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by Dominic Frisby
Readings of brilliant articles from the Flying Frisby. Occasional super-fascinating interviews. Market commentary, investment ideas, alternative health, some social commentary and more, all with a massive libertarian bias.
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Your mid-week commentary will be later than usual this week. I have something quite special planned. In the meantime, here is another episode of Money Markets and More. Today, I sit down with former Conservative minister Steve Baker to discuss sound money, inflation, taxation, gold and why he believes Britain’s monetary system is fundamentally broken.You can either watch the video above or listen via Spotify, Apple Podcasts etcBefore entering politics, Steve served as an engineering officer in the Royal Air Force before working as an aerospace and software engineer. He later became one of Parliament’s leading advocates for free markets, lower taxes and sound money, giving him first-hand insight into how economic policy is made and why he believes Britain continues to repeat the same mistakes.This interview was filmed in 🥇 association with The Pure Gold Company.If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.⸻📖 The Secret History of Gold⸻Money Markets & More is the interview series from Dominic Frisby, exploring money, markets, gold, economics and the ideas shaping the world.Follow Steve Baker:https://x.com/stevebakerfrsahttps://www.stevebaker.info/https://www.instagram.com/stevebakerfrsahttps://www.facebook.com/FightingForAFreeFuture Nothing in this programme is intended as investment advice. It is an expression of opinion only. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
Good Sunday to you,Today I talk to Toby Young, now Lord Young, journalist, author, and founder of the Free Speech Union discuss Britain: how it works, its economic outlook, inflation, the expanding state, free speech and whether the UK is heading towards a financial crisis.As a member of the House of Lords, Toby offers a unique perspective on the direction Britain is taking politically and economically. We finish by discussing where he’d invest one hundred grand today.As always you can watch the video above or listen via Apple Podcasts, Spotify et alThis interview was filmed at ARC 2026 in 🥇 association with The Pure Gold Company.If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.⸻In case you missed it, here is this week’s piece. There are three really good company investment ideas in here, a lot of pictures and a lot of insights into what happens on the ground in junior mining companies. It is considerably more substantial than my usual weekly commentary. ⸻Follow Toby Young:https://x.com/toadmeister https://dailysceptic.org/Follow The Free Speech Union:https://freespeechunion.org/joinhttps://x.com/SpeechUnion https://www.facebook.com/SpeechUnion https://www.youtube.com/c/TheFreeSpeechUnion Money Markets & More is the interview series from Dominic Frisby, exploring money, markets, gold, economics and more, and it is made possible by 🥇 the Pure Gold Company📖 The Secret History of Gold:Nothing in this programme is intended as investment advice. It is an expression of opinion only. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
In this latest Money Markets and More, I sit down with Francis Foster, co-host of Triggernometry and author of Uneducated: My Life as a Teacher and Why You Should Never Become One, to discuss Venezuela, socialism, inflation, the pound, and why he believes Britain is heading towards a financial crisis.You can also listen to this interview as a podcast in the normal way.Before becoming a comedian and broadcaster, Francis spent twelve years as a teacher. In fact, he wanted to call his book 12 Years a Teacher - a title I loved - but apparently his publisher vetoed it.From there, our conversation ranges from Britain’s education system to government debt, money printing, wealth taxes and the lessons Britain should be learning from Venezuela’s economic collapse. Drawing on his own family’s experience, Francis explains what happens when governments lose fiscal discipline—and why he fears the UK is heading down a similar path.This interview was filmed at ARC 2026 in association with The Pure Gold Company. If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.⸻ICYMI here is this week’s commentary⸻Francis Foster📚 Francis’s book Uneducated: My Life as a Teacher and Why You Should Never Become One: https://www.youtube.com/@Francisfosterpod https://www.instagram.com/francisjfoster/ https://x.com/francisjfoster https://www.youtube.com/c/Triggerpod⸻Money Markets & More is the interview series from Dominic Frisby, exploring money, markets, gold, economics and the ideas shaping the world.🥇 In association with The Pure Gold CompanyDisclaimerNothing in this programme is intended as investment advice. It is an expression of opinion only. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comSorry for the delay with this week’s piece, I have been travelling.But our Summer of Gold continues today with what is, for me and many readers, our biggest position: Metals Exploration (MTL.L). It has also been one of our biggest winners.However, this year the shares have gone nowhere. Today they trade in the 13-14p range, having touched 19p earlier in the year. They came down as the fizz came out of gold and silver more generally.Its Runruno mine in the Philippines, the company’s main cash cow, is near depletion, just as construction of the company’s new La India mine in Nicaragua nears completion, with first gold pour expected later this year. New mines are hard to make work. Sometimes they never do. Plenty reach first gold only to disappoint investors for months afterwards, even years. Taking advantage of the excitement that often precedes production is frequently the right move. Is that the case here? Is it time to sell Metals Exploration?Or is it time to buy more?
