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"Ranting Andy" Hoffman
tableTable of Contents 

Quotes of the Day

Upcoming Conference Appearance

Silver Circle Movie - Coming Soon!

Podcast with Kerry Lutz

Round Table Podcast with Bix Weir, Bill Murphy and Ranting Andy 

Monday Afternoon Wrap-Up

Tuesday Morning Commentary

Canadian Storage Cost Tax Deductibility

Ranting Andy's Mailbox

quotesQuotes of the Day 

What on Earth is happening here in Germany? Maud said: "We were doing all right in the mid-Twenties. We had a democratic government and a growing economy. But everything was ruined by the Wall Street crash of 1929. Now we're in the depths of a depression" Her voice shook with an emotion that seemed close to grief. "You can see a hundred men standing in line for one advertised job. I look at their faces. They're desperate. They don't know how they're going to feed their children. Then the Nazis offer them hope and they ask themselves: What have I got to lose?

-Winter of the World, by Ken Follett - fiction, March 1933


Gold is eternal wealth that you can physically own.  So forget what you paid for the gold coins, and forget their price a year from now.  Accumulate them and put them away in a safe place.  They represent the safest form of pure intrinsic wealth, and they are the only items whose price you do not have to worry about.  The reason is that gold has no true competition.  Nothing on earth compares in eternal safety with physical gold.

-Richard Russell


The worldwide currency debasement war has now entered a new and more deadly phase.  Central banks have escalated the combat plan to bring about the world's weakest currency for their individual countries.

-Michael Pento


You can be absolutely sure the caps at $1775/oz were for the purpose of accumulation.   Gold is going to $3,500 and beyond much, much, much faster than it took to get to $1,900. If you think the major banksters are not long gold, you are seriously bonkers.

-Jim Sinclair


The Eurozone crisis is so serious and dire, public opinion across Europe is turning against the project, which is why its leaders are trying to complete the project before everybody wakes up to what's being done in their name. This is going to come to a very dramatic head over the course of the next two years.

-Nigel Farage


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interviewsUpcoming Conference Appearance 

I am pleased to announce Andy Schectman and Michael Spector will be appearing at International Living's Fast Track Your Retirement Overseas Conference September 28th-30th, in Las Vegas, Nevada.


International Living's Fast Track Your Retirement Overseas Conference


If you plan to be attend, please come by the Miles Franklin booth to say hi!


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silverSilver Circle - Coming Soon!  



Ranting Andy readers are getting an exclusive look at the Silver Circle movie.  A film about the upcoming economic collapse in 2019 will hit theaters in January, but not before taking a promotional tour this Fall for lucky viewers around the country!  More details about the release -i.e., exact dates - will be published soon, so stay tuned at, and watch the TRAILER here:


Silver Circle - Official Trailer 
Silver Circle - Official Trailer

Synopsis: Jay Nelson, lead investigator for the Federal Reserve's Department of Housing Stability, is assigned to an arson case at Glenwood Homes.  He's quickly led to a rebel group plotting to take down the Federal Reserve.  Rebel leader Zoe Taylor tries to convince Jay that although the Chairman of the Fed - Victor Brandt - is blaming the rebels for destroying Glenwood Homes - Brandt himself has secrets of his own.  Join the silver-toting Rebels as they attempt to outsmart the Fed, and restore a sound money system in America - once and for all. 


Since Ranting Andy's readers love silver - and all things related to ENDING THE FED and restoring sound money - we've got an awesome deal for you!  For a limited time, you can visit the Silver Circle Store - and when purchasing a t-shirt, wristband, or bumper sticker, receive a 20% discount by using the code "RANT." 


Additionally, if interested in contributing to the project's marketing and distribution campaign, please contact Megan Duffield, Marketing Manager, at


All donations are tax-deductible, and we are hoping to meet our goal of $500,000 before the January theater run - to ensure a successful release.  Hey, you can even donate IN PHYSICAL silver. How cool is that?


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lutzPodcast with Kerry Lutz  

My weekly podcast with Kerry Lutz of Financial Survival Network was taped Monday afternoon, per below...


