Tag Archives: Real Returns

Gold and Real Interest Rates

The impact of real rates on gold is becoming more widely appreciated, which in itself worries me. Part of the reason I like gold is that there is so much noise around it and few seem to understand what drives … Continue reading

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Technological change and asset returns

Peter Thiel thinks our entire civilization and culture is predicated on accelerating technological change. Specifically, technological growth has an important but poorly understood impact on economic growth, asset returns and the need to work over the course of one’s life. … Continue reading

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The Interdependence of Prices and Gold

I gave a talk on Thursday night at the New York Investing Club meeting. The basic points: Gold does well when real rates of return are low. Real rates describe the price of gold much better than inflation alone. This … Continue reading

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What Does Gold Hedge Against?

“Not inflation”, the gold critics will shout, in one of their go-to arguments. This is what we hear from CNBC’s Mark Haines at every possible chance: since 1980, gold has not kept up with the CPI and so shouldn’t be … Continue reading

Posted in All Best Posts Ever, All Guest Authors's Posts, Analysis (Market Calls), Finance, Financial Markets, Hedging & Insurance, The Global Economy | Tagged , , , , , , | 9 Comments