Market Review
It looks like the president’s tariffs are beginning to show some effect on inflation. The latest CPI report showed that the inflation rate—while lower than the 2.5% economists had expected—crept up to 2.4% from April’s 2.3% rate. Core inflation—excluding food and energy—rose 2.8%, the same as April’s increase.
The number was helped by drops in apparel and automobile prices.
The unemployment rate remained stable at 4.2%. The ADP employment number was just 37,000, the lowest level since March 2023, and less than the 111,000 anticipated.
Housing starts and existing home sales have declined, while housing prices have begun to appreciate at a decreasing rate. According to the Federal Housing Finance Agency (FHFA), “U.S. house prices rose 4.7% in the first quarter of 2025, compared to the first quarter of 2024.”
You may be interested in seeing how your local home prices are faring. Here’s a state-by-state housing price graph.
The market has regained mostly upward momentum in the past few weeks, and now both Growth and Value stocks are positive, year to date, led by Mid-Cap Growth (up 6.65%), Large-Cap Value (+3.47%), and Large-Cap Growth (+2.22%).
Sector-wise, all sectors— except for Energy (-2.44%), Healthcare (-2.49%) and Consumer Discretionary (-4.67%)—are in the black, led by Industrials (+9.90%), Communication Services (+6.82%), and Utilities (+6.59%).
While I can’t say that we are 100% bullish, the market is looking much better. Yet, there are still pockets that appear to be bargains—such as the industry in which the company I’m recommending this month serves.
Feature Recommendation
I always look forward to hearing from Carl Delfeld, Chief Analyst of Cabot Explorer. In the past few months, Carl has spent a lot of time in Asia, researching stocks and industries. I’ll let him tell you a lot more about that in a minute, in our interview.
But I also asked Carl for a recommendation from his newsletter this month, and he recommended a mining stock. While gold has been on an upward bent for the past year and a half, silver has also risen, but not at the same pace. And Carl thinks the potential for that metal is very attractive.
With that in mind, here is his recommendation:
Coeur Mining, Inc. (CDE): Undervalued but Ready to Shine
“With gold prices on an extended upward trajectory, silver stocks should also be considered.
“Historically, silver prices both lag and follow gold. The silver-gold price ratio is extremely wide and indicates that a silver price catch-up is going to happen.
“The gold-silver ratio is an intimate relationship. It indicates how many ounces of silver are needed to buy one ounce of gold. In the last century, this ratio reached its lowest point at just under 15:1 at the end of 1979 and peaked at over 110:1 during the COVID crisis.
“For many precious metal investors, silver is seen as gold’s ‘little brother,’ but it has a long history as a means of payment going back centuries, as the Spanish silver dollar was once the reserve currency of the day.
“This year, we passed the 100:1 mark for only the fourth time in a hundred years—a strong signal that silver may be underpriced. While gold has reached a historic high, the silver price is almost 50% off its all-time high in U.S. dollars per ounce.
“There are limited pure silver plays, and I have chosen a smaller North American speculative play.
“Coeur Mining (CDE) is a mining company that explores gold, silver, zinc, and other related metals in the U.S., Canada, and Mexico. Through off-take agreements, it markets and sells its concentrates to refiners and smelters. It stands out as one of the best breakout stocks to buy, owing to the growing demand for gold and silver, which could result in a significant price spike.
“In 2024, Coeur Mining executed a deal to acquire SilverCrest Metals in a $1.7 billion all-in-stock acquisition, which is expected to boost financial performance in 2025 as it is expected to contribute about $350 million in free cash flow. With this acquisition, Coeur also gains access to the high-grade Las Chispas mine in Mexico.
“The company is becoming profitable, and the numbers are going in the right direction. It also generated $85 million in free cash flow in the second half of 2024 as it reduced its debt by $80 million. A stock buyback plan and strong uptrend in precious metal prices are in place.
“This is a speculative recommendation, and timing a strong turn in silver stocks is difficult, but the stock has significant upside potential. Coeur Mining shares are showing nice momentum as silver prices rise following the gold trend and periodic spikes can be explosive. BUY A HALF”
For its first quarter, CDE earned $33.4 million (EPS of $0.065), up from a $29.1 million loss last year, on revenues of $360.1 million (up 69% from 1Q 2024). Both top and bottom lines beat Wall Street’s estimates by 21% and 140%, respectively.
