is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 39 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.
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.
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.
is the managing director of Global Gold, a Swiss bullion depository. Acting Man is an affiliate of Global Gold (here is our landing page at Global Gold, where you can get additional information about the service).
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.
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.
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.
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.
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.
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).
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 Rockwell.com, Financial Sense, Safe Haven and numerous other well known sites dedicated to free market ideas.
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).
specializes in pattern recognition and trading systems development. He founded Seasonax and publishes the website www.SeasonalCharts.com, which features free-of-charge seasonal charts for interested investors. In his book The Gold Cartel (published by Palgrave Macmillan, see link on the right hand side), commodities expert Dimitri Speck discusses gold price manipulation and modern-day credit excess. His commodities trading strategy Stay-C has won awards all over Europe. He is the publisher of the web site Seasonal Charts as well as of the Bloomberg app Seasonax and Head Analyst of the 90 Tage Trader Letter.
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.
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.
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.
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.
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.
is a family man with passion for the opportunity that lies at the intersection of practical macro economics and technical trading analysis.
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 evilspeculator.com.
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 https://antoniusaquinas.com/.
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.
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.
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.
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.
– 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.
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.
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.
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.
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.
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.
opened Sharelynx.com 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 Goldbroker.com 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 Goldbroker.com, 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
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.
is Editorial Director at Bonner & Partners.
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.
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Most read in the last 20 days:
- Gold – An Overview of Macroeconomic Price Drivers
Fundamental Analysis of Gold As we often point out in these pages, even though gold is currently not the generally used medium of exchange, its monetary characteristics continue to be the main basis for its valuation. Thus, analysis of the gold market requires a different approach from that employed in the analysis of industrial commodities (or more generally, goods that are primarily bought and sold for their use value). Gold's extremely high stock-to-flow ratio and the main source of...
- Doomsday Device
Disappearing Credit All across the banking world – from commercial loans to leases and real estate – credit is collapsing. Ambrose Evans-Pritchard writing for British newspaper The Telegraph: Credit strategists are increasingly disturbed by a sudden and rare contraction of U.S. bank lending, fearing a synchronized slowdown in the U.S. and China this year that could catch euphoric markets badly off guard. Data from the U.S. Federal Reserve shows that the $2 trillion market...
- India – Is Kashmir Gone?
Everything Gets Worse (Part XII) - Pakistan vs. India After 70 years of so-called independence, one has to be a professional victim not to look within oneself for the reasons for starvation, unnatural deaths, utter backwardness, drudgery, disease, and misery in India. Intellectual capital accumulated in the West over the last 2,500 years — available for free in real-time via the internet — can be downloaded by a passionate learner. In the age of modern technology, another mostly...
- Pulling Levers to Steer the Machine
Ticks on a Dog A brief comment on Fed chief Janet Yellen’s revealing speech at the University of Michigan. Bloomberg: “Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could,” Yellen said Monday in Ann Arbor, Michigan. The Fed is now trying to “give it some gas, but not so much that we’re pushing down hard on the accelerator.” […] “The appropriate stance of policy now is closer to, let me call it...
- Credit Contraction Episodes
Approaching a Tipping Point Taking the path of least resistance doesn’t always lead to places worth going. In fact, it often leads to places that are better to avoid. Repeatedly skipping work to sleep in and living off credit cards will eventually lead to the poorhouse. Sometimes the path of least resistance turns out to be problematic The same holds true for monetary policy. In particular, cheap credit policies that favor short-term expediency have the...
- Cracks in Ponzi-Finance Land
Retail Debt Debacles The retail sector has replaced the oil sector in a sense, and not in a good way. It is the sector that is most likely to see a large surge in bankruptcies this year. Junk bonds issued by retailers are performing dismally, and within the group the bonds of companies that were subject to leveraged buyouts by private equity firms seem to be doing the worst (a function of their outsized debt loads). Here is a chart showing the y-t-d performance of a number of these...
- Mea Culpa – Precious Metals Supply and Demand
Input Data Errors Dear Readers, I owe you an apology. I made a mistake. I am writing this letter in the first person, because I made the mistake. Let me explain what happened. The wrong stuff went into the funnel in the upper left-hand corner... I wrote software to calculate the gold basis and co-basis (and of course silver too). The app does not just calculate the near contract. It calculates the basis for many contracts out in the distance, so I can see the...
- French Election – Bad Dream Intrusion
The “Nightmare Option” The French presidential election was temporarily relegated to the back-pages following the US strike on Syria, but a few days ago, the Economist Magazine returned to the topic, noting that a potential “nightmare option” has suddenly come into view. In recent months certainty had increased that once the election moved into its second round, it would be plain sailing for whichever establishment candidate Ms. Le Pen was going to face. That certainty has been...
- The Cost of a Trump Presidency
Opportunity Cost Rears its Head Last Thursday’s wanton attack on a Syrian air field by the US and its bellicose actions toward North Korea have brought the real cost of candidate Trump’s landslide victory last November to the forefront. It didn't take long for Donald Trump to drop his non-interventionist mask. The decision was likely driven by Machiavellian considerations with respect to domestic conditions, but that doesn't make it any better. Unlike...
- Heavily Armed Swamp Critters
Worst Mistake GUALFIN, ARGENTINA – By our calculation, it took just 76 days for President Trump to get on board with the Clinton-Bush-Obama agenda. Now there can be no doubt where he’s headed. He’s gone Full Empire. Not that it was unexpected. But the speed with which the president abandoned his supporters and went over to the Deep State is breathtaking. Once there was only a Trump fragrance called Empire... now he has gone full empire himself Among the noise...
- Hell To Pay
Behind the Curve Economic nonsense comes a dime a dozen. For example, Federal Reserve Chair Janet Yellen “think(s) we have a healthy economy now.” She even told the University of Michigan’s Ford School of Public Policy so earlier this week. Does she know what she’s talking about? Somehow, this cartoon never gets old... If you go by a partial subset of the ‘official’ government statistics, perhaps, it appears she does. The unemployment...
- Trump Is An Insider Now
Conspiracy of the Few GUALFIN, ARGENTINA – “U.S. stocks fall on Trump talk…” began a headline at Bloomberg. Or it may be Trump action. We had already counted six major campaign promises – including no O’care repeal and no “America First” foreign policy – already buried (some for the better). A bunch of campaign promises get the MOAB treatment... A great many theories have been proposed to explain Trump's recent series of u-turns: 1. he is in thrall to...