In a 13-F release issued by the SEC after market close yesterday, it was reported that Soros Fund Management LLC, founded and chaired by billionaire financier George Soros, significantly increased its gold related holdings, most notably, through the purchase of over $25 million dollars worth of call options on the GDXJ Junior Gold Miners index.

This stunning move by one of the world’s top performing hedge funds, suggests a powerful surge ahead for gold equities. It should be noted, that in the forty years prior to 2010, the Soros Fund averaged a 20% annual rate of return.

A breakdown of the 13-F data indicates that during the first quarter, the Soros Fund:

1. Maintained a $32mm stake in individual miners.

2. Added a staggering 1.1 million shares of GDX to its holdings, at a reported price of $37.84 per share. Total Soros Fund GDX holdings now stand at 2.666 million shares, at a reported value of over $100,000,000.

3. Reduced it’s long position in the GDXJ Junior Miners Index fund, from 1.998 million shares to 1.2 million shares—only to turn around, and purchase 1.510 million call options on the same index, at a reported value of $25,200,000. 

4. Lastly, the fund reduced its stake in the GLD gold fund from 600k shares to 530k shares, for a total reported value of $82,000,000.

In summary, as of May 15th, 2013, Soros Fund Management LLC reported owning over $239.2 million in gold related positioning, with over $25 million dedicated to call options on junior mining stocks.
—

Bottom Line: While debate continues as to how far gold and gold equities will continue to drop, the Soros Fund is lightening up on physical gold in exchange for gold mining equities and call options on the extremely volatile junior mining stocks. 

There couldn’t be any stronger indication by the fund as to its beliefs about the timing of this bottom (outside of selling everything and going all-in on call options of course). 

It remains to be seen whether these positions will end up in the green or not, but with a forty year track record of 20% annual returns, I’ll be betting on the Soros Fund.
—

To view the entire Q1 2013 13-F filing as reported by Soros Fund Management LLC, visit: SEC.gov

Enjoy the article? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

Photo source.

I had the chance to connect recently with John Smith, President and CEO of Silver Standard Resources (see disclosure). It was an interesting conversation, as John has been in the resource industry for 30 years, with nearly 20 of those spent developing mines at BHP Billiton.

During the interview, John indicated that as the world’s major mining companies are slashing capital expenditure and exploration budgets, mining costs are slowly turning around. He also spoke to the stabilizing political environment in Argentina for miners, as well as commenting on the “paper to physical” dynamic he sees in both precious metals and energy.

When asked if this is a good time to be developing new mines, John explained that, “If you look at the majors; the BHP Billiton’s, the Rio Tinto’s, and the Xstrata’s, you can see there’s a lot of companies pulling back now on building mines. [That] does a couple of things. First…for the market and suppliers [of] major processing equipment and mobile fleets…you tend to see the delivery schedules getting much shorter…and [there isn't] so much heat in the prices, [because] there’s not [as] much competition for that equipment. 

“[Secondly], it’s also a time that people want to acquire…As these [periods of] compression in silver and gold prices…provide the unique opportunity to buy, and sometimes it’s better to buy and build, because of the ‘speed to market‘ of cash flow…So it really is a good time…in terms of being counter cyclical to the industry.”

John also pointed to the increased trading interest of mining properties, in that, “What [companies] deem as ‘non-core’ [properties are] coming into the market, and their ‘non-core’ is ‘core’ for some other people. So again, it’s an opportune time [in] the marketplace.”

With regard to the business environment in Argentina, John indicated that, “We’re seeing less ‘changes’ now. There was a period of time where there [were lots of] changes around import and export restrictions, and we still live in that environment…[but] we’ve not seen too many other structural impacts recently, so [there's] been a point of somewhat stability there.”

He further added that, “For miners, our investment horizon is seven years, [and while] we’re looking at the day to day, we’re also focus[ing] on seven years out…because as we make investments (and in mining they are large investments), they’ve got a long life…[so] stability and clarity is absolutely important.”

When asked his thoughts on physical silver, John commented that, “The delinkage between the physical and the paper [market] is quite strong…You look at oil and gas and it’s something like 100 times paper to physical…[and] you get that in the precious metals as well. So there is a disconnect. The marginal price of silver is being determined by the investment demand now…[However], risk and reward is not appropriately placed, [so] we’re going to see a return to silver and gold no doubt.”

