HRA Journal

HRA Journal Articles

2013 worked out much better for most major bourses than even optimistic forecasters expected. In large part that was due to multiple expansion. Traders bid up the value of each dollar of earnings and the P/E ratio for the market...
As I expected, the US Fed pulled the trigger and announced an initial "taper" of the Quantitative Easing (QE) program. Starting this monthly purchases of T-Bills and Mortgage Backed Securities will be reduced by $10 billion.
Gold continues to struggle and so do explorers.  I am seeing encouragement in the trading of some discovery stories but this is a very small subset of the junior sector.   I think the precious metals markets are well set up for a rally...
Since the price dive in April, gold fought its way back to $1480 before succumbing to renewed selling as general equity indices rallied and the US Dollar took off.   It has traded back close to, but above, it’s April low before regaining...

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Minting of gold in the U.S. stopped in 1933, during the Great Depression.