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Tuesday is generally predictable—we eat tacos, get more work done after spending too much time in our email inbox the day before, and we read our daily precious metals news, right? (The answer right now is definitely yes unless you are reading this late.) Sometimes though, Tuesday can surprise us—like today’s top story. You may be surprised by which company has earned over a billion dollars from precious metals. We also have a Doug Casey interview for you on why he is uncomfortable buying gold right now.
Let’s dig in…

Latest News
Guess Who is the King of Precious Metals in 2020?
JPMorgan has earned record revenue of around $1 billion so far this year from trading, storing and financing precious metals, vastly outperforming rival banks, two sources familiar with the matter told Reuters.
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Commentary
[VIDEO] Doug Casey Explains Why He’s Uncomfortable Buying Gold Right Now
Stansberry Research has put out a video interview with Doug Casey, one of gold’s most devoted enthusiasts for the past 40 years. Casey thinks we are on the brink of a U.S. dollar crash, and once it sinks, there will be “a real panic out of the dollar” which will then create a spike in gold prices. He bought most of his gold at $250/ounce, so the famed speculative investor feels really squeamish about buying it at the current $1800/ounce price. Check out the full interview where Casey talks about the turbulent times ahead—not in the next year, but the next decade.
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Commentary
Why Bullion Could Crash Hard Soon
Frank Holmes at U.S. Global Investors looks at bullion’s strengths, weaknesses, opportunities and threats—all listed out for you in bullet points and a graph for good measure that shows how the gold price has fluctuated in 2020 month to month.
Gold SWOT: Bullion at Risk of a “Major Collapse”? ([link removed])
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International
Is Global Demand for Gold Slipping?
LAWRIE WILLIAMS looks at why Russia is still not buying gold and what this might mean? Is this a sign that gold demand is dropping not just in Russia but around the world? “Earlier this month a report in Russia Today noted that Russia’s foreign exchange holdings had risen for the second consecutive week to reach $587.6 billion, according to data released by the country’s central bank. The holdings rose by $3.6 billion, or 0.62 percent, from October 30 to November 6. The growth was supported by “positive exchange rate revaluation and higher gold prices,” according to the report. While this seems to be a remarkable result in the light of the coronavirus incidence in that nation, and somewhat counter to that being experienced in many others, Russia’s moves to reduce its foreign exchange holdings dependence on the U.S. dollar appears to have held it in good stead in terms of overall figures.”

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Commentary
Gold is Coming Out of a “Nuclear Winter,” Says John Hathaway
Tom Bodrovics, a host of Palisades Gold Radio, welcomes returning guest John Hathaway, a Portfolio Manager of Sprott Hathaway Special Situations Strategy and Co-Portfolio Manager of the Sprott Gold Equity Fund. Hathaway discusses traditional portfolio weightings and why they no longer work. Bonds today are return-free risk, which opens the door for gold since something has to replace bonds. Some large pension fund advisors are considering gold as a risk mitigator. John explains how relatively small gold price moves can have an outsized impact on gold producers' profit margins. These stocks remain quite undervalued when considering their free cash flow yield.
LISTEN TO HATHAWAY TALK ABOUT BONDS, DEBT AND GDP, U.S. DOLLAR DECLINE, MINES, GOLD PRICES
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Economy
Vaccine and Weather Keeps Commodities Steady
Global markets, including the commodity sector, remain torn between the negative impact of surging coronavirus cases and the prospect for vaccines being rolled out in the new year. These opposing developments help to explain why the commodity sector has 'only' risen by 2% since the November 9 vaccine announcement. While energy and industrial metals, which would benefit from increased mobility and economic recovery, have risen the major gains have to some extent continued to be driven by the agricultural sector. Global markets remain torn between the negative impact of surging coronavirus cases around the world and the prospect for vaccines being rolled out in the new year. Since the November 9 vaccine announcement from Pfizer/BioNTech and Moderna this past week, the markets have tried to focus on a recovery theme. This outlook, however, is still being hampered by... READ MORE
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