Peter's Blog

CFTC CoTs: Managed Money Gets Bullish on Gold

Please note: the CoTs report was published 06/26/2026 for the period ending 06/23/2026. “Managed Money” and “Hedge Funds” are used interchangeably. The Commitment of Traders report is a weekly publication that shows the breakdown of ownership in the Futures market. For every contract, there is a long and a short, so the net positioning will […]

The Fed Balance Sheet Increases by $31B in June

The following analysis breaks down the Fed balance sheet in detail. It shows different parts of the balance sheet and how those amounts have changed. It also shows historical interest rate trends. Breaking Down the Balance Sheet As soon as the Fed ended Quantitative Tightening they launched a new round of Quantitative Easing. As shown […]

Democracy Was Not Meant For Us

Democracy truly was not meant for us. Democracy was built for people that are so different from us that they would hardly recognize us or the form of government we have built on democratic principles. Democracy was meant to be governance of all by the free. In our society, except for circumstances of age or […]

Why Would a President Welcome Inflation?

Inflation benefits debtors at the expense of creditors, and there is no bigger debtor than the US government. By silently eroding the real value of its massive debt through currency debasement, inflation allows the government to avoid politically painful spending cuts or tax hikes. This explains why politicians like President Trump love inflation despite the […]

Americans Are Spending More, but Their Savings Are Quietly Disappearing

May’s economic data tells a story that sounds good on the surface but gets more complicated the closer you look. The Bureau of Economic Analysis (BEA) released its report Friday showing personal income climbed 0.7 percent last month, adding $181.6 billion, with disposable income rising by that same margin. Americans didn’t sit on that extra […]

The Hidden Costs of China’s Industrial Policy

China’s economic rise in recent decades has been nothing short of remarkable. Many attribute this success to the country’s ambitious industrial policy, which involves central planning and heavy government intervention in the economy. However, a closer look reveals that this approach leads to inefficiency and distortions that ultimately undermine economic progress. The following article was […]

Physical Demand for Gold Remains Strong even while Silver Sees Slowing Delivery Volume

The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.). The data below looks at […]

Fed Talks Tough But Money Supply Explodes Higher

Money Supply is a very important indicator. It helps show how tight or loose current monetary conditions are regardless of what the Fed is doing with interest rates. Even if the Fed is tight, if Money Supply is increasing, it has an inflationary effect. One key metric shown below is the “Wenzel” 13-week annualized money […]

The Technicals: Getting Closer to a Bottom, but Not There Yet

Technical Analysis of Gold and Silver This analysis attempts to look at different metrics to understand the current momentum in the gold and silver markets. It is meant as an analysis on potential price direction in the very short-term (a few weeks to 1-2 months). In Q4, the technical analysis was strongly calling for a […]

Corporatism vs. Capitalism

When people point to the problems they observe with capitalism, they are most often thinking of things they notice in corporatism. Corporatism is a form of society and governance in which large institutions directly make agreements with the government rather than the intermediaries of the people. This has become much more common as the size […]