Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Silver Notches Best Month Since 1979 - 12th Aug 20
Silver Shorts Get Squeezed Hard… What’s Next? - 12th Aug 20
A Tale of Two Precious Metal Bulls - 12th Aug 20
Stock Market Melt-Up Continues While Precious Metals Warn of Risks - 12th Aug 20
How Does the Gold Fit the Corona World? - 12th Aug 20
3 (free) ways to ride next big wave in EURUSD, USDJPY, gold, silver and more - 12th Aug 20
A Simple Way to Preserve Your Wealth Amid Uncertainty - 11th Aug 20
Precious Metals Complex Impulse Move : Where Is next Resistance? - 11th Aug 20
Gold Miners Junior Stcks Buying Spree - 11th Aug 20
Has the Fed Let the Inflation Genie Out of the Bottle? - 10th Aug 20
The Strange Food Trend That’s Making Investors Rich - 10th Aug 20
Supply & Demand For Money – The End of Inflation? - 10th Aug 20
Revisiting Our Silver and Gold Predictions – Get Ready For Higher Prices - 10th Aug 20
Storm Clouds Are Gathering for a Major Stock and Commodity Markets Downturn - 10th Aug 20
A 90-Year-Old Stock Market Investment Insight That's Relevant in 2020 - 10th Aug 20
Debt and Dollar Collapse Leading to Potential Stock Market Melt-Up, - 10th Aug 20
Coronavirus: UK Parents Demand ALL Schools OPEN September, 7 Million Children Abandoned by Teachers - 9th Aug 20
Computer GPU Fans Not Spinning Quick FIX - Sticky Fans Solution - 9th Aug 20
Find the Best Speech Converter for You - 9th Aug 20
Silver Bull Market Update - 7th Aug 20
This Inflation-Adjusted Silver Chart Tells An Interesting Story - 7th Aug 20
The Great American Housing Boom Has Begun - 7th Aug 20
NATURAL GAS BEGINS UPSIDE BREAKOUT MOVE - 7th Aug 20
Know About Lotteries With The Best Odds Of Winning - 7th Aug 20
Could Gold Price Reach $7,000 by 2030? - 6th Aug 20
Bananas for All! Keep Dancing… FOMC - 6th Aug 20
How to Do Bets During This Time - 6th Aug 20
How to develop your stock trading strategy - 6th Aug 20
Stock Investors What to do if Trump Bans TikTok - 5th Aug 20
Gold Trifecta of Key Signals for Gold Mining Stocks - 5th Aug 20
ARE YOU LOVING YOUR SERVITUDE? - 5th Aug 20
Stock Market Uptrend Continues? - 4th Aug 20
The Dimensions of Covid-19: The Hong Kong Flu Redux - 4th Aug 20
High Yield Junk Bonds Are Hot Again -- Despite Warning Signs - 4th Aug 20
Gold Stocks Autumn Rally - 4th Aug 20
“Government Sachs” Is Worried About the Federal Reserve Note - 4th Aug 20
Gold Miners Still Pushing That Cart of Rocks Up Hill - 4th Aug 20
UK Government to Cancel Christmas - Crazy Covid Eid 2020! - 4th Aug 20
Covid-19 Exposes NHS Institutional Racism Against Black and Asian Staff and Patients - 4th Aug 20
How Sony Is Fueling the Computer Vision Boom - 3rd Aug 20
Computer Gaming System Rig Top Tips For 6 Years Future Proofing Build Spec - 3rd Aug 20
Cornwwall Bude Caravan Park Holidays 2020 - Look Inside Holiday Resort Caravan - 3rd Aug 20
UK Caravan Park Holidays 2020 Review - Hoseasons Cayton Bay North East England - 3rd Aug 20