For the full year 2025, the company is forecasting production of 95,000 to 105,000 ounces of gold and 5.4 million to 6.5 million ounces of silver.
Coeur Mining is expected to earn $0.15 per share for the current quarter, which would work out to be a year-over-year change of +1,600%. For the full year, EPS is forecast at $0.66, a 266.67% increase from the prior year. The company’s earnings estimates have been rising for the past three months.
As Carl mentioned, the company has announced a generous stock buyback—up to $75 million shares, effective through May 31, 2026.
Here is a snapshot of the company’s mines and production:
The future looks “shiny” for this mining stock. Buy
Coeur Mining, Inc. (CDE) 52-Week Low/High: $4.57 - 9.69 Shares Outstanding: 639.7 million Institutionally Owned: 77.75% Market Capitalization: $5.904 billion Dividend Yield: n/a https://www.coeur.com | Why Coeur Mining: Silver and gold prices on the rise Company just became profitable Debt reduction in progress New stock buyback plan Undervalued |
About the Analyst: Carl Delfeld, Chief Analyst, Cabot Explorer
Carl received his Master’s in Law and Diplomacy at the Tufts Fletcher School; worked for the First National Bank of Boston (now Bank of America) in London, serving as director of the Japan and South Korea Group; served as vice president at the investment bank Robert W. Baird & Company, developing new business in Tokyo, Hong Kong and Sydney; was Asia advisor to the U.S. Congressional Joint Economic Committee, the U.S. Finance Committee and the U.S. Department of the Treasury; wrote for Forbes Asia and the Far Eastern Economic Review; served as a member on the U.S. National Committee on Pacific Economic Cooperation and the Japan-U.S. Friendship Commission; was chairman of the Asian Pension Forum. Carl has recently released his latest book: Power Rivals: America and China’s Superpower Struggle.
Additional books Carl has written include:
Red, White and Bold: The New American Century
Think Global, Grow Rich: 7 Principles for Building a Global Portfolio
The New Global Investor: Using ETFs to Build Smarter, Simpler and Safer Portfolios
I was very excited to hear about Carl’s takeaway from his trip to Asia, as well as his current outlook on markets. Here is our interview:
Nancy: You have recently been touring Asia, conducting “boots on the ground” research for your Cabot Explorer newsletter. Would you share with my subscribers the three most important things you picked up about the near-term potential of Asian stocks that you picked up?
Carl: 1) Asia is becoming more and more a trading bloc with intra-regional trade and investment growing rapidly. 2) With escalating China risk, institutional money is headed to other Asia markets such as Vietnam, India, and Japan. 3) Asian countries are wary of the direction of U.S. economic policy and are looking for ways to hedge dependence on exports to the U.S.
Nancy: Both developed country and emerging markets have been performing very well this year. What do you think is spurring this growth after years of lackluster performance?
Carl: 1) The weaker U.S. dollar; 2) European stocks and some Asian stocks are cheaper than U.S. stocks; and 3) the perceived political instability in the U.S.
Nancy: How do you think the president’s tariffs are going to affect international markets near and long term? Any particular sectors you like and dislike?
Carl: I would think the impact would be slower growth, higher inflation, and a weaker dollar. I would avoid stocks that are dependent on Chinese markets, such as some of the leading multinationals, including Starbucks (SBUX). We can expect U.S.-China trade and the overall rivalry to be a volatile issue for some time.
Nancy: In a recent issue of Cabot Explorer, you discussed “sparkling” international country ETFs. Would you please elaborate a bit on why you like these ETFs and how investors should utilize them in their portfolios?
Carl: Country ETFs are an interesting way to gain international exposure. The European country ETFs have done particularly well this year, fueled by lower valuations, a weaker dollar, and rebalancing portfolios away from the U.S. Country ETFs do tend to be dominated by big companies and banks and more concentrated than the typical ETF.
Nancy: Your Cabot Explorer is nicely diversified among several sectors and industries. I note that recently, you have added some mining/metal companies. What are the catalysts that are compelling in that sector?
Carl: Mining company stocks have languished over the past few years but lately are gaining momentum. The driver is the recognition that these stocks are dirt cheap and the need for America and the West to catch up with China in terms of producing critical minerals. The Trump administration is also supporting mining exploration projects by providing loans, guarantees, and a lighter regulatory framework.
