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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.

Spinning Italy's Distressed Debt into Gold
May 30, 2018

Spinning Italy’s Distressed Debt into Gold

Serious gold investors know that May has historically been a weak month for the price of the yellow metal. For the 10-year and 30-year periods, the month delivered negative returns. The general decline in enthusiasm comes before the late summer rally in anticipation of Diwali and the Indian wedding season, when gifts of gold are considered auspicious. In the past, the fifth month has provided an attractive buying opportunity.

This particular May, the price of gold also had to contend with a stronger U.S. dollar, which appreciated against the euro as political strife in Italy spread throughout the entire continent. Priced in euros, then, gold is performing well, having closed at a nearly one-year high of 1,125 euros on May 29.

gold priced in euros at one-year high on political uncertainty in Italy
click to enlarge

Italian government bond yields surged dramatically following President Sergio Mattarella’s decision to block the opposition parties’ pick for economic minister, a euroskeptic who supports Italy’s exit from the eurozone. The two-year bond in particular plunged the most since the creation of the bloc’s common currency in 1999.

italian government borrowing costs surge
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With no working government at the moment, it appears likely that Italy will hold another election soon, raising the odds that either the Five-Star Movement or the League—both populist, anti-establishment parties—could take control. Although at opposite ends of the political spectrum, the two parties have expressed interest in at least opening an earnest discussion on the idea of ditching the euro.

Déjà Vu All Over Again

Italy’s appetite for change fits into what I see as a global trend right now. Based on what I’ve heard during my travels, middle class taxpayers, in the U.S. and elsewhere, are increasingly fed up with special interests and entrenched bureaucrats. As a result, the U.K. elected to end its complicity with failed socialist rules and regulations from Brussels. Donald Trump, an outsider and disruptor, was recognized by American voters as the right candidate to take on the beltway party.

Similarly, it’s possible that Italy could end up being next to say addio to further European Union (EU) control and take back its own economic and political destiny.

That said, the fear of another government debt crisis, similar to Greece’s, has naturally rattled markets. Because Italy, the eurozone’s third-largest economy, already has the highest debt-to-GDP in the bloc after Greece, and because Five-Star and the League both support ending austerity and challenging Brussels’ limits on government borrowing and spending, financials were the worst performing sector in the U.S. market, falling close to 4.5 percent for the week ended May 29. The Euro Stoxx Banks Index was down 5 percent for the same period. Italian banks fared even worse, collapsing nearly 25 percent since their high in late April.

italian banks get crushed
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Gold Seeing a Boost on Safe Haven Demand

Gold is trading above $1,300 an ounce again, but there could be bigger upside the more investors realize the full and global implications of Italy’s political turmoil.

The country’s public debt currently stands at 132 percent of GDP, and ratings agencies are reviewing a possible downgrade of its credit rating. Should it default on its billions of dollars in loans, a chain reaction could quickly spread to financial markets all over the world.

This is a worst-case scenario, but it’s for these reasons I think it’s prudent to have a 10 percent weighting in gold, with 5 percent in physical gold and the other 5 percent in high-quality gold stocks, mutual funds and ETFs.

Curious to see how some are gaining exposure to gold and precious metals? Click here!

 

The EURO STOXX Banks Index is a free float market capitalization index which covers 30 stocks of banks market sector leaders mainly from 12 eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The FTSE Italia All-Share Banks Index is a free float market capitalization index of Italian banks.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

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Building a Better U.S. Economy
May 29, 2018

Global sales of semiconductors crossed above 400 billion for fisrt time in 2017

This shouldn’t surprise anyone, but public trust in the federal government is eroding. Sixty years ago, 75 percent of Americans expressed faith in the government to do the right thing “most of the time” or “just about always.” Seventy-five percent! You can’t get 75 percent of people to agree on anything now, as the recent “Laurel or Yanny” video proved.

Today, only one in five Americans, or 20 percent—a near-record low—believes our leaders make decisions in the country’s best interest. If you’re reading this, you might very well be in the camp that has some serious doubts.

