Early January Results

January was not a good month as the portfolio was down .89% compared with a return of 1.56% for the S&P 500.  All our precious metals related holdings lost money this month.  BPT was also down sharply.  Most other holdings held their own. Very quietly the US REIT VNQ turned in a solid performance.

All asset classes remain within their target ranges.  After a two month free-fall, the gold miners ETF GDX is the closest holding to a sell signal.  Then again, GDX bounced a bit this week.  While there's nothing like rioting in the streets to give the gold miners a pop, I hope the increased mayhem in the Middle East subsides quickly.