Insightful Commentary

“Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system.” – Andrew Mellon

Fast forward 90 years: “…with this much debt in the system, global central banks are painfully aware that, from a balance sheet perspective, the only two possibilities to recalibrate debt levels back towards productive underlying output are default or debasement — and central bankers will always do everything in their power to avoid debt deflation. Gold’s unique portfolio utility is that it is possibly the only investment asset that can provide protection in both scenarios.” Peter Grosskopf

Was yesterday’s ISM an unmitigated disaster? Calculated Risk

Valuation and perspective by Jill Mislinski. A deeper dive by John Hussman.

Chairman Powell’s mid cycle adjustment explained by Danielle DiMartino Booth.

Gold’s Outlook for 2020 by Alasdair Macleod.

“Aspects discussed in this report include gold’s monetary history over the past 150 years, the world’s current monetary system, the supply and demand factors of the gold market as well as the structure of the gold market itself, financial market manipulation and market efficiency, cycles analysis as well as the geopolitics around gold. The report examines all of these subjects individually after which these aspects are used to form a reliable and thorough market analysis.” Sam Laakso