Midas MarketScope

Midas MarketScope The World Gold Council reported gold backed ETF inflows in the first five months of 2020 exceeded inflows for any prior full calendar year. Through May 31st, global gold inflows totaled $33.7 billion.
Over the past 12 months, assets in global gold backed ETFs have increased 90% amid continued financial uncertainty, lower interest rates, and weakening in global economic growth.

Midas Fund The Fund’s holding of SEMAFO Inc., a Canadian based mining company with production and exploration activities in West Africa, performed well in the last month. Shares of Kirkland Lake Gold Ltd., a gold
producer operating in Canada and Australia, 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 Medifast, Inc, a company that produces and sells products for weight loss, weight management, and healthy living, continued to perform well in the last month. The Fund’s holding of Cabot Oil & Gas Corporation, a leading independent natural gas producer with its entire resource base located in the continental United States, 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 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. There is no assurance that the Midas Funds’ investment objectives will be attained. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.