My predictions were wrong. A whiff. A miss. A face-plant into concrete. In the last 60 days, the DJIA fell 24%, gold is dithering at USD $1,670, GDX.NYSE sold off 11% and the GDXJ.NYSE fell 26%.
Pure Gold is a development and exploration story out of the High-Grade Gold Capital of the World—the Red Lake Mining Camp of northwestern Ontario. The company’s Madsen deposit, aka the PureGold Mine, is considered the highest grade development-stage project in Canada.
Peter Schiff and signs of strength in the junior exploration arena – Skeena (SKE.V) and Alexco (AXU.TO)
Now that the first quarter of 2020 is in the rearview mirror, we can reflect on this recent history. Q1 2020 was THE worst first-quarter EVER for the U.S. stock market. It was darker than even the darkest dark of the Great Depression.
Remember the halcyon days where the biggest global concern was the warming planet? It seems like a long time ago, but it was maybe a month ago. It’s true that the decreased boat traffic through the waterways of Venice have let some of the sediment settle, leaving the canals looking clean. The lack of intercontinental cruise-ship travel has slowed the spread of invasive species. Yet, despite claims that the earth is starting to slowly encroach on human dominion once again, the climate isn’t really improving. We still have all the same problems—it’s just that the news media (guilty!) has a brand new shiny story to direct our attention so we can direct your attention.
The ultimate Fed Put, soaring precious metals prices – not enough gold and silver coins to go around
Though the U.S. Congress has yet to agree on a bailout package, it’s working on an unprecedented spending bill to prop up a dying economy.
Some ask, “if gold is such a safe haven asset, why did it get sold so unrelentingly when the broader indices caught what-for?”
When the savings and loan crisis in the US hit in 1989, a lot of slow-moving investors lost their dough thinking the worst couldn’t possible happen. When the dotcom bubble burst in 2001, a lot of folks got torn up as stocks that had previously been 100-baggers went to zero. When the real estate market burned to the ground amid the financial crisis of 2008, a lot of folks got pulled under, imagining the worst that could happen couldn’t really happen. When the Canadian weed market started imploding in early 2019, true believers told themselves for months, “It’s bound to come back soon,” even as companies lost 95% of their value
“The National Marriage Project dubbed the drop in divorce ‘a silver lining’ to the Great Recession,” stated The L.A. Times, “arguing that tough times were pulling many husbands and wives closer together.”
In the worst week for the US stock market since the financial crisis, the S&P500 fell more than 7.5%, and a full-blown price war rattled the markets over the weekend. Crude fell by over 20% and treasuries plummeted.