Nancy: You also own several financial companies. Financials have (finally) begun to show life this year. Are you considering adding any additional financial stocks to the Explorer portfolio anytime soon?
Carl: Yes, I think some of the international fintech ideas are undervalued, but with banks, I would stay with quality in the U.S. and overseas. Some of the asset management stocks also seem interesting.
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Portfolio Updates
Qualcomm Inc. (QCOM) was recently updated by Tom Hutchinson, Chief Analyst of Cabot Dividend Investor, who said, “The chipmaker is getting a big boost this week after the company reported a deal to buy Alphawave IP Group for $2.4 billion to move faster into the artificial intelligence data center market. Qualcomm is making a big push to get its central processing unit chips used in the fast-growing data center market. The deal is expected to close in the first quarter of 2026. The market likes that deal as the stock jumped over 4% on Monday. The company is broadening its products across a wider spectrum, which is good for the future. But the market wants to see rising smartphone demand for the stock to take off, and that isn’t happening yet. HOLD”
AI isn’t the only game in town for QCOM. In the second quarter, its automotive segment climbed 59%, thanks to innovations in the driver-assistance technology market. Additionally, the company’s Snapdragon Digital Chassis product portfolio, consisting of telematics and connectivity platforms, digital cockpit and C-V2X solutions—with 30 new designs—is pushing its automotive revenues. Continue to Hold for now.
Tom also reviewed Brookfield Infrastructure Partners (BIP), commenting, “BIP has made a solid move up from the recent bottom since early April. The price is now near the highest level achieved earlier this year. BIP should have been set up for strong relative performance in the recent market volatility. The problem is that interest rates spiked higher at the same time, which is bad for an MLP because it increases borrowing costs and narrows profits. But it has generated traction of late and is now up 7% YTD. And the business is sound. It’s entirely possible that BIP can make a run toward the 52-week high and beyond, especially if interest rates trend lower from here. HOLD”
Brookfield Infrastructure has increased its dividend payment for 16 years, growing it at a 9% compound annual rate.
The company announced that it has partnered with GATX Corporation to buy Wells Fargo’s rail operating lease portfolio (consisting of 105,000 railcars) for $4.4 billion. Additionally, they are buying Wells Fargo’s rail finance lease portfolio (23,000 railcars and 440 locomotives) in a separate deal. Brookfield estimates that these kinds of acquisitions will help it grow its FFO more than 10% annually. Continue to Hold BIPC.
Tom has run out of patience with UnitedHealth Group Inc. (UNH), noting, “The sorry performance continues. The company reported earnings earlier this month that missed estimates and lowered earnings guidance for 2025. The market wasn’t happy about it and UNH crashed more than 22% in one day, the worst day for the stock since 1998. The stock has not bounced back from the carnage, even though the market has been booming. Healthcare is under pressure and this is a company that hasn’t been able to get out of its own way. UNH plunged again on Tuesday as the new CEO stepped down already and the company nixed its 2025 guidance. UNH will take a while to rebuild from here, and there are much better opportunities in the meantime. SELL”
I concur. SELL
McKesson Corporation (MCK) was also updated by Tom, who reported, “The supply chain pharmaceutical company reported earnings that beat expectations. MCK has returned a whopping 25% YTD while the S&P is up 2% over the same period. MCK was downgraded to a HOLD rating as the healthcare sector is under pressure and will continue to be so in the weeks ahead as pricing and tariff issues are front and center. But this is another impressive quarter for a stock that has been red hot and likely won’t be very negatively affected by the issues. However, if the health care sector suffers, it will likely affect MCK in the near term. The company is a juggernaut with economies of scale in a growing business and steady, long-term growth. HOLD”
While McKesson missed analysts’ revenue estimates in the first quarter, its sales rose by double digits, up 18.9%, to $90.82 billion. EPS came in at $10.12 per share, 3% above Wall Street’s forecasts.
Going forward, MCK expects to continue expanding its oncology and biopharma services, specialty product growth, digital platform expansion, and strategic portfolio moves, amid an evolving policy and macroeconomic landscape. While the healthcare industry is currently in flux, let’s change our rating to Hold for now.