Ranting Andy Hoffman - COMEX Short Position... Silver Under $35 Or Bust


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murphyRanting Andy, Bill Murphy, Bix Weir Podcast Part 1 

The below podcast ROUNDTABLE with myself, Bill Murphy of GATA, and Bix Weir of Road-to-Roota was conducted by Elijah of Unconventional Finance on Thursday, September 20th. It will be released in five segments over the next week, with PART I below:


SILVER ALL-STARS, Pt 1 - Bill Murphy, Andy Hoffman, & Bix Weir


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wrap-upMonday Afternoon Wrap-Up 9/24/2012
Andrew Hoffman

First off, I'm sorry to say I can no longer publishing all your emails. I will still diligently and promptly answer all questions; however, as noted Friday, our editor is being overwhelmed. Thus, as of today, I will only publish a few questions each day. Thus, if you want to make it into a RANT, make it a really good question!


As for today, I pretty much said it all this morning. The "elites" running the "world's greatest nation" are starting to feel their PAPER market manipulations are invincible; and thus, that they can usher Obama into a second-term by simply propping the "DOW JONES PROPAGANDA AVERAGE" - which remains to be seen, of course.


Thus, they must have FREAKED OUT when Apple's manufacturing operations experienced rioting this weekend...


iRage: Apple's FoxConn China Plant Damaged As Riots Resume


...and the iPhone 5 only sold five million units in its first weekend - as the "SURROGATE PPT" is the most influential stock in the ENTIRE WORLD...


Apple Announces First Weekend iPhone 5 Sales Of 5 Million, Half Of Highest Estimate


However, no problem for the "PRIMARY PPT," which likely has a market share of total NYSE volume of close to 80% by now. I know I said I wouldn't discuss it, but it's amazing to watch it propped with "DEAD RINGER" algorithms nearly EVERY DAY...


dow jones sept 24 2012 stocks 'round the world decline on fears of economic collapse...


We Have Entered A New & More Deadly Phase Of This Cycle - Michael Pento


...civil war...


Spanish Military Threatens Treason As Catalonia Seeks Secession Referendum


...draconian government...


Nigel Farage - We Are Now Entering The Terrifying End Game unrest...


America's Deadliest And Poorest City Set To Disband Its Entire Police Force Over Budget Crisis




Kaminsky: "Bernanke Is Now A Kamikaze Pilot"




With $1.6 Trillion In FDIC Deposit Insurance Expiring, Are Negative Bill Rates Set To Become The New Normal?


...and WAR...


Iran: We'll hit U.S. bases if Israel attacks


...particularly as the world's "public enemy #1" is speaking Wednesday...


Ahmadinejad nears last UN speech: expect a doozy


Then again, decades of government stupidity have sufficiently "dumbed down" society to the point that NO ONE can see - or cares about - the obvious...


Confirming US Dumbification, Verbal SAT Scores Just Hit Record Low


...such as my continual spotting of "CARTEL HERALD" capping patterns...


24hr gold   

...just as they signal a PM smash...


24hr gold sept 24 2012   


...let alone, to realize who they should listen to...


"Do You Own Gold?" Ray Dalio At CFR: "Oh Yeah, I Do"


...and conversely, who to avoid...


Following QE8, Japanese Teachers' Pension Fund Goes All-In: Focus on 'Return' Not 'Risk'


As for PMs, the Cartel's push to quash sentiment in front of the election - particularly given its MASSIVE, EMINENTLY DANGEROUS naked short position in silver - is on. It started with Friday's "POST-FOMC MONSTROSITY," just after 10:00 AM EST. Then, when silver again tried to take out the VERY KEY ROUND NUMBER OF $35/oz, it followed up with yesterday's "SUNDAY NIGHT SENTIMENT" attack in the wee hours of the morning.


Today, it could not be more blatant that the Cartel is trying to re-establish its old silver line in the sand at the ROUND NUMBER of $34/oz...


spot silver   

...and for gold, at Jim Sinclair's "$1,764/oz Angel" - which gold actually closed above...


spot gold   

...despite every effort to hold it down, such as the typical HUI naked shorting raids I have become so accustomed to in my "TEN YEARS OF HEAVEN AND HELL"... 



However, despite its best efforts, the Cartel's #1 Achilles Heel bit them again. As I have discussed for some time, it's one thing to suppress "DOLLAR-PRICED GOLD," but quite another to hold it down in ALL currencies. Thus, care of a sharp increase in the meaningless "dollar index" - Euro Gold actually ended HIGHER, now sitting a mere 0.7% from its ALL-TIME HIGH...




Day (price)

Day (%)


Euro Gold





Rupee Gold






...which, when inevitably breached, may well catalyze the long-awaited fear stage of the ongoing currency collapse; and with it, a rush to secure ANY and ALL available PHYSICAL gold and silver. If today was the "best they've got," I strongly urge you to...




