Gold price remains in negative territory despite third monthly drop in U.S. existing home sales Kitco NEWS
Month: May 2021
Gold prices fall for the session, post a third-weekly gain MarketWatch
Gold, silver pause waiting to run higher Kitco NEWS
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
This week gold and silver markets built on their recent breakout advances.
Gold prices are up 1.6% since last Friday’s close to come in at $1,881 an ounce as of this Friday recording. Near-term, traders will be eyeing $1,900, then $1,950 as potential resistance levels. Once cleared, the gold market should be set to challenge its all-time high from last summer at $2,075 an ounce.
Turning to silver, prices rallied strongly early in the week before giving back some of those gains. The poor man’s gold currently shows a slight weekly advance of 0.3% to bring spot price to $27.58 an ounce.
The platinum group metals, meanwhile, are lagging. Platinum prices are down 4.7% this week to trade at $1,189. And palladium is now registering a weekly loss of 3.9% to trade at $2,812 per ounce.
Metals markets traded relatively quiet this week compared to cryptocurrency markets. Massive price gyrations hit Bitcoin, Dogecoin, Ethereum, and other cryptos.
Fears of a crackdown in China, combined with remarks by Elon Musk announcing Tesla will no longer accept Bitcoin, seemed to trigger the volatility. A selling spree caused Bitcoin to suffer a 25% mini-crash this week before prices turned back up sharply.
This isn’t the type of price action that inspires confidence in an alternative currency as stable store of value. But from the very beginning, cryptocurrencies have served mainly as vehicles for speculators. And their volatile nature has manifested mostly on the upside – at least up to now.
No one knows whether higher highs lie ahead or whether the goofiness surrounding Dogecoin and Elon Musk’s antics signals a major top for the asset class.
What does seem certain is that crypto markets will remain both volatile and speculative. That means they may never offer the long-term stability and reliability characteristics of gold.
The monetary metal probably won’t ever be the highest-flying alternative asset. For some performance chasers, gold is too boring. But for many other investors, gold represents an essential anchor in their portfolio.
Digital assets can implode into the ether. The value of U.S. dollars and dollar-denominated IOUs can be inflated into oblivion. But physical precious metals can be counted on to retain value over time, come what may.
Hard assets investors who seek more upside potential than gold, and who can also stomach greater volatility, should consider allocating more of their wealth to silver and perhaps platinum group metals as well.
The gold-to-silver ratio has been trending strongly in favor of silver since last March, when silver got historically cheap versus gold. While silver is no longer dirt cheap, it is nowhere near expensive. At under $30 an ounce, it still offers compelling relative value versus just about any other asset – hard or soft.
A strong case can also be made for platinum being undervalued versus gold and most other assets out there. However, its demand profile is highly concentrated in the automotive industry. Investment and jewelry demand for platinum are both relatively small and fuel cell technology that uses platinum is early stage.
There is much better potential for large-scale public buying of silver bullion to strain physical supply and drive prices higher. A silver squeeze on the futures exchange could result in an epic price spike with the potential to send the metal to triple digits.
In the meantime, the ongoing debasement of the U.S. dollar by politicians and central bankers will continue to exert gradual upside pressure on all hard assets.
On Wednesday, the Federal Reserve released the minutes from its most recent policy meeting. Fed officials downplayed the recent surge in price inflation as temporary. That remains to be seen.
The Consumer Price Index, Producer Price Index, and other inflation gauges have been running hotter than Jerome Powell and his cohorts expected. So, their expectations that inflation will soon come down should be viewed with skepticism.
The Fed hinted at its last meeting that it’s preparing to eventually taper its $120 billion in monthly bond purchases. An interest-rate hike seemed unthinkable at the beginning of the year, but now central bankers are at least thinking about thinking about hiking at some point – perhaps in 2022.
A lot can happen between now and then. With rates still ultra-low and stimulus still being pumped into financial markets and the pockets of the unemployed, asset bubbles are prone to form.
The next manic move higher could be in stocks, real estate, cryptocurrencies, precious metals, or all of the above. But investors should ask themselves which asset classes represent real value at current prices and which have already been driven to extreme overvaluation by the Fed’s money printer.
Precious metals naysayers can try to make the case that there won’t be a gold and silver mania ahead. But they can’t deny that the metals offer better value than a lot of other asset classes that recently got bid up to stupendous heights in herd-driven trading frenzies.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. Until then this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a great weekend everybody.
Source: Peter Epstein for Streetwise Reports 05/20/2021
Ian Berzins, CEO of Braveheart Resources, sits down with Peter Epstein of Epstein Research to discuss a company that offers “near-term production potential, plus three promising projects.”
With copper one of the hottest metals on the planet, with no end in sight for its strength, investing in copper juniors makes a lot of sense. While arguments can be made for uranium, lithium, cobalt, nickel, silver, gold, etc., copper has the best long-term fundamentals. Copper assets in Canada and the U.S. are especially attractive given various difficulties/uncertainties around the world.
For instance, just two countries (Chile and Peru) supply ~40% of the world’s mined copper. The world is learning that like Kazakhstan for uranium, the Democratic Republic of the Congo for cobalt and China for dominating the refining of many metals, it’s unwise (geopolitically/security of supply) to have all of your eggs in one basket.
I recently spoke at length with the CEO of Braveheart Resources Inc. (BHT:TSX.V; RIINF:OTCQB), a company with near-term production potential, plus three promising projects, all in Canada. Ian Berzins, P.Eng. has assembled strong prospects and an excellent team. Please continue reading to learn more about the company.
Peter Epstein: Please give readers the latest snapshot of Braveheart Resources.
Ian Berzins: Braveheart is a junior miner with two past-producing, advanced exploration/development stage, Canadian mining projects focused on copper, with lesser payables including nickel, gold, silver, palladium, platinum and silver.
Both have significant infrastructure; roads, power, water and close proximity to mining communities. We also have a very high-grade gold project (142,000 oz @ 16.5 g/t). All three projects are in Canada.
We plan to restart the Bull River mine near Cranbrook, B.C. in the 4th quarter. Immediate cash flow is expected from processing surface stockpiles of run-of-mine ore. In parallel, the company plans to advance exploration at our Thierry project.
Peter Epstein: Please tell readers about Braveheart’s key team members (management team, board).
Ian Berzins: Our management team and board have significant experience in engineering, geology, operations, project development, plus senior management experience including companies such as Canadian Natural Resources, Suncor Energy, Atlantic Gold, San Gold, Miramar Mining, Thompson Creek Metals, Grande Cache Coal and Fording Coal. The team has managed five operating gold mines and two copper mines in Canada.
Peter Epstein: Can you brag a bit about your team’s history of successes?
Ian Berzins: In May 2018, Braveheart was a $4.0 million market cap company with an option to acquire a high-grade gold mine. Today the company has two significant near-term copper projects and a market cap of $20 million.
One director was involved with bringing Atlantic Gold to commercial production and a second director led the Mount Milligan copper and gold mine to commercial production.
Peter Epstein: Some investors are worried about Braveheart having to raise a lot of equity capital. Can you comment on your need to issue shares over the remainder of the year?
Ian Berzins: Braveheart needs to raise approximately $5.0 to $6.0 million to complete capital infrastructure upgrades. Proceeds will be raised through equity issues, conversion of warrants and/or placing a royalty on one of the properties. There are currently no royalties on any of our projects.
Peter Epstein: You have three projects. Which is your favorite, and why?
Ian Berzins: Bull River is our most advanced, our flagship project, with copper, gold and silver payables. It has a minimum 7-year mine life and is 95% built. Alpine is a high-grade gold mine at 16.5 g/t, one of the higher grades in all of B.C., which is known for high grades.
We envision Alpine providing supplemental feed to our Bull River operation. Thierry is the elephant, it could easily be the company maker. It’s at least three years out, but could be 10x to 15x larger than Bull River. Our favorite opportunity? The first one to reach commercial production!
Peter Epstein: The Bull River Mine project is a past producer and is high grade at >2% copper, but it’s a small resource. How much larger might it get?
Ian Berzins: We currently have ~6.5 to 7.0 years in our resource. But the mine is only 350 meters below surface, which is relatively shallow. It’s very conceivable that the resource could extend to a depth of over 1,000 meters.
Last year we intersected structures 115 meters below our lowest workings. This material is not included in the current resource. Yes, the resource is expected to get a lot bigger, but it’s too early to be more specific.
Peter Epstein: Can you explain, in layperson’s terms, the value of your considerable tax losses?
Ian Berzins: The tax losses are associated with the individual projects. We have $150 milliom in tax losses at Bull River and $100 million at Thierry. Effectively, Braveheart will not be paying out cash taxes for the first 10 years of mining.
Peter Epstein: Is your team actively pursuing other properties/projects at this time?