Lastly, Tom updated his take on Ally Financial Inc. (ALLY), saying, “This online banker has been bouncing around since late last summer. There was a selloff in April and then a quick recovery. But ALLY has not really been able to generate meaningful upside traction. Rates are still high, and there is still a high degree of uncertainty regarding the direction of the economy over the rest of the year, although the prognosis is improving. The stock is getting a boost from the strong jobs report. Ally primarily deals with auto loans, which are cyclical. As long as the economy stays solid and the worst of the tariff uncertainty stays behind, ALLY should be strong and make up for some lost time. HOLD”
In addition to the positive catalysts Tom mentioned, ALLY is also seeing improving loan metrics in its auto loan business while deposit rates are decreasing, both of which should help its net interest margin. Continue to Hold for now.
Michael Brush, Chief Analyst of Cabot Cannabis Investor, reviewed Curaleaf (CURLF), reporting, “Curaleaf reported first-quarter sales of $310 million, an 8.5% decline year over year. Sequentially, revenue decreased 6%.
“CEO Boris Jordan blamed it on seasonality, one less selling day year over year, and ongoing price compression. The company also reduced exposure to wholesale customers identified as higher credit risks, and it eliminated some underperforming products.
“Strength in international, New York and Ohio was offset by pricing pressure in New Jersey, Arizona, and Illinois, said CEO Ed Kremer in the earnings call. The company reported a loss of $54.8 million or $0.07 per share.
“International sales advanced 74% to $35 million. The first quarter was the fourth consecutive quarter of 70% growth and 14% sequential growth. “Germany led this exceptional performance, with the U.K. also contributing solid gains,” said Jordan. Meanwhile, the U.K. delivered another quarter of strong double-digit growth.
“Jordan predicted ongoing strength in its foreign markets, the U.K., Germany, Poland, Australia, and New Zealand. He said foreign sales should grow to $170 million this year, from $107 million last year. ‘Both the U.K. and Germany are still very much underpenetrated and have a lot more room to continue growth.’
“On the downside, he said lots of product hitting the European market from Colombia, Africa and Canada could create some price compression. He said Curaleaf might be less affected because it sells premium products. ‘But it is a threat to the market. There’s a tremendous amount of cannabis that can’t be sold in Canada or other markets. It’s now making its way into the European market.’
“After quarterly results were released, the company announced on May 12 that it got European approval of a handheld liquid inhalation device designed for medical cannabis use.
“Curaleaf also continues to expand in the U.S. It recently announced the opening of cannabis stores in Lima, OH and Punta Gorda, FL. The openings take Curaleaf’s Florida store count to 67, out of 153 stores nationwide. BUY”
Let’s Continue to Hold for now.
Michael also reviewed Green Thumb (GTBIF), noting, “Despite the decline in consumer confidence, demand for THC products is at an all-time high, said Green Thumb CEO Ben Kovler in his first quarter earnings call.
“Green Thumb, probably the strongest company in the cannabis space, reported scant 1% year-over-year sales growth to $280 million for the first quarter. Sales were down 3% sequentially. Same-store sales (at stores open a year or more) dropped 5%.
“The company blamed increased competition and ongoing price compression, particularly in Illinois and New York.
“Gross profit was $143 million or 51% of revenue, down from $145 million or 53% of revenue year over year. The company reported net income of $8 million or $0.04 per diluted share, down from net income of $31 million or $0.13 per diluted share in the prior year, due in part to accounting adjustments.
“On the bright side, the company continues to have a strong balance sheet. It ended the first quarter with cash of $211 million against debt of $252.4 million. Cash flow from operations for the first quarter came in at $74 million. Aside from investing in the business, it will use the cash to buy back stock and do M&A.
“The company guided for flat sequential sales in the second quarter, citing price pressure. It said it expects to open, relocate, or remodel 10 to 12 stores in 2025.
“Cannabis products continue to take share from alcohol, explained Green Thumb president Anthony Georgiadis in the call. ‘We’ve long believed the demand for cannabis products would accelerate, and we’re now seeing real evidence of that shift,’ he said.
“With new product formats like THC beverages gaining traction, especially in traditionally conservative regions, we’re increasingly bullish on long-term category growth. The tidal wave of demand that Ben has been talking about since the day I met him is big and getting bigger by the day. Buy”
Let’s Continue to Hold for now.
Carl updated his views on International Business Machines (IBM), saying, “IBM has been part of the Fortune 500 list every year since debuting in 1955, and its shares are up about 20% so far this year. Although top-line growth is not overwhelming, the company is pouring billions of R&D capital into new AI models and AI infrastructure as well as updating its hybrid cloud platform. Buy a Half”
IBM has come out with an exciting plan to build a fault-tolerant quantum computer by 2029, which is a huge step toward scalable quantum computing. The company said the Starling system will include 200 logical qubits and support up to 100 million quantum operations, housed in a new quantum data center in Poughkeepsie, New York.
