Insights

Negative Rate Folly

In our view, gold’s role as a non-correlating store of value has rarely offered more portfolio utility than it does today....The most troubling legacy of contemporary central banking has been the emergence of negative nominal interest rates. The fact that they actually exist, only highlights the dire nature of global financial imbalances. 

Insights from 2019

Gold Soars in August to Best S&P 500 YTD

Gold added $110 in August to close the month at $1,524, gaining 7.8% for the month. YTD gold is up 18.6%, ahead of the S&P 500 Index's rise of 15.34%. Gold equities impressed even more, climbing 46.4% YTD as measured by Sprott Gold Miners ETF (SGDM).

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Platinum Joins the Metals Rally

Platinum may claim 2019 as a turning point year despite a volatile first eight months. YTD through Friday, August 30, platinum’s spot price has jumped 17.34%. Many indications point that platinum’s multi-year period of stagnation may finally be ending.

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Minsky Moment

Gold is clearly responding to a global pivot by central bankers back towards concerted monetary easing, and the intractable nature of excessive global debt levels suggests we are in the very early innings of the developing easing cycle. In short, for gold this is the real deal and we suspect things are just getting started.

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The Rebirth of Gold as Money

The debate over gold’s place in a modern investment portfolio has been well covered. Call it the “Pet Rock” versus the “End of Fiat Currency” grudge match. But the facts are not subject to such intense interpretation....An enormous transformation of the gold market can occur once digital gold attracts the volumes needed to make it a serious business.

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We're Working in 'Completely Different Environment' Amid Strength in Gold

Shares of Sprott (TSX: SII) have posted big gains this year as gold prices continue to climb higher. Sprott CEO Peter Grosskopf joins BNN Bloomberg to discuss his outlook for the precious metal and the firm's acquisition of Tocqueville Asset Management's gold business.

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Gold Rally Strengthens on Rate Cut, Silver Follows

July was positive for both gold and silver, which were propelled by the Fed’s interest rate cut on July 31, its first cut in 11 years. Any hope that this is a "one and done" rate hike has quickly been dashed with the latest U.S.-China trade war salvo. The long-term picture remains firmly intact. Gold and silver continue to rise as the market adjusts to a new central bank easing cycle.

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Gold and Silver Breakout – What Next?

We predicted that 2019 could surprise to the upside. YTD, through the Friday, July 19 close, gold bullion was up 11.14% and silver bullion has gained 4.58%....The wind is now at our backs and we believe that both gold and silver will climb higher. Silver, in particular, has the potential to significantly outperform gold.

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Gold Continues Bullish Consolidation

Last week, gold bullion continued its bullish consolidation ($1,380 support, $1,440 resistance), and gold equities recovered to touch new 52-week highs as Federal Reserve Chairman Jerome Powell reaffirmed the likelihood of a July 31 interest rate cut.

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Gold Tests $1,400 Breakout

To recap gold’s positive trend, gold continues to trade above the $1,370/80 per ounce level which verifies a critical multi-year base breakout. Gold’s rise has been impressive as multiple assets have corroborated the move, and the price action on many gold-related assets has been emphatic.

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Building Shareholder Value in the Gold Mining Sector

Ryan McIntyre, Portfolio Manager of Sprott Hathaway Special Situations Strategy, discusses how intrinsic value creating activities are likely to continue across the gold mining industry: "Both large and small companies are examining many alternatives to add value independently of the gold price."

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My Lessons in Gold Investing

Gold has moved above the critical $1,400 mark for the first time in nearly six years. We believe that gold may be decisively breaking out of a six-year cycle and that this may be the beginning of a powerful multi-year rally. It's an opportune moment for CEO Peter Grosskopf to share his guidance on gold investing.

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Platinum — Catalyst For Global Growth

Rick Rule, Senior Managing Director of Sprott, interviews Trevor Raymond, Director of Research at the World Platinum Investment Council, about promising signs for the platinum market, after several years of weakness.

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Gold & Precious Metals Investing with Sprott's Ed Coyne

Charley Wright of Strategic Investor Radio interviews Ed Coyne, Senior Managing Director at Sprott. They discuss Coyne's unconventional career path from architecture to finance, and explore why precious metals are one of the best alternatives for investor portfolios.

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It's So Time to Cut Rates

Donald Luskin writes that a consensus for a June interest rate cut is forming: "In the present expansion, the funds-10 curve inverted in late March. So far, at least Powell has not made the mistake of hiking rates. But he hasn’t cut them. We think he should, and we think he will."