Call Miles Franklin at 800-822-8080, and talk to one of our brokers.  Through industry-leading customer service and competitive pricing, we aim to EARN your business.


vote for me  


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Book Private Meetings and Events
Miles Franklin seeks creative ways to partner with its clients to market Precious Metals to nationwide audiences.  If you are interested in sponsoring a Webinar presentation with Andy Schectman, President of Miles Franklin, and "Ranting Andy" Hoffman, Director of Marketing, please inquire via email to or, or via telephone at 800-822-8080.
commentaryTuesday Morning Commentary 9/25/2012

This morning at the gym, I read a profound statement that turned my entire thought process on the past century upside down. Not only was it ominous - and eerily similar to the terrifying outlook I foresee - but completely refutes the "consensus" view of history. I was going to address it this morning, but it is too meaningful to be lost in the morning commentary. Thus, it will be the topic of Thursday's RANT topic - given that both today's and Wednesday's are already spoken for.


As for this morning, the "horrible headlines" are the same as always. The same as when PMs were up last week, down yesterday; and, frankly, NEARLY EVERY DAY since the global economy peaked 12 years ago.


Encouragingly, gold has recouped ALL of yesterday's BOGUS losses; although, as you see below, the Cartel came flying in to slow it down with a patented "CARTEL HERALD" at EXACTLY 8:20 AM EST, at - what a shock - the current line in the sand at the KEY ROUND NUMBER of $1,775/oz...


24hr gold sept 25 2012   

Silver had also recouped its gains, until the same Cartel capping cut them in half, with no other market budging (Dow futures have been up 20 - 30 points all morning, and European stocks flat)...


24 hour silver   


The overnight "news" depicts a world plunging into depression - per the topic of my opening commentary - with German business sentiment down sharply...


Germany's IFO index drops in September as eurozone crisis hurts Europe's biggest economy


...French business confidence at nearly its ALL-TIME LOW...


The French INSEAD survey of business confidence general production expectations slumped in September from -44 to -52, one of its lowest-ever readings.


...the U.S. housing market moribund, despite typically "massaged" data in the Case-Shiller housing index...






Case-Shiller Housing Index

0.9 %

0.9 %

0.4 %


...while the FHFA House Price Index barely changed...






FHFA House Price Index

0.7 %

0.8 %

0.2 %


...and the Chinese economy in FREEFALL, causing the PBOC to inject a record $46 billion of PRINTED MONEY into the markets, in just one day...


China's Central Bank Injects Funds to Ease Cash Crunch


In Europe, political tensions over the highly controversial - and heavily opposed - OMT bond-buying program are rising...


Is Draghi's Bond-Buying Dream Circling The Drain As ECB/Bundesbank Lawyer Up? more and more Europeans realize it is nothing but another hyperinflationary ploy, aimed at stealing nations' sovereignty and citizens' rights...


LTRO Smoke, OMT Mirrors, Fiscal Sledgehammers what will prove a futile exercise...


Madrid faces regional funding backlash attempting to save CORPSES...


One Third Of Athens Businesses Shuttered essence, allowing PIIGS investors to offload worthless bonds to the ECB ; and by extension, Eurozone citizens...


Draghi Rally Lets Skeptics Dump Spain for Bunds EXACTLY the same manner as QE destroys Americans, for the benefit of a handful of EVIL, "TBTF" banks...


Jim Sinclair - The final end game of QE 3 to Infinity


Moreover, as I've said before on countless occasions, widespread economic hardship ALWAYS yields socialism, draconian government action, and war. Thus, it should be no surprise the U.S. is provoking Iran...


Obama warns Iran on nuclear bid, containment "no option"


...while China flexes its muscles against its long-time foe...


China carrier a show of force as Japan tension festers a region starting to dangerously resemble the Middle East...


Now Taiwan Is Also Claiming The Senkaku Islands: 70 Fishing Boats Set Sail To Stake Claim


Meanwhile, the U.S. "fiscal cliff" and debt ceiling debacles are edging closer, with the $16.394 trillion debt ceiling just $350 billion away.  


Breaking Down The Fiscal Cliff In 12 Charts


Don't forget, the U.S. government typically runs up the least amount of debt in its fiscal fourth quarter (ending September 30th) and the most in its fiscal first quarter (ending December 31st); as it likes to push as many expenses as possible into the new year. So don't be surprised if these crises are upon us rather quickly...


