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  1. Market Update – January 31

    Excerpt from our 2023 Annual Shareholder Letter, which can be read in full by clicking here. Market Commentary There appears to be growing understanding in the market that higher interest rates are not sustainable.  As Goldman Sachs released in a research note to clients on October 3, 2023, “A sharp rise in long-term interest rates…

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  2. Market Update – December 19

    OCM Gold Fund 2023 Capital Gains Distribution – Zero There will be no long-term or short-term capital gains distribution for OCM Gold Fund shareholders for 2023 Fed Rate Cuts and Gold We’ve shared this chart several times but it is timely to share again due to The Fed’s indication of rate cuts. Dating back to…

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  3. Market Update – December 7

    Gold – First Monthly Close Over $2,000 Gold priced in U.S. dollars had its first monthly close over $2,000 in November, closing the month at $2,035.50 per ounce.  Speculation that the Federal Reserve’s rate hiking cycle is close to ending, along with the fiscal position of the U.S. becoming increasingly precarious due to the the…

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  4. Fiscal Dominance – OCM Market Update November 13

    Gold Price – What is it telling us? The gold price has decoupled from its relationship with 10yr Tips (see chart).  Higher real rates are not driving gold price movement, though higher real rates are driving gold ETF flows and sentiment toward precious metals equities.  Let’s unpack what we believe is going on. Source: Dylan…

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