During 2015 gold bullion declined 10.4 percent, to $1061.4, while gold mining stocks (basis XAU Philadelphia Stock Exchange Index of Gold and Silver Stocks) declined 33.4 percent. 2015 was the third consecutive year of declines in the precious metals complex, a correction from all-time highs that appears overextended and ripe for a trend reversal. We …
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An acute shortage of readily marketable physical gold is developing that we believe will deepen in years to come. This possibility seems to be unrecognized by those who are short the gold market through paper contracts. The relentless dumping of synthetic or paper gold contracts since 2011 by speculators in Western financial markets has caused …
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Financial market turmoil has been what was needed to rekindle investment interest in gold, as we have argued in our investor letters this year here. The onset of a bear market is what we envisioned in making this statement. A preliminary glimpse of what is what is needed to turn the tide for the gold market …
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Conan Doyle fans will recognize the reference to the eminent denizen of 221B Baker Street in the title of this note, but it isn’t for the benefit of Dr. Watson that we are penning this brief. Rather, it is for Dr. Yellen. Economic stimulation in the form of low rates has been the focal point …
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