Ann: Quarterly Activities Report, page-122

what im pretty sure has happened is 2 things

1) US latest data the other night showed strong rise in costs -
2) FOMC lowered % on 3rd rate hike late in the year

i know ive said this before about how low real rates are whats needed for gold price

but i heard a european banker today talking about saying same thing -though not mentioning gold - he just said 'we'll if US rates are 2.25% by year end and inflation is 2.2% you have zero real interest rates"

thats whats putting a spine back into PM stocks buying - but its going to be volatile because it will be rising while USD is probably rising also - 2 steps up one back

but the buying in PM stocks is very strong indicator market may be comfortable starting bidding the undervalued stocks back to par

still not sold on RSG as a buy and hold just yet now that qtrly is out - on any negative its going to give the most

but personally i think itll ultimately be v cheap here - just some serious up and down as market pivots on its view on those real interest rates