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Since 1900, there have been three bull markets in the natural resource sector.
1905¡ª1920
 

    The first resource bull market occurred in the first two decades of the century. The chart below shows that most commodities rose significantly over that period.

       




     
 
      You can see from the above chart that commodities markets peaked in about 1920 following the resolution of WWI, after having risen more than 300%. Meanwhile, the Dow Jones Industrial Average was range bound for over 20 years.
 

1933¡ª1951

    The second bull market in the resource sector took place from the early 1930s to the early 1950s. As the chart below indicates, the resource sector showed gains of 200-600%...

 

 

      One specific example of the ability for resource stocks to defy the market was Homestake Mining, a premier North American gold mining company. Unbelievably, Homestake stock actually ROSE about 600% between 1929 and 1935, while the Dow Jones FELL more than 80%.
 
      More generally, one index of 30 gold mining companies rose about 300% during this same period, while another rose by nearly 750% as you can see on the chart below.
 
  1966¡ª1982
      The last bull market in natural resources in the 20th century began in the mid 1960s and ended in the early 1980s. This one and a half decade long resource bull market propelled the CRB commodities index upward 3 fold.
 
  Here are some specific examples:

    Silver super-spiked over 1,862%, Gold over 2,328%, and Lead over 668% before giving up much of their gains in the early 1980s.

 
  A Partial List of the Explosive Gains in Precious Metals Focused Stocks during the 1970s
 

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