Growth in global gold mine supply over a 35-year period (1990 to 2024e), we estimate to be at around 2.1% CAGR.  This can be spilt into two distinct periods, largely driven by the prevailing gold price. Over the 15-years from January 1990 to June 2005, the gold price rose a

J.P. Morgan in his testimony before Congress famously stated that “Gold is money. Everything else is credit.” To demonstrate the truth behind that statement, we have mapped out various currency depreciations over time, the USD, GBP and CHF covering a 56-year period from 1968; and China from 1994. Despite disparate

How significant is this recent rally in the gold price? To answer that question - we have plotted annualised nominal and CPI adjusted gold price (US$/oz) from 1968 up to the present. Before 1975 the price of gold was effectively mandated.  Order (No. 6102) signed by President Roosevelt (1933) forbade

They say history doesn’t repeat itself, but it certainly rhymes. Not unlike the 1920’s, we too reside in an era of technological disruption, work from home, including machine learning, the IoT, automation, robotics and AI. Likewise, the explosion of credit, the ability to buy fractional shares using margin borrowing

We argue that the real copper price has barely moved in 20 years - current spot price is within 9% (in real terms) of what it traded back in 2006. In nominal terms, the current commodity remains within 15% of prices last seen 17 years ago. Every investment bank

BHP has walked away from the Anglo deal - unsurprisingly, everything has a price, we feel on balance, it was the right decision. What did surprise us, was commentariat suggesting how amateur their takeover attempt was, and that BHP should have upped their Offer. Despite the fact that AAL

US corporate profits (US$Bn) on a quarterly basis (left) versus S&P Market (US$Tn) (right) to Dec 2023.  Although profitability is starting to ascend rapidly, there remains a massive disconnected between it and that of the collective S&P mkt cap.; which is in turn, dominated by just seven stocks (~26%). We