Monthly Portfolio Review, March 2025
We need more months like this
Well that was fun.
Gold extended its bull market into uncharted territory in March, surpassing $3,000/oz.
What’s driving it? Rising global chaos, obviously. But also central bank buying, which seems to be price-insensitive:
Copper had a nice run to levels that are profitable for well-run miners. All but one of our Portfolio’s copper miners are up (see below).
Silver did about as well as gold in percentage terms and generated some buzz as a “squeeze candidate.” See:
Silver Squeeze 2.0: Will silver price see the biggest technical breakout in modern market history?
Silver squeeze graphics like the following have become common:
Macro and Sector News
Silver to log fifth straight year of deficit. A look at the top-5 country producers
The Golden Age of Nuclear Energy Is Here
Copper Rises to Five-Month High After China Vows to Boost Demand
Copper is on the Verge of a Bull Market—And That’s Great News for Silver
Fed says it will slow balance sheet runoff process
"Do The Right Thing" - Trump Warns Fed To Cut Rates As Tariff Trouble Looms
Every physical silver ounce has been sold up to 1000X
Homebuyers jammed up by stubbornly high mortgage rates, tariff threats