How NOT to

think about
Gold
Your field guide for navigating the gold
market like a pro
Congratulations!
You’re about to level up your knowledge of gold and silver. You’re well on your way to
gaining a solid understanding of these often misunderstood markets. This guide will help
you avoid the most common and costly mistakes investors make when they think about gold
and silver.

Without any further ado, let’s go through the most common wrong ways to think about gold.

The Most Common Wrong Ways to Think About Gold

1. Changes in Money Supply and Inflation

2. Changes in Interest Rates
3. Annual Mining Production and Retail Sales Figures
4. The Smart Money/Famous Buyer Fallacy
5. The Dollar’s Imminent Collapse
6. Price Manipulation Theories
7. The Gold Rumor Mill
8. Technical Analysis Fortune Telling

We’ll take each of these in turn, before presenting our approach on the right ways
think about gold. If you’re one who prefers to skip to the end, be our guest!

1. Changes in Money Supply and Inflation

Here’s a graph of the US money supply (M2), and the gold price.

It’s quite popular for this chart to be trotted out with a headline that reads, “The
only chart you need to understand the gold price!”

Quite popular, and quite wrong.

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Before we even get into why it’s wrong, it’s offensive when someone attempts to claim
that one picture or factoid is all you need to know. We encourage you to seek out
more knowledge.

At first glance, one should already be skeptical on grounds that correlation is not
causation.

The Fed has almost never stopped increasing the money supply, and yet the price of
gold has gone up, down, and sideways. For example, from 1980 to the early 2000’s
the gold price languished, while the M2 measure of money supply increased from
$1.4 trillion to over $5 trillion.[1] That’s a 300% increase in the money supply,
against a 57% decrease in the price of gold.[2]

From October 2012 to October 2018 the same thing happened. The money supply
grew 40% while the gold price fell 30%[3]

Underneath the Numbers

We must recognize that there is no economic mechanism which requires the
recipients of newly-issued dollars to bid up the price of gold. Dollars can bid on
anything: cryptocurrencies, housing, tech stocks, you name it. Or nothing at all.

In fact, because dollars are borrowed into existence, this creates a powerful and
durable demand for dollars, because dollars are necessary to service the debt. This is
one of many perverse ironies in the perverse dollar system. Nevertheless, its effect is
often, perversely, to strengthen the dollar against other currencies and goods.

To learn more about how a strong dollar can coincide with a rising
gold price, watch this interview with our CEO.

The idea that more dollars --> higher prices is a relic of the Quantity Theory of
Money. A theory that we have debunked time and time again. Despite its popularity
and continued use in mainstream economics, it belongs atop the ash heap of wrong
ideas right next to the geocentric model of the universe and flat Earth view.

What About Inflation?

Similarly popular is the
notion that gold rises and
falls with inflation, as
measured by the Consumer
Price Index (CPI).

Similarly popular and

similarly wrong.

Gold and CPI do not have a

1:1 relationship.

[1] Source Fred Data from Feb 1, 1980 to Feb 1, 2001. https://fred.stlouisfed.org/series/M2SL
[2] Source Fred Data from Feb 1, 1980 to Feb 1, 2001 and LBMA Gold Price Data from October 1980 to October 2001.
https://www.lbma.org.uk/prices-and-data/precious-metal-prices#/
[3] Same as above using data from October 2012 to October 2018

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As you can see, there are periods where inflation rises and gold falls and vice versa.

The most recent bout of inflation, which was the highest on record in over 40 years,
should be enough to blow this theory out of the water. How did the gold price perform
in that period? It was largely stagnant.

With due apologies to Milton Friedman, inflation is NOT everywhere a monetary

phenomenon. There are non-monetary forces that can drive inflation higher.
Examples we’ve chronicled include: lockdown whiplash, trade wars and tariffs, war in
Ukraine, useless ingredients, and green energy regulation.

Those who think gold must rise with inflation must prove a causal connection
between the price of gold and that list. (Hint, there isn’t any.)

Ah! But the CPI is a flawed measurement of inflation, you say!

We heartily agree. But this doesn’t really change anything.

Gold is a hedge. It’s not necessarily an “inflation” hedge, based on the conventional
and wrong definition of inflation. If you use a more precise definition of inflation, then
gold remains the best and only inflation hedge there is.

TL;DR
One should never trade based on what the Fed has done (increased the quantity of
dollars), is doing (increasing the quantity of dollars), or will do (increase it some
more). The ever-increasing quantity of dollars is not what drives the gold price.