Best Travel Bags for 2020 Summer Holidays , Back Sling packs, water proof, money belt and tactical - 3rd Aug 20
Precious Metals Warn Of Increased Volatility Ahead - 2nd Aug 20
The Key USDX Sign for Gold and Silver - 2nd Aug 20
Corona Crisis Will Have Lasting Impact on Gold Market - 2nd Aug 20
Gold & Silver: Two Pictures - 1st Aug 20
The Bullish Case for Stocks Isn't Over Yet - 1st Aug 20
Is Gold Price Action Warning Of Imminent Monetary Collapse - Part 2? - 1st Aug 20
Will America Accept the World's Worst Pandemic Response Government - 1st Aug 20
Stock Market Technical Patterns, Future Expectations and More – Part II - 1st Aug 20
Trump White House Accelerating Toward a US Dollar Crisis - 31st Jul 20
Why US Commercial Real Estate is Set to Get Slammed - 31st Jul 20
Gold Price Blows Through Upside Resistance - The Chase Is On - 31st Jul 20
Is Crude Oil Price Setting Up for a Waterfall Decline? - 31st Jul 20
Stock Market Technical Patterns, Future Expectations and More - 30th Jul 20
Why Big Money Is Already Pouring Into Edge Computing Tech Stocks - 30th Jul 20
Economic and Geopolitical Worries Fuel Gold’s Rally - 30th Jul 20
How to Finance an Investment Property - 30th Jul 20
I Hate Banks - Including Goldman Sachs - 29th Jul 20
NASDAQ Stock Market Double Top & Price Channels Suggest Pending Price Correction - 29th Jul 20
Silver Price Surge Leaves Naysayers in the Dust - 29th Jul 20
UK Supermarket Covid-19 Shop - Few Masks, Lack of Social Distancing (Tesco) - 29th Jul 20
Budgie Clipped Wings, How Long Before it Can Fly Again? - 29th Jul 20
How To Take Advantage Of Tesla's 400% Stock Surge - 29th Jul 20
Gold Makes Record High and Targets $6,000 in New Bull Cycle - 28th Jul 20
Gold Strong Signal For A Secular Bull Market - 28th Jul 20
Anatomy of a Gold and Silver Precious Metals Bull Market - 28th Jul 20
Shopify Is Seizing an $80 Billion Pot of Gold - 28th Jul 20
Stock Market Minor Correction Underway - 28th Jul 20
Why College Is Never Coming Back - 27th Jul 20
Stocks Disconnect from Economy, Gold Responds - 27th Jul 20
Silver Begins Big Upside Rally Attempt - 27th Jul 20
The Gold and Silver Markets Have Changed… What About You? - 27th Jul 20
Google, Apple And Amazon Are Leading A $30 Trillion Assault On Wall Street - 27th Jul 20
This Stock Market Indicator Reaches "Lowest Level in Nearly 20 Years" - 26th Jul 20
New Wave of Economic Stimulus Lifts Gold Price - 26th Jul 20
Stock Market Slow Grind Higher Above the Early June Stock Highs - 26th Jul 20
How High Will Silver Go? - 25th Jul 20
If You Own Gold, Look Out Below - 25th Jul 20
Crude Oil and Energy Sets Up Near Major Resistance – Breakdown Pending - 25th Jul 20
FREE Access to Premium Market Forecasts by Elliott Wave International - 25th Jul 20
The Promise of Silver as August Approaches: Accumulation and Conversation - 25th Jul 20
The Silver Bull Gateway is at Hand - 24th Jul 20
The Prospects of S&P 500 Above the Early June Highs - 24th Jul 20
How Silver Could Surpass Its All-Time High - 24th Jul 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

