After a rather tumultuous past few months, every asset class appears to be normalizing, including gold bullion. Gold posted steady gains in May with a 2.6% increase. Gold is up 14.04% YTD through May 31, 2020, and 32.54% YOY. At the same time, gold mining equities (SGDM) have gained 18.26% YTD, and 61.70% YOY as of May 31. This compares to -4.97% YTD and 12.84% YOY returns for the S&P 500 TR Index. Silver posted strong gains in May and is on the move again.