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October 3, 2023
By The Economist For a while, after the end of the cold war, it […]
September 30, 2023
By CARLA NORRLÖF Measuring dollar dominance requires a closer look at the many […]
September 30, 2023
By Ancient Origins In the 1600s, before Bitcoin and cryptocurrencies, Europe experienced a […]
September 27, 2023
By Quoth the Raven “Probably the first bond market to crack up will […]
September 16, 2023
By Peter Schiff Most people think everything is fine. The Fed is getting […]
September 15, 2023
By Katharina Buchholz The de-dollarization of the world economy has been thrust back into […]
September 15, 2023
Russia and the Saudis are driving up oil and diesel prices. But these […]
September 14, 2023
By Rich Miller US policymakers led by Federal Reserve Chair Jerome Powell have been […]
September 13, 2023
2023.09.13 It was exactly six months ago when the US regional banking crisis […]
September 13, 2023
By Winifred Amase According to the World Bank, global seaport trade traffic reached […]
September 12, 2023
By Barry Eichengreen Whether the dollar retains its global role will depend not […]
September 8, 2023
2023.09.08 A while ago, we insinuated that the Federal Reserve may just be […]
September 8, 2023
2023.09.08 不久前，我们暗示美联储可能能够实现其传说中的“软着陆”，而从目前美国经济的发展情况来看，这一预测看起来相当精明。 正如我们在之前的文章中详述的那样，线索一直存在：作为经济活动很大一部分驱动力的美国大公司正在赚取巨额利润，这意味着更高的就业率和消费者的可支配收入。 仅仅通过提高价格来适应通胀主题，不断上升的利率除了提高利润外什么也没做。事实上，利息支付占税后利润的百分比实际上处于 60 年来的最低水平！因此，标普 500 指数收复了 2022 年熊市一半以上的损失也就不足为奇了，而且正如华尔街所声称的那样，现在正处于牛市。 正如我们之前多次讨论过的，央行不能仅仅因为无力承担而继续加息（请注意，目前美国联邦债务的年度支付额为 32.6 万亿美元，即将达到 […]
September 8, 2023
By Goehring & Rozencwajg Commodities and related natural resource markets were broadly weak […]
September 6, 2023
2023.07.28 For over a year now, the financial talking heads have been discussing […]
September 6, 2023
2023.09.06 Mining — like any other sector — has experienced its fair share […]
September 6, 2023
2023.09.06 与任何其他行业一样，采矿业在过去十年中也经历了相当多的问题，影响了其整体声誉和效率。 现在面临着为全球能源转型提供足够矿物的艰巨挑战，该行业必须深入挖掘——无论是字面上还是隐喻上——以提高其绩效。 但问题的根源是多方面的，阻力来自各个方面。关键问题包括全球技能短缺、环境和人权问题以及资金的可用性和使用。 在这些问题得到解决之前，采矿业的价值将无法最大化，并且该行业可能在未来十年遭受同样的命运。 下面，我们将探讨采矿业长期可持续发展的每一个主要障碍，以及该行业已经（或尚未）采取哪些措施来减轻这些风险。 关键技能差距 采矿业面临的最大挑战之一是劳动力老龄化和后继人才缺乏造成的技能差距日益扩大。 科罗拉多矿业学院研究和技术转让副总裁沃尔特·科潘 (Walter Copan) 表示，采矿业正面临着严重的技能差距，再加上即将到来的预期退休人数方面的所谓“灰色海啸”，情况更加严重。 德勤今年早些时候发布的一项研究显示，近 […]
September 5, 2023
By Felix Richter Some of the world’s leading car makers are among the exhibitors […]
September 5, 2023
By Quoth the Raven Yet while mildly “bad news” may be “good news” (or may not be, as stocks […]
September 4, 2023
2023.09.04 Scandals involving industrial metals are becoming a common occurrence, and it appears […]
September 4, 2023
2023.09.04 涉及工业金属的丑闻正在变得司空见惯，而且似乎没有采取任何措施来阻止此类事件一次又一次发生。 本周，欧洲最大的铜生产商 Aurubis 发现其库存中缺少价值数百万美元的废金属，成为最新的受害者。该公司认为，失踪金属的背后是供应商和员工之间的阴谋，目的是操纵其回收业务中的废金属原木，该业务原定于 9 月底结束。 该公司本身并不开采矿石，而是购买大量含铜废料，从近乎全新的制造边角料到旧电缆、管道和电子电路板。然后，它每天加工数千吨这些材料以生产精炼金属。 其网站称该公司从“30 多个采矿合作伙伴和一些贸易商”采购金属精矿。 “我们目前所知的是，我们的一些回收供应商似乎操纵了他们向我们提供的原材料的细节，他们一直在与我们采样部门的员工合作，向我们隐瞒短缺情况，” 投资者关系和企业沟通副总裁安吉拉·塞德勒 (Angela […]
September 1, 2023
By Goehring & Rozencwajg Gold is no different than any other asset class: […]
August 31, 2023
By Felix Richter The number of job openings in the United States continued […]
August 30, 2023
2023.08.30 The US officially has a debt problem, in the present and in […]
August 30, 2023
2023.08.30 美国目前以及未来都正式存在债务问题。截止到目前，美国的国债总额略低于 33 万亿美元，占国内生产总值（GDP）的 122％！然而，更大的问题在于其增长速度，导致利息支付不断膨胀。 根据国会预算办公室（CBO）的预测，未来 30 年的利息支付将达到约 71 万亿美元，并在 2053 年占据所有联邦收入的 35％。 […]
August 28, 2023
By Daniel Lacalle The summit of the so-called BRICS (Brazil, Russia, India, China, and […]
August 27, 2023
By JIM O’NEILL Now that the BRICS (Brazil, Russia, India, China, and South […]