Wrapping up with thoughts on the long-term fundamentals of silver, John concluded by saying, ”[There's] the investment potential in silver, but [it's] also a commodity that’s consumed. In the times that the economy is running [strong], there’s a high amount of silver secured for building computer electronics, medical equipment, and renewable energy…[So] I think we’ll see a return to silver in the not too distant future…[as] it is a great metal long term.”
——

Disclosure:  Silver Standard has been kind enough to help keep the lights on here at Bull Market Thinking. However, this interview is not a recommendation to buy, sell or otherwise take action on the stock. Your editor instead recommends that we “comb through” John’s comments, carefully looking for educational bricks which serve the highest value.

To listen to the interview, left click the following link and/or right click and “save target as” or “save link as” to your desktop:

>>Interview with John Smith (MP3)

Enjoy the interview? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

Legendary investor Don Coxe, Chairman of Coxe Advisors LLP, and former advisor to the $540 billion BMO Financial Group, issued a powerful new commentary entitled, “Money Makes the World Go Round”. 

In this updated piece, Don spoke to the staggering growth of the U.S. monetary base, indicating that when monetary velocity regains its speed, a “nightmare scenario” could unfold, with gold to money supply ratios exploding from levels, “so far [below] any all-time lows, so as to [defy] the description.”

Here is a highlighted segment taken from Don’s 30 min. commentary:

“What Ben Bernanke explained in a series of lectures last year, was the core of his strategy; A dramatic expansion of the U.S. monetary base, which shocked conservative republicans and…contributing to the big rally in gold. In his view, he had to do it to prevent a new depression. And he did that. But then he stayed with it, and his objective was to raise the value of the price of assets—he never mentioned gold of course. And he succeeded in the stock market, probably beyond his dreams.”

“At some stage there will be a transmission mechanism to move money from the fed’s monetary base, which is exploding at [a] 40% rate, and it will work it’s way into the money supply growth. Now that has to happen through what’s called a multiplier effect in the banking system, where banks create money by granting loans. That of course has not happened up until now, but there are signs that it’s emerging. And that is the big reason why the U.S. economy is doing better than most of the other big economies, because there is growth in lending in the U.S. banking system.”

“As that mechanism works, [there's] a point in which it builds it’s momentum, that the fears of the conservative economists, and the fears of gold investors come into play. Because once money supply growth starts to expand off that powerful monetary base, what you get is a self-reinforcing process. That’s the stage at which the nightmare scenario could unfold, if they don’t rapidly raise interest rates and start to shrink the monetary base.”

“[For gold investors], there’s more pain in store…until [the market] concludes, that buying may have downside risk, but the upside is going to be enormous, once the inevitable result occurs, of money supply growth growing far faster then GDP growth—setting off inflationary pressures in the economy. You cannot expand the monetary base by hundreds of percents for a long time, having a no fault situation. Eventually a huge challenge occurs.”

“So once you reach the stage of futility, of saying ‘nothing is going to happen, there will not be enough economic growth to stop expanding the monetary base,’…at some point then, what we will get, is monetary velocity will revive…This will occur in time therefore, where the ratio between the supply of gold, and the supply of paper money in the world, will be not just at an all time low, but so far [below] any all-time lows, so as to [defy] the description.”
——

Bottom Line: While there is still a current downdraft in the price of gold, long-term fundamentals are skewing even tighter to the upside. When the ultimate “gold to paper money ratio” balance occurs, it will no doubt catch most by surprise.
-
Once again, this was a powerful new commentary issued by one of world’s most successful commodity fund advisors. It is required listening for serious investors and market students.

To listen to Don’s conference call in its entirety (and to follow his regular work) visit: CoxeAdvisors.com

Enjoy the article? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

Photo source.

¹“There can be many firefights in a battle…It’s normally a brief engagement between units meeting in passing, or as part of an operation to clear enemy combatants out of an area.” 
-

The word firefight came to your editor’s mind when reflecting on the collapse witnessed in gold during the month of April. On Friday, April 12th we saw a tremendous 5.16% drop, only to be followed by a total smash of 8.99% at the open on Monday the 15th.

