Better write fast and get this in the books as the metals are getting creamed as I type. April's increase of 4.86% was by far our best month. We clobbered the S&P 500 Broad Index return of 1.9% (estimated). Gold & silver, our professionally managed holding permanent portfolio PRPFX, international bond fund BEGBX, US Equity ETFs such as VIG, and the US Real Estate ETF VNQ were stellar performers. Finding something to whine about is difficult this month but it's fair to say our Brazil holdings such as EWZ have not been shining stars despite much favorable news and opinion.
Looking ahead I don't see a pressing need to alter the basic themes of hard assets, precious metals, and dollar weakness. The market neutral strategy has hit a rough patch, needs more evaluation, and is on hold. Were mostly within the constraints imposed by the allocation model. The main task in May will be watching to see if any downturns that develop have legs.
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