Miles Franklin Logo
"Ranting Andy" Hoffman
tableTable of Contents 
quotesQuotes of the Day 

I swear those that have caused the wreckage of all things once held dear to us shall not have my gold. Fear is no part of me, and I will face the enemy, confident in our success.

-Jim Sinclair


We believe the driver of very weak membership increases was the rapid decline in consumer sentiment that has been reported; connected to the reduction in net pay consumers earn given the changes in tax rates that went into effect in January.

-David Gallagher, CEO New York Sports Clubs


Is it possible that we are the schmucks, and all of the research and discussion during this bull market has been an exercise in denial? That is, that silver and gold are speculative bubbles; the problems of the world are fixed; unlimited debt issuance really is the cure for a debt crisis; money printing can escalate into infinity without creating inflation; and spin and bulls--t can trump economic fundamentals? If all it took was a willingness to ignore reality, the Titanic would still rule the waves.

-Mike Kachanovsky


Back to Table of Contents


interviewsConference Appearance: St. Petersburg, FL
March 13th-16th 

I am pleased to announce that Andy Schectman and Michael Spector will attend the "Investment U" conference in St. Petersburg, FL on March 13th-16th.  Andy will be making a presentation, and both will hold court at the Miles Franklin booth throughout the conference.  If you plan to be in the area, please come by and say hello!


For more information, click on the link below:


Investment U 15th Annual Conference - March 13-16, 2013



Back to Table of Contents

detroitSpecial Detroit Presentation on April 20th  

On Saturday morning, April 20th, Andy Schectman and I will be giving a public presentation about Precious Metals fundamentals and the bullion industry itself. Final details have not yet been set, but will be shortly. Seating will be limited, so if interested in attending, please contact me at


Back to Table of Contents

wrap-upWednesday Afternoon Wrap-Up 2/20/2013
Andrew Hoffman

On days like today, my goal is to empower you to understand PHYSICAL Precious Metals are the only way to PROTECT wealth over time; and to understand that what is occurring in today's PAPER markets is just an illusion. Thus, when I tell you nearly NO ONE sells PHYSICAL metal to Miles Franklin - while "COMEX Futures" simultaneously plummet - decide for yourself what's going on...


Gold's Regular Morning Mugging - A broad daylight crime-in-progress? 


One of the best ways to do so is showing you the words of my mentor - Jim Sinclair; who I've been privileged to meet several times. Aside from the bias he has toward mining companies - which he gained following the successful sale of his previous mining venture 14 years ago (when mining was still a viable business); he has been DEAD ON regarding his prognostications of the PM bull...


Barrick Gold to buy Sutton Resources for $350 million 


Deemed "Mr. Gold" based on his role as one of the 1970s PM bull's most successful traders, he understands the inner workings of the global financial system better than anyone I've come across. Moreover, his passion for PROTECTING readers via his free blog has been unsurpassed...


A Pledge - Jim Sinclair 


Two weeks back, he predicted the current PM "correction" will be long over by the time his birthday arrives March 27th; and today, he gave his most vehement comments yet...


I swear those that have caused the wreckage of all things once held dear to us shall not have my gold and gold shares. Fear is no part of me, and I will face the enemy, confident in our success.

-Jim Sinclair


For those being destroyed by "PAPER PM Investments" like mining shares, it's hardly a consolation. However, those holding PHYSICAL gold and silver should take heed; as like the previous hundred smashes or so, "this too shall pass" - just as it did last year; when the "LEAP DAY VIOLATION" attack took $100/oz out of the gold price in one day (for the EXACT SAME false reason purported today); only to see ALL such losses recouped by September...


gold oct 17 2012   


Before I get to what could be the denouement of the latest Cartel offensive, let's get through today's "horrible headlines"; starting with further proof U.S. retail spending is plunging...


The Spending Crunch Is Official: "We Are Confident There Is an Issue with the Consumer"


...making next week's "fiscal cliff sequester" that much more LETHAL...