Analysts said this “outlines a shift from scientific theory to engineering execution.”
The company reported that “these modular systems are designed to scale without the need for massive single-chip architectures, forming the foundation of Starling and, eventually, the Blue Jay system, which aims to reach 2,000 logical qubits and execute 1 billion operations.”
Let’s Continue to Hold our shares.
Oberweis Micro-Cap Fund (OBMCX) continues to be a Hold in our portfolio.
Clif Droke, Chief Analyst of Cabot Turnaround Letter, updated Sirius XM Holdings (SIRI), noting, “Sirius XM Holdings reported mixed results for Q1, including revenue of $2.1 billion in Q1 that declined 4% from a year ago and earnings of 67 cents a share that beat estimates by two cents.
“There were some bright spots in the earnings report, including cost reduction initiatives that achieved $30 million in savings, contributing to lower expenses across various categories. The company also reported reduced in-car churn despite a full price rate increase in March, with Sirius noting ‘increased engagement with additional content offerings.’
“The company also announced the launch of a new ad-supported subscription tier, which targets price-conscious listeners in nearly 100 million cars. Testing will begin in the coming months, with pricing expected ‘in the high single digits.’ It was further noted that, ‘this tier is designed to leverage Sirius XM’s advertising business without cannibalizing its premium tiers.’
“Upper management further highlighted the growth of its podcasting revenue, which increased by 33%, driven by strong audience engagement and expanded offerings. The firm sees this segment as a future growth driver, noting that its podcast network clocked close to one billion downloads across audio and video in the first quarter, and it now reaches an audience of 70 million monthly podcast listeners.
“Looking ahead, Sirius reaffirmed its 2025 full-year guidance of approximately $8.5 billion in revenue, $2.6 billion in adjusted EBITDA and $1.2 billion in free cash flow. This reflects the company’s continued confidence in its ‘strong operational execution and cost management…continued operational efficiencies and disciplined strategic investments.’
“SIRI maintains a BUY rating in the portfolio.”
SiriusXM is looking to expand margins with its new ad revenues and subscription products and has begun offering a three-year dealer-sold subscription plan, already launched in both Tesla and Rivian vehicles. And the company is adding more live event coverage and podcasts.
SiriusXM is predicting that it will reach its target of $200 million in annualized cost savings by the end of 2025. Continue to Buy.
BYD Company Ltd ADR (BYDDY), our latest recommendation, was updated by Chris Preston, Chief Analyst of Cabot Value Investor and Cabot Stock of the Week, commenting, “BYD has reached our price target and is trading at new all-time highs! The latest bump in the share price came from Citi’s price target hike after BYD’s export market share accelerated to 38% through the first four months of the year – up from 23% through the first four months of 2024. That’s real progress toward the company’s stated goal of selling at least half of its vehicles outside of China by 2030; it currently does roughly 90% of its business in China.
“BYD is acting like one of the market’s great growth stocks. But while the valuation is getting a bit frothy by the standards of a traditional value stock, it remains ‘cheap’ compared to its own history, trading at little more than a quarter of its five-year average on a forward price-to-earnings basis. Let’s sell half our BYDDY shares to book that quick profit and hold the remaining half. If and when it encounters real turbulence, we’ll book the remaining half. But that may not happen for some time. SELL HALF, HOLD THE REST”
BYD is joining with Xiaoju Charging, the EV charging subsidiary of Chuxing Technology Company, to “jointly build an intelligent, rapid charging network in the country using their latest charging technologies.” The network will include 10,000 Megawatt Flash Charging stations over the next three years.
I’d like to let our shares ride for a while. So, let’s put them on Hold for now.