Additional reading and resources:

Inflation and Gold, What Gives?
Why Isn’t Gold Going Up with Inflation?
Transitory Inflation and Useless Ingredients
Ukraine and the Next Wave of Inflation, Part I
Episode 37: The Dollar Milkshake Theory, Explained
Episode 50: Has the Dollar Milkshake Spilled, or Just Begun?
Why Invest in Gold if the Dollar is Strong?
Inflation’s Inconvenient Complexities Part I
Inflation’s Inconvenient Complexities Part II

2. Changes in Interest Rates

Another commonly touted theory is that gold follows
interest rates in some fashion. This one is tricky. In a
sense, there is a link–the lower the return on dollars, the
lower the opportunity cost to own gold. We explore that
relationship in greater depth elsewhere. Here, we focus
on the spurious connections to interest rates and gold
that get tossed around as gospel.

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There are three typical connections made between gold and interest rates.

1. Nominal Interest Rates

2. Real Interest Rates
3. TIPS (Treasury Inflation Protected Securities)

Gold and Nominal Interest Rates

The basic refrain is when interest rates fall, gold will rise, and vice versa. What does
the data say?

Not so fast! There are periods when gold price rise when interest rates rise. There
are also periods when they fall together. And then there’s that pesky 20-year period
where the gold price just goes sideways while interest rates continue their descent.

But hope springs eternal for proponents of this idea. Don’t look at nominal rates they
say, you have to look at “real” rates!

What about Real Interest Rates and Gold?

Before we get into it, allow us a brief tangent.

There is an actual rate at which actual lenders actually lend actual dollars to actual
borrowers. Most days, the government conducts billions of dollars of transactions at
this rate. Private parties conduct billions more.

In keeping with the Orwellian character of our era, conventional economics has
decided to call this observed actual price in the actual market, the nominal rate. Not
the real rate.

What’s the real rate, you ask?

The real rate is an abstraction, constructed upon false premises, about what
constitutes inflation (it’s the nominal rate minus CPI). It’s used in precisely zero
actual transactions.

Ok, now we’re ready for real interest rates and gold. Behold the graph:

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Monetary Metals How NOT to think about GOLD

Once again, the data just doesn’t match the hype. While there are periods where a
relationship seems to exist, other periods show that relationship breaking down.

TIPS and the Gold Price

The data speaks for itself, with regards to the relationship between TIPS and the
price of gold.

It’s all over the place! It’s not immediately clear what correlation there is, if any.
There are periods on the chart where:

1. Gold is rising while TIPS move sideways

2. TIPS fall and gold rises
3. TIPS rise and gold falls
4. TIPS fall and gold falls
5. TIPS rise and gold rises

That covers every possible combination! The conclusion is clear.

TL;DR
There is a connection between interest rates and gold but it’s neither simple nor
predictive. Interest rates, whether they be nominal, real, or TIPS, cannot be used to
anticipate movements in the gold price.

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Additional reading and resources:

Interest Rates Cannot Go Up or for Long
Episode 35: Evidence Based Wealth
100% of Mainstream Interest Rate Theory is Wrong
Monetary Metals Gold Outlook Report 2018

3. Annual Mine Production and Retail Sales Numbers

Our third fallacy examines how conventional commodity
analysis fails to apply to gold.

Annual Mine Production

It’s common to see annual mine production figures cited as a reason for gold’s price
to go up or down. The problem with this analysis is that it’s focused on the proverbial
drop in the bucket.

According to the World Gold Council, as of 2021, the total above-ground stock of
gold is estimated to be 205,238 tons. We believe this understates the reality, perhaps
by a large multiple. People have been hiding gold from their acquisitive governments
and nosy neighbors for thousands of years. Gold has always been the sort of thing
that most people would rather keep quiet about. It defies any systematic inventorying
process.

Annual mine production has averaged 3,572 [4] tons per year over the past five
years. That’s about 1.7% of the total above ground stock estimated by the WGC. In
other words, it would take 58 years at current production levels just to produce the
same amount of gold as is now stockpiled. This is called the stocks to flows ratio. In
gold, this ratio is 58 years. In regular commodities, it’s measured in months. We don’t
stock wheat and oil for that long, for obvious reasons. Not even iron, lumber, or other
durable materials are stocked this long.

Conclusion: If annual gold mining is 1.7% of total gold inventories, then small
changes within that 1.7% will have virtually zero impact on the gold price.