In total, these two trading days represented an over 14% ($200+) collapse in the price of gold—the most volatile and frightening period for many since the recent bull market in gold began.

Indeed, Monday the 15th represented the single biggest day of nominal trading losses in gold’s history. (See chart below)

(click to enlarge)

An easy conclusion for gold opponents to argue here, is that gold is riskier than ever before, and those who owned it before the crash have been sorely punished for their indiscretions.

But what you are likely already aware of, is that the fundamentals have screamed back at the sell-off, with Comex inventory depletion reaching historical levels, and hundreds of tons of gold being vacuumed up by the world’s largest retail buyers.

Therefore, this collapse appears to have functioned as a “market clearing event,” as described during the opening quote, “an operation to clear [out] enemy combatants,” or as gold trader Gary Savage recently suggested, a means to “unlock physical metal…[bringing it] back into the market,” to meet potential, “repatriation obligations”. 

With that said, when looking at history to determine what might follow this market firefight, data shows we are still in the “nascency” of this bull market in terms of the upside volatility to come.

To be blunt: We ain’t seen nothing yet. 

As shown in the chart below, gold’s historical daily percentage changes (the real indicator of volatility), illustrate that gold’s volatility exploded to incredible heights between the years of 1970-1981. Percentage moves recorded during this eleven year period include:

46 days in which gold traded up 5% or more…
10 days in which gold traded up 7% or more…
6 days in which gold traded up 8% or more…
3 days in which gold traded up 10% or more.

(click to enlarge)

Considering these historical daily moves in the context of expanding currency supplies, two things can be easily argued:

1. During the totality of this bull market we shall see dozens of trading days in which gold moves up in excess of 6%-7%, with the final year of the bull market being punctuated by multiple 9%-10%+ daily moves.

2. These high percentage daily moves, will range in dollar terms, anywhere from $100-$1,000+ on each of those trading days. 

A $1,000 move in the daily price of gold sounds like a complete absurdity, however, it’s simple and easy to conceive of in the context of a growing money supply. If we ever reach $10,000+ oz. gold, then you can bet on seeing many $100-$1,000 days. They will become statistical normalities.
-

Bottom Line: This sell-off in gold may be remembered as just another skirmish meant to clear out “enemy combatants” (weak hands), before a final assault higher.

Both short and long term history are now pointing at amazing upside volatility, the likes of which we haven’t seen in decades. When that volatility returns (likely in very short order), these emotional days will be quickly forgotten.

-
Enjoy the article? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

I had the opportunity yesterday to join McEwen Mining‘s Q1 2013 conference call, led by legendary founder and former CEO of GoldCorp, Rob McEwen. He is now the CEO, Chairman, and largest shareholder of McEwen Mining.

It was an interesting call, with over 30 minutes dedicated to listener Q&A. In response to some very intelligent questions, Rob shared some very interesting market comments in return.

Here are the highlights:

With regard to the tightening interest-rate “noose” choking fixed-income dependants, Rob said, “We’re in a situation where governments have dropped interest rates to a point that it’s hurting so many people—the retired, those on pensions, those on retirement fixed income. It’s forcing people into riskier and riskier investments and the price is large that will have to be paid.” (Editor’s note: what that “price” is, he didn’t say)

When asked if currently buying new positions in gold bullion and mining shares at these levels, Rob replied by saying, “Not bullion. I think the shares are heavily discounted right now, and represent very interesting opportunities. We see both good and bad situations discounted in equal amount, and I don’t believe we’ve seen buying opportunities like this since 1999 and 2001. I have done some buying…[and] I do believe we are at or very near the bottom for gold, and definitely for gold shares, and prices are going to improve.”

Speaking to the expectation of a recovery in mining shares this year, Rob noted that, “Gold shares I think are overdue for a big move up by the end of the year, and there is a phenomena I’ll call the “White House Affect.” If you go back to the presidential election in 1984 and look at the eight elections…up to 2012, in the year of every election, gold shares have fallen in value, and the year that follows the election…the gold shares have risen. If you use the XAU as a measure of gold shares, they’ve risen between 10% and 80% in the years that have followed a presidential election in 7 out of those 8 periods. In the one year that they went down [it] was during the Bre-X scandal, as it pulled the whole sector down. But based on that 7 out of 8 year increase, there’s a high probability that at the end of this year, gold shares are going to be higher.”

