The Long-term Gold Supply

Atlas Pulse Gold Report

Dec 29, 2024

In case you missed my 100^th issue of the Atlas Pulse Gold Report, I highly recommend you add it to your reading list over the holidays.

Atlas Pulse was launched in late 2012 so I could communicate my thoughts on gold more publicly, something my employer at the time made it very difficult to do. One hundred issues later, here we are.

I am proud to say that Atlas Pulse has a resounding track record that has successfully navigated the gold market over the past 12 years. The Atlas Pulse dial, which hasn’t moved since December 2018, currently indicates that we are in a bull market. I felt this was a useful way to communicate the state of gold, which, as a long-term asset, only needs to be flagged when things go wrong.

Over the years, Atlas Pulse has brought much to the gold market, with a focus on how investors should think about gold. In around 2012, I modelled the gold price as a 20-year TIPS (US inflation-linked government bond). In modelling gold as a bond rather than an equity or a commodity, as was popular at the time, it started to make sense. I asked the question: if gold was a bond, what kind of bond would it be? My thought experiment got a few laughs, which is always a bonus, but when I modelled it, the results were incredible. In 100 issues, Atlas Pulse readers have got gold right, and if they followed it, they would now be up 126% in gold.

My 100^th issue of Atlas Pulse explains how I think about gold and highlights some of the interesting discoveries I have made over the years. If you haven’t read it, you can read it for free below. I would be very grateful if you could also forward it to a few friends who would benefit from reading it too.