Independent Analyst
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Pater Tenebrarum is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 31 years and currently writes economic and market analyses for independent research organizations and a European hedge fund consultancy as well as being ... more


The Corona Virus Epidemic – Going Global
While it appears that the draconian measures taken by China’s government have managed to slow the spread of the infection in the country substantially, the outbreak is accelerating everywhere else.
EC US Stock Market – Sentiment And Positioning
With the central bank printathon currently in full swing again, we prefer to remain agnostic with respect to the question of how much further the bubble can ultimately expand.
Opportunities In The Gold Exploration Sector
ATAC's stock has been in a downtrend for several years. It traded above 70 cents both in 2016 and 2017. If one goes even further back, it traded actually as high as $4.40 in late 2011 when gold peaked.
The Credit Market Powder Keg
By all accounts, credit markets remain on fire. 2019 is already a record year for corporate bond issuance, beating the previous record set in 2017 by a sizable margin.
Repo Market, QE4 (aka Not QE), The Fed And Gold
In the long term, gold is becoming ever more valuable relative to other commodities – the same can evidently not be said of the dollar.
US Money Supply Growth – Bouncing From A 12-Year Low
In August 2019 year-on-year growth of the broad true US money supply (TMS-2) fell to a fresh 12-year low of 1.87%. The 12-month moving average of the growth rate hit a new low for the move as well.


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Latest Posts
Maybe The West Should Adopt Iran’s Nuclear Weapons Policy
With the onset of the democratic age and the idea of “total war” avoiding civilian deaths has tragically fallen by the wayside, the consequence of which has made warfare far more bloody and destructive.

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