Portfolio
| Company | Symbol | Date Bought | Price Bought | Price on 6/11/25 | Gain/ Loss % | Rating | Risk Tolerance |
| Ally Financial Inc. | ALLY | 2/13/25 | 37.31 | 37.52 | 0.56% | Hold | M |
| Brookfield Infrastructure Partners L.P. | BIP | 5/11/23 | 35.23 | 33.22 | -5.71% | Hold | M |
| BYD Company Ltd ADR | BYDDY | 5/8/25 | 99.46 | 108.71 | 9.30% | Hold | A |
| Coeur Mining, Inc. | CDE | NEW | -- | 9.22 | --% | Buy | A |
| Curaleaf Holdings Inc. | CURLF | 11/11/22 | 6.07 | 0.87 | -85.66% | Hold | A |
| Green Thumb Industries Inc. | GTBIF | 8/8/24 | 11.4 | 5.05 | -55.70% | Hold | A |
| International Business Machines Corporation | IBM | 7/13/23 | 134.22 | 277.74 | 106.94% | Hold | M |
| McKesson Corporation | MCK | 6/13/24 | 585.71 | 709.3 | 21.10% | Hold | C |
| Oberweis Micro-Cap Fund | OBMCX | 11/15/24 | 45.56 | 43.49 | -4.54% | Hold | A |
| QUALCOMM Incorporated | QCOM | 7/15/22 | 143.76 | 161.09 | 12.06% | Hold | M |
| Sirius XM Holdings Inc. | SIRI | 4/10/25 | 20.215 | 23.04 | 13.97% | Buy | A |
| UnitedHealth Group Incorporated | UNH | 11/9/23 | -- | -- | --% | Sell | M |
*Aggressive (A), Moderate (M), Conservative (C)
ETF Strategies
I continue to be pleased with our ETF portfolio. All of our holdings are in positive territory.
Our Watch List includes the following ETFs:
Davis Select Worldwide ETF (DWLD)
S&P 500 Low Vol Invesco ETF (SPLV)
ETF Spotlight
In this section of the newsletter, I highlight one of our portfolio ETFs, showcasing its largest holdings and past returns so that you can decide if the ETF fits into your investment strategy. Here is this month’s featured ETF:
Vanguard U.S. Momentum Factor ETF Shares (VFMO) is a 5-star-rated fund in which the index invests primarily in U.S. common stocks with the potential to generate higher returns relative to the broad U.S. equity market by investing in stocks with strong recent performance as determined by the advisor. The portfolio will include a diverse mix of companies representing many different market sectors and industry groups. Under normal circumstances, at least 80% of the fund’s assets will be invested in securities issued by U.S. companies.
Top 10 Holdings
| Holdings | % Portfolio Weight | Sector |
| Spotify Technology SA | 1.13 | Communication Services |
| Palantir Technologies Inc Ordinary Shares - Class A | 1.04 | Technology |
| Williams Companies Inc | 1.04 | Energy |
| Gilead Sciences Inc | 1.02 | Healthcare |
| AT&T Inc | 1.01 | Communication Services |
| Philip Morris International Inc | 1 | Consumer Defensive |
| 3M Co | 0.98 | Industrials |
| T-Mobile US Inc | 0.97 | Communication Services |
| Walmart Inc | 0.93 | Consumer Defensive |
| Fortinet Inc | 0.92 | Technology |
Returns
| YTD | 1-Year | 3-Year | 5-Year | 10-Year | 15-Year | |
| Total Return % (Price) | 2.12 | 13.91 | 13.83 | 15.69 | N/A | N/A |
| Total Return % (NAV) | 2.25 | 14.1 | 13.84 | 15.69 | N/A | N/A |
ETF Portfolio
| Company | Symbol | Risk Tolerance* | Recommendation | Date Bought | Price Bought | Price on 6/11/25 | Gain/ Loss % |
| Adaptive Growth Opportunities ETF | AGOX | M | Buy | 6/8/23 | 22.645 | 28.22 | 24.62% |
| ALPS Medical Breakthroughs ETF | SBIO | A | Buy | 6/27/22 | 28.44 | 31.7 | 11.46% |
| Communication Services Select Sector SPDR Fund | XLC | A | Hold a Half | 2/9/23 | 56.37 | 105 | 86.27% |
| Dynamic Semiconductors Invesco ETF | PSI | A | Hold a Half | 6/8/23 | 43.04 | 56.85 | 32.09% |
| Financial Select Sector SPDR Fund | XLF | A | Buy | 2/9/23 | 36.665 | 51.21 | 39.67% |
| First Trust North American Energy Infrastructure Fund | EMLP | C | Sold One-Half | 9/16/22 | 27.74 | 37.11 | 33.78% |
| First Trust Water ETF | FIW | M | Sold One-Half | 9/16/22 | 76.74 | 108.1 | 40.87% |
| Global X U.S. Infrastructure Development ETF | PAVE | M | Buy | 5/9/24 | 39.06 | 39.63 | 1.46% |