Retail Coin Sales Numbers

“The US MINT has SOLD OUT of Eagles!!!”

How many times have you seen that headline?

Countless times, for us.

How many times has this had an impact on the price direction of gold or silver?

ZERO.

Retail coin sales, and the premiums associated with purchasing those coins, are not
what moves the market for gold and silver. Here’s why.

Premiums reflect the supply and demand dynamics for specific retail products, such
as American Eagles or Canadian Maple Leafs. They do NOT reflect the supply and

[4] Source World Gold Council Supply and Demand Statistics

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 Monetary Metals How NOT to think about GOLD

demand dynamics of the global bullion market for gold and silver.

It’s popular to juxtapose high retail product premiums with the drop in price, on days
when the price falls. Advocates of this idea go so far as to say that the retail
premiums on coins are the true market price for gold and silver. Silver isn’t the
$24.18/oz you see on your screen, it’s the $37.99/oz you have to pay your local
bullion dealer for silver eagles.

Monetary Metals offers investors the ability to arbitrage the elevated premiums in
the retail coin market, while earning a yield on your metal, paid in metal.
Please contact us if you’re interested.

We liken this to the idea that if the price of a mocha latte in Midtown Manhattan goes
up, then the price of a 37,500 pound lot of coffee in Jakarta must be up as well.

Manufacturing capacity for products such as coins is limited and inelastic. The fact
that the US MINT is constantly “selling out” is evidence of this. They could have
expanded capacity years ago, (and might have, were they a private enterprise
working for profit), but they have not. If retail demand surges, it will pull product out
of the distribution channel. But after that, the price of coins has to surge to match
demand to the supply.

This says nothing about the global bullion market, which does not deal in 1-ounce
coins. Just as the global coffee market does not deal in mocha lattes.
The global bullion market deals in 1,000oz silver bars, and 400oz, 100oz, and
kilogram gold bars. It’s worth noting that Monetary Metals could buy as many of
these as we wanted during the pandemic.

Persistent retail demand for 1oz minted coins does pull gold and silver from the
global bullion market. It’s akin to sucking water from a 1,000 gallon tank with a
straw. In other words, this isn’t what’s driving precious metals prices.

TL;DR
Retail coins are a small part of the global market for gold and silver and therefore not
reliable for anticipating future price trends. Annual mine production is also
insignificant because of gold’s stocks to flow ratio, which is measured in decades.

Additional reading and resources:

The Truth About the Silver Squeeze
Episode 20: The So-Called Silver Squeeze

4. The Smart Money/Famous Buyer Fallacy

A popular trope for predicting price moves is to tout a well-known
buyer. It could be a famous investor like Ray Dalio, a government
institution like the Central Bank of Ireland, or a high profile company
like Palantir.

These are large market participants. Consequently, their purchases are also large,
typically tons at a time. The size of the purchase, and the notoriety of the buyer, play

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tricks on the average investor’s mind, tilting it towards bullishness. In fact, it’s a
documented form of cognitive bias based on authority.

“If those guys are buying, then surely the price will go up, right?!?!”

Wrong.

The cold, wet blanket truth is that for every buyer there’s a seller. For all the reasons
buyers are buying, there are equal and opposite reasons sellers are selling.

Whenever you read about a “big transaction” we encourage you to look closely at
how it's described. Is there any mention of bid and offer? There is quite a difference
between an urgent seller hitting a buyer’s bid and an urgent buyer taking the offer
price.

Another helpful exercise is to restate the transaction using the passive voice. Active
voice reads differently than the passive voice. For example, “China bought 10 million
ounces of gold” vs “10 million ounces were sold to China.” The two phrases read
quite differently, even though the transaction is identical.

Finally, remember that Big Famous Buyers can be wrong, and often are. Even if a Big
Famous Buyer urgently hits the offer, it does not tell you that the price of gold or
silver will rise tomorrow. There were many Big Famous Buyers between 2011 and
2018, when the gold price fell.

TL;DR
Big Famous Buyers in the front windshield may appear larger and more significant
than they really are in the rear-view mirror. These stories are often a thinly veiled
attempt at promoting a bullish bias.

Additional reading and resources:

Rising Fundamentals of Gold and Silver
The Precious Metals Rumor Mill

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5. The Dollar's Imminent Collapse

We’ve now arrived at the most pervasive fallacy–the idea
that the dollar is sustained by nothing more than
misguided faith. A pin could, at any moment, prick the
dollar bubble and precipitate a total dollar collapse.
Therefore, the Federal Reserve must suppress everything
that looks like a pin!