Sequester just over a week away, but blame game has already begun


...particularly in light of the catastrophic impact of recessions on DEBT...


Crossing the debt Rubicon. Does debt even matter? Over $5 trillion in Federal debt now held by international and foreign investors.


...and worse yet, depressions...


Guest Post: How Do We Break The Cycle Of Higher Tuition And More Debt? a nation where the MAJORITY is already struggling...


Millions expect to outlive retirement savings


The fact is, economies worldwide are in FREEFALL...



'Plenty of poverty for all banks to tackle' - World Bank chief
'Plenty of poverty for all banks to tackle' - World Bank chief



...particularly in Europe, where Spain could collapse ANY DAY...


Spain Just Issued a Warning: the System is Blowing up Again


...France (described in today's RANT topic) is vanishing into oblivion...


'They Tell The French Illusions and Lies.'


...Italy - the world's fourth most indebted nation; is on the verge of political anarchy...


Insight: Rome will burn, regardless of Italian election result


...and Greece; which sadly, may well become the next Nazi state...


Previewing Tomorrow's First Greek General Strike Of 2013


Worse yet, the European banking system is still the world's top "black swan" candidate (per the topic of Monday's upcoming RANT)...


Name That Insolvent Banking System


...believe it or not, in worse shape than America's zombie banks...


U.S. Banks Bigger Than GDP as Accounting Rift Masks Risk


Now for my favorite part of the day; describing a Cartel attack amongst the top five in my "PM suppression annals"; not so much today alone, but over the past two weeks...


gold feb 20   

Yet again, PMs were flat all night; until EXACTLY the 2:15 AM EST open of the London "pre-market session." Afterwards, a typical series of WATERFALL DECLINES at KEY ATTACK TIMES - ending with the 2:00 PM EST release of the "minutes" from the January 29th-30th FOMC meeting... 




I put the word "minutes" in quotes because I don't believe such "minutes" are any more than post-dated government PROPAGANDA utilized solely to influence perceptions.

In fact, the whole concept of "FOMC minutes" is ridiculous; given the FOMC publishes its KEY POINTS at the meeting's conclusion. Not to mention, EVERY voting FOMC member is constantly stating their views in speeches.


Frankly, the "FOMC Minutes" was as ignored as "Weekly Jobless Claims" data for decades; until roughly a year ago, when both publications were put on TPTB's "key PM attack event" list; which is why I wrote the following yesterday:


Don't forget tomorrow - at 2:00 PM EST - is when the January FOMC 'minutes' will be released; as in the past year, publication of this meaningless (and likely doctored) report has been utilized as a primary "attack event." TPTB constantly attempt to "spin" such statements to suggest the Fed is about to "end QE."


Thus, it shouldn't surprise you that the lead headline of the minutes - of a meeting in which "Helicopter Ben" decidedly reiterated QE4 just three weeks ago; was the same PROPAGANDA as was used to attack PAPER PMs during last year's "LEAP DAY VIOLATION"...     


A number of policymakers at Jan 29-30 FOMC meeting said may need to taper of halt QE3 before substantial labor market improvement occurs - Minutes


Yes, "a number of policymakers" were supposedly hawkish - even though they ALL voted for QE (i.e., they were actually dovish). Frankly, the possibility of "ending QE" is vastly lower than a year ago, when PMs were hit for the EXACT SAME reason - just before QE3 and QE4 were announced. I mean geez, QE4 started last month; and since that time, even the doctored U.S. data has been tepid; with the fiscal cliff sequester scheduled for next week. And did I mention Europe and Japan?


Are we already in a global recession?


Despite the hullaballoo about the "end of QE"; interest rates were down for the day - at essentially the SAME LEVEL as when the FOMC "minutes" were released...



