July was a very cruel month for just about everything except gold mining stocks and longer- dated Treasuries. The Standard & Poor’s 500 Index and the Dow Jones Industrial Index declined 2%. The broader Russell 2000 Index fell a whopping 7%. Utility stocks were creamed as indicated by the Dow Jones Utility Index that declined by 6%. Oil highlighted weakness in the commodity sector with a retreat of 7%. As measured by the Thomson Reuters/Jefferies CRB Index, that basket of commodities fell 4% during the month.
This pattern of continued outperformance by the HUI and the longer-dated Treasuries has been in force throughout all of 2014. For the year, the HUI is ahead 20%.
Robert Fitzwilson continues @ KingWorldNews.com
