by Paul Wong
The precious metals complex set off fireworks in July as gold bullion reached all-time highs. Silver bullion and gold mining equities broke through significant long-term resistance levels to further improve their bullish standing. Year to date, the precious metals complex continues to outperform as gold has attained “escape velocity,” i.e., it has gravitationally moved away from other asset classes.*
Gold bullion1 was up 30.22% YTD through July 31, 2020, and 39.76% YOY. At the same time, gold mining equities (SGDM)2 gained 47.70% YTD, and 61.54% YOY as of July 31. This compares to 2.38% YTD and 11.96% YOY returns for the S&P 500 TR Index.6 Silver posted outsized gains in July and is up 36.62% YTD and 49.95% YOY as of July 31.