United States public trust in federal government near historic lows
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The polling data, provided by the Pew Research Center, was shared by Pulitzer Prize-winning biographer Jon Meacham, who spoke last week at an Investment Company Institute (ICI) meeting in Washington, D.C. Although no fan of the president, Meacham believes, as I do, that fed up, disillusioned voters turned to Donald Trump to take on the beltway party and career bureaucrats and roll back out-of-control regulations.

Government Policy Is a Precursor to Change

This anti-establishment discussion isn’t just happening here in the U.S., of course. Brexit in the U.K. was a populist backlash against excessive rules from unelected bureaucrats in Brussels. Last year, France nearly elected the far-right Marine Le Pen to the president’s mansion. And in Italy this week, tax-paying middle class, euroskeptic voices are getting louder following President Sergio Mattarella’s veto of their pick for economy minister.

Love him or hate him, Trump has so far stuck to his word, and he doesn’t seem to have any reservations about whose applecart he upsets. He’s an equal-opportunity disruptor, and for that he has opponents on all sides of the political spectrum, including the beltway.

It's little wonder, then, that “Trump” is likely the most spoken word in the English language right now, according to Meacham. Just don’t tell Trump that.

Presidential biographer and historian Jon Meacham

The presidential historian—who last month delivered the eulogy for former first lady Barbara Bush—also reminded the audience that, as bad as many people believe things are right now, they used to be much worse. Remember slavery? Remember Jim Crow?

Some people believe Trump is determined to weaken First Amendment protections, but he’s not the biggest threat to free speech this country has ever seen, Meacham said.

A little over 100 years ago, in preparation for America’s entry into World War I, Congress passed and President Woodrow Wilson signed the Espionage Act, which gave the U.S. government sweeping new authority to control and censor the press. Overnight, it became illegal to “convey information with intent to interfere with the operation or success of the armed forces of the United States or to promote the success of its enemies.” Hundreds of communist and pro-German newspapers and magazines were banned or otherwise forced to shut down.

It’s important to put things in perspective. Trump might regularly criticize what he perceives as “fake news,” but at least those outlets—the New York Times, Washington Post, CNN and others—are allowed to continue operating.

 

 

Trump Maintains a One-In, Five-Out Pace for Regulations

Many attendees of the ICI meeting, all representing investment and wealth management firms,  weren’t so optimistic about their ability to communicate effectively with shareholders and potential clients. Some of them shared with me their observation that regulators are increasingly getting bolder about what financial firms can and cannot say, and the interpretation of rules keep piling up.

Within the past year, we were asked to add disclosure under a picture of Elvis Presley in many of our gold presentations, if you can believe it. And during the conference, a fund manager said he found it ridiculous that, in a company slideshow, he was asked to add disclosure beneath a picture of Aristotle to inform clients that the ancient Greek philosopher was not, in fact, affiliated with the fund in any way.

It raises the question: What reader would assume that Elvis and Aristotle—the former having been dead 40 years, the latter 2,000 years—are affiliated with an investment firm?

It’s common knowledge in the business that the number of investment advisors and brokers is shrinking day-by-day. You would think that the number of rules and regulations would likewise shrink, but that doesn’t appear to be the case. In such a climate, the only ones who manage to stay ahead are the Vanguards and BlackRocks of the investment world. (Similarly, the number of seats in Congress has not changed in over 100 years, and yet we’ve seen a growth in the power of unelected bureaucrats.)

This has created an unlevel playing field that favors the Vanguards and BlackRocks of the investment world.

I believed that this is one of the key reasons why many people voted for Trump—to cut the red tape and rein in rampant bureaucracy. Here again, he’s kept his word, having so far eliminated, on average, five federal rules for every new rule created, according to the libertarian think tank Competitive Enterprise Institute (CEI).

Bye Bye, Dodd-Frank. Hello, Economic Growth?

