Joe Foster

Joe Foster Articles

The New York Mercantile Exchange (Nymex), has been closed since the World Trade Center catastrophe on Tuesday morning, as the Nymex facilities are only a couple of blocks away from ground zero. According to Nymex, operations are intact and...
The opening quote in the August 3rd Grant's is worth repea7ting: Senator Phil Gramm (R., Texas): "If this is the bust, the boom was sure as hell worth it. You agree with that, right?" Alan Greenspan: "Certainly." This Grant's issue also...
The gold price began a renewed trend higher after registering a two-month low of $265.35 on July 5th, the same day the U.S. Dollar Index recorded a new long-term high. The dollar has since weakened and gold moved higher to close Friday at...
Gold finished the week at $273.40, declining $5.70 since our last update two weeks ago. Following the mid-May price spike, bullion has consolidated, bouncing along the 45-day moving trend line. Daily gyrations aside, the positive momentum...
Is this what a post-bubble economy is supposed to feel like? Folks are still borrowing and spending, with consumer credit up an annualized 4.7% in March, revolving credit up an incredible 11.7%. Summer tourists are starting to clog the...
Gold closed the week ending April 6th at $260.00. The bears have been out in force, as evidenced by the steep 1.8 million ounce increase in net short position on Comex. On March 30th gold tested its 20-year lows by dropping below $255...
Gold closed the week at $270.80, it's highest close in just over two months. Gold lease rates have continued to move higher. On Friday the one-month rate peaked at over 6%, sending bullion into backwardation for the first time since the...
After starting at $262.80 two weeks ago, gold rallied to the $268 level in reaction to the 50 basis point Fed rate cut on January 31, but has since declined to close at $259.90 on Friday. This is the lowest price since just prior to the...
Comex net short positions soared by 50% in the week before the January 23rd Bank of England auction, the tenth in a series of 25 tonne auctions. Speculators were betting on past patterns in which gold declines into the bearish mood that...
Remember when everything was turning Japanese? In the 1980's corporations studied Japanese manufacturing practices and tried to emulate their superior ways. Remember when the American economy reined supreme? In the 1990's foreigners set up...

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The first use of gold as money occurred around 700 B.C., when Lydian merchants (western Turkey) produced the first coins