Category: Gold

Gold closes at the highest value this year  Kitco NEWS

Gold, silver up, at 5-week highs, on safe-haven, technical buying  Kitco NEWS

Gold prices post a 5th straight gain to extend rise above $1,600  MarketWatch

Gold is looking at $1700 in 2020 and $2000 in 2021/22: Citi  Kitco NEWS

Source: Maurice Jackson for Streetwise Reports   02/18/2020

Maurice Jackson of Proven and Probable talks with the president and CEO of Group Ten Metals about the company’s latest news.

Maurice Jackson: Today, we will highlight an exciting value proposition in the prolific Stillwater district of Montana, which is known for high grade palladium, platinum, gold, nickel, copper and cobalt. Joining us today is Michael Rowley, the president and CEO of Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE).

We have some very intriguing news to share with audience members, but before we begin, sir, for someone new to the story, please introduce Group Ten Metals and the opportunity the company presents to the market.

Michael Rowley: Group Ten Metals is a growth-stage exploration company. We are pre-resource, resource however, as we will touch on in our conversation today, we are now modeling our first formal mineral resources at our most advanced target areas, and that’s based on the quality of the database that we have with the project plus our drilling in 2019. We were actively acquiring high-quality, district-scale projects throughout the bear market cycle, and that has led us now to have 100% interest in three assets in North America that adjoin some of the best deposits and mines of their type and share geology with them. These are focused on palladium, platinum, nickel, copper, cobalt and also gold.

Our most recent acquisition is the Stillwater West project, and it quickly became our flagship as we were able to acquire half of one of the absolute best districts for palladium in the world. We did this in 2017, just before Sibanye Gold Ltd. (SBGL:NYSE) completed their purchase of the adjacent Stillwater mines for US$2.2 billion. Essentially, at Stillwater, we’re the first to consolidate the district and bring in a world-class team to systematically explore the lower and basal portion of the Stillwater Complex for these Platreef-style deposits. We’re bringing a model in from South Africa here, and it’s bulk-mineable platinum group metals (PGMs) with nickel and copper of a type that you find in the north limb of the Bushveld Complex in South Africa.

The Platreef as a district has over 400 million ounces of platinum group metals, tens of billions of pounds of copper and nickel, and it hosts one of the absolute best mines in the world, full stop: Anglo American Platinum Ltd.’s (AMS:JSE) Mogalakwena mine, which is a 265 million-ounce platinum group nickel-copper mine. It produces platinum group elements (PGEs) below about $300 an ounce right now, and has a multidecade mine life—it’s a fantastic deposit and operation.

Right beside that in the Platreef district, you’ve got Ivanhoe Mines Ltd.’s (IVN:TSX; IVPAF:OTCQX) Platreef Mine, which is 112 million ounces, and that’s soon to be in production. And then on the north end of the Platreef, you’ve got Platinum Group Metals’ Waterberg project, which is the baby in the district with 26 million ounces of PGEs. These are staggering numbers, and if they were gold deposits, maybe they would get more attention. They’re wonderful deposits.

Based on the known parallels between the Stillwater and Bushveld system, our target at Stillwater are those Platreef-style deposits: tens to hundreds of meters thick and kilometers in length in the lower and basal portions of the layered Stillwater Complex. We have a terrific database and our work to date, including our 2019 drill program, has confirmed that that potential is real.

We also have two other assets—high-grade gold in Ontario and platinum group nickel-copper in the Yukon. Like Stillwater, we have 100% interest in all of these district-scale projects. We bought them during the bear market cycle and we have low carrying costs on them. We are looking to divest those noncore assets, being the Ontario and Yukon projects, when the right deals present themselves.

Maurice Jackson: It’s a truly unique value preposition that Group Ten Metals presents to the market. Let me ask you this here: palladium and rhodium are at historical highs. How does this fit into the narrative for the shareholders of Group Ten Metals?

Michael Rowley: Palladium is central to our story. We are, of course, beside the highest-grade palladium mines in the world. The Stillwater mines run 17 grams per ton of combined PGEs, palladium-rich, and are 80 million ounces in size and open actually at those values. It’s a fantastic district to be in for palladium. It’s also one of our two biggest values in our part of the system in Stillwater, nickel being the other.

Rhodium is a valuable co-product that we are one of few in the world to have, and we’re just now going to get some assays out to look at that potential in more detail. It’s also worth noting that the U.S. has listed some of these metals as being strategic, and of course, we’re in the U.S. at a time when the U.S. is looking to secure domestic supplies of these commodities.

Maurice Jackson: Speaking of nickel, we had an opportunity to interview Brent Cook (click here) last month, and he’s really excited about nickel. Germane to the value proposition of Group Ten Metals is nickel, which may be the big elephant in the room that prospective shareholders may be overlooking. Michael, how does a $8–$9 nickel price impact the value proposition of the company’s flagship Stillwater West project?

