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Prospects for Gold Price Increases in 2025

by Fred Fuld III

Let’s dive into the prospects for gold prices in 2025 and explore the various ways to invest in gold, along with their pros and cons. I’ll keep this grounded in economic trends and practical considerations as of March 21, 2025.

Prospects for Gold Price Increases in 2025

Gold prices are influenced by a mix of macroeconomic factors, geopolitical events, and market sentiment. Here’s what could drive gold’s value this year:

Inflation and Currency Weakness: Central banks, particularly the Federal Reserve, have been navigating inflation and interest rate policies. If inflation persists or if confidence in fiat currencies like the U.S. dollar wanes (say, due to excessive money printing or debt concerns), gold often benefits as a “safe haven” asset. As of now, inflation has cooled somewhat from its 2022 peak, but any resurgence could push gold higher.
Interest Rates: Gold doesn’t pay interest, so when real yields (adjusted for inflation) on bonds are low or negative, gold becomes more attractive. If the Fed cuts rates in 2025 to stimulate growth, or if rates stay steady but inflation ticks up, gold could see a boost. Conversely, aggressive rate hikes would pressure gold prices downward.
Geopolitical Uncertainty: Ongoing tensions—think U.S.-China relations, conflicts in Eastern Europe, or Middle East instability—tend to drive investors toward gold. If 2025 brings more chaos (not hard to imagine), demand could spike.
Central Bank Buying: Countries like China, India, and Russia have been stockpiling gold to diversify reserves away from the dollar. This trend, if it accelerates, supports higher prices.
Supply Constraints: Gold mining output has plateaued in recent years. If demand outpaces supply—especially with industrial uses (e.g., electronics) growing—prices could climb.

Outlook: Analysts often project gold prices based on these drivers. As of early 2025, gold’s hovering around $3,000 per ounce. Some forecasts suggest it could hit $3,500 if inflation or geopolitical risks flare up, though a stronger dollar or robust equity markets might cap gains. It’s a tug-of-war between bullish and bearish forces—nothing’s certain, but gold’s got a decent shot at appreciating if uncertainty reigns.

Ways to Invest in Gold

Here are the main avenues for getting exposure to gold, each with its own flavor:

Physical Gold (Bars, Coins, Jewelry)
- How: Buy bullion (e.g., 1 oz coins like American Eagles or Canadian Maple Leafs) or jewelry from dealers, banks, or mints.
- Advantages:
  - Tangible asset—you own it outright.
  - No counterparty risk (unlike paper gold).
  - Can be a hedge during extreme crises (e.g., currency collapse).
- Disadvantages:
  - Storage costs (safes, vaults) and security risks (theft).
  - Premiums over spot price (5–10% for coins, more for jewelry).
  - Illiquid—selling takes effort and may involve dealer markups.
Gold ETFs (Exchange-Traded Funds)
- How: Buy shares of funds like SPDR Gold Shares (GLD) or iShares Gold Trust (IAU) via a brokerage. These track gold prices and are backed by physical gold.
- Advantages:
  - Easy to buy/sell like stocks—highly liquid.
  - No storage hassle (the fund holds the gold).
  - Lower costs than physical gold (expense ratios ~0.25–0.4%).
- Disadvantages:
  - No physical possession—if society collapses, you’re out of luck.
  - Management fees erode returns over time.
  - Counterparty risk (trust in the fund custodian).
Gold Mining Stocks
- How: Invest in companies like Newmont or Barrick Gold via stock markets.
- Advantages:
  - Potential for amplified gains—if gold rises 10%, miners might jump 20–30% due to leverage.
  - Dividends possible from profitable firms.
- Disadvantages:
  - Higher volatility—tied to company performance (e.g., labor strikes, bad management).
  - Less direct correlation to gold prices than bullion or ETFs.
  - Operational risks (mine closures, environmental regs).
Gold Futures and Options
- How: Trade contracts on exchanges like COMEX, betting on future gold prices with leverage.
- Advantages:
  - High leverage—control large positions with little capital.
  - Potential for big profits if you time it right.
- Disadvantages:
  - High risk—leverage cuts both ways, and losses can exceed your initial investment.
  - Complex and time-sensitive (contracts expire).
  - Not for beginners—requires market savvy.
Digital Gold or Gold-Backed Tokens
- How: Buy fractional gold via platforms (e.g., Pax Gold, Tether Gold) where ownership is tokenized on a blockchain, often redeemable for physical gold.
- Advantages:
  - Accessible—buy small amounts (e.g., $10 worth).
  - Combines digital ease with gold’s stability.
  - Some platforms offer redemption for physical gold.
- Disadvantages:
  - Counterparty risk—depends on the issuer’s solvency.
  - Regulatory uncertainty in some regions.
  - Fees can be higher than ETFs.

