Summary

• Over the next four weeks gold prices surged nearly 25%, ultimately peaking above $5,300 per ounce on January 28th before reversing violently and finishing the quarter near starting levels.
• The silver market suggests gold may spend the next two to three years grinding sideways in frustrating fashion or face a much weaker environment potentially reminiscent of 1974, 1979, or 2011.
• Gold equities, as measured by the GDX ETF, ended the quarter up 9%, while silver equities, represented by the SIL ETF, finished higher by 8% mirroring the underlying metals.
• The great surprise in the first quarter was the Turkish Central Bank's sale of 70 tonnes of gold—a transaction that caught many precious metals investors off guard.
• Goehring & Rozencwajg believe energy-related investments—especially those possessing strong earnings leverage to higher oil prices—are likely to outperform gold and silver investments by a considerable margin.

1.39K Followers