How to Speculate in Gold and Silver Stocks Without Gambler's Ruin

Commodities / Gold & Silver Stocks Nov 14, 2012 - 02:12 PM GMT

By: The_Gold_Report

Commodities

Best Financial Markets Analysis ArticleRodney Stevens, portfolio manager at Wolverton Securities, believes investors speculating in precious metals must be disciplined to avoid gambler's ruin. While "disciplined speculation" may seem like a contradiction, it is key to Stevens' approach. Through both technical analysis and fundamental analysis, and a careful read of intermediate trends, Stevens has developed a concentrated portfolio of precious metal companies held both long and short. In this Gold Report interview, he shares where the sweet spot in the mining space is and advises how to limit portfolio risk.


The Gold Report: Rodney, in July 2007, StarMine rated you a top analyst for the metals and mining space based on stock recommendations and market analysis that generated a return of about 8% over the industry benchmark. The metals and mining space has changed a lot since 2007. What are some key ways your approach has changed in the five years since that rating?

Rodney Stevens: Since being an analyst at Salman Partners, my strategy has developed into a more disciplined approach to speculating, which now includes the use of technical analysis in security analysis overall and short selling. The disciplined approach involves having a concentrated portfolio of securities both long and short in conjunction with progressive stop-losses.

The concentrated portfolio, while adhering to progressive stop-losses, helps control company-specific risks. Being both long and short provides a natural hedge to protect the gains from extraordinary market risk such as a market collapse—collapses when stop-losses are breached. This disciplined approach allows us not to fall into gambler's ruin even though we still are looking for stocks with great potential.

TGR: What do you look for in stocks to short?

RS: We look primarily for ideally topping formations, so we can benefit from the downward trend when it begins. The ideal shorting scenario is picking a company that goes bankrupt. That may be rare, but we also look for certain catalysts that may be divergent from what management is saying.

TGR: What would a chart look like on a stock that you would consider shorting?

RS: There' s a classic head-and-shoulders formation that looks like a head with two shoulders on the top of a chart, which breaks through a neckline. In general, you're looking at topping formations, downward trends and even some consolidation formations. A right angle triangle of the descending formation could lead to a continued drop in share price. We look for cues for timing, but then also look for the fundamentals to get an idea of how much downside there might be and for catalysts.

TGR: What's your typical weighting of shorts to longs?

RS: It depends on the degree of bullishness. We could be 50/50, 80/20, 20/80, depending on where we think we are in the intermediate trend. Right now we're about 80% bullish on gold and silver stocks.

We are interested in capturing as many intermediate trends on the upside and the downside. The problem with the intermediate trend, however, is often there is little notice as to when the trend changes direction.

Despite being 80% bullish, there's still a risk that the intermediate trend can drop, so we want to be partially hedged, perhaps having a 20% allocation of stocks that we are shorting. Then if the intermediate trend halts and goes down sharply, we'd be cutting our longs short through stop-losses, but allowing our shorts to ride, which could make up for some of the loss from the unexpected change in trend.

Of course, we also look for stocks with homerun potential and are happy to ride out the gains as long as we don't get stopped out of our positions.

TGR: Is it fair to say that the intermediate trends are where you really make your money?

RS: We look at the intermediate trends because if we could capture a fair share of these intermediate trends, we might be able to do better than just playing the long-term trend alone. We use Dow Theory to put the long-term Primary Trend into perspective. The tools we use to identify the intermediate trends are other technical indicators, such as important reversal patterns, trend lines, trend channels and support, and resistance levels. All those help assess the intermediate trend. We really make money on our stock picks, but we have to gear our portfolio in the general direction of the market.

TGR: Please explain what Dow Theory is.

RS: Dow Theory was originally developed by Charles Dow to gauge the overall health of the global economy. It is based on technical analysis. It identifies a bull market and bear market depending on if one sees higher highs, or lower lows in the Averages. It uses the Dow Jones Industrial Average and the Dow Jones Transportation Average. If both averages are confirming that we are in a bull market by higher highs, then we can be confident that we're still in a bull market. If the indexes contradict each other, then we may be heading for a bear market and the onset of lower lows in the Averages.

TGR: What is it currently indicating?

RS: Basically Dow Theory is saying that we are still in a bull market but with the caveat that it might be turning. There's been a divergence between the Dow and the Transport Average; we may be on the cusp of a change in direction over the long term from a bull market to a bear market. That tells us to be a little more cautious. There are no time limits as to when the Transports and the Dow have to confirm each other.

TGR: You recently launched a weekly newsletter called The Disciplined Speculator, and the investment strategy says, "The portfolio is speculative, suitable for those investors who can afford the substantial risk associated with seeking capital growth through trading a concentrated portfolio of speculative securities. Volatility of 50% or greater may be experienced." What's your read on investor appetite for that type of risk right now?

RS: It may sound somewhat contradictory to be a "disciplined speculator." I would argue that being disciplined is the most important thing about speculating so that it doesn't lead to gambler's ruin. For example, if the average stop-loss were 10% on a rolling 10-stock portfolio, one would have to get stopped out of many losing trades in a row before losing 50% of one's principal.

We only note the extreme volatility because we don't want people to believe that our disciplined approach is not speculative. It is designed so that investors shouldn't fall into gambler's ruin, but it is speculative.

