Boaz Shoshan

Capital & Conflict – brought to you by Fortune & Freedom VAUXHALL, LONDON – Well dear reader, we had a good run. But today marks the end of the line for Capital & Conflict. From here on out, this newsletter…

Capital & Conflict – brought to you by Fortune & Freedom HYDE PARK, LONDON – I have some bad news. Actually, it’s not that bad. It’s just a change. But it is something you should be aware of as a…

CHEDDAR, SOMERSET – Over the past 25 years, investors have bought – on average – $115 million worth of stocks around the world every trading day. That comes to roughly $29 billion entering the stock market every year.

The US joins the Soviet Union, the British Empire, and a long list of ancient powers that were bested by this unforgiving country at the centre of the world. Is the sun now setting on America’s superpower status, just as it was for the Soviet Union?

I hope this letter finds you in good health, and having a great Sunday. I don’t normally write to you on weekends, but felt I had to make an exception today. For today is a very special occasion – a 50-year anniversary, no less. And if you enjoy my scribblings to you at all, I reckon you won’t want to let it go unobserved.

Last week, I asked you if you were feeling bullish or bearish on bitcoin. It’s not the first time I’ve asked the readership of Capital & Conflict such a question, but with the market evolving so fast it’s worth keeping our intel fresh.

But before we get to that, there’s a different question I’d like to ask you. This is the very question myself and Charlie Morris have been pondering for our latest issue of The Fleet Street Letter Monthly Alert, going out tomorrow, and I’d love to know what you think.

CHEDDAR, SOMERSET – We must end the week on a sombre note. For tomorrow is a grave day indeed…

It was in 1740 when the Royal Navy first formalised a daily rum ration for sailors aboard Her Majesty’s ships – what would become fondly known as “the tot”.

Capital & Conflict – brought to you by Fortune & Freedom Watch the live stream this Friday We’ll be streaming our latest episode of Southbank Live on Friday at 10am here on YouTube – my guest this week is our…

While I’m sure Her Majesty’s fine crew at the “Doughnut” in Cheltenham can trace my movements with ease, there’s something uniquely dystopian about willingly installing government surveillance tech on to one’s own electronics for “the greater good”, so I never installed the Test & Trace app.

CHEDDAR, SOMERSET – Following our look at bitcoin last week, I thought I should show you this small roundtable recorded over at Fortune & Freedom on Friday – featuring Nigel Farage, Nickolai Hubble and our tech expert Sam Volkering.

As I said yesterday, from the amount of bearishness I’ve seen from market commentators in recent weeks, I’m feeling pretty bullish. But one must never fall prey to wishful thinking – and as I’m a BTC holder, I of course want the market to be strong.

CHEDDAR, SOMERSET – Over the past few weeks I’ve seen several veterans of the crypto space utter a similar refrain. Something to the tune of “We had a good run folks – I’ll see you in four years’ time.”

CHEDDAR, SOMERSET – What is it about the subject of finance that lends itself so much to squid metaphors?

In 2010, Rolling Stone famously described Goldman Sachs as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

I hope you’ve been getting some decent weather, wherever you happen to be reading this. Sure is toasty out here – but as Nickolai Hubble will tell you, the temperature is rising even further in inflation statistics…

“Freedom In Name Only”, or FRINO, was the topic of our latest Fortune & Freedom podcast with Nickolai Hubble and Nigel Farage – while you’re celebrating our state-sanctioned “freedom”, I encourage you to give it a listen.

PICCADILLY, MANCHESTER – Gold holds the crown as the metal which feeds on social unrest and distrust in authority. But I suspect it shall be its elder sister platinum which will soar if the chaos unfolding in South Africa persists…

THE HOWFF, DUNDEE – Political agendas favouring renewable energy (such as the “Green New Deal” which we see touted in the States) are, like all political agendas, polarising issues. There was a time when investors could remain “above the fray”…

THE GEORGE ORWELL, DUNDEE – In our first episode of Southbank Live, gold expert John Butler explained how the new banking rules known as Basel III could lead to deep structural changes in the gold market. You can watch it…

GALLERY 48, DUNDEE – “History might be rhyming, but there are a lot of different songs being played at the same time” says Nickolai Hubble of the current investing environment. When looking forward into the 2020s, we wonder what market…

MARYFIELD, DUNDEE – A few months ago in The Ultimate Philanthrope a reader suggested that Satoshi Nakamoto, the mystery man behind the creation of bitcoin, might be a modern-day Thomas Guy. Guy, a bookseller in the 1700s, made a fortune…

MARYFIELD, DUNDEE – Do you remember what happens after a housing bubble bursts? That’s what my good friend and colleague Nickolai Hubble would like to ask you in today’s letter – for it seems many have forgotten. But before we…

MARYFIELD, DUNDEE – A quick note before we begin today. I’ll be hosting an online event tomorrow with a very special guest. He’s an American CEO with quite the investment tale to tell, and if you’re interested in streamlining your…

MARYFIELD, DUNDEE – Named “Fundee” by some, and “Scumdee” by others, the bonny city of Dundee has a polarising nature. I used to come here quite often when I was younger to visit friends who were studying at the universities…

HOLBURN, ABERDEEN – Felix Rohatyn was quite a character. He possessed what he called a “refugee’s sense of value”, which he picked up while on the run from the Nazis. When France was invaded in 1940, his family fled from…

BROOMHILL, ABERDEEN – Back at the helm of Capital & Conflict once more – with something special to share as well. I hope you’ve been enjoying the market musings of Andrew Hutchings and Will Dahl in my absence – I’ve…

NEW TOWN, EDINBURGH ­– My good friend and colleague Nickolai Hubble is no stranger to controversy. Truth be told, he likes to stir it quite a bit. This note he penned for Fortune & Freedom (click here to subscribe) is…

THE BALMORAL, EDINBURGH – If you’d only been observing the revelry on the streets over the weekend (both day and night), you’d have thought Scotland had defeated England with extreme prejudice at the match on Friday. Still, a good result…

NEW TOWN, EDINBURGH – I’d been putting it off for so long… Looked steadily more ridiculous as the months have gone by… And been called a “pirate” (amongst other things) as a result… But it was finally time to get…

“A lethal dose to anyone within ten yards. Get it while it’s hot!” – Edge of Darkness (1985) NEW TOWN, EDINBURGH – Do I count any nuclear bulls amongst the readership? Anyone stacking uranium rods at home, or stuffing them…

NEW TOWN, EDINBURGH – Edinburgh, like so many cities, looks its best in the sun. When the rays hit it just right, the sandstone skyline shines like gold. And shine it has over the past few days – we’ve had…

THE MEADOWS, EDINBURGH – My good friend and colleague Nickolai Hubble isn’t one for political correctness. As I like to say, he won’t screw a silencer on his speech. This might preclude him from various other professions and speaking opportunities,…

THE MEADOWS, EDINBURGH – There’s been a bit of drama here at Southbank Investment Research of late. It’s about our Beyond Oil Summit which goes live on Wednesday (get access here if you haven’t signed up yet). The subject of…

BROUGHTON, EDINBURGH – Our very first Beyond Oil Summit feels like a different epoch… but it was only last year. Our plans for the event, featuring first-class energy experts on the future of black gold, began at the very beginning…

BROUGHTON, EDINBURGH – Well, the results are in from Monday’s poll… And I must say, I’m a little surprised: A lot of oil bulls out there – nearly three quarters of respondents. And there I was thinking I had a…

BROUGHTON, EDINBURGH – They called them the Seven Sisters. Seven companies which ruled the world. It all began in August 1928, at a castle called Achnacarry. It’s in the Highlands, near Ben Nevis – about half an hour’s drive from…

“Oil kindles extraordinary emotions and hopes, since oil is above all a great temptation. It is the temptation of ease, wealth, strength, fortune, power. It is a filthy, foul-smelling liquid that squirts obligingly up into the air and falls back…

BROUGHTON, EDINBURGH – I have some bad news, dear reader: the Aussies have us beat. I’m not talking about the cricket. I can accept the weaponised autism of Steve Smith being a challenge (especially when sandpaper is involved). But when…

NEW TOWN, EDINBURGH – What’s the best way of protecting yourself against inflation? Ask a group of investors, and you’ll get as many answers. Real estate, agriculture, woodland, gold, oil… many investors have a favourite “hard asset” up their sleeve…

