2016 ushered in the next stage of the precious metals bull market. After nearly five years of a relentless
downtrend in the sector the precious metals and mining stocks were among the best performers of any
investible asset class. Gold finished the year up 8.5%, silver 14.9% and GDXJ junior mining stock index
was up 64%. Our Precious Metals Opportunity Fund gained 47% after all fees and expenses. Compare
these numbers to 9.5% for the S&P 500 and 13.4% for the Dow.