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Aug 05 2023

Gold: Not As Shiny

  • Aug 5, 2023

In mid-July, we sold our tactical portfolios’ small (2%-ish) position in physical gold ETFs. That holding had been built up from 2018 to 2020 to around 5.5% of the portfolio, then pared in early 2022 when Russia invaded Ukraine. That doesn’t mean we’re gold bears.

Jul 08 2020

How Much For Your “Free Lunch?”

  • Jul 8, 2020

The 41% S&P 500 rally would be half as large if measured in terms of gold, and a “unit” of the S&P 500 now buys 70% fewer ounces of gold than it did in early 2000. Meanwhile, when denominated in either silver or Bitcoin, the stock market rally has been almost nonexistent.

Jun 12 2020

Keep An Eye On What Your Stocks Will Buy

  • Jun 12, 2020

News that the Bureau of Labor Statistics may have undercounted the May unemployment rate by six percentage points should remind investors of the danger of taking government economic reports too seriously. Regardless of the figure, though, unemployment is no doubt near its peak for the downturn.

Sep 04 2011

Golden Milestone

  • Sep 4, 2011

The yellow metal itself celebrated 40 years of “independence” by pulling ahead of the S&P 500 on a cumulative, total return basis since the gold window was closed.