Investors should always have an appetite for some level of risk, the degree of which should depend on personal circumstances. For example, investors who rely on their investments primarily for income, then only a small portion of their portfolio should be allocated to this type of strategy.

TGR: A lot of what you do involves the junior resource space. Are these typically good stocks to be long on?

RS: It depends on the market. If we're in a bear market, resource juniors are the worst, and when we are in a bull market uptrend, they can be the best. We look for stocks that are volatile enough that they make trading worthwhile, but hold them both long and short. For the smaller-cap issues that are below $5/share, we might only venture into that category when we're in a bullish trend. Right now we're in a bullish trend; we feel that there is sufficient liquidity and the tides are going in our favor so that we can venture into this market.

TGR: Given the current intermediate trend and the long-term trend, what's the sweet spot in the junior mining space? Is it the precious metals explorers, the precious metals development stories, or are the junior producers the place to be at the moment?

RS: The sweet spot is new high-grade gold discoveries or near-term production opportunities in the mining space, but only when the market is in a bullish trend. These opportunities are some of the riskiest, so it's also good to round out your portfolio with some established producers with good growth prospects. Another reason to add the larger-cap stocks is for liquidity because you want to be able to reverse your position if necessary.

TGR: What' s your top pick in the junior precious metals space now?

RS: Right now my top pick is Roxgold Inc. (ROG:TSX.V). It's still in the early stages of a new high-grade gold discovery in Burkina Faso. There's a lot of potential to drill off a large high-grade ore body of sufficient size to be attractive to the majors. Successful drilling could garner takeover speculation.

From a technical perspective, the shares of Roxgold have just actually broken out of a nice upside-down head-and-shoulders bottoming formation and in a breakout. So that's also very bullish.

chart

Upside-down head-and-shoulders formation chart for Roxgold. NL: Neckline, LS: Left Shoulder, H: Head, RS: Right Shoulder

TGR: What's the upside in ounces at Yaramoko?

RS: The mineralization can extend for kilometers at depth for these types of systems. Right now Roxgold is about 250 meters (m) at depth and is going to test down to 700m. The current roughly 500,000 ounce resource has potential to triple from the current drilling program; it still could extend below 700m at depth as well. There is large potential and the key takeaway is that if the company can expand the resource maybe to the 3 million ounce (Moz) range—the sweet spot that makes it attractive to the majors—then we could look for it to be a potential takeover target.

TGR: Does Roxgold have sufficient cash to continue that drill program to find more ounces through the drill bit?

RS: It has enough cash for its current drill program, but after that it would need to raise more money to continue expanding the resource.

TGR: Is Roxgold getting any value for its other projects at Bissa West or Solna?

RS: No, but it is not working those properties and it shouldn't really because to get the best bang for its buck, it should be targeting the expansion of the high-grade area, which is what it is doing.

TGR: Is Roxgold going to joint venture (JV) those properties?

RS: Roxgold could but I don't think it would receive much value unless it did a number of drill passes that resulted in a great discovery. Burkina Faso typically has low-grade 1 gram per ton deposits and Roxgold's Yaramoko property is somewhat of a freak of nature in that area. Roxgold may not find a similar resource in its other properties, so it wouldn't be the optimal use of its money.

TGR: What are some other gold and precious metals explorers you have positions in?

RS: We have a position in Tirex Resources Ltd. (TXX:TSX.V), which has a volcanogenic massive sulphide (VMS) deposit in Albania, and this is a near-term production play. The company recently received its mining permit to commence commercial production on Mirdita, its JV property with the Turkish company Ekin Maden, which is actually mining its deposit underground up to the border of Mirdita.

The joint venture could announce a production decision imminently, and within a week or so, we could have a little more clarity on the production guidance. But, in theory, it could start at 500 tons per day (tpd) initially and have potential to grow to 2,000 tpd within the next two years. There's near-tem production and Tirex won't have to spend anything on capital expenditures. The mine is already in operation so it's a good risk-reward play.

TGR: Ekin Maden is a private Turkish company and how important is that relationship to Tirex shareholders?

