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Gold Enters Bear Market

Just wanted to touch base and briefly remind you why we took such a diversified and defensive position in our portfolio. One cannot predict when and where the next downdraft in a security or commodity will take place. For example, look at the carnage in the metals sector today (Gold down 14% in the last two days and caps off the worst sell-off in 30 years). Given the uncertainty in the global economy and the acceleration of money printing by Central Banks all around the World, logic (along with the media) tells us to buy Gold. Today is hardly an argument for either logic or the media’s recommendation.

With weak economic numbers coming out of China, the fact Cyprus may have to sell some of it’s Gold reserves to meet debt obligations, the reality that Cyprus’ actions may set a precedent for other Countries to sell their Gold reserves to meet their debt obligations, and margin calls for those leveraged in buying Gold, we are experiencing one of the worst down days in Gold in a very, very long time.

Days like today remind me of the importance of not only being diversified but continuing to hold asset classes such as dividend paying stocks and interest paying bonds that “pay us to wait” while the market undergoes periods of volatility.

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