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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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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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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A. Keep Calm and Carry On The tumult in global equity markets has been so sudden and so violent that it has left many observers breathless. “What in the world,” many investors want to know, “is going on?” The answer? No one really knows. This admission is not a bad thing. Among other salutary characteristics, …
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Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …
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