RS: It's extremely important. The first question is does Ekin Maden's mill have extra capacity and the answer is it does. Does it want to bring the JV property into production or would it mine other deposits where it doesn't have a JV and doesn't have to split the profits? Ekin Maden recently finished a $40 million development plant expansion and it has more than enough excess capacity and wants to feed its hungry mill. In theory, Ekin Maden's motivation to mine this ore is presumably equal or stronger than Tirex's alone because Ekin Maden actually makes more money on the mining than the milling.

TGR: Will Tirex effectively be toll milling? Would it be feeding the mill and getting a percentage of the value of the metals recovered?

RS: Yes. The other thing is that Tirex is not responsible for any of the maintenance capital or expansion capital that may be required. It's somewhat like a royalty agreement but Tirex is exposed to operating costs. It's my understanding that Ekin Maden has been operating for a number of years and Tirex has been able to thoroughly analyze Ekin Maden's operations and costs so Tirex has a good indication of what those costs are and what the profits might be. While Tirex has exposure to operating costs, the flipside is it has a proficient operator that has been achieving cost controls.

TGR: Any other precious metals explorers that you would like to talk about?

RS: Dalradian Resources Inc. (DNA:TSX) is one that we actually don't own but it's been on our radar and we're looking for an entry point. It has a high-grade 2.7 Moz deposit in Northern Ireland and it has a lot of cash and a significant drilling program, which might expand the resources by 50%. Dalradian has good management and a good property with good resource growth potential. Its management has a track record of drilling up properties and selling them, so there's potential for takeover speculation.

TGR: Dalradian is certainly in a very safe jurisdiction and quite close to infrastructure, being about 150 kilometers outside of Belfast.

RS: The other thing is the grade. If we are heading toward a bear market, companies are going to look for this type of grade and size potential because it could sustain their cash flows in any market; that's what's going to be desirable for a takeover.

TGR: What are some producers in your portfolio?

RS: The producers provide a little more liquidity. We have some producers right now: Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE), Eldorado Gold Corp. (ELD:TSX; EGO:NYSE) and Silver Standard Resources Inc. (SSO:TSX; SSRI:NASDAQ). Both Fortuna and Eldorado have relatively high growth potential compared to their peers, so I like that in the near-term. They also have good management to be able to achieve those production targets.

Silver Standard doesn't really have much production growth over the next 12 months, but the initial production hiccups have for the most part been resolved and the worst of the Argentina currency controls have already been factored into the company's share price. A near-term catalyst for Silver Standard might be the potential for a weakening peso, which would lower its operating costs. The charts of these companies have all gone through a consolidation phase from an uptrend and appear to be positioning to outperform the general market in the continuation of this uptrend as well.

TGR: For Fortuna, where's the growth going to come from?

RS: Right now its San Jose project in Mexico is ramping up production to the 5 Moz/year range by the middle of next year. That's part of the near-term potential.

TGR: Are you generally more bullish right now on silver than gold?

RS: It's hard to actually time the performance of gold and silver over an intermediate trend. They tend to track each other. Without trying to be too cute on timing, I'm weighted toward silver but I think they will both rally nicely and outperform the general market.

TGR: You hold Silver Standard, which is one of the biggest silver names out there. Why do you choose that over a company like Pan American Silver Corp. (PAA:TSX; PAAS:NASDAQ)? How do you choose between those two?

RS: I look for catalysts and I look at the charts and at the time Silver Standard's chart looked to be stronger than Pan American's, although they both tend to trend together when nothing is going wrong. They both have good management and good growth. When I am looking at two good companies that both have good fundamentals, I look for catalysts and which chart appears to be stronger than the other. Catalyst-wise, if the Argentine peso can't be held up by the Argentine government, which we are not sure whether it will happen, that could be a good catalyst in Silver Standard's favor in the near-term.

TGR: What's your advice to investors playing this space?

RS: Investors face some tough decisions in this market. If we are toward the end of a long-term bull market, then investors can be completely out of the market because buy-and-hold may be over. Another thing investors could do is to trust someone to actively manage their money if they can't do so for themselves. They have to take a wise, disciplined approach and it is a little more dangerous market to be in. My newsletter gives advice on avoiding a single stock commitment that could wipe an investor out, avoiding being frozen in a market that has turned against the investor and also informing the investor on how to take profits while limiting losses. Learning how to maneuver through the risks that there are in the market would be a first step.

TGR: Is there one thing that made you more disciplined as an investor?

