Some gold ideas.
FUNDS. There are many ways to play this GOLD rally: gold-bullion (GLD, IAU, GLDM, SGOL), gold-miners (majors GDX, combo majors + minors GDXJ), commodities ETF BCI (futures-based; K-1 free; 19.5% precious metals), OEFs (FKRCX, FSAGX, OPGSX, SGGDX (combo bullion + miners)), stocks (ABX, NEM, WPM) (some pay variable dividends). Gold is benefitting from weakening DOLLAR and INFLATION (global central banks are also buying gold to reduce their exposure to Western currencies). Bullion-miners mix depends on whether there is soft landing (better for miners) or recession (better for bullion). (Gold sold off later in the week, post-FOMC) (By @lewisbraham at MFO)
Silver better?
COMMODITIES. Industrial-precious metal SILVER is outperforming gold, although the two have high correlation. This is an indication that global economic activity is picking up, including China reopening. Silver is also important for energy transition and EVs, besides its traditional uses in industrial products/processes and jewelry. Weak DOLLAR is also tailwind for precious metals. Silver targets are in $30s with soft landing and $10s with recession.
LINK1 LINK2
https://www.barrons.com/articles/gold-prices-how-to-invest-51675211440?mod=past_editions
https://www.barrons.com/articles/silver-gold-prices-economy-51675291146?mod=past_editions

The first couple guests were above average. Provided the typical “hem & haw” about various assets, interest rates, employment numbers, Fed policy, etc. Neither went out on a limb very far. What caught my attention was the gal who recently succeeded Ray Dalio at Bridgewater (in part, anyway) as co-chief investment officer. Just a 30-60 second clip mid-way into the show, but I thought she nailed it pretty good. (Skipped the last 10 minutes, assuming it was Larry Summers slumber hour.)
See: Karniol-Tambour of Bridgewater Assiciates

10% directly in China but also 20% in Hong Kong. And he’s free to invest wherever he sees the opportunities.

Both stocks and bonds are down today, just as everything looked rosy on Thursday.
The employment figure spook the market. The nonfarm payrolls to rise by 187,000 in January and the unemployment rate ticked down to 3.4%. This suggests another rate hike in next FOMC meeting,

[snip]
In the meanwhile, Meta laid off 11,000 (13%) of their employees and will buy back $40 billion of their stock. It is all about keeping up its stock price. Other big tech including Google, Microsoft and Amazon are having sizable layoff too. As in the past, the layoff comes in waves and spreads from one sector to another.
[snip]

Some big tech companies hired many new employees after the pandemic.
Even after recent layoffs, their workforce is still larger than before.

One can invest directly with Seafarer to gain access to the institutional shares and signing up with their automatic investment plan. The minimum is $1,500.
https://seafarerfunds.com/invest/
SIVLX is a mid-cap value EM fund. Even though it has 10% allocation to China, these are companies not commonly found in large cap EM funds.
https://fundresearch.fidelity.com/mutual-funds/composition/31761R591?type=sq-NavBar

It was very strange yesterday when Meta reported good earning and stock went up considerably as the rest of NASDAQ. In the meanwhile, Meta laid off 11,000 (13%) of their employees and will buy back $40 billion of their stock. It is all about keeping up its stock price. Other big tech including Google, Microsoft and Amazon are having sizable layoff too. As in the past, the layoff comes in waves and spreads from one sector to another.
Only Apple of the FAANG stocks did not have a layoff, but their earning reporting is disappointing. Any insights on why this did not seem to matter to the market?

Looks like my backyard minus the ship.

”There are strange things done in the midnight sun
By the men who moil for gold;
The Arctic trails have their secret tales
That would make your blood run cold;
The Northern Lights have seen queer sights,
But the queerest they ever did see
Was that night on the marge of Lake Lebarge
I cremated Sam McGee. …
The Cremation of Sam McGee - by Robert W Service

Wouldn’t ya know? Apple’s up nearly 3% today (with NASDAQ down 1.5%). One of the few things I watch that’s up today.
Strange day. Broad based selloff - equities and bonds. Gold’s off more than $50 to around $1860 - one of the biggest one-day dollar losses I can recall. Miners are off around 4.5% - but some are holding up much better.

i think its SIVLX that's available at Schwab but there's a 25k minimum. I'm kind of surprised that the fund is still only $63M after its been around this long and has performed as well as it has. But most people don't seem to be aware of it. I don't think they market the fund very much. Instead their focus is on marketing SIGIX which has almost $2 Billion in assets. As long as they don't liquidate the fund, small is okay.