| Innovator Ibd Breakout Opportunities ETF | BOUT | A | Buy | 7/13/23 | 32.72 | 35.28 | 7.84% |
| Invesco Dow Jones Industrial Average Dividend ETF | DJD | C | Buy | 4/8/22 | 46.35 | 52.58 | 13.44% |
| iShares Core S&P 500 | IVV | M | Buy | 2/8/22 | 452.82 | 607.74 | 34.21% |
| iShares Russell Top 200 ETF | IWL | A | Sold One-Half | 10/13/23 | 105.21 | 148.97 | 41.59% |
| iShares US Energy | IYE | C | Hold a Half | 2/8/22 | 36.17 | 45.32 | 25.30% |
| iShares Global Financial | IXG | C | Buy | 2/8/22 | 84.78 | 109.84 | 29.56% |
| iShares U.S. Medical Devices ETF | IHI | A | Buy | 7/13/23 | 56.52 | 61.51 | 8.83% |
| O’s Russell Smallcap Qlty Divd ETF | OUSM | C | Buy | 1/11/24 | 38.705 | 43.14 | 11.46% |
| Total Intl Stock ETF Vanguard | VXUS | A | Buy | 9/12/24 | 62.075 | 68.68 | 10.64% |
| US Healthcare Ishares ETF | IYH | M | Buy | 11/11/22 | 51.44 | 57.1 | 11.00% |
| U.S. Medical Devices Ishares ETF | IHI | A | Buy | 7/13/23 | 56.52 | 61.51 | 8.83% |
| Vanguard Dividend Appreciation ETF | VIG | C | Buy | 12/9/22 | 155.52 | 201.75 | 29.73% |
| Vanguard FTSE Developed Markets Index Fund ETF Shares | VEA | A | Buy | 5/9/25 | 53.65 | 56.63 | 5.55% |
| Vanguard U.S. Momentum Factor ETF | VFMO | M | Sold One-Half | 11/11/22 | 119.765 | 166.6 | 39.11% |
*Aggressive (A), Moderate (M), Conservative (C)
**Purchase price reflects a 3-for-1 stock split
The Gold & Silver Rally Continues
Wall Street continues to love the metals. Reuters recently issued its quarterly report about future gold and silver prices, saying:
Gold to average $3,065/oz in 2025, and then $3,000 in 2026
Silver to average $33.10/oz in 2025, and then $34.58/oz in 2026
JP Morgan weighed in, forecasting that gold prices may rise to $3,675/oz by the fourth quarter of 2025 and climb toward $4,000 by mid-2026.
The reason: Continued high demand from central banks and investors, boosting production to an estimated 710 tonnes a quarter this year, due to “diversification away from U.S. dollar reserve holdings (down 0.62% from the prior year, according to the International Monetary Foundation), economic, trade and U.S. policy uncertainty and shifting, and more unpredictable geopolitical alliances.”
Right now, central banks hold almost 36,200 tonnes of gold—almost 20% of official reserves—and up from around 15% at the end of 2023.
As for silver, the president’s recent tariff confusion temporarily stopped the forward price momentum, which had silver and gold both up 14% for the year. Since the disruption, silver has fallen back somewhat.
But like Carl, other analysts see this as an opportunity. Silver prices depend on two catalysts: industrial demand (particularly solar and electronics applications), which can slow down due to economic tensions; and store-of-value demand, which rises during periods of market, fiscal, economic and geopolitical uncertainty.
And as Carl mentioned, the gold-silver ratio is enticing. According to Money Metals Exchange, “The ratio of more than 100 ‘presents a historically extreme undervaluation of silver versus gold.’” And BullionVault noted, “The last time silver traded this cheaply against gold, in May 2020, silver’s dollar price jumped more than 37% over the following six months, while gold rose by only 10% in dollar terms.”
And the Silver Institute is forecasting that while 2024 global silver demand exceeded supply, they expect the same for 2025—demand of 1.148 billion ounces compared to supply of 1.031 billion ounces.
In economic terms, that usually results in higher prices!
And that would be great news for Coeur Mining.
The shares of CDE are aggressive. Buy
The next Cabot Money Club Stock of the Month issue will be published on July 10, 2025.
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