Markets

Focuses on the economic forces shaping metal prices, including real rates, inflation, credit cycles, cost curves, and the mechanics of global supply and demand.

Markets

Sep 27, 2026

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2 min read

Dollar Reserves at a 31-Year Low

Central banks are selling what they used to trust.

Markets

Sep 25, 2026

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3 min read

Treasury Broke Its Own Schedule

The bond market reversed. The metal didn't.

Markets

Sep 24, 2026

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4 min read

Gold Jewelry's Longest Streak Ended

The cost gap is written into policy through December 2027.

Markets

Sep 19, 2026

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4 min read

The Gold Supply No One Can Buy

It moves from the mine to the vault without touching a market.

Markets

Sep 16, 2026

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2 min read

What Gold Producers Stopped Selling

The fastest-growing mining region is locking the vault door.

Markets

Sep 13, 2026

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2 min read

Why the IMF Won't Sell Its Gold

2,814 tonnes sitting in vaults since 2010.

Markets

Sep 8, 2026

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3 min read

Why Gold Costs 16% More in Japan

Buyers in Tokyo paid what delivery was actually worth.

Markets

Sep 5, 2026

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2 min read

What's Replacing Treasuries in Reserves

It tracked Treasury yields for 20 years, then went silent.

Markets

Sep 3, 2026

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4 min read

What $14B in Treasuries Couldn't Fix

Three crises, three drawdowns, three rebuilds.

Markets

Aug 29, 2026

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2 min read

Gold's First Lead Since 1996

Reserve managers now hold more metal than US government debt.

Markets

Aug 22, 2026

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3 min read

The Borrower Bidding on Its Own Debt

It's 0.54% of what they need to borrow this quarter.

Markets

Aug 15, 2026

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3 min read

$3.2T in Gold No One Mined

Central banks watched the price rise and wrote a bigger number.

Markets

Aug 13, 2026

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3 min read

The IMF Redefined Gold Risk

The IMF published a warning no one followed.

Markets

Aug 8, 2026

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3 min read

What China Is Building Around Gold

Four of five clearing banks are already inside the new system.

Markets

Aug 4, 2026

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4 min read

What Just Overtook U.S. Treasuries

The first time since 1996. Central banks made the switch quietly.

Markets

Aug 1, 2026

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3 min read

What $300B Taught Gold Buyers

One weekend in 2022 rewrote the rules of custody.

Markets

Jul 25, 2026

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3 min read

The Gold Shortage No One Reported

Six fund houses stopped taking money the same month.

Markets

Jul 22, 2026

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3 min read

China Bought Gold 20 Months Straight

They kept adding while everyone else was selling.

Markets

Jul 18, 2026

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3 min read

When Gold Last Outranked Treasuries

38% gave the same answer in writing.

Markets

Jul 12, 2026

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3 min read

$2.8 Billion a Day in Interest Alone

Each payment is borrowed, then charged interest itself.

Markets

Jul 5, 2026

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3 min read

The Fed's 22% Miss in 90 Days

Negative real rates drove a 2,300% move last time.

Markets

Jun 28, 2026

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3 min read

The IOUs Inside Social Security

The government wrote every one of them to itself.

Markets

Jun 27, 2026

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3 min read

The Fed's $3.2 Trillion Math Error

The dot plot just broke every deficit projection for the next decade.

Markets

Jun 25, 2026

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3 min read

What the CPI Missed by 2.3 Points

Every stage of production is running hotter than the one below it.

Markets

Jun 21, 2026

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3 min read

What 44% of the Deficit Pays For

Almost half the deficit just covers old borrowing.