Insights

Thought leadership on precious metals and real assets from Sprott's team of investment professionals and subject matter experts. 

 

The Platinum Opportunity - Part 2

Platinum is one of the rarest of metals but often flies under the radar. In Part 2, we look at platinum supply-demand dynamics and explain why we believe that Platinum is too cheap to ignore

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Brinkmanship

During the next few months, we expect asset markets to come to terms with grossly misplaced investor faith in the sustainability of the Fed’s dual policy agenda of simultaneous rate hikes and balance sheet reduction — which amounts to little more than glorified brinkmanship. Recent market weakness supports our contention that Fed tightening is pinching global liquidity to a degree which threatens reigning valuations of traditional financial assets. Got gold? 

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Sprott Gold Report: Physical Matters

We believe gold sentiment may be turning in our favor. For the first time in 17 years commercial participants in gold futures — generally regarded as the “smart money” — have flipped their COMEX positioning to net long.  Reik: "As we await rebirth of western investment demand in gold markets, we suspect an imminent clash between hyper-bearish COMEX spec positioning and staunch global physical demand is about to ignite some short-term pyrotechnics. This should be interesting to watch!”

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Special Report: The Platinum Opportunity - Part 1

Platinum is one of the rarest of metals but often flies under the radar. In Part 1, we provide a Platinum Primer and explain why we are bullish on this essential metal, which plays a critical role in the automotive, industrial and jewelry sectors. 

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Sprott Gold Report: Buying Opportunity as Gold and Silver Shorts Reach Record Levels

As investors flee the emerging markets and seek the safety of the U.S. dollar and U.S. equities, they've increased their short positions in commodities. Most surprisingly, and counterintuitively, bets against precious metals (gold, silver and platinum) have reached record levels.

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Sprott Gold Report: Summer Test

This summer has been a frustrating stretch for gold bugs. Trey Reik writes: “As the scale of emerging markets dislocation expands on a weekly basis, the stored force in collapsing EM currencies is still funneling towards a strengthening U.S. dollar, and in turn reflexively pressuring the gold price.” In the face of this bearish sentiment, we have been encouraging Sprott clients to exploit summer price movements in precious metals to their maximum advantage. 

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Sprott Gold Report: Gold Slumps on Trade War Fears

Portfolio Manager Shree Kargutkar believes that "gold may prove to be the ultimate winner given the most recent trade conflicts." Despite the U.S. dollar's recent strength, Kargutkar argues that it is likely to be short-lived and that all the elements are in place for a durable bull market for precious metals and precious metal equities.

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Sprott Gold Report: Tariff Tension

Senior Portfolio Manager Trey Reik answers the question: Why isn’t gold doing better? After trading in a bullish consolidation pattern for 18 months, gold appears to have lost some of its mojo. Trump’s June 1 tariff announcements and the U.S. dollar's spring rally have hurt gold and other commodities. Reik counters by arguing that gold’s price stability has been fairly unique among asset classes, and that right now is a fortuitous entry point for portfolio allocations to gold.

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Sprott Gold Report: Periphery to Core

In this report, we employ the analytical framework of periphery to core.  We have organized this letter around evidence that the Fed’s dual policy goals are straining financial conditions in peripheral components of four critical sectors:  emerging markets, global financial institutions, U.S. corporate credits and U.S. consumer credits. 

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Sprott Gold Report: Gold Shows Up at the Berkshire Hathaway Shareholder Meeting

Senior Portfolio Manager Trey Reik responds to Warren Buffett’s distaste for gold, staunchly reconfirmed by Buffett at the May 5 Berkshire Hathaway Annual Shareholder Meeting. Reik finds Buffett's gold-versus-stocks comparison self impeaching, and suggests that a prudent allocation to gold could improve the risk-adjusted returns even for Berkshire Hathaway.

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Sprott Gold Report: Gold is Rarely this Cheap

Sprott Global Investment Executive Kenton Ralph Toews looks more closely at how commodities, relative to equities, are at their most undervalued in decades. Gold is especially inexpensive relative to the S&P 500. 

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Sprott Gold Report: “QT” or Not to “T,” That is the Question

Senior Portfolio Manager Trey Reik presents analysis suggesting the Fed’s dual agenda of rate hikes and QT balance-sheet reduction is already straining global liquidity to the peril of reigning financial asset valuations.  In order to arrest deflationary forces, at least in part of their own making, we expect the Fed to scale back telegraphed FOMC policy by yearend. 

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Sprott Gold Report: Cryptocurrencies, Solid Gold or Just a Flash in the Pan?

Sprott Asset Management CEO John Ciampaglia examines the relative merits of Gold and cryptocurrencies as these two alternatives to traditional fiat currencies duke it out in the “monetary” boxing ring of investor sentiment.

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Sprott Gold Report: Gold Resilient Despite Market Volatility

With the beginning of the new year, we have entered a seasonally strong period for gold bullion and gold equities. Gold bullion posted a strong gain of 3.23% in January, ending the month at $1,345.15 per ounce. Even so, investor sentiment towards gold and gold equities continues to remain relatively muted.

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Sprott Gold Report: Oopsie Daisy! Equity Markets Stumble in Early February

Senior Portfolio Manager Trey Reik looks beyond the short-term damage of the Feb. 5 market selloff, and explores why the current fed tightening cycle is likely to increase the stress on individual consumers and inflict damage across a broad spectrum on financial assets.

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Sprott Gold Report: Why Gold and Gold Equities Can Thrive in 2018

With the beginning of the new year, we have entered a seasonally strong period for gold bullion and gold equities. Gold bullion posted a strong gain of 3.23% in January, ending the month at $1,345.15 per ounce. Even so, investor sentiment towards gold and gold equities continues to remain relatively muted.