Weighing the Options

If you want safety and control: Physical gold’s your pick, but it’s costly to manage and not great for quick trades.
If you’re after convenience: ETFs strike a balance—liquid, low-cost, but you’re betting on the system holding up.
If you’re a risk-taker: Mining stocks or futures offer big upside, but you could get burned.
If you’re tech-savvy: Digital gold’s emerging, though it’s still niche and trust-dependent.

Final Take

Gold’s price in 2025 hinges on how chaotic the world gets—more chaos, more shine. For investing, match your choice to your goals: long-term hedge (physical/ETFs), speculative play (stocks/futures), or modern twist (digital). Each has trade-offs, so it’s about what you can stomach—both in risk and logistics.

The picture shows the 44 pound gold nugget at the Ironstone Heritage Museum. It is 98% pure gold.

If You Own a Slice of a Share, Can You Vote on Shareholder Proposals?

by Fred Fuld III

Many beginning investors, and many investors with a moderate amount of money to invest, choose to buy a slice of a share of stock instead of a whole share or several shares. This is especially true with high priced shares, such as Autozone (AZO) which sells for over $3500 per share, Netflix (NFLX) which trades at about $950 a share, and Costco (COST) which is selling at almost $900 per share. Even the tax software company Intuit (INTU) currently trades at $600 a share.

For someone that only has $500 to $5,000 to invest, this is a big chunk of money to allocate to one stock even if they purchase only one share.

Fortunately, most stock brokerage firms, such as Schwab (SCHW), Fidelity, SoFi (SOFI), and Robinhood (HOOD) allow investors to buy slices of shares. So what is a slice?

A “slice of a share,” also known as a fractional share, is a portion of a whole share of stock, allowing investors to own a piece of a company without having to invest the full price of a single share.
Here’s a more detailed explanation:
What it is:
A fractional share represents a percentage of a whole share, enabling investors to invest smaller amounts of money in companies they’re interested in.
How it works:
If a stock costs $500 per share, an investor could buy a fractional share for, say, $10, representing 2% of a whole share.
Why it’s useful:
Fractional shares can make investing more accessible, especially for beginners or those with smaller budgets, as they allow investors to put their money to work even if they don’t have enough to buy a full share.
Brokerage offerings:
Many brokerages now offer fractional shares, allowing investors to purchase portions of stocks or ETFs.
Charles Schwab:
For example, Charles Schwab refers to fractional shares as “Schwab Stock Slices” and allows investors to buy slices of 30 stocks in companies on the S&P 500 in one transaction.
Fidelity:
Fidelity also offers fractional shares, allowing investors to invest in stocks and ETFs in fractions or dollars.
Dividends and corporate actions:
When you own fractional shares, you’ll still receive dividends and participate in other corporate actions (like stock splits) based on the percentage of a whole share you own.
Shareholder Proposal Voting Rights:
Your ability to exercise voting rights will depend on how your brokerage firm’s fractional share investing program works. However, based on my experience, I was offered the ability to vote on corporate actions and proposals.

My Personal Experience:

I decided to try this out with a popular stock that sells for over $500 per share. I invested an extremely small amount, which gave me ownership of 0.05442 of a share. That’s slightly over 5% of a share, or in other words, about one twentieth of a share.

Just yesterday, I received the request to vote my shares, or should I say, my portion of a share, which I did. There was voting for the board of directors and voting on various shareholder proposals.

This company also offers a couple of benefits to shareholders which I am also entitled to. Such a deal.

This particular stock doesn’t pay a dividend, but if it did, I would be entitled to my share.

So in answer to the question asked in the title of this article, the answer is YES.

Disclosure: Author didn’t own any of the above mentioned stocks at the time the article was written.

Latest on the Getty Images and Shutterstock Merger

March 20,2025

Getty Images (GETY) and Shutterstock (SSTK) announced their intent to merge on January 7, 2025, in a $3.7 billion “merger of equals” transaction aimed at creating a premier visual content company. Recent updates as of March 20, 2025, indicate that the merger is progressing amid Getty Images’ latest financial performance reports. On March 17, 2025, Getty Images released its Q4 2024 results, showing a 9.5% year-over-year revenue increase to $247.3 million, surpassing Wall Street expectations. However, its full-year 2025 revenue guidance of $936.5 million fell 2.3% short of analysts’ estimates, reflecting some caution as the company prepares for merger-related activities.

The merger remains subject to regulatory approval and other customary closing conditions, with no definitive public announcement of delays or cancellations as of now. However, there are hints of potential hurdles: a March 18, 2025, report from TipRanks noted “significant business risks linked to the potential failure or delay” in completing the merger, citing regulatory challenges as a key concern. Despite this, the companies are pushing forward, expecting annual cost synergies of $150 million to $200 million within three years post-closure, with most savings anticipated within 12 to 24 months after the deal closes.

As for the scheduled closing date, no exact date has been publicly confirmed in the latest updates. The original announcement on January 7, 2025, described it as pending regulatory approval, and subsequent reports, including Getty’s Q4 earnings coverage on March 17-18, 2025, suggest the focus is now on preparing for integration, with no specific timeline beyond “expected in 2025” if approvals proceed smoothly. Given the regulatory scrutiny hinted at in recent analyses, the closing could extend into late 2025 if complications arise, but as of now, it’s on track pending those conditions.

For the latest developments, keep an eye on official statements from Getty Images or Shutterstock, as the situation could evolve with regulatory or financial updates.

Smallest Parcel of Land

The smallest New York parcel of land is a triangle about 2 feet by 2 feet by 2 feet.

The lot, referred to as The Hess triangle, is a triangular, 500-square-inch (3,200 cm2) plot of private land in the middle of a public sidewalk at the corner of Seventh Avenue and Christopher Street in the West Village neighborhood of Manhattan, New York City. The plot is an isosceles triangle covered by a mosaic plaque that reads “Property of the Hess Estate which has never been dedicated for public purposes.”

Want more real estate trivia?

https://wstnn.com/real-estate-trivia/

(Pic credit: Jason Eppink)

Cybersecurity Under Siege: How Investors Can Profit

by Fred Fuld III

In an increasingly digital world, cybersecurity is more crucial than ever. High-profile cyberattacks have exposed vulnerabilities in businesses, government agencies, and even critical infrastructure. Recent breaches, such as the attack on MGM Resorts, which caused widespread operational disruptions, and the cyberattack on software provider Progress Software’s MOVEit file transfer tool, which affected thousands of companies worldwide, highlight the growing threats organizations face. Yale New Haven Health was hit recently, along with the city of Mission in Texas.

As cyber threats continue to evolve, companies specializing in cybersecurity have become indispensable, making cybersecurity stocks an attractive investment opportunity.

The demand for cybersecurity solutions is skyrocketing as businesses move their operations online and store sensitive data in the cloud. With artificial intelligence (AI) making cyberattacks more sophisticated, companies must constantly upgrade their security measures. This ongoing demand ensures that cybersecurity firms have strong growth potential, which is reflected in the stock performance of leading companies in the sector.

Several cybersecurity stocks have experienced a huge drop in the last three or four months, creating a potential buying opportunity at more favorable prices.

Among the top cybersecurity stocks worth considering, Okta (OKTA) stands out for its expertise in identity and access management. As more businesses shift to remote work, Okta’s services ensure that only authorized users can access company networks, making it a critical security player.

