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.
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?”
“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.”
Okay, so the world is burning, the Russians and Saudis are pouring low-cost fuel over it, the Americans are shocked that a reality TV show host with a penchant for scams didn’t make a clever President, Italy is in total lockdown, the Japanese are thinking of holding a spectator-free Olympics, Israel is putting anyone coming home from overseas in two weeks of quarantine, the stock markets are taking their biggest dive ever, and morons are hoarding toilet paper and hand sanitizer while lining up for the free havarti samples at Costco.
With all of the carnage in the broader markets of late—S&P 500 futures are currently off 5%, Crude Oil (WTI) is off a whopping 30%—there are precious few bright spots.
After an emergency 50 BPS rate cut, and U.S. 10-year money hovering on both sides of 1% for the first time since forever, gold is taking on a whole new luster.