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Manager Commentary: Sprott Focus Trust 2017 Annual Letter to Shareholders

Portfolio Manager Whitney George reviews his approach to value investing: “We just try to identify great businesses and buy them when they go on sale. Given the current backdrop, we expect our disciplined approach to be rewarded with attractive opportunities for investment throughout 2018.”

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Sprott Gold Report: 2017 Redux

Gold bullion rose a respectable 13.09% in 2017, posting its strongest annual gain since 2010. Senior Portfolio Manager Trey Reik explores why gold's performance stacks up well against other alternative asset classes.

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Sprott Gold Report: Just Get Tax Reform Done!

Senior Portfolio Manager Trey Reik takes a closer look at Trump's tax reform. Eager for the tax bill to pass, Trump boasts in a recent tweet, “It will be the BIGGEST TAX CUT and TAX REFORM in the HISTORY of our country!” We disagree. 

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Sprott Gold Report: Gold Equities are Currently on Sale

Portfolio Manager Shree Kargutkar says, "gold is likely to benefit in early 2018 from its traditional first quarter strength."  He also explains why gold mining equities are cheap right now, and why high-quality miners are positioned for strong earnings performances.

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Podcast: Precious Metals with Maria Smirnova from Sprott Asset Management

Maria Smirnova, Senior Portfolio Manager, discusses precious metals, and how it is getting much harder to find new deposits, given the drop-off in exploration budgets. She explains how an allocation to gold and silver in an investment portfolio can reduce volatility.

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Sprott Gold Report: Bridging the Performance Gap Between Gold and Miners

Senior Portfolio Manager Trey Reik examines the interplay between gold bullion and gold equities. This relationship has been noteworthy in 2017, given an anomalous performance gap that we believe may provide investment opportunity for precious metals investors.

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Sprott Gold Report: Gold Glittering Alone No More

Portfolio Manager Shree Kargutkar explains that while investment allocations to gold bullion and gold equities have been somewhat muted in 2017, we are now seeing signs of renewed interest in gold. Bridgewater Associates, the world's largest hedge fund, has been on a recent buying spree.

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Sprott Silver Report: An Essential Metal for the 21st Century

Senior Portfolio Manager Maria Smirnova shares key takeaways from the Silver Institute’s 3rd Silver Industrial Conference that focused on “Silver’s Evolving Role in Science and Technology.” Smirnova looks at silver’s expanding role given its use in solar, automotive, electronics and healthcare applications, and explains why we are bullish on the metal.  

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Sprott Gold Report: Why Doesn't Gold Get the Respect it Deserves?

Senior Portfolio Manager Trey Reik presents a collection of empirical evidence we view as compelling support of gold’s productive role as a portfolio-diversifying asset. He also addresses the disinterest in precious metals among institutional investors. He argues that given the current financial risks confronting investors, gold’s purchasing-power-protection seems an incredibly precious commodity.

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Sprott Gold Report: It's the Debt Stupid!

Senior Portfolio Manager Trey Reik explains we he believes that "virtually every measure of domestic and global debt is significantly worse today than at its financial-crisis peak." He recaps gold bullion's performance in August, which despite the continued fervor for U.S. financial assets, has posted solid year-to-date gains, and broke through resistance at $1,300.

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Sprott Gold Report: Will Receding Rate Hike Expectations Give Gold a Lift?

Senior Portfolio Manager Trey Reik discusses why gold has spent the past seven months in a tight trading range between $1,200 and $1,300 per ounce. Given the stored force inherent in such a trading pattern, history suggests a breakout, whether up or down, is likely to be characterized by a steep slope. The question remains, which direction will gold follow?

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Sprott Gold Report: Why Cryptocurrencies (Bitcoin) are Unlikely to Usurp the Role of Gold

Senior Portfolio Manager Trey Reik addresses the explosion of interest in cryptocurrencies, especially bitcoin. He attributes the growing interest in digital currencies to a concern shared by many gold investors: resentment over the financially repressive policies of global central banks. But the investment merits of gold and bitcoin are substantially different.

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Video Focus

 

Video: Alternative Investing with Gold and Silver - March 15, 2018
Ed Coyne and Trey Reik discuss the importance of a precious metals allocation of gold and silver, and how it can potentially improve risk-adjusted returns. 

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Cryptocurrencies: New Gold or Fool’s Gold - October 2017
Edward Coyne and Trey Reik explain the differences between gold and bitcoin, and argue that gold continues to be an attractive long-term investment and a proven store of value.

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Research

Industry Insights from The World Gold Council

Early Feb Market Selloff Bolsters the Case for Gold

"On February 5, stock markets suffered one of their more precipitous falls in recent years.... In our view, the recent selloff is a good reminder that gold can deliver returns and reduce risk in portfolios."

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Cryptocurrencies Are No Substitute for Gold

The spotlight shined brightly on the cryptocurrency market in 2017 with bitcoin’s parabolic price rise. The WGC explains why gold is very different from cryptocurrencies, namely gold is less volatile, more liquid, is a strategic asset that plays an important role as a portfolio investment, and trades in an established regulatory framework. 

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Enhancing the Performance of Alternatives with Gold

The WGC explores how allocations to alternative assets have grown significantly since 2000. Alternatives now comprise 24% of global pension funds, up from single digits in 2000. The WGC suggests that gold can complement alternatives by providing returns, improving diversification, adding liquidity, and enhancing overall portfolio performance.

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Outlook 2018: Global Economic Trends and Their Impact on Gold

In 2017, investors added gold to their portfolios as incomes increased, uncertainty loomed, and gold’s positive price momentum continued. As 2018 begins the WGC explores four key market trends and their implications for gold.

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World Gold Council


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