Well Maurice, I am one of those posters. I don't feel a need to do weekly posts to promote holding AU. Nor do I ponder/fret what to do about it day-to-day. So you needn't fret about why you haven't seen such posts...
I continue to hold my position in AU bullion (all of which I self-custody). And it makes a wonderful diversifier. --- A diversifier does not mean "go up all the time". AU had a VERY LONG up-market; several down-years is nothing too unusual. -- After all, equities, after topping in 2000, took a decade to reach new highs. Assets come/go out of favor. AU excelled when stocks did nothing. AU has foundered the past few years as stocks have climbed. Definitionally,that IS diversification. Breaks in the price of AU below $1K would commence my accumulating. (If I had NO AU position, I'd probably commence SLOW accumulation here --- as the GDX/GDXJ suggests possible capitulation in those securities).
I do find from time-to-time, what I will call "gold haters" post on investment message boards, why, I do not know. Energy stocks are down sharply since Nov. EM-stocks too. Is it your contention that asset are only attractive for purchase/holding if they are at/near all-time highs..? --- I generally go about deploying capital the other way: buy/accumulate when prices are down. Maybe different strokes for different folks...?
In the past month I have initiated and expanded new positions in MLPs and EM, as those have encountered price weakness, but IMO represent real longer-term value. Will probably commence accumulating shares in Aug-Nov in quality energy producers -- my thesis being the quality producers (XOM, CVX, COP, OXY, EOG) will recover -- primarily because I suspect circumstances will eventually drive WTI higher. I don't claim to know when, but $45/WTI is not conducive to producers -- so producers will (voluntarily or otherwise) curtail production, and that will "solve" the problem of low WTI (just as happened in earlier cycles).

Went from 70% equities (MFs, ETFs, and individual stocks) down to 55% equities at today's market open with remainder of portfolio in cash, i.e., no bond holdings. Market breadth is lousy, good earnings reports are not being rewarded sufficiently and stocks with earnings misses are tanking. More importantly, most of my individual stock holdings have either traded sideways or declined slightly in value since April with few stocks gaining more than 10% over the past 4 months.
Something doesn't feel right and August/September are usually weak months. I have sold all individual stocks that have high(er) betas than the S&P 500 and locked in gains in my few winners.

Market breath peaked in April 1998 before the major decline began in March 2000. And back then it was just a handful of tech stocks that accounted for the big gains in late 98 to the final top. Not sure when breath peaked this time around. The next large decline could be led by the biotechs even if there is no similarity between them in this cycle vs tech stocks in the late 90s cycle. Anyone looked at the chart of Biogen (BIIB) lately?

Poor quarter/guidance. AMGN, GILD and CELG all had good/very good quarters. Considerable discussion that AGN may bid for BIIB, ABBV or AMGN.

Market breath peaked in April 1998 before the major decline began in March 2000. And back then it was just a handful of tech stocks that accounted for the big gains in late 98 to the final top. Not sure when breath peaked this time around. The next large decline could be led by the biotechs even if there is no similarity between them in this cycle vs tech stocks in the late 90s cycle. Anyone looked at the chart of Biogen (BIIB) lately?

http://www.wsj.com/articles/the-only-six-stocks-that-matter-1437942926
All the gains in the S+P 500 could be associated with 6 stocks

Bob mentions "world-allocated portfolio" in his above post ... Curious, I located a definition:
"World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds." http://money.usnews.com/funds/mutual-funds/rankings/world-allocation
RPGAX (which I own) seems to conform pretty closely to that definition. it's up 3.36% YTD. That would put it in the 5-6% bracket for a full year - if the trend continues.
-
Yikes. Hadn't realized EM's were bleeding so badly. Thanks Bob for the insights.

Obviously not surprising now, but I would be surprised if they haven't raised by December.

