Palm Valley Capital Fund (PVCMX) Fourth Quarter 2022 Commentary

It was one of the three positions contributing most to the Fund's fourth quarter performance, with silver prices gaining 26% in the quarter amid falling medium-term interest rate expectations and anticipation of a Fed pivot.

“The three positions contributing most to the Fund’s fourth quarter performance were the Sprott Physical Silver Trust (ticker: PSLV), Oil Dri, and Miller Industries. Silver prices gained 26% in the fourth quarter. Medium-term interest rate expectations peaked in mid-October, then began to slide. Investors’ anticipation of a Fed pivot supported precious metals, which held most gains through the end of the quarter, even as equities sold off in December.”