Steven Saville Blog | Talkmarkets | Page 1
Contributor's Links: The Speculative Investor

I graduated from the University of Western Australia in 1984 with a degree in electronic engineering and from 1984 until 1998 worked in the commercial construction industry as an engineer, a project manager and an operations manager. 

I began investing in the stock market 2 ... more


Latest Posts
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Gold Generally Does What It Is Supposed To Do
The gold market is manipulated. However, anyone who believes that manipulation of the gold market is an important influence on major gold-price trends does not understand the true fundamental drivers of the gold price.
Misconceptions About US Bank Reserves
Bank reserves are a throwback to a time when the amount of receipts for money (gold) that could be issued by a bank was limited by the amount of money (gold) the bank held in reserve.
No Confirmation Of A Gold Bull Market, Yet
The ‘true fundamentals’ began shifting in gold’s favor in October of last year and by early-December, the fundamental backdrop was gold-bullish for the first time in almost a year.
The Japanese Government Is Still Pegging The Gold Price
Gold trades like a safe haven because in part that’s what it is.
The Fed Unwittingly Will Continue To Tighten
The Fed probably will implement another 0.25% rate hike this week, but at the same time, it probably will signal either an indefinite pause in its rate-hiking or a slowing of its rate-hiking pace.
The Fundamental Backdrop Turns Bullish For Gold… Almost
As economic confidence declines, credit spreads widen and gold strengthens relative to other commodities.
The Cost Of Government Debt Is Immediate
When the government goes further into debt the biggest problem isn’t that it places a burden on future generations since the debt will never be repaid anyway.
Gold Inflation
Over the past 70 years the annual rate of gold inflation has almost always been between 1.5% and 2.0% and has never strayed far from the 1.5%-2.0% range.
The Stocks-Bonds Interplay
It’s normal for the stock market to ignore a rising interest-rate trend for a long time.
Revisiting The Age-Old Relationship Between Interest Rates And Prices
There is an age-old relationship between prices and interest rates that Keynesian economists have called a paradox (“Gibson’s Paradox”).
Credit Spreads And The Stock Market
Credit spreads have a strong tendency to widen ahead of equity bear markets. It could be different this time, but right now I can’t think of a good reason why it should be different.
The Ultimate Financial Crisis Will Be Inflationary
The ultimate financial crisis will have to be inflationary, because deflation scares provide ‘justification’ for central bank money-pumping and thus enable the long-term credit expansion to continue with only minor interruptions.
The Battle Between Bearish Fundamentals And Bullish Sentiment Continues
The fundamental backdrop is always shifting, so the fact that it is gold-bearish right now doesn’t mean that it will remain so for a long time to come.
Five Years Is A Long Time To Be Wrong
Sentiment has been consistent with a bull market top for the bulk of the past five years, but there is still no evidence in the price action that the bull market has ended.
There Will Be Warnings
Short-term stock market risk is high, but there are no warning signs that a financial crisis is brewing or that a stock market crash is a realistic short-term possibility.
The Myth Of Gold-Stock Leverage
When the financial/banking system appears to be in trouble and/or economic confidence is on the decline, the perceived value of equities and corporate bonds decreases and the perceived value of gold-related investments increases.
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