Is Gold Now the Only Safe Haven?

Michael Oliver Suggested as much in his April 8th missive to subscribers

Michael Oliver, (OliverMSA.com) who will be my guest this weekend on my podcast put out a one page commentary to his subscribers headed up with the title, “Down to one alternative now?!”

J Taylor's Gold Energy & Tech Stocks is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Here is what Michael wrote:

“MSA has been making the case for a T-Bond rally, perhaps one that persists for several months. Yesterday’s surge high in T-Bond futures (a drop in yields) to 122 & 5/32ds certainly indicated that money was flowing from the stock market into that category. But we’ve also continually warned that any rally in T-Bond prices now would be counter-trend to T-Bonds’ annual momentum, which has been major negative since late 2020. The slam today in T-Bonds’ price was surprising in that the stock market collapsed from its rally high today big time. And yet T-Bonds sold off. We also note that municipal bonds are nearing a level that could precipitate a price collapse. MSA will update that situation later this week or in the weekend report.

“We’re getting skeptical now that T-Bonds might play as an alternative. They need to halt around here to retain that possibility. Otherwise, what we’re facing is historic, leaving gold and related as the only alternative to all other collapsing assets. Yes, gold and silver were hit Thursday and Friday last week, but they’ve since asserted their stability. And for silver the stabilization is around $3 above the low trade.

“Also note that the S&P 500 is now year-to-date down 15% as of today’s close (and even down more if measured from its Feb. top price), while gold is up 13.4% YTD.

“MSA has been arguing that this collapse in stocks will likely be a wide-scale event affecting many or most other categories and leaving nothing much other than perhaps T-Bonds as a “safe” alternative (for a while), and of course gold. It looks like we might have to narrow that down just to gold.”

I know its unpatriotic to suggest the dollar is in trouble. I wished it were not so. But wishing for good things does not reality and doing so can be extremely self destructive. If the U.S. bond market loses its credibility, that will be a major event in this, the Forth, Forth Turning in U.S. history.

As I was writing this near noon time in New York City, gold in the futures markets were more than $100 higher and the 10-yr U.S. Treasury yield was at 4.446 % and climbing fast! Not a happy event for sure. But it is what it is and failing to accept reality will not produce a desired outcome.

With gold mining companies earning huge margins now, I can’t think of any time better to add that sector to your portfolio.

Best wishes,

Jay Taylor

J Taylor's Gold Energy & Tech Stocks is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

You're currently a free subscriber to J Taylor's Gold Energy & Tech Stocks. For the full experience, upgrade your subscription.

Upgrade to paid

© 2025 Jay Taylor
Box 780555, Maspeth, N.Y. 11378
Unsubscribe