By John Corcoran, Senior Client Portfolio Manager
Changes in the macroeconomic and geopolitical environment have made these assets more attractive.
Gold and precious metals mining equities - as represented by the Philadelphia Gold & Silver Index or XAU - have suffered in the market downdraft along with other risk assets (down 20.3% year to date through March 17) after rising an impressive 52.9% in 2019. They have outperformed the S&P 500 marginally so far this year and meaningfully over the past 12 months. Changes in the macroeconomic and geopolitical risk environments have made both bullion