@MikeW you are correct on $25,000 at Schwab for SIVLX. I too noticed that it only has $63M in net assets. Hopefully, one of the smarter minds here can opine if that is a concern. Based on only $63M in net assets, an ER of 1.05% seems quite reasonable. And for that, you get two good minds in Paul Espinosa and Andrew Foster. Lydia So is not listed as a manager in the fund (she is in SFGIX/SIGIX), but I would think that in this small boutique company, she too would have input.

From Publication IRS 550, https://www.irs.gov/pub/irs-pdf/p550.pdf
Pg 11, "Tax-Exempt Interest
Interest on a bond used to finance government
operations generally is not taxable if the bond is
issued by a state, the District of Columbia, a
U.S. possession, or any of their political subdivisions. Political subdivisions include:
• Port authorities,
• Toll road commissions,
• Utility services authorities,
• Community redevelopment agencies, and
• Qualified volunteer fire departments (for
certain obligations issued after 1980).
There are other requirements for tax-exempt
bonds. Contact the issuing state or local government agency or see sections 103 and 141
through 150 of the Internal Revenue Code and
the related regulations.
Obligations that are not bonds. Interest on a state or local government
obligation may be tax exempt even if
the obligation is not a bond. For example, interest on a debt evidenced only by an ordinary
written agreement of purchase and sale may be
tax exempt. Also, interest paid by an insurer on
default by the state or political subdivision may
be tax exempt."
YBB: States can limit deductibility of interest from FUNDS by requiring min % in US Gov or muni. This doesn't apply to directly held bonds.
Bonds guaranteed by the US Gov are TAXABLE - because those aren't direct US obligations. FNMA, GNMA, etc are in this category.
Pg 11-12, "Taxable Interest
Interest on some state or local obligations is
taxable.
Federally guaranteed bonds. Interest on federally guaranteed state or local obligations issued after 1983 generally is taxable. This rule
does not apply to interest on obligations guaranteed by the following U.S. government agencies.
• Bonneville Power Authority (if the guarantee was under the Northwest Power Act as
in effect on July 18, 1984).
• Department of Veterans Affairs.
• Federal home loan banks. (The guarantee
must be made after July 30, 2008, in connection with the original bond issue during
the period beginning on July 30, 2008, and
ending on December 31, 2010 (or a renewal or extension of a guarantee so
made) and the bank must meet safety and
soundness requirements.)
• Federal Home Loan Mortgage Corporation.
• Federal Housing Administration.
• Federal National Mortgage Association.
• Government National Mortgage Corporation.
• Resolution Funding Corporation.
• Student Loan Marketing Association"

A few observations about this fund:

• The fund modified its objective (region) on March 1, 2012. Prior to that, it was the Emerging Europe & Mediterranean Fund. (Summary Prospectus, March 1, 2012)
  
• Russia was always the 800 lb gorilla in the fund, much more so after 2012.
  
• There were two major swoons in performance: 2008 when Russia invaded Georgia, and 2022 when, well, we all know that. In both instances, the market plummet began months before the actual invasions (5/19/2008 vs. 8/8/2008, and 10/25/2021 vs. 2/24/2022)
  
• But for the current invasion that shut down the Russian stock market for a month, the fund would have been (slightly) profitable in its current incarnation (since March 2012), let alone over its full life. The fund lost 88.84% between 10/25/2021 and 3/7/2022, accounting for more than its total loss of 81.09% since the end of February 2012.