We have lost track of the number of prominent people who have published a hard date
for some currency catastrophe to occur. These dates have all come and gone. Some
“experts” have predicted dozens of scenarios of imminent hyperinflation in the past
few decades. The dollar not only remains, but is still the king of the currency hill.

Our view is that the dollar is indeed dying, but not via the white-hot thermonuclear
blast of hyperinflation. It is by the cold drowning, when even a strong swimmer,
exhausted, slips below the waves at sea. It is not going to die when “the sheeple wake
up,” or due to some meeting of the G20, or a declaration from the IMF or Brazil,
Russia, India, China (the BRICs). That’s just not how it works.

The dollar is terminal, yet it enjoys sustained demand due to the proliferation, and
systemic necessity, of dollar-denominated debt throughout the developed (and
developing) economic world. This is underappreciated, underdiscussed, and
something that every gold investor needs to be acutely aware of. Gold is the only
remedy to the dollar’s fatal cancer, but not in the way most people think.

Approaching gold with the idea that the dollar is going to collapse any day now is
unhelpful. It confuses long-term holders and causes traders to make costly mistakes.

TL;DR
Although all the fiat currencies are failing, most are failing slowly. The dollar is the
strongest relative to all the other paper currencies, and likely to get stronger before
it dies. No other paper currency comes remotely close to being able to replace the
dollar. Purveyors of dollar destruction are correct in the long run, but wrong in the
short and medium term. This is not a coherent way to analyze gold and silver prices.

Additional reading and resources:

The Heat Death of the Economic Universe
The Theory of Interest and Prices in Paper Currency
Marginal Productivity of Debt
Gold Bonds to Avert Financial Armageddon
The Dollar Cancer and the Gold Cure

6. Price Manipulation Theories

Why hasn’t gold skyrocketed to $10,000/oz? Because it’s
suppressed.

We have written a lot to debunk claims of price manipulation. And we have been called
many names in the process. But name calling is not cogent analysis.

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Our seminal work in this area is here: Thoughtful Disagreement with Ted Butler. So
far, our argument and our data have gone unanswered by him or anyone else.

The most common version of manipulationism is the claim that banks are short selling
futures naked. Our chief rebuttal to this idea is that this short selling would show up in
the data as backwardation.

It would also cause expiring contracts to move in the opposite direction than they do.
When each contract expires, someone who is naked short would have to buy it with
urgency. If there really were a massive naked short position, there would be a buying
frenzy and the expiring contract would be bid up higher relative to the spot price. In
other words, the basis would rise.

The reality—and we show a graph of every expiring contract back to 1996 in our
analysis—is just the opposite.

The basis is falling.

We’ll conclude with a warning. Conspiracy theories of a manipulated gold price do not
serve the gold investment community. They are a harmful distraction, tarnish gold’s
reputation, and hinder adoption. Most people want nothing to do with an asset that
the government wants to suppress and has the power to do so at will. Instead of
championing all the right reasons to own gold, energy is sucked into a black hole of
continuous tilting at windmills, while breeding hate, mistrust, and self-destructive
cynicism.

TL;DR
Not only is there zero evidence of widespread, coordinated attempts to manipulate
gold and silver prices, but the theories themselves do not hold up to basic scrutiny.
The empirical data, which we show in our 20+ year analysis, soundly contradicts
their claims. Go down these rabbit holes at your own peril. They lead nowhere good.

Additional reading and resources:

Thoughtful Disagreement with Ted Butler
Open Letter to GATA
Gold Price Smashdown vs Gold on Fire

7. The Gold Rumor Mill

The headline reads, “Moscow Standard to Topple LBMA’s
Monopoly in Precious Metals Pricing”.

Wow! Is this it?! The gold revaluation we’ve all been waiting
for?!
Finally, a venue where we can sell our gold at its true price…how does $50,000
sound, eh?

Not so fast.

This is the Gold Rumor Mill at work, promising all sorts of market miracles like the
fabled “new exchange” which will “reprice” gold.

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Basic market theory teaches that if the price in Moscow were higher than the price in
London and New York, it would attract all the sellers. But buyers would stay away.
Thus, the idea of a market which prices higher than another one is unworkable. Like a
magnetic monopole, it is missing one of two required sides.
Not to mention Russian capital controls, US sanctions, currency exchange risks, and
other legal barriers to business which would hamper any promised new exchanges.

New exchanges are one kind of rumor, let’s look at another popular one.

