According to a friend, “Since XAU was first invented in 1984, there have only been six days when the ratio of XAU to spot gold has been lower than it was at this morning’s bottom; all of those six days occurred during October-November 2008. The extreme unpopularity of gold mining shares is striking especially when compared with the eagerness of average people to consider Read More

Energold reported earnings about two weeks ago. Since then, I have received about a dozen emails asking “my thoughts.” Look, if I have something to say, I’ll say it. I didn’t even bother to delve into the earnings report until yesterday. If you live and die by one quarter, you will get chopped to pieces. I own things because of long term macro themes—not Read More

A few weeks back, my good friends over at Capitalist Exploits did a very long and detailed piece on Japan. For anyone who is living in a cave, the Japanese Yen is about to begin a multi-decade bear market. Of course, one could have made the same arguments a few years back and been painfully early. However, I am increasingly starting to think that the top Read More