tag:blogger.com,1999:blog-16904796164493361282024-03-18T04:04:29.635+01:00Mining cornerPrecious metals and mining enterprises: from threat to opportunityGwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.comBlogger268125tag:blogger.com,1999:blog-1690479616449336128.post-87740057848184351242024-02-28T22:15:00.000+01:002024-02-29T00:04:29.698+01:00Global Investment Returns Yearbook 2024<p>Today the Global Investment Returns Yearbook for 2024 has been published by UBS Global Wealth Mgt, in collaboration with the Credit Suisse team who have been publishing previous versions.</p><span><a name='more'></a></span><p>The <a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20240228-yearbook.html" target="_blank">press release</a> summarizes the key elements of this publication.</p><p><b><span style="font-family: arial;">"Global Investment Returns Yearbook 2024 – leveraging deep history to navigate the future"</span></b></p><p><span style="font-family: inherit;">The Global Investment Returns Yearbook now in its 25th year is the authoritative guide to historical long-run returns. </span></p><p>London, February 28, 2024 – Launched today by UBS Investment Bank and UBS Global Wealth Management’s Chief Investment Office, this edition demonstrates the combined strength of UBS and Credit Suisse as the integration of the two banks progresses, and also marks the continuity of a longstanding partnership with the authors, Professor Paul Marsh and Dr Mike Staunton of London Business School and Professor Elroy Dimson of Cambridge University.</p><p>This year’s edition of the Global Investment Returns Yearbook covers the following key themes:</p><p></p><ul style="text-align: left;"><li>Since 1900, equities have outperformed bonds, bills and inflation in all 21 markets for which the Yearbook has a continuous history. Equities have dominated bonds, while bonds have outperformed treasury bills. The same held true for the rest of the 35 Yearbook markets with start dates after 1900.</li><li>The US market now accounts for a staggering 60.5% of total world investable equity market value, dominating Japan (ranked in second place at 6.2%), the UK (third at 3.7%) and Mainland China (2.8%).</li><li>The majority of long-run asset returns are earned during easing cycles. From 1914 to 2023, US markets were in a rising interest rate mode 45% of the time and in a falling mode 55% of the time. The annualized return on US stocks and bonds was 9.4% and 3.6% during easing cycles, compared with just 3.6% and -0.3% during hiking cycles. UK data since 1930 reveals a similar pattern.</li><li>While currencies fluctuate considerably, since 1900, real exchange rate changes have largely reflected relative inflation rates. Most currencies weakened against the US dollar, and only a couple (most notably the Swiss franc) proved perceptibly stronger.</li><li>Markets have transitioned from a low-return world to a higher return world thanks to a sharp increase in the real rate of interest and poor returns back in 2022. Long-run projected returns on stocks and bonds are now some two percentage points higher than two years ago.</li><li>Premiums from factors such as size, value and momentum have experienced long drawdowns. Factors will stay important in explaining returns, but it is unclear whether they will generate future premiums.</li><li>Based on long-run evidence from 1900 for the US and 1860 for the UK, investment grade corporate bonds have offered a significant credit risk premium over equivalent government bonds of around one percentage point per year. The premium from high-yield bonds is some two percentage points higher than this.</li></ul>The re-emergence of inflation and associated central bank monetary response has meant an historical perspective has been crucial to navigate the investment landscape successfully. The Yearbook provides a rich framework for addressing contemporary issues through the lens of financial history, with this year’s focus chapter presenting long-run evidence on corporate bonds and the credit premium.<br /><p></p><p></p><p><br /></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-77942511887593838342024-01-03T20:20:00.005+01:002024-01-03T20:45:53.546+01:00Long term performance of precious metal miners.<p><span style="font-family: arial;">Poor long term performance of most precious metal miners causes the HUI index of unhedged miners and the Philadelphia Gold and Silver miners index (XAU) to lag both precious metals and the general stock market.</span><span></span></p><a name='more'></a><p></p><p></p><p>This has been amply demonstrated on the detailed <a href="https://gwyde.blogspot.com/p/gold-miner-pulse-extended-article.html" target="_blank">Gold Miner Pulse page</a> and in the articles referenced therein. The <a href="http://gwyde.blogspot.com/p/miners-news.html" target="_blank">Miners Performance</a> page provides a ranking of individual miners since 19 Nov 2010 or the introduction on the Toronto or US stock market.</p><p>Presently I went beyond this approach: For all individual miners and the precious metal mining ETF's, their performance over 2023 is shown, combined with their long term performance and a 'strength' indicator determined by where the stock price on Dec 29 is situated within the interval (max, min) of last year. <a href="https://drive.google.com/file/d/1NeVA2I0tJXQebjzX4UUy8Foag_qK314P" target="_blank">Here you can find the PDF</a>. </p><h2 style="text-align: left;">Graphical outcome</h2><div>High disparity of miner and explorer performance is an understatement: in the graph the present value of a $1 investment in a miner is depicted on a logarithmic scale from 0.01 to 10. This allows accommodating all but one miner (which unfortunately lost more than 99% of its initial value on 19 Nov 2010). For all quotes, reverse stock splits have of course been taken into account. The 2023 performance is also on a log scale, but the interval is limited between 0.2 and 3.</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq4lDPl_6nngAcTIPz3sQh-k6X8uxHMKoUJ5t-Y1_9i2VJKnp173QlhPOf-XQRQI0U2x5yOkjTstiTqDApJtbkOmsgWOxhEq9oWFOxMoSQC-LiRa3uyUS8WQBoRZOAquuz0SO5wEJdlTyICIgSybGJo-8skv5LxlQS7DJiKpe-I_h-sD9m-Tb2onDx/s977/Y2023vsLT.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq4lDPl_6nngAcTIPz3sQh-k6X8uxHMKoUJ5t-Y1_9i2VJKnp173QlhPOf-XQRQI0U2x5yOkjTstiTqDApJtbkOmsgWOxhEq9oWFOxMoSQC-LiRa3uyUS8WQBoRZOAquuz0SO5wEJdlTyICIgSybGJo-8skv5LxlQS7DJiKpe-I_h-sD9m-Tb2onDx/w640-h418/Y2023vsLT.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Yearly versus long term performance of miners and mining ETF's</td></tr></tbody></table><br /><div>Mining and metal ETF's are indicated in blue. For the sake of completeness, the mining and broad stock market indices are also included in blue. You find the DJ Ind, the SP-500 and the Nasdaq Comp. in the upper right part: they combine a high long term performance with a more than decent rise over 2023. Still in the upper right quadrant, you also find GLD, the physical gold ETF. Mining ETFs and the physical silver ETF SLV are near the axis at the left hand side: in most cases there is little gain over 2023 but losses have been accumulated over the long haul.</div><div><br /></div><div>There is a low positive correlation (0.18) between long term performance and the outcome over 2023. Mean reversion is not in the cards: it is possible but not common.</div><div><br /></div><h2 style="text-align: left;"><b>Survivor bias</b></h2><div>The worst mining picks are not even on the chart. There have been a few bankruptcies but many more explorers or small miners delisted from the TSX and/or the TSX Venture exchange. In a few more cases, the coverage on the Gold Miner Pulse list was suspended because the market capitalization fell below a few million C$, making the stock highly illiquid. </div><div><br /></div><h2 style="text-align: left;"><b>A few highlights</b></h2><div>An explorer or miner that has (almost) doubled over 2023 is quite rare, despite gold having risen to a new all time high. A few GMP picks have done so, either recovering some of the hefty loss incurred or adding on to previous gains.</div><div><br /></div><div><table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Quote</span><span style="font-size: 10pt; mso-ansi-language: #2000;"><o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Name<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">End2023<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Min<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Max<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Strength<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">LT<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">1Y<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">NGEX.V<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">NGEx Minerals Ltd.<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">7.16<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">2.72<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">7.9<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">86%<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">5.4242<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">2.3247<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">BVN<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="ES" style="font-size: 10pt; mso-ansi-language: ES;">Compañía de Minas
Buenaventura SAA<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">15.24<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">6.45<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">15.74<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">95%<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">0.2846<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">2.0212<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">AUMN.TO<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">Golden Minerals Company<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">0.68<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">0.14<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">3.4<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">17%<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">0.0275<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">1.8630<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">HMY<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 121.1pt;" valign="top" width="161">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="NL" style="font-size: 10pt; mso-ansi-language: NL;">Harmony Gold Mining
Company Ltd<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">6.15<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.45pt;" valign="top" width="47">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">2.93<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.45pt;" valign="top" width="47">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">6.58<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">88%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">0.5181<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span lang="FR" style="font-size: 10pt;">1.8088<o:p></o:p></span></p>
</td>
</tr>
</tbody></table><br /></div><div>Most often, a high gain over 2023 also implies that the miner quotes near the top of its (max, min) interval. Strangely enough that is not the case for Golden Minerals Company. This long despised explorer saw its stock price flare up twice after exploration success and the sale of a rich mineral deposit. </div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigu792wLng45QHks23U5m4nie-kDMqQN_U_iTyExq_COVp5_GCxb9uqVG7uRkkRfVTf4Bf40Lv8F12XqMYQrs2fV7G7OA6ffWnXyCDiHp4vj4KMPzUVqWoZN44Zj6E2XCKIF_yrdj9DalUe49XPkaokBr8r0uQYAfmaJ7pINoicGjKkR3cUh6M4IOm/s446/aumn.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="261" data-original-width="446" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigu792wLng45QHks23U5m4nie-kDMqQN_U_iTyExq_COVp5_GCxb9uqVG7uRkkRfVTf4Bf40Lv8F12XqMYQrs2fV7G7OA6ffWnXyCDiHp4vj4KMPzUVqWoZN44Zj6E2XCKIF_yrdj9DalUe49XPkaokBr8r0uQYAfmaJ7pINoicGjKkR3cUh6M4IOm/s16000/aumn.JPG" /></a></div><br /><div>Despite a majority of red weekly candles, the rallies have been so powerful that the stock price is eventually up 86% over 2023. Selling into the rally may have provided a decent multiple. Over the long haul, this is still a poor investment. However it illustrates how important is a close follow-up on a speculative explorer investment.</div><div><br /></div><div>NGEX is the non-ferro explorer left over after its copper-gold project JoséMaria resources was spun off. The latter has been acquired by Lundin Gold.</div><div><br /></div><h2 style="text-align: left;"><b>The lower right</b></h2><div>At the lower right, you find miners or explorers with a decent long term track record, but which had a lackluster 2023 performance. You need to evaluate whether these are ideal recovery candidates or perhaps high flyers stalling and falling. Just a few names:</div><div><br /></div><div><table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 567px;">
<tbody><tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Quote<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Name<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">End2023<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Min<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Max<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Strength<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">LT<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">1Y<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">FIL.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Filo Corp.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">21.11<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">16.42<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">28.11<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">40%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">9.2996<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.9083<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">KNT.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">K92 Mining Inc.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">6.51<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">4.64<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">8.86<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">44%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">5.0465<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.8488<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">FNV<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Franco-Nevada Corp.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">110.81<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">102.29<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">161.25<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">14%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">3.3496<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.8119<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">OLA.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Orla Mining Ltd.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">4.32<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">3.53<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">6.895<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">23%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">3.3486<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.7592<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">OSK.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Osisko Mining Inc.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">2.67<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">2.36<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">4.53<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">14%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">2.5673<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.7629<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">SSL.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">Sandstorm Gold Ltd.<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">6.66<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">5.9<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">8.45<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">30%<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">1.9304<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.9354<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">MAG.TO<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">MAG Silver Corp.<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">13.79<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">13.26<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">22.96<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">5%<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">1.5305<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.6520<o:p></o:p></span></p>
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<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.95pt;" valign="bottom" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">BTG<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 106.75pt;" valign="bottom" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">B2Gold Corp.<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 2cm;" valign="bottom" width="76">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">3.16<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.5pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">2.77<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">4.4<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">24%<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 42.55pt;" valign="bottom" width="57">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">1.3799<o:p></o:p></span></p>
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<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 35.4pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 10pt; mso-ansi-language: #2000; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: #2000;">0.8852<o:p></o:p></span></p>
</td>
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</tbody></table>
<p class="MsoNormal"><span lang="FR"><o:p>Not surprisingly the 'Strength indicator' is quite low among these picks.</o:p></span></p><p class="MsoNormal"><span lang="FR"><o:p>Your chances of identifying a recovery candidate is better among these picks than trying to do the same among the numerous explorers and miners combining a poor long term track record to a dismal 2023 performance. </o:p></span></p><br /></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-76809875089900156802023-12-29T02:02:00.001+01:002023-12-29T02:06:10.473+01:00World Currency System Documentary<p style="text-align: left;"><span style="font-family: arial;">Another good watch from a decade ago, which could well have been published today. Public debt has only been growing, doubling about every 8 years in the US. With interest rates rising, the revenues needed to service that ballooning debt simply are not there anymore. If additional credit is needed to pay for the interest on the principal, the pace of debt increase is likely to spiral out of control. Let's focus on the documentary now:</span></p><p>End Of The Road: How Money Became Worthless - Wall Street is being occupied. Europe is collapsing in on itself. Around the world, people are consumed by fear and anger, and one question is on everyone's lips: Is the financial crisis over, or are we headed towards economic disaster? End of the Road is a documentary that chronicles the global financial collapse.</p><span><a name='more'></a></span><p>End Of The Road: How Money Became Worthless (2012)</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="322" src="https://www.youtube.com/embed/hZHLGrV8Fvo" width="483" youtube-src-id="hZHLGrV8Fvo"></iframe></div><br /><p><br /></p><p>Director: Tim Delmastro</p><p>Writers: Jason Spencer, Tim Delmastro</p><p>Stars: Adam Fergusson, G. Edward Griffin, Mike Maloney</p><p>Genre: Documentary</p><p>Country: Australia</p><p>Language: English</p><p>Release Date: 18 August 2012 (USA) </p><p>Filming Locations: USA</p><p>Storyline: Wall Street is being occupied. Europe is collapsing in on itself. Around the world, people are consumed by fear and anger, and one question is on everyone's lips: Is the financial crisis over, or are we headed towards economic disaster? End of the Road is a documentary that chronicles the global financial collapse. Told in an entertaining and easy to follow style, the film tells the story of how the world came to be in such a state, from the seeds sown after WW2, to the current troubles facing us today, and to the possible future that may await us all. Some of the world's top economic minds share the hidden tale behind the mishandling of the world's finances, give insight into how bad policy and a flawed monetary system joined together to create a catastrophe, as well as sharing their own personal advice on how the average person can best prepare for their financial future.</p><p>Review: "Some people apparently wrote some negative reviews about this documentary. They mention that the documentary is about propaganda from "neo-cons" and "gold dealers". This is a lie, the documentary interviews people who understand the situation and many of the people interviewed predicted economic events, because they understood the reasons.</p><p>The left wing propagandists writing these negative reviews do not like these facts because they are critical of big government and central planning.</p><p>The documentary contains some great information and is highly recommended if you want to learn more about the real economy. 8/10" Written by dbb79 on IMDb.com </p><p>"It was interesting. Currency is so abstract and this and the '08 free fall illustrates just how convoluted it's become. I'm not sure 'Ponzi Scheme' is the best analogy for the global finance situation we're in. A single investment scheme and world markets regulated or controlled by governments are very different beasts. Every recession or depression brings inflation. Only time will tell how much. I'm skeptical about the insistence that gold is still the most real money. I'm no expert but it seems we've moved too far beyond that. I just wonder with the CEO of a gold selling website going on and on about it, that there's a conflict of interest and they may be inflating things to drum up gold sales. If I had money to save I might consider some gold just in case, to diversify. But if you have a gold bar and the economy completely tanks, I don't think there's much good that bar will do. It's not going to buy food."</p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-48699178910898231702023-12-28T23:02:00.003+01:002023-12-29T23:38:49.240+01:00The System of Money Creation<p><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #131313; font-size: 14px; white-space-collapse: preserve;">This film presents serious research and verifiable evidence on our economic and financial system. <span></span></span></p><a name='more'></a><p></p><p><span style="background-color: rgba(0, 0, 0, 0.05); font-size: 14px; white-space-collapse: preserve;"><span face="Roboto, Arial, sans-serif" style="color: #131313;"><b>Storyline:</b>
97% owned present serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central Banks and the Money creation process. When money drives almost all activity on the planet, it's essential that we understand it. Yet simple questions often get overlooked, questions like; where does money come from? Who creates it? Who decides how it gets used? And what does this mean for the millions of ordinary people who suffer when the monetary, and financial system, breaks down? </span></span></p><p><span style="background-color: rgba(0, 0, 0, 0.05); font-size: 14px; white-space-collapse: preserve;"><span face="Roboto, Arial, sans-serif" style="color: #131313;">Produced by Queue politely and featuring Ben Dyson of Positive Money, Josh Ryan-Collins of The New Economics Foundation, Ann Pettifor, the "HBOS Whistleblower" Paul Moore, Simon Dixon of Bank to the Future and Nick Dearden from the Jubliee Debt Campaign.
<br /></span></span></p><p><span style="background-color: rgba(0, 0, 0, 0.05); font-size: 14px; white-space-collapse: preserve;"></span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="320" src="https://www.youtube.com/embed/kw0QVwt7LVI" width="488" youtube-src-id="kw0QVwt7LVI"></iframe></div><br /><span face="Roboto, Arial, sans-serif" style="color: #131313;"><br /></span><p></p><p><b style="background-color: rgba(0, 0, 0, 0.05); color: #131313; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space-collapse: preserve;">Reviews:</b></p><p><span style="background-color: rgba(0, 0, 0, 0.05); font-size: 14px; white-space-collapse: preserve;"><span face="Roboto, Arial, sans-serif" style="color: #131313;">"Simple facts described in a plain and simple manner : the building stone of economy is how money is created. And, most importantly, debt is explained : that there is no economy w/out debt. Debt is core. It's all about the control of debt, and who "owns" debts.
As is, debt is as important a concept, as creation of money is. And this is not at all about some 3% of coin & paper money in the system, it's essentially about some 97++% of 'virtual' money being send back and from. And about a specific type of money that only exists and can be used with, for instance, the Bank of England -- and nowhere else.
A complicated system which evolved from simple facts when law decided to forbid private banks to issue their own paper & coin money in the 19th century.
But then somehow, and it's not a mystery, private banks still keep on issuing money (though not their own paper & coin notes) and that is, in essence, what this documentary is about : the how, when and why.
A must watch, to be honest and a 10-star docu if only the female narrator's voice would not have been mixed in in such a shallow manner (often too hard too grasp; a pity) : it deserves a clear firm straight sound given that the documentary itself is profoundly clear." -Written by artists on IMDb.com
</span></span></p><p>An update from 2020: against the background of the Covid pandemic crippling the economy and governments worldwide running high deficits to curb the breakdown.</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="318" src="https://www.youtube.com/embed/mzoX7zEZ6h4" width="484" youtube-src-id="mzoX7zEZ6h4"></iframe></div><p><span style="background-color: rgba(0, 0, 0, 0.05); color: #131313; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space-collapse: preserve;">ColdFusion is an Australian based online media company independently run by Dagogo Altraide since 2009.</span></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-51063055148214644242023-11-22T01:26:00.006+01:002023-12-29T01:38:52.993+01:00Honoring the first gold-bug, Jim Sinclair<p>Last month, on 6 Oct , James E. (Jim) Sinclair passed away at the age of 82. Jim Sinclair was the 'first gold bug'. <span></span></p><a name='more'></a><p></p><p>By the end of 1974, after gold hat hit $190/$, the ban on holding physical gold by American private citizens was lifted. The price of gold retreated soon afterwards to less than $150/Oz and would bottom out by late 1976. Jim Sinclair was very vocal pointing out that the retreat was not going to last. On the contrary, the price of gold was going to surpass the previous $190 high at least fourfold. </p><p>By the turn of the century, Jim Sinclair again predicted that the ongoing weakness in the gold price was nearing its end. The 9/11 twin tower attacks eventually were the spark, but gold started rising more as a result of the US monetary policy change, countering the looming recession with low interest rates. The monetary largesse was going to be called 'The Bernanke put' a few years later. Moreover, it was combined with fiscal expansion through higher federal deficits. </p><p>Those deficits only have grown over the years in as far as the cumulated US debt doubles about every 8 years. During the 2008 financial crisis gold retreated to about $700/Oz after first breaking above $1000/Oz in March. Jim Sinclair put forward his $1650/Oz target, which only took three years to materialize. Eventually gold peaked above $1900/Oz before a lengthy correction began.</p><p>In the video, Jeffrey Christian of the CPM group is honoring Jim Sinclair and goes into detail of him meeting Jim personally on that pivotal moment in 2001.</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="318" src="https://www.youtube.com/embed/y6JwoULneEU" width="484" youtube-src-id="y6JwoULneEU"></iframe></div><br /><p>You can still find quite a few YT videos of interviews of Jim Sinclair. E.g. on the Financial observer channel: <a href="https://www.youtube.com/watch?v=PuMr0x6r5fk" target="_blank">Debt Jubilees everywhere</a></p><p>Jim Sinclair has been running the popular website JSMineSet.com for over 20 years, lately with his business partner Bill Holter. Now it has been taken off line. However, there are quite a few podcasts still available on the <a href="https://www.youtube.com/@jsmineset4454" target="_blank">JSMineSet channel</a>. </p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-11584682733773140312023-11-21T16:49:00.006+01:002023-12-29T01:39:26.945+01:00Where have all the bloggers gone?<p>An unusual short topic for this blog. I'm wondering about a lot of early days colleagues and predecessors. As time went by, the blogging scene on precious metals and mining has become more or less a wasteland.</p><span><a name='more'></a></span><p>As I started this blog in autumn 2009, I was one of the many. Some illustrious bloggers had gathered dozens of followers and were totaling page views by the hundreds of thousands if not millions. Many of them have been included on the blog list in the right hand column (not visible on mobile devices).</p><p>Yet the unraveling of the precious metals boom of 2011 made investors wary and scared away speculators or made them revise their strategy from long to short.</p><p>Whereas the analysis of many bloggers had been spot on until 2011, only few of them revised it as the climate for precious metals worsened. Perma-bulls lost credibility and their crowd of followers became thin, until only few like-minded die-hards remained. </p><p>The number of bloggers has shrunk as has the audience of potential readers. Unless you have mainly been into blockchain and crypto currencies since at least a few years, writing about precious metals and miners feels a bit like preaching in the desert.</p><p>A few well-known investors left the blogging sphere to concentrate only on their website, which offers more versatility. And while the blogs are still there, they most often have not been updated since several years. </p><p>My blog-list is now narrowed down to three bloggers who have at least been active over the past year.</p><p></p><ol style="text-align: left;"><li>Moreover, on <a href="http://incakolanews.blogspot.com/">IKN</a> (Inca Kola News) the editor Mark Turner only continues mentioning that its (paid) weekly newsletter has been sent to subscribers. </li><li><a href="http://fofoa.blogspot.com/">FOFOA</a> keeps regurgitating the very valuable insights of a series of posts collected in 'the gold trail' going back to turn of the century. They explained why the gold bear market of the late 1990's was at its bottom and why a substantial recovery was to follow. Note that gold quoted around or below $300 back then: the analysis was spot on.</li><li>Finally (last but not least) we still have <a href="https://jessescrossroadscafe.blogspot.com/">Jesse's Café Américain</a>. The blog is in English, though much of the side information (vintage publicity panels) are in French. You find daily updated graphs and some historical facts in order not to lose the perspective of how the situation came to be what it is.</li></ol><div>'Where have all the bloggers gone?' evidently makes you think about the song: 'Where have all the flowers gone?"</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="357" src="https://www.youtube.com/embed/bI3QVsW30j0" width="483" youtube-src-id="bI3QVsW30j0"></iframe></div><br /><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div><br /></div><p></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-6039636964811865892023-10-31T11:26:00.198+01:002023-11-01T23:01:54.842+01:00When precious metals rise for the wrong reason ...<p>Halloween is a moment to look back at the month of October ending. Gold plunged into October, putting down a bottom at $1820.2/oz on 5 Oct. The cruel invasion of Hamas terrorists into Israel on Sat. Oct 7 sparked the reversal. The yellow metal gained $100/Oz during the following week. On Friday 27 Oct gold once more broke above the psychologic $2000/oz.</p><span><a name='more'></a></span><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGYq2C3d5K3QPJOntp5OGQ-EZOeAKfXJCkoK95Qv7zupLBhqhFgJJVcXpDYkytpCFMeNFegE2xarQclglMPbX5ZSgz3octxiZsVuCexJUFs0NoMSBdkKlX3k8wBy9hS4VjK6ywCmVtBzt6zFsuMRzCz3ClS4WHF1JPsMNLQCmX5b5Wt4gj2CvjG5cs/s700/Gold2023ytd_j.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="485" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGYq2C3d5K3QPJOntp5OGQ-EZOeAKfXJCkoK95Qv7zupLBhqhFgJJVcXpDYkytpCFMeNFegE2xarQclglMPbX5ZSgz3octxiZsVuCexJUFs0NoMSBdkKlX3k8wBy9hS4VjK6ywCmVtBzt6zFsuMRzCz3ClS4WHF1JPsMNLQCmX5b5Wt4gj2CvjG5cs/w640-h485/Gold2023ytd_j.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Gold year-to date (daily candlestick observations), 50 dma and 200 dma. Underneath an MACD technical indicator. </td></tr></tbody></table><br /><p>As gold bottomed early October, the metal was strongly oversold. Yet this is not the first time the yellow metal broke above $2000 in 2023. We had two peaks before: in April and early May. The rally in March and April also followed a strongly oversold gold market with a double bottom below $1820 late Feb and early Mar.</p><h3 style="text-align: left;">When precious metals rise for the wrong reason, miners lag</h3><div>The year-to-date graph of the HUI gold miners index shows a quite different profile:</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV_-X9TNV1TQfpS_4Cml8dGy29fKyJQNvynipbMMfTU8_kxzbT2sqsfjtrHgcX7EBg4U89ZA5FDcqc4YfTbp0uqnpTq_ze5jt6OLl4oZltwqPyJeoqIr19tYc_vgexTRhKuMEKgFxUlNqpAbvBbmWLrW8bGFu_xq1FUBJeOJMIXXTcKZ7nZiWXucMD/s700/HUI-2023_Ytdj.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV_-X9TNV1TQfpS_4Cml8dGy29fKyJQNvynipbMMfTU8_kxzbT2sqsfjtrHgcX7EBg4U89ZA5FDcqc4YfTbp0uqnpTq_ze5jt6OLl4oZltwqPyJeoqIr19tYc_vgexTRhKuMEKgFxUlNqpAbvBbmWLrW8bGFu_xq1FUBJeOJMIXXTcKZ7nZiWXucMD/w640-h484/HUI-2023_Ytdj.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI index year-to date (daily candlestick observations), 50 dma and 200 dma. Underneath an MACD technical indicator. <br /><br /></td></tr></tbody></table>Currently miners are not at all impressed by the gold rally to $2000. The HUI miners index did gain during the initial rally, but lingered on as gold steamed up towards $2000. In a longer perspective, HUI failed to break even over the year despite the metal now posting a net gain of 10%. <div><br /></div><div>The HUI/Gold graph, which is included on the <a href="https://gwyde.blogspot.com/p/gold-miner-pulse.html" target="_blank">Gold Miner Pulse page</a> clearly illustrates miners lagging:</div><div><br /></div><span style="text-align: center;">Gold year-to date (daily candlestick observations), 50 dma and 200 dma. Underneath an MACD technical indicator.</span><div><span style="text-align: center;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOl_neH89-qjEhqmS4fn0kAfWP-89NSpOH89TvonlQHB8uPIwoneBJfz19OsV-5ifRnDZjDQiyt-LX9mCcXz8cLDmLkEyNa034MMNvBe-suW3Doexd7m6cjOo5k84chWcrg39m8J9xIqQ5dsRog-IbVgyg-aFxzf0SnDIgesesBeghwmxRDrMguvIr/s700/HUI-Au2023_Ytdj.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="485" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOl_neH89-qjEhqmS4fn0kAfWP-89NSpOH89TvonlQHB8uPIwoneBJfz19OsV-5ifRnDZjDQiyt-LX9mCcXz8cLDmLkEyNa034MMNvBe-suW3Doexd7m6cjOo5k84chWcrg39m8J9xIqQ5dsRog-IbVgyg-aFxzf0SnDIgesesBeghwmxRDrMguvIr/w640-h485/HUI-Au2023_Ytdj.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI index to Gold (year-to date, daily candlestick observations), 50 dma and 200 dma. Underneath an MACD technical indicator. </td></tr></tbody></table><br /></div><div>The HUI to Gold ratio is gradually losing ground over the year 2023. The ratio peaks early January with Gold surpassing $1930. The plunge to early March is deep as the yellow metal gives back much of its Dec 2022 and Jan 2023 gains. It nevertheless holds above $1800. After the March to April gold rally, reflected by miners, an lengthy downturn sets in. As gold plunges to its early Oct low of $1820 a lower minimum is set. Whereas the following rally is initially mirrored by miners, the second half of October has been quite underwhelming. </div><div><div><div><div><div><br /></div><div><div><div><br /></div></div></div></div></div></div></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-18341179616577886722023-09-27T16:14:00.006+02:002023-09-30T14:03:07.879+02:00Are miners locking in a linear regression to the gold price?<div><span style="font-family: arial;">A nascent regression between gold miners (using the HUI index of unhedged gold miners) and the yellow metal may finally interrupt the unabated miner slide relative to gold.</span><span><a name='more'></a></span></div><div><span style="font-family: inherit;">Previous regression relationship between the HUI and gold held for about three years only. It survived the Corona plunge, the price surge of gold the summer of 2020 and the ongoing financial largesse in 2021. Clouds started gathering in the summer of 2021.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">Recalibrating the regression parameters added one more match in the spring of 2022, as both gold and miners surged after the Russian invasion of the Ukraine. This proved a short rally and miners slid rapidly when inflation surged and the FED abruptly changed stance with the termination of QE and a series of rate hikes.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">Miners seemed to face no resistance in their slide. In September 2022 the HUI plunged beneath its June 1996 level of 200 (when the public data series started). Gold never closed below $1620 however, over four times this June '96 initial level.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">With the regression permanently impaired, miners kept falling behind as gold recovered. The broad stock market got into a bear market and the crypto winter set in. Rising bond yields also caused havoc for fixed income. Rampant inflation ate away the purchasing power of cash: no place left to hide. </span></div><div><span style="font-family: inherit;"><br /></span></div><h3 style="text-align: left;"><span style="font-family: inherit;">HUI - Gold regression.</span></h3><div><span style="font-family: inherit;">When plotting the HUI index relative to gold, time is eliminated. On a long term series, we observe both previous regression relationships and the lengthy in between periods of miners falling behind on the gold price. Lately a 'new' regression relationship seems to be emerging.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigKjFGvpKOGrpofEQ2o3hkRN4LLNx4B5Q_3xS66C7JUtXI8nWsEnVjMbJJSs-n_LCEovmZ9eJhKXoWxHqm8Wv6wl-tkugVIuAmGVb-K92SqCLTLus4tjdJhylTJM2-hIKqUX6K9rzo42PnAxL8ULM3Pbve7kwV6WIcywmjEP0okuOpDCQYW6_f-vZY/s965/Correlate2023.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="588" data-original-width="965" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigKjFGvpKOGrpofEQ2o3hkRN4LLNx4B5Q_3xS66C7JUtXI8nWsEnVjMbJJSs-n_LCEovmZ9eJhKXoWxHqm8Wv6wl-tkugVIuAmGVb-K92SqCLTLus4tjdJhylTJM2-hIKqUX6K9rzo42PnAxL8ULM3Pbve7kwV6WIcywmjEP0okuOpDCQYW6_f-vZY/w640-h390/Correlate2023.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Gold (horizontal axis) and HUI index of unhedged miners (vertical axis)</td></tr></tbody></table><br /><span style="font-family: inherit;">Visually, the 2012-2017 regression predicts much higher HUI values for any given gold price. This relation was invalidated during 2017 while gold rallies were breaking upon the $1350 boundary.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><i><span style="font-family: inherit;">Note: </span>Gold prices are NY Comex close at 5 pm. HUI values are at stock market close at 4 pm.</i></div><div><span style="font-family: inherit;"><br /></span></div><div>The latest regression emerged in 2018 in March or August according to the correlation threshold chosen. This regression withstood the challenging Corona plunge and the subsequent gold price spike during the summer of 2020 and the ongoing financial largesse in 2021. The FED speak focused on transitory inflation because of budget deficits amidst a productivity reduced by Corona lock-downs. In the summer investors grew wary as the FED finally planned to wind down QE. Even though gold upheld $1700 in the autumn of 2021, miners gave way. Gold would eventually end 2021 at $1830 only little below its $1898 level by end 2020. Instead of a benign 3.6% weakening of gold, miners slid 13.6% over 2021. With gold flat over the challenging year 2022 miners nevertheless lost another 11.2%. </div><div><br /></div><div>Corresponding points on the Gold-Hui spread graph are shown in olive green below the lower regression line valid from 2018 till mid 2021. When incorporating those points into the regression calculation, they consist in a large belly of points pulling the regression line flatter and raising the intercept value. Evidently this comes at the cost of lowering the linear correlation coefficient. A <a href="https://gwyde.blogspot.com/2022/04/miners-index-hui-to-gold-regression.html" target="_blank"><b>previous article</b></a> pointed out this impairment in April 2022. Even before the regression was eventually invalidated, the risk for an progressively ongoing impairment was pointed out (<b><u><a href="https://gwyde.blogspot.com/2021/08/oversold-miners-lagging-gold.html">August 2021</a></u></b>).</div><div><br /></div><div>Amidst the gloom, the dust settles over 2023 and inflation threats seem to be waning. This is perhaps why a nascent regression seems to be emerging. The candidate is pointed out in orange at right, predictably well below previous regression line. We currently only have a set of 140 points aligned, stretching from March 15 till yesterday September 26. Despite the short HUI and Gold ranges, the correlation now stands at 0.91. (Gold, HUI) couples outside the current range need to confirm for this candidate regression to hold over a (hopefully) longer time stretch. So far its parameters are a slope of 0.487 with an intercept of $1456.6. The 'equilibrium value' of the HUI then stands at:</div><div><br /></div><div style="text-align: center;"><b>HUI </b><span style="font-size: x-small;">(estimate)</span><b> = 0.487 ∙ (Gold price - $1456.6)</b></div><div style="text-align: center;"><br /></div><div>To be confirmed ...</div><div><br /></div><h3 style="text-align: left;">Synoptic graph</h3><div>In a synoptic graph, the axis for the HUI ('dependent variable') is modified to reflect the linear regression as derived above. The HUI estimate as determined by the gold price is then compared to the real observed HUI value. The difference is a regression error. Squares of regression errors are minimized. Regression errors need to change sign frequently for a regression to remain unchallenged.</div><div><br /></div><div>This is how the synoptic graph of the <b><i>candidate</i></b> now looks:</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmvj86sktCRFo9BhVFkCUqCqGKQzuTEbD7kcqsf-qjXPy6_jc66E4tPQ2ExYS3jM-XdhjjrcZj8Wy7Xfm8w6W2oPNda6Po6BsyhR0Tkydp96VV1qAMHvBg3etJpae4RF34FoF8wFrRBFJJSoauswM7jmnFyxsR4Vu_mjCbq7d8ISgbzCiU1A0m8-cX/s899/SynopticView2023.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="611" data-original-width="899" height="434" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmvj86sktCRFo9BhVFkCUqCqGKQzuTEbD7kcqsf-qjXPy6_jc66E4tPQ2ExYS3jM-XdhjjrcZj8Wy7Xfm8w6W2oPNda6Po6BsyhR0Tkydp96VV1qAMHvBg3etJpae4RF34FoF8wFrRBFJJSoauswM7jmnFyxsR4Vu_mjCbq7d8ISgbzCiU1A0m8-cX/w640-h434/SynopticView2023.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Synoptic view of the gold price (left axis) and also the HUI regression estimate (red, right axis) while observed HUI values are shown in blue on the right axis.</td></tr></tbody></table><br /><h3 style="text-align: left;"><b>HUI - Gold long term graph</b></h3><div>Plotting the graphs of gold and the HUI index over a very long time interval puts regressions in their true historic perspective. As the <a href="https://gwyde.blogspot.com/2019/09/new-linear-regression-between-hui.html" target="_blank">overview article on past regressions</a> has pointed out, eventually they all fail in the same way. The HUI fails to keep up with its regression estimate and systematically continues lagging. Any new regression candidate later on sets less challenging goals for the HUI at any given gold price.</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY1qBgO8HGS_aP5BncGlpxKdkWNvcOay75_XeXMhW9N0hoSt9WpTF2O_ql9hyh_-XIunaOwZD3tx1x9Iyjz-xY4_-GbLnMJv9XlALHX-h5hzSK-pZ18pwuKq1W0rTnchM7O1Y4xqS6sn6FeyB0X9kjUU8Squ5g3v7W49jvShxvtpMc4TH79jtcFoDV/s965/Hui&Gold_hist.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="588" data-original-width="965" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY1qBgO8HGS_aP5BncGlpxKdkWNvcOay75_XeXMhW9N0hoSt9WpTF2O_ql9hyh_-XIunaOwZD3tx1x9Iyjz-xY4_-GbLnMJv9XlALHX-h5hzSK-pZ18pwuKq1W0rTnchM7O1Y4xqS6sn6FeyB0X9kjUU8Squ5g3v7W49jvShxvtpMc4TH79jtcFoDV/w640-h390/Hui&Gold_hist.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Very long term graph of gold (red, left axis) and the HUI (blue, right axis).<br /></td></tr></tbody></table><br /><div>Miners are poor investments as compared to gold over the very long term. This is well illustrated by the above 'secular' graph showing the HUI index and gold since 1996. Over the very long term, there is hardly any progression for the HUI over its 27 years covered. Meanwhile gold has more than quadrupled.</div><div><br /></div><div>The nascent regression line once more 'predicts' lower HUI index values for any given gold price than the latest regression did. This should remind mining investors that 'leverage to the gold price' (often called 'optionality') generally holds over a short to medium time frame, but certainly not over decades.</div><div><br /></div><div>'Optionality' definitely is a sell-side analysts' argument. It sounds as one of those fancy concepts designed to lure less informed investors into jumping on the bandwagon of an ongoing miner bull market.</div><div><br /></div><div>Yet another conclusion of the above graph is that you cannot diversify away specific mining risk buying any miner ETF. Both GDX and (even more) GDXJ lag the any gold bullion ETF as GLD more or less to the extent that the HUI index lags the gold price.</div><div><br /></div><div>Few individual miners keep up with the gold price over the long haul. Even expert picks have a hard time realizing any decent profit over the long haul: what is the fate of most individual investors is more or less obvious. </div><div><br /></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-76740098175415457102023-08-31T23:53:00.005+02:002023-09-10T22:24:14.580+02:00The summer minimum<p><span style="font-family: arial;">Demand for gold for jewelry tends to ease during summer. Jewelry producers and mints allow for their staff to take a summer break. Unless there is any other pent up demand, gold prices are usually weaker during summer.</span></p><span><a name='more'></a></span><p>The Corona year 2020 was the big exception, with a precipitous price drop in March at the outbreak and a subsequent summer rally after massive government support for businesses and employees on both sides of the Atlantic.</p><p>So far $2000/Oz gold never held very long. The Ukraine war and supply chain disruptions caused higher energy and transportation costs and higher food prices. Inflation broadened over all products and services. Persistent deficits in public finances make it unlikely for inflation to settle onto a more benign level. Only a severe recession can destroy demand and eventually cause a short deflationary shock.</p><h3 style="text-align: left;"><span style="font-family: arial;">Rising summer minima</span></h3><div><span style="font-family: inherit;">It almost reminds climate change headlines. But I am referring to the gold price fluctuations in July and August.</span></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">2020 was an atypical year because of the global Corona outbreak in March. On March 17, gold plunged to $1472.4/Oz (London AM Fix). </span><span style="font-family: inherit;">The subsequent rally brought gold to a new all time high at 2063.2 (Comex close) and $2067.15 (London PM Fix on Aug 6). We exceptionally had a summer maximum in 2020. Over 2020 gold would average $1767 (London Fix), while over the summer months gold averaged $1903.5</span></div><div><br /></div><div><span style="font-family: inherit;">In 2021 the speculative surge of summer 2020 was forgotten. </span><span style="font-family: inherit;">Following maxima and minima are equally on a Comex close basis (not intraday spikes or swoons).</span></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">In July and August 2021 gold kept below $1830 and bottomed at $1728.8/Oz. The summer average was down to $1795. </span><span style="font-family: inherit;">Over the year 2021 gold averaged $1799 (London fix). Gold did not break above $2000/Oz during 2021. </span></div><div><span style="font-family: inherit;"><br /></span></div><div>The Russian invasion into Ukraine and the outbreak of a lengthy devastating war only caused a short rally of precious metals. The London PM fix on March 8 brought gold to its 2022 maximum at $2039/Oz. Despite rising inflation, gold prices could not hold on to their gains. The FED had rapidly scaled down its QE and accelerated its pace of rate increases. This policy change did not leave gold unaffected:</div><div><br /></div><div>In July and August 2022 gold kept below $1813 and bottomed at $1696.4/Oz. The summer average was down to $1751. Over the year 2022 the average London fix for gold was $1801, nearly unchanged from 2021. The gold price trends down approaching September, a pattern which is not observed in 2021 nor 2023. </div><div><br /></div><div>During the first half of 2023, the FED kept raising interest rates, albeit at a more moderate pace. Rapid rate increases had already caused havoc among some smaller and mid-sized banks in the US. Silicon Valley Bank was the first victim. Banks not raising interest rates on savings accounts (or reluctantly and disproportionally little) made savers withdraw money. The counterintuitive stock market rally (against the backdrop of a looming recession) has been one of the results. But also metal prices remain firmer.</div><div><br /></div><div>In July and August 2023 gold kept below $1977.7 and bottomed at $1889/Oz on Aug 17. During summer 2023 gold averaged $1932. The running average of the London fix in 2023 is $1934.5, which is up significantly from last year. This also eclipses the level of 2020. We have seen a lower gold price volatility so far. Gold bottomed at $1811 year-to-date (on Feb 24) and peaked at $2050 on May 4.</div><div><br /></div><div>It won't require much of an autumn rally for gold to break above $2000/Oz again. This time gold may just hold above the psychological round number. Will we end 2023 with gold at $2023/Oz ?</div><div><br /></div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQMt4oMk4G8jsUyItvoCNRA7ACayjbxpPeZ1RewfDmKh65RYQXxo6v4q5R3JLmyPjOLwc8qIdx0_YvPxZQEKr2FJccImSjki9ypskbdynitcX_CcjPQu4E07w99egAocoI1r0bSI-sJ7n6bcxZ6gDFNFvcIWpau4Ud3vsan2nT4YroVZDHJS-IccPn/s977/summergoldgraph.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQMt4oMk4G8jsUyItvoCNRA7ACayjbxpPeZ1RewfDmKh65RYQXxo6v4q5R3JLmyPjOLwc8qIdx0_YvPxZQEKr2FJccImSjki9ypskbdynitcX_CcjPQu4E07w99egAocoI1r0bSI-sJ7n6bcxZ6gDFNFvcIWpau4Ud3vsan2nT4YroVZDHJS-IccPn/w640-h418/summergoldgraph.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Graph of the gold price during three consecutive summers 2020 (orange), 2021 (green), 2022 (brown) and 2023 (blue) - <span style="color: red;">All data are Comex closing prices in USD/Oz</span></td></tr></tbody></table><br /><div><br /></div><div><br /></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-47560858798240383082023-07-31T23:53:00.013+02:002023-08-31T23:59:21.434+02:00Permanent impairment of precious metal miners to the price of the metal<p>Miners not only fail to hold on to the elevated precious metal prices, over the long haul they gradually are lagging more and more. Since this holds for the majority of miners, both large caps and smaller miners, you cannot diversify away any specific mining risk.<span></span></p><a name='more'></a>Consequently all mining ETF's lag precious metal ETF's.: GDX and GDXJ lag GLD. On the silver front SIL lags SLV; though this trend took longer to confirm. <p></p><p>Only few success stories in the mining realm outperform the metal and even among these market timing is paramount.</p><p>The <a href="http://gwyde.blogspot.com/p/miners-news.html" target="_blank">Miners Performance Page</a> splits our miners list in five quintile sections. There is no July update, therefore I show the top quintile below:</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVDf8sUcnFQe9CX-sAt5HzY5a2g6i1qdNnFid9ChRIEk7LD4ax3JvTZI_ajcgiXjGwD80cn_6epR-r6uzf6U5DFpdV4u3BSjd_oi_pGWwPC0eQ8RTpRMhLBgVMEIJSuLCinUmsrMLbiAhrIUsxQ_jMKVgFAs2Pw0yQof1QDUWvkyxr7D3pFLhMAxVJ/s976/1_CanadianMinersTopQuintile2023g.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="637" data-original-width="976" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVDf8sUcnFQe9CX-sAt5HzY5a2g6i1qdNnFid9ChRIEk7LD4ax3JvTZI_ajcgiXjGwD80cn_6epR-r6uzf6U5DFpdV4u3BSjd_oi_pGWwPC0eQ8RTpRMhLBgVMEIJSuLCinUmsrMLbiAhrIUsxQ_jMKVgFAs2Pw0yQof1QDUWvkyxr7D3pFLhMAxVJ/w640-h418/1_CanadianMinersTopQuintile2023g.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Top quintile: the 20% best miners on the GoldMinerPulse list. TSX quotes are mentioned and the performance is in CAD. It may look less rosy in USD.</td></tr></tbody></table><p>Twelve miners are up more than 100% since the start of observations (19 Nov 2010) or since they entered the stock market. The list is quite dynamic and exits can mean either one of these:</p><p></p><ol style="text-align: left;"><li>A successful explorer, small or mid-tier miner being acquired at a decent price,</li><li>A mining company experiencing some drawback merging with a more successful peer,</li><li>A miner which got itself into trouble selling off some assets in an attempt to stay afloat,</li><li>An outright bankruptcy: Great Basin Gold and Allied Nevada are some examples of the last few years.</li></ol><div><br /></div><h3 style="text-align: left;">Streamers and Royalty companies</h3><div>Three list entries among our top performers are streamers or royalty companies: FNV (Franco Nevada), SSL (Sandstorm Gold) and WPM (Wheaton Precious Metals). Royal Gold is not included in the list, but it performs in line with its peers mentioned above. </div><div><br /></div><div>Early 2020 (before the Corona plunge), a first article on this topic was published: <a href="https://gwyde.blogspot.com/2020/02/streamers-are-backbone-of-miner.html">Streamers are the backbone of a miner portfolio</a>. </div><div><br /></div><h3 style="text-align: left;"><b>Other top quintile observations</b></h3><div>The above list does not include any real large cap miner. Lundin Gold is an emerging gold-copper producer. Filo Corp. (previously Filo Mining) is an emerging copper-gold producer. </div><div><br /></div><div>KNT (K92 Mining) is becoming a junior producer. Orla Mining Ltd and Wesdome gold (WDO) are iunior producers. Silvercrest (SILV) is a well known name in the small niche of silver producers. </div><div>B2Gold (BTG) is the only mid-tier gold producer in the list. </div><div><br /></div><div>AYA Gold (AYA.TO) is still in the development phase. Osisko Mining is partnering with Gold Fields to advance its Windfall project in Quebec, Canada.</div><div><br /></div><div>NGEx Minerals Ltd. (NGEX.V) is the base metal explorer after the spin-off of José-Maria Res. (which was aquired by Lundin Gold). Laurion Minerals (LME.V) also is an explorer.</div><div><br /></div><div><br /></div><h3 style="text-align: left;">Short term tactics</h3><div>Whereas the HUI miners index is trending lower relative to the spot gold price over the long haul, short term rallies can be quite impressive. The HUI to Gold ratio is shown on a regular basis on the <a href="https://gwyde.blogspot.com/p/gold-miner-pulse.html" target="_blank">Gold Miner Pulse</a> page and more comments are added on the <a href="https://gwyde.blogspot.com/p/gold-miner-pulse-extended-article.html" target="_blank">extended Gold Miner Pulse page</a>, which is published at least twice a year.</div><div><br /></div><div>A fresh update of the HUI to Gold ratio is shown below:</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR39Tbh-lAEE8gWhyvej8JfWJEo_3ICAoABpio_engUZVA9cW0uVM2eWG_rAm1G2B1pUo8XPM5RZGLSfOK0OKwxnncOXxNy0NCcS76yA_6LvX9PXe5p8Ymciahgti3uWgjtjIEEi3swbFzL1Z7vQM4C7ih4vkJ3rfNPsE8_UZqdlOwvqQcXSDAs_tP/s700/HUI_Au2023h.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR39Tbh-lAEE8gWhyvej8JfWJEo_3ICAoABpio_engUZVA9cW0uVM2eWG_rAm1G2B1pUo8XPM5RZGLSfOK0OKwxnncOXxNy0NCcS76yA_6LvX9PXe5p8Ymciahgti3uWgjtjIEEi3swbFzL1Z7vQM4C7ih4vkJ3rfNPsE8_UZqdlOwvqQcXSDAs_tP/w640-h484/HUI_Au2023h.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI: "Basket of Unhedged Gold Miners" relative to Gold, daily observations over the last 6 months. The 50 days moving average (blue) and 200 days moving average (red curve) are added.</td></tr></tbody></table><br /><div><div>Since there has been no real summer slump in the gold price (it keeps meandering between $1900 and $2000/Oz) miners started their short lived July rally. But exactly at the outbreak early July, the moving averages made a 'death cross'. (This is when the short moving average drops below the long moving average). Eventually we faced another downturn of miners relative to gold. Mining valuations are again in line with the trend channel formed since early June and sloping down at the pace of the declining 50 dma. Over the past 6 months there has been one major outbreak from March 13 to April 15. At May 8 there has been a second top. Miners plunged relative to gold afterwards. </div></div><div><br /></div><div>FED talk culminating in the much anticipated 25 bp FED funds rate hike, spooked miners. Will the FED succeed in trimming the CPI inflation to 2%? With the budget deficit leading to a doubling of the US public debt every 8 years, it seems unlikely that inflation can be sustainably trimmed to an annual rate of 2%. Especially since the foreign appetite for US 10 year treasury bonds has waned. This is the result of rising interest rates from a historically low level, of the US sanction policies freezing assets of foreign nations and of the recent high exchange rate of the USD relative to other world currencies, including the more 'stable ones'. The downgrade of US public debt to AA+ may also lead to higher interest rates for US treasury bonds. What makes it worse is that during the months to come a massive amount of US treasuries come to maturity and need to be refinanced.</div><div><br /></div><div>The interest rate on US public debt can only be capped if the FED steps in, acquiring FED notes from banks that got themselves into troubles mainly because they had acquired too many low yielding FED notes in the recent past. </div><div><br /></div><div>In the mean time, the SP-500 and the Nasdaq-100 remain at elevated levels, ignoring any recession indicator such as the yield curve inversion. There are too many better alternatives for gold miners, at least that is what the market is convinced of right now.</div><div><br /></div><div>You can find more technical analysis in a previous article: <a href="https://gwyde.blogspot.com/2022/04/miners-index-hui-to-gold-regression.html">Miners index (HUI) to gold regression impaired</a>. The situation depicted back then has only aggravated over the past year.</div><p></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-46637906995016865352023-06-29T13:16:00.018+02:002023-08-30T09:58:03.544+02:00Deflating speculative bubble of catalyzer precious metals <p>For more than three years, palladium has been more expensive than gold. At best gold briefly reached parity. For one ounce of Rhodium you paid, at its peak price, more than tenfold the price of gold at that moment. Both anomalies have since disappeared. Is the speculative bubble of catalyzer precious metals deflating?</p><span><a name='more'></a></span>
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<p>I would like to start with a remark from the October 2022 article: <a href="https://gwyde.blogspot.com/2022/10/diverging-price-trends-of-white.html" target="_blank">Diverging price trends of 'white' precious metals</a></p><p>"Electrification of the car fleet may however imply the end of palladium shortage, let alone its need for catalyzers. Again, investors are not looking this far forward."</p><p>Finally it seems to be dawning on speculators that the European Commission is serious about its intentions to ban the sale of new fossil fuel powered vehicles from 2035 onward within the EU. Japan intends adopting the same date to ban new fossil fuel powered vehicles. These will not be the first bans, but the first really influential bans on the total car manufacturing market. Norway has decided to ban registration of new fossil fuel driven cars as early as 2025. Iceland will follow suit in 2030. The Chinese Island province Hainan also plans to ban new fossil fuel driven cars in 2030.</p><p>German car manufacturers kept open a loophole for the use of synthetic fuels. That should allow new hybrid vehicles to be sold fifteen more years.</p><p>Even nowadays, low emission areas in the historic center of many European cities are limiting the use of fossil fuel driven cars to recent models with catalyzer and additional dust filter. 'Park and ride' is not only easier, it gets compulsory for many car owners travelling to a European city.</p><p>The below table pictures the current (June 28, 2023) price of the precious metals, together with a (post Nov-2010) all time high, preceded by its date. Also shown is an indication of how deep the price has dived as compared to the all time high. All time highs are spot prices on a closing basis. Moreover for Rhodium and Palladium (both have a high bid/ask spread) average of bid and ask is adopted. Only recently the spread was reduced for Palladium from $150/oz to $60/oz. (For gold it is only $1).</p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEj2kRl0KZx8141De3x5qi2Gu4OPRdyqxpZVvIFUWR1lJFz5VbLOVCE7jXlsVGaDLsbAeRqRGrRzQpqNoH8BnXtucFkigab4tjGSwO-olNPUu8N8jy-RabBAoB0sxpOi-iFhw_xS_uPq3s-8VeoW9lCUCWJeuyhz-wIfNTlaYQQ0fMFyXRq-SFg-aDkP" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="86" data-original-width="431" height="80" src="https://blogger.googleusercontent.com/img/a/AVvXsEj2kRl0KZx8141De3x5qi2Gu4OPRdyqxpZVvIFUWR1lJFz5VbLOVCE7jXlsVGaDLsbAeRqRGrRzQpqNoH8BnXtucFkigab4tjGSwO-olNPUu8N8jy-RabBAoB0sxpOi-iFhw_xS_uPq3s-8VeoW9lCUCWJeuyhz-wIfNTlaYQQ0fMFyXRq-SFg-aDkP=w400-h80" width="400" /></a></div><br /><h3 style="text-align: left;"><span style="font-family: verdana;">Are we at or near the bottom?</span></h3><p></p><p>If history teaches us anything, I would argue: no. Rhodium has been less expensive than gold for several years. As the yellow metal peaked in 2011 near $1900/Oz, one could buy more than two ounces of Rhodium for that kind of money. For decades, Palladium used to be the cheaper (<b>P</b>latinum <b>G</b>roup <b>M</b>etals) PGM-metal when compared to platinum. Nowadays, you can no longer buy three ounces of platinum for the price of one ounce of palladium, but the latter still sells at a premium of nearly 40% to platinum, which still only quotes about half the price of gold. For decades, platinum had been more expensive than gold.</p><p>Will those long standing historic ratios ever return? Hard to say... But the anomalies of the recent past seem having run their course.<br /><br /></p><h3 style="text-align: left;"><b>Graphs </b><span style="font-weight: normal;"><i><span style="color: red;">(click any graph to show it on its true maximum size and resolution)</span></i></span></h3><p>The article mentioned above includes long term graphs spanning decades. I will presently focus on the last few years: Data from Jan 2021 onward include the all time highs for both Palladium and Rhodium. Silver and platinum had been weakening relative to gold for quite a while. Silver had reached its lowest value in over a decade at the start of the pandemic. Is its recovery sustainable? Platinum has never regained parity to gold since early 2015. Will this impairment last forever? Graphs don't prove anything for the future, they merely show a tendency that may have some time to evolve.</p><p><b>Rhodium and Au:Rh</b></p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDl-ehCgfn7c1vvewlyzzXNVlyi_7eVIwZOVN-psbw70ObtdRjuWjp3RCHJdLBNeo9MLFO8xXtZBhtS6gAlFN1bKo_s1PiCZXIGKBMIGDfb9GVl-eTgqB7xIyaD9a8LSodVYiewUW-UBIIlMXFL3CmKTDG3RkMToVK88pmQur6m6j87b6hQgIdefiC/s977/Rh-2y6.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDl-ehCgfn7c1vvewlyzzXNVlyi_7eVIwZOVN-psbw70ObtdRjuWjp3RCHJdLBNeo9MLFO8xXtZBhtS6gAlFN1bKo_s1PiCZXIGKBMIGDfb9GVl-eTgqB7xIyaD9a8LSodVYiewUW-UBIIlMXFL3CmKTDG3RkMToVK88pmQur6m6j87b6hQgIdefiC/w640-h418/Rh-2y6.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Rhodium (left axis, blue) and Au:Rh (right axis, brown)</td></tr></tbody></table><p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;">The days of one ounce of rhodium selling for up to 15 Oz of gold are definitely behind us. These speculative peak rhodium prices won't be seen again anytime soon. Other than catalyzer material with a superb quality in breaking down nitrogen-oxide compounds, rhodium has only few industrial applications. It is best known for its ability to protect silver mirrors from degrading under the influence of air pollution containing sulfuric compounds.</div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;"><b>Palladium and Au:Pd</b></div><div class="separator" style="clear: both; text-align: left;"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEmHRlMzMqqA3gLusJvPcnnYGswvYLcCAR4Hrqs6NhcwbtOa92buO3tnVUAHhKnlKb2MrRT7jkpxcU1hl5Cd5iD9r_sa8T_y4wxCcjejuY2pu6CthpxH0jCf7SWuzBT6qHwW1in5UOptSM8vBN5O-C7SDw_EOQt8OA_t_lVio2x5hXJAvlquK7hMQ4/s977/Pd-2y6.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEmHRlMzMqqA3gLusJvPcnnYGswvYLcCAR4Hrqs6NhcwbtOa92buO3tnVUAHhKnlKb2MrRT7jkpxcU1hl5Cd5iD9r_sa8T_y4wxCcjejuY2pu6CthpxH0jCf7SWuzBT6qHwW1in5UOptSM8vBN5O-C7SDw_EOQt8OA_t_lVio2x5hXJAvlquK7hMQ4/w640-h418/Pd-2y6.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Palladium (left axis, blue) and Au:Pd (right axis, brown)</td></tr></tbody></table><br /><div class="separator" style="clear: both; text-align: left;">Palladium is the one-trick pony in the PGM stable. The entire mining production is used for catalyzer material. Mainly since it is the preferred metal in catalyzers for regular car gasoline. Its excessive price has set up catalyzer producers in replacing some Pd by Pt (with an even superior wear and heat resistance). However it takes some time to have the new designs tested and approved. Palladium recovery from spent catalyzers is an important source for raw material. Its availability mainly depends on the pace of car fleet renewal. Recycling is a lot cheaper than mining.</div><div class="separator" style="clear: both; text-align: left;">While less catalyzers will be needed as more new electric cars are produced, the availability of spent catalyzers will decline only gradually and its (recycled) palladium volume will cover a larger fraction of the supply than what is currently the case. The days of palladium shortage are probably behind us.</div><div class="separator" style="clear: both; text-align: left;"><br /></div><h3 style="clear: both; text-align: left;"><b>Platinum and Au:Pt</b></h3><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjhO4U5mSAwpokCQMEj2uA4_So3WKbxGn4PG52ubyDAJZE_Mc4KwE44phXxX47ELGLS8UqZHb5_jSVN9AyKa8jlDGkzEoL7GGxe88ZDYoyVHFiF6Y6kfu73SHm9koi7Ol34Pmar8keiz0OtWPhnm8Saqq7UcawYB17sg6hicyq_n8qbXxDXb7OiKJ8/s977/Pt-2y6.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjhO4U5mSAwpokCQMEj2uA4_So3WKbxGn4PG52ubyDAJZE_Mc4KwE44phXxX47ELGLS8UqZHb5_jSVN9AyKa8jlDGkzEoL7GGxe88ZDYoyVHFiF6Y6kfu73SHm9koi7Ol34Pmar8keiz0OtWPhnm8Saqq7UcawYB17sg6hicyq_n8qbXxDXb7OiKJ8/w640-h418/Pt-2y6.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Platinum (left axis, blue) and Au:Pt (right axis, brown)</td></tr></tbody></table><br /></div><div>The all time high of the Platinum price dates back to 2008 when it reached <b>$2276</b>. In our observation period since Nov 2010, its price never exceeded $1650/Oz, which is the current maximum we work with. Until early 2015, platinum most often traded at a premium relative to gold. As diesel engines fell out of favor, less platinum was used in producing the specific catalyzers which needed this material.</div><div>Fleet renewal provided more platinum, which -added to mine production- created an excess supply.</div><div>Platinum prices have been weak since almost a decade. Platinum currently sells at only half the price of gold, a ratio only seen for brief lapses of time in the past. Last few years, platinum has had difficulties in upholding $1000/Oz for longer than some weeks, although the very deep swoons beneath $800/Oz no longer occur. On the long term, low platinum prices may lead to mine supply destruction. Several platinum mines were kept afloat because of their secondary production of both palladium and rhodium.</div><div>As those prices plummet, mining profit margins are dwindling. Designing-in platinum for new catalyzers may provide the additional demand enabling prices to stabilize. </div><div><br /></div><div>Unlike palladium, the industrial demand (outside the car industry) for platinum is significant . Electrolysis of water for hydrogen production requires platinum electrodes. Fuel cells producing electricity from hydrogen equally require platinum. Whereas it is unlikely that the large fleet of passenger cars will ever run on hydrogen, it is the preferred combustible for heavy vehicles which need to operate continuously and need to refill quickly. </div><div><br /></div><h3 style="text-align: left;">Silver and Au:Ag</h3><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg-Bkn7n--AvoK4JV4pf8jtaJazvEFA2I3BGFvrBmG9E77Fg9DViDj3TZL32yXJQd-2cL2cYsqb5AwKFMFNcq-dJpKprh6xy6j-GMj4inyAqaO3hOndsDD-Azte_WmNrLf9bQQJKuotLlM0qD1EWhMMf_t_aFa8FdbkfCuP8zNj9yZcQ6ZzsYNcZn0/s977/Ag-2y6.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="638" data-original-width="977" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg-Bkn7n--AvoK4JV4pf8jtaJazvEFA2I3BGFvrBmG9E77Fg9DViDj3TZL32yXJQd-2cL2cYsqb5AwKFMFNcq-dJpKprh6xy6j-GMj4inyAqaO3hOndsDD-Azte_WmNrLf9bQQJKuotLlM0qD1EWhMMf_t_aFa8FdbkfCuP8zNj9yZcQ6ZzsYNcZn0/w640-h418/Ag-2y6.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Silver (left axis, blue) and Au:Ag (right axis, brown)</td></tr></tbody></table><br /><div>Over the observation period, silver reached a maximum of $49/Oz late April 2011. That is nearly at par with the historic maximum of $50/Oz early1980. </div><div><br /></div><div>The Au:Ag ratio has spiked to above 120 at the onset of the pandemic in 2020 when silver plummeted far more than did gold. Its recovery also brought it to $30/Oz, a price level not seen again since summer 2020. After its 2022 summer swoon, silver started an uptrend and is more or less keeping pace with the yellow metal. The uptrend of the Au:Ag ratio seems broken, though its early days to call it a reversal.</div><div><br /></div><div>The silver demand in industry is substantial, with solar panels taking up the largest volume. Silver is a better electricity conductor than is copper and it is chemically more stable. Minting of circulation silver coins is a thing of the past, but so is recovery from used coins. Much the same story can be told about photography. Silver usage in jewelry and in bullion investment coins or commemoratives is fluctuating. It often exhibits a pro-cyclical demand pattern. Silver and gold bullion ETF's are rather popular, unlike their PGM counterparts. </div><p></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-8355031354373523902023-05-31T09:00:00.001+02:002023-07-16T10:57:12.172+02:00Deutsche Goldmesse, May 2023<p><span style="font-family: arial;">The Deutsche Goldmesse is the major precious (and critical) metals and mining event in Europe. Not only is Germany the most populous and prosperous nation in the European Union, Germans have been avid precious metal and mining investors over the last century.<span></span></span></p><a name='more'></a><p></p>
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<p><span style="font-family: arial;">Kitco sent their Mining expert, Michael McCrae, to cover the Deutsche Goldmesse, organized in Germany's financial capital, Frankfurt. </span></p><p><span style="font-family: arial;">An overview of all contributions can be <a href="https://www.youtube.com/playlist?list=PLzpGB1bx9UxcJNf6yjIsJkiQyM-EDygQG" target="_blank">found in the playlist</a></span></p><p>A few examples:</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="333" src="https://www.youtube.com/embed/S2nZvTEHiTE" width="487" youtube-src-id="S2nZvTEHiTE"></iframe></div><br /><p>Frisby gave the rationale for gold: the key argument for gold is insurance, said Dominic Frisby, author of FlyingFrisby.com. </p><p>Frisby spoke to Kitco at Deutsche Goldmesse in Frankfurt, Germany.</p><p>"I'm a big believer in the maximum of putting five or ten percent of your net worth in gold and then hoping it doesn't go up," said Frisby, noting the metal's longevity as a store of value. "The instinct for gold is the most deep-rooted commercial instinct in the human race. In a nutshell, that is why you should own gold: because there is a permanence to it that no other substance has."</p><p>Frisby said gold does best when trust in the system is low, noting heightened culture wars and other conflicts. "Financial crises seem to get more frequent," said Frisby. "You can just feel trust in the system generally eroding."</p><p>Frisby is a fan of Bitcoin and believes investors should hold both. "There's a real generational divide between gold and Bitcoin," said Frisby. "Bitcoin has proved to be the most fantastic educational tool. It has educated people about fiat money and the nature of money."</p><p>Coverage of Deutsche Goldmesse 2023 sponsored by Defiance Silver. </p><div><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="318" src="https://www.youtube.com/embed/N7VA17dgUYI" width="484" youtube-src-id="N7VA17dgUYI"></iframe></div><br /><p>"How many banks are going to need to fail?' - Matterhorn's Matthew Piepenburg on financial contagion. This spring's spate of banking failures portends more to come, said Matthew Piepenburg, partner at Matterhorn Asset Management. Earlier this month Piepenburg spoke to Kitco at Deutsche Goldmesse in Frankfurt, Germany. </p><p>In March Silicon Valley Bank was seized by the California Department of Financial Protection. Signature Bank also failed this spring. Piepenburg warned the sector is under stress. </p><p>"It's just a symptom of a greater problem in the credit markets credit events," said Piepenburg. "A policy of raising rates at 100 miles per hour in a very short period of time is too much, too fast, too late."</p><p>Piepenburg said that banks were basically buying U.S government bonds at a top and "..when there was a run on the bank they had to sell at the bottom and that affected their capital." </p><p>"When this crisis came out in March I said you ain't seen nothing yet," said Piepenburg. "There's going to be more to come and there's only so much the FDIC can insure." </p><p>Piepenburg noted that the number of regional banks is decreasing, and the ones that are running are stressed, noted Piepenburg. </p><p>"How many banks are going to need to fail and how much will it cost to support these depositors to avoid a contagion? This loss of faith in banking is going to have to be contained in some way.</p><p>"We'll see but I know that a lot of regional banks are going to have to raise their...checking account rates if they're going to keep deposits from going into money markets. That's going to affect their margins. If they get runs that's going to affect their viability. There's a lot of fingers pointing at these regional banks right now, and it's tragic and sad and it's not totally surprising." </p><p><br /></p><p>... and finally a typical mining contribution:</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="324" src="https://www.youtube.com/embed/Ak_19WJ43Us" width="485" youtube-src-id="Ak_19WJ43Us"></iframe></div><br /><p><b>‘Time to staff up’ - Fireweed Metals quickens pace</b></p><p>With a large capital injection and more targets, Fireweed Metals CEO Brandon Macdonald is growing the company. Earlier this month Macdonald spoke to Kitco at Deutsche Goldmesse in Frankfurt, Germany. </p><p>Fireweed Metals (CVE:FWZ) is advancing its 100% owned, district-scale, 940-square-km Macmillan Pass project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits. </p><p>Other projects are the recently acquired Mactung Project, an undeveloped tungsten resource. Fireweed also acquired 100% of the 128.75 km2 Gayna River project located 180 kilometres north of the Macmillan Pass property. It is host to extensive mineralization including critical minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. </p><p>The company also raised $35 million in December. The Lundin Family and Associates became the largest shareholders in the company (17.85%) while other major shareholders maintained or increased their shareholdings.</p><p>“With the intended pace that comes along with all that, it was absolutely the right time to staff up,” said Macdonald. In May the company hired a new operations manager. The company also added more geologists and a corporate development position. </p><p>Fireweed Metals is a Discovery Group company. Last decade Discovery Group’s Kaminak Gold, also focused on targets in the Yukon, was acquired by Goldcorp for $520 million.</p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-67898903509320176882023-04-21T08:44:00.006+02:002023-07-16T10:58:35.545+02:00PDAC and BMO spring conferences<p>Bank of Montreal organizes its 'Global metals and mining and critical minerals' conference in sunny Miami, while the PDAC stays closer to home in Toronto, on its usual venue and time after on-line and postponed/restricted editions previous years.</p><span><a name='more'></a></span>
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<h2 style="text-align: left;"><b>PDAC</b></h2><p>A short overview of highlights as published by Kitco during the weeks after the conferences.</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="314" src="https://www.youtube.com/embed/NWH5eIZL3IQ" width="480" youtube-src-id="NWH5eIZL3IQ"></iframe></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;">Miners must invest in exploration, not buybacks and dividends, to meet gold demand – Alastair Still.</div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both;">Alastair Still, CEO of GoldMining, a company with gold and gold-copper projects across the Americas, spoke with Kitco News journalist Ernest Hoffman at the recent PDAC 2023 mining convention in Toronto, where he said that mining majors need to invest in exploration instead of buybacks and dividends in order to meet demand. He also spoke about the company's recent U.S. IPO, investor sentiment, and gold prices in 2023.</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Follow Kitco News on Twitter: @KitcoNewsNOW <span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">(</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbFFBVi14ZjFySUZ1aUhVTlpQXzN2TWdjWmVnUXxBQ3Jtc0ttYWtWR0pZQXRDcjEwZEJLRzdISEMtYW9TeEhiN2VEeExuT3IxUjFxTWNfbXRNN011RXVWRG1TU05kQ0ZXN3ItQTVsci1VVlVlQTV0S0YyZ0dmVkRwN3RiZEF4TmQ5UGJHd0JYTm43bFZ6LXdUQ1BzMA&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=DyEqTjX15wk" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/KitcoNewsNOW</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)</span></div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">1:19 - Critical metals diversification</div><div class="separator" style="clear: both;">1:40 - Resource depletion-based strategy</div><div class="separator" style="clear: both;">4:00 - GoldMining U.S. IPO</div><div class="separator" style="clear: both;">7:24 - Outlook for gold prices</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="326" src="https://www.youtube.com/embed/DyEqTjX15wk" width="507" youtube-src-id="DyEqTjX15wk"></iframe></div><div class="separator" style="clear: both; text-align: center;"><br /></div><b>Mining stocks have a +85% upside, and this could triple the gold price – Tavi Costa</b><br /><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;"><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; white-space: pre-wrap;"><span style="font-family: inherit;">Tavi Costa, Portfolio Manager and Partner at Crescat Capital, joins Ernest Hoffman, Reporter at Kitco News, to discuss gold miners, the gold price, and his overall macroeconomic outlook. Costa and Hoffman spoke at the 2023 PDAC in Toronto, Ontario.</span></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">
Follow Ernest Hoffman on Twitter: @ernest_news (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa0o2THRKR2JJVTBlck15UXp1ZGthb3RDU3V0d3xBQ3Jtc0trTUVYUEtSYV9PbERmaG1YRExmVXVtMC1EWGlfd3pRb3VscWduNXBIMHJPamxpZ2lnbmtXX200R1pIbHBmbHN3dlgzdzNVUi11dkRNRy1lYXJOZlF0VzJPUWFOcC1lV0pFUWZBTko5N0hxMzMwNmRQQQ&q=https%3A%2F%2Ftwitter.com%2Fernest_news&v=DyEqTjX15wk" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/ernest_news</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Kitco News on Twitter: @KitcoNewsNOW (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbFFBVi14ZjFySUZ1aUhVTlpQXzN2TWdjWmVnUXxBQ3Jtc0ttYWtWR0pZQXRDcjEwZEJLRzdISEMtYW9TeEhiN2VEeExuT3IxUjFxTWNfbXRNN011RXVWRG1TU05kQ0ZXN3ItQTVsci1VVlVlQTV0S0YyZ0dmVkRwN3RiZEF4TmQ5UGJHd0JYTm43bFZ6LXdUQ1BzMA&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=DyEqTjX15wk" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/KitcoNewsNOW</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Tavi Costa on Twitter: @TaviCosta (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbkVjdlJmcVRxT25JNlJlV2xkV3FZREF5VW4zQXxBQ3Jtc0tuSHRlbVMxSm0ydmEtaktXVXJabGJJOUxYOEdPZ1hYYXJFWUg5Nmx4VHBJUXJpSlkzSWpya0ZFZU5OYzNiYVAwdVlyT09mM3pueTZHU0VtWDFsVGQ4OHFPb1MyLS04MmdMNlVIZUREaHhkd0FpUG5yOA&q=https%3A%2F%2Ftwitter.com%2FTaviCosta&v=DyEqTjX15wk" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/TaviCosta</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=DyEqTjX15wk&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=1&t=0s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">0:00</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Gold supply and demand
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=DyEqTjX15wk&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=1&t=368s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">6:08</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Gold mining stocks
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=DyEqTjX15wk&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=1&t=553s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">9:13</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Central bank gold buying
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=DyEqTjX15wk&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=1&t=782s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">13:02</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Macroeconomic outlook
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=DyEqTjX15wk&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=1&t=881s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">14:41</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Opportunities in mining</span></div><div class="separator" style="clear: both;"><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div><div class="separator" style="clear: both;"><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div><div class="separator" style="clear: both;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="318" src="https://www.youtube.com/embed/3egQ143ROK8" width="490" youtube-src-id="3egQ143ROK8"></iframe></div><div class="separator" style="clear: both; text-align: center;"><br /></div><b>Inflation won't recover to 2%, this could consume nearly 100% of silver by 2030 – Peter Krauth</b></div><div class="separator" style="clear: both;"><b><br /></b></div><div class="separator" style="clear: both;"><div class="separator" style="clear: both;">Peter Krauth, editor of SilverStockInvestor.com and author of best-seller The Great Silver Bull, spoke with Kitco News journalist Ernest Hoffman at the recent PDAC 2023 mining convention in Toronto, where he said silver prices are set to skyrocket by 2030 as investment and industrial demand, particularly solar, will overwhelm supply. Krauth also discussed the impact of government stimulus and realignments in investment portfolios on precious metals.</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;"><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">Follow Kitco News on Twitter: @KitcoNewsNOW (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHVvMzJxWU5qYXF3azdNNFY3UkhKT25wV0VzZ3xBQ3Jtc0tsS1NUZ1ZaM1J4R2xxelNJSUdubThQQ19zZnBXdExEcDdUa2V1S1ZFZzBVenR4ODFsdDhaTXpwaW9DM3U2ODZXVGtMUktWTnVSRlNNMDRxWGJWdmUxUWRtdG45OXFHRlZXbkpyWTdlTDVFU1JudmVkUQ&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=3egQ143ROK8" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/KitcoNewsNOW</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Peter Krauth on Twitter: @peter_krauth (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbWJ6bkNYaldDNk1XS3VNWWtwMENzeXU0a3ZKd3xBQ3Jtc0tscTdVdzEwUS1odXIycnYzZUtVOWRlQWt5UGJUZzlEQmNVcUlNWmNWWllyZ3dkYjZld3NyY3NEejBGUk1RQm9XcDRuLVRQaWJ6OHExQkYwZGJ4dXgxMGxNMmhabmhHbzN5d091QzhiSS10VU4yNXJJdw&q=https%3A%2F%2Ftwitter.com%2Fpeter_krauth&v=3egQ143ROK8" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/peter_krauth</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=3egQ143ROK8&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=2&t=0s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">0:00</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Standard portfolio is broken
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=3egQ143ROK8&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=2&t=155s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">2:35</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Inflation
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=3egQ143ROK8&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=2&t=413s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">6:53</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - U.S. dollar
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=3egQ143ROK8&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=2&t=596s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">9:56</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Industrial demand for silver
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=3egQ143ROK8&list=PL0ig7_FhNeJzecb91rhHBPvJpJ7wDmhxj&index=2&t=839s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">13:59</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Macroeconomic outlook</span></div></div><div class="separator" style="clear: both;"><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div><h2><b>BMO</b></h2><div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="321" src="https://www.youtube.com/embed/_tre8AEinII" width="487" youtube-src-id="_tre8AEinII"></iframe></div><br /><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">Car companies are interesting in potentially acquiring silver mines, as vertical integration happens across sectors, says Keith Neumeyer, President and CEO of First Majestic Silver (NYSE: AG; TSX: FR). Neumeyer discusses how rising industrial demand will send the silver price to triple-digits, and why he is optimistic about gold in 2023. Speaking with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, he also discussed First Majestic's mining operations, its bullion sales, and how inflation is impacting the silver industry.
Follow Michelle Makori on Twitter: @MichelleMakori (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa2lSaHBSeHVkTHVfVlNZbGdOaDRFZGFnUXhaQXxBQ3Jtc0tsT3RDdk82MmVJZ2gxcFFvdmN1aVpWTDdWQ2dKWEVRd0g4UEFZLXdCZjI1T2stakpJTmpBTTRGX2ItZEROenBSZVJucWNjUy0tZWw5ejkyRmNpMlpnVEpBVVZPZU1zY0wyb2J0dm5YTDdkNTBaSEFyRQ&q=https%3A%2F%2Ftwitter.com%2FMichelleMakori&v=_tre8AEinII" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/MichelleMakori</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Kitco News on Twitter: @KitcoNewsNOW (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbVhVSDk2MTV1RmZnbHB5eGIwTk85Yk45akJxUXxBQ3Jtc0tsM0l6TllzcUl1TUNrWjl4al9qaGx4Wi1fWXplTWhPTV9JVTZMejhCSmtfUXltcnIxYVN5eERUamE1VFNJcEJpcmJ4bnpLZ09lTlN1NVNzOUF6RnNrRDd2a19uY3BrMERZRG9IVWVYakh4Z0xTX2ZvQQ&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=_tre8AEinII" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/KitcoNewsNOW</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Keith Neumeyer on Twitter: @keith_neumeyer (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqblR2Vllzbmh3NjRUT1JPT2FodjdYaFBzVU9XZ3xBQ3Jtc0trSkhzTGRkZXJhVkY3alEyN0syNHJsY1VQMEcxYnpiYW1id1YxWmhrNlhJSnU4OWJBWG1ySnVkUVVsUE5CUHFLakI2bXM3bXJBa3NLLWkyMEZmanpGb1RmcXhOUzF3YUFLdU91QnJWcncwUEJmMENNYw&q=https%3A%2F%2Ftwitter.com%2Fkeith_neumeyer&v=_tre8AEinII" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/keith_neumeyer</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow First Majestic Silver on Twitter: @FMSilverCorp (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazVRek1LWm1McENTb1BIWWc3UktDVmcwazJNd3xBQ3Jtc0tsQl9Na1QwWkN3T3JFSDdxSWlUTFRnbm1RczhBd21MYldGV3VqX0Z6eVRRRDdjQ19YQ2FBS0xTTXROQ3ZrOHlidlNvTnBmSHhBaGEzTXFfcUNYNW4tSnJILUZxUFUwUm45VkNPbXptQ01LekVGUTNMWQ&q=https%3A%2F%2Ftwitter.com%2FFMSilverCorp&v=_tre8AEinII" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/FMSilverCorp</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=0s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">0:00</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Automakers and mining
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=386s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">6:26</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Supply crunch in silver
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=490s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">8:10</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Elon Musk buying silver
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=630s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">10:30</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - M&A activity
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=769s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">12:49</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Silver price in 2022
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=947s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">15:47</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Silver consortium
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=1066s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">17:46</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Inflation
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=1273s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">21:13</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Gold price forecast
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=1430s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">23:50</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Silver price forecast
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=1606s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">26:46</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Central banks and silver
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=1710s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">28:30</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - First Majestic Silver
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=2278s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">37:58</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - FMS Bullion
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=_tre8AEinII&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=1&t=2400s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">40:00</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Russia-Ukraine conflict</span></div><div><b><br /></b></div><div><b><br /></b></div><div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="318" src="https://www.youtube.com/embed/qirYBnvb8P8" width="490" youtube-src-id="qirYBnvb8P8"></iframe></div><br /><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">Rob McEwen, Executive Chairman of McEwen Mining, and Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, discus how the devaluation of fiat currencies could push gold to $5k per ounce by 2027, and another metal will gain by 1,000%. McEwen also discusses his copper mine's deal with automaker Stellantis and multinational mining company Rio Tinto, as well as his outlook for copper, which he claimed with be a crucial metal as the world hastens towards electrification. McEwen spoke with Kitco at the 2023 BMO Global Metals, Mining, and Critical Minerals Conference in Hollywood, Florida.
Follow Michelle Makori on Twitter: @MichelleMakori (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbXdncjFxaEN6enRmTlBZbnZ6cUxaTXRfdlpuQXxBQ3Jtc0tuUHB0bktHcE15VlE5bHJHZjl4YUQ5VnVWVmNLekVJNmtPMmY1b1Y1dVM1T3l5NGxwNlNpZWxVNDhUVWg1ejc5b05zaE1WaTQwNDhnR3BrX0Z4bUhBX3g2SGhFbnB2TU96MXhTXzBZcFFWRzRZLVlHdw&q=https%3A%2F%2Ftwitter.com%2FMichelleMakori&v=qirYBnvb8P8" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/MichelleMakori</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Kitco News on Twitter: @KitcoNewsNOW (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa1hZUkZzZ1dNTzVTVzJwYnMxZkczVXU2WjZLZ3xBQ3Jtc0trWnZEZlRVS29lZG5Edk5ZdUN0VTdudS1MZkYxVmpfaWxrSG5ZV3NKN3VBRDJuamxGWmxOTjJkNGctNHlDeUhHeTR2T3NvajZGeFhwNEYwVjA3VGJDV1BZbUV4dlc0Uzd2WmU1Z1lrSFY5LTgxdGdldw&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=qirYBnvb8P8" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/KitcoNewsNOW</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
Follow Rob McEwen on Twitter: @KitcoNewsNOW (</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHF0WmdCQXRvOVpIMURkOUlFbGFUcTNhN2xvUXxBQ3Jtc0tsZXhIM1YwZVpkSHhGYmxaaGppZnhhQ1UwUllUc21MT1BTRFZuLXV6dzVJM2YzeU8xbGFfYkhfVXVvNzJ0azhEWU1yenh6bG03R0ZIaWJIVW9HT2NrMDBiRF9CaUg0QlRrcUloYzVPcGFxZUJmU0NfUQ&q=https%3A%2F%2Ftwitter.com%2FRobMcEwenMUX&v=qirYBnvb8P8" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="_blank">https://twitter.com/RobMcEwenMUX</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;">)
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=0s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">0:00</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - McEwen Copper's deal with automotive maker Stellantis
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=217s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">3:37</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Vertical integration and supply chain consolidation
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=467s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">7:47</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Monetary reset
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=764s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">12:44</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Gold price outlook
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=961s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">16:01</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Investment implications
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=1123s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">18:43</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - McEwen Mining
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=1602s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">26:42</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Copper prices
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=1721s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">28:41</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Copper fundamentals
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=1884s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">31:24</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Silver price forecast
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=2079s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">34:39</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Government debt
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=2127s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">35:27</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Inflation and the Fed
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=2409s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">40:09</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Changes in mining industry
</span><span class="yt-core-attributed-string--link-inherit-color" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=qirYBnvb8P8&list=PL0ig7_FhNeJzrFK9fJuUPvXrKKJGgZNAW&index=3&t=2661s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">44:21</a></span><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"> - Careers in mining </span></div><div><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div><div><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div><div><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-size: 14px; white-space: pre-wrap;"><br /></span></div></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-27938189449638296062023-03-01T09:05:00.004+01:002023-07-16T10:58:02.227+02:00Future of the monetary system<p>Monetary largesse and ballooning public debt have been fueling the growth of the money supply. As a result, the fiat based monetary system has been experiencing its first inflationary surge in the 21st century. What does
the future hold for the monetary system? Macroeconomic imbalances and
geopolitics may accelerate change in the current largely USD-based monetary
system into a more multipolar one.</p><p><span></span></p><a name='more'></a><p>
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</p><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">Since its
launch in 1944, the USD-centric monetary system has undergone radical change,
typically in response to "systemic" crises such as major shifts in US
monetary policy that generated stresses outside the United States.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">In recent
years, the changes in the global economy, economic policy responses, and the
geopolitical situation have triggered hefty reactions in financial markets,
including money, bond, and foreign exchange markets. They have also raised the
question as to whether the international monetary system may be subject to more
long-term and fundamental changes.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><i><b>In which
direction is the monetary system heading?</b></i><o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">It seems as
if a gradual evolution to a more multipolar monetary system is the most
probable outcome, with a more extreme turn away from the USD-centric system
being much less likely.</p><h3 style="line-height: 115%; margin-bottom: 10pt; text-align: left;">Two
unlikely scenarios: A common global currency or a different currency hegemon</h3><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">1. Creation
of a common global currency remains illusory<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">Proposals
for a world currency have not materialized and, in the current geopolitical
setting, are now even less likely. Put simply, handing over the power to print
money from your own central bank to a supranational authority requires enormous
mutual trust among countries and an intensely cooperative geopolitical
environment.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">2. Lack of
an alternative currency hegemon<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">How about a
currency other than the US dollar to take on a similarly dominant role in the
global monetary system?<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">There are
two regions that are similar in economic size to the United States, and which
by their scale might in principle qualify: the euro zone and China.</span><o:p></o:p></p>
<h3 style="line-height: 115%; margin-bottom: 10pt; text-align: left;">Euro zone</h3><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">The euro
now accounts for around 20% of global FX reserves – the second largest share
behind the US dollar – and is also freely tradable across borders. And yet,
euro zone policy makers are clearly not striving for their currency to take on
such a role; indeed the focus of the European Central Bank (ECB) remains very
much on the domestic economy.</span><o:p></o:p></p>
<span style="line-height: 107%;"><span style="font-family: inherit;">The
euro zone is still not a mature fiscal union and therefore lacks a region-wide
safe asset like US Treasuries. This means there is no highly liquid and uniform
asset that the rest of the world could hold as a reserve. The lack of an
integrated capital market and banking union are further roadblocks, reducing
the liquidity of the euro.<br /><br /></span></span><div><span style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div><div><span style="line-height: 107%;"><span style="font-family: inherit;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjUcHscEMOE3nNNSvbhZQ-j76rS3Hu-gZBHbiM_0MtPNeItdWQyIgEFLJdPH6TYbReZ0zfswrB2WahoNqUV_2GCBTu-Z819rRLC2kGxc1fHJozdG8ktXKFLyCxksG73teuEZmMmq-J1_Gv8MjP0L712WoUd6nY-lFFMdTnZahRg_2Vchpk7ftoS1w" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="863" data-original-width="864" height="400" src="https://blogger.googleusercontent.com/img/a/AVvXsEjUcHscEMOE3nNNSvbhZQ-j76rS3Hu-gZBHbiM_0MtPNeItdWQyIgEFLJdPH6TYbReZ0zfswrB2WahoNqUV_2GCBTu-Z819rRLC2kGxc1fHJozdG8ktXKFLyCxksG73teuEZmMmq-J1_Gv8MjP0L712WoUd6nY-lFFMdTnZahRg_2Vchpk7ftoS1w=w400-h400" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">Global
foreign currency reserves; <span style="font-family: inherit;">Sources:
Haver Analytics, IMF, Credit Suisse</span></p><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p></td></tr></tbody></table><br /></span></span><h3 style="text-align: left;"><span style="line-height: 107%;"><span style="font-family: inherit;">China</span></span></h3></div><div>In
contrast, China is a single fiscal entity and its few large banks can be
regarded as money center banks. However, the renminbi lacks the third key
characteristic which would qualify it as a competitor to the US dollar:
international capital mobility. For the foreseeable future, it seems improbable
that China will fully liberalize and open its financial markets for
cross-border transactions. Other features, such as an internationally
recognized legal system, also argue against the renminbi as a viable candidate
for a dominant currency.</div><div><br /></div><div><span style="line-height: 107%;"><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p>
<h3 style="line-height: 115%; margin-bottom: 10pt; text-align: left;">Alternatives</h3><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">The
creation of a truly new global currency, or the rise of an alternative
"hegemonic" currency is, in our view, very unlikely in the
foreseeable future.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">So, what
might a future monetary system look like in the absence of either a new world
currency or a full replacement of the US dollar as the lead currency?<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;"><b>Gradual
evolution of a more multipolar system</b><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">Essentially
we see a new, more multipolar system evolving as a result of four drivers:<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">1. the
trend increase in bilateral trade among many countries, allowing for returns to
scale in the use of their respective currencies rather than the US dollar;<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><span style="font-family: inherit;">2.
deepening of local capital markets in emerging markets;<o:p></o:p></span></p>
<span style="line-height: 107%;"><span style="font-family: inherit;">3.
efforts (especially by leading emerging markets) to develop mutual insurance
schemes against shocks resulting from shifts in US monetary policy;</span></span></span></div><div><span style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div><div><span style="line-height: 107%;"><span style="font-family: inherit;">4. preemptive measures taken by some nations threatened by US sanctions excluding them from the international payment system (SWIFT) or to see some of their dollar denominated assets frozen.<br /><br /></span></span></div><div><span style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div><div><span style="line-height: 107%;"><span style="font-family: inherit;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjrXjk2bZvEaA8N57UFMJRpKCz4nr05Vxo4I2Xsy_cyu5oeqUfLOlPQWzeAJjor-hmXitCDYTeT1yDj5-khtBZsiQr5tAxDJWsMEt4FmKNh2s9B4ZpI5rjoI0w0Zgciq3IkNbJkYAF554bmOmLx0Vdrv1t_AtpR7NXBMWJAV8qzpq_hq6LTrHB5qQ" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="864" data-original-width="864" height="400" src="https://blogger.googleusercontent.com/img/a/AVvXsEjrXjk2bZvEaA8N57UFMJRpKCz4nr05Vxo4I2Xsy_cyu5oeqUfLOlPQWzeAJjor-hmXitCDYTeT1yDj5-khtBZsiQr5tAxDJWsMEt4FmKNh2s9B4ZpI5rjoI0w0Zgciq3IkNbJkYAF554bmOmLx0Vdrv1t_AtpR7NXBMWJAV8qzpq_hq6LTrHB5qQ=w400-h400" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">Transactions
in emerging market currencies are on the increase; <span style="font-family: inherit;">Source:
BIS, Credit Suisse<br /><br /></span></p><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;"><o:p></o:p></p></td></tr></tbody></table></span><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">Since the
financial crisis of 2008 we have seen efforts to increase the robustness of the
monetary system and better protect emerging markets from the stresses that
arise from the US dollar-centric system.<o:p></o:p></p>
<p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">This means
the world has gradually been moving toward a more multipolar currency system.