This $19.5 billion market cap company has a nosebleed high trailing price to earnings ratio of almost 2000, however, the forward P/E is much more favorable at 32. Earnings per share growth year-over-year were up 107%, on a sales growth of 15.3%. Earnings per share are expected to grow another 10.3% next year.

Datadog (DDOG) specializes in monitoring and analytics for cloud environments. Its platform provides real-time insights into security threats, helping organizations detect and respond to attacks quickly. As cloud adoption accelerates, Datadog’s security capabilities make it an essential tool for businesses.

This is a $35 billion market cap company that trades at 198 times trailing earnings and 48 times forward earnings. Earnings per share growth year-over-year were up 274%, on a sales growth of 26%. Earnings per share are expected to grow another 23% next year.

Akamai Technologies (AKAM) is a leader in content delivery and cloud security. Its services help protect websites and applications from cyber threats, including distributed denial-of-service (DDoS) attacks. Given the increase in cyberattacks on web applications, Akamai’s security solutions are in high demand.

Akamai has a market cap of $12 billion. It trades at 25 times trailing earnings and 12 times forward earnings. Earnings per share year-over-year were down, on a sales growth of 4.7%.

Rapid7 (RPD) provides vulnerability management and security analytics to help companies identify weaknesses in their systems before hackers can exploit them. With the rise of ransomware and zero-day vulnerabilities, Rapid7’s proactive security approach is essential for businesses looking to stay ahead of threats.

This is a $1.79 billion market cap company with a trailing P/E of 70 and a forward P/E of 14. Earning per share are expected to grow by 9.3% next year.

Because of the demand, the cybersecurity field is becoming crowded with many publicly created companies to choose from, including Palo Alto Networks (PANW), SentinelOne (S), Sailpoint (SAIL), Qualys (QLYS), Zscaler (ZS), Elastic (ESTC), Tenable (TENB), Check Point Software (CHKP), Fortinet (FTNT), and many, many more.

With cyberattacks becoming more frequent and severe, businesses and governments have no choice but to invest heavily in cybersecurity. This necessity creates a strong, long-term growth outlook for cybersecurity companies. For investors looking to capitalize on this trend, cybersecurity stocks may offer a compelling opportunity for solid returns.

Disclosure: The author didn’t own any of the above at the time the article was written.

Stocks Going Ex Dividend in March 2025

The following is a short list of some of the many stocks going ex-dividend during the next month, which can be helpful for traders and investors interested in the stock trading technique known as “Buying Dividends” or “Dividend Capture.” This strategy involves purchasing stocks before the ex dividend date and selling them shortly after the ex-date at a similar price, while still being eligible to receive the dividend payment.

Although this dividend capture strategy generally proves effective in bull markets and flat or choppy markets, it is advisable to exercise caution and consider avoiding this strategy during bear markets. To qualify for the dividend, it is necessary to buy the stock before the ex-dividend date and refrain from selling it until on or after the ex-date.

However, it is important to note that the actual dividend may not be paid for several weeks, as the payment date can be delayed by up to two months after the ex-dividend date.

For investors seeking a comprehensive list of stocks going ex-dividend in the near future, WallStreetNewsNetwork.com has compiled a downloadable list containing numerous dividend-paying companies. Here are a few examples showcasing the stock symbol, ex-dividend date, periodic dividend amount, and annual yield.

Nike, Inc. (NKE)	3/3/2025	0.40	2.01%
QUALCOMM Incorporated (QCOM)	3/6/2025	0.85	2.16%
FedEx Corporation (FDX)	3/10/2025	1.38	2.10%
Home Depot, Inc. (HD)	3/13/2025	2.30	2.32%
Taiwan Semiconductor (TSM)	3/18/2025	0.694165	1.52%
Walmart Inc. (WMT)	3/21/2025	0.235	0.95%
British American Tobacco (BTI)	3/28/2025	0.749068	7.70%
Pacific Gas & Electric Co. (PCG)	3/31/2025	0.025	0.61%

To access the entire list of over 100 ex-dividend stocks, subscribers will receive an email in the next couple days with the full list. If you are not already a subscriber, you can sign up using the provided signup box below. Don’t miss out on this valuable information, and the best part is that it’s free!

