Sprott Physical Gold Trust (PHYS)

The Sprott Physical Gold Trust (PHYS) was created to invest and hold substantially all of its assets in physical gold bullion and intends to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion. The Trust will not speculate with regard to short-term changes in gold prices. We are gradually liquidating our interest … Read more

Macroeconomic Thoughts

Hyperinflation has been defined as a non-annualized inflation rate of 50% or more in a single month. But do not confuse hyperinflation with the inflation the U.S. went through in the 1970s, which was moderate, by comparison. Unlike normal inflation, hyperinflation has a single cause: It occurs when a government cannot borrow money because its … Read more

Gold (GLD)

Just before President Nixon ended the Bretton Woods system in the early 1970s, the price of one troy ounce of gold, in dollar terms, was raised in two steps from $35 to $42.22. Nixon essentially devalued the dollar. What is interesting is that it was only four short decades ago when our country’s monetary authorities … Read more

Gold (GLD)

Gold, as represented by the SPDR Gold Shares ETF, dropped almost 5% on Friday with record volume traded in the GLD. Almost immediately one could hear the calls go out and declare that the gold bubble had finally burst and one would be wise to sell their gold positions. Perhaps, but one needs to put … Read more

Gold (GLD)

Gold has been an important holding within our portfolio for over seven years. It is also the one position that generates the most discussion with clients. Gold is unique in that there are no standard means by which one would evaluate the intrinsic value of this investment. There are a number of quantitative and qualitative … Read more