Some more data:
The fund had 67.4% of its assets in Russia as of 10/31/2021, and lost 58.5% in Feb 2022 alone.
https://www.forbes.com/sites/hanktucker/2022/03/01/these-15-stocks-and-10-funds-are-overexposed-to-russia-and-ukraine/?sh=7daecfe76e1f
Back in Oct. 2008 when the fund was still investing in the Mediterranean, 16% of its holdings were in Egypt while 60% of its holdings were in Russia. Stocks in each of those countries fell around 60% between April and October 2008.
2008 Annual Report
Since March 2012, TREMX had a 94% coefficient of correlation with LETRX (proxy for Russia).
Portfolio Visualizer correlations
Prior to March 2012, TREMX had "just" an 88% correlation with LETRX. Its correlation with NEWFX (a broad based EM fund) was slightly higher at 90%. Though TREMX still had volatility resembling Russia's.
Portfolio Visualizer correlations
Unless otherwise labeled, all data from M* charts.

+1 / +2

https://www.sec.gov/ix?doc=/Archives/edgar/data/1038469/000174177323000161/c497.htm
T. Rowe Price QM Global Equity Fund
Supplement to Prospectus and Summary Prospectus dated May 1, 2022
Effective April 5, 2023, the fund’s name will change from the T. Rowe Price QM Global Equity Fund to the T. Rowe Price Integrated Global Equity Fund. All references throughout the prospectus and summary prospectus to the QM Global Equity Fund are replaced by reference to the Integrated Global Equity Fund.
In connection with this change, effective April 5, 2023, the third and fourth paragraphs under “Principal Investment Strategies” beginning on page 2 will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
In addition, effective April 5, 2023, the fourth, fifth, and sixth paragraphs under “Principal Investment Strategies”, which begins on page 9 of the prospectus, will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. The fund draws on the adviser’s experience in global equity investing and takes into account both its quantitative and fundamental research capabilities. The portfolio is typically constructed in a “bottom up” manner, an approach that focuses more on evaluations of individual stocks than on analyses of overall economic trends and market cycles. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
The date of this supplement is February 3, 2023.
F203-041 2/3/23

https://www.sec.gov/ix?doc=/Archives/edgar/data/1038469/000174177323000160/c497.htm
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund
Supplement to Prospectus and Summary Prospectus dated May 1, 2022
Effective April 5, 2023, the fund’s name will change from the T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund to the T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund. All references throughout the prospectus and summary prospectus to the QM U.S. Small & Mid-Cap Core Equity Fund are replaced by reference to the Integrated U.S. Small-Mid Cap Core Equity Fund.
In connection with this change, effective April 5, 2023, the third and fourth paragraphs under “Principal Investment Strategies” beginning on page 2 will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
In addition, effective April 5, 2023, the third and fourth paragraphs under “Principal Investment Strategies” on page 9 of the prospectus will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. The fund draws on the adviser’s experience in small- and mid-cap investing and takes into account both its quantitative and fundamental research capabilities. The portfolio is typically constructed in a “bottom up” manner, an approach that focuses more on evaluations of individual stocks than on analyses of overall economic trends and market cycles. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
The date of this supplement is February 3, 2023.
F202-041 2/3/23