THE STANDING ORDER, EDINBURGH – It almost feels like things are getting back to normal here. Almost. The streets are thronging with folk. Not so many as pre-WuFlu, but it’s damn busy nonetheless. There are enough tourists on the Royal…

What follows is the third instalment of Nickolai Hubble’s Inflatuation series. In case you missed them, click here to read part I and part II. The real inflation hasn’t even started By Nickolai Hubble for Fortune & Freedom Welcome to…

What follows is the second instalment of Nickolai Hubble’s Inflatuation series. To read part I, click here. How inflation gets out of control By Nickolai Hubble for Fortune & Freedom Friday’s examination of inflation explained how I saw inflation coming…

NEW TOWN, EDINBURGH – Friday at last. A bank holiday weekend beckons… In the next few instalments of Capital & Conflict, I’d like to share a trilogy of works by my good friend and colleague Nickolai Hubble. Long-time readers know…

NEW TOWN, EDINBURGH – “My candle burns at both ends; It will not last the night; But ah, my foes, and oh, my friends— It gives a lovely light!”  Edna St Vincent Millay Apparently that was Roald Dahl’s motto. I…

NEW TOWN, EDINBURGH – “Is this a big problem for us?” asks a reader. They point to a topic discussed during our recent Gold Summit: In your [Gold] Summit discussion with Eoin [Treacy], you predicted a substantial fall in the…

THE HANGING BAT, EDINBURGH – At long last, I’m back in my favourite pub. Edinburgh is pleasingly lively – not so beaten down by the lockdowns as I’d feared. It’s been a couple years since I’ve been back here, and…

ECCLESHALL, STAFFORDSHIRE – In yesterday’s note, a reader made the case against gold. Or more specifically, against investing in gold miners over the long term. While it may feel like inflation is here to stay, they argued, it will not…

ECCLESHALL, STAFFORDSHIRE – On Monday I asked you if I’d made a grave error in dumping my company pension pot into the gold mining sector. If you’ve been reading this letter for even a short time, you’ll know I’m very…

ECCLESHALL, STAFFORDSHIRE – “Boaz, I don’t believe you, you’re not that stupid, it’s bullsh*t.” Would you mind telling me how you really feel, please? I must say, I’ve had a great time reading the responses to Monday’s note (see: Have…

ECCLESHALL, STAFFORDSHIRE – Remember when I said earlier in the year that – contrary to popular belief – it was inflation that was the big risk to the bitcoin rally? (See: The big risk to ₿itcoin – 8 January) Well,…

ECCLESHALL, STAFFORDSHIRE – Back in Staffs – right on time for the pubs to start letting people inside again. I’ll see you at the pub later. In light of our 2021 Gold Summit, I think it’ll have to be a…

WINDERMERE, LAKE DISTRICT – How much inflation can you tolerate? What percentage of your savings are you willing to watch burn every year, “for the good of the economy?” 0%? 1%? 5%? Perhaps I shouldn’t be asking. After all, that…

WINDERMERE, LAKE DISTRICT – Think you’d ever spend some of these? They’re called “Goldbacks”. That’s 24 carat gold, rolled thin as paper, and then insulated with even thinner layers of plastic. That’s the highest denomination Goldback there is: the 50….

WINDERMERE, LAKE DISTRICT – Right on cue as our 2021 Gold Summit heats up (don’t miss today’s Keynote Address), Charlie Morris over at The Fleet Street Letter Wealth Builder has recently turned even more bullish on the metal. He already…

WINDERMERE, LAKE DISTRICT – How much gold is too much? This is probably the wrong question to be asking in the current climate. If anything, your average investor should be asking themselves, how much gold is too little? I don’t…

WINDERMERE, LAKE DISTRICT – “Get gold,” urged Spanish King Ferdinand II of his ambitious explorers in 1511, “humanely if possible, but at all hazards – get gold.” They took the “getting gold” bit to heart. As for “humanely”, well… that…

Before we get on with today’s letter, a quick heads up – if you haven’t signed up yet to our 2021 Gold Summit, you should do so here. I’ve been working on it for several months now in preparation for…

WINDERMERE, LAKE DISTRICT – Can you guess what asset I’ve charted here? I’ll give you a clue – it’s a commodity. A hard, shiny one. It’s not gold, which we’ll come to in a minute. It’s one of gold’s siblings….