Concluding on the value-driver to push the mining industry forward, Rob said, ”In my experience it’s discoveries that create value and will pull the sector along, and that’s why we invest a lot of money in exploration, and we’ve met with some success.”
-

Bottom Line: This was an interesting call with one of the great mine developers of our time. It is recommended listening for precious metals investors and those looking to add to their education in the space.

To listen to Rob McEwen’s Q1 2013 comments, visit: McEwenMining.com

Disclosures: None

Enjoy the commentary? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

Photo source.

I had the opportunity yesterday to speak with one of the western world’s most courageous and astute women, Karen Hudes, Former Senior Counsel to the World Bank—now turned whistle-blower.

It was a powerful conversation, as Karen spent 20 years with the World Bank as an attorney and economist, before being “let-go” after reporting internal fraud and corruption.

During the interview Karen indicated that the world is rapidly changing, with western power structures breaking down, economic & political influence gravitating to BRICs nations, all amid a pending currency transition which will highly favor precious metals.

Starting out by discussing the shocking centralized power she witnessed while working at the World Bank, Karen explained that, “A study done by three [Swiss] systems analysts who used mathematical modeling [shows] how the [world's] 43,000 transnational corporations were being controlled through interlocking corporate directorates. There’s a group of 147 companies, most of them are financial institutions, and what they’ve done, is through the interlocking directorates, they control 40% of the net worth of these [43k] companies, and 60% of their earnings…so that group has been using the presidency of the World Bank as kind of a puppet to dominate the world—that’s [now] finished.”

A major shock to that centralized power base, according to Karen, was the recent move by BRICs nations leaders to bypass the World Bank for their financing needs, by establishing their own development bank. “As the BRICs [nations] economic power grows,” she explained, “they’re not going to be strangled anymore through the grabbing [of] their resources…So their decision to start their own development bank was their way of letting [world] governments know…that its time to end this corruption.” 

Major moves toward monetary independence are also being made by growing numbers of U.S. states, Karen added. She explained that, “The states are starting to have legislation recognizing gold and silver bullion as legal currency. This is [also] a very strong signal the states are sending to the federal government, that the time to get serious about ending the corruption in the financial system is now here.”

When asked her thoughts on what this all means for the world monetary system, Karen said, “What’s going to happen, is we’re going to have all the countries of the world, sit down and figure out what’s going to be the best, most orderly transition from the current system that we have, [which has] profound imbalance and unsustainable deficits…[this change] is going to happen as each country makes its preference known, because the system we have now is not transparent, and the biggest change [in the new system], is that there’s going to be transparency.”

That transparency may be found through a gold-backed currency system, Karen noted, as, “All of the countries of the world are going to allow precious metals to serve as currency, and this will be an underpinning for paper currency, [as] we’ll have both systems at the same time. This is my guess, as I mentioned—I am an economist.”

As a final comment speaking towards her difficult journey as a World Bank whistle-blower, Karen said, “I’ve been struggling now for years, to tell the American public what’s [been] going on. I haven’t gotten through, because this [financial] group has bought up the press and has been spreading disinformation systematically. That undermines the whole point of a democracy. How can voters vote without an informed opinion, without the information that they’re entitled too? So this strangle-hold on information is going to end in very short order.”
——

This was a powerful interview conducted with a great American patriot and honorable world citizen. Karen is setting an example for the history books, and her interview is required listening for global thinkers and market students.

To listen to the interview, left click the following link and/or right click and “save target as” or “save link as” to to your desktop:

>>Interview with Karen Hudes (MP3)

To learn more about Karen and support her work, visit: Kahudes.net

Enjoy the interview? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

I had the opportunity this week to connect with the legendary Marc Faber, publisher of The Gloom, Boom, & Doom report. It was a fascinating conversation, as Marc is arguably the most well-traveled and street savvy economist alive.

During the interview Marc spoke on gold from a variety of angles, as well as addressing growing & future rates of terrorism, and coming asset confiscations to be supported by the “popular vote” worldwide.