I'm still thinking it winds up being next year, if that. Inflation is not where they want it, China is not in good shape and other cracks showing.
UPS earnings call:
CEO Abney: “But to get to the economy, recent economic news has just been mixed and it’s caused us to be cautious. The continued strength of the U.S. dollar and I think this impending rate hike by the Fed appears to be holding back some U.S. growth.”
Chief Financial Officer Richard Peretz: “The U.S. domestic business is on track with its revenue management and efficiency gains. However, we are seeing some softening in the economy.
Chief Commercial Officer Alan Gershenhorn: “We’re about where we thought we would be. [But] we think the economy was certainly slower for sure.”
http://www.marketwatch.com/story/ups-fires-warning-shot-across-the-bow-of-the-stock-market-and-the-fed-2015-07-28
---
Now, I'm not saying that things are falling apart or going to. But I am increasing positions in things like Ecolab (ECL), which is now a very large holding and continues to be a favorite example of "buy and forget".
I do not think that Yellen has forever to raise rates - I think there is a point the window to raise rates will have closed. Some think the window has already closed.

Now GILD's price targets are predictably being raised:
S&P CAPITAL IQ REITERATES
STRONG BUY OPINION ON
SHARES OF GILEAD SCIENCES
Recent Price: $113.07
Recommendation:
FIVE STAR BUY [Highest Rating]
We raise our 12-month target $12 to $155 on below peers 13.9X our revised 2015 EPS estimate of
$11.15, up $0.95. Q2 EPS of $3.15 vs. $2.36 is $0.65 ahead of our est. Sales, driven by a robust $4.9B
in Sovaldi/Harvoni hepatitis C (HCV) sales, rose 26%. We see GILD maintaining dominant 90%+
HCV market share in the U.S., but we see new HCV patients moderating in H2 from significant
uptake in Q1 and some payer restrictions. We see solid growth in Europe, including France where
price negotiations just finished and we see large Japan opportunity, which approved Harvoni in
July.
Jeffrey Loo, CFA
07/28/2015 17:56:55

My apologies for having momentarily hijacked this thread. I find this summary about GILD to be right on:
"What we're seeing come through is an under appreciation of all the hepatitis C revenues available outside the U.S.," said RBC Capital Markets analyst Michael Yee. "The company raised revenue and lowered expense guidance. You can't ask for better than that."

I'm watching Gilead... maybe at 105?

Gilead Sciences earnings: $3.15 a share, vs $2.71 a share expected
http://www.cnbc.com/2015/07/28/gilead-sciences-earnings-.html
Reports Q2 (Jun) earnings of $3.15 per share, $0.44 better than the Capital IQ Consensus Estimate of $2.71; revenues rose 25.8% year/year to $8.22 bln vs the $7.59 bln consensus. Also raises guidance for FY15 product sales.

Did you answer this? I missed it.
>> I am in no mood for ... even a 1.5% or 2% decline.
So how do you equity-invest at all if you do not ever want to see a 1.5% decline ?

That's a 1.5% to 2% decline in my total account balance. So I keep no more than 5% to 10% of overall capital in equities. I am primarily a bond fund trader and there you can control your drawdown much more than individual equities.

Nice going Junkster ... and, thanks for sharing your thoughts.
I can see where Junkster is up 4.4% as claimed because he has booked profit from most of the positions he opened. One of the things that has helped me better my boggy, the Lipper Balaned Index, has been my special investment position (SPIFF) that I opened this past fall and held through late spring with its gains now booked has provided enough profit to push me ahead of it.
A few good spiffs, from time-to-time, can make your returns real healthy.

I am up 4.42% YTD and on track for my worst year since 2008. Not sure that is isolated to me or others are also struggling. I take no solace in the fact my return is higher than many of the market indexes as my goal is to consistently compound my capital and not to shadow or beat any particular market index. I haven't a clue how the rest of the year will unfold. I think China is simply an excuse for an already overall sick market. But as we have seen, at least since 2008, rallies seem to come when the markets have looked the sickest. At my age and financial situation I am in no mood for any drawdown in my total nest egg - even a 1.5% or 2% decline. Then again I was never in the mood for any drawdown, young or old. So all I hold (for the moment) are three very small equity positions in small cap biotech and a bank loan fund. Junk corporates have performed especially poorly lately in part because of the decline in oil prices. On the other hand, junk munis are suddenly looking inviting again.

Congratulations ! You are doing very well given the current environment. I'm up about 1.5% YTD and that's a fairly conservative portfolio. For junk munis, I do own PRFHX. I also hold ZEOIX which is holding up nicely. My other bond funds are a mixed bag with most hovering around the flatline for YTD.

My plan as always is to take what the market gives and can ramp up quickly if necessary. It hasn't been very giving lately so hence the cash. Yes, I know conventional wisdom says you can't time the market and I couldn't agree more. But I look at timing as an attempt to pick tops and bottoms - virtually impossible especially tops - and money management as two entirely different mindsets. To me money management is not sitting in losing positions and watching my capital erode.

I am up 4.42% YTD and on track for my worst year since 2008. Not sure that is isolated to me or others are also struggling. I take no solace in the fact my return is higher than many of the market indexes as my goal is to consistently compound my capital and not to shadow or beat any particular market index. I haven't a clue how the rest of the year will unfold. I think China is simply an excuse for an already overall sick market. But as we have seen, at least since 2008, rallies seem to come when the markets have looked the sickest. At my age and financial situation I am in no mood for any drawdown in my total nest egg - even a 1.5% or 2% decline. Then again I was never in the mood for any drawdown, young or old. So all I hold (for the moment) are three very small equity positions in small cap biotech and a bank loan fund. Junk corporates have performed especially poorly lately in part because of the decline in oil prices. On the other hand, junk munis are suddenly looking inviting again.

MikeM, Cinammond sure hasn't been doing a very good job of preserving capital, even with all that cash. I know it hasn't been a downturn, but his fund is still down 4.97% YTD.

Yes, Scott is right. Eric Cinnamond's name has become synonymous with "value trap" manager. And he has been invested this way for years now. MFO has endorsed many good funds, but the endorsement on this manager turned out to be a loser over the last 4 1/2 years.
Hate to beat a dead horse, but this guy has been barking up the wrong tree with his investments. He has been over-weight in PM miners for years now. His inability to adapt or see that the market doesn't agree with his analysis is kind of Hussman-esq. Might he preserve capital in a down turn with all that cash? Sure, but how long do you give a manager to prove himself right? Personally, I got out of ARIVX a couple years ago because he was so over weight in mining stocks. Two years later, he still is.

FYI: As global central banks continue to hold interest rates at historically low levels, asset management firms have labored to provide investors with alternative sources of income. One of the newest to do so is the faith-based and socially responsible investment firm Eventide, which recently launched the Eventide Multi-Asset Income Fund (ETAMX). The new fund provides investors with exposure to a wide range of income producing securities with the objective of generating current income and maintaining the potential for longer-term capital appreciation.
Regards,
Ted
http://dailyalts.com/eventide-launches-new-multi-asset-income-fund-earns-awards/

http://www.sec.gov/Archives/edgar/data/906352/000093041315003092/c81980_497.htm
497 1 c81980_497.htm
FIRST EAGLE FUNDS
First Eagle Global Fund
First Eagle Overseas Fund
First Eagle U.S. Value Fund
First Eagle Gold Fund
First Eagle Global Income Builder Fund
First Eagle High Yield Fund
First Eagle Fund of America
(the “Funds”)
1345 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10105
(800) 334-2143
SUPPLEMENT DATED JULY 20, 2015
TO PROSPECTUS DATED MARCH 1, 2015
On July 20, 2015, First Eagle Investment Management, LLC (the “Adviser”), the investment adviser to the First Eagle Funds, announced a definitive agreement under which a majority investment in the Adviser would be made by private equity funds managed by The Blackstone Group, LP and Corsair Capital LLC as well as clients of the two firms. The investment is being made through the Adviser’s holding company, Arnhold and S. Bleichroeder Holdings, Inc.
The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals.
As required under the Investment Company Act of 1940, consummation of the transaction will be deemed an “assignment” of the investment management agreements between the First Eagle Funds and the Adviser, which will result in automatic termination of each agreement. It is anticipated that the Board of Trustees of the First Eagle Funds (the “Board”) will consider new investment management agreements with the Adviser for the Funds. If approved by the Board, the new agreements will be presented to the Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
* * * *
The information in this Supplement modifies the First Eagle Funds’ Prospectus dated March 1, 2015. In particular, and without limitation, the information contained in this Supplement modifies (and if inconsistent, replaces) information contained in the section of the Prospectus entitled “Fund