The "DOW JONES PROPAGANDA AVERAGE" was managed to its -100 point "down limit"; but only after sitting unchanged for a full hour after the FOMC minutes release. You see, the Cartel needed "cover" to attack PMs - so the MSM would write "gold down on the expected end of QE." Of course, as you can see below, gold was hit at EXACTLY the 2:00 PM EST minutes release (by government algorithms) - a full hour before the Dow started declining - by a MUCH greater percentage...


dow gld   


By day's end, PAPER gold was smashed for $40/oz; in typical Cartel fashion, erasing months of gains in just one week - for NO REASON. And yes, it's confirmed; gold's "relative strength indicator" (below) is lower than at the BOTTOM of late 2008 (manipulation, you think?)...



...while silver's pretty darn close...



...and as for the doomed mining stocks - what more can I say? I've warned you dozens of times, and hopefully you've listened. The HUI was down another 5% today; bringing its losses for the year to a whopping 20%...



...while the junior miners have officially collapsed; which in the coming years, is GUARANTEED to manifest itself in the form of plummeting PM production - and thus, higher gold and silver prices...




That's enough for now, as I really need to relax. Given my liquid net worth is held in PHYSICAL PMs, that shouldn't be too hard; as I KNOW what's coming...

Financial System-At Some Point it Blows-Eric Sprott


Before I go, a plea from your diligent writing team at Miles Franklin to not only PROTECT YOURSELF, but OTHERS as well...


Send them a link! - Bill Holter, Miles Franklin


...from a nation of lunatics...


Step Aside Apple: Presenting the Hedge Fund World's Newest Most Widely Held Stock




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.


Back to Table of Contents
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 hosting a private meeting - or sponsoring a Webinar presentation - with Andy Schectman, President of Miles Franklin, and "Ranting Andy" Hoffman, Marketing Director, please inquire via email to or; or via telephone at 800-822-8080. 

commentaryThursday Morning Commentary 2/21/2013

It's 10:15 AM EST, and I am just starting this morning's RANT. Actually, I've been writing for hours - but my decision to write today's RANT topic today pre-empted this commentary. It is a VERY IMPORTANT article about the closed-end bullion funds CEF, PHYS, PSLV, GTU, and SVRZF, which I deem "MUST READ."


As for today's misery of a global economy, I believe we may have entered the next "fear phase." I have for months published charts depicting the disconnect between the REALITY of global recession and currency wars with the FRAUD of supported financial markets.


It should be no surprise this historical disconnect commenced with the announcement of the ECB's "OMT" bond-buying program, the Fed's QE3 and QE4 programs, and Japan's "inflation targeting" lunacy in recent months; which, per the insane article below, may well be unleashed WORLDWIDE...


Central Banks Discussed Nominal GDP Targets at G-20


However, said REALITY is only worsening; particularly in the nations that have printed the MOST money...


Europe & Japan going down the Toilet - The window to fix this stuff is closing so rapidly it is scary


European stocks are once again falling...


Do Not Adjust Your Monitors: The Red Color Is Not A Malfunction


...but most ominously, led by collapsing PIIGS like Spain...


Spain Just Issued a Warning: the System is Blowing up Again


...and Italy - whose elections next week could catalyze CHAOS...


European "Democracy" Full Frontal - EU Parliament Head Tells Italians Not To Vote For Silvio


In the United Kingdom of Depression, the pound is in FREEFALL...


Global banks shun UK Gilts on 'stagflation' risk outgoing BOE head Mervyn King prepares to hand over the MONEY PRINTING duties to another Goldman Sachs stooge...


King Pulls Out Stops to Energize Economy in Carney Handover


In the U.S., Congress is ON VACATION with the "fiscal cliff sequester" just six days away...


Sequester just over a week away, but blame game has already begun their masters at the TBTF banks run roughshod over the population...


America's TBTF Bank Subsidy from Taxpayers: $83 Billion per Year


...with their express approval...