Dividend Definitions

To better understand the dividend-related terms, let’s define them:

Declaration date: This refers to the day when a company announces its intention to distribute a dividend in the future.
Ex-dividend date: On this day, if you purchase the stock, you would not be eligible to receive the upcoming dividend. It is also the first day on which a shareholder can sell their shares and still receive the dividend.
Record date: This marks the day when you must be recorded on the company’s books as a shareholder to qualify for the dividend. Typically, the ex-dividend date is set two business days prior to the record date.
Payment date: This is the day on which the dividend payment is actually made to the eligible shareholders. It’s important to note that the payment date can be as long as two months after the ex-date.

Before implementing the “Buying Dividends” technique, it is crucial to reconfirm the ex-dividend date with the respective company to ensure accuracy and avoid any unexpected changes.

In conclusion, being aware of the stocks going ex-dividend can be advantageous for traders and investors employing the “Buying Dividends” strategy. WallStreetNewsNetwork.com provides a convenient resource to access a comprehensive list of such stocks, allowing individuals to plan their investment decisions effectively. Remember to stay informed and consider market conditions before employing any investment strategy.

Disclosure: Author didn’t own any of the above at the time the article was written.

Forget Gold and Silver: The Growth Potential of Platinum and Palladium

by Fred Fuld III

Platinum and palladium, members of the platinum group metals (PGMs), are renowned for their unique properties, including resistance to corrosion, high melting points, and exceptional catalytic capabilities. These characteristics make them indispensable across various industries:

Automotive Industry: Both metals are crucial components in catalytic converters, which reduce harmful emissions from vehicles.
Jewelry: Their lustrous appearance and durability make them popular choices for high-end jewelry.
Electronics: Utilized in the manufacturing of hard drives, fuel cells, and other advanced electronic devices.
Medical Devices: Employed in pacemakers and dental instruments due to their biocompatibility.
Green Energy: Essential in hydrogen fuel cells, supporting the transition to cleaner energy sources.

As global industries strive for sustainability and stricter emission standards, the demand for PGMs is poised to grow, presenting potential opportunities for investors.

Top Platinum and Palladium Stocks to Consider

1. Anglo American Platinum (ANGPY)

Anglo American Platinum stands as the world’s leading primary producer of platinum, operating extensively in South Africa. The company supplies PGMs to various sectors, including automotive and industrial markets.

Market Capitalization: Approximately $8.36 billion.
Price-to-Earnings (P/E) Ratio: 13.38.
Dividend Yield: Forward dividend yield stands at 20.73%, with a total yield of 3.43%. Morningstar

Anglo American Platinum’s robust financial metrics and commitment to sustainable practices make it a compelling option for investors seeking exposure to the PGM sector.

2. Impala Platinum Holdings (IMPUY)

Impala Platinum Holdings, commonly known as Implats, is a significant player in the PGM mining industry, with operations spanning South Africa, Zimbabwe, and Canada.

Market Capitalization: Approximately $4.63 billion.
Price-to-Earnings (P/E) Ratio: -0.26, indicating a net loss over the trailing twelve months.
Dividend Yield: 5.96%. Investing

Despite recent financial challenges, as reflected in its negative P/E ratio, Implats continues to be a major producer in the PGM market, offering a substantial dividend yield to its shareholders.

3. Sibanye Stillwater Limited (SBSW)

Sibanye Stillwater is a diversified mining company with a strong presence in both South Africa and the United States, particularly noted for its operations in Montana.

Market Capitalization: Approximately $2.29 billion.
Price-to-Earnings (P/E) Ratio: -0.78, indicating a net loss over the trailing twelve months.

The company’s diversification into battery metals aligns with the growing demand for green energy solutions, positioning it well for future growth.

4. Platinum Group Metals Ltd. (PLG)

Platinum Group Metals Ltd. focuses on the exploration and development of platinum and palladium resources, primarily in South Africa.

Market Capitalization: Specific market capitalization details are not available from the provided sources.
Price-to-Earnings (P/E) Ratio: Specific P/E ratio details are not available from the provided sources.
Dividend Information: The company does not currently pay a dividend.

As a development-stage company, Platinum Group Metals Ltd. presents a higher risk but also offers potential for significant returns, especially with its flagship Waterberg Project, which could become one of the largest undeveloped PGM deposits globally. This is an extremely low cap company and should be considered very speculative.

Conclusion

The unique properties and diverse applications of platinum and palladium position them as critical materials in various industries, from automotive to green energy. Companies like Anglo American Platinum, Impala Platinum Holdings, Sibanye Stillwater, and Platinum Group Metals Ltd. offer distinct opportunities for investors looking to capitalize on the potential growth in the PGM sector. As always, potential investors should conduct thorough research and consider their risk tolerance before making investment decisions.

Disclosure: Author didn’t own any of the above at the time the article was written.

The Rise and Fall of Chinese Stocks: What’s Next for Investors in 2025?

by Fred Fuld III

Since October 2024, Chinese stocks have experienced notable volatility, with significant declines followed by periods of recovery. In October, the MSCI China Index approached its peak from the previous year, driven by government interventions and positive reassessments of China’s technological prospects. This resurgence was influenced by developments such as DeepSeek’s advancements in artificial intelligence and the return of Alibaba’s Jack Ma, signaling a potentially more favorable governmental stance toward the private sector. However, the sustainability of this growth remains uncertain, heavily dependent on the government’s regulatory approach.

Several factors have contributed to the fluctuations in Chinese stock prices since October 2024. Initially, the market rallied due to financial stimulus measures and optimistic evaluations of China’s tech industry. However, this momentum was short-lived, as investors grew concerned over the lack of effective policies from Beijing to stimulate sustainable economic recovery. The absence of additional measures to bolster growth led to sharp declines in stock markets, with the MSCI China Index nearing its October peak before retreating.

Baidu Inc. (BIDU) is a leading Chinese multinational specializing in internet-related services and artificial intelligence. Often referred to as “China’s Google,” Baidu offers a range of services, including a dominant search engine, cloud computing, and AI-driven solutions.

As of February 24, 2025, Baidu’s stock price stands at $87.87, reflecting a decrease of 3.71% from the previous close. This $24 billion market cap company has a price to earnings ratio of 9.4%. It does not pay a dividend. The company’s performance has been influenced by broader market trends and regulatory developments within China’s tech sector.

JD.com Inc. (JD) is one of China’s largest e-commerce companies, providing a vast online marketplace for consumer electronics, apparel, and more. Known for its efficient logistics network and commitment to authentic products, JD.com has established itself as a trusted platform among Chinese consumers.

As of February 24, 2025, JD.com’s stock price is $39.31, marking a 7.45% decline from the previous close. The company has a market cap of $54 billion and trades at 12.5 times earnings. It pays a dividend yield of 2.27%. The company’s stock performance has been affected by increased competition and concerns over consumer spending amid China’s economic challenges.

PDD Holdings Inc. (PDD), the parent company of Pinduoduo and Temu, has made significant strides in the e-commerce sector by focusing on discounted goods and a unique social shopping experience. Pinduoduo, in particular, has gained popularity through its group-buying model, offering consumers competitive prices.

As of February 24, 2025, PDD Holdings’ stock price is $119.77, experiencing an 8.79% drop from the previous close. PDD has a market cap of $166 billion and a P/E of 11.8. It does not pay a dividend. Despite its innovative approach, PDD faces challenges related to regulatory scrutiny and the sustainability of its aggressive discounting strategies.

In summary, while Chinese stocks have demonstrated periods of growth, their performance since October 2024 has been marked by volatility. Companies like Baidu, JD.com, and PDD Holdings continue to navigate a complex landscape shaped by economic policies, regulatory changes, and market dynamics. Investors should closely monitor these factors when considering potential growth opportunities within China’s stock market.

Disclosure: Author didn’t own any of the above at the time the article was written.

Forget ETFs and Choose CEFs Trading at a Discount to NAV

by Fred Fuld III

A closed-end fund is a type of investment fund that raises a fixed amount of money through an initial public offering (IPO) and then trades on a stock exchange like a regular stock. Unlike mutual funds, which allow investors to buy and sell shares directly from the fund only once a day at the market close, closed-end funds have a limited number of shares that investors buy and sell from each other on the open market, while the stock exchange is open.

Investing in closed-end funds (CEFs) that trade at a discount to their net asset value (NAV) can offer several potential benefits to investors. (The NAV in simple terms is what the value of the fund would be if all the holdings were sold off, any debts paid off, and the resulting amount divided by all the outstanding shares.)

When a CEF’s market price is lower than its NAV, each dollar invested effectively purchases more than a dollar’s worth of assets. This discrepancy can enhance the investor’s yield and provide opportunities for capital appreciation if the discount narrows over time.

Catalysts that can close that gap include:

• An increase in buyers at the market due to anticipated growth potential

• Activist investors trying to take over the fund and liquidate it

• Management converting the fund to a regular mutual fund

However, it’s essential to recognize that discounts can persist, and relying solely on the expectation of narrowing discounts may be risky. Therefore, a comprehensive evaluation of the fund’s fundamentals, management, and market conditions is crucial before investing.

The SRH Total Return Fund Inc. (STEW) is a non-diversified closed-end fund aiming for total return through a value-driven investment approach. Managed by Paralel Advisors LLC, with SRH Advisors, LLC as the sub-adviser, the fund employs a bottom-up strategy to identify quality businesses trading below their intrinsic value. This methodology seeks to uncover investment opportunities poised for attractive long-term returns.

As of February 15, 2025, STEW’s market price is $16.88, a 22% discount to its NAV. This 1.63 billion market cap fund has a trailing distribution rate or 3.4%, which may or may not continue in the future.

The Destra Multi-Alternative Fund (DMA) offers exposure to a diversified portfolio across various asset classes, including equities and fixed income. Managed by Pinhook Capital, LLC, the fund aims to provide growth and income by allocating assets dynamically in response to market conditions.

As of February 15, 2025, DMA’s market price is $8.56, a greater than 24% discount to NAV. The trailing distribution rate is 3.7% . The fund has an extremely low market cap of $76 million.

The Herzfeld Caribbean Basin Fund Inc. (CUBA) focuses on long-term capital appreciation by investing in companies poised to benefit from developments in the Caribbean Basin region. This includes investments in countries such as Cuba, Jamaica, and Mexico, as well as U.S.-based companies with significant operations in these areas.

As of February 15, 2025, CUBA’s market price is $2.42. For investors interested in geographic diversification and exposure to the Caribbean’s economic growth, CUBA presents an opportunity, particularly when trading at a 23% discount to its NAV. The fund has an extremely low market cap of $38 million. The trailing distribution rate is very high and may not continue at that rate in the future,

The GDL Fund (GDL) is a closed-end fund that primarily engages in merger arbitrage strategies, aiming to profit from the successful completion of corporate mergers and acquisitions. This approach involves investing in companies that are acquisition targets, seeking to capture the spread between the market price and the acquisition price.

As of February 15, 2025, GDL’s market price is $8.34. Investors looking for alternative investment strategies with the potential for steady returns may find GDL appealing, especially if it is available at a current 20% discount to its NAV.

In conclusion, investing in closed-end funds trading at a discount to their NAV can offer enhanced yields and potential capital appreciation. However, it’s essential to conduct thorough research and consider each fund’s investment strategy, management quality, and market conditions. Funds like STEW, DMA, CUBA, and GDL provide diverse opportunities across different sectors and strategies, allowing investors to tailor their portfolios to their specific investment goals and risk tolerances.

Disclosure: Author didn’t own any of the above at the time the article was written.

All that Glitters are Gold Mining Stocks

by Fred Fuld III

Gold has long been considered a safe-haven investment, prized for its stability and ability to retain value over time. Unlike fiat currencies, which are subject to inflation and economic fluctuations, gold has consistently served as a store of wealth. This precious metal is not only valuable for its historical significance but also for its wide range of industrial applications. Gold is used in electronics, aerospace, dentistry, and medical technology due to its exceptional conductivity and resistance to corrosion. The demand for gold extends far beyond jewelry and investment, making it a critical component in various industries worldwide.

Investing in gold can take multiple forms, including physical gold (bullion, coins, and jewelry), gold ETFs, and gold mining stocks. Among these options, gold mining stocks present an opportunity for investors to gain exposure to the gold market while benefiting from the growth potential of mining companies. Unlike physical gold, mining stocks offer dividends and the possibility of capital appreciation as companies expand operations and increase production efficiency. Additionally, mining stocks are often leveraged to the price of gold, meaning they tend to outperform during gold bull markets. However, investing in mining companies also comes with risks, including geopolitical concerns, operational challenges, and fluctuations in production costs.

Most of the gold mining stocks have had huge run-ups in the last couple weeks, so in the event of any sell-offs, some of these stocks may be worth considering as an investment.

Several gold mining companies stand out in the industry due to their size, operational success, and global presence. One such company is Gold Fields Ltd (GFI), a South African-based mining firm with operations in Australia, Ghana, Peru, and South Africa. Gold Fields focuses on sustainable mining practices and has a strong commitment to environmental, social, and governance initiatives, making it a preferred choice for responsible investors.

This $17 billion market cap company has a trailing price to earnings ratio of 27.8 and a forward P/E of 9, with earnings per share growth this year of 25%, and 71.4% projected for next year. The company pays a dividend yield of 2.65%.

Another major player in the industry is Barrick Gold Corp (GOLD), one of the largest gold mining companies in the world. Barrick Gold has extensive operations across North and South America, Africa, and the Middle East. Known for its strategic acquisitions and commitment to cost-efficient production, Barrick Gold remains a top choice for investors looking to capitalize on the rising demand for gold.

The stock,, with a $32 billion market cap, has a trailing P/E ratio of 15 and a forward P/E of 11, with earnings per share growth this year of 24%, and 7% projected for next year. The company pays a dividend yield of 2.27%.

Harmony Gold Mining Co Ltd (HMY) is another key gold producer with significant operations in South Africa and Papua New Guinea. Harmony Gold is well-regarded for its expertise in deep-level mining and its efforts to optimize its operations through technological advancements. The company is focused on increasing its gold output while managing costs effectively, making it a compelling investment option.

The stock has $7.6 billion market cap, a trailing P/E ratio of 16 and a forward P/E of 7, with earnings per share growth this year of 38%, and 19% projected for next year. The company pays a yield of 1.62%.

Kinross Gold Corp (KGC) is a Canadian-based gold mining company with mines and projects across the Americas, West Africa, and Russia. Kinross is known for its disciplined approach to capital allocation and commitment to maximizing shareholder value. The company has a strong track record of operational efficiency and is continuously seeking new opportunities for growth and expansion.

The stock, with a market cap of $14 billion, has a trailing P/E ratio of 14.8 and a forward P/E of 12, with earnings per share growth this year of 30.2%, however only 3% projected for next year. The company pays a yield of 1.05%.

Lastly, Royal Gold, Inc. (RGLD) operates differently from traditional mining companies, as it focuses on gold royalties and streaming agreements. This business model allows Royal Gold to benefit from gold production without directly managing mining operations. By providing upfront capital to mining companies in exchange for a percentage of their future gold production, Royal Gold maintains a diversified portfolio and generates consistent revenue, making it an attractive investment for those looking for stability in the gold sector.

This $10 billion market cap company has a trailing P/E ratio of 30 and a forward P/E of 22, with earnings per share growth this year of 22.4%, and 8.8% projected for next year. The company pays a yield of 1.16%.

With increasing geopolitical uncertainties and economic instability, gold remains a strong asset for portfolio diversification. Investing in gold mining stocks, particularly in well-established companies such as Gold Fields, Barrick Gold, Harmony Gold, Kinross Gold, and Royal Gold, provides an opportunity to benefit from rising gold prices while leveraging the growth potential of these industry leaders. As demand for gold continues to rise across multiple sectors, these companies are well-positioned to thrive, making gold a promising long-term investment.

Disclosure: Author didn’t own any of the above at the time the article was written.