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The past few years have been brutal for the gold miners, most of which brought it on themselves by starting new, high-cost mines just in time for the metal’s price to crater. The resulting write-downs and operating losses have made this without question the most unloved sector in the whole market. The consensus among analysts […]


Apple’s iWatch and Some Crazy Gold Numbers

by John Rubino on March 3, 2015 · 16 comments

As Apple starts selling its new smart watch there are some, well, crazy-sounding predictions circulating about the amounts of gold the company might soon be buying. The math goes like this: Each gold version of the watch will contain around two ounces, and the company might sell 10 million of them a year, mainly to […]


Gold In A Negative Interest Rate World

by John Rubino on February 12, 2015 · 33 comments

Global capital is looking for a place to hide. But after decades of enthusiastic currency creation and financial engineering, there’s way too much of it for any one country to accommodate. This mismatch between money knocking at the door and available space is leading the handful of remaining safe havens to put up “no vacancy” […]


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 · 786 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 · 33 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 […]


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