Ian Berzins: We’re always looking for acquisition opportunities. Typically we look in Canada at projects that have past production, are near existing infrastructure (roads, power and communities), a mineral resource in place, and are undervalued.
An experienced mining team who have built and managed mines can recognize value and the challenges that others might miss or oversimplify.
We’re currently drilling at Bull River and expect to have encouraging results down dip. The resource could easily be expanded by 2x to 3x. Additionally, ore sorting and higher copper prices should allow us to lower the cut-off grade, effectively allowing us to mine lower grade material not included in the current resource.
Peter Epstein: A scoping study was done for Bull River in 2013. Is that scoping study of any use today? What would the after-tax net present value (NPV) and internal rate of return (IRR) look like at a copper price of $4.25/lb?
Ian Berzins: The scoping study gave management and the board sufficient confidence to continue with infrastructure upgrades. We’re considering completing an updated preliminary economic assessment (PEA) as an expansion to the scoping study.
When we bought the project in 2019 the price of copper was US$2.75/lb, so clearly the economics have improved. I have to defer this question until a PEA or preliminary feasibility study (PFS) is completed.
Peter Epstein: Could the Bull River Mill be retrofitted to process higher value metals like gold?
Ian Berzins: Yes. In order to process gold from Alpine we would just need to add a gravity circuit at a cost of less than $250,000. That would be a relatively simple upgrade to the mill. The gravity circuit would capture ~80% of gravity-recoverable gold.
Peter Epstein: The Thierry Mine project has a PEA on it with an after-tax IRR of 19%. That’s pretty good, but are there ways to improve the economics when the time comes for a PFS?
Ian Berzins: Yes. The Thierry project had an after-tax IRR of 19% and an NPV(6%) of C$260 million based on a US$3.40/lb copper price. However, at US$4.71/lb, the NPV more than doubles to C$547 million.
Economics could be improved by focusing on the near-surface open-pitable portion of the deposit at K1-1, and on the previously developed underground infrastructure, to reduce capital costs.
Peter Epstein: Braveheart has made good progress reducing its debt, but there’s still some remaining. How much debt do you still have? Are the terms onerous?
Ian Berzins: We currently have C$5 million in debt with a senior secured creditor. The interest rate on the debt was recently reduced to 10%. In the past six months, we eliminated C$6.0 million of debt through conversion to common shares.
Peter Epstein: Why should readers consider buying shares of Braveheart Resources vs. one of the other 100+ copper-focused juniors?
Ian Berzins: Great question. There’s been so much written about the bull market in copper lately that I feel it might not be necessary to point out that demand for copper is going to be very strong for decades to come. And, equally important (for the price of copper) is that global supply is increasingly uncertain.
Bullish price forecasts of $7-$8lb are exciting, but our projects would thrive at $4–$5/lb. In just the past month or two, both Peru and more recently Chile have had political outcomes that could slow or curtail significant quantities of copper production. These countries account for ~40% of mined copper, only the best projects will advance to production.
Having copper projects (and one gold project) in Canada will be extremely important going forward. We think we have very good copper assets in B.C. and Ontario. And, our gold project in B.C, has a blockbuster grade of 16.5 g/t.
Peter Epstein: Thank you Ian. Braveheart seems to be in the right place at the right time with the right team. I look forward to your progress this year and next.
Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University’s Stern School of Business.
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Disclosures/Disclaimers: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Braveheart Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Braveheart Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.
At the time this article was posted, Braveheart Resources was an advertiser on [ER] and Peter Epstein owned shares in the company.
Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.
Streetwise Reports Disclosure:
1) Peter Epstein’s disclosures are listed above.
2) The following companies mentioned in the article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
( Companies Mentioned: BHT:TSX.V; RIINF:OTCQB,
)
Categories
Resource Companies Advance in Strong Market
Source: Adrian Day for Streetwise Reports 05/20/2021
Money manager Adrian Day reviews how several companies, mostly resource companies, are making good progress in what he calls a “strong environment.”
Altius Minerals Corp. (ALS:TSX.V, 17.16) reported revenue up 9% in the first quarter from a year ago, despite a drop in sales. Net earnings jumped 75% from last year, excluding special items. Strong base metals prices, offset by an unplanned interruption of production at Chapada, saw revenues for the quarter up 12% from last year.