Case in point: The week before last, he signed legislation that severely weakened the Dodd-Frank Wall Street Reform and Consumer Protection Act. The behemoth 2010 law, intended to prevent another financial crisis, is believed to be directly responsible for the failure of a number of small and regional banks, which small businesses and rural families depend on for loans and other financial services.

That’s why I named Dodd-Frank one of the five costliest financial regulations of the past 20 years. Barney Frank himself, the former chairman of the House Financial Services Committee and one of Dodd-Frank’s chief architects, acknowledged he “sees areas where the law could be eased.”

With the most restrictive parts of Dodd-Frank gone or amended, annual economic growth in the U.S. might finally be able to break above 3 percent, a rate we haven’t seen since 2005.

In the meantime, asset management firm AllianceBernstein shows that, over the past 30 years, the best performing factor has been return on invested capital (ROIC). According to the firm, ROIC outperformed return on equity (ROE) by one and a half times, and gross profitability by nearly three times.

Trading return on invested capital has been most successful over much of the cycle
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Seeing this chart was particularly vindicating for us, as ROIC is among the most important factors we pay attention to when making our investment decisions.

Government Policy Right Now Favors Small-Cap Stocks

The Dodd-Frank rollback is just the latest move by the Trump administration that should benefit smaller businesses. Quarter-to-date, the small-cap Russell 2000 Index is up more than 6 percent, compared to the S&P 500 Index, which is up 2.8 percent. Meanwhile, small business optimism , as measured by the National Federation of Independent Business (NFIB), remains near a historic high, posting 104.8 in April, up a hair from the previous month.

Small cap stocks continue to climb as business optimism strengthens
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I often say it’s not about which party is in power but rather the policies that matter. Whether the Republicans or the Democrats control Washington isn’t the point. There are ways for investors to make money in either case, and right now, government policy favors domestic small-cap stocks that have limited exposure to overseas markets. The trend is your friend, as they say, and with respect to small-caps, that certainly seems to be the case.

Learn more about small and mid-cap stocks by clicking here!

 

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

The Russell 2000 Index is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000. The Russell 3000 Index consists of the 3,000 largest U.S. companies as determined by total market capitalization.

The small business optimism index is compiled from a survey that is conducted each month by the National Federation of Independent Business (NFIB) of its members.

Return on invested capital (ROIC) is a performance and profitability ratio indicating how much investors in a business are earning on the capital.

Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. 

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Yields Look Overextended and Ready for Mean Reversion
May 23, 2018

Bull and Bear market statue Frankfurt

The 10-year Treasury yield has been the topic of conversation lately among fixed-income investors. Earlier this month, the T-note closed above 3 percent for the first time since July 2011, prompting some market watchers to call time on the three-decade Treasury bull market. (Bond prices fall as yields rise, and vice versa.) For other investors, these concerns might extend into the $3.8 trillion municipal bond market.

I believe this bearishness is premature. Take a look at the chart below, which shows the 10-year yield’s daily standard deviation based on 10 years’ worth of data. As of Friday, May 18, the yield was up a little more than two standard deviations from its mean—suggesting that, while not guaranteed, there’s a high probability of mean reversion. Such a move would bring the 10-year yield back down to around 2.88 percent, a level last seen in mid-April. This would be similarly positive for muni bonds, though it’s important to remember that Treasuries, unlike munis, are backed by the full faith and credit of the U.S. government.

Year over year percent change oscillator 10 year treasury yield
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Muni Bonds Outperformed in Previous Rate Hike Cycles

Fixed-income investors might find munis more attractive than Treasuries right now for two additional reasons.

For one, muni bonds historically outperformed and were less volatile than Treasuries during previous rate hike cycles, according to Standish data. In the past, a 100 basis point rise in the 10-year Treasury yield—in response to higher interest rates—was accompanied by a rise of only 60 basis points on average in muni bond yields.

Take a look below. In each of the past seven rate hike cycles, munis outperformed Treasuries by at least 5 percent and sometimes as much as 10 percent or more. The Federal Reserve has raised rates six times since December 2015, with two more increases possibly slated for this year.