WINDERMERE, LAKE DISTRICT – Two years ago, we took a step into the unknown as a business with the launch of our 2019 Gold Summit. We hadn’t tried the format before, and we were unsure if it would be to…

WINDERMERE, LAKE DISTRICT – If you own gold, it’s quite likely that you expect the banknotes in your wallet or purse to lose their value in the years to come. That’s certainly one of the reasons I own it –…

WINDERMERE, LAKE DISTRICT – A dear reader writes in to complain… we’re stuck in a rut he says, and we need out: All of you at Southbank are going on & on about just one thing … Bitcoin, yet not…

WINDERMERE, LAKE DISTRICT – “Perhaps gold is cheap, just as it was in 1970 and 2000. I believe that this is the case.” … and so do I. That was Charlie Morris there in a recent update of The Fleet…

WINDERMERE, LAKE DISTRICT – “We haven’t seen anything like this in the last five to ten years,” an American bullion dealer tells me over the phone. “But we’re still not seeing anywhere near the level of interest there was in…

WINDERMERE, LAKE DISTRICT – You exit your tent on the sound of war trumpets. The encampment is awash with panic. The enemy have been spotted advancing over the horizon – and they’re swarming towards your position. As commander of the…

WINDERMERE, LAKE DISTRICT – “Is this a nightmare?” asks a dear reader… I’ve received some wild responses to my recent letters. Some read like a fever dream: Bitcoin is (in my opinion) an Illusion, caused by drinking too much alcohol…

WINDERMERE, LAKE DISTRICT – We have now entered the final phase of the most important market cycle there is, writes our colleague Akhil Patel. The land cycle has crossed its final hurdle, passed its last stopping post (the “mid-cycle slowdown”),…

WINDERMERE, LAKE DISTRICT – I’ve finally figured it out. After years of struggle… endless debates, fights, and bickering… from rootless speculation to ludicrous allegation, in a seemingly bottomless pit of conjecture… I know who Satoshi Nakamoto is. The pseudonymous creator…

WINDERMERE, LAKE DISTRICT – I gave this away as a gift recently. It’s a remarkable little piece of kit. No ordinary USB stick, this orange flash drive is a miniature treasure chest – with virtually no limit on capacity. You…

SOUTHWARK, LONDON – It’ll be a short note from me today. I’m adding the final touches to a project I’ve been working on behind the scenes for a while. I’ll be able to show you what’s been going on later…

SOUTHWARK, LONDON – Last Friday in Dou₿le Trou₿le I showed you a note from my colleague Charlie Morris, where he illustrated just how extraordinary the phenomenon of bitcoin continually doubling in value is. He’d written that note at the beginning…

SOUTHWARK, LONDON – The doors to a speculator’s paradise have been thrown wide open. Rolling golden fields stretch into the distance. And those that dare explore this land seeking riches, risk ruin in equal measure… Yes, dear reader: it’s alt-season….

SOUTHWARK, LONDON – There’s a chart I’d like to show you today. Just one. It’s the reason I don’t feel I can be bearish about bitcoin right now, despite all the hype… But first, some context. Remember The Big Suck…

God damn them all, I was told we’d cruise the seas for American gold, We’d fire no guns, Shed no tears… Now I’m a broken man on a Halifax pier, The last of Barrett’s Privateers… –  Barrett’s Privateers (unofficial anthem…

SOUTHWARK, LONDON – How many times do you reckon the price of bitcoin has doubled over the years? Bear in mind, bitcoin only began being traded for currency (and not for favours like pizza deliveries) in 2010. And where exactly…

SOUTHWARK, LONDON – I told you you’d need to act fast… That entire batch of ₿lockhead amber ale sold out in 12 hours. My hopes that there might be some extra left for me to buy in a fortnight have…

SOUTHWARK, LONDON – This can’t be normal, surely. Surely. Is it really time to buy bitcoin when there are adverts telling you to buy it on the London Underground? Conventional investing wisdom would suggest the opposite. Ads for speculative investment…

Available now – while stocks last! SOUTHWARK, LONDON – Well, here I am, back in the capital, for a little while at least. How long I’ll stay, I’m not sure just yet. I’m in town to do some work on…