Base metals account for 43% of the company’s royalty revenue. It received its first (nominal) payment from a new mine, Gunnison. Potash, the second largest revenue source, was down on a year ago, but with strong demand and price increases in recent quarter continued the improving trend, up 33% on the prior quarter. Most analysts expect increased demand to continue, and Altius will see higher price realization on sales in coming months. Altius’ CEO Brian Dalton said he believes the market is undervaluing its potash assets.
In the resource sector, one must be a contrarian
Dalton has a reputation as a contrarian. He believes that we are now past the point in the cycle for outright buying some, though there will always be opportunities to add capital for development, or perhaps specialty minerals. Altius did an excellent job accumulating prospective land during the long bear market that followed 2012, and has been selling and optioning the last over the past couple of years. In broad terms, the company wants to use its cash flow to reduce leverage; the time to add leverage is at the bottom. But he added that he was not “maniacal” about going to zero debt; the current debt “does not threaten us at all.”
Altius continues to work with junior companies in the project generation business, which is run separately and funds itself. Most of the assets in this business are gold, giving Altius exposure to that metal. The company has done a great job-generating gains as well as increasing the value of the project generation portfolio.
The company ended the quarter with just under $20 million in cash, after repurchasing shares for $7.4 million. The miss on sales in first quarter saw the stock drop, after a very strong spurt. Altius is for us a core holding; if you do not own any, you can buy here.
Vista Continue to Advance Mt. Todd Without Excess Dilution
Vista Gold Corp. (VGZ:NYSE.MKT; VGZ:TSX, US$1.05) continues to advance its Mt. Todd project in the Northern Territories of Australia with ongoing drilling, progress on its final permits and seeking a strategic partner.
The drilling is looking at connecting mineralized structures as well as boosting the resource at the main Batman deposit. Drilling will be increased in the coming quarter. The company is awaiting its last major permit, approval of its “mine management plan,” which is essentially the same as an operating permit in North America. It expects to have this “in the very near future,” though in December the company said much the same, after the Minister of Mines made a surprise announcement that the approval was “imminent.” The company said it understands now that two of three signatures required for the approval have already been received, and it is just awaiting the Minister’s signature.
CEO Fred Earnest said he sees no reason they will not get the approval.
COVID delays partner deals
The company continues to seek a strategic partner Mt. Todd, which, at today’s prices, has a net present value (5% discount) of $1.5 billion. Vista has said what is clearly the case—that Mt. Todd is too large a project for it to attempt to finance, build and operate itself. The travel restrictions over the past year have definitely delayed progress on this front, and international travel to Australia remains difficult.
Vista continues to generate non-dilutive financing, with cash currently at $7.2 million. In the past quarter, it received another $1.1 million for Prime Mining for its purchase of Guadalupe de los Reyes, an option payment from Nusantara, and $600,000 from “at the market” equity sales. It expects a final payment for Guadalupe of $1 million in July; and by the end of January 2022, $2.5 million for cancelation of the royalty on the Awak Mas property in Indonesia.
The stock fell initially after it reported its quarter, mainly on the delay in receiving the final permit, and is now right in the middle of its six-month trading range. Results from drilling are encouraging, and the company has done a very good job of continuing to generate non-dilutive financing.
But the remaining options for such financing are dwindling; and there needs to be clarity and progress in bringing in a partner or selling the asset, particularly as gold prices move up and travel restrictions ease. This is what the market wants to see, in my view. We are holding, but would buy on any pullback.
Newmont Improves Balance Sheet
Newmont Corp. (NEM:NYSE, 70.75) had a soft start to the year, with production below expectations across most assets, although costs were slightly better. The company maintained its full-year guidance of 6.5 million ounces at cash costs of $750/ounce, expecting the second half to be better than the first (which it typically is). Newmont has net debt of around $700 million after repaying maturing notes last month. The company should be modestly net cash position by the end of the year, after paying the highest dividend in the sector.
Newmont, being the largest gold miner, will attract investment when generalists return to the sector. It has production from generally stable jurisdictions, a deep pipeline, a good operating team and free cash flow. The stock is up over 30% since the late February low. We are holding.
Yamana Continues Turnaround
Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE, US$5.12) reported slightly weaker production and costs in first quarter, though there was variability across mines, and the company is maintaining its full-year guidance of one million “gold equivalent ounces” at cash costs of $655-$695 per GEO (gold equivalent ounce). Malartic, in particular, had a very strong quarter. There are several projects underway that will increase production, including an expansion at Jacobina, and increased production at El Penon. Longer term there is the new Mara mine, and the underground at Malartic, which will expand production for another decade.