Michael Rowley: Nickel is definitely of interest to the market, and perhaps more to the majors that we are in discussion with than with the retail audience to date, but as you’ve seen from our results, we have excellent grades and lengths of nickel sulfide in our core, and we’re now planning to expand on that by stepping away from the past work and going after the potential we really see.

In terms of nickel prices, we have not put economics around our developing resources yet, but we know that we have nickel sulfide, which is, of course, the technical-grade/battery-grade nickel, and we’ve got long lengths of it. We’re blessed with some really good metallurgical testing that was done by AMAX in the Camp target area in the 1970s, which shows the production of good quality nickel sulfide concentrates using conventional flotation techniques, including the recovery of the platinum group elements. So, we expect that nickel will continue to share the lead with palladium as a big value driver at Stillwater and that it will be recoverable, as well.

Maurice Jackson: In 2019, Group Ten Metals conducted an exploration program focusing on five priority target areas to test their proof of concept, and the results are coming in. Take us to the Iron Mountain target area, and what can you share with us regarding platinum and nickel intercepts?

Michael Rowley: We did our first drill program on the ground in 2019. We drilled at the Iron Mountain target area and also at Camp, and we reworked past core from a further three target areas, as well. At Iron Mountain, we drilled three holes. This was an important proof of concept for us. We proved that the Platreef potential is real. We hit long lengths of copper-nickel sulfide mineralization. The hit that we highlighted in the news release was hole IM-2019-03, which returned 272 meters at 1.9 grams platinum equivalent per ton, and that’s at a half gram platinum cut- off, so that’s a fantastic intercept, and it speaks to the sheer amount of metal and the size of this system at Stillwater.

If you apply a 1.5-gram platinum cutoff, perhaps in a more selective underground mining scenario, that intercept becomes 141 meters at 2.6 grams platinum equivalent. So again, really good metal tenors. Within that, you’ve got 27 meters that’s running 1.2 grams 3E, 0.77 grams of that palladium, so that’s a nice long intercept with palladium value plus copper and nickel. And that is the Platreef model that we’re chasing here: tens to hundreds of meters thick, kilometers in length,0.3–0.4% nickel, 0.1–0.2% copper, and then a gram or two of PGEs on top of that. Very minable grade, and that’s the target at Stillwater.

We confirmed that at Iron Mountain, and in addition to confirming the model, we expanded the mineralized zones very nicely. It’s open at depth, and it’s open along strike as well. It informs the block models that we are now developing internally and will become our maiden resources at three of these target areas.

Maurice Jackson: Take us to the Camp Target Area, where Group Ten just announced continuous mineralization of palladium, platinum, gold, nickel, copper and cobalt from surface. Please provide us with the highlights coming from the Camp target area.

Michael Rowley: Similar to Iron Mountain, we confirmed the concept and proved the Platreef potential and delivered some really nice intercepts. Again, the lengths are there, quantity of mineralization, and then the grade within these intervals. It’s confirming the Platreef potential, again, tens to hundreds of meters in thickness, kilometers, and scale.

At Camp Zone, the mineralization was perhaps chunkier. We’re seeing it bunched, which is kind of interesting, and in particular, 3.5 meters running, 3.5 grams 3E with 1.5% nickel within a broader intercept that you mentioned, 399 meters running 1.1 grams platinum equivalent. This is good stuff. Like Iron Mountain, we greatly expanded the mineralized zone. We actually overturned some of the earlier thinking about the area and opened up that whole area to the south for mineralized potential and room to expand.

Maurice Jackson: In relation to proximity, how close are the Iron Mountain and Camp target areas from one another?

Michael Rowley: These are about a kilometer apart. Iron Mountain is about a kilometer east of Camp, and they’re just two of a total of eight Platreef target areas that we have across the 25 kilometer-wide project.

Maurice Jackson: Michael, how did the results from both of these press releases compare among Group Ten’s peers?

Michael Rowley: Our peers are breeding like rabbits these days, aren’t they? We’re seeing a lot of interest in the palladium space. A few of those have real potential, and some of them, frankly, looked kind of opportunistic, at least on first blush.

In terms of comparing, it’s important to note that we have 100% interests on all our projects, including Stillwater West, and a number of our peers are still completing expensive earn-ins on theirs.

Second point would be scale. The potential for scale and grade at Stillwater West is fantastic. We barely scratched the surface there. The fact that we’ve been able to accomplish what we have to date, working for past core and past drill pads, is quite remarkable and speaks to the potential there. As you know, we’re working to table our maiden resources, and we’re working those up now in our block models. In 2020, we’ll move away from the past work and test the conductive highs that we’ve identified. You’ve seen that in our news releases, and we can really go after this Platreef model at Stillwater.

Maurice Jackson: Moving on to future news flow, what can we expect to hear from Group Ten Metals in the coming weeks?