In this next episode of Money, Markets and More, I sit down with Liv Boeree to discuss AI, risk, poker, game theory, incentives, state power and better decision-making. I thought this was a terrific interview and I hope you enjoy it.You can either watch the video above, or listen to the interview as a podcast in the normal way.Liv argues that, while AI could bring huge breakthroughs in health, drug discovery, efficiency and human flourishing, thi same technology can also be used to cause serious harm. We discuss regulation, bad incentives inside AI companies, state surveillance, privacy, human atrophy, automation versus augmentation, and why Liv believes poker is a better model for life than chess: imperfect information, luck, risk, emotion and long-term decision-making.This interview was filmed at ARC 2026 and made possible by The Pure Gold Company.If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.📖 Read The Secret History of Gold⸻Follow Liv Boeree on X or here on Substack:⸻Nothing in this programme is intended as investment advice. It is an expression of opinion only. We do not know your financial circumstances. Do your own research.And, in case you missed it, here is episode 1 with Luke Gromen This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
The inaugural CPAC UK runs from July 16-18 in London. Speakers include the former PM, Nigel Farage, Jacob Rees Mogg and Yours Truly . No Count Binface as far as I’m aware. Flying Frisby readers can get 25% off with this link.A few weeks ago Josh from the Pure Gold Company asked if I'd be interested in recording some long-form interviews. It sounded like a good idea, so at ARC a fortnight ago we sat down and recorded six conversations. Season One, if you like.The focus is not just gold or markets, although they feature prominently. They are about the forces shaping the world: money, debt, geopolitics, technology, energy, incentives. You name it.I’ll be running the interviews here on The Flying Frisby, on YouTube via Money Markets & More, and as podcasts on Spotify, Apple Podcasts and the other major platforms.My hope is to make this a regular Sunday feature and, over time, build a library of conversations that remains valuable long after the headlines have faded.I hope you enjoy them.(And if you do enjoy them, please share them and let me know who you'd like me to interview next).To kick things off my first guest is Luke Gromen. Luke has been ahead of the curve on debt, fiscal dominance, the bond market and gold for a long time, and in this conversation he explains the bind facing the Federal Reserve, why markets may no longer be as free as we like to think, and why foreign central banks are buying gold instead of US Treasuries.We also discuss the reindustrialisation of America, why reversing decades of offshoring is likely to be inflationary and why China does not want the yuan to become a straight replacement for the dollar. You can read Luke’s letter, the Forest for the Trees, here.My thanks go to Josh, Rachel Eyres, the Pure Gold Company for making these interviews possible. If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.Coming up soon we have* Liv Boeree* Steve Baker* Toby Young* Francis Foster* Toby BaxendaleThis interview was filmed at ARC 2026 in association with The Pure Gold Company. Nothing in this programme is intended as investment advice. It is an expression of opinion only. We do not know your financial circumstances. Do your own research.And …The Secret History of Gold is getting rave reviews and is available around the world at all good bookshops. The audiobook is especially popular. This is a public episode. If you'd like to discu
This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comThe S&P 500 is close to all-time highs, but it’s looking wobbly. After magnificent runs, gold and silver are both washed out and trending lower.Bitcoin is all but dead and buried. Rates are rising the world over so you can forget about government bonds - that particular bull market is over. Oil and gas have turned down now Trump and Iran have their deal. Remind me what uranium is again? What to do? Sell? Buy? Take profits? Run? Hide? Risk on? Rotate? Hedge?Everyone everywhere is telling you to do something. There is an entire financial industry dedicated to persuading you that inactivity is irresponsible.Three years ago I proposed the opposite and launched the Dolce Far Niente portfolio - “the sweetness of doing nothing” portfolio.It was based around a simple notion. Do nothing. The sweet FA portfolio. Most of us have busy lives to live with jobs, businesses and families. Some of us even have hobbies. We do not have the time, inclination or temperament to be constantly monitoring markets and worrying. I don’t know about you but I find the more decisions I make, the more bad decisions I make. The aim of the portfolio was to build a sensible allocation to the major themes of the coming decade, and then largely leave it alone.No fiddling. No panicking because of some thing you read on X that morning. Nothing.Different readers used different vehicles. When uranium went nuts, we reduced to 2.5%. I simplified the equity allocation, so the exact implementation evolved over time. What follows therefore is not an audited fund report, but an approximate check-in.The broad conclusion, however, is clear.If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.Doing very little works surprisingly well.Depending on exactly how you measure it, the portfolio is up around 65-70%.Not bad for something specifically designed to reduce activity and thus stress.If by the way, you are investor starting out, this is the portfolio I recommend, and I recommend it way ahead of racy, smallcap stock tips, such as you sometimes read on here.So let’s take a look at the portfolio, and let’s see if any activity is required.The first lesson is that asset allocation remains far more important than stock selection. This is one of the basic truths that, it seems, one keeps having to re-learn.Doesn’t matter which gold miner you own if gold miners are trending lower. Being on the right track matters more than backing the right horse.
I was on a panel with veteran geologist Brent Cook earlier in the week and something he said rather struck me.“It’s shaping up to be a brutal summer for mining companies.”Brent CookLooking at the chart below, it’s hard to disagree.The Gold Miners Bullish Percent Index has fallen to zero.Not 5 or 10, but zero. That’s lower in the in the crash of 2008 and during the Covid panic. It has only ever reached this level during the darkest days of the great gold bear market of 2011-16, and even then only twice.This chart measures the percentage of gold mining stocks that are on Point & Figure buy signals. If every stock is on a buy signal, the reading is 100. If none are, the reading is zero.A reading of zero does not mean prices cannot fall further, only that not a single stock in the index is in a technical uptrend.Readings like this only occur at moments of extreme pessimism. But what makes today’s reading so unusual is the backdrop.In 2008, everything was crashing. In 2013 and 2015, gold itself was in a vicious bear market. During the Covid panic everything was crashing. Today, gold’s above $4,000; silver’s above $60.The fundamentals for higher prices - central bank buying, irretrievable government spending and, in the case of silver, industrial demand - remain. Yet the mining shares are in the swanny.And these are monthly charts. Such extremes take time to develop. Daily and weekly indicators can hit zero fairly easily. Monthly indicators rarely do.This is an extraordinary breadth washout. Why is it happening?Inflation (in the true meaning of the word)When gold and silver went bananas late last year and early this, mining companies took advantage of the frenzy, as they always do, to raise capital. Bucket loads were raised.Typically in Canada there is a four-month hold after a capital raise. It means that capital raised in January, for example, only came free trading last month and capital raised in February is only coming free trading now.Somebody has to buy all that paper, and, if they don’t, prices fall until somebody does buy it.Add that to the broader decline in the underlying metals prices, especially gold and silver, and you can see why junior mining is having such a rough time of it, and why Brent thinks things are going to get brutal.Too much paper.Not enough people to buy it.The sector simply needs time to digest all that paper. Another leg higher in gold and silver would increase buying, but for now money is flowing in the opposite direction.Such extremes can prove excellent buying opportunities - though if you bought the 2013 dip you had a wait on your hands - but we have all this paper to get through.Many miners are terrible businesses, years from any cashflow. Costs, especially energy, have risen. Dilution is relentless.The bear case is that mining stocks are warning us that gold and silver are headed lower.On the other hand, the economics of mining have changed with gold and silver this high. Producers should make a lot of money. They will need to replenish lost ounces. The value of deposits has changed. Previously uneconomic mines start to look viable. The value of genuine new discoveries is immense.The bull case is that miners are pricing a disaster that doesn’t come. Gold and silver stabilise, the financing overhang eventually clears and the sector re-rates sharply higher. We are near capitulation.With a BPI reading of zero, one thing is certain: the sector is not over-owned.Given that June typically sees the low for the year in gold and silver, I favour the bull case. But the summer is always weak. We might have a while to wait if my ongoing thesis that gold and silver range trade for a year proves true.This is not 2011-16.It’s a mid-cycle correction.The question is not so much whether the sector is hated or not. The chart tells us it is. The question is how much longer investors can stay this pessimistic if gold remains above $4,000 and silver above $60.Lifetime subscription prices go up tomorrow and other mattersTurning to other matters, here is this week’s commentary in case you missed it:And a reminder that you have one more day to buy a Lifetime Subscription before prices go up. The current price is £550 until tomorrow. It then rises to £650 before being permanently withdrawn on 30 June.If you’ve been considering Lifetime Membership, this is your last chance.Two NBs* If you are looking to upgrade and have trouble with payments, please drop me a line (either reply to this email or message me). I need to cancel your membership, issue a refund and then you need to resubscribe.* Despite what the sign-up process says, this is a genuine one-off payment for lifetime access. I manually convert memberships
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Readings of brilliant articles from the Flying Frisby. Occasional super-fascinating interviews. Market commentary, investment ideas, alternative health, some social commentary and more, all with a massive libertarian bias.
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