MACQUARIE RATES SLR AS OUTPERFORM, page-189

Was waiting for SLR to break below $1.10 and have actioned a purchase at $1.09.

Still believe POG remains under short term pressure, so have kept powder dry for SLR and other juniors at even lower prices in the weeks ahead.

l am not interested in short term charts.

Currently confidence is high in a soft landing.

I expect US inflation prints, retail sales and employment data will roll over in the months ahead.

When they do, the market and the FED will see rate hikes ceasing.

I don't expect ST interest rates to fall, Powell will keep them elevated to destroy demand. But l do expect 10 yr bonds to tumble fairly sharply. Inverted yield curves do that.

None of the above is guaranteed, just my expectations.

POG needs bonds to send their signal before it breaks out to the upside. Current weakness is classic secular cycle down leg, where the upward price line thesis loses hope and falters.

With a much longer term time horizon, the juniors have been belted back into strong buy territory for me and l can wait as long as l need to until the worm turns my way. All producers are naking money at current prices and M&A is on the table.

The heavyweight gold miners have held on to most of their 50% to 80% gains, l see no bargains there and lightened a couple of weeks ago. Thank you Newmont.

It is an interesting time to be an investor and a very interesting market, with bulls and bears wrestling for their positions.

A fair chunk of cash is still my best friend, and one should never be afraid to sell something at a profit to get it.

As has been pointed out in earlier posts by observant posters, SLR has an appealing Balance Sheet. I hope it can exploit its rich resources for current shareholders, but do not eliminate corporate action at current prices.

GLTASH