Pater Tenebrarum

is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 40 years and currently writes economic and market analyses for independent research organizations and a European hedge fund consultancy as well as being the main author of the Acting Man Blog.



Dr. Frank Shostak

is an Associated Scholar of the Mises Institute. His consulting firm, Applied Austrian School Economics (AASE), provides in-depth assessments and reports of financial markets and global economies. He received his bachelor’s degree from Hebrew University, master’s degree from Witwatersrand University and PhD from Rands Afrikaanse University, and has taught at the University of Pretoria and the Graduate Business School at Witwatersrand University.



Dr. Keith Weiner

is the president of the Gold Standard Institute USA, and CEO of Monetary Metals. Keith is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. Keith is a sought after speaker and regularly writes on economics. He is an Objectivist, and has his PhD from the New Austrian School of Economics. He lives with his wife near Phoenix, Arizona.



Jayant Bhandari

grew up in India. He advises institutional investors on investing in the junior mining industry. He
writes on political, economic and cultural issues for several publications. He is a contributing editor of the Liberty magazine. He runs a yearly seminar in Vancouver titled Capitalism & Morality.



Bill Bonner

founded Agora, Inc in 1978. It has since grown into one of the largest independent newsletter publishing companies in the world. He has also written three New York Times bestselling books, Financial Reckoning Day, Empire of Debt and Mobs, Messiahs and Markets.



MN Gordon

is President and Founder of Direct Expressions LLC, an independent publishing company. He is the Editorial Director and Publisher of the Economic Prism – an E-Newsletter that tries to bring clarity to the muddy waters of economic policy and discusses interesting investment opportunities.



Antonius Aquinas

is an author, lecturer, a contributor to Acting Man, SGT Report, The Burning Platform, Dollar Collapse, The Daily Coin and Zero Hedge. Contact him at antoniusaquinas[at]gmail[dot]com



Claudio Grass

is a Mises Ambassador and an independent precious metals advisor based in Switzerland. He is a proponent of Austrian economic theory and strong advocate of individual liberty and free markets. He helps his clients find tailor-made solutions to trade and store physical precious metals under Swiss law. Web presence: ; email: contact Claudio Grass



Dimitri Speck

specializes in pattern recognition and trading systems development. He founded Seasonax, the company which created the Seasonax app for Bloomberg and Thomson-Reuters systems. He also publishes the website, which features selected seasonal charts for interested investors free of charge. In his book The Gold Cartel (published by Palgrave Macmillan), Dimitri provides a unique perspective on the history of gold price manipulation, government intervention in markets and the vast credit excesses of recent decades. His ground-breaking work on intraday patterns in gold prices was inter alia used by financial supervisors to gather evidence on the manipulation of the old gold and silver fix in London. His commodities trading strategy Stay-C won awards all over Europe and was the best-performing quantitative commodities fund ever listed on a German exchange. For detailed information on the Seasonax app click here.



Ramsey Su

was a real estate broker who specialized in all aspects of foreclosures. His career started during the Volcker era in the early 1980s. In addition to acting as broker for bank owned properties, Ramsey also acted as consultant, court appointed receiver, manager for distressed properties, work outs and as a real estate investment adviser. Currently, Ramsey is an independent analyst, focused on the rapidly changing world of real estate today.



Evil Speculator

created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious market schemes at various social media waterholes (e.g. youtube, facebook, twitter, stocktwits) and of course on



Michael Pollaro

is a retired Investment Banking professional, most recently Chief Operating Officer for the Bank’s Cash Equity Trading Division. He is a passionate free market economist in the Austrian School tradition, a great admirer of the US founding fathers Thomas Jefferson and James Madison and a private investor.



Dan Popescu

is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system. He has followed the gold, silver and foreign exchange markets regularly since 1970. He has a bachelor degree in physics (1993) from Concordia University in Montreal, Canada and has completed the Canadian investment management certificate (1999) of the CSI. He is a member and was the president of the CSTA in 2004 and was also president of the Montreal CFA Society in 2005. He is a member of the CFA Institute, the MTA, NYSSA, UKSIP, the CSTA and the Gold Standard Institute International.