Munis have outperformed treasuries when rates rise
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Tax Overhaul Favors Munis

Second, because muni bonds are exempt from federal income taxes and often from state and local taxes (SALT) as well, they’re especially attractive to investors living in high-income tax states such as California, New York, New Jersey, Minnesota, Oregon and others.

You might think that the major tax reform bill signed into law at the end of last year would dampen demand for munis. But because the law caps SALT deductions at $10,000, wealthier taxpayers, in many cases, may end up paying more to Uncle Sam than they did before.

Some high-tax states are scrambling to create “SALT workarounds,” designed to help top earners cope with the new tax law and prevent talent from migrating to a state with lower (or no) income taxes.

The problem with these workarounds, though, is that many of them are highly complex. What’s more, filers may run into difficulties with the Internal Revenue Service (IRS), which has expressed disapproval of the workarounds.

You can probably tell where I’m going here. Short-term muni bond funds are a tried-and-true method to help preserve capital and also deliver income that’s tax-free at the federal and often state and local levels.

Interested in learning more about tax-free income? Click here!

 

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility.

The Bloomberg Barclays 10-Year U.S. Treasury Bellwethers Index is a universe of Treasury bonds, and used as a benchmark against the market for long-term maturity fixed-income securities.

Thomson Reuters Municipal Market Data (MMD) AAA Curve is a proprietary yield curve that provides the offer-side of “AAA” rated state general obligation bonds, as determined by the MMD analyst team. The “AAA” scale (MMD Scale), is published by Municipal Market Data every day at 3:00 p.m. eastern standard time with earlier indications of market movement provided throughout the trading day.

 

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Blockchain Will Completely Revolutionize How We Mine Gold and Precious Metals
May 21, 2018

Global sales of semiconductors crossed above 400 billion for fisrt time in 2017

Last week I had the pleasure to attend Consensus 2018 in New York, the premiere gathering for the who’s who in blockchain, bitcoin and cryptocurrencies. Attendance doubled from last year to an estimated 8,500 people, all of them packed in a Hilton built for only 3,000. Ticket sales alone pulled in a whopping $17 million, while event booths—the largest of which belonged to Microsoft and IBM—generated untold millions more.

The entire three-day conference, hosted by crypto news outlet CoinDesk, had the energy and flair of the world’s greatest carnival. Sleek lambos sat outside the hotel, attracting all sorts of gawkers. Passersby also stopped and stared at the “bankers against bitcoin” protest, conceived and funded by Genesis Mining, one of the largest bitcoin mining companies. (You can read my interview with Genesis cofounder and CEO Marco Streng here.)

Bankers agaisnt Bitcoin protest

The same money went to finance bitcoin awareness billboards outside the Omaha office of Warren Buffett, who recently bashed the cryptocurrency, calling it “rat poison squared.”

“Warren,” the billboards read, “you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?”

Warren Buffet billboard Bitcoin Genesis Mining

Bringing #BitcoinAwareness to the Masses

That Buffett has a negative opinion of bitcoin shouldn’t surprise anyone. The “Oracle of Omaha” has famously been averse to emerging technology and tech stocks he doesn’t fully understand, including Google, Amazon, Microsoft and others. But he’s changed his mind in the past after he’s seen the value these companies provide.

I’m old enough to remember when Buffett was vehemently against airline stocks. The industry was a “death trap” for investors, he once said. Today, his company Berkshire Hathaway is one of the top holders of stock in the big four carriers—United Continental, Delta Air Lines, Southwest Airlines and American Airlines. He even told CNBC he “wouldn’t rule out owning an entire airline.”

Obviously there’s a world of difference between airline stocks and bitcoin—although blockchain, the technology that bitcoin is built on top of, is already being used in aviation to increase transparency in aircraft manufacturing and maintenance. All I’m saying is I wouldn’t rule out bitcoin, or cryptocurrencies in general, just because Buffett isn’t a fan. He doesn’t like gold as an investment either, and that hasn’t stopped it from being one of the most liquid assets on the planet.