The Federal Reserve System  The Biggest Crime You Will Live Under In Your Lifetime
The Federal Reserve System The Biggest Crime You Will Live Under In Your Lifetime



Meanwhile, essentially ALL evidence points to further economic contraction (PRE-fiscal cliff)...


20 Signs that the U.S. Economy Is Heading for Big Trouble in the Months Ahead


...such as additional weak economic data...


Initial Jobless Claims Spike Even As BLS "Estimates" California, Virginia, Hawai And DC Data; Back To Year Ago Levels this monstrosity of a "Philly Fed" index!


Philly Fed Plunges to 8 Months Low As Great Unrecovery Continues


...and oh yeah, a dire outlook from AMERICA'S LARGEST RETAILER...


Wal-Mart gives cautious view, citing macro worries


With European stocks down hard, the PPT still managed to hold "DOW JONES PROPAGANDA AVERAGE" futures barely lower all morning. However, as I write at 10:55 AM EST, it is down 55 points. Of course, it was down 85, but in true "DEAD RINGER" form, the PPT is gently bringing it back; particularly as PMs are higher. As you know, "Cartel Rule #1" is thou shalt not allow PMs to surge whilst the Dow plunges; and the worse the global macroeconomic situation, the harder they defend this "rule."


Gold started the global trading day with a $10/oz WATERFALL DECLINE at EXACTLY 8:00 PM EST; one of the Cartel's favorite "evening attack times" given how thin the market is at that time...



It then fought its way through two "CARTEL HERALDs" at the ROUND NUMBER of $1,570/oz; another at $1,575/oz; and as I write at 10:55 AM EST, a fourth at $1,580/oz...




As of 11:00 AM EST, Gold is up $17/oz (capped twice at the Cartel's 1% daily "limit up"...



...while silver is up $0.30/oz...



...and the HUI is up a measly 1.2% - after falling an astounding 20% in the year's opening six weeks...


hui the mining industry slowly collapses...


Pan American Silver swings to loss on write-down


And oh yeah, does anyone remember why PMs were supposedly DESTROYED yesterday? Yes, the "end of QE" (as the MSM would like you to believe) following the utterly meaningless "FOMC Minutes"; which as Ranting Andy readers know well, has simply become a regular "Cartel attack event" - regardless of what is actually said. Well, what do you know? We're supposed to believe the "market" believes QE is ending (as if that would make ANY difference on PM fundamentals), yet Treasury bonds were higher yesterday - and are a lot higher today...



Don't forget Sinclair's belief that this "correction" will be long over by the time his March 27th birthday arrives; nor the FUNDAMENTALS of why you own PMs in the first place...


The Fundamentals for Owning Silver in 2013
The Fundamentals for Owning Silver in 2013



...not to mention, the fact that silver is now trading BELOW the marginal cost of production!




...and consequently, please actto...




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.

Back to Table of Contents 

BFI Wealth, Zurich - Swiss Annuities and Managed Accounts    

bfi consulting

rantPM Bullion Closed End Funds:
Helping or Harming?


This may be the first time I have ever written a RANT topic in the morning. However, when I compiled the below data, I felt compelled to put it ahead of the queue.


Over the past decade, NO ONE has done more analysis on the closed-end funds CEF, GTU, and SVRZF (run by the Spicer family); and the more recently public Sprott funds - PHYS and PSLV. I don't hold positions in these funds today - and likely NEVER will due to the heightened risks described below - but have in prior years.


Given I have written about these funds ad nauseum over the years, I will not discuss all aspects in this article. In a nutshell, all five funds are run by honorable people with their shareholders' best interests at heart. Additionally, I have ZERO doubt that every ounce of gold and silver purported to be in the funds is in fact there; safe and sound in secure vaults in Canada...