With respect to recent loud cries of gold manipulation, Marc questioned that, “Western central banks still own the bulk of gold in the world, and are well aware…[that] central banks in emerging economies, notably in Asia, are grossly underweight gold. So why would they depress the price of gold [as] a gift to the Asian central banks, to be able to buy [it] at a lower price? That I don’t [understand] entirely.”

Rather than manipulative forces driving the price of gold down, Marc provided an alternative, explaining that, “I think maybe…the collapse in gold prices recently, and the very strong performance in U.S. Treasuries…is signaling that a deflationary shock, in spite of all the money printing, is still a possibility…I would say if you had a deflationary shock, about the last thing you should own are paper assets…But I think if the markets collapse…physical gold may be the [right] place to be relatively speaking.”

He further added, “I’m still buying gold, and I will never sell my gold. But I think the problem with investors, is that they always buy assets after they have moved [up] substantially…instead of continuously applying a disciplined investment strategy that implies diversification between real estate, cash and bonds, gold, and equities. 

Moving on to the subject of terrorism in the wake of the Boston bombings, Marc candidly stated that, “We have to realize that every action creates a reaction…the U.S. and the Western countries of Europe…they go into Afghanistan and Iraq, and launch drone attacks in Pakistan…Put yourself into the shoes of someone who grows up in a family that is not a terrorist, and suddenly a drone hits your house, and your parents die, or your children die—every day that breeds one new terrorist. That man…an innocent bystander, will basically vow revenge. The more you attack these people with artificial weapons…[the more] these people then also apply dirty methods [in return]…[So] if security and personal safety is an issue [to you], you’re better off [living] in the countryside.”

When asked about growing levels of asset confiscations worldwide, Marc distilled the issue down to its core: manipulation of a democratic system, in which one class of people are pitted against another.

“As a result of the Federal Reserve’s monetary policy,” Marc explained, “huge wealth and income inequality [was created]…You have 1% of the people in a system that benefited incredibly from rising asset prices…[and] a lot of people are dissatisfied. They have the same vote as the 1%, except they are the 99%…so to them, it will be very acceptable to take money away from the 1%…In the end something [big] will happen…what I would really hate is if one day the government comes and says, ‘Okay, we’re going to take 50% of your money and give it to social programs…I think that is a real threat.”

The democratic system can be manipulated with relative ease, Marc explained, because as a politician, “Whatever goes wrong, you [just] blame someone, [and] you mostly blame [middle-class] people. They’re easy targets. You tell the majority of people, ‘You know why you have no jobs? You know why your salaries are going down in real terms? Because these rich guys are taking it away from you.’”

As a final chilling comment to end the interview, Marc said, “In terms of social conditions in the western world, the wealth inequality, the money printing—it’s absurd to think that you can create economic growth by boosting asset prices…I’m 67, so I hope I don’t have to see all the [ultimate] disaster, but I am very, very bearish on the trend the world has embarked upon. 
——
This was a powerful interview conducted with one of the great thinkers and economists of our time.  It is required listening for serious investors and market students.

To listen to the interview, left click the following link and/or right click and “save target as” or “save link as” to to your desktop:

>>Interview with Marc Faber (MP3)

To learn more about Marc and his newsletter visit: GloomBoomDoom.com

Enjoy the interview? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

I had the chance to connect recently with one of Canada’s rising fund managers, Jon Case, portfolio manager with Sentry Investments. Sentry manages over $10 billion in assets, representing over 300,000 Canadian clients, and has further received numerous industry distinctions.

Serving as co-portfolio manager to over $1 billion in precious metals and natural resource funds, Jon was kind enough to share some commentary on the challenging environment of the mining sector, and recent sell-offs in the price of gold.

Here are the written notes from that conversation:

TD: Jon, looking at the action over the last few weeks – anecdotally, was there anything that really shocked you guys there at Sentry?

JC: I think everyone, ourselves included, have been surprised by the magnitude of the pullback in gold, given that none of underlying drivers for gold have changed. With the benefit of hindsight some are attributing the sell-off in gold to ETF selling, a potential gold sale from Cyprus, and downgraded price forecasts from Goldman Sachs and SocGen. In our opinion, those events do not represent a fundamental change in the drivers of gold, and, therefore, they should have had [only] temporary price impacts.

