Steve Saville

Market Analyst & Professional Speculator, Owner of The Speculative Investor

Steve SavilleSteve Saville graduated from the University of Western Australia in 1984 with a degree in electronic engineering and from 1984 until 1998 worked in the commercial construction industry as an engineer, a project manager and an operations manager.  In 1993, after studying the history of money, the nature of our present-day fiat monetary system and the role of banks in the creation of money,  Saville developed an interest in gold.  In August 1999 he launched The Speculative Investor (TSI) website. Steve Saville has  lived in Asia (Hong Kong, China and Malaysia) since 1995 and currently resides in Malaysian Borneo.  

Steve Saville Articles

The US monetary inflation rate continues its downward drift. As at the end of December the year-over-year (YOY) rate of growth in US True Money Supply (TMS) was 7.2%, its lowest level since November of 2008. Refer to the following chart...
One characteristic of an investment bubble is dramatic upward price acceleration during the final 6-12 months of a long-term advance, followed by a price collapse. Beware, however, that it is possible for a price chart to create the...
The Fed's mode of operation has drastically changed over the past 12 years. Prior to 2002 the Fed would tighten monetary policy in reaction to outward signs of rising "price inflation" and loosen monetary policy in reaction to outward...
For the entire history of the Federal Reserve prior to October of 2008, the Fed was not legally able to pay interest on bank reserves. However, the Emergency Economic Stabilization Act of 2008 gave the Fed the power to pay interest on...
In our 18th September Update we said that the Fed's decision not to "taper" was not, in and of itself, meaningfully bullish for gold. The economic effects of $85B/month of asset monetisation are not materially different from the economic...
The answer to the above question is yes, but not in the way that most people think. Most financial commentators believe that commercial banks expand their loan books by 'piggybacking' on their reserves, with something known as the "money...
We occasionally see articles where the monetary base is wrongly discussed as if it were akin to the money supply or as if the change in the monetary base indicated the amount of monetary inflation in the economy. We'll now outline the...
Whether the stock market is in a long-term bullish trend or a long-term bearish trend can't be determined by looking at nominal prices. The reason is that the nominal price of an investment is determined by the value of the investment AND...
The main reason that this year's huge decline in the gold-mining sector took us by surprise is that we didn't seriously consider the possibility that a major/primary correction began in September of 2011, and one of the main reasons we...
We are leading off with a discussion of gold mining stocks because the recent price action has created a situation that can now aptly be described as unprecedented. A consequence is that there has NEVER been a better time to buy gold...
With gold stolen by Conquistador Francisco Pizarro from the Inca Empire in 1532, Spain financed its conquest of Europe.

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