What Russia Is Doing with Its Gold: a Chronological Account of Recent Events

March 28 2014

Russia has been a net buyer of gold for the past few years. It bought about 77 tons in 2013 and currently holds around 1,042 metric tons in its vaults, making it the eight biggest gold investor of the world. But what will Russia do next with its gold, as the world appears to be on the brink of a renewed cold war?... »

Olav Dirkmaat

What Is Happening in China?

March 21 2014

Chinese banks extended over US$ 15 trillion in loans (140% of Chinese GDP) over the past five years. Yet credit in itself is not an evil; when it’s backed by savings it only represents a certain amount of unclaimed resources, which can now be used in production. Our societies thrive on credit. It is indispensable in almost every walk of life and it was perhaps even the catalyst that freed th... »

Olav Dirkmaat

The Great Unwinding of Chinas Credit Bubble

March 14 2014

China is heading for short-term disaster. For years it embarked upon a tremendous credit expansion which led to a miscoordination of scarce resources, especially in housing. Now the Chinese credit bubble is quickly unravelling, exactly as the Austrian business cycle would indicate. I warned that a... »

Olav Dirkmaat

The Political Tug-of-War and Higher Gold Prices: Russia, Ukraine, Europe & the US

March 7 2014

The recent upheaval in Ukraine and the subsequent intervention by Russia almost escalated into a whopping international conflict, after Obama threatened president Putin with “economic isolation” (trade sanctions). It was yet another clash between the US and Russia on the political stage, after Putin earlier outsmarted Obama on Syria with a rarely seen publicity stunt — Putin wrot... »

Olav Dirkmaat

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