Current PM Closed-End Fund Market Caps ($bil)

Gold Closed-End





Silver Closed-End





55% Gold/45% Silver Closed-End




However, they are still "PAPER PM Investments"; and thus, subject to not only typical stock market risks; but in many cases, those of mining stocks - such as:


1. Systemic risk - if stock markets, banks, or brokerages where such stocks are held or traded are suspended, you may never see your investment again.


2. Taxation risk - The government could impose "windfall" capital gains taxes at any time.


3. Naked shorting risk - The Cartel can (and does) naked short closed-end shares, to prevent premiums to net asset value, or NAV, from rising enough to justify new offerings; and at times - particularly in down markets, like THIS YEAR - push them below NAV. Per the below table, this is precisely what happened this month; as three of the five funds are now trading below NAV, and the other two at or barely above it...


Current Closed-End Prem./(Disc.) to NAV

Gold Closed-End





Silver Closed-End





55% Gold/45% Silver Closed-End




4. Redemption Risk - In the "Spicer funds," share redemption for actual metal is not permitted. For the "Sprott funds," redemption is possible in certain situations, but only in large amounts. More importantly, the gold and silver held by these funds is the least desirable in the bullion investment universe. The PHYS gold fund generally holds 400 ounce bars that few individuals on the planet can afford, while the PSLV silver fund holds 1,000 ounce bars. In the real world, such bars often trade below NAV due to their impracticality; let alone, heightened counterfeiting risks.


5. Confiscation Risk - Although infinitesimal, in my view (as I believe Canada to be one of the safest PM jurisdictions in the world), the giant, well-documented stashes of PHYSICAL gold and silver could have giant "X's" on their back during a monetary crisis.


6. "Trigger Risk" - The ease of selling such funds with the "click of a mouse" often causes investors to "pull the plug" during sharp declines; just as they do with mining stocks. The Cartel knows this, and uses this psychological "fear factor" against you.


Irrespective, some people still hold "PAPER PM investments"; either out of necessity or because they feel more "comfortable" that way. That's fine, but the risks above are EXTREMELY powerful. However, the final risk factor (below) may trump all the aforementioned ones; as it may mean the difference from benefitting from PM price increases or NOT...


7. Proxy Risk - This is the risk the funds do not perform as well as the underlying gold and silver - which is entirely possible; as by definition, CLOSED-END FUNDS can trade at either a premium or discount to NAV.


I have long discussed my suspicion the Cartel naked shorts these funds to keep the premiums low; knowing (particularly in the case of the Sprott funds) that as soon as the premium reaches a reasonable value, new offerings (and metal purchases) will be made.   


Alternatively (and/or concurrently), the NAV premium could contract (or discount widen) due to the aforementioned risk factors; just as is the case with the GLD and SLV ETFs - which currently trade at 3% discounts to their underlying Net Asset Values  


gold feb 20 2013   


What prompted this RANT was the performance of these funds in the past three weeks; amidst the Cartel's latest brutal attack. As you can see, ALL FIVE funds dramatically underperformed PHYSICAL gold and silver - on average, by 2.1 percentage points - including an astounding 3.2 percentage points for the bellwether CEF fund...



wk 2/4

wk 2/11

wk 2/19


Physical Gold





Gold Closed-End












Physical Silver





Silver Closed-End












Physical 55% Gold/45% Silver





55% Gold/45% Silver Closed-End







Better yet, I went to CEFConnect- a database of Closed-End Fund data - to find graphs of the historical performance of these funds. To start, here's CEF (Central Fund of Canada); which as you can see, averaged a roughly 7%-12% premium to NAV for the first decade of the PM bull market.


However, once silver and gold hit ALL-TIME HIGHS in May 2011 and September 2011, respectively, said premiums suddenly collapsed. I'll leave it up to you to decide the reason; but irrespective, it now trades at a discount to NAV; i.e., its lowest level in a decade...


nav 95 to present   

And as you can see below, the same has occurred in all five funds. Actually, the database doesn't have info on the extremely illiquid SVRZF fund. However, as shown in the table above, it currently trades at the largest discount of the five funds. Here's the Spicer gold fund, GTU...



...the Sprott gold fund PHYS...



...and the Sprott silver fund PSLV...



I will not speculate as to a specific cause (or causes) of the atrocious recent performance; at a time when access to HONEST, LIQUID, PHYSICAL gold and silver assets should arguably trade at higher premiums. However, the "proof is in the pudding"; and don't think for a second they can't decline to steep discounts to NAV in the future; particularly as governments become MORE desperate to suppress PM prices.


Remember, when PROTECTING one's assets against inflation and draconian government acts, there is no substitute for PHYSICAL gold and silver. I am not saying there are ZERO risks to anything. However, compared to "PAPER PM Investments" like ETFs, mining shares, and even closed-end bullion funds, PHYSICAL gold and silver have BY FAR the lowest risk profiles.




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.


Back to Table of Contents 

Global Gold Storage     

mailboxRanting Andy's Mailbox


Great info today as always, Andy. 


Just want to comment on Peter Schiff: I joined his web site and listened to his shows regularly for about 2 months.  Although Peter knows his stuff, and calls it like it is on the technical side, he comes from the premise that TPTB are just ignorant, Keynesian economists, that truly believe Keynesian-omics works!  That's bull!  They ALL KNOW it's pure BS, but they've somehow convinced the sheeple that debt-based economies result in prosperity, so they remain under that 'cover'.  There are no dummies in these schemes....only cagey criminals, and Peter NEVER points out the PM's, markets and oil are manipulated by the cartel.  That must be why Peter gets to testify on capital hill, and be a guest on the fairy-tale news shows.  I can't even listen to him anymore, because he always wimps out when it comes to discussing how and why gold & silver keep getting slammed when the market fundamentals and forces are yelling at the top of their lungs "gold &  silver to the moon!!".  Peter, like you, should be educating people and keeping them safe from this criminal government & banking system.  Instead, he's doing 1/2 the job, but then saving the 'players' from jail.


This is a Rant from a long time listener/reader of Ranting Andy! Keep up all your great work!






RIGHT ON! In fact, if you go back in time, you'll see I have relentlessly attacked him on multiple occasions for the same reasons.


He may be brilliant, but he is biased and motivated by what's best for his firm and political career.


That said, since he got his butt kicked in the 2010 Connecticut Senate race by the overboard spending of (eventual loser) Linda McMahon (wife of WWF founder Vince McMahon) in the Republican primary, he has been far more "real" in his speaking.


I too, had a subscription to Schiff radio, but couldn't take his self-promotion or lack of acknowledgement of PM manipulation. And having dinner with him (and a group of 15 or so) last year didn't help my views of him.


But I'll take his sharp analysis on our team any time!








You get blamed for the downers while others get the applause when things go well (due to your persistence and willingness to not give up). Keep it up. There is at least one person who understands what you go through and have been in your shoes (me!). David made a good choice that will have a huge positive impact on his company over time. No matter the size of a company every single person counts and can (or not) make a difference. Ask Best Buy, Circuit City, Sears or thousands of other companies many of them today among the missing.





Back to Table of Contents 

Reliable Financial Advisors  

Resource Stocks:

Sprott Global Resource Investments (managed by Eric Sprott and Rick Rule)

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. You can feel comfortable with any of their brokers, reachable at 800-477-7853.


Diversified Equities:

Northland Securities

Nick Shermeta, Senior Vice President


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.

Miles Franklin | 801 Twelve Oaks Center Drive | Suite 834 | Wayzata | Minnesota | 55391 | 1-800-822-8080


     Like us on Facebook View our profile on LinkedIn Follow us on Twitter Find us on Yelp Visit our blog View our videos on YouTube    Join Our Mailing List!
For acronym clarifications, visit our Abbreviations Page
Call 800-822-8080 for a Quote

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.