aren’t, and the difference, as with so much of life, is execution. Canadian miner Agnico-Eagle, for instance, had a tough 2011, with a mine-related […]


Another Reason to Love the Juniors

by John Rubino on September 27, 2011 · 10 comments

Yes, gold got whacked last week. But that was nothing compared to what happened to the emerging gold miners. On the chart below, the green line is GLD, an ETF that tracks the gold price, and the blue line is GDXJ, an ETF that contains the shares of a representative basket of small, emerging gold […]


Gotta Love Those Juniors

by John Rubino on August 22, 2011 · 28 comments

Gold and silver have been pretty much the best things to own during the past few years. But the mining stocks…not so much. This is no secret, though why the miners are underperforming is a subject of debate. You hear about high energy prices (though oil is way down lately) and potential nationalizations (though most […]


Gold Doesn’t Care About The Stock Market

by John Rubino on July 11, 2011 · 9 comments

Once upon a time, gold and stocks were thought to be inversely correlated. That is, when the market went up, gold would go down, and when the market was down, gold would go up as investors abandoned risky assets for the safety of sound money. Put another way, stocks were for “normal” times and gold […]


Conventional wisdom — backed up by years of observation — states that gold mining shares tend to outperform the underlying metal in good times because they’re “leveraged to the price of gold.” That is, their extraction costs are more-or-less fixed, so when gold rises, most of the increase flows directly a miner’s bottom line, increasing […]


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