SOMEWHERE ON THE ABERDEEN-LONDON LINE – I hope you had a good Easter. With the Ides of March now over and the re-opening now imminent (hopefully), we wonder what delights await investors in the second quarter of 2021. A couple…

ABERDEEN, SCOTLAND – Which of the major central bankers would come out on top in a bar brawl is a heavily under-discussed topic amongst investors. The top contender – by my humble estimation at least – used to be burly…

ABERDEEN, SCOTLAND – Who would you trust more? A bond investor telling you they feel something is off… or a stock investor telling you everything is hunky-dory? You’ll often hear it said that “bond guys are smarter that stock guys”…

Available 6 April at Cheddar Ales ABERDEEN, SCOTLAND – One of the primary perks of being editor of this letter is being able to engage with the readership. As you can probably tell if you read Capital & Conflict often,…

ABERDEEN, SCOTLAND – The energy sector has been a hotbed of market unrest over the past year: a constantly evolving, volatile warzone enriching and ruining investors in equal measure. Last April negative oil prices busted on to the scene for…

ABERDEEN, SCOTLAND – The beached whale ain’t budging. The Ever Given remains stubbornly lodged in the middle of the Suez Canal. And the traffic jam is now close to some 240 vessels long… And that’s just in the jam itself….

ABERDEEN, SCOTLAND – We examined the spectacle of the Ever Given yesterday, the 200,000 tonne container vessel blocking the Suez Canal. As of this morning, it remains wedged in place, creating a traffic jam in global trade 150 vessels long…

ABERDEEN, SCOTLAND – “If your travel today involves the Suez Canal, there will be a slight detour around Africa…” Source: Twitter Talk about a spot of bad parking. As of this morning, the 200,000 tonne Ever Given (which some believe…

ABERDEEN, SCOTLAND – I’m afraid it’ll be another short note from me today – I’ve been called away to conduct an interview with a certain globe-trotting market expert as part of a broader event we’re planning for you. This video…

ABERDEEN, SCOTLAND – A short note from me today -there’s a project I’m working on behind the scenes that demands much of my attention. We’re keeping it under wraps at the moment, but I’m looking forward to sharing it with…

ABERDEEN, SCOTLAND – Let’s have a little rummage through the postbox as we end for the week… I received many responses to Red Collapso last week. As bitcoin rises in value, the question of how governments will respond to it…

ABERDEEN, SCOTLAND – During the period running from Sunday to Tuesday, over a billion dollars were lost in an event which keeps recurring. It’s almost like clockwork. That’s the third time this year this has happened by my count, and…

ABERDEEN, SCOTLAND – Happy St Patrick’s day! While I’d love to join you with a Guinness (Lord knows I’ve drank enough of them in recent days), I’m afraid I’ll be staying dry tonight. My beer fast for Lent has finally…

ABERDEEN, SCOTLAND – I told you about my bullish view on oil last week – I think we’re due $100 a barrel this year. Further to that note, there’s a snippet of research from Charlie Morris over at The Fleet…

ABERDEEN, SCOTLAND – As the week draws to a close, I thought we should finish it off with a chart. And not just any old chart either – this has recently become my favourite chart of the gold price. I…

ABERDEEN, SCOTLAND – “My Son-in-law has just bought ‘A Dummies guide to Bitcoin’” writes a reader. “I didn’t say anything, but headed towards the drinks cabinet for a large glass of ‘Red Collapso’”… Bitcoin ain’t for everyone, that’s for sure….

ABERDEEN, SCOTLAND – I took a wander downtown the other evening. I needed some fresh air, and I was curious to see how the high street is looking like these days. We’re all pretty used to the sight of desolate…

ABERDEEN, SCOTLAND – You won’t come across something like this every day. Of that, I’m almost certain. Here at Southbank Investment Research, the editorial team like to do a lot of reading – especially on fringe financial subjects which may…

ABERDEEN, SCOTLAND – Last week, I asked you if you think the bitcoin price has peaked, or if the bull market still has more juice in the tank (Power Games – 4 March). Is it all downhill from here, or…

ABERDEEN, SCOTLAND – I feel like I’ve opened a Pandora’s box. When I asked the readership for a suitable collective noun for gold sovereigns, I didn’t expect such a sustained response. Even after Tuesday’s note where I settled on “splendour”,…