Gold-backed currencies
The soon-to-be-introduced gold-backed ruble, or gold-petro-yuan surface regularly.
These imagined currencies, which are pegged to a commodity such as oil or gold, are
supposed to dethrone the dollar and simultaneously reprice gold.

We sympathize with the desire of a return to a gold standard, but this is not the way
to do it. We pay a yield on gold, in gold. Pegging a fiat currency to a commodity is
simply a price-fixing scheme. It is an iron law of economics that price-fixing schemes
do not work. This law brooks no exceptions, even for gold.

These stories offer no theory of how bank notes are issued when gold is deposited.
Since all extant bank notes today began life as irredeemable credit, it would be
impossible for a government to retroactively declare them to be redeemable in gold.
We don’t just mean that it wouldn’t work (it wouldn’t). We mean that an irredeemable
bank deposit is a separate thing from gold.

Gresham’s Law would descend. Whichever had the lower market value, the official
government currency or the amount of gold it was declared to be worth, would
circulate (i.e., the currency). And the other (i.e., the gold) would not. Runs on the bank
would accelerate until the central bank ran out of gold or dishonored its promise.

A gold standard isn’t created or defined by having some determined ratio of paper
currency to gold. This attempts to reverse cause and effect, as in a ratio of street
wetness to rain.

There is a way for governments to bring back a gold standard, but it’s not via price
fixing. For those who want to self-start their own personal gold standard, consider
Monetary Metals. You can open an account and start earning interest on your gold,
paid in gold, today.

TL;DR
The gold rumor mill produces nothing-burgers masquerading as something-burgers.
Examples include supposed shortages of metal, Indian import demand, China’s
“unofficial” buying, oil priced in gold, the BRICs replacing the dollar, and “the great
currency reset.” Put your thinking cap on. Serious analysis of gold and silver does
not incorporate nothing-burgers.

Additional reading and resources:

Can Russia Enact a New Gold Standard?
Oil, the Ruble, and Gold Walk Into a Bar
Poof! Goes the Gold Ruble

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The Russian Propaganda is Coming

The Great Reset

8. Technical Analysis Fortune Telling

Technical analysis attempts to use past price movements to predict future prices.
That sentence alone should give you pause.

Yet, technical analysis is commonplace in markets today. It has some serious flaws,
despite its widespread use.

First, it’s probabilistic. Ultimately, there is no way to know if a particular price move
will follow the chart pattern you see on the screen. There is no certainty. And when it
does work, it is often because of self-fulfilling expectations. Since all traders have
access to the same charts and the same chart-reading theories. They can buy or sell
en masse when the chart signals them to do so.

Second, it is fraught with false positives. Since seemingly any pattern can be found in
a completely random set of market data, it is easy and tempting to find patterns
where none really exist.

Third, there isn’t uniformity. The fact that agreed-upon indicators, like a cup-and-
handle, are not agreed upon by all technical analysts is another sign that the analysis
is arbitrary. Indicators become an excuse for the traders' biases.

Even if agreed-upon definitions for technical indicators did exist, their discovery would
harm the effectiveness of the indicator. If everyone knows what you know, what edge
do you have against everyone else?

As with any kind of

analysis, we observe that
when it turns out to be
correct in one instance, it
gets a greater share of
the hype. People forget,
or ignore, all the times it
didn’t work before.

Technical analysis of bitcoin in the early days of its bull market.

TL;DR
Technical analysis may be a tool for active traders, but for the average investor, its
benefit is dubious. Caveat emptor.

Additional reading and resources:

Technical vs Fundamental Report
Why Technical Analysis Doesn’t Work

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That wraps up the eight most common ways NOT to think about gold. Let’s close by offering
thoughts on the right ways to think about gold.

How we think about gold

Gold Doesn't Need False Theories
Gold doesn’t need false theories for why to own it. The real reasons are sufficient.

For a false theory to be plausible, it must have some kernel of truth in it. Otherwise,
most people will dismiss it out of hand.

What’s the kernel of truth that most of the false theories, and non-theories, contain?

The dollar is a problem, a BIG problem.

This is unequivocally true. And it’s the number one reason why you should own gold.
Not because its price will do this or that in the short term. Rather, because the dollar
is terminal, and owning gold is the best way to protect yourself against its eventual,
but impossible-to-predict, demise.

This is why we give the same advice every year in our annual Gold Outlook report.

“To anyone who does not yet own gold or silver, you should own some, period. Without
regard to price.”