U.S. National Debt Clock


We're about to leave the "eye of the storm" - in both the East and the West - and two billion people are about so see their currencies fall to ALL-TIME LOWS against REAL MONEY...




Day (price)

Day (%)


Euro Gold





Rupee Gold







Thus, I implore you to...




Call Miles Franklin at 800-822-8080, and talk to one of our brokers.  Through industry-leading customer service and competitive pricing, we aim to EARN your business.


Souce: Zero Hedge 


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BFI Wealth, Zurich - Swiss Annuities and Managed Accounts    

Miles Franklin and BFI Consulting of Zurich, Switzerland, have partnered for the past two decades in offering access to offshore annuities and managed accounts.  Born at roughly the same time in the early 1990s, both firms have successfully PROTECTED clients via quality, secure, private accounts holding PHYSICAL Precious Metals, annuities, and other managed products.  BFI is a global leader in the sale and maintenance of Swiss annuities and privately managed accounts, and through its Global Gold subsidiary - managed by worldwide storage leader Via Mat - offers international Precious Metal storage services in Switzerland, Hong Kong, and Singapore.  

rantCanadian Storage Cost Tax Deductibility

I was set to write an entirely different RANT topic; but just before I started, I was sent an extremely exciting email from Miles Franklin's tax attorneys. In it, I learned the costs of holding metal in our Canadian storage facility are TAX DEDUCTIBLE - per the language below:


�263A requires certain costs to be capitalized. �263A (b)(2) and �1221 (a)(1) define that holding precious metal for resale meets the definition of expenses that should be capitalized and added to the basis of the underlying asset.


In addition to �263A, �266 allows a taxpayer to elect to capitalize �212 expenses. �1.212-1 would include storage costs.


To capitalize under �266, the taxpayer must file an annual election with their tax return. �263A is the method of account the taxpayer can use to capitalize storage costs without filing an annual election.



Aside from publishing RANTS like "CANADIAN BULLION STORAGE - THE SOUND OF SMART", "CANADIAN STORAGE UPDATE," and "FATCA - ANOTHER REASON TO OWN REAL MONEY," we spend significant capital pursuing the most up-to-date legal and tax accounting counsel available.


We believe strongly in the ability of our Canadian offshore storage program to PROTECT assets in the coming years; and thus, seek to make it the safest and most cost effective in the industry, via...

  • FIXED RATE pricing - per ounce stored, NOT bullion value
  • PERSONAL audits of the vault each quarter by Miles Franklin officers

Moreover, as long as you send at least .999 fine silver and/or 24 karat gold - such as U.S. Buffaloes and Canadian Maple Leafs - there are no duties or taxes incurred shipping metals to Canada.  Metals for storage in Montreal can be purchased from Miles Franklin directly, or sent in-kind from your home or other institutions; and we can help you swap non-24 karat coins - such as U.S. Gold Eagles - into 24 karat coins, to enable tax optimization per the aforementioned Canadian tax laws.


If you have any questions, please call or email Miles Franklin's brokers - who average 18 years of PM sales experience - at any time!




Call Miles Franklin at 800-822-8080, and talk to one of our brokers.  Through industry-leading customer service and competitive pricing, we aim to EARN your business.


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mailboxRanting Andy's Mailbox

Hi Andy:

A friend of mine, whom I'm trying to educate about the importance of gold, has picked up on the Pamp 10 Ounce Tungsten story. He's saying it's an important reason to not purchase physical, and to "invest" via the ETFs, on the assumption that the big funds will never get tricked the way a relatively small dealer and retail customer might be when buying physical.

I'm sure he's not the only one thinking that right now. It's hard to spread the word when there are all these counter-currents.

Look at the progression.

Several years ago, people started to get worried about the financial system and interested in gold. So the Paper Pushers invented the ETFs, as a means by which to sterilize at least a portion of the money flowing toward metals. It was an excellent way to keep the gold price down and keep the assets in the system (with commissions for stock brokers, etc.), by ensuring that tens of billions of investment dollars didn't go into private physical collections.

When people started putting more money into shares, they hurt them via naked shorting and other techniques. This made the gold story confusing. "If gold is so great, why are the shares going down? What do the shares know that physical does not?," thought the people. And the propaganda was always that "shares lead physical," in other words, the shares were the harbinger of big declines to come. This, too, kept a cap on the gold price.

Manipulation of the 100:1 gold futures market isn't even worthy of discussion. It represents blatant, outright price suppression designed to deceive the public as to the health of the economic, financial, fiscal and monetary systems. Again, the price is controlled.