The Future of Gold Mining (And Investing)  

But back to Consensus. It wasn’t all fun and games, and there were some serious discussions on how governments might one day use cryptocurrencies; the future of bitcoin mining; and blockchain applications in finance, health care, insurance, energy and more. As I explain in last week’s Frank Talk Live, charitable giving is down because donors are increasingly concerned about fraud. Blockchain can help validate where your money is going.

I would include the mining industry to that list. Blockchain has the potential to revolutionize how gold and precious metals are manufactured and delivered. Consider the journey a gold nugget must take along its supply chain, from mine to end consumer—it cuts through several other industries and practices, including legal, regulatory, financial, manufacturing and retail, each of which might have its own ledger system.

These ledgers are vulnerable to hacking, fraud, errors and misinterpretations. They can be forged, for example, to conceal how the metal or mineral was sourced.

With blockchain technology, there’s no hiding anything. Decentralization guarantees complete transparency, meaning anyone along the supply chain can see how, when and where the metal was produced, and who was involved every step of the way.

This will give the industry a huge shot of trust, not to mention dramatically increase efficiency.

Many producers, tech firms and entire jurisdictions have already adopted, or plan to adopt, blockchain technology for these very reasons. IAMGOLD, a Toronto-based producer, announced last month that it partnered with Tradewind Markets, a fintech firm that uses blockchain technology to facilitate digital gold trading. IBM just helped launch a diamond and jewelry blockchain consortium, TrustChain, that will track and authenticate diamonds, metals and jewelry from all over the world. And sometime this year, the Democratic Republic of Congo will begin tracking cobalt supply from mines to ensure children were not involved.

With precious metals being used more widely in industrial applications, from smartphones to electric cars to Internet of Things (IoT) appliances, tracking metals across the supply chain has become increasingly more important to businesses and consumers. According to the Semiconductor Industry Association (SIA), global sales of semiconductors—which contain various metals, including gold—crossed above $400 billion for the first time in 2017. Total sales were $412.2 billion, an increase of nearly 22 percent from the previous year.

That’s a lot of metal and other materials that blockchain tech can help authenticate.

Global sales of semiconductors crossed above 400 billion for fisrt time in 2017
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Before I get off this topic, I want to mention that blockchain is also bringing change to gold investment. Consider Royal Mint Gold (RMG), which aims to provide the “performance of the London Gold Market with the transparency of an exchange-traded security.” There’s also the Perth Mint’s InfiniGold, which issues digital certificates guaranteeing ownership of gold and silver in the mint’s vault. A number of other platforms exist to help facilitate gold trading.

Should even one of these become hugely popular, it “could be as big a change to the gold markets as the development of ETFs, but with the added advantage of appealing to younger generations,” according to the World Gold Council’s (WGC) chief strategist, John Reade.

Who Says Size Matters?

The small-cap Russell 2000 Index closed at its third straight record high on Friday after putting up bigger gains than the larger-cap S&P 500 Index and Dow Jones Industrial Average.   

the russel 2000 index hit a new all-time high
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As I’ve explained before, President Donald Trump’s protectionist policies and low corporate tax and regulatory environment strongly favor small-cap stocks. Investors hate uncertainty, which is precisely what the market is feeling with regard to tariffs and global trade. Because small-cap companies don’t rely as heavily on overseas markets as huge multinationals do, it’s little wonder why we’re seeing money flow into the Angie’s Lists and Yelps of the world right now.

 

The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (03/31/2018): IAMGOLD Corp., United Continental Holdings Inc., Delta Air Lines Inc., Southwest Airlines Co., American Airlines Group Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

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This Oil Rally Could Have Much Further to Go
May 16, 2018

a picture inside hive blockchain technologies cryptocurrency mining facility in inceland

For more than a week now, West Texas Intermediate (WTI) crude oil has been trading north of $70 per barrel, a level we haven’t seen since November 2014. Gas prices are likewise trending up, as I’m sure you’ve noticed. According to the American Automobile Association (AAA), the average cost for a gallon of regular gas was $2.88 on May 15, up nearly 25 percent from a year ago.