August 27, 2023
By Doug Casey International Man: Since 2020, coups have replaced pro-Western governments in Guinea, […]
August 26, 2023
By Alexander William Salter “Predictions are hard, especially about the future,” the old […]
August 25, 2023
By Schiffgold The national debt has climbed to a staggering $32.7 trillion. In […]
August 23, 2023
By Felix Richter Over the past two decades, the world has witnessed a profound […]
August 17, 2023
2023.08.17 Inequality is one of the most volatile aspects of contemporary society, and […]
August 16, 2023
2023.08.16 Faced with the grim prospect of falling short of our climate targets, […]
August 16, 2023
2023.08.16 面对达不到气候目标的严峻前景，寻找更多实现电气化和脱碳所需的矿物的竞赛变得越来越重要。 提供整个全球能源行业分析和数据的国际能源署 (IEA) 预测，到 2040 年，用于电动汽车和电池存储的矿物需求将增长至少 30 倍。 锂的增长应该是最快的，在可持续发展情景中，需求增长超过 40 倍，其次是石墨、钴和镍（约 20-25 […]
August 11, 2023
2023.08.11 The markets for two of agriculture’s staple crops, rice and wheat, are […]
August 10, 2023
2023.08.10 Global warming has raised the economic status and political importance of critical […]
August 10, 2023
By The Economist Latin America is no stranger to supplying the world with […]
August 9, 2023
By David McKay A DECLINE in the copper price since the beginning of the year […]
August 8, 2023
By Niccolo Conte The push towards a more sustainable future requires various key […]
August 6, 2023
By Dorothy Neufeld Total global debt stands at nearly $305 trillion as of the first […]
August 5, 2023
By Goehring & Rozencwajg Are we in a commodity supercycle? In this episode, Adam […]
August 2, 2023
By Dorothy Neufeld Total global debt stands at nearly $305 trillion as of the first […]
July 27, 2023
2023.07.27 By now, we’ve probably surrendered to the fact that food prices will […]
July 27, 2023
2023.07.27 到目前为止，我们可能已经接受了这样一个事实：世界各地的食品价格将继续变得更加昂贵。 在加拿大，平均食品杂货账单不断上涨。对一些家庭来说，现在已经难以承受。 6 月份，加拿大食品通胀同比增长 9.1%，紧跟 5 月份增长的 9%。 与正在放缓的 2.8% 的总体通胀率相比，食品价格的走势似乎是一个大问题。 加拿大统计局上个月通过 […]
July 24, 2023
By Goehring & Rozencwajg Incredibly, by 2016 commodity prices had sold off to […]
July 20, 2023
2023.07.20 On July 9 the US dollar index (DXY) slipped under 100 for […]
July 20, 2023
By Egon von Greyerz In spite of unprecedented risks in investment markets, for the […]
July 16, 2023
By QUOTH THE RAVEN No better, more reliable forecaster of the US business […]
July 13, 2023
By SCHIFFGOLD One of the singularities of the present time is the American position […]
July 9, 2023
2023.07.09 We are moving into a multipolar reserve-currency world where the dollar will […]
June 18, 2023
Warming temperatures and thawing sea ice could soon allow for the expansion of […]
May 29, 2023
2023.05.29 “How did you go bankrupt?”“Two ways. Gradually, then suddenly.” – Ernest Hemingway, […]
May 25, 2023
By Goehring & Rozencwajg What are the impacts of rising interest rates on […]
May 25, 2023
By Naomi Rovnick and Libby George Rivalry with China, fallout from Russia’s war in Ukraine and […]
May 25, 2023
By The Economist At the end of the cold war America’s president, George H.W. […]
May 24, 2023
2023.05.24 The US national debt is again in the spotlight, as congressional leaders […]
May 24, 2023
By Peter Schiff We saw a big selloff in the gold market last […]
May 24, 2023
By The Economist By failing to raise America’s debt ceiling in time, Congress […]
May 23, 2023
By Felix Richter U.S. consumers are sitting on a historically high pile of debt […]
May 22, 2023
May 18, 2023
By Dorothy Neufeld Every few years the debt ceiling standoff puts the credit […]
May 18, 2023
By Jim O’Neil While investors should never let rules of thumb override financial […]
May 14, 2023
On May 3, Canada’s Parliament passed Bill S-211, the Modern Slavery Act, aimed at […]
May 8, 2023
By Felix Richter Coming off historically low interest rates in the wake of […]
May 5, 2023
2023.05.05 The idea that commodity markets can only yield short-term gains isn’t entirely […]
May 2, 2023
By Bruno Venditti In recent years, commodity prices have reached a 50-year low […]
May 2, 2023
By Quoth the Raven I can sit back and watch those investments hopefully […]
April 30, 2023
By Felix Richter Having proven surprisingly resilient in the face of the Fed’s aggressive […]
April 28, 2023
By Michael Pento First Quarter GDP increased at only a 1.1% seasonally adjusted […]
April 27, 2023
By Paul Joseph Watson With eleven countries having already launched Central Bank Digital […]
April 27, 2023
By James Rickards I’ve said to the military and intelligence community, “I don’t think […]
April 22, 2023
By Julie R. Peasley Can you picture what $31.4 trillion looks like? The […]
April 20, 2023
By Martin Armstrong China’s economy appears to have shaken off the effects of the […]
April 18, 2023
2023.04.18 The days of paying for something with cold, hard cash may be […]
April 18, 2023
用现金支付的时代即将结束了。疫情加速了我们向无现金经济的过渡，如今消费者更喜欢手机银行或数字钱包的便利性。 皮尤研究中心的一项新调查显示，如今，大约 41% 的美国人表示他们在一周内的购物都不是用现金支付的，高于 2018 年的 29% 和 2015 年的 24%。 据加拿大领先的信用卡和借记卡处理公司 Moneris […]
April 14, 2023
By Howard Schneider One more quarter-percentage-point interest rate hike can allow the Federal Reserve […]
April 13, 2023
By Alasdair Macleod Increasing numbers of national governments are abandoning the US sphere […]
April 13, 2023
By Jim O’Neill The fact that a US-excluding group of emerging powers has […]
April 10, 2023
By Patrick Barron The American empire is not enforced by walls with armed […]
April 7, 2023
By Wolf Richter The share of the US-dollar as global reserve currency dropped […]
April 6, 2023
By Katharina Buchholz Bailout amounts provided by China remained quite low in the 2000s […]
April 5, 2023
2023.04.05 According to the Institute of International Finance (IIF), the value of global […]
April 5, 2023
By James Rickards The combination of a recession and an existential financial crisis is extremely rare. […]
April 5, 2023
By Michael Snyder For decades, the U.S. dollar was the undisputed king of […]
April 3, 2023
By Alasdair Macleod How likely is it that the downturn in broad money […]
March 31, 2023
By Anna Golubova Former Goldman Sachs chief economist Jim O’Neill is calling on […]
March 31, 2023
By Nouriel Roubini In the face of high and persistent inflation, recession risks, […]
March 28, 2023
By Felix Richter If there has been one consistent theme in Jerome Powell’s […]
March 28, 2023
By Bruno Venditti The U.S. dollar has dominated global trade and capital flows […]
March 27, 2023
鉴于美元作为世界主要储备货币的作用，美元在全球经济中的重要性不容低估。据估计，多达 90% 的国际贸易涉及美元。 与大宗商品一样，其价值遵循供求规律，随着交易的全天候进行而上升或下降。 十多年来，由于经济和政治因素的汇合一再推高对货币的需求，美元的总体方向有所上升。根据加拿大皇家银行财富管理公司的数据，2022 年底，美元的交易价格甚至比购买力平价衡量的公允价值水平高出 25%。 在 9 月下旬，美元指数触及了 20 年来的最高点，这是真正的长期牛市的标志。 与其它宏观经济指数一样，美元也在周期性波动，因为它反映了美国经济的健康状况。进入 […]
March 27, 2023
2023.03.27 Given its role as the world’s primary reserve currency, the importance of […]
March 27, 2023
By Quoth the Raven The fact is that I just don’t care about […]
March 26, 2023
By DAVID P. GOLDMAN The US banking system is broken. That doesn’t portend more […]
March 23, 2023
By Wolf Richter This is the beginning of spring selling season. So let’s […]
March 23, 2023
By macromon Interest payments on the national debt during the current fiscal year (October […]
March 8, 2023
2023.03.08 Has anybody noticed there is something strange going on in commodities? Whether […]
March 4, 2023
By Andy Home The race for electric vehicle (EV) battery metals is heating […]
March 2, 2023
By Alasdair Macleod Central banks were happy to suppress interest rates, even into […]
February 24, 2023
By Timur Abenov This article explores our latest research into the talent imperative […]