The Goldwatcher : Demystifying Gold Investing.
Title:
The Goldwatcher : Demystifying Gold Investing.
Author:
Katz, John.
ISBN:
9780470712498
Personal Author:
Edition:
1st ed.
Physical Description:
1 online resource (354 pages)
Contents:
The Goldwatcher: Demystifying Gold Investing -- Contents -- Foreword -- List of Charts and Tables -- Acknowledgements -- PART ONE: DEMYSTIFYING THE GOLD PRICE -- 1: Introduction: Why Gold? -- Unbiased Research -- The Stateless Money Franchise -- Crisis and Financial Market Risk Insurance -- A Niche Investment -- Squaring a Valuation Circle -- Leading Questions on Reasonable Prices -- Credible Analysis and Commentary -- US Deficits and Missions Possible and Impossible -- The Road to Global Economic Rebalancing -- Why Gold Makes Sense Now -- Insight into the Post 9/11 World and the Jihad against America -- 2: The Gold Mining Industry -- Gold Mining Past and Present -- Rising Costs and Declining Production -- South Africa -- The Bear Market for Gold in the 1980s and 1990s -- Rising Mining Costs and South Africa's Marginal Resources -- 3: Gold Supply and Demand -- Part One: Introduction to Gold Exchange Traded Funds -- A New Dynamic in the Supply and Demand Equation -- Part Two: Supply and Demand Fundamentals and Swing Factors -- Supply and Demand Fundamentals -- Growing Investor Demand -- Swing Factors Affecting Supply and Demand -- The Washington Agreement -- Exchange Traded Funds and Sovereign Wealth Funds -- Do Central Banks Still Need Gold and does Gold Still Need Central Banks? -- 4: The Rise and Fall of the Gold Standard -- Introduction: The Stateless Money Franchise -- Unfinished Business -- The Gold Standard and the Gold Exchange Standard -- Gold in 1980 and in 2008 -- Time Magazine on Bring Back the Gold Standard -- Robert Mundell on Gold at 10 000 -- The Official US Enquiry into Restoring the Gold Standard in 1982 -- Overview on the Gold Standard -- Turning Points -- How the Gold Standard Fared -- US Fed Chairman Ben Bernanke and the Great Depression -- The Crash of 1929 and the Great Depression.
Roosevelt and the Birth of the Gold Exchange Standard -- The Post World War II Bretton Woods Accord, the Dollar and the IMF -- The Triffin Dilemma and the Gold Pool -- Vietnam, Charles de Gaulle, Richard Nixon and the End of the Gold Standard -- Conclusion -- 5: The Dollar Standard and the 'Deficit without Tears' -- The Dangers of Uncharted Waters -- The Traditional View -- A New Paradigm: The Bretton Woods II Theory -- Nouriel Roubini's Criticism of Bretton Woods II -- The Deficit without Tears -- Ben Bernanke -- Miranda Xafa -- Obstfeld and Rogoff -- Barry Eichengreen -- Assessing the Risks of a Hard Landing for the Dollar -- This Won't be Fun -- Exchange Rates -- US Sovereign Debt Credit Standing -- George Soros on the Demise of the Dollar Standard -- Conclusion -- 6: The Economic Consequences of 9/11 and George W. Bush -- Fire Ready Aim -- War Costs without Any Sacrifice by Americans -- Déjà Vu Vietnam? -- Liquidity -- Tax Cuts, Deficits and Debts -- 'Implicit Debt' on Entitlement Commitments -- Bush's Ownership Society: Dismantling the Barriers to Home Ownership and the Real Estate Bubble -- Borrowings Using the House as an ATM -- Budgets, Social Security and Unfunded Entitlement Commitments -- President Bush and Social Security Reform -- Bottom Line: Federal US Fiscal Policy Remains Unsustainable -- The Bottom Line: Federal Fiscal Policy is Unsustainable -- The Realities of Implicit Debt and Generational Accounting -- Why We Should Consider Gold -- For How Long Will Asians go on Lending for Americans to go on Spending? -- 7: The End of Cheap Oil, Chindia' and Other Tipping Points to Instability -- World Economic Forum Annual Risks Review -- The End of the Days of Cheap Oil -- Conclusions from the International Energy Association 2007 Outlook -- A Finance-based Economy with Excessive Debt -- Dollar Falls as a Tipping Point.
Sovereign Wealth Funds -- Will Alternative Energy Come to the Rescue? -- 8: Globalisation & Global Economic Rebalancing -- Introduction: Skating on Thin Ice -- Financial Imbalances and Global Economic Meltdown -- Protectionism, Mercantilism and Mutual Interest -- IMF Engagement on Global Economic Imbalances -- Extracts from Headline Comments from IMF Staff Report on Financial Imbalances -- The as America's Currency and Everyone Else's Problem Again? -- Scenarios Outlined by the IMF -- Outcome of the IMF Consultations -- China's Approach to Growth, Reform and Stability -- Sustainable Development as China's Priority -- China's Current Account Surplus -- Approach Emphasizes Stability -- US Treasury Secretary Paulson's Approach to Cooperation with China -- Can the IMF Avoid Global Financial Meltdown? -- 9: Gold Prices: Inflation, Deflation, Booms and Busts -- Introduction: A Crisis of Confidence -- Information Resources Including the LBMA Annual Gold Price Forecasts -- Accessible Information -- Drawing the Threads Together -- Prospects for Gold -- The Reflationary Rescue -- An 'Anti Risk Strategy' -- Messages from History -- Price Overshoots -- What's Different this Time? -- Gold Price Suppression -- A One Way Risk to Prices -- Papering Over the Cracks -- Do Trees Grow to Heaven? -- 10: Investing Choices -- Bullion, Coins, Shares in Funds and Mining Companies -- Gold Bullion and Coins -- Gold Coins and Bullion Bars -- Advice from a Coin Dealer -- Exchange Traded Funds -- Futures Contracts and Increased Risk Reward Exposure with all Derivatives -- Gold Mining Shares and Gold Funds -- Investing in Gold Mining Shares and Gold Funds -- Timing and Strategies -- Taxation -- 'How to' Resources for Trading and Monitoring -- Eagle Wing Research on Gold Funds -- PART TWO: GOLD INVESTING STRATEGIES -- 11: Inside U.S. Global Investors.
Our Golden Rule: Moderation -- How We Work -- 12: Investing in Gold Equities -- What's Driving Gold? -- The Investing Universe -- Gold Stock Funds -- The Return on Capital Model -- The Five Ms -- Managing Volatility -- Correlation -- Gold Seasonality -- 13: Gold Mining Opportunities and Threats -- Geographical Shift -- Gold Production Peak -- Exploration Spending -- Industry Consolidation -- Rising Operating Costs -- Summary -- PART THREE: APPENDIX -- Fact Book: Gold Statistical Information Tables -- Chart Book -- Gold: Chronology -- Notes -- Bibliography -- Webliography -- Index.
Abstract:
Why did the price of gold hit record highs in 2008? Take a look at the headlines - government bailouts of failed banks, mortgage and credit crises, rising inflation, slowing growth and global insecurity. In order to protect themselves from treacherous financial markets and depreciated paper currencies investors worldwide are turning to gold. Gold has long been used as money and as a store of wealth, but what's the source of its value? Why does that value sometimes rise so high and at other times fall so low? And what do we know about gold's complex and often tumultuous past that may yield clues about how it may behave in the future? Gold is a side show on a world financial stage dominated by the dollar. The tail can't wag the dog -gold prices are affected by changes in prospects for the dollar and not vice versa. With uncertain outcomes for the American and global economies, gold's stateless money franchise makes this book compelling reading. "John Katz is a clear eyed independent strategist and analyst with an extraordinary ability to get to grips with subjects ranging from biotechnology via alternative energy to commodities and gold. Uniquely for a commentator on gold he has no dogmas. To assess the risks and rewards that come with owning gold he introduces opinions from an impressive range of commentators, examines different scenarios that may play out on the world economic stage and highlights situations when owning gold makes sense and when it doesn't. To complete the picture Frank Holmes's contribution to The Goldwatcher explains the risks and rewards. The Goldwatcher has been written for 21st century investors. It will be an indispensable resource for responsible people from institutional money managers to private savers - whether the gold price moves up, down, or sideways." -Patrick H. Spencer, Managing Director, Head of Institutional
Sales, Robert W. Baird Limited, London "Frank Holmes's stellar track record as a resource portfolio manager is a clear reflection of his understanding of the business, the markets and the factors that affect them. His success is as much about unearthing value as it is about creating an investment process that is religiously followed. If you want to succeed in your resource investment,this book is a must. It's all the more enjoyable because the writing style is easy-going,clear and understandable." -Pierre Lassonde, Former chairman, World Gold Council, and past president, Newmont Mining Corp This book is also supported by The Goldwatcher blog - http://wwwthegoldwatcher.com, which addresses news and developments affecting gold and the dollar, updates statistical information and links with sources for data and commentary.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
Click to View