Dr. Tibor R. Machan

has lately been appointed senior fellow at the Heartland Institute (Arlington Heights, IL) and has worked as a Hoover Institution research fellow, was Professor Emeritus, Department of Philosophy, Auburn University, Alabama, and has held the R. C. Hoiles Endowed Chair in Business Ethics and Free Enterprise at the Argyros School of Business & Economics, Chapman University from 1997 to 2014. Smuggled out of Hungary in 1953, Tibor Machan spent three years in Munich and then came to USA and became an academic philosopher after four years in US Air Force. His memoir, The Man Without a Hobby (2006) tells it all. To our deep regret, Tibor Machan passed away on March 24, 2016.



E. F. Vidocq

takes his name in honor of Eugène François Vidocq, the brilliant 18th century French detective who served the Sûreté. He searches between the lines, seeking evidence where it is disguised, parses the words where they are designed to deceive, and seeks merely an enlightened social and investment theater for fair play and the rule of law with equality of application. Well traveled, well versed in the kitchen, a master of the art of single malts, and thoroughly at home on the gun range, we’ve enjoyed his company and his repartee for nearly two decades. He is always a student, rarely a teacher, believing that in each act of discovery there is always something more to be discovered, ad infinitum.



Frank Roellinger

is a retired software engineer who worked for a major computer manufacturer for nearly 34 years. He has been an avid follower of markets for more than 30 years, with a strong preference for technical over fundamental analysis. After observing the results of many different ways to approach markets, he settled upon long-term trend following. He once hoped to develop a mathematically-based model of the stock market, but now sees little point in doing that, as his Modified Davis Method works as well as any other purely mechanical method that he thought he might ever find.



Sid Riggs

is an author at Money Morning. Since 2009, he has served behind the scenes at Money Map Press as Director of Research, analyzing hundreds of securities and profit opportunities for subscribers. He’s an expert in the identification of specific market catalysts with “alpha” potential in a wide variety of industries, but especially the small-cap sector. Sid is also an accomplished drummer and music producer.



David Llewellyn-Smith

blogs as Houses and Holes at MacroBusiness. David is a macroeconomic analyst and former trader. He is the founding publisher and former Global Economy Editor of The Diplomat magazine, now the Asia Pacific’s leading geo-politics and economics website. He is also the co-author of The Great Crash of 2008 with Ross Garnaut and Editor of the Second Garnaut Climate Change Review. He is the Editor-in-chief and Publisher of MacroBusiness.



Caroline Gray

is the Senior Economics Editor at FocusEconomics. She specializes in politics and political economy. She recently completed a PhD on regional financing and nationalist politics in Spain, funded by the Economic and Social Research Council. Previously, she spent three years (2010-2012) reporting on the financial crisis in Spain for government departments and then private sector clients, first as a Political and Economic Officer at the British Embassy in Madrid and subsequently as a financial reporter responsible for covering Spain at a fixed income intelligence service (Debtwire) within the Financial Times Group. She has also worked as a freelance translator (Spanish-English) and copy editor for think tanks on international affairs. She graduated from the University of Oxford with a First Class degree in Modern Languages (French and Spanish).



Robert Blumen

is an independent enterprise software consultant based in San Francisco. Robert has previously published articles from an Austrian School perspective at the Mises Institute, Lew, Financial Sense, Safe Haven and numerous other well known sites dedicated to free market ideas.



Roger Barris

is an American who has lived in Europe for over 20 years, now based in the UK. Although basically retired now, he previously had senior positions at Goldman Sachs, Deutsche Bank, Merrill Lynch and his own firm, initially in structured finance and latterly in principal and fiduciary investing, focussing on real estate. He has a BA in Economics from Bowdoin College (summa cum laude) and an MBA in Finance from the University of Michigan (highest honors).



Helder Mello Guimaraes

is a Brazilian born independent investment consultant. A graduate of the ICMA Centre in Reading (UK), he has worked in financial markets in various capacities since 2001: as a technical analyst, portfolio manager, trading system developer and consultant. He frequently combines fundamental, technical, and statistical analyses to identify opportunities and formulate investment strategies in the main asset classes.



Jim Rickards

is the author of the international bestsellers Currency Wars and The Death of Money: The Coming Collapse of the International Monetary System. He is the editor of Jim Rickards’ Strategic Intelligence and portfolio manager at the West Shore Fund. During his career, Jim has held senior positions at Citibank, Long Term Capital Management and Caxton Associates.



Dominique Dassault

is a 26 year veteran of the institutional capital markets. Her experiences reach from hedge fund portfolio management to private asset capital management and institutional equity sales. She lives in the United States of America.



Chris Hamilton

worked in project management for Nike and adidas in the US and as an expat in Asia and Europe. Chris has now shifted gears and written a book detailing the mechanics of our current Ponzi, Fundamentally Flawed, and managing a blog, econimica.blogspot.



John Hathaway

CFA, Senior Portfolio Manager, joined Tocqueville in 1997. He co-manages the Tocqueville Gold Fund (TGLDX). In addition, he manages separate accounts with a gold equity mandate including the Falcon Gold Fund, the Falcon Gold UCITS Fund, Tocqueville Gold Amerique (FCP), a sovereign wealth fund, and various separate accounts for family offices and government entities. Prior to joining Tocqueville, Mr. Hathaway co-founded and managed Hudson Capital Advisors followed by seven years with Oak Hall Advisors as the Chief Investment Officer in 1986. In 1976, he joined the investment advisory firm David J. Greene and Company, where he became a Partner. Mr. Hathaway began his investment career in 1970 as a research analyst with Spencer Trask & Co. Mr. Hathaway graduated from Harvard College in 1963 (B.A.) and from the University of Virginia Business School in 1967 (M.B.A). He also holds the CFA designation.



Natalie Vein

is an economist with an MSc in media and communications and has worked as a strategy consultant in commercial marketing campaigns as well as political and charity fundraising.



Dirk Steinhoff

is the Chief Investment Officer of BFI Capital Group, a Swiss wealth management group with offices in Switzerland and Hong Kong. Prior to joining BFI in 2007, Mr. Steinhoff had acted as an independent asset manager for over 15 years. Furthermore, he successfully founded and built two companies in the realm of infrastructure and real estate management. Mr. Steinhoff is a regular contributor to international investment newsletters and websites, as well as a featured speaker at financial seminars around the world. He holds a Bachelor´s and Master´s degree in Civil Engineering and Business Administration, magna cum laude, from the University of Technology in Berlin, Germany.



Michael Lombardi

is a founder of Lombardi Publishing Corporation and the lead columnist for Profit Confidential, a daily financial opinion news site. He is author of numerous columns covering topics such as economic policy, investment, the stock market, real estate, monetary policy and finance, as well as books and economic journal articles.



Frank R. Suess

is the CEO & Chairman of BFI Capital Group, a Swiss-based wealth management firm. Mr. Suess heads up the BFI group of companies and personally advises a select group of BFI’s high net-worth investors and families around the world. An advocate of free-market principles and Austrian economics, he regularly speaks and writes on global economic, geo-political and financial matters and is the chief editor of Mountain Vision. Prior to heading up BFI, Mr. Suess held a senior management position with Price Waterhouse in Zurich, Switzerland. After being raised and educated in Switzerland until the age of 21, Mr. Suess obtained a Bachelor´s degree in Finance from Saint Mary´s College, Moraga, CA, USA and an MBA from the Haas School of Business, UC Berkeley, CA, USA.



Rick Ackerman

– a former PSE market maker and San Francisco Examiner columnist. Barron’s once labeled him an “intrepid trader”. Rick’s professional background includes 12 years as a market maker on the floor of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader. His detailed strategies for stocks, options, and indexes have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders.Rick Ackerman is the editor of Rick’s Picks and a partner in Blue Fin Financial LLC, a trading firm.



Charles de Trenck

– After spending too many years studying everything from Chinese language to philosophy and business, Charles spent over 20 years in a public role covering China and Asia — and later transport. In the 1990s, Charles did mostly China equities work, followed by transport banking. By the 2000s Charles was covering global shipping for Salomon Smith Barney, and by the time the name changed to Citi Investment Research, Charles had helped get the team to a #1 ranking — mostly by telling the truth about transport markets and overvaluations in equities pre GFC.



Philippe Herlin

is a researcher in finance and a doctor in economics of the Conservatoire National des Arts et Métiers in Paris. A proponent of extreme-risk thinkers like Benoît Mandelbrot and Nassim Taleb, and of the Austrian School of Economics, he will be bringing his own views on the actual crisis, the Eurozone, the public debts and the banking system. Having written a book on gold that has become a reference (L’or, un placement d’avenir, Eyrolles 2012), he wishes to see gold play a growing role in our economies, all the way to its full re-monetization.



Nick Laird

opened up in 1998 & has spent the last 16 years making charts & collating data. He has been saving, storing & collecting all facets on gold for the last 3 decades & has built up a huge collection. He is a one man show doing all the hosting, web page design & installation plus chart & database creation. He also supplies charts & data-feeds to a number of other gold themed websites. In the late 1990’s he was very active on the Kitco Gold Forum & later on the Long Wave forums. Since mid 2005 he have pulled away from any public interaction with forums and now spends all his time collecting & collating data & making charts & new web pages.



Egon Von Greyerz

is a board member of Goldbroker and founder and managing partner of Matterhorn Asset Management AG (MAM) and GoldSwitzerland, Egon Von Greyerz joined the board of in 2012. Egon von Greyerz started his working life in Geneva as a banker and thereafter spent 17 years as Finance Director and Executive Vice-Chairman of Dixons Group Plc. Since the 1990s EvG has been actively involved with financial investment activities including Mergers and Acquisitions and Asset allocation consultancy for private family funds. This led to the creation of MAM in 1998, an asset management company based on wealth preservation principles. EvG makes regular media appearances (CNBC, BBC…) and speaks at investment conferences around the world. EvG forecasted the current present problems in the world economy well over 10 years ago. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system.



Fabrice Drouin Ristori

is a French investor and entrepreneur who has been a specialist of the gold and silver markets since 2008. He is the CEO of, which he founded in 2011.



Dr. Jim Walker

is the founder and chief economist of Asianomics Limited, an economic research and consultancy company formed in late 2007 and serving the fund management industry. He is also the owner of Forensic Asia, a bottom-up corporate research company which concentrates on financial stress and balance sheet health, and Chart Asia, a technical analysis unit which primarily focuses on trends in Asian stocks and markets. Prior to establishing Asianomics in December 2007 he was the chief economist at CLSA Asia-Pacific Markets. He joined CLSA in late 1991. Over the years Dr Jim achieved numerous ‘best economist’ rankings in the Asiamoney, Institutional Investor and Greenwich surveys of fund managers. Before coming to Asia, he worked in his native Scotland as a research fellow at the Fraser of Allander Institute for Research on the Scottish Economy, and then at The Royal Bank of Scotland’s Edinburgh headquarters. He holds a Bachelor of Arts Honours degree and a doctorate in economics from the University of Strathclyde, Glasgow



Eric Schreiber

is an independent asset manager and former head of commodities UBP, as well as former head of precious metals Credit Suisse Zurich. All views expressed are his and may not reflect those of his former employers.



Chris Hunter

is Editorial Director at Bonner & Partners.



Dear Readers!

You may have noticed that our so-called “semiannual” funding drive, which started sometime in the summer if memory serves, has seamlessly segued into the winter. In fact, the year is almost over! We assure you this is not merely evidence of our chutzpa; rather, it is indicative of the fact that ad income still needs to be supplemented in order to support upkeep of the site. Naturally, the traditional benefits that can be spontaneously triggered by donations to this site remain operative regardless of the season - ranging from a boost to general well-being/happiness (inter alia featuring improved sleep & appetite), children including you in their songs, up to the likely allotment of privileges in the afterlife, etc., etc., but the Christmas season is probably an especially propitious time to cross our palms with silver. A special thank you to all readers who have already chipped in, your generosity is greatly appreciated. Regardless of that, we are honored by everybody's readership and hope we have managed to add a little value to your life.    

Bitcoin address: 12vB2LeWQNjWh59tyfWw23ySqJ9kTfJifA


Most read in the last 20 days:

  • US Stock Market: Conspicuous Similarities with 1929, 1987 and Japan in 1990
      Stretched to the Limit There are good reasons to suspect that the bull market in US equities has been stretched to the limit. These include inter alia: high fundamental valuation levels, as e.g. illustrated by the Shiller P/E ratio (a.k.a. “CAPE”/ cyclically adjusted P/E); rising interest rates; and the maturity of the advance.   The end of an era - a little review of the mother of modern crash patterns, the 1929 debacle. In hindsight it is both a bit scary and sad, in...
  • A Giant Ouija Board - Precious Metals Supply and Demand Report
      Object of Speculation The prices of the metals fell last week, $22 and $0.24 respectively. It’s an odd thing, isn’t it? Each group of traders knows how gold “should” react to a particular type of news. But they all want the same thing — they want gold to go up. And when it doesn’t, many hesitate to buy. Or even sell. This is why speculation cannot set a stable price (I’m talking to you, bitcoiners).   Everybody wants gold to grow wings. Unfortunately it's rather...
  • How to Blow $12.2 Billion in No Time Flat
      Fake Responses  One month ago we asked: What kind of stock market purge is this?  Over the last 30 days the stock market’s offered plenty of fake responses.  Yet we’re still waiting for a clear answer.   As the party continues, the dance moves of the revelers are becoming ever more ominous. Are they still right in the head? Perhaps a little trepanation is called for to relieve those brain tensions a bit?  [PT]   The stock market, like the President,...
  • Purchasing Power Parity or Nominal Exchange Rates?
      Extracting Meaning from PPP   “An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and non-tradable goods and services and therefore provides a more meaningful comparison of real output.” – the World Bank   Headquarters of the World Bank in Washington. We have it on good authority that the business of ending poverty is quite lucrative for its practitioners...
  • Broken Promises
      Demanding More Debt Consumer debt, corporate debt, and government debt are all going up.  But that’s not all.  Margin debt – debt that investors borrow against their portfolio to buy more stocks – has hit a record of $642.8 billion.  What in the world are people thinking?   A blow-off in margin debt mirroring the blow-off in stock prices. Since February of 2016 alone it has soared by ~$170 billion - this is an entirely new level insanity. The current total of 643...
  • Stock and Bond Markets - The Augustine of Hippo Plea
      Lord, Grant us Chastity and Temperance... Just Not Yet! Most fund managers are in an unenviable situation nowadays (particularly if they have a long only mandate). On the one hand, they would love to get an opportunity to buy assets at reasonable prices. On the other hand, should asset prices actually return to levels that could be remotely termed “reasonable”, they would be saddled with staggering losses from their existing exposure. Or more precisely: their investors would be saddled...
  • Despondency in Silver-Land
      Speculators Throw the Towel Over the past several years we have seen a few amazing moves in futures positioning in a number of commodities, such as e.g. in crude oil, where the by far largest speculative long positions in history have been amassed. Over the past year it was silver's turn. In April 2017, large speculators had built up a record net long position of more than 103,000 contracts in silver futures with the metal trading at $18.30. At the end of February of this year, they held...
  • From Bling to Plonk – An Update on the Debt Mountain
      Serenely Grows the Debtberg We mentioned in a recent post that we would soon return to the topic of credit spreads and exotic structured products. One reason for doing so are the many surprises investors faced in the 2008 crisis. Readers may e.g. remember auction rate securities. These bonds were often listed as “cash equivalents” on the balance sheets of assorted companies investing in them, but it turned out they were anything but. Shareholders of many small and mid-sized companies...
  • US Equities – Mixed Signals Battling it Out
      A Warning Signal from Market Internals Readers may recall that we looked at various market internals after the sudden sell-offs in August 2015 and January 2016 in order to find out if any of them had provided clear  advance warning. One that did so was the SPX new highs/new lows percent index (HLP). Below is the latest update of this indicator.   HLP (uppermost panel) provided advance warning prior to the sell-offs of August 2015 and January 2016 by dipping noticeably below the...
  • Return of the Market Criers - Precious Metals Supply and Demand
      Ballistically Yours One nearly-famous gold salesman blasted subscribers this week with, “Gold Is Going to Go Ballistic!” A numerologist shouted out the number $10,000. At the county fair this weekend, we ran out of pocket change, so we did not have a chance to see the Tarot Card reader to get a confirmation. The market criers are back in gold town [PT]   Even if you think that the price of gold is going to go a lot higher (which we do, by the way—but to lean on...
  • Good Riddance Lloyd Blankfein!
      One and the Same   “God gave me my money.” – John D. Rockefeller   Today we step away from the economy and markets and endeavor down the path less traveled.  For fun and for free, we wade out into a smelly peat bog.  There we scratch away the surface muck in search of what lies below.   One should actually be careful about quotes like the one attributed to Rockefeller above, even if it of course sounds good and is very suitable for the topic at...

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