Midas MarketScope

September 18, 2020

         Thomas Winmill                   Portfolio Manager

Midas MarketScope Investors may be continuing to look for safety through precious metals. According to the World Gold Council, total gold ETF holdings stood at a record 3.785 tonnes at the end of July. As government deficits continue to rise, institutional and retail investors may remain favorable towards gold. According to the Financial Times, governments around the world have announced stimulus totaling $20 trillion to oppose the negative economic impacts of COVID-19 while net flows into commodity exchange traded products for the first seven months of 2020 totaled $64.2 billion compared to $7.8 billion in the same period last year.

Midas Fund The Fund’s holding of Steel Dynamics Inc., one of the largest domestic steel producers and metal recyclers in the United States, performed well in the last month. Shares of Caledonia Mining Corporation, a mining, exploration, and development company focused on Southern Africa, have underperformed in the last month.

Midas Fund seeks primarily capital appreciation and protection against inflation and, secondarily, current income through investments primarily in precious metals mining and other natural resource companies, as well as gold, silver, and platinum bullion. Using a disciplined approach, the Fund seeks to emphasize gold and other natural resource companies offering financial strength, expanding production profiles, strong free cash flow, and promising exploration potential. The Fund currently is invested in a global portfolio of primarily large and medium gold and diversified mining companies, precious metals royalty companies, and ETFs holding gold and silver bullion.

Midas Magic The Fund’s position in Kforce Inc., a professional staffing firm that provides strategic partnership in the areas of technology, finance and accounting services, performed well in the last month. The Fund’s holding of Credit Acceptance Corp., an auto finance company providing automobile loans and other financial products, hindered the Fund’s performance in the past month. Each of Mastercard Inc. Class A and Alphabet Inc. Class A currently comprise more than 10% of the Fund’s net assets.

Midas Magic The Fund seeks capital appreciation. Relative to the S&P 500, the Fund’s portfolio currently is more weighted in cyclical companies, such as financial services, and is underweight in economically sensitive and defensive industries. The Fund generally focuses on companies that appear to have strong operations showing superior returns on equity and assets with reasonable valuations.

Cautionary Notes

This release may contain certain “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may,” “should,” “plan,” or the negative of such terms, and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from a Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which a Fund invests, management risk, risks related to the negative impacts from the continued spread of COVID-19 on the economy and broader financial markets, and other risks discussed in each Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forward looking statements, which speak only as of the date they are made. Each Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that each Fund’s investment objectives will be attained.

Certain information contained herein has been obtained from third parties. While the Funds believe such sources are reliable, the Funds cannot guarantee the accuracy of any such information and does not represent that such information is accurate or complete.



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