Yamana has a stable production profile, an improving balance sheet, and a valuation below peers. We are watching to see if improvements in production and the balance sheet continue. Hold.
Gladstone Earning Dividend Again with Strengthening Portfolio
Gladstone Investment Corp. (GAIN:NASDAQ, 13.41) has seen net investment income improve for the last two quarters after weakness following the COVID pandemic, which saw additional companies put on non-accrual and debt payments postponed. In the last quarter, net investment income (NII) exceeded the dividend once again. The company also has undistributed NII of $0.34 per charge, equivalent to almost five month’s worth of dividends.
The net asset value (NAV) increased to $11.52 per share, as two companies came back on accrual status. This is particularly important for GAIN since it generates about a quarter of its income from gains. The regularly monthly dividend comes from interest on loans (as well as other fees) and it pays a special distribution each year from net gains. It is making such a distribution again, next month, though it is reduced from the last two years.
The stock is historically high
GAIN is trading 21% above its NAV, while the yield is down to 6.7% (including the special dividend). In today’s environment that is an attractive yield, but it is the lowest yield since early 2011. And the price-to-NAV matches the high at the end of 2006 (although I do not see the need for a large equity offering). Nonetheless, the valuation is not low on an historical basis. We are holding.
BEST BUYS NOW include Midland Exploration Inc. (MD:TSX.V, 0.76), Lara Exploration Ltd. (LRA:TSX.V, 0.69)), and Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE, 6.32).
Originally published May 16, 2021
Adrian Day, London-born and a graduate of the London School of Economics, heads the money management firm Adrian Day Asset Management, where he manages discretionary accounts in both global and resource areas. Day is also sub-adviser to the EuroPacific Gold Fund (EPGFX). His latest book is “Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks.”
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Disclosure:
1) Adrian Day: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: Altius Minerals, Lara Exploration, Midland Exploration, Newmont Corp., Fortuna Silver Mines, Gladstone Capital and Yamana Gold. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. Funds controlled by Adrian Day Asset Management hold shares of the following companies mentioned in this article: All. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Altius Minerals, Vista Gold, Midland Exploration, Lara Exploration and Fortuna Silver Mines, companies mentioned in this article.
Adrian Day’s Disclosures: Adrian Day’s Global Analyst is distributed by Investment Consultants International, Ltd., P.O. Box 6644, Annapolis, MD 21401. (410) 224-8885. Publisher: Adrian Day. Owner: Investment Consultants International Ltd. Staff may have positions in securities discussed herein. Adrian Day is also President of Global Strategic Management (GSM), a registered investment advisor, and a separate company from this service. In his capacity as GSM president, Adrian Day may be buying or selling for clients securities recommended herein concurrently, before or after recommendations herein, and may be acting for clients in a manner contrary to recommendations herein. This is not a solicitation for GSM. Views herein are the editor’s opinion and not fact. All information is believed to be correct, but its accuracy cannot be guaranteed. The owner and editor are not responsible for errors and omissions. ©2021. Adrian Day’s Global Analyst. Information and advice herein are intended purely for the subscriber’s own account. Under no circumstances may any part of a Global Analyst e-mail be copied or distributed without prior written permission of the editor. Given the nature of this service, we will pursue any violations aggressively.
( Companies Mentioned: ALS:TSX.V,
FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE,
GAIN: NASDAQ,
LRA:TSX.V,
MD:TSX.V,
NEM:NYSE,
VGZ:NYSE.MKT; VGZ:TSX,
YRI:TSX; AUY:NYSE; YAU:LSE,
)
Categories
Fun on Friday: It’s Just the Price We Pay…
So, last Monday was tax day. Ouch! I don’t know about you, but I had to write a big check. But I took solace in the fact that I’m helping create a more civilized society! That’s the mantra, right? Taxes are the price we pay for a civilized society. That sounds like something a tax […]
The post Blog first appeared on SchiffGold.
After last week’s hotter than expected CPI data, gold sold off, following a pattern we’ve seen over the last few months. But in the last week, gold has rallied, knocking on the door of $1,900. In fact, there has been a broader pivot in the market that could indicate the mainstream is ready to face […]
The post Blog first appeared on SchiffGold.
If you think the economy is going to get back to normal now that the CV19 crisis is subsiding, you have got another thing coming… Greg Hunter gives The Weekly […]
Forget what gold closing up for the 7th day in a row means and consider that when it comes to drawing pretty little lines on pimped-out charts… (by Half Dollar) […]