Now, more and more people are realizing that the Paper Game is rigged. So they want physical. If too many people want physical, then the whole Paper Game blows up. Parties such as JPM, HSBC, The Treasury, and the Fed are no doubt keenly aware of this. If they weren't, then why have they spent the past decade manipulating the price of gold, in order to make it send false signals to the market? We know for a fact that they are focused on the price of gold. It's demonstrable. Your own writings are proof of it.

So at this point, they must do what they can to discredit the physical market. What choice do they have? They simply cannot allow the growing momentum in physical to turn into a stampede. First, the gold is not there in the quantity the market will want and need. Second, they will lose control of the price if physical demand takes off. And third, the Ponzi nature of the Paper Game will be exposed, with potentially serious consequences for the system as a whole.

Bastardizing that 10 Ounce Pamp Bar was not easy. It took skill. It wasn't done by some amateur fiddling around in his basement. It was done by professionals with sophisticated equipment. All that to scam a few thousand dollars? (Now every dealer on earth is alerted, so it's going to be much harder for the scam to persist. All that investment for such a small payoff?) Doubtful. This is more like Character Assassination, the character being Physical.

Anyhow, your readers might like to be reassured about how difficult it is to counterfeit gold coins, the telltale signs that are present when a coin is counterfeit, and the types of procedures you use to verify the metals you sell.

It seems to me that it's important for the industry to get ahead of this anti-physical gold propaganda campaign before it takes on any more strength. It is interesting how much press coverage this story has received. The press couldn't care less about auditing the Treasury's gold reserve; it couldn't care less about the illegal, multi-year price manipulation of the metals. But it covers a few tungsten-impregnated Pamp bars with camera crews, reporters and prime time coverage??? Clearly, there's got to be a much bigger story here than the Pamp red herrings.

Just some thoughts from the field.

Best Regards,




You've essentially got it all right - other than that PROPAGANDA to discredit the PHYSICAL market will work.


I'd say the odds the Tungsten bars were "impregnated" and planted in New York - and the media - by the Cartel are quite high; although I'm sure there are other fakes out there as well.   We at Miles Franklin have ALWAYS recommended one ounce and lower coins, in which counterfeiting essentially NEVER occurs, but some still prefer older, larger bars were such risks are (likely limited, but) significantly greater.


My Wednesday RANT topic will be specifically on the topic of counterfeiting and authenticity, so stay tuned!








Since my family & I have been reading articles by you and the Miles Franklin staff, the one thing we have learned is the economy is toast. Burned toast. Life will become a waking hell probably for many years. We speak of the real possibility that one or more of us may indeed die. But once we understood the importance of holding gold/silver as a protection during this time, all the rest of this jigsaw puzzle fell into place. We can thank you in particular for this understanding. Sure, there a other sites that use a drill to wake AmeriKa up to a coming hellish paragon. You have a way that speaks from sincerity and a heartfelt need to help all those who will listen. Most won't. We both know that. We would like you to know that you can indeed move mountains Andy. And with those mountains moved away, we now see our way more clearly. Thank you Andrew Hoffman.






Emails like yours are why I look forward to waking up each morning.






Hi Andy,

You mentioned in a previous rant that despite the recent discovery of tungsten laced gold bars
it's not so much of a concern when it comes to smaller denomination coins or as you put it:

"The one ounce coin is the world's most liquid denomination,
devoid of both unnecessary premiums - as occur with fractionals - and concerns of Tungsten-lacing,
as such an operation is virtually cost-prohibitive for such small coins"

Up until now, I never gave much thought to this issue, but after reading this article,
I feel less than reassured.

Should this be a cause for concern?







Nothing in life is certain, but that article is pure bull.


Our people have NEVER seen a counterfeit one ounce coin - EVER - and given heightened awareness and technology, the odds are practically zero.


My Wednesday RANT topic will address this topic head-on.






Hi Andy


Reading David's latest newsletter, he quotes "David R" as follows:


"There is no manipulation because they are short the futures and long the physical and have "ZERO" price risk, but nice profits!  It's brilliant trading and completely 100% legal and that's why they will never be charged with manipulation because there is none going on."



"There is no shortage what so ever and the banks are charging 40 bp for storage because they cannot find any more space to put it all, you can take all the physical you want!  The JPM manipulation is not a manipulation, but a way of trading that has been going on for years. JPM is short futures (due to contango) and long physical.  People need to understand that metals are just a derivative of the interest rate market and once people do, they will get a better understanding why the market moves the way it does."


