Nearly 100 Days In, Is Trump Any Closer to Fiscal Reform?

Next week I will be in Washington, D.C., attending Evercore ISI’s Energy Policy & Geopolitics Conference, where I will be visiting senior staff from the White House infrastructure team and House Energy and Commerce Committee. I will also be meeting with John Fagan, head of the Treasury Department’s Markets Room, […]

Get Ready for Inflation! Lumber Logs a 12-Year High

As if you need more proof that inflation is finally starting to pick up, lumber prices rose to a 12-year high this week, supported mainly by expectations that steep duties will soon be levied on cheap softwood imports from Canada. Lumber futures rose to nearly $415 per thousand board feet […]

Amid Global Uncertainty, Pay Attention to this Manufacturing Index

This week I returned from Zurich, where I spoke at the European Gold Forum. Investor sentiment for the yellow metal was particularly strong on negative real interest rates and heightened geopolitical uncertainty in the U.S., Europe, Middle East and South Africa. A poll taken during the conference showed that 85 […]

Can Trump Dig Coal out of Its Slump?

Flanked by coal workers, President Donald Trump signed the American Energy Independence Executive Order this week, directing the Environmental Protection Agency (EPA) to review the Clean Power Plan, former President Barack Obama’s signature environmental policy. Unveiled in August 2015, the plan is intended to reduce carbon dioxide emitted from U.S. […]

Investor Alert: Strategist: Keep Calm, Tax Reform Is On Its Way

Stocks had their worst day in months on Tuesday. The S&P 500 Index retreated more than 1 percent for the first time since October, and the small-cap Russell 2000 Index gave back more than 2 percent for the first time since September. As of today, the Dow Jones Industrial Average […]

America’s New Emphasis on Fiscal Policy

For the third time in two years, the Federal Reserve lifted interest rates 0.25 percent this week following last week’s phenomenal jobs report. The move was seen as more dovish than many market analysts had anticipated. BCA Research went so far as to call it an “unhike,” citing a number […]

The Bull Market Just Turned Eight. What Now?

Eight years ago this week, President Barack Obama gave investors a surprisingly hot trading tip. In office less than two months, he commented that we were at “the point where buying stocks is a potentially good deal if you’ve got a long-term perspective.” Obama couldn’t have known then how accurate […]

Disrupt… Or Get Disrupted

This week I was in Vancouver attending YPO EDGE, the annual summit for business executives from more than 130 countries. YPO, which stands for Young Presidents’ Organization, has roughly 24,000 members worldwide. Together, they employ 15 million people and generate a massive $6 trillion in revenue annually. What I appreciate […]

This Natural Gas Opportunity Is Years in the Making

This week I was in beautiful Argentina with a diverse team of investors and mining executives, including my good friend Frank Giustra; Ian Telfer, founder of Silver Wheaton and current Chairman of the Board of Goldcorp, which has sizeable investments in Argentina; and Serafino Iacono, Chairman of the Board of […]

Gold Gets a Shot in the Arm from Inflation and China

Inflation just got another jolt, rising as much as 2.5 percent year-over-year in January, the highest such rate since March 2012. Led by higher gasoline, rent and health care costs, consumer prices have now advanced for the sixth straight month. In addition, January is the second straight month for rates […]

Investors Brace for a Storm of Uncertainty with Gold

As Winter Storm Niko blanketed the Northeast in snow this week, disrupting scores of flights in the U.S., airline executives convened in Washington to talk shop with President Donald Trump. Back in November, I wrote that domestic carriers are likely to see the new president—himself the former owner of the […]

Investors Shift Back into Gold as Trump’s Honeymoon Period Ends

That didn’t take long. After little more than two weeks, President Donald Trump’s honeymoon with Wall Street appears to have been put on hold—for the moment, at least—with major indices making only tepid moves since his January 20 inauguration. That includes the small-cap Russell 2000 Index, which surged in the […]

China Sets the Stage to Replace the U.S. as Global Trade Leader

By Frank Holmes CEO and Chief Investment Officer U.S. Global Investors January 27, 2017 Tomorrow marks the Lunar New Year, the most important date in the Chinese calendar. It’s also the start of the longest holiday at two weeks, during which the largest mass migration of humans occurs every year […]

“America Works… Never Bet Against America”

And like that, it happened. Despite the polls, despite what anyone believed was possible, including many of his own supporters, billionaire developer Donald J. Trump was sworn in as the 45th President of the United States. Whether you agree with him not, he’s now leader of the world’s largest economy […]

American Small Businesses Party Like It’s 2004

France reported this week that its summer hosting of Euro 2016, Europe’s soccer championships, added $1.26 billion to its economy. This is good news, for sure, and worth celebrating. But here’s the thing: Why doesn’t France put as much effort into supporting its businesses and markets as it does its […]

Ringing in the New Year with a Bullish Case for Gold

You could say gold miners struck gold in 2016. The group, as measured by the NYSE Arca Gold Miners Index, finished the year up an amazing 55 percent, handily beating all other asset classes shown below. Miners were followed by commodities at 25 percent and silver at 15 percent. Gold […]

What Are the Risks of a U.S.-China Trade War?

Risk is one of my all-time favorite board games. It’s among the very few that’s equal parts strategy and luck, and the stakes can’t get much higher than total world domination. It wasn’t uncommon for games between my friends and me to last for hours, sometimes deep into the night. […]

Inflationary Expectations in 2017 Keep the Polish on Gold

Inflation can be understood as the destruction of a currency’s purchasing power. To combat this, investors, central banks and families have historically stored a portion of their wealth in gold. I call this the Fear Trade. The Fear Trade continues to be a rational strategy. Since President-elect Donald Trump’s surprise […]

Here’s What Oil Did the Last Time OPEC Cut Production

It finally happened. For the first time since 2008, the Organization of Petroleum Exporting Countries (OPEC) agreed to a crude oil production cut this week, renewing hope among producers and investors that prices can begin to recover in earnest after a protracted two-year slump, one of the worst in living […]

The Great American Splurge

In a Frank Talk this week, I discussed the surge in small-cap stocks since Donald Trump’s election. A bet on smaller domestic stocks, I wrote, is a bet that Trump will deliver on his promise to “make America great again.” He plans to lower taxes, streamline regulations and spend big […]