Simple, but things get complicated when you realize that the dollar failing is not an
investment thesis. It’s not a trade you can put on. Yet many hucksters would have you
try and do just that, à la “How to Profit from the Coming Dollar Collapse.” This is the
favorite angle of gold promoters.

Newsflash: there is NO profit to be made from a dollar collapse!

Dollar collapse is financial Armageddon. It’s the collapse of centuries of capital

accumulation. It’s more akin to the fall of Rome than to a tradeable event like the
stock market crash in 2008.

Profit?! You would be lucky to survive such an event. And, after, you may wish you
hadn’t.

So, what is one to do?

There’s a whole lot of life left in the dollar, and a whole lot of financial decisions you
have to make for you and your family between now and then.

You bought gold, now what?

Is anyone working on a solution? Is anyone building an alternative to the failing dollar

system?

We are and we have answers.

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Our Solution
Our solution to this dilemma is simple. Once you understand it, everything becomes
much clearer. What is it?

Gold is money.

That’s it.

Simple, but not easy! This requires a huge paradigm shift, even for the so-called
goldbugs! Most goldbugs still think in dollar terms. They price their gold, wealth, and
everything else in dollars. This is to treat the dollar as money, and everything else as
“not money.”

To flip this on its head requires a serious discussion.

In the first instance, if gold is money, then what’s the dollar?

The dollar is a small slice of the US government’s debt. It is a promise to pay, though
it comes with a disclaimer that says the promise will never be honored. The dollar is
credit, whose quality is falling.

Next, it turns the idea of the gold price inside out.

The Paradigm Shift

We don’t look at it as most people do, that gold is worth $1,900/oz. This is
backwards, upside down, and inside out. If you are in a rowboat, tossing about in
stormy seas, would you say the lighthouse is going up and down? If you have rubbery
gummy bears, would you use them to measure a steel meter stick?

To say gold is worth $1,900/oz is like saying your steel meter stick is 143 gummy
bears long. Instead, we insist that the dollar is worth 16.37 milligrams of gold. This is
not merely semantics. It is a paradigm shift—easy to say, but harder to get your head
around. The advantage of this perspective is that you can see the market much more
clearly.

We do this, by the way, and publish our charts for free on a 24-hour basis.

Building Wealth in Gold

If gold is money, then building real wealth means acquiring more gold, not just more
dollars.

We do this, too! We offer products that provide a yield on gold, paid in gold. Clients
from all over the world deposit their gold with Monetary Metals and earn anywhere
from 2% to as much as 19% in gold. Our clients end up with more gold than when
they started. In other words, they end up wealthier.

But it’s not just about building our clients’ wealth. It’s about building a viable
alternative to the failing dollar system. Our Gold Fixed Income products are a bridge
to that new system. They are the alternative. Since we’ve unlocked the productivity of
gold, anyone, anywhere can start their own personal gold standard. You can own

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gold, deposit gold, and earn a return on gold. And we’re adding more features, and
more opportunities, all the time.

Monetary Metals isn’t the only way to earn a gain on gold, of course. You can trade
silver for gold or use leverage (standard warnings apply).

Regardless of whether you become a Monetary Metals client or not, we recommend

everyone get into the habit of calculating their net worth, and measuring profit and
loss, in gold ounces. This is the only reliable way to measure a gain (or loss) of wealth.

How to Analyze Gold and Silver Prices

Finally, if gold is money, then analyzing gold and silver prices requires a different
approach than the conventional commodity analysis of big banks, the traditional
theories of mainstream economists, and the non-theories of the charlatans.

This, too, is something we do. Our unique analysis of gold and silver markets treats
gold and silver with the due monetary care that they deserve. It’s our response to all
the false theories and wrong analyses you’ve read about in this paper. It’s our attempt
at a better way to think about, and analyze, price movements in gold and silver. We’ve
published an introduction to our analysis and you can subscribe for free.

Thank you for reading! We hope you enjoyed this guide and found it useful.
As always, there’s much more to read about on our website at monetary-metals.com.
Check out these additional resources you may find helpful as well.

Earn Interest on Gold

Learn how you can start earning interest on gold and silver
through Monetary Metals' Gold Fixed Income Products

The Case for Gold Yield in Investment Portfolios The New Way to Hold Gold
See how adding gold with yield to a balanced portfolio reduces How to Monetary Metals' products stack up to
volatility, increases returns, and improves key metrics, using the competition? Read this free guide to find
data going all the way back to 1972. out!

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www.monetary-metals.com
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