https://www.sec.gov/ix?doc=/Archives/edgar/data/1038469/000174177323000159/c497.htm
T. Rowe Price QM U.S. Value Equity Fund
Supplement to Prospectus and Summary Prospectus dated May 1, 2022
Effective April 5, 2023, the fund’s name will change from the T. Rowe Price QM U.S. Value Equity Fund to the T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund. All references throughout the prospectus and summary prospectus to the QM U.S. Value Equity Fund are replaced by reference to the Integrated U.S. Large-Cap Value Equity Fund.
In connection with this change, effective April 5, 2023, the first three paragraphs under “Principal Investment Strategies” beginning on page 2 will be replaced with the following:
Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities issued by large-cap U.S. companies. The fund expects to invest predominantly in the common stocks of companies that appear to be undervalued by various measures.
The fund defines a large-cap company as one whose market capitalization falls within the market capitalization range of the Russell 1000® Index. As of December 31, 2022, the market capitalization range for the Russell 1000® Index was approximately $0.65 to $2,066.94 billon.
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
In addition, effective April 5, 2023, the first three paragraphs under “Principal Investment Strategies” beginning on page 10 of the prospectus will be replaced with the following:
Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities issued by large-cap U.S. companies. The fund expects to invest predominantly in the common stocks of companies that appear to be undervalued by various measures. Shareholders will receive at least 60 days’ prior notice of a change in the policy. The fund expects to invest predominantly in the common stocks of companies that appear to be undervalued by various measures.
The fund defines a large-cap company as one whose market capitalization falls within the market capitalization range of the Russell 1000® Index. As of December 31, 2022, the market capitalization range for the Russell 1000® Index was approximately $0.65 to $2,066.94 billion. The market capitalization of the companies in the fund’s portfolio and the Russell index changes over time; the fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization falls below the market capitalization range of companies in the Russell index.
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. The fund draws on the adviser’s experience in large-cap investing and takes into account
both its quantitative and fundamental research capabilities. The portfolio is typically constructed in a “bottom up” manner, an approach that focuses more on evaluations of individual stocks than on analyses of overall economic trends and market cycles. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
As part of the stock selection process, the adviser focuses primarily on companies whose securities, in the adviser’s opinion, are undervalued. The adviser employs various valuation metrics, such as price-to-earnings, price-to-cash flows, and price-to-book ratios, and compares these ratios with others in the relevant investing universe.
The date of this supplement is February 3, 2023.
F201-041 2/3/23

https://www.sec.gov/ix?doc=/Archives/edgar/data/1038469/000174177323000158/c497.htm
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund
Supplement to Prospectus and Summary Prospectus dated May 1, 2022
Effective April 5, 2023, the fund’s name will change from the T. Rowe Price QM U.S. Small-Cap Growth Equity Fund to the T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund. All references throughout the prospectus and summary prospectus to the QM U.S. Small-Cap Growth Equity Fund are replaced by reference to the Integrated U.S. Small-Cap Growth Equity Fund.
In connection with this change, effective April 5, 2023, the third and fourth paragraphs under “Principal Investment Strategies” on page 2 will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
As part of the stock selection process, the adviser focuses primarily on companies that, in the adviser’s opinion, are capable of achieving and sustaining above-average, long-term earnings growth.
At times, the fund may have a significant portion of its assets invested in the same economic sector.
In addition, effective April 5, 2023, the third and fourth paragraphs under “Principal Investment Strategies” on page 10 of the prospectus will be replaced with the following:
The fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. The fund draws on the adviser’s experience in small-cap investing and takes into account both its quantitative and fundamental research capabilities. The portfolio is typically constructed in a “bottom up” manner, an approach that focuses more on evaluations of individual stocks than on analyses of overall economic trends and market cycles. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential.
As part of the stock selection process, the adviser focuses primarily on companies that, in the adviser’s opinion, are capable of achieving and sustaining above-average, long-term earnings growth. The adviser employs various growth metrics, such as a company’s historical and forecasted sales and earnings growth rates.
At times, the fund may have a significant portion of its assets invested in the same economic sector.
The date of this supplement is February 3, 2023.
F120-041 2/3/23

I believe, @Observant1, that I bought the Investor shares of the same fund that you mention.

Yes - same fund but different share class.
As Mona mentioned, SIVLX is available at Vanguard where I have an account.
It has a $25K minimum initial investment.
I believe SFVLX has a $2500 minimum initial investment.

SFVLX can be purchased with a minimum of $2,500 in a regular account and $1,000 in a retirement account directly with Seafarer. I do not see where SFVLX can be purchased through Vanguard or Schwab.

The strategy had $400million+ in assets 10 years ago....now, $33million. It's been a tough time to focus on this part of the world. A tough 10 year run. Economics can't make sense to keep this running.

I hit a paywall with the Barrons article.
As of yesterday, the 7 day SEC yield for VMRXX was 4.31%.
Is that with or without the fee waiver?

You may want to check if your local library system offers Proquest.
I'm able to access Barron's and Wall Street Journal articles online using Proquest.