Broad measures of liquidity (Federal Reserve Balance) show that the global balance sheet continues to trend upwards, with no end in sight (though recently it did decrease in size due to a reduction in the ECB balance from the return of LTRO funds – however, we expect this reduction to be an aberration in the rise of global central bank balances, with US and Japan poised to expand their balance sheets at a rate that will more than offset ECB losses). Economic data points such as GDP, non-farm payrolls, and retail sales continue to show an economy that is barely growing (despite massive government stimulus in the form of deficit spending). Lastly, speculative positioning in the gold futures market is at a relatively low level, in the context of the range of positioning over the last four years.

TD: What do you make of the conflicting message we’re seeing in gold – in terms of the paper markets selling off so strongly, but yet retail buyers flooding the bullion shops worldwide…what are your thoughts there? And do you see any similar institutional rush?

JC: The futures market overwhelms the physical market in value, so imbalances in the supply/demand dynamic in the latter have a tough time pushing around the former over small time periods. But over a sustained period of tightness in physical supply vs. strong demand, price would respond, and the paper market will follow suit. We track the supply/demand dynamics in the paper market by looking at the shape of the forward curve and the Commitment of Traders report; and in the physical market by looking at the physical premiums paid for gold delivered to India and China—the main sources of demand in the physical market.

On the physical front, we are seeing evidence of very strong physical demand coming from Asia, with premiums of $2 – $3/oz. in Hong Kong, which is why we believe gold bounced off its lows. Whether that demand will continue to persist as gold pushes higher is not as clear, and there is some evidence of physicals premiums dropping off at current levels with gold up $125/oz. from its lows (at time of writing). This is not surprising, given that retail demand is highly price-sensitive, especially in India.

As for an institutional rush into gold, I don’t think that’s likely until we see some price stability, or until negative changes in other asset classes drive funds into gold. We believe the recent high volatility could discourage institutional activity over the near term, and, therefore, we expect gold to consolidate in a range for a few months, before we see it resume its climb higher.

TD: And the mining shares Jon – they’ve been mutilated. Is this the end of the mining industry, or possibly one of the great markets that will be written about for years to come?

JC: There are tremendous opportunities to be found in the gold equities; however, the opportunity is not uniform across the sector, which is to say not all the gold equities are cheap. The sad reality is that weak price performance of some gold producers is justified, given that many cannot make positive free cash flow at current gold prices.

In 2012 we estimate that the four largest, publically listed gold producers on North American exchanges, which represent 41% of the total capitalization of all publically listed gold producers in North America, generated –$3.0 billion in free cash flow. In gold terms, that’s equivalent to saying the YoY change in their balance sheets reflected a cost of gold production of $1,839/oz. in a year where gold is $1,669/oz. So with gold off 12% YTD, some investors may see the drop in the broader gold equities of 35% as an opportunity, but in certain cases value has dropped by a similar or greater amount: if they weren’t profitable at $1,700, their prospects look dim at $1,450/oz.

On a more positive note, there are real businesses in the gold space that generate strong free cash flow at the current gold price. The recent pull-back in the equities has been more or less uniform – all gold equities have been painted with the same brush – and the result is an over-reaction in the share price declines of the top-quality producers, where the pull-back in price represents a gross exaggeration of the erosion to their profitability.

We are seeing valuation levels never seen before, with some gold producers now carrying free cash flow yields (implied by their current capitalization) at spot gold price in the double digits (10% – 15%) – a unique buying opportunity.

TD: As a final question Jon, you guys have some of the world’s top fund managers working there at the firm—what would you say might be the the overall fund consensus about this environment that we’re in?

JC: Kevin MacLean, my colleague, and the lead portfolio manager on Sentry Precious Metals Growth fund has been managing investments in the gold space since the 1980s, so he has seen multiple cycle peaks and crashes in gold and gold equities. His message is that he has seen this before—it’s quite common for the sector to look broken at the bottom, and that’s always the best time to buy.
—

Enjoy the commentary? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.

Thanks,
Tekoa Da Silva
Bull Market Thinking

Photo source.