Michael Rowley: Continued 2019 exploration results, including drill results from Chrome Mountain, where we re-assayed and re-logged past core and advanced our block model and developing resource. Plus, we completed some geological sampling and mapping work at Chrome Mountain. We did a soil survey across the western third of the property, and those results will be out in the next couple of weeks. Rhodium assays we now have in progress. We are going to do a news release to summarize past metallurgical results, and then, of course, announcing our plans for 2020 and the great things we have in store for the project. I will also make an announcement about our Kluane and Ontario projects, and of course, if we complete any deals, we’ll announce those as they become available.

Maurice Jackson: In our last interview, we discussed a rock sample of rhodium grading almost six grams per ton, and the price of rhodium has doubled since October to $11,200. Can we expect to hear about more rhodium assays from Group Ten?

Michael Rowley: Those are in the lab now, and we look forward to reporting them in the coming weeks.

Maurice Jackson: Sir, allow me to congratulate Group Ten Metals on your successes, and in particular, on the company’s proof of concept. How does the success from the proof of concept position the company for 2020?

Michael Rowley: It should be a very exciting year. We have proven the Platreef potential based on the past work and the past drill pads as complemented by our drill work in 2019, and then in 2020, we can move beyond that past work, and really go after this and what we see is there. It’s important to note that the past work—we have 28,000 meters of core in the database, 12,000 meters in the core shack, plus our 2019 work—was done for different target commodities and different geologic targets over several decades. So, it should be a very formative and significant year for us as we step away from that and really go after what we see is there. The scale potential is fantastic, and of course, we have a supportive platinum group, especially palladium and rhodium, market and nickel as well.

Maurice Jackson: Speaking of drilling, you need to have permitting. Sir, can you confirm that Group Ten has been approved for permitting on some 40-plus drill pads?

Michael Rowley: Yes, we are indeed in very good shape with permits for 2020. In fact, it’s a multiyear permit. I believe the current permit’s for 45 pads, and we have some unused pads from past years, so we’re now over 50 drill pads. Good to go, and that will assist us in really going after the potential that we see at Stillwater.

Maurice Jackson: Switching gears, Mr. Rowley, please provide us with an update on the capital structure of Group Ten Metals.

Michael Rowley: We’re about a hundred million shares outstanding, and we have a number of warrants. In fact, all options and warrants are now in the money, which gives us access to up to $8 million. About$2 million of that is expected here in the month of February, as the last of the warrants from three years ago are coming in. Those are coming in nicely now and that, combined with the almost $2 million in the treasury right there, it gives us visibility to $4 million by early March, plus additional as the later tranches of warrants come in. We look to be in very good shape in terms of market structure and capitalization. Current market cap: CA$28 million.

Maurice Jackson: Speaking of being in good shape, when we last interviewed, the stock price was $0.14. Anyone listening to this interview, if you would have taken a position in Group Ten Metals, your position would have more than doubled. What can you share with us regarding the company’s enthusiasm regarding the stock price considering that you have warrants out there?

Michael Rowley: It’s brilliant timing. We took the ticker PGE four years ago, and we’ve suddenly got a PGE bull market, and we happened to be in probably the best district in the Western Hemisphere for exactly those metals. It’s a perfect storm, and we did really good groundwork 2017–2018, we drilled in 2019, and really set the stage, proved the concept. Now, as we just discussed, we’re permitted and well-funded for 2020 and beyond, so it’s an exciting time, and we expect to add a lot more value.

Maurice Jackson: In closing, what keeps you up at night that we don’t know about?

Michael Rowley: I think it’s interesting to comment on conditions in South Africa. The CEO of Sibanye, Neal Froneman, just recently gave an interview in which he commented on what’s going on in South Africa and how hard it is to operate a mine for a variety of reasons and his desire to expand further outside of South Africa. This is, of course, the guy who took Sibanye, a South African gold producer, and completed six or eight deals in six or eight years, including buying Stillwater to emerge as the world’s biggest platinum producer.

He makes clear that he’s looking for further acquisitions in the Americas in particular, and he also is interested in technology metals—battery metals, which is music to our ears. There’s a greater movement there from South Africa as well since we saw Impala Platinum Holdings Ltd. (IMP:JSE) buy North American Palladium, the only other primary PGE mine in North America, just recently for $1 billion. I think that trend of South African wealth diversifying out of South Africa is an exciting one and could be very significant for Group Ten in the coming years.

Maurice Jackson: Last question, sir. What did I forget to ask?

Michael Rowley: Well, we should probably touch on the non-core assets, which as we mentioned the Yukon and Ontario projects are effectively up for sale at this point so that we can focus better on Stillwater.

These are terrific assets, high-grade gold in Ontario. We adjoin Treasury Metals Inc. (TML:TSX: TSRMF:OTCBB), who are now permitted to build a mill, and First Mining Gold Corp.’s (FF:TSX) Goldlