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Market Commentary



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Friday Recap - 6th March 2020
I think we are all in a bit of shock by the gyrations of the market this week. The volatility has been historic because of the Coronavirus. No one has a clue what comes next or how far the markets will fall. The miners are still not getting a bid. My portfolio is still down 12% from the recent high two weeks ago. So, even with gold at $1673, it feels like we are losing. A big reason for that is the terrible performance of silver, with the GSR currently at 96.7. Without silver, sentiment in the...  more
February 2020 Commentary
It's Friday, the 28th. After this morning's mauling of gold and silver (both down 5%+ this week) due to the Corona virus, I had to re-write my opening. First of all, I was wrong. I thought that gold and silver would rise this time when the stock market had a sell-off. I thought the fear-trade would kick-in and push them both up, especially gold...  more
Friday Recap - 28th February 2020
Wow, what a week! The markets were down about 10% and it dragged down gold and silver with it. I was not expecting that and learned something new with this crash. What I learned is that gold does not hedge against a stock market crash. Instead, it hedges against a bond market crash. Bonds are a lagging indicator. Bonds crash after the economy crashes. The stock market is a leading indicator. So, if the Corona virus causes a recession, then bonds will falter and gold (and silver) will rise....  more
Friday Recap - 21st February 2020
Woo-woo. Nice Friday close. Gold up $24. The HUI close to 250. Silver at the magical $18.50 level. I had a feeling Q1 was going to be good. I was a bit nervous with the stock markets and jobs remaining strong, but we got a black swan - the corona virus. Now we wait and see if we get follow through. Will silver trend above $20 and make the miners fly? Let's hope so...  more
January 2020 Commentary
The final Q4 and 2019 GDP numbers were released this week, and the economy is holding steady above 2% (currently around 2.3%). With both the GDP and employment numbers stable, the stock market has remained high. For nearly all of January, we had one new high after another (refer to daily S&P 500 chart below). Then this week the Coronavirus has pushed the stock market down. Today was the largest down day since August. Perhaps this 4-month uptrend is over...  more

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