This will inevitably push inflation up even higher. In April, consumer prices advanced 2.4 percent year-over-year, their fastest pace since February 2017.

Energy the Best Performing Sector for the Three-Month Period

The good news is that energy stocks are also recovering. The S&P 500 Energy Index, which tracks heavy hitters such as Chevron, Exxon Mobil, Marathon Petroleum and more, is up almost 7 percent year-to-date, and 46 percent since its low in January 2016. As of May 15, energy was the top-performing sector for the three-month period, returning 14.5 percent.

energy stocks are recovering alongside oil prices
click to enlarge

Those returns could grow even more, if Bank of America Merrill Lynch’s latest forecast proves accurate. Analysts there believe the price of oil could climb back up to the $100 range as early as next year, which would add another $1 to the cost of a gallon of gas.

Speaking to CNBC this week, famed energy analyst Dan Yergin, winner of the Pulitzer Prize, said that Brent crude, the international oil benchmark, could reach $85 a barrel by July. This would serve as a “big stimulus” for U.S. drilling activity, he noted. I would add energy share prices to that assessment.

2018 gas prices higher than previous three years
click to enlarge

U.S. gas prices peaked at $4.11 a gallon in July 2008, according to AAA, and if you’re like me, you’re probably in denial that we might have to start paying that again at the pump. We’re not quite there yet, but it might be time to get your portfolio ready by adding to your energy exposure.

Venezuela Oil Output Deteriorates Further Ahead of Sunday’s Presidential Election

So what’s driving the current rally?

Besides greater global demand—supported by a healthy, expanding economy—two things in particular are keeping prices buoyant right now. Number one, President Donald Trump’s decision to pull the U.S. out of the Iran nuclear deal has the potential to curb exports out of the Middle Eastern country, by as little as 200,000 barrels per day (bpd) or as much as 1 million bpd, depending on your source. Iran is responsible for about 4 percent of the world’s supply, so the impact is not insignificant.

Global oil supply is also being squeezed right now by worsening economic conditions in Venezuela. A member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela sits atop the world’s largest proven oil reserves—and yet its monthly output has been declining rapidly for more than two years. In January, the most recent month of data available, the South American country pumped only 1.67 million bpd. The International Energy Agency (IEA) estimates output fell an additional 60,000 bpd in February. That’s a 31-year low with the exception of a brief period between December 2002 and February 2003 when oil workers went on strike, sending global prices soaring.

Venezuela oil production in freefall
click to enlarge

Venezuela’s crumbling economy will be top of mind this Sunday as its citizens go to the polls for the first time since socialist President Nicolas Maduro took power in 2013. Although hyperinflation has made the bolivar more worthless than tissue paper, and food and medicine shortages are an everyday thing now, it’s hard to imagine Maduro not walking away with a second term.

Venezuela is one of the most corrupt nations in the world, and the U.S. plans to hit back with steep oil sanctions following Sunday’s election. The beleaguered country is the third-largest supplier of crude to the U.S., following Canada and Saudi Arabia. Such sanctions would be a crippling blow not only to its oil industry but also the government’s already-fragile budget.

As unfortunate as this is, it nonetheless presents an opportunity to energy and oil investors, with additional upside potential as the country’s oil supply tightens even further.

Watch this brief video on opportunities in energy and natural resources by clicking here!

 

The S&P 500 Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS energy sector.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of 3/31/2018: Exxon Mobil Corp., Chevron Corp., Marathon Petroleum Corp.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

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Net Asset Value
as of 08/14/2018

Global Resources Fund PSPFX $5.54 0.01 Gold and Precious Metals Fund USERX $6.97 -0.04 World Precious Minerals Fund UNWPX $3.50 -0.04 China Region Fund USCOX $9.34 -0.36 Emerging Europe Fund EUROX $6.29 0.14 All American Equity Fund GBTFX $26.15 0.16 Holmes Macro Trends Fund MEGAX $20.00 0.17 Near-Term Tax Free Fund NEARX $2.20 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change