Precious Metals

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According to S&P Global, there were roughly 180 major gold discoveries (over one million ounces in reserves) in the 1990s, 120 in the 2000s, 40 in the 2010s, and none since 2019.1 With the recent strength in gold prices, majors are suddenly seeking to acquire additional resources through acquisitions. – Dan Oliver, Myrmikan Capital, 6/12/23

Traders have a tendency to “think” in their own currencies, which is a natural human action.  But it is worth paying attention to how other traders may think, because how they see prices can affect their behavior in ways we might not be seeing through our own lenses. In the USA, we think in dollars,

The bailout was arranged by the Federal’s Reserve new facility, the BTFP (Bank Term Funding Program). Under the program, Banks can borrow 100% of the face value of U.S. Treasuries, agency debt, and mortgage-backed securities for up to a year at no cost. In other words, although the market now properly prices long-dated Treasuries at

The current ratio between the metal and gold stocks as represented by the NYSE Arca Gold Mining Index, is not that far off historic lows struck in 2015 and shows that gold stocks have been underperforming gold for more than a decade.  If the price of gold stays stable at today’s levels, gold stock valuations