Please give your comment.








I have given plenty of comments on this topic already.


"Trader David R." and I don't see eye to eye, and let's leave it at that.


That said, I understand why David S. gives him coverage - although I find it extremely irritating - as he is showing the world how the "other side" thinks and talks.








Hope you have an enjoyable day.  May you remain healthy (and in love!) to continue your heroic efforts, for which I am most grateful - oh, and welcome to the joys of being a "dog man".


Very best wishes




Maybe the UKs staunchest silver bug




Thanks so much, your comments are very appreciated!





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Reliable Financial Advisors  

In a world of heightened speculative and counterparty risks, finding someone you can trust may be the most important research you do. Miles Franklin does not sell stocks, but is frequently asked if we know of reputable, full-service brokers. WE DO NOT CONDEMN OR CONDONE EQUITY INVESTMENTS, but want investors with such interest to be honestly and competently handled.

In resource stocks, the folks at Sprott Global Resource Investments - managed by Eric Sprott and Rick Rule - are the best in the business. In various capacities, we have worked with Eric Angeli, Jeff Howard, Kenton Toews, Mishka vom Dorp, Jason Stevens, Anthony Marsh, and Andrew Jackson - all of whom are diligent, ethical, and knowledgeable. That style of business is indicative of the reputation Global has built over the past 25 years. You can feel comfortable with any of their brokers, reachable at 800-477-7853.

For all other stocks - including large cap gold, silver and other resource equities - Nick Shermeta, from Northland Securities here in Minneapolis, is as trustworthy and knowledgeable as they come. Nick is a Senior Vice President with more than 20 years experience, but will treat you as if you were his only client. You can reach Nick at 612-851-5908, or by email at

The common denominator is decades of Wall Street experience, which should give you comfort that well-seasoned and weathered hands are helping manage your portfolio. Notably, we do not receive compensation for these recommendations. We just want you to know that if they are good enough for us, they should be good enough for you too.

About Andy Hoffman

Andrew ("Andy") Hoffman, CFA joined Miles Franklin as Marketing Director in October 2011.  For a decade, he was a U.S.-based buy-side and sell-side analyst, most notably as an II-ranked oil service analyst at Salomon Smith Barney from 1999 through 2005.  Since 2002, his focus has been entirely on Precious Metals, and since 2006 has written free missives regarding gold, silver, and macroeconomics under the moniker "Ranting Andy."  Prior to joining the company, he spent five years working as an Investor Relations officer or consultant to numerous junior mining companies.   An archive of Andy's "RANTS" can be found on the Miles Franklin Blog here.


For more information on Miles Franklin Ltd. visit our website.

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Readers are advised that the material contained herein is solely for informational purposes. The author and publisher of this letter are not qualified financial advisors and are not acting as such in this publication. The Miles Franklin Report is not a registered financial advisory and Miles Franklin, Ltd., a Minnesota corporation, is not a registered financial advisor. Readers should not view this publication as offering personalized legal, tax, accounting, or investment-related advice. All forecasts and recommendations are based on opinion. Markets change direction with consensus beliefs, which may change at any time and without notice. The information and data contained herein were obtained from sources believed to be reliable, but no representation, warranty or guarantee is made that it is complete, accurate, valid or suitable. Further, the author, publisher and Miles Franklin, Ltd. disclaims all warranties, express, implied or statutory, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, accuracy and non-infringement, and warranties implied from a course of performance or course of dealing. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. The author, publisher, Miles Franklin, Ltd, and their respective officers, directors, owners, employees and agents are not responsible for errors or omissions or any damages arising from the display or use of such information. The author, publisher, Miles Franklin, Ltd, and their respective officers, directors, owners, employees and agents may or may not have a position in the commodities, securities and/or options relating thereto, and may make purchases and/or sales of these commodities and securities relating thereto from time to time in the open market or otherwise. Authors of articles or special reports contained herein may have been compensated for their services in preparing such articles. Miles Franklin, Ltd. and/or its officers, directors, owners, employees and agents do not receive compensation for information presented on mining shares or any other commodity, security or product described herein. Nothing contained herein constitutes a representation, nor a solicitation for the purchase or sale of commodities or securities and therefore no information, nor opinions expressed, shall be construed as a solicitation to buy or sell any commodities or securities mentioned herein. Investors are advised to obtain the advice of a qualified financial, legal and investment advisor before entering any financial transaction.