Agnico Eagle Mines was founded in 1957 when five small struggling silver mining companies consolidated resources to try their hands at gold mining, ultimately saving the companies and their miners’ livelihoods. Today the firm mines silver, gold, copper and zinc from sites in Canada, Finland...
This week we were privy to both new inflation and initial unemployment claims data. The CPI data revealed a rather mundane inflation scenario. Meanwhile, the weekly initial claims number came in at a whopping 853K and missed estimates by the largest amount since June. Yet,...
Since early August the "barbarous relic" has corrected some 9% while many other assets have ascended to all-time highs. This has no doubt caused a bit of consternation for holders of gold who have been using the metal not as a hedge, but as a...
Franco-Nevada is the world’s largest gold royalty and streaming company. This means the firm invests in gold and mines, but indirectly, the idea being to provide investors with exposure to gold prices and gold exploration while limiting the risks of investing directly in mining companies....
With the US dollar index recently having completed a so called “death cross”, we thought it would be a good opportunity to review the investment implications of a potential trend change in the USD. The “death cross” is a technical chart formation in which the...
Regular readers of our content know that we have been building the case for several years now on why gold deserves a place in diversified portfolios. Sure, we see significant upside in gold (unlimited upside, in fact), aided as I will show by the unprecedented...
As I write this note on a dreary Friday afternoon from Boulder, CO I am reminded of my town's origin. Its first non-native settlers established the town 1858 as a base camp for gold and silver miners. Nestled literally at the foot of the Rockies,...
Widespread underperformance of Dow Jones Industrial Average stocks is a significant negative indicator for US stocks in our view. In this special report, we present charts of the 30 Dow stocks relative to long-duration US treasury bonds and gold for the last five years. Spoiler:...
This week’s breakout in gold is an epic expression of our times in which potential economic problems are quickly followed by massive actual and expected responses by central banks and governments. The problem de jour (for both markets and the public) is of course the...
We are quite sure many of our readers are eager to turn the calendar and be done with 2018's turbulent and unforgiving markets. After all, US stocks have gyrated wildly for the entire year, foreign stocks have gotten absolutely no love, and traditional diversifiers like...
We are living through a period of extremely crowded trades at the moment, as Jeff Gundlach notably quipped several days ago. The risk in crowded trades is of course that what would otherwise be relatively minor risk reversals can cause massive covering of positions resulting in...
After spending the last four months consolidating gains, crude oil is breaking higher again, and it's taking inflation expectations with it (charts 1 & 2). The break higher in crude isn't surprising given that oil fundamentals haven't been this good in years. Neither is the...
Oil prices have pushed through resistance and are breaking out while the US dollar has pushed through support and is breaking down. All of the major industrial commodity prices are moving in lock step, while the global economy appears to be accelerating led by the...
Back on November 19th we asked if WTI Crude oil was about to go the way of copper, gold and lumber in making a new low on the year. Well, today that finally happened, and it didn't even occur with a breakout of the US...
