Monthly Portfolio Review, March 2026

Brutal month...except for that epic last day

Chaotic wars force Russia and Turkey to sell gold to cover pressing expenses.

And disruptions in AI and private credit force speculators to liquidate stable assets such as gold to fund margin calls and/or investor redemptions.

The result? Tons of gold dumped on global exchanges and a brutal correction in precious metals.

In March — despite a nice comeback on the 31st — gold and silver fell 10% and 18%, respectively.

The carnage was magnified in the mining space, with miner ETFs GDX and SIL falling hard.

Oil, meanwhile, spiked on the closure of the Strait of Hormuz, taking the oil stocks along for the ride. Months like March are why we own them.

Hope…and Opportunity

The positive precious metals action on March’s final trading day (gold up $150 and silver up $5) suggests that safe-haven investors are moving back into the metals. And the past month’s decline in mining shares created opportunities that until recently seemed lost forever.

My (Attempted) Trades

With everything tanking, I tried to snag a few depressed mining stocks, including:

First Majestic Silver
Royal Gold
Franco-Nevada
GDX
SIL

All got close, but none fell to their target prices. One or two more down days would have done it.

In any event, note that our Portfolio is still crushing it: