The past two years have been a difficult period for any investor with exposure to gold — both the metal itself and the operating mining companies. In particular, 2013 has been particularly brutal with many of the junior mining companies simply imploding. To be clear, our long-term constructive view on gold remains resolute. Our conviction … Read more

Franco-Nevada Corp. (FNV)

With the recent price dislocation in gold, we initiated a portfolio position in Franco-Nevada. Simultaneously, we sold 1/2 our portfolio position in Newmont Mining. Investment Report: Franco-Nevada Corporation Franco-Nevada Corporation is a gold-focused royalty and stream company with additional interests in platinum metals and other resource assets including oil and natural gas. It is one … Read more


Starting with Friday’s $84 per ounce drop in gold bullion and continuing with Monday morning’s $100+ fall, gold’s sudden collapse has been unsettling to say the least. Clearly we are at a moment when negative price action is begetting further negative price action. As Jim Rogers once said, “Markets often rise higher than you think … Read more

Sprott Physical Gold Trust (PHYS)

Why is gold in a bull market? The answer is not “price inflation”. Although “price inflation” is certainly upon us, it is not widely perceived to be a problem at this time. (In fact, “price inflation” was present during the 1980s and 1990s during the gold bear market). Monetary inflation is part of the answer, … Read more

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