RS: It's been the losses that I've sustained. I'm known for some good stock picks such as Silvercorp Metals Inc. (SVM:TSX; SVM:NYSE) when it was under $1/share and rallied to $30/share and more recently Canaco Resources Inc. (CAN:TSX.V) at $0.30/share rallying to $6/share. As part of a group we've helped finance Ventana Gold Corp. at $0.30/share and we got taken out at $12/share, so I do look for these great opportunities, but I have had a tendency to be a less disciplined gambler. I've learned from hard knocks of the risks that are involved to develop a belief in this more disciplined approach.

The typical gambler's ruin, which we try to avoid, is if investors are taking a 40–50% risk in any commitment, it doesn't take many wrong calls before the capital is wiped out. In our disciplined speculator approach, we're limiting risk to a more reasonable level so that investors have ample time to turn it around and make good calls.

TGR: Thanks for your insights, Rodney.

Rodney Stevens, CFA, is a registered representative and portfolio manager at Wolverton Securities Ltd. Since 2001, Stevens has worked in the mining securities industry, initially as an investment analyst with Salman Partners Inc. Stevens became a top-rated analyst by StarMine on July 17, 2007, for the metals and mining industry based on the profitability of stock recommendations and the accuracy of earnings estimates, generating an excess return of 7.9% over the corresponding industry benchmark. To subscribe to The Disciplined Speculator, please contact Rodney Stevens at rodney.stevens@wolverton.ca.

Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Exclusive Interviews page.

DISCLOSURE:
1) Brian Sylvester of The Gold Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Gold Report: Roxgold Inc. and Fortuna Silver Mines Inc. Streetwise Reports does not accept stock in exchange for services. Interviews are edited for clarity.
3) Rodney Stevens: I personally and/or my family own shares of the following companies mentioned in this interview: Roxgold Inc., Tirex Resources Ltd., Fortuna Silver Mines Inc., Eldorado Gold Corp. and Silver Standard Resources Inc. I personally and/or my family am paid by the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview.
4) Wolverton Disclosure:
The Author is a registered investment Portfolio Manager (PM) in Canada. The PM does not purport to tell or suggest which securities readers should buy or sell for themselves. The employees or affiliates of the PM may hold positions in the stocks or industries discussed here. The PM, the authors, and all affiliates of the PM assume no responsibility or liability of any kind for the use of the information contained herein. Statements in the PM’s publications are made as of the date stated and are subject to change without notice. The opinions, views and/or comments shared on any forum by other participants are not endorsed by the PM, and the PM assumes no responsibility or liability for any trading and/or investment results that you may obtain by using such information.
It should not be assumed that the methods and techniques presented will be profitable or that they will not result in losses. The indicators, strategies, columns, articles and all other features from other companies linked to this product are provided for informational and educational purposes only and should not be construed as investment advice. Such setups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the information in making any investment. There is a very high degree of risk involved in trading securities. You should always check with your licensed financial advisor to determine the suitability of any investment.
This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Wolverton Securities Ltd. (WSL). Inclusion of information about managed accounts, program positions and other information is not intended as any type of recommendation, nor solicitation.
This publication is not an offer or solicitation to sell or buy any of the securities mentioned. This publication is intended for distribution only in those jurisdictions where WSL and the author are registered as an advisor or dealer in securities. Any distribution or dissemination of this publication in any other jurisdiction is strictly prohibited.
The opinions expressed in this publication are the opinions of the author and not WSL.
The information in this publication is given as of the date indicated, and no obligation whatsoever is assumed by any person to update such information upon further developments or for any other reason. This publication is intended for general information purposes only and is not intended as investment, financial, legal, tax or other advice. This publication does not constitute a research report or research, and the author is not a WSL research analyst or research associate.

Streetwise - The Gold Report is Copyright © 2012 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

The Gold Report does not render general or specific investment advice and does not endorse or recommend the business, products, services or securities of any industry or company mentioned in this report.

From time to time, Streetwise Reports LLC and its  directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

Participating companies provide the logos used in The Gold Report. These logos are trademarks and are the property of the individual companies.

101 Second St., Suite 110
Petaluma, CA 94952

Tel.: (707) 981-8999
Fax: (707) 981-8998

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules