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Alasdair Macleod: Money and recession

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, February 9, 2023

How reliable is the link between money supply growth and the economic outlook?

Monetarists are warning now that money supply has stopped growing and even turned negative, so we are heading for a recession. This article examines the position for U.S. dollar M2 money supply and the prospects for the U.S. economy.

... Dispatch continues below ...


Relevant Gold Intersects 83.8 g/ton gold over 1 meter at Golden Buffalo

Company Announcement
Monday, February 6, 2023

VANCOUVER, British Columbia, Canada -- Relevant Gold Corp. (CSE:RGC) is pleased to announce the results of its initial 3,500-meter drilling exploration program on its Golden Buffalo Project in the company's 15,095-hectare land package in the South Pass Gold Field, Wyoming, United States. 

Highlights of the program include 1 metre (core length) of 83.8 g/ton Au in Hole 22GB-012 and 14 of 26 holes reporting anomalous gold (>0.1 g/ton Au). The results indicate that the Golden Buffalo Shear is a fertile orogenic gold structure and provide initial proof of concept that large scale Abitibi-style mineralization may exist in central Wyoming. ...

Mineralization was consistently found in individual shear strands within the overall 20-meter-wide Golden Buffalo Shear Zone.

Fifty-four percent of holes drilled intersected anomalous (>0.1 g/ton Au) gold mineralization. Orogenic/Abitibi-style alteration was observed in all 26 drill holes. ...

... For the remainder of the announcement:

But monetary growth, or the lack of it, doesn't only affect GDP but a large element of economic activity that is not included in it, principally financial activities, and the acquisition of assets such as property.

This raises the question: Is the downturn in money supply due to financial activities, or the non-financial economy? What is its actual relevance?

In this article I delve into the relationship between credit and the economy. I examine the process of credit contraction. I conclude that rather than relying solely on the monetarists' favourite indicator, an understanding of the credit cycle and loan officer surveys are more valuable evidence. ...

... For the remainder of the analysis:

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