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Bitcoin Revisited

A two month bitcoin rally has reignited the gold-versus-bitcoin debate. We view such either-or comparisons of gold and bitcoin as somewhat specious, because we see little commonality between the two assets. Gold continues to function as a reliable store of value and productive portfolio-diversifying asset. In contrast, bitcoin continues to augment its reputation as a highly erratic speculation. Bitcoin’s investment merits, at least to date, have proven distinctly different from gold’s portfolio utility.

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Silver, Platinum and Palladium – More than Precious Metals

Silver, platinum and palladium (the “white metals”) join gold (the “yellow metal”) to complete the quartet of the world’s most precious metals. Although gold tends to overshadow them, the white precious metals have the same potential to hold an essential role in an investor’s portfolio.

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In Gold We Trust Report 2019: Gold in the Age of Eroding Trust

Sprott is pleased to be a major sponsor of the Incrementum's 13th edition of the annual In Gold We Trust report. Authors Ronald Peter Stoeferle and Mark Valek explore the erosion of trust in international monetary policy: "The steady buying of gold and the repatriation of central bank gold clearly indicate growing mutual distrust among central banks." 

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Why We Need Gold

"Most investors do not realize that gold is one of the world’s most liquid currencies and assets, trading with volumes equivalent to those of the euro or U.S. Treasury bond benchmarks. Although similar in philosophy, gold blows Bitcoin away on any measure by which the two can be compared....Perhaps now is finally the time for investors to benefit from a 'life preserver' while others enjoy the card game on the decks of the central bank-piloted Titanic."

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How Billionaires Prepare for Bear Markets

Many investors turn to gold to hedge against the prospect of a bear market, defined as a prolonged downturn in which stock prices fall by at least 20% over two months or more. Gold is considered the undisputed king of uncorrelated assets, and is a proven, safe haven investment that lets investors sleep at night.

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I've Never Seen These Kinds of Valuations

Tocqueville and Sprott Asset Management smell opportunity in a woebegone asset: gold.

Institutional Investor's Julie Segal interviews John Hathaway, Tocqueville Asset Management, and Whitney George, Chief Investment Officer of Sprott Asset Management. 

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We're Betting Against the Street On Gold

Peter Grosskopf, CEO of Sprott, was a keynote speaker at the recent May 1-2 Mines and Money New York Conference. He joins KITCO News' Daniela Cambone to discuss the macroeconomic forces providing tailwinds for gold.

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The Silver Lining

Silver has faced a challenging investment environment, and over the past three years, the metal has underperformed gold. But with silver's price hovering at $15 per ounce, we see tremendous investment upside — with little downside — given what we view as very positive developments in the market.

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Real Assets Masterclass

Ed Coyne, EVP National Sales, joins Juan Carlos Artigas of the World Gold Council, and two other experts, to discuss real assets like gold. Coyne on gold: "Most investors are surprised to learn that over the past two decades, gold has actually outperformed the S&P 500."

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Technical Resolution

On the surface, precious metals activity was subdued for the week ending Friday, April 26. Spot gold rose 0.85% to $1,290.35 and continues to hover just below the $1,300 threshold, with trading reflecting a technical tone.

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Miners Ride a New Wave of Consolidation

We believe a new gold mining mergers and acquisitions (M&A) cycle has been ignited, and we expect this merger boom to accelerate over the next several years. Exploration is down, and new gold discoveries are scarce. Miners are strategically combining in order to increase production, reduce costs and improve operations. 

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Recalculating

As the gold price has oscillated around the high-profile $1,300 level throughout 2019, it has become increasingly apparent that strong demand from Eastern (physical) markets below $1,300 is roughly offsetting a lack of urgency in Western (paper) markets above that price point.

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Gold Has Been Rallying. Now It’s Silver’s Turn.

Silver has been a lackluster performer this year, but as investors’ appetite for gold improves, silver might share in the yellow metal’s prosperity. Barron's checks in with Sprott's Maria Smirnova to find out more.

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World Silver Survey 2019

According to the World Silver Survey 2019, the silver market looks “promising” in 2019 as the supply and demand picture is expected to remain relatively stable, with demand hitting a three-year high in 2018.


Sprott Physical Silver Trust (NYSE ARCA: PSLV) is a proud sponsor of the 2019 World Silver Survey.

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Paper Tiger

After much late-March huffing and puffing in COMEX markets to achieve a month-end close for spot gold below $1,300, trading in physical gold markets proved especially robust during the first week of April.  To us, this suggests gold’s sub-$1,300 spot price is destined to be short lived.

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What You're Not Hearing about Cain, Moore and the Gold Standard

If Alan Greenspan and Stanley Fischer can talk about gold as a policy tool, why can't Trump's nominees?....There is nothing wrong with talking about gold. We should follow it more closely not less.

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On the Clock

Trading in gold markets during the week of 3/25/19 seemed heavily influenced by calendar-related items. 

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Jay Powell's Response to the Inverted Yield Curve?

President Trump and White House advisor Larry Kudlow are baiting Chairman Powell to cut interest rates — but Powell himself said last year that he would listen to an inverted yield curve. Don Luskin breaks down the recent changes to the 10-year yield curve and suggests a way for Powell to independently react.

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Busy Week

This past week witnessed an unusually rich sequence of gold supportive events.  Indeed, four successive developments came so fast and furious that we expect strong performance in the gold complex in coming weeks as investors have a bit more time to process the significance of recent news flow. 

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Gold Shares as Rising Phoenix

We believe that gold equities are poised for a span of significant nominal and relative performance. A new wave of mergers and acquisitions (M&A) is likely to provide a strong catalyst for gold miners in 2019.

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Silver News Interviews CEO John Ciampaglia

CEO John Ciampaglia with Silver News: "We see interest in silver rebounding....and we are bullish about silver going forward. When gold starts to move, it’s not uncharacteristic for silver to move faster at a multiple of two times or more." 

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TrendMacro's 2020 Election Model

TrendMacro's proprietary quantitative presidential election model predicts that Trump will be re-elected by a margin of 294 electoral college votes, assuming economic conditions are the same in November 2020 as they are today. (TrendMacro is apolitical and non-partisan.)

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Sprott CEO Sees "Billionaires and Family Offices" Buying Gold

Peter Grosskopf, Sprott CEO, joins BNN Bloomberg and shares his insights on growing interest and investment in gold bullion. Grosskopf opines on the state of the precious metals industry and why he believes dynamics support more M&A activity. 

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Barrick-Newmont Deal Would be a "Merger of Equals"

Shree Kargutkar, Portfolio Manager, Sprott Asset Management, joins BNN Bloomberg to weigh in on the potential Barrick-Newmont merger, which he views as a "merger of equals" between the Canadian and U.S. mining majors. 

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2019 Top 10 List

Given the seminal nature of catalysts now in play for precious metals, we felt the timing appropriate for a comprehensive review of factors driving the gold price. In this report, we have compiled our Top 10 List of fundamentals supporting a portfolio allocation to gold in 2019

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Gold's Time to Shine

Get our positive outlook on gold and gold equities. Watch/listen to this webcast replay featuring Ed Coyne, EVP at Sprott Asset Management and special guest John Hathaway, Senior Portfolio Manager at Tocqueville Asset Management.

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Cryptocurrencies Fail to Prove their Mettle

The reports of gold’s death at the hands of cryptocurrencies seems to have been greatly exaggerated. We’ve warned investors about the instability of the cryptocurrency market and the false equivalency with gold over the past two years. New data validates our concerns.

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More Gold Sector M&A on the Horizon

Shree Kargutkar, Portfolio Manager, Sprott Asset Management, joins BNN Bloomberg to talk about increased M&A activity in the gold sector, and weighs in on the Barrick-Randgold and Newmont-Goldcorp deals.

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Gold Poised to Shine in 2019

Financial Journalist Liz Claman interviews Ed Coyne, EVP National Sales, on his 2019 outlook for gold bullion and gold equities. 

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Next Stop on the Jay Powell Apology Tour

Trend Macro’s Don Luskin anticipates no Fed rate increase on Wednesday, 1/30/19, and explains that a WSJ report, suspected of being "planted," sets up Fed Chair Powell to sound both dovish and smart about the Fed's balance sheet — a way to redeem himself from the humiliating the December FOMC. 

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Catalyst for Gold Locked and Loaded?

We believe that gold bullion and gold mining equities may be poised for a multi-year uptrend. Gold bullion beat U.S. equities for the month of December, the fourth quarter, and the full calendar year of 2018. We suggested throughout 2018 that the catalyst for gold’s next important rally would be growing recognition that the Fed’s current tightening cycle was reaching a conclusion.

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The Palladium Play - Part 2

Palladium has been a standout performer, more than doubling in price in three years 2016 to 2018. YTD the white-hot metal is up more than 10% as of January 16, 2019. Palladium’s rise is best understood by analyzing its unique supply-demand dynamics. Russia and South Africa account for nearly 80% of the world's production, and a chronic supply deficit keeps pushing prices higher. 

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The Palladium Play - Part 1

Palladium is a key component for ICE autocatalysts. While the escalating U.S.-China trade war hurt many commodities in 2018, palladium continued to rise. Spot palladium gained 18.6% in 2018 and has climbed 124% since the beginning of 2016.

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