ABERDEEN, SCOTLAND – I’m keenly aware that I’ve been bumbling on about bitcoin very frequently in this letter, monopolising our conversation and without giving you a moment to speak on the subject. I want to know your views. Even if…

ABERDEEN, SCOTLAND – Bitcoin finds itself at a critical juncture. To my eyes, it can only go one of two ways – we’re on the cusp of either a parabolic blow-off top, or a bear market back to the likes…

ABERDEEN, SCOTLAND – It’s somewhat fitting that as we approach “The Ides of March”, a deadline in the Roman calendar for the repayment of debts, that debt is beginning to matter for markets. A little while ago in Rumblings of…

ABERDEEN, SCOTLAND – It’s coming up to a year now since the WuFlu “metal famine”, when it became nearly impossible to obtain gold or silver from bullion dealers. Remarkably, the situation today feels very similar… Last March, the supply chain…

ABERDEEN, SCOTLAND – It’s going to be a long Lent this year. To make lockdown more interesting, I decided to give up food. I’ve long been enthralled by the story of Bavarian monks in the 1600s who stopped eating during…

In light of bitcoin passing the incredible milestone of $50k per BTC, it’s time to rally the troops and reassess our position. Where do we go from here? Is this the top of the latest crypto-boom, or are we only…

ABERDEEN, SCOTLAND – Another old schoolmate contacted me out of the blue the other day to ask me if he should buy bitcoin. And now even Peter Schiff, notorious for his hatred of bitcoin, is talking about $100k BTC prices:…

ABERDEEN, SCOTLAND – Any ideas what this is? It’s a pretty straightforward chart, that’s for sure: I know plenty amongst the Capital & Conflict readership like their metals, so I suspect that chart may be familiar to some of you….

ABERDEEN, SCOTLAND – A month ago, I told you how a buddy of mine was getting into bitcoin, and how I feared this might be a classic sign of a market top (What should Nixon have done in 1971? –…

ABERDEEN, SCOTLAND – The year was 1862. Lewis Carroll was writing Alice in Wonderland in Oxford… America was alight, burning with a Civil War… … and the French were getting close to pasteurising milk. The Oil Age was in its…

ABERDEEN, SCOTLAND – Well I must say, the timing of my note on Monday (Party at the frontier) wasn’t the best. My prediction that we were about to experience an alt-season, where bitcoin will take a step back and other…

ABERDEEN, SCOTLAND – We’ve had a fair bit of snowfall over the last few days. It’s nothing extreme – it’s not piling up high on the pavement – but it is damn chilly, and enough to remind everybody that we…

ABERDEEN, SCOTLAND – “If I told you, I’d have to kill you,” he said gravely, wine glass in hand. It was the summer of 2017. I was in the Royal Automobile Club on Pall Mall, where Charlie Morris had just…

ABERDEEN, SCOTLAND – I was given a set of lockpicks for my birthday a few years ago. I’d always wanted a set when I was a kid after reading one too many adventure novels, and a relative of mine thought…

ABERDEEN, SCOTLAND – Who is it that’s been pushing the price of silver around over the past week? They’re hooded for sure… but is it really Robin, the Prince of Thieves? Or does another, more mysterious individual stand under the…

ABERDEEN, SCOTLAND – In yesterday’s note, I published a few responses I’ve received from the readership on the curious case of Tesla. Broadly speaking, most of the letters I received took a negative view on the company – or at…

ABERDEEN, SCOTLAND – Is it just me, or was that an incredibly long January? Hogmanay feels forever ago (though I’m sure it feels even longer than that for those who braved Dry January). A month can be an awfully long…

ABERDEEN, SCOTLAND – They’re calling it “The Capital Riot”. Over the pond, millennial militias are on the prowl. It’s patriotism run amok. They’re hunting down, brutalising and bankrupting all those suspected of committing the most anti-American activity of them all……

ABERDEEN, SCOTLAND – A reader writes in: I read your posts and you are often on the mark – thank you! I wonder if you have written about Tesla. To me this appears to be the greatest bubble of them…

ABERDEEN, SCOTLAND – “One of the greatest risks in investing is crowding. Where there is hype, there is danger. That’s not just for bitcoin, but true for financial markets. Turn that idea on its head, and the contrarian starts hunting…