The question is whether this process will continue in a fairly smooth manner,
or whether we might see abrupt moves in one or the other direction.<o:p></o:p></p><p class="MsoNormal" style="line-height: 115%; margin-bottom: 10pt; mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">This blog article is anchored on what is available in the press release of the extended report with the same title. You can read the press release and download the report on <a href="https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/what-the-future-holds-for-the-monetary-system-202301.html">this Credit Suisse Research page</a>.</p></span></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-3068555273492854402023-02-24T00:53:00.011+01:002023-07-16T10:56:33.657+02:00Global Investment Returns Yearbook 2023<p><i><span style="font-family: arial;">The Credit Suisse Global Investment Returns Yearbook 2023 offers unique data on long-term investment returns. Read the latest edition to discover how different asset classes have performed since 1900 around the world, and to find out how a historical perspective can help today’s investors plan for the future.</span></i><span></span></p><a name='more'></a><p></p>
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<p>The Credit Suisse Global Investment Returns Yearbook is based on a unique database that offers a historical record of the real returns from equities, bonds, cash and currencies for 35 countries. The data spans developed and emerging markets, and stretches back to 1900. As well as being an important source of rich data on long-term investment returns, the 2023 edition contains analysis on topical issues that investors face today. Key highlights:</p><h3 style="text-align: left;">Amid turmoil, a long-term perspective still matters</h3><div><div>We believe that long-term perspective matters and with it an appreciation of the laws of risk and return. Our analysis on long-term returns shows how equities have outperformed bonds and bills in every country since 1900, reflecting such basic principles.<br /><br /></div><div>While bonds had been providing equity-like returns since the 1980s, the inflation shock of 2022 meant real bond returns were the worst on record for many countries, including the USA, UK, Switzerland and for developed markets overall.<br /><br /></div><div>We have also been served up the reminder that inflation is far from helpful for equities. While equities have enjoyed excellent long-run returns, they are not and never have been the hedge against inflation that many observers have suggested.<br /><br /></div></div><h4 style="text-align: left;">Evolution of equity markets since 1900: </h4><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhf7YTp6oU-gLRNqLs1gK8m6LD2C7EU4nez4oz5aVJmIooxZ1pmunxBEOL4OxmufuZ63VOuYxd6WdZLejrLq90RWI_fB_Cswa7Ro0pw8zKgkD9BHf-xMrRreeX0c_v-gRyXXpVYEJsZeDiB-qo_vtn78wKEI84CZDE_L9lQOmFINOIBSblTZHKiwQ" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="341" data-original-width="714" height="306" src="https://blogger.googleusercontent.com/img/a/AVvXsEhf7YTp6oU-gLRNqLs1gK8m6LD2C7EU4nez4oz5aVJmIooxZ1pmunxBEOL4OxmufuZ63VOuYxd6WdZLejrLq90RWI_fB_Cswa7Ro0pw8zKgkD9BHf-xMrRreeX0c_v-gRyXXpVYEJsZeDiB-qo_vtn78wKEI84CZDE_L9lQOmFINOIBSblTZHKiwQ=w640-h306" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="text-align: left;">Global market share of the listed equity markets</span></td></tr></tbody></table><br /></div><div><h3 style="text-align: left;">Risk premia exist for a reason</h3><div>A historical risk premium in equity and bond returns relative to bills exists for a reason, that being a necessary payment for the risk of volatility and drawdown. After a prolonged period of high and stable real returns, our report documents the periods of stress over time for bonds and equities. The Yearbook has shown how portfolio diversification can mitigate such risks.</div><div><br /></div><div>However, reaping the benefits of diversification is also a long-term concept and can let you down in the short term. The recent fortunes of 60/40 equity/bond strategies are a painful case in point, having trusted too heavily in the recent negative correlations between the two assets rather than properly consulting the history books.</div></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgYBABZQLOKvanyH5IV0YQRMIicnFHXl4erRCUNuN47h1u8Pm-wB8ovSRY_oAdbOblFHxpuu0f9Ry32BKPJUrV6zK_pMyWZSjHIznsPYaCiTq7LB3A_1REhQC1ZbfgpBSt_zS7RJ2_RQk4YrhQnkR2vnBOVYmeOcmf74FlHMdzM1QL8jQPp6ASK8w" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="396" data-original-width="714" height="355" src="https://blogger.googleusercontent.com/img/a/AVvXsEgYBABZQLOKvanyH5IV0YQRMIicnFHXl4erRCUNuN47h1u8Pm-wB8ovSRY_oAdbOblFHxpuu0f9Ry32BKPJUrV6zK_pMyWZSjHIznsPYaCiTq7LB3A_1REhQC1ZbfgpBSt_zS7RJ2_RQk4YrhQnkR2vnBOVYmeOcmf74FlHMdzM1QL8jQPp6ASK8w=w640-h355" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Equity premium versus bills (bars) and versus bonds (line)<br /></td></tr></tbody></table><br /></div></div><br /><div><b>Futures, stocks and bonds, 1871–2022</b></div><h4 style="text-align: left;">Reappraising commodities in an era of stagflation</h4><div>This year’s focus chapter delves into the pernicious influence of inflation on returns from bonds and equities, but also the role of commodities within the mix. A look at the highly topical subject of stagflation rather than just inflation provides added reason for investor concern. There is also troubling news for the growing consensus that conditions will return to normal with low inflation re-established. A keener look at history would highlight how rare this actually is.</div><div><br /></div><div>Rising commodity prices, particularly energy-related, have of course been a key driver of the steep rise in inflation we have witnessed in 2022. However, we explore the role that commodities play as an asset class. Our finding is that while investing in individual commodities have themselves yielded very low long returns, thanks to the power of diversification, portfolios of futures have provided attractive risk-adjusted long-term returns.</div><div><br /></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgi8h8cEBMAXcS1a0H5HKGCTDFvUh85eBmx6NoFu6M_7IBIBB2_ofZHFEyhxQuypoQsDrjyrKym3VBkQlLX40KA6k9vFC5SPD_xp5SSS53KaZtFVUiaegjjfOxxR4FKAD6sPbbFlIYprAcx1keUIiYMcW52OdqIeBL7xjPXZY8l_wkxh1k0iAWEGw" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="343" data-original-width="714" height="308" src="https://blogger.googleusercontent.com/img/a/AVvXsEgi8h8cEBMAXcS1a0H5HKGCTDFvUh85eBmx6NoFu6M_7IBIBB2_ofZHFEyhxQuypoQsDrjyrKym3VBkQlLX40KA6k9vFC5SPD_xp5SSS53KaZtFVUiaegjjfOxxR4FKAD6sPbbFlIYprAcx1keUIiYMcW52OdqIeBL7xjPXZY8l_wkxh1k0iAWEGw=w640-h308" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Cumulative return of the investment of 1 USD since 1871.</td></tr></tbody></table><br />The importance of the starting date is obvious, as the late 19th century shows a decade long bear market in commodities, while -on balance- stock markets trend higher after the 1873 downturn.</div><div><br /></div><div>Text: Press release of Credit Suisse Research</div><div>Graphs from the press release: Copyright © 2023 Elroy Dimson, Paul Marsh and Mike Staunton, London Business School</div></div><div><br /></div><div>Following link brings you to the press release with optional download of the abbreviated version (still 53 pages) of the <a href="https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/global-investment-returns-yearbook-2023-202302.html" target="_blank">Global Investment Returns Yearbook 2023</a></div><div><br /></div><h3 style="text-align: left;">Postscript (23-03-2023)</h3><div>Credit-Suisse got itself in trouble with poor results on its bond portfolio. <a href="https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians" target="_blank">Allegations of money laundering</a> also caused the chairman António Horta-Osório to step down, though the official reason mentioned repetitive infringements on Covid-19 restrictions. Short term financing also turned more expensive because of rising rates even in CHF (Swiss Francs). The bank is now being taken over by UBS (Union de Banque Suisse). It is uncertain what will happen to the research department which has been financing and publishing this research since more than a decade.</div><div><br /></div><div>This can very well be the last edition of the <b>CSRI global investment returns yearbook</b>, or else we may find it back with a different sponsor name.</div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-36880512029088121892023-01-30T17:52:00.015+01:002023-07-16T10:59:19.299+02:00Vancouver Resource Investment Conference (VRIC-2023)<p>The annual Vancouver Resource Investment Conference is being organized on Jan 29 and 30. Over 300 junior mining companies are gathering in Vancouver, British Columbia to showcase exploration and production of the most critical commodities the world needs to move forward in the 21st century.<span></span></p><a name='more'></a><p></p>
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<p>The live coverage of the event includes an interview of Adran Day by Michelle Makori of Kitco.</p><p><i>A few videos were recorded in anticipation by reknown participants:</i></p><p>The interview of <b>Jay Martin</b> by Charlotte MacLeod for the Investment News Network was recorded in anticipation of live coverage at the VRIC.</p><p>Another interview of <b>Brent Cook</b> of Exploration Inside by Cambridge House in anticipation of the VRIC is also worth looking at.</p><p>During the two day conference, over 100 keynote speakers will take the stage to discuss commodity forecasts and investment opportunities in the exploration, development and mining industries.</p><h3 style="text-align: left;">Video by Kitco</h3><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="326" src="https://www.youtube.com/embed/0vX6cizDi2A" width="490" youtube-src-id="0vX6cizDi2A"></iframe></div><br /><p>Gold to hit all-time high in 2023, only persistent rate hikes by the FED can stop it - Adrian Day</p><p>Adrian Day, CEO and Chairman of Adrian Day Asset Management, provides his forecasts for 2023 when it comes to Fed policy, economic growth, inflation, stock markets, gold, and gold miners. He spoke with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, at the Vancouver Resource Investment Conference. </p><p><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;">Follow Michelle Makori on Twitter: @MichelleMakori (</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbUNaeXgzcVdfM2Z1Ulp2MW80Vy1rSnl6dDFzZ3xBQ3Jtc0tuU0pPMFJsRUhDWURXTms3Yzk5NXhmVHoxZGFOeDFpQTZyY1F6cjFzQlFPZDJIVXFNTkpoTVlkMnVwQkhWaEJJN1VUeEt1VFQyV1p3Sk9mZlN3Vk1ERW5XWWQxWW1rOTl6cWZCeTBpdDlma3ZGRnVJUQ&q=https%3A%2F%2Ftwitter.com%2FMichelleMakori&v=0vX6cizDi2A" rel="nofollow" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);" target="_blank">https://twitter.com/MichelleMakori</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;">)
Follow Kitco News on Twitter: @KitcoNewsNOW (</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjgzYURIdld4TWlHVDhnd3VoYjdrMWE5dFNsZ3xBQ3Jtc0ttUlVUZnh0OWlweWpWcmpZU3pGb091TF9nM2U2S1RaZjlkZEhrV0d0Sld3amtUaXNwcHFsZFlNMHB1dk9GVFgtcXJVd3JwRGhfWnF3QmlBWW9TMUxhSVQwTW55TXAzcUM5dmtkV3Y1TGh1cXpNT1Z4NA&q=https%3A%2F%2Ftwitter.com%2FKitcoNewsNOW&v=0vX6cizDi2A" rel="nofollow" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);" target="_blank">https://twitter.com/KitcoNewsNOW</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;">)
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=0s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">0:00</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Recession in 2023
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=281s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">4:41</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - FOMC Meeting
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=362s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">6:02</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Gold 'pullback'
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=548s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">9:08</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Fed's effect on real economy
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=811s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">13:31</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Stock markets
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1051s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">17:31</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Inflation and Fed pivot
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1239s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">20:39</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - S&P 500 crash
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1297s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">21:37</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Gold forecast
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1428s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">23:48</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Gold portfolio allocation
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1486s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">24:46</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Gold miners
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1608s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">26:48</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - What could change the forecast?
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=0vX6cizDi2A&t=1792s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">29:52</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Central bank gold buying</span></p><h4 style="text-align: left;">Video by Investment News Network (INN)</h4><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="312" src="https://www.youtube.com/embed/EuEXaaGBg0o" width="481" youtube-src-id="EuEXaaGBg0o"></iframe></div><br /><div>VRIC 2023 <b>Preview </b>— Jay Martin on Cutting Through Chaos for Investors</div><div><br /></div><div><h4><span style="color: #0f0f0f;"><span style="background-color: rgba(0, 0, 0, 0.05); white-space: pre-wrap;">Preview Video by Cambridge House</span></span></h4><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="329" src="https://www.youtube.com/embed/H7o_mCgn01A" width="478" youtube-src-id="H7o_mCgn01A"></iframe></div><span face="Roboto, Arial, sans-serif" style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; white-space: pre-wrap;"><p style="font-size: 14px;"><b style="font-family: "YouTube Sans", Roboto, sans-serif; font-size: medium; white-space: normal;">I See Great Opportunity in Gold & Silver Mining Stocks Right Now: Brent Cook</b></p><span style="font-size: 14px;">Economic geologist Brent Cook joins the show to explain why he thinks gold and silver mining stocks, particularly in the exploration sector, are undervalued at the moment.</span></span><p></p><p><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;">Exploration Insights: </span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa24yVU5BX0Z4c21SN1k2YkZYRFpsSFFpdWpSZ3xBQ3Jtc0ttZTN4OUkzdjhTczVCa0JHOUN1dnJMMVQwdnR1bnRieXllMVFTRWNLcWo2Qlotd0tPYTVldkVDdDFmZzlJN2pKakdZYW9aS1NOVE9MTmlhOTF2WWRlZVQtSXpUNDNibU1IRW5HcmpmMkdHSktNaHp2Yw&q=https%3A%2F%2Fexplorationinsights.com%2F&v=H7o_mCgn01A" rel="nofollow" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-decoration,none); word-break: var(--yt-endpoint-word-break,none);" target="_blank">https://explorationinsights.com</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;">
Brent Cook on Twitter: </span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGVBSFhsS2VSV3lMektHVld6aTFEcjVmTzFLUXxBQ3Jtc0tra1BWUlFxdlU3QXlRRUlWT3VXbDdlNGtXTUdlM1pHdUxkRGUzWjdzLWNXbnRVRUZST1FxX1NQekt4eVcxTHBVb3B6dy15THRLX3JlSkhhSXNlQjN0aUYybG40bWZ3NGEyN25ib0wyWDA0cWxscmhTSQ&q=https%3A%2F%2Ftwitter.com%2FBrentCookgeo&v=H7o_mCgn01A" rel="nofollow" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);" target="_blank">https://twitter.com/BrentCookgeo</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;">
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=0s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">00:00</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Introduction
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=23s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">00:23</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Tailwinds for Gold & Silver in 2023
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=79s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">01:19</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Gold & Silver Mining Stocks
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=133s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">02:13</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Where is Brent Investing?
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=205s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">03:25</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Importance of Management
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=326s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">05:26</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Commodities Supercycle
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=436s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">07:16</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> What is Brent Presenting at the VRIC?
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=H7o_mCgn01A&t=517s" spellcheck="false" style="cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); word-break: var(--yt-endpoint-word-break,none);">08:37</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; margin: 0px; padding: 0px;"> Exploration Insights</span></span></p><p style="text-align: center;">***</p></div><h4 style="text-align: left;">Mickey Fulp <span style="font-weight: normal;">(known as the Mercernary Geologist) is much less optimistic. In an interview with Kitco Mining specialist Michael Mc Crae, </span></h4><div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="324" src="https://www.youtube.com/embed/JFdurE2X4x4" width="482" youtube-src-id="JFdurE2X4x4"></iframe></div><br /><b>"Waiting for broader market buy-in. Mickey Fulp on high gold prices and junior resource stocks"</b></div><div><div>While the year started with markedly higher gold prices, the resource sector is not seeing much benefit, according to Michael S. Fulp, the ‘Mercenary Geologist.’ Fulp spoke to Kitco News last month at the 2023 Vancouver Resource Investment Conference (VRIC). He is also a Kitco contributor, and his Metals, Money, and Markets Weekly podcast is published every Friday.</div><div><br /></div><div>Gold prices pushed well above $1,900 at the start of 2023, and though the GDX did see a short-lived bump in January, it is now down 4% on the year. Despite better gold prices and gold miners widening their margins, Fulp said the broader market is not drawn to the precious metal space. </div><div>"With the rising gold price, we've had some movement...but it has yet to trickle down," said Fulp. "I don't think the junior sector is going to prosper until the American general investor comes into our market."</div><div><br /></div><div>Fulp also said that there may be an overhang as investors "got extremely burned when they piled into this sector in 2020. That was only 2.5 years ago." "We're not there yet,” he added. “I am not saying we're not going to get there. I hope we do, but I don't see an end to the bear market."</div></div><div><br /></div><div><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=30s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">0:30</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - Why did gold leap higher at the start of the year?
</span><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=115s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">1:55</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - How do you play high gold prices: the metal, miners or juniors?
</span><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=160s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">2:40</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - How healthy is the junior resource space?
</span><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=305s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">5:05</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - Why don’t you own any lithium stocks?
</span><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=450s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">7:30</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - How is mine development doing in the U.S.?
</span><span class="yt-core-attributed-string--link-inherit-color" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #065fd4; font-family: Roboto, Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--display-type yt-core-attributed-string__link--call-to-action-color" force-new-state="true" href="https://www.youtube.com/watch?v=JFdurE2X4x4&t=931s" rel="nofollow" style="display: inline; text-decoration-line: none;" tabindex="0" target="">15:31</a></span><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"> - If you were starting today in the resource sector, what path would you take?</span></div><div><span style="background-color: rgba(0, 0, 0, 0.05); color: #0f0f0f; font-family: Roboto, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"><br /></span></div><h4 style="text-align: left;"><span style="font-size: medium;">Kitco Gold Panel, VRIC 2023</span></h4><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="331" src="https://www.youtube.com/embed/BFw_gXIX-2Y" width="489" youtube-src-id="BFw_gXIX-2Y"></iframe></div><br />The Kitco Gold Panel at the VRIC 2023 featured best-selling author Robert Kiyosaki, 'Independent Speculator' publisher Lobo Tiggre, and former Sprott U.S. Holdings CEO and Rick Rule Investment Media guru Rick Rule, recorded on 30 Jan 2023. The panel was moderated by Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.<p></p><p><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=0s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">0:00</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Introduction to panel
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=108s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">1:48</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Fed policy
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=306s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">5:06</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - All-time highs in 2023?
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=772s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">12:52</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Central bank gold buying
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=1235s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">20:35</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Geopolitics, Internal Debt, and Demographics
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=1411s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">23:31</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Dollar weakening
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=1512s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">25:12</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Gold ETFs
</span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/watch?v=BFw_gXIX-2Y&t=1680s" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);">28:00</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;"> - Portfolio allocation</span></p><h4 style="text-align: center;"><span class="style-scope yt-formatted-string" dir="auto" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-family: arial; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;">***</span></h4><h4 style="text-align: left;"><span class="style-scope yt-formatted-string" dir="auto" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-family: arial; margin: 0px; padding: 0px; white-space: pre-wrap;"><i>After the conference ended:</i></span></h4><h4 style="text-align: left;">Rick Rule interviewed by Daniela Cambone (videocall from Stansberry Research, NY)</h4><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="330" src="https://www.youtube.com/embed/xoTqtYOvFsA" width="481" youtube-src-id="xoTqtYOvFsA"></iframe></div><br /><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; margin: 0px; padding: 0px; white-space: pre-wrap;">Fed Is Right to Raise Rates, Be Prepared to Dodge Lagging ‘Full Punch’ Says Rick Rule ....</span><p></p><h4 style="text-align: left;"><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; font-weight: 400; margin: 0px; padding: 0px; white-space: pre-wrap;">Sign up for Rick Rule's Virtual Silver Investors Bootcamp here: </span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGE3cl9fZmRaQnIyeXdXZnNWMGFVUERzbmdOQXxBQ3Jtc0tsVDRSd0JkMUwwNDY0dUp3MG15a0E2ODN5X29IR1I2dEVwOVV0cnZkcFNkZFpSUXVCNkI3SXRaMUNBT1A1WElGcUd4blF3dTRIVTZveW1fTHNhNXJCNWZMelhkQm05dHJiWmRIOHZvV2djT1RpQ3VXbw&q=http%3A%2F%2Fbit.ly%2F3Y0VenJ&v=xoTqtYOvFsA" rel="nofollow" spellcheck="false" style="background-color: rgba(0, 0, 0, 0.05); cursor: pointer; display: var(--yt-endpoint-display,inline-block); font-family: Roboto, Arial, sans-serif; font-size: 14px; font-weight: 400; overflow-wrap: var(--yt-endpoint-word-wrap,none); text-decoration: var(--yt-endpoint-text-regular-decoration,none); white-space: pre-wrap; word-break: var(--yt-endpoint-word-break,none);" target="_blank">http://bit.ly/3Y0VenJ</a><span class="style-scope yt-formatted-string" dir="auto" face="Roboto, Arial, sans-serif" style="background: rgba(0, 0, 0, 0.05); border: 0px; color: #0f0f0f; font-size: 14px; font-weight: 400; margin: 0px; padding: 0px; white-space: pre-wrap;">
"I've been positively surprised at the strength of the U.S. economy in the face of consistent interest raises, which are indeed the right policy," says Rick Rule, founder and CEO of Rule Investment Media. "They need to raise interest rates again, and most likely by 25 basis points," he tells Daniela Cambone. "The economic response often lags, and it's possible we haven't felt the full punch of these interest-rate rises," Rule warns. He projects that there will not be no soft landing once this downturn ends, "but a crash may be too strong a word... I've never seen a soft landing occur in 50 years however." Rule states. And he believes, "there's currently a worldwide push to look for a bilateral means of exchange outside of the U.S. dollar, and that is gold, beyond the BRICS nations." "I believe the dollar will continue to be the primary means of exchange... U.S. treasuries are the deepest and most liquid market in the world," he concludes.</span></h4>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-25513895318163692802022-12-31T14:14:00.005+01:002023-07-16T10:59:49.836+02:00Gold is ending 2022 flat, but miners slide<p>Eventually Gold is ending 2022 nearly flat (-0.3%) but miners still give way. The HUI gold miners index of US quoted unhedged miners is losing 11.25% over 2022.<span></span></p><a name='more'></a>
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Leverage to gold has always been the tantalizing proposition of mining sell side analysts. The smoke screen once more failed to deliver. Nevertheless, there has been one favorable exit time-frame: March to April 2022. <p></p><p><span>The below graph provides the HUI to Gold ratio for the full year 2022 together with its 50 dma and 200 dma. With gold flat, the ratio should at best also hold up. It doesn't, but we are now off the triple lows put down from September to early November.</span></p><p><span>The HUI/Gold ratio keeps in the narrowing wedge between its rising 50 dma and still sliding 200 dma.</span></p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGTiBLnr4UWD1_kLsCFUyOiCVLP47ukyDDGUi3kGxAldJMTo19B3LzD9dD1oa6Qxa_c_5zqUTAevZWuvtPo4eAflvtRG-6Ua2GiRWiQKrlTjF1XK_-VxDOsXuqa3ZhBETlHvsUChPIQYCTH2JpHMr4yhvpED9FopYa7vpbmJ9bjTW0EfCTVu9MDQ/s700/HUI_Au2022fy.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGTiBLnr4UWD1_kLsCFUyOiCVLP47ukyDDGUi3kGxAldJMTo19B3LzD9dD1oa6Qxa_c_5zqUTAevZWuvtPo4eAflvtRG-6Ua2GiRWiQKrlTjF1XK_-VxDOsXuqa3ZhBETlHvsUChPIQYCTH2JpHMr4yhvpED9FopYa7vpbmJ9bjTW0EfCTVu9MDQ/w640-h484/HUI_Au2022fy.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Gold miners index (HUI) relative to Gold. Daily observations over 2022 <span style="color: red;">(click to enlarge)</span></td></tr></tbody></table><br /><p></p><h4 style="text-align: left;"><span><b>Best wishes for the new year.</b></span></h4><p></p><p>More detailed analysis is shown on the extended <a href="https://gwyde.blogspot.com/p/gold-miner-pulse-extended-article.html" rel="nofollow">Gold Miner Pulse page</a>. </p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-85119009189490134732022-11-30T23:05:00.074+01:002023-07-16T11:01:15.085+02:00Miners recovering<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on"><div dir="ltr" style="text-align: left;" trbidi="on"><div style="margin: 0px;">The HUI Gold Miners index has dipped several times over the last two months. The recovery after the last dip on Nov 3 proved to be sustainable.</div><span><a name='more'></a></span>
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<div style="margin: 0px;">The 50 dma bottomed almost exactly at that date. The ongoing recovery can however not yet avoid miners to remain in the red over 2022. As of this afternoon, the HUI still is down close to 15% over the year. The yellow metal is nearing break-even: -3.30% year-to-date as of this afternoon. Gold had been down more than 11% over 2022 by Sep 26 with a COMEX close at $1622.4. On that same date, the HUI index dipped to 175.7. Even in a historic perspective this is exceptionally low. The Yahoo series going back to early June 1996 starts with the HUI at 208.4 for a gold price of $389.7. </div><div style="margin: 0px;"><br /></div><div style="margin: 0px;"><br /></div><div style="margin: 0px;"><span style="background-color: white; color: #222222;"><div><div style="font-family: georgia, serif; margin: 0cm;"><u><b>HUI graph</b></u></div><div style="font-family: georgia, serif; margin: 0cm;"><span style="font-family: inherit;"></span></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="font-family: georgia, serif; margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Icx9cdNhqRleNM3vXbGBStmKdY1R_9yOxo-lX8Nrn0niTfovj5y8U8l5s1Eh5yYK-A52RzNV3nmDXny_sy-Odgk9ljA1LA_UgYhupR7WvB8Z4VpIDnwXua06Ag6dRKKndld-VzO0u4uSJpFZz4Pa9BfSHjgbOCZkW53Z_-e4tA5CblHZH4MpKg/s700/HUI-ytd2211.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="485" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Icx9cdNhqRleNM3vXbGBStmKdY1R_9yOxo-lX8Nrn0niTfovj5y8U8l5s1Eh5yYK-A52RzNV3nmDXny_sy-Odgk9ljA1LA_UgYhupR7WvB8Z4VpIDnwXua06Ag6dRKKndld-VzO0u4uSJpFZz4Pa9BfSHjgbOCZkW53Z_-e4tA5CblHZH4MpKg/w640-h485/HUI-ytd2211.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI index daily observations year-to-date, <span style="color: red;">click to enlarge<br /></span></td></tr></tbody></table><div style="font-family: georgia, serif;"><br /></div><div style="font-family: georgia, serif;"><span face=""Times New Roman"font-size: 11pt" style="color: black;">Whereas gold could deliver as an inflation protection over the long haul, miners failed miserably in providing leverage to the gold price. Leverage to gold may have worked out over certain time stretches. In between miners have been losing ground relative to gold. Some previous articles illustrated this once more: </span><a href="https://gwyde.blogspot.com/2022/04/miners-index-hui-to-gold-regression.html" style="font-family: "Times New Roman";" target="_blank">Miners index (HUI) to gold regression impaired.</a></div><div style="font-family: georgia, serif;"><br /></div><div style="font-family: georgia, serif;">It doesn't surprise that HUI/Gold ratio has been weakening over 2022. HUI/Gold dipped to its lowest level (0.10635) on Sep 2. Any subsequent recovery was soon reverted with yet another dip. The 50 dma of HUI/Gold bottomed mid October. The tendency has been up since early Nov. However more work needs to be done to bring it back to where we started the year. </div><div style="font-family: georgia, serif;"><br /></div><h4 style="font-family: georgia, serif;"><u>HUI/Gold graph</u></h4><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="font-family: georgia, serif; margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk2sp9SqfHY751_-FLSxrSUTNKlWgwfpjEFUq-9Jm8WplkCE3hXWXuayQm8OYXk31xlkLFnMdkNdeM0qZdB38mgfSZFzKtU66A0cSyJGEHOHHypQqQsThYLjwq4cNOcsGnbWf-FWGQ9ftqaFERB0BWlieJ5aqqH_mEzVdNXk6qMiUT5JpVkfKzAA/s700/HUI-Au2211ytd.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhk2sp9SqfHY751_-FLSxrSUTNKlWgwfpjEFUq-9Jm8WplkCE3hXWXuayQm8OYXk31xlkLFnMdkNdeM0qZdB38mgfSZFzKtU66A0cSyJGEHOHHypQqQsThYLjwq4cNOcsGnbWf-FWGQ9ftqaFERB0BWlieJ5aqqH_mEzVdNXk6qMiUT5JpVkfKzAA/w640-h484/HUI-Au2211ytd.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI index relative to Gold daily observations year-to-date, <span style="color: red;">click to enlarge</span></td></tr></tbody></table><br /><div style="font-family: georgia, serif;">Despair is over, technical indicators seem to point up, but the recovery still is frail. Miners have had a few good months from February to April, but the second and third quarter brought the worst slide we have experienced since 2013Q2-Q3. </div><div style="font-family: georgia, serif;"><br /></div><div style="font-family: georgia, serif;"><br /></div><div style="font-family: georgia, serif; margin: 0cm;"><b style="background-color: transparent; font-family: georgia, "times new roman", serif; font-size: 14pt;">Global X Silver Miners ETF (SIL)</b></div><div style="font-family: georgia, serif; margin: 0cm;"><b style="background-color: transparent; font-family: georgia, "times new roman", serif; font-size: 14pt;"><br /></b></div><div style="margin: 0cm;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="font-family: georgia, serif; margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB8kj3uoa600BoYZcOCHm-AOdHqqjVPmefHOnXRNewddi3F4xX2XaAYf_VYHDU5luCAIzop0MxhItgVdt2xr7hefp5ZjBehPQxe4X1xI4C0sHc9A9NdUkT79hNxt2AytHrnUYp4C6UrIN1IY3WukicWcjCr3G_xobJpAlg3sddzEE8hHgjkDWSyw/s700/SIL-2211ytd.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB8kj3uoa600BoYZcOCHm-AOdHqqjVPmefHOnXRNewddi3F4xX2XaAYf_VYHDU5luCAIzop0MxhItgVdt2xr7hefp5ZjBehPQxe4X1xI4C0sHc9A9NdUkT79hNxt2AytHrnUYp4C6UrIN1IY3WukicWcjCr3G_xobJpAlg3sddzEE8hHgjkDWSyw/w640-h484/SIL-2211ytd.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "Times New Roman"; font-size: 12.8px;">Global-X Silver Miners ETF, SIL. Daily observations year-to-date. </span><span style="color: red; font-family: "Times New Roman"; font-size: 12.8px;">Click to enlarge<br /></span></td></tr></tbody></table><br /><span style="font-size: 11pt;"><span style="font-family: inherit;">Silver miners did not enjoy any significant rally over Feb-Apr, the way gold miners did. The slide from Apr to Sep-Oct was however not less severe. Both have been down between 30% and 40% year to date. The recovery since the trough is also comparable.</span></span></div><div style="font-family: georgia, serif; margin: 0cm;"><b style="background-color: transparent; font-family: georgia, "times new roman", serif; font-size: 14pt;"><br /></b></div><div style="font-family: georgia, serif; margin: 0cm;"><b style="background-color: transparent; font-family: georgia, "times new roman", serif; font-size: 14pt;">Global X Silver Miners ETF (SIL) relative to silver bullion</b></div></div><br /></span></div></div><div><div style="margin: 0cm;"><b>SIL/Silver graph</b></div></div><div style="margin: 0cm;"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLjpR9Fl1gf-6FlVDMLoPkz4D4lnF4SyVeGMCfF83LbF9xJifaUW1Wk6lfr36SHLyKE2Vm8AYuVoSVlqXKi9MvggM3bThYlWiEQAzO0swfeAzMAq9bNUZRDWTlFgOntomk63fxMWxCYec1tISNeFcPT2g1OxZwKginsBT9tsY53wrks-TF4B8Z8w/s700/SIL_Ag2022kytd.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLjpR9Fl1gf-6FlVDMLoPkz4D4lnF4SyVeGMCfF83LbF9xJifaUW1Wk6lfr36SHLyKE2Vm8AYuVoSVlqXKi9MvggM3bThYlWiEQAzO0swfeAzMAq9bNUZRDWTlFgOntomk63fxMWxCYec1tISNeFcPT2g1OxZwKginsBT9tsY53wrks-TF4B8Z8w/w640-h484/SIL_Ag2022kytd.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">Global-X Silver Miners ETF, SIL relative to silver bullion; Daily observations year-to-date. </span><span style="color: red; font-size: 12.8px;">Click to enlarge</span></td></tr></tbody></table><br /><div style="margin: 0cm;">Although silver miners also lose ground relative to silver bullion, the SIL/Silver slide is less pronounced. It looks more like a gradual grinding lower. The slide of the metal (still about 9% year-to-date) contributes more to the slide of silver miners.</div><div style="margin: 0cm;"><br /></div><div style="margin: 0cm;"><br /></div><div style="margin: 0cm;"><b><span class="Apple-style-span" style="font-family: georgia; font-size: 14pt;">Canadian Gold and Silver Mining indices</span></b></div></div><div dir="ltr" style="text-align: left;" trbidi="on"><div style="margin: 0cm;"><div style="text-align: left;"><b><span class="Apple-style-span" style="font-family: georgia; font-size: 14pt;"><br /></span></b></div><div style="text-align: left;"><span class="Apple-style-span" face="">How gold miners </span><span face="">are </span><span class="Apple-style-span" face="">performing is shown by the capitalization weighed gold miners index of stocks included in the </span><b style="font-family: arial, helvetica, sans-serif;">Gold Miner Pulse database </b><span face="">(yellow diamond symbols)</span><b style="font-family: arial, helvetica, sans-serif;">.</b><span class="Apple-style-span" face=""> Note that most quotes are in CAD, which has been fluctuating to the USD. The blue graph shows the GMP silver miners index. <i>The long term depreciation of the loonie mitigated the miner loss during gold miner bear market.</i></span></div></div>
<span class="Apple-style-span" face=""><i><br /></i></span><span class="Apple-style-span" face="" style="color: blue;">The silver mining index has been the first to break above parity, despite silver lagging gold since we started over 10 years ago. They recovered from their winter 2021/22 downturn, but slid back. </span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span class="Apple-style-span" face="" style="color: blue;"><br /></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgF0vQgZK9rq8Vpy4p9v3fx8TQaIdvlDehJHFVlhCCI02iNdgywPiFqqX8xnMmo6oSN9dyo_3vSfIFlNe7kooXFPWc2m2e2MirffB5oBgoxPGHt2MH0AV3HbwtLrE8Z3qJBHWj4O2ieiMvVmyS4WptcE2gAjF_Qe0WuGhLAIsVxI-Fe235xVnxlAQ/s1197/gmp_ind2022k.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="659" data-original-width="1197" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgF0vQgZK9rq8Vpy4p9v3fx8TQaIdvlDehJHFVlhCCI02iNdgywPiFqqX8xnMmo6oSN9dyo_3vSfIFlNe7kooXFPWc2m2e2MirffB5oBgoxPGHt2MH0AV3HbwtLrE8Z3qJBHWj4O2ieiMvVmyS4WptcE2gAjF_Qe0WuGhLAIsVxI-Fe235xVnxlAQ/w640-h352/gmp_ind2022k.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">GMP list based (and capitalization weighed) gold (yellow dots), silver (blue) and equal weight (red) miners indices. Reference 1000 on Nov 19, 2010 </span><span style="color: red; font-size: 12.8px;">(click to enlarge)</span></td></tr></tbody></table><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="background-color: white; color: #073763;">Note that the index calculation always is compensated for composition changes. </span></div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><div dir="ltr" trbidi="on"><b style="font-family: georgia; font-size: 14pt;">Performance graph</b></div><div dir="ltr" trbidi="on"><div class="separator" style="clear: both; text-align: center;"></div><div dir="ltr" trbidi="on"><span face=""><br /></span><span face="">The performance disparity among the gold and silver miners of the GMP database is striking. Several laggards seem moribund. The median (or middle) miner (with an equal number better and worse) is now losing 58.4</span><span face="">%: almost a triple is needed before </span><span face="">breaking even. The average has slid into the red since a couple of months still posting a 4.6% loss. The performance distribution is slanted towards the high gains.</span></div><div dir="ltr" trbidi="on"><span face=""><br /></span></div><div dir="ltr" trbidi="on"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicKkzMGx25GnVJ9hjckY-PlrIUBb-RBCaxc5n94qCCqcMxUbIOFEYxukN8dR-LBabhzpcgHcy6gF4Op32La7lNysgwvyoQi6_6GFom-2jHytZUrEgWpoBPxrUD8u11-B0S8wPy4__jRet2izcjFRsN6zXnooU9GITDYpcqKWr0QXeq5zsRtUPEAQ/s1197/gmp_perf2022k.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="659" data-original-width="1197" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicKkzMGx25GnVJ9hjckY-PlrIUBb-RBCaxc5n94qCCqcMxUbIOFEYxukN8dR-LBabhzpcgHcy6gF4Op32La7lNysgwvyoQi6_6GFom-2jHytZUrEgWpoBPxrUD8u11-B0S8wPy4__jRet2izcjFRsN6zXnooU9GITDYpcqKWr0QXeq5zsRtUPEAQ/w640-h352/gmp_perf2022k.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="color: black; font-size: 13px;">GMP Miners sorted by loss to gain since inception on Nov 19, 2010. Note that the top miners are left out to avoid excessive scale expansion </span><span style="color: #cc0000; font-size: 12.8px;"><span style="font-size: 12px;">Click to enlarge<br /></span></span></td></tr></tbody></table><br /></div><div dir="ltr" trbidi="on"><span face="" style="background-color: white; text-align: center;">There are 16 miners/explorers losing 90% </span><span face="" style="background-color: white; text-align: center;">or more, with 5 thereof down over 95%. At the opposite side 21</span><span face="" style="background-color: white; text-align: center;"> miners are still quoting above their Nov 2010 mark, now led by Filo Mining; 14 stocks have doubled. The top 12 miners </span><span face="" style="background-color: white; text-align: center;">are omitted in the above graph to avoid excessive scale expansion, but you find the top-14 in full detail below:</span></div><div dir="ltr" trbidi="on"><span face="" style="background-color: white; text-align: center;"><br /></span></div><div dir="ltr" trbidi="on"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfJt2GkgaG542_cuHgnZcYAf8BIZqczaBItwpdCiCG7oaA4kBJdlZAjfVkNMods8TsKAIFFrGmfQNmjZdKy9UTeJ93natWVQjgLXgp3yZVWVkj1gKk4CeaXNOOCjmdy0IJDkwRQlykqBaY8VG8n8vfJz_AbvO9UpfktXsk65vhTTaMhqw2BYGP2w/s1197/gmp_gain2022k.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="659" data-original-width="1197" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfJt2GkgaG542_cuHgnZcYAf8BIZqczaBItwpdCiCG7oaA4kBJdlZAjfVkNMods8TsKAIFFrGmfQNmjZdKy9UTeJ93natWVQjgLXgp3yZVWVkj1gKk4CeaXNOOCjmdy0IJDkwRQlykqBaY8VG8n8vfJz_AbvO9UpfktXsk65vhTTaMhqw2BYGP2w/w640-h352/gmp_gain2022k.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-size: 12.8px;">GMP elite miners, sorted by gain since starting observations in Nov 2010 (logarithmic view with ticks 100% apart.<br /> </span><span style="color: red;">Click to enlarge</span></td></tr></tbody></table><span 12pt="" face="" font-size:=""><br /></span></div><div dir="ltr" trbidi="on"><span 12pt="" face="" font-size:="">A more detailed analysis <i><span style="color: #990000;">i</span><span style="color: #cc0000;">ncluding list composition changes</span></i>, is found on the page "</span><a href="http://gwyde.blogspot.com/p/miners-news.html" style="font-family: arial, helvetica, sans-serif;" target="_blank"><b>miners performance</b></a><span face="">". The miners included in the database are classified in five performance quintiles. This allows evaluating how individual miners went with the herd or against the grid.</span></div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on"><h4 style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; margin: 9pt 0cm 3pt; position: relative;"><span style="color: black; font-family: "Times New Roman"; font-size: 14pt;">Related blog articles </span></h4><div class="Prefer" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px; margin: 6pt 0cm 3pt;"><span style="font-size: 12pt;"><div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;" trbidi="on"><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;"><span class="Apple-style-span" style="color: #274e13; font-family: georgia, "times new roman", serif;"><span style="color: #222222; font-size: 12pt; line-height: 14pt;">During 2011-15 and even over the long haul, the relative performance of mining majors to the precious metals they produce was disappointing for major gold miners, even while the metals were in a solid uptrend. See: <a href="http://gwyde.blogspot.be/2015/01/gold-miners-three-decades-for-naught.html">Gold miners: three decades for naught</a> or </span></span><span style="background-color: transparent; color: #2222ff; font-family: georgia, "times new roman", serif;"><a href="http://gwyde.blogspot.com/2011/02/decades-of-underperformance.html" style="background-color: transparent; font-size: 12pt;" target="_blank">Decades of underperformance</a></span><br /></div></div></span></div></div></div></div></div>
Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-5748569159063559562022-10-31T18:26:00.009+01:002023-07-16T11:02:15.050+02:00Diverging price trends of 'white' precious metals<p><span style="font-family: arial;">There is a lot of complaining going on about 'white precious metals'. In some cases producers are struggling to remain profitable, let alone to stay afloat. In other cases industrial consumers are trying to find ways to reduce the amount needed of those expensive metals having even multiplied in price.</span></p><p><span></span></p><a name='more'></a><p></p><p><span style="font-family: arial;">Price graphs are covering 2015 till the present day. Former articles have been focusing on the price trends in the early 21st century. See for example: </span>
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<span style="font-family: arial;"><a href="https://gwyde.blogspot.com/2016/03/platinum-palladium-and-silver-relative.html" target="_blank">Platinum, Palladium and Silver relative to Gold</a> (Mar 2016) or <a href="https://gwyde.blogspot.com/2016/03/platinum-palladium-and-silver-relative.html" target="_blank">Platinum group metals: a story of scarcity and industrial needs</a>. You can find a complete list of precious metals prices related articles on the page: </span><span style="font-family: arial;"><a href="https://gwyde.blogspot.com/p/precious-metals-non-mining-related.html" target="_blank">Precious metals (non-mining related) (4)</a>.</span></p><h2 style="text-align: left;"><span style="font-family: arial;">Silver</span></h2><p><span style="font-family: arial;">Silver is known since antiquity and it has been used for minting money since thousands of years. Jewelry for the common folk and cutlery (silverware in the US) for the affluent were a few of the early industrial uses. Photography during the 19th and 20th century has been using a lot of silver, though silver recovery from spent fixing agents made up for much of the need.</span></p><p><span style="font-family: arial;">Now solar panels, medical applications and electronic devices take up most silver. Meanwhile, the minting of investment bullion and commemorative coins has replaced the former minting of circulation silver coins (though not to a comparable volume).</span></p><p><span style="font-family: arial;">The gold to silver ratio was extremely important when a bimetallic standard was used. Gold was valued about 16 times higher than silver. </span><span style="font-family: arial;">Under the gold standard (from the mid 19th century till the early 1930's in many Western countries), silver coins have de facto become fiat coins. At mintage, their face value far exceeded the silver metal value. Because of this, silver coins remained currency for decades after gold coins had been withdrawn.</span></p><h4 style="text-align: left;"><span style="font-family: arial;">Silver price and gold-to-silver ratio:</span></h4><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU-LHxNWP3_6i16VQ97GK_QfFrzg86gZp7tAunFt2v33uiYXiTEiNjVk4P3-qFFAQ36dJkosbOJh_lib4c656nbT_r2pGLM5C2ae46iIjnCHoTiTVUWokGa5U37e-OqQdVXpbdvBTNm7phziu8O3yEJePdtXc5W7JmKEBYrMtLicey8x6giEeZ9g/s975/Silver2015p.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU-LHxNWP3_6i16VQ97GK_QfFrzg86gZp7tAunFt2v33uiYXiTEiNjVk4P3-qFFAQ36dJkosbOJh_lib4c656nbT_r2pGLM5C2ae46iIjnCHoTiTVUWokGa5U37e-OqQdVXpbdvBTNm7phziu8O3yEJePdtXc5W7JmKEBYrMtLicey8x6giEeZ9g/w640-h416/Silver2015p.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The price of the metal (blue) on the left axis and the Au:Ag ratio (red) on the right axis</td></tr></tbody></table><br /><span style="font-family: arial;">The silver price has been struggling for much of the observed period. The metal hit a $14/oz bottom repeatedly and was unable to keep above $20/oz. Silver broke down during the early days of the 2020 pandemic and lost ground far more than gold did. The Au:Ag ratio peaked at 125 on Mar 18, 2020. Monetary and fiscal largesse drove up both stock markets and precious metals in the summer of 2020. Silver nearly reached $30/Oz on a closing basis. When inflation eventually surged, the FED started tightening and precious metals weakened. Again silver slid more than gold. The Au:Ag ratio bounced up from the mid 60's to the mid 80's. Silver is again quoting below $20/Oz. But for how long?</span></div><div><span style="font-family: arial;"><br /></span></div><h2 style="text-align: left;"><span style="font-family: arial;"><b>Platinum</b></span></h2><div><span style="font-family: arial;">The second horror story. Historically platinum had been quoting higher than gold in the 20th century and for most of the first decade of the 21st century. 'White gold' didn't however recover quite as swiftly after financial crisis. When gold retreated after the 2011 price surge, white precious metals leveraged down the gold price. Platinum kept struggling, with the Au:Pt ratio now continuously posting above one. Once an anomaly, it became the norm.</span></div><div><span style="font-family: arial;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEQTk5d_Yz2gymyVkvS2_97DJb9zAyKg94-LMsdy5HhLhP1a_THJeB-VIOy6LaT7G5B94L5AGm0CQCc4wJ1bL7KDZoyugpT9pXRdqJ--9eQ3eC0ivE-vOl7nDM68GAql--3fvrk3h_oQemhAl8Nyjv05U_oJHF0CSO_oY8BAM-2wvoNTwfXwPq0g/s975/Platinum2015p.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEQTk5d_Yz2gymyVkvS2_97DJb9zAyKg94-LMsdy5HhLhP1a_THJeB-VIOy6LaT7G5B94L5AGm0CQCc4wJ1bL7KDZoyugpT9pXRdqJ--9eQ3eC0ivE-vOl7nDM68GAql--3fvrk3h_oQemhAl8Nyjv05U_oJHF0CSO_oY8BAM-2wvoNTwfXwPq0g/w640-h416/Platinum2015p.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The price of the metal (blue) on the left axis and the Au:Pt ratio (red) on the right axis</td></tr></tbody></table></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">During 2015 platinum continuously keeps weakening more than did gold. During the 2016 boom/bust of precious metals, Platinum can eventually keep up but after the blow off, platinum keeps struggling, eventually dipping below $900/Oz and staying there for about 12 months. Some quotes below $800/Oz didn't even fuel any significant recovery rally. The Au:Pt had crept up to 1.4 and planned to stay there. As gold started strengthening in 2019, platinum followed reluctantly with Au:Pt now exceeding 1.6. The onset of the pandemic proved detrimental for platinum. The price plummeted below $600/Oz with Au:Pt peaking at 2.5.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Though platinum recovered after the March 2020 frenzy, the ratio remained elevated for much of 2020. Spring 2021 brought about a meaningful recovery to above $1200/Oz. Au:Pt didn't however dip below 1.4. The days of expensive platinum aren't back yet. Platinum still quotes below $1000/Oz, while the Au:Pt ratio posts near 1.75.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Platinum had historically been used as a catalyzer material for car exhaust filters. It has largely been displaced by palladium for normal gasoline engines. Though palladium now is far more expensive than platinum, producers seem reluctant to reverse engineer their catalyzers. Platinum is used for catalyzers for diesel (gasoil) cars and trucks. This application is using less than 50% of total production. There is a sustainable economy mantra, with massive platinum use for the production of green hydrogen and for fuel cells producing electricity. Investors consider it as unlikely, uncertain or too distant.</span></div><div><span style="font-family: arial;"><br /></span></div><h2 style="text-align: left;"><span style="font-family: arial;">Palladium</span></h2><div><span style="font-family: arial;">If prices of silver and platinum are more volatile than that of gold, palladium takes volatility to level 3. Almost all of the palladium produced finds its way into the exhaust filter catalyzers. More severe emission limits require more performant filters hence more need for palladium. </span></div><div><span style="font-family: arial;"><br /></span></div><h4 style="text-align: left;"><span style="font-family: arial;">Palladium price and gold-to-palladium ratio:</span></h4><div><span style="font-family: arial;">Below the graph of palladium and the gold to palladium ratio. Note that the bid/ask spread average is used for all graphs. The bid/ask gap is far higher (now $150/Oz) than for other current precious metals.</span></div><div><br /></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz5__5Wm5uX2os5KMxjLqivV_OtsrDGQKJrYB80vPHuhICO1vvC-3prb70LXE0_eOgpfVoZmpD6oqc5hLZS4R8O-Zq8gLQpNZUOcfzJQWCBGdfnZsPnd3AreEZdL9pL8mOuZPmrLhjig-NKLhdWRU62xWp48eK1qHOXppGG6CuTygUSkLRcP2c3A/s975/Palladium2015p.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz5__5Wm5uX2os5KMxjLqivV_OtsrDGQKJrYB80vPHuhICO1vvC-3prb70LXE0_eOgpfVoZmpD6oqc5hLZS4R8O-Zq8gLQpNZUOcfzJQWCBGdfnZsPnd3AreEZdL9pL8mOuZPmrLhjig-NKLhdWRU62xWp48eK1qHOXppGG6CuTygUSkLRcP2c3A/w640-h416/Palladium2015p.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The price of the metal (blue) on the left axis and the Au:Pd ratio (red) on the right axis</td></tr></tbody></table><br /><div><span style="font-family: arial;">Even recovery from spent catalyzers can hardly add enough supply to satisfy demand. Potential shortage spurs speculation with some palladium getting stockpiled. 2018 ends the days of relatively affordable palladium, with the metal constantly more expensive than gold from 2019 onward.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">The below graph details the latter part of the graph, with high but volatile palladium prices and a low Au:Pd ratio. At palladium peaks, an ounce of gold only bought 0.6 Oz of palladium. </span><span style="font-family: arial;">After the pandemic, palladium surged to its highest price ever. </span></div></div><div><span style="font-family: arial;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVO_fXDZVioDo38VlT1A3pDd6vz8nzQSST0A74ffeFmPmmIw62SftI0p-6vx5XuHqcV1OBddbre53eXFCX7GiTNHiu1Tue7rcGdpuNik3-ajAI6m216WAqT6L-sm9lrJOYqLapErqnOmmShotnaCVPjtSUblmNjA21wicJ4mrf6UyOQTvoF49OEQ/s975/Palladium2019p.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVO_fXDZVioDo38VlT1A3pDd6vz8nzQSST0A74ffeFmPmmIw62SftI0p-6vx5XuHqcV1OBddbre53eXFCX7GiTNHiu1Tue7rcGdpuNik3-ajAI6m216WAqT6L-sm9lrJOYqLapErqnOmmShotnaCVPjtSUblmNjA21wicJ4mrf6UyOQTvoF49OEQ/w640-h416/Palladium2019p.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The price of the metal (blue) on the left axis and the Au:Pd ratio (red) on the right axis<br /></td></tr></tbody></table><br /></div><div><span style="font-family: arial;">Supply chain disruptions in electronics for vehicle usage temporarily kept a lid on car production hence the need for catalyzers by the end of 2021 (making prices for used vehicles spike). The palladium dip below $1800/Oz was short lived. In fact it was followed by an absolute peak price of over $3000/Oz.</span></div><div><span style="font-family: arial;"><br /></span></div><div><div><span style="font-family: arial;">Electrification of the car fleet may however imply the end of palladium shortage, let alone its need for catalyzers. Again, investors are not looking this far forward.</span></div></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Finally the Palladium to Platinum ratio is very illustrative of the diverging price trend.</span></div><div><span style="font-family: arial;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGDujTshX-bSBUBrXOX2utYsMxGuiajD1Ap3sCBgAEw4QS9jNm7wSBQGsAMijcT-h1E5AhryIppktBKJDwOcp2rsCE_Vg7KoF5DG8Gc_LIwPnxnf8j0XVXK3eUe63ykp9-BN_AFHzWjhwb-FIwCBKeutbFDA1Jv3_vnAZfW82jeEHYBV7RnIX6NQ/s975/Pd_Pt2015p.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGDujTshX-bSBUBrXOX2utYsMxGuiajD1Ap3sCBgAEw4QS9jNm7wSBQGsAMijcT-h1E5AhryIppktBKJDwOcp2rsCE_Vg7KoF5DG8Gc_LIwPnxnf8j0XVXK3eUe63ykp9-BN_AFHzWjhwb-FIwCBKeutbFDA1Jv3_vnAZfW82jeEHYBV7RnIX6NQ/w640-h416/Pd_Pt2015p.png" width="640" /></a></div><br /><span style="font-family: arial;">Until well into 2017, platinum was more expensive than palladium, as it always had been historically. The palladium surge was however not mirrored by platinum. The ratio spiked above 3 as platinum dipped to $600/Oz during the pandemic and failed to recovery as rapidly as did palladium.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">An ounce of palladium still buys two ounces of platinum.</span></div><div><span style="font-family: arial;"><br /></span></div><h2 style="text-align: left;"><span style="font-family: arial;">Rhodium</span></h2><div><span style="font-family: arial;">Apart from iridium and osmium, this is the rarest element in the periodic table. In any case the rarest metal with a meaningful industrial use. Rhodium can prevent silver mirrors in telescopes from blackening under the influence of oxygen and traces of Sulphur compounds.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Moreover it is used in three-way catalyzers (Pt/Pd/Rh) where it effectively reduces the amount of nitrogen oxides in exhaust gases. While still affordable during the 2016 gold boom/bust, The price of Rhodium has surged to the most expensive of precious metals. </span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Rhodium pricing is cumbersome, by lack of suppliers. The indicative bid/ask prices are now $2000 apart. Because of this, I have been using the bid-ask average in all graphs.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">The below graph shows the Au:Rh ratio. From affordable Rhodium (with an ounce of gold buying 1 to 2 Oz of Rhodium or more), we morphed to a situation of extremely expensive Rhodium, where at its peak, more than 10 Oz of gold were required to purchase an ounce of Rhodium.</span></div><div><span style="font-family: arial;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3v_hnIsqWjfj5KMhTMfM-Jr7lvjdURmmYdOxu5Q7hszWIOv0bLXZGJrJlkO4tvzHCvSdphHXZ1xnc4EMJsLTSkDIONWthuIw4-B2mxElIr5knl5je5Kdvs-5oze21ClKvklqynuvjJ7zXGM56yUsf0twkxK7psKEKGcwbQDQTlvi4sK4ZJBrkUg/s975/RhodiumRel2015p.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3v_hnIsqWjfj5KMhTMfM-Jr7lvjdURmmYdOxu5Q7hszWIOv0bLXZGJrJlkO4tvzHCvSdphHXZ1xnc4EMJsLTSkDIONWthuIw4-B2mxElIr5knl5je5Kdvs-5oze21ClKvklqynuvjJ7zXGM56yUsf0twkxK7psKEKGcwbQDQTlvi4sK4ZJBrkUg/w640-h416/RhodiumRel2015p.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Au:Rh ratio from 2015 till now. Early observations are isolated monthly averages.</td></tr></tbody></table><br /><span style="font-family: arial;">The below graph shows the daily Rhodium price and the Au:Rh ratio in the latter part of the graph. Rhodium prices overtake Palladium both in price and volatility. Unlike stock markets, volatility is not a synonym for prices cratering.</span></div><div><span style="font-family: arial;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2KJggpO101pHFlomJXOVY2Q7vH7DqRMjIoHDkjFusDHFnxTOYKriwS2RermELT80YUhLXR8ixWy6KpRjT5WUTNTp1ckIsXcSqNBcbGuoSJF3_ZmF7f2iPIbXBzItLfPu3QXRkrM0qC8kw0EeDFYSFb8-VThuOkIRpLta25o76TQZItQT9TADGXg/s975/Rhodium2019p.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2KJggpO101pHFlomJXOVY2Q7vH7DqRMjIoHDkjFusDHFnxTOYKriwS2RermELT80YUhLXR8ixWy6KpRjT5WUTNTp1ckIsXcSqNBcbGuoSJF3_ZmF7f2iPIbXBzItLfPu3QXRkrM0qC8kw0EeDFYSFb8-VThuOkIRpLta25o76TQZItQT9TADGXg/w640-h416/Rhodium2019p.png" width="640" /></a></div><br /><span style="font-family: arial;">The pandemic caused a short lived plunge of the Rhodium price to a bid/ask level of $2000/$4000. It didn't last very long till the pre-pandemic peak was overtaken. During 2021 Rhodium surged to an extremely high peak of $28000/Oz. The current price level ($14000/Oz) seems sustainable over some weeks.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> </span></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-72149411432395755232022-09-30T23:54:00.012+02:002022-11-23T09:53:07.769+01:00Worst quarter since 2013-Q2 is ending with a recovery rally<p>Precious metals have been weakening all summer and the slide aggravated in September. We probably have seen the bottom on Monday. The last week of September, precious metals have been recovering.</p><span><a name='more'></a></span><p>Miners had been butchered, with the HUI index dipping below 173 on Monday Sep 26, to close at 175.7. This is the worst slide over two consecutive quarters since 2013-Q2 and Q3.</p><p>The <a href="https://gwyde.blogspot.com/p/gold-miner-pulse.html" target="_blank">Gold Miner Pulse page</a> and <a href="https://gwyde.blogspot.com/p/miners-news.html" target="_blank">Miners' Performance</a> page h<span>ave</span> been updated with end-of-quarter data. </p><p>In the remainder of this article, I you find a year-to-date review.<br /><br /></p><h3 style="text-align: left;">Gold miners relative to Gold (USD/Oz)</h3><div>The HUI (basket of unhedged gold miners, quoted on US exchanges) is used as a benchmark. The ratio of the HUI relative to the gold spot price gives a fair idea of how miners are doing.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEia1NPvTsFj2hYfI0hKXNHjmWBU0xBUlVoKZbvbCSfjl_f0s1leV8RpOXWLsf5FMPxvx4MJUG6nC6r1-1VuRCPUc_hTiJgtCds2aA_VkYVpsGoPsGpD4laRbevl05ve2cZZFyaFvl_QkOMdlp8daitZlHH5aUyG9v-2arwPB8W7HQ4jiGVba6cD6w/s700/Hui-Au2022YTDi.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEia1NPvTsFj2hYfI0hKXNHjmWBU0xBUlVoKZbvbCSfjl_f0s1leV8RpOXWLsf5FMPxvx4MJUG6nC6r1-1VuRCPUc_hTiJgtCds2aA_VkYVpsGoPsGpD4laRbevl05ve2cZZFyaFvl_QkOMdlp8daitZlHH5aUyG9v-2arwPB8W7HQ4jiGVba6cD6w/w640-h484/Hui-Au2022YTDi.png" width="640" /></a></div><br /><div>HUI: Gold ratio, daily observations year to date. Blue and red lines add a 50 days and a 200 days moving average.</div><div><br /></div><div>Not only has gold slid from a peak above $2000 shortly after the Ukraine invasion, its price in USD/Oz has plummeted to the lowest level since the March 2020 corona dip. Against the background of peak-inflation this may seem outrageous. The main culprit for the slide is the USD strength relative to a basket of major world currencies (mainly EUR, YEN, GBP). The FED has been leading the rate hikes to help reduce inflation towards its long term target, which is the main driving force behind the USD rise. </div><div><br /></div><div>Miners did even worse, having lost almost half of their value since the peak in the summer of 2020. Gold in USD has lost less than 20% in the mean time. But due to USD strength, the yellow metal is near its all-time-high in many currencies.</div><div><br /></div><div>Inflation has nevertheless eroded the margins of most gold miners, albeit after they peaked to a level not seen since 2011. This has stirred up the negative sentiment with the above result.</div><div><br /></div><div>Silver is rarely a safe harbour in such circumstances. The Global-X silver miners ETF, with symbol SIL is used as a benchmark against the silver price. Silver has slid from a peak at $30/Oz in 2020 to well below $19/Oz last week. This is a near 40% plunge. Miners gave way more, but not to the tune of the relative loss incurred by gold miners. Silver miners usually have a varied output of precious (silver, gold) and base metals (copper, zinc, lead). Though industrial silver demand might suffer during a deep recession (that is at least what speculators assume), investor demand for bullion has remained strong, with mints unable to keep up.</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb_coL4HROggfB9ky6CVtgMn6QC2JkwyqSd1jdaEucxsg-S2ePf3zRpnZH-8ZmynlvfqfmCc5qT7tcr-J-D9mJkXVG9cZ1TwvCngV2_T1fW9goX4krig7wFdhpuPNjZ4zvUxrQStEHWJ8o2KW_TDK3-JyZE3L9FU0RIj3l-J5fzHLYNmE7TyxVXw/s700/SIL_Ag2022ytdi.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb_coL4HROggfB9ky6CVtgMn6QC2JkwyqSd1jdaEucxsg-S2ePf3zRpnZH-8ZmynlvfqfmCc5qT7tcr-J-D9mJkXVG9cZ1TwvCngV2_T1fW9goX4krig7wFdhpuPNjZ4zvUxrQStEHWJ8o2KW_TDK3-JyZE3L9FU0RIj3l-J5fzHLYNmE7TyxVXw/w640-h484/SIL_Ag2022ytdi.jpg" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">SIL : Silver (USD/Oz) ratio, with daily observations year-to-date.</td></tr></tbody></table><br /><div>Unlike for gold, there has not been a well pronounced peak valuation during spring. Silver miners have slid pretty much throughout 2022. The late September trough was quite harsh.</div><div><br /></div><h3 style="text-align: left;">Mid to long term (3+ years) of the gold miners indices</h3><div>The gold miner pulse page posts a graph of these list based indices over about one year. The below graph opens up the horizon to July 2019, when gold was recovering from its post 2011 bear market. </div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJPR_s7DIzunWB1uX2HkzGFKlBHp9ryZ2pw6NYL6ofz5z7FZl5px1YefhBj51-SRryl_-FGwK_CDjhS8DsV5Ec5E7Iou7BcPo-0bM_QDtG6s0GNL-81Wb0auCerU9gNUwhAiPuEs865NYBwiDEX8KrYHfaeumRJHEuIa3q6Zt4Qr-6CQYvZGUGjw/s975/gmp_ind2022-3Y.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="635" data-original-width="975" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJPR_s7DIzunWB1uX2HkzGFKlBHp9ryZ2pw6NYL6ofz5z7FZl5px1YefhBj51-SRryl_-FGwK_CDjhS8DsV5Ec5E7Iou7BcPo-0bM_QDtG6s0GNL-81Wb0auCerU9gNUwhAiPuEs865NYBwiDEX8KrYHfaeumRJHEuIa3q6Zt4Qr-6CQYvZGUGjw/w640-h416/gmp_ind2022-3Y.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Our Gold-Miner-Pulse list based indices for gold and silver miners (19 Nov 2010 = 1000)</td></tr></tbody></table><br /><div>Both in Mar 2020 (Corona-plunge) and late Sep 2022, the capitalization weighed gold miners index dipped below 400, implying a 60% loss since the start of observations in Nov 2010. Despite their lackluster performance over the last year, the long term performance of silver miners is better than that of gold miners. There have however been a few acquisitions which have boosted past performance. The sector is quite narrow, yielding large individual weights for some miners. </div><div><br /></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-63259965781525884732022-08-31T15:06:00.011+02:002022-11-04T17:35:25.568+01:00Miner crash perpetuated<p>Never an autumn precious metals and miner rally has been more improbable than in 2022. The July miners crash was only the first stage. The month ended with miners barely following the gold recovery lasting till August 12. The sentiment for precious metals turned sour again, especially last few days as PR's from Jackson Hole don't reveal any softening of the pace of FED rate increases. Those seem now echoed by a similar, though much delayed, stance taken by the ECB.</p><span><a name='more'></a></span><p>We had barely one Comex close above $1800/Oz. The rally failed on Aug 15 and gold is on a downward slope again. The USD rally, driving the Euro below parity for the first time since 2000 underpinned the gold slump. The gold year-to-date graph adds its August chapter:</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp7kTrHnwZLTneKSfflBVVX-750KQiiO5qz_DBycXN25Byl06c0yLN-nO27WVBQDNcJM6YHA9xfR73mXj-TLILeYDISxvs6ktZvOqQXcwKzLrzxSS-FWQUcHZ4iAysv6yEVDntwOSQQOF9Wb5Xk18Tfa13p3nt8rjNxE2i20DPaby8096rfso00w/s700/Gold-ytd.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp7kTrHnwZLTneKSfflBVVX-750KQiiO5qz_DBycXN25Byl06c0yLN-nO27WVBQDNcJM6YHA9xfR73mXj-TLILeYDISxvs6ktZvOqQXcwKzLrzxSS-FWQUcHZ4iAysv6yEVDntwOSQQOF9Wb5Xk18Tfa13p3nt8rjNxE2i20DPaby8096rfso00w/w640-h484/Gold-ytd.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Gold in USD/Oz, Comex close - Continuous contracts, daily observations year-to-date.</td></tr></tbody></table><br />The 200 dma has flattened as the effect of the February - March rally (upon the invasion of the Ukraine) has worn off. the shorter 50 dma has been sliding since the end of May. Gold once more posts below both moving averages. This raises no hope for any decent autumn rally.<div><br /></div><div>In the late 1970's, the inflation genie was also out of the bottle with interest rates rising likewise, however that didn't withhold the gold rally which would eventually make the yellow metal peak at $850/Oz in Jan 1980 (This peak level would hold for almost 28 years).</div><div><br /></div><h3 style="text-align: left;"><b>Miners</b></h3><div>Last months article "<a href="https://gwyde.blogspot.com/2022/07/the-july-miner-crash.html" target="_blank">The July Miner crash</a>" already revealed how miners reluctantly followed the precious metal recovery late July. We have seen no improvement in August, with the HUI again breaking below 200. As mentioned earlier, this was its level in June 1996, with gold than quoting $389/Oz. Lower average grades in today's mines result in higher production costs per ounce, even without the current inflation now squeezing margins.</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcOJ9UHiq5w4FW8tgcTwOP_jHOg_GnR36td283lMM9N9e-EBrlRqjaQKsyM_MqSV_moJ14CJYfaAOV1fRXOoO6YsEuvPmeSe1Yoww0BwDRNlJIwfxE1_7TD2XBaTZuyjZGa-aogyO0W0iT7RuDIQoDOlAjJp33LMqxdhRxOQ3loP5A6isyuqOGUw/s700/HUI-YTD.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcOJ9UHiq5w4FW8tgcTwOP_jHOg_GnR36td283lMM9N9e-EBrlRqjaQKsyM_MqSV_moJ14CJYfaAOV1fRXOoO6YsEuvPmeSe1Yoww0BwDRNlJIwfxE1_7TD2XBaTZuyjZGa-aogyO0W0iT7RuDIQoDOlAjJp33LMqxdhRxOQ3loP5A6isyuqOGUw/w640-h484/HUI-YTD.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="background-color: white; color: #282121;"><span style="font-family: inherit;">HUI gold miner index, 2022 year-to-date</span></span></td></tr></tbody></table><br /><div><br /></div><div>Even though gold still quotes above its July 21 bottom, the HUI miners index broke below that level, now permanently staying below 200. Never the outlook has been so dire as it is today. There seems no perspective for any autumn rally worth its name.</div><div><br /></div><div>The regularly updated <a href="https://gwyde.blogspot.com/p/gold-miner-pulse.html" target="_blank">Gold Miner Pulse page</a> mentions the HUI/Gold ratio as a synthetic indicator of how poorly miners are doing. Hereby I add the year-to-date graph of HUI/Gold:</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0SRPBhWZaUugGTTLSHNa5nvaMH7eaRod_pMIfxEej6EtlIh3dG21xvyy1CVqwktGAh8YkjehcyzB74wRymKgCIJ9fh2y3meanX6ByqCC66CNcRlwKNswIOugHXNdT9ETCoFdBK9QQPloIq89ehsCIboQJQjG3zbmGtKT2CwCs9_DzIaVJM5EFEA/s700/Hui-Au2022ytdh.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="485" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0SRPBhWZaUugGTTLSHNa5nvaMH7eaRod_pMIfxEej6EtlIh3dG21xvyy1CVqwktGAh8YkjehcyzB74wRymKgCIJ9fh2y3meanX6ByqCC66CNcRlwKNswIOugHXNdT9ETCoFdBK9QQPloIq89ehsCIboQJQjG3zbmGtKT2CwCs9_DzIaVJM5EFEA/w640-h485/Hui-Au2022ytdh.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: inherit;"><span style="background-color: white; color: #282121;">HUI index relative to Gold year-to-date, </span><span style="background-color: white; color: red;">click to enlarge</span></span></td></tr></tbody></table><br /><div>Little above 0.10, the HUI/Gold ratio now is approaching the level it reached at the end of the four year gold bear market by Christmas 2015. Back then, the yellow metal bottomed at 1050$/Oz.</div><div><br /></div><h3 style="text-align: left;"><b>Individual miners</b></h3><div><p>How individual miners are doing since initiating the follow up in Nov 2010 (now almost 12 years ago) is monitored on the <a href="https://gwyde.blogspot.com/p/miners-news.html" target="_blank">Miners' Performance</a> page. The 'break even level' crept up into the top quintile again, meaning that less than 20% of the miners are still above their Nov 2010 level, even though gold is well above its 1342$/Oz starting level from back then. This is illustrative of the fact that miners are poor investment vehicles, unable to warrant any of the desired 'optionality' at rising gold prices over the long haul. </p></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-57270060082564914292022-07-31T22:08:00.005+02:002022-08-31T15:07:50.728+02:00The July Miner crash<p> International tension culminating in the outbreak of the Ukraine war, caused precious metals to spike by end February and the beginning of March. The hesitant first rate FED hike didn't really alter the outlook for the yellow metal. With the benefit of hindsight this was a peak level, hence an ideal exit moment.<span></span></p><a name='more'></a><p></p><p>Miners followed suit and even withstood the initial gold retreat from its $2000 peak rather well. However, what followed since mid April got from ugly to cumbersome, culminating in scary and frightening. Let's get the HUI graph since the start of 2022 right away.</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgztRqViatxFXxKRbiZ1sm_5xA7VBlnhilS0o6SZ7q-2xAZJYjpXkqBEhLTfx7X1TS278Sxfjq7FVNaVQjQtez2deS0MuOsWZyTohTQ9SxQ7OSbfZkohEOwHwmkf5pgUHmrAGjc4i2eAVSDiK-hkXmKUe6tpQmyCrl9IwhRtB1J5oFAEc2XytQSBw/s700/Hui-2022jul.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgztRqViatxFXxKRbiZ1sm_5xA7VBlnhilS0o6SZ7q-2xAZJYjpXkqBEhLTfx7X1TS278Sxfjq7FVNaVQjQtez2deS0MuOsWZyTohTQ9SxQ7OSbfZkohEOwHwmkf5pgUHmrAGjc4i2eAVSDiK-hkXmKUe6tpQmyCrl9IwhRtB1J5oFAEc2XytQSBw/w640-h484/Hui-2022jul.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI gold miner index, 2022 year-to-date</td></tr></tbody></table><br /><p>Miners started strengthening during February, with a carry through into March. The trend remained in place until Mid April. The trend reversal seemed a mere correction as the HUI held at about the level it reached late February, right before the outbreak of the Ukraine war. Even the May plunge only brought the HUI index back near its 2022 year-to-date low it had market in January. </p><p>The scary and frightening section only started by mid June, lasting until July 25 when the HUI plunged below 200. For the record: a level of 200 for the HUI was attained early June 1996 with gold at $389, in Aug 2004 with gold at $406 and a few times more during those years. On their plunge into the abyss in October 2008, the HUI last closed above 200 with gold at $772. The recovery followed swiftly with the HUI breaking above 200 for gold recovering to $774.5. The 2012-2015 Gold and Miner Bear market brought the HUI back to 200 in Dec 2013 but with gold now at $1237. Fast forward to March 2020 when the Corona scare hit the markets with the HUI briefly plunging beneath 200 again, with gold now at $1636 as the HUI emerged to reach 200 again. On July 27 the HUI made it again above 200 after a brief dip below this critical level. Gold closed at $1734.8 on Comex that very day.</p><h3 style="text-align: left;">How about gold YTD over 2022?</h3><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5jNEHlUnvPxB2eCH9dTC-CADaB2etN2lkYLx4Sieq04HHiyjXj43k5C75PLbicw2BUSp0AoWBM_iHXCA9oQ76pT5VFjvtVa_EqV50odNDkDkAOAG8_VBBWoJxdoGllW4d5HbOUlI7avVH4lmhIzN1S4cogiZZn6qeGzFT1vb0ArUYpcWV6kq1RQ/s700/Gold2022jul.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="485" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5jNEHlUnvPxB2eCH9dTC-CADaB2etN2lkYLx4Sieq04HHiyjXj43k5C75PLbicw2BUSp0AoWBM_iHXCA9oQ76pT5VFjvtVa_EqV50odNDkDkAOAG8_VBBWoJxdoGllW4d5HbOUlI7avVH4lmhIzN1S4cogiZZn6qeGzFT1vb0ArUYpcWV6kq1RQ/w640-h485/Gold2022jul.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Gold, Year-to-date in USD/Oz </td></tr></tbody></table><br />Before drawing any conclusions, just consider the scale: $1675 - $2075: about a 20% range top to bottom. Gold never slid more than 20% beneath its 2022 peak and the yellow metal was never down more than 8% on the year. Moreover the current recovery is more convincing than the upward blip we notice for miners. <div><br /></div><div>On July 25, the HUI index closed down 25% over 2022. The story telling about leverage of miners to gold has fooled generations of investors. Ever higher gold prices are needed for the HUI miners index to reach the same level. This ought to be an eye opener. The asset category of precious metal miners should be regarded as tactical speculation tools, not as suitable long term investments.</div><div><br /></div><div>I would like to conclude with one more graph: HUI/Gold. Dividing the two should 'filter away' the gold price influence on the HUI. Ideally we should obtain a graph with little net variation. Reality proves different:</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkXxOPFI4EMB92ZrUj1PJGYSHgIJY2J-_IzFT1SO_HUzfCdiI9_o9g_qazYeJ09gq_9YSB71Mvq_mWxEK7yuK6sGQr64I_CD-TXsmkO41-iKZv7_YB5m2i7jDl0lALaP1t4AqBX0Yw40IEYCh2eCNldKUbMMYajyrL4peoACiBTBu7pwgV87mjKg/s700/Hui-Au2022g.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="530" data-original-width="700" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkXxOPFI4EMB92ZrUj1PJGYSHgIJY2J-_IzFT1SO_HUzfCdiI9_o9g_qazYeJ09gq_9YSB71Mvq_mWxEK7yuK6sGQr64I_CD-TXsmkO41-iKZv7_YB5m2i7jDl0lALaP1t4AqBX0Yw40IEYCh2eCNldKUbMMYajyrL4peoACiBTBu7pwgV87mjKg/w640-h484/Hui-Au2022g.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">HUI gold miners index, relative to gold. Daily observations over the last six months.</td></tr></tbody></table><br /><div>Note that this type of graph is published/updated on a regular basis on the '<a href="https://gwyde.blogspot.com/p/gold-miner-pulse.html" target="_blank">GoldMinerPulse</a>' blogpage.<br /><div><br /></div></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-24524902957691428992022-06-14T17:20:00.009+02:002022-06-15T08:46:01.327+02:00Deutsche Goldmesse 2022 in Frankfurt<p>The Deutsche Goldmesse has been organized on May 27-28, with most video contributions and interviews now being released. Kitco sent over their mining specialist, Michael Mc Crae. A short overview of interviews and contributions.<span></span></p><a name='more'></a><p></p><p><span style="text-align: center;"><b>Buy hard assets to protect yourself from currency risk, said author and market analyst Marc Friedrich.</b> </span></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/r2v710kmTD8" width="450" youtube-src-id="r2v710kmTD8"></iframe></div><br /><p>In May Friedrich, Founder of Friedrich & Partner, spoke to Kitco at the Deutsche Goldmesse conference in Frankfurt, Germany: Central banks and governments have been trying to navigate a pandemic, inflation and a war in Europe, which has disrupted trade and economies. Governments were highly accommodative during the pandemic, but debt levels grew. </p><p>"I think we're witnessing the end of our fiat monetary system," said Frierich. "We see the balance sheets of the American central bank and the European central bank, and they're just going parabolic.To protect your purchasing power, you need assets which are limited through nature or math, like bitcoin or real assets. Real assets are the best method to protect your purchasing power in troubled times."</p><p>Regarding which hard assets to buy, Friedrich singled out tin, copper and uranium.</p><p>"I'm a big fan of tin, because you need it for everything. Without tin you don't have a mobile phone, you don't have a Tesla, you don't have a MacBook. Copper is the most precious metal, actually. Copper is the most important [metal] to industry. And of course uranium since you need a reliable source of energy." </p><p>Follow Michael McCrae on Twitter: @michaelmccrae (https://twitter.com/michaelmccrae)</p><p>Follow Kitco Mining on Twitter: @KitcoMining (https://twitter.com/KitcoMining)</p><p><br /></p><p><b>What you need to know about the Golden Triangle - Blackwolf Copper & Gold's Rob McLeod</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/Udut96z_5C0" width="450" youtube-src-id="Udut96z_5C0"></iframe></div><br />Unlike mining, exploration still hasn't seen a big step forward from technology, said Blackwolf Copper & Gold CEO Rob McLeod. In May he spoke to Kitco at the Deutsche Goldmesse conference in Frankfurt, Germany. <p></p><p>Mining has seen big changes due to automation and electrification, which is fundamentally how mines get built. Exploration has just seen lots of little advances, said McLeod. </p><p>"There's no silver bullet," said McLeod, who said the smaller advances are coming from better geological science and more sophisticated tools for modeling. "But really it's [about] good boots on the ground and drilling."</p><p>Vancouver-based Blackwolf Copper & Gold (CVE:BWCG) is a mineral exploration and development company focused on base and precious metal projects located in southeast Alaska. Blackwolf’s main asset is its 100% interest in the advanced exploration stage Niblack copper-gold-silver-zinc project located on Prince of Wales Island in southeast Alaska.</p><p>Blackwolf is on the Alaska side of B.C.'s Golden Triangle, an important exploration and mining region in the province. Highlights from the area last year was Newcrest acquiring Pretium for $2.8 billion and Newmont acquiring GT Gold for $393 million. </p><p>During the video, McLeod highlighted some of the major movers and shakers in the region.</p><p><b>The senior gold miners are 'printing money' - Soar Financial CEO Kai Hoffmann</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/r5PXDOt9O7w" width="450" youtube-src-id="r5PXDOt9O7w"></iframe></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p></p><p>The gold price is proving resilient as markets have moved lower, said Soar Financial CEO Kai Hoffmann. </p><p>On Wednesday Hoffmann spoke to Kitco at the Vancouver Resource Investment Conference, the same day the S&P 500 dropped 4%, its worst one-day decline since June 2020.</p><p>"Volumes have disappeared. People are just selling trying to raise cash, but the gold price is hanging in there," said Hoffmann. "I've had a couple conversations over the last few days and we're fairly positive."</p><p>The mining sector has been divided up into winners and losers. Exploration and development companies have performed poorly while senior gold miners and some royalty companies have seen better stock prices relative to the entire market. It's only been a bit over three years that gold was in the $1,200 ounce range.</p><p>"[The senior gold miners] are still benefiting from fairly high gold prices. If you look at where we came from—$1,200 to $1,800 a ounce gold—they're printing money more or less."</p><p>Hoffmann will host his own show, Deutsche Goldmesse, in Frankfurt running from May 27 to 28, 2022. </p><p><b>Financial sanctions against Russia have 'backfired dramatically' - Matthew Piepenburg</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/9VTQEY7PfdI" width="450" youtube-src-id="9VTQEY7PfdI"></iframe></div><br /><p></p><p>"The financial sanctions have backfired dramatically for Western nations and the Western economies, the US dollar in particular," said Piepenburg. </p><p>In March Russia invaded Ukraine. Financial sanctions imposed on Russia included cutting off some Russian banks from SWIFT, a global payment network for financial institutions. Russia's FX reserves were also frozen. That was good headlines good chest puffing, a good kind of political virtue signaling...but when you weaponize the US dollar in that way the genie can't be put back in the bottle. Piepenburg said the the consequence has been to make the US dollar look less neutral and more biased. Countries outside the West are going to seek other financial alternatives, so they are not exposed to similar risks.</p><p style="text-align: center;">***</p><p>Other than these and a few more interviews, several complete presentations can also be found on-line. Rather than adding loads of videos, I provide some links:</p><p><a href="https://www.youtube.com/watch?v=vgZUuJr6bic" target="_blank">Large-Scale Porphyry Copper Deposits in the Americas | Libero Copper & Gold Corp</a></p><p><a href="https://www.youtube.com/watch?v=eaMl2r_l0m4" target="_blank">The Greatest Opportunity Of All Time | Marc Friedrich</a></p><p><a href="https://www.youtube.com/watch?v=mOe5JTt_rvA" target="_blank">The Cycles and Faces of Gold | Matthew Piepenburg</a></p><p><a href="https://www.youtube.com/watch?v=FXGHCvbduy8" target="_blank">Advancing One of the Largest Gold Projects in Canada | First Mining Gold Corp.</a></p><p><a href="https://www.youtube.com/watch?v=MrD1HpQNW8c" target="_blank">Top 3 Stock Picks - How To Pick A GOLD & SILVER Stock | Jeff Clark of GoldSilver.com</a></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-23916102217374537832022-06-13T10:45:00.004+02:002022-06-16T10:40:00.466+02:00PDAC starts today<p>The annual Prospectors & Developers Association of Canada (<b><a href="https://www.pdac.ca/" target="_blank">PDAC</a></b>) starts its <a href="https://www.pdac.ca/convention" target="_blank">annual convention</a> today in Toronto. An introductory weekend course program has been organized on June 11 and 12.<span></span></p><a name='more'></a><p></p><p>The event normally takes place in March, but Covid restrictions decided otherwise. Unless 2021 when everything was on-line only, the present edition is organized on-site in Toronto. The on-line coverage should be available by the end of June: 28-29.</p><p><a href="https://www.pdac.ca/convention/attendee-info/schedule-at-a-glance" target="_blank">Watch the schedule at a glance</a></p><p>When on-line coverage is publicly available, I will add a more detailed article covering the PDAC.</p><p><b><span style="font-family: arial; font-size: medium;">Kitco News Special coverage of the 90th PDAC</span></b></p><p></p><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/zO6wO15rxzE" width="450" youtube-src-id="zO6wO15rxzE"></iframe></div><br /><span style="font-family: inherit; font-size: medium;">Michelle Makori interviewed Adrian Day at the 90th PDAC: </span><p></p><p><span style="font-family: inherit;"><span>Inflation won't return to 2% 'for the foreseeable future,' says Adrian Day. He discusses the threat of stagflation, and what investors can do to protect themselves. </span><span>Inflation not below 4% is the new normal; Stocks to crash another 20% as multiples contract.</span></span></p><p><br /></p><p></p>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0tag:blogger.com,1999:blog-1690479616449336128.post-26127880391037381772022-05-30T15:45:00.016+02:002022-05-30T17:17:26.325+02:00Vancouver Resource Investment Conference (VRIC) 2022<p><span style="font-family: arial;">The Vancouver Resource Investment Conference 2022 has been postponed to May 17-18 in order to enable a life event. January was impossible because of COVID restrictions. The event has been covered by Kitco in a series of videos.</span></p><p><span></span></p><a name='more'></a><p>All Kitco anchors were present. David Lin has been covering a number of macro topics in his interviews with Nomi Prins: How many rate hikes can the Fed really manage in 2022? Recession may benefit stocks (classical perverse logic).</p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/7bHZtidRlgI" width="420" youtube-src-id="7bHZtidRlgI"></iframe></div><div><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">Michelle Makori interviewed (among others) gold equity investment veteran Rick Rule: Fed will back off aggressive rate hikes, but this asset will still be decimated - Rick Rule</span></div><div><span style="font-family: inherit;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/ue5gWtyTuY0" width="420" youtube-src-id="ue5gWtyTuY0"></iframe></div><br /><span style="font-family: inherit;"><br /></span></div><div><span style="font-family: inherit;">Rick Rule, Founder of RuleInvestmentMedia.com and former President and CEO of Sprott U.S. Holdings, speaks with Michelle Makori, Editor-in-Chief of Kitco News at the Vancouver Resource Investment Conference to discuss the extent to which the Federal Reserve will raise interest rates this year, and which asset classes will be most affected.</span></div><div><span style="font-family: inherit;"><br /></span></div><div>Michael McCrae, mining specialist at Kitco has interviewed junior resources investor Mickey Fulp.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/eEE6M1eizYw" width="420" youtube-src-id="eEE6M1eizYw"></iframe></div><br /><div><div><i>The summer of 2020 was most likely the height of gold miner prosperity, said mining analyst Mickey Fulp, who doubts that a period with high gold prices married with low energy costs will ever reoccur. </i></div><div><br /></div><div>On Tuesday May 18 Mickey Fulp (who runs the Mercenary Geologist) spoke to Kitco at the Vancouver Resource Investment Conference. </div><div>Fulp warns that oil prices are high and will remain high: "Oil is going to be a key energy source for a long time to come". </div><div>"Q3 of 2020 was the height of gold stock prosperity. I'm not sure we'll ever see that again, because inflation and input costs have caught up. Before, margins were still very high, because we didn't have these increases in energy and labor costs," said Fulp. "The world runs on oil. Oil is still king. It's going to be that way for my lifetime, and I would submit in your children's lifetime." </div><div>In March oil prices jumped to over $100 a barrel at the start of the Ukraine-Russia war. Gold miners have been on tear due to near record highs for the metal, which rallied near the start of the pandemic. In recent quarters some miners are flagging cost pressures that are shrinking margins. </div><div>In addition to costs, Fulp is also worries that the mining sector faces too many regulatory hurdles, citing Trilogy Metals which saw its access road to its Ambler project in Alaska held up by regulators, and Hudbay Minerals' $1.9-billion Rosemont copper mine in Arizona facing its own regulatory hold ups.</div><div>"I am basically exiting the junior resource space. I am very bearish," said Fulp.</div></div><div style="text-align: center;">***</div><div><br /></div><div>'<i>One of the highest-grade undeveloped silver deposits in the world</i>' - Blackrock Silver's Tonopah</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/vTHj6f3ZMqc" width="420" youtube-src-id="vTHj6f3ZMqc"></iframe></div><br /><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;">A maiden resource estimate announced in May for Blackrock Silver's Tonopah West establishes the property as one of the highest-grade undeveloped silver deposits of its size in the world. On Tuesday Blackrock CEO Andrew Pollard sat with Kitco for an interview at the Vancouver Resource Investment Conference. Pollard highlighted that Blackrock Silver’s (TSX-V: BRC) deposit is in Nevada.
"This isn't a new discovery, it's a rediscovery. A hundred years ago, Tonopah Silver district is the reason why Nevada is known as the Silver State," said Pollard. "Effectively we're the first group to consolidate this district, the first group to ever drill it. In the old days, the old-timers did no drilling. They just mined these veins right from surface and followed them down along strike and underground."
Nevada is mining friendly. In 2021 the Fraser Instituted ranked Nevada the #3 mining jurisdiction on the planet. Pollard said the project has substantial resource expansion potential remaining.
"We're just picking up right where others left off, and 90 years later we're showing that the last chapter's yet to be written," said Pollard.</span></span><span face="Roboto, Arial, sans-serif" style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;">
</span></div><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;"><br /></span></span></div><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;">Joe Mazumdar of Exploration Insights has been interviewed by Charlotte McCleod of Investing News Network: "<i>Copper is the Commodity of the Decade, Ways to Get Exposure"</i></span></span></div><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;"><i><br /></i></span></span></div><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/SERvUgBeNzU" width="450" youtube-src-id="SERvUgBeNzU"></iframe></div><br /><br /></span></span></div><div><span style="background-color: #f9f9f9; color: #030303;"><span><span style="font-size: 14px; white-space: pre-wrap;">Investors often focus on the commodities of the moment, but which have potential over the next decade? Joe Mazumdar, editor of Exploration Insights, said copper is his pick. Aside from copper, the expert also spoke about financing, which he sees as the "big squeeze" facing the resource sector right now, especially as companies deal with higher costs. "You really need access to capital, and you really need to know that they can actually raise that money, no matter if the times are good or bad," he said. "Counting on the retail sector to help you finance it probably is not a good strategy right now." </span>
</span></span></div><div><span style="background-color: #f9f9f9; color: #030303; font-size: 14px; white-space: pre-wrap;"><span style="font-family: inherit;"><i><br /></i></span></span></div>Gwydehttp://www.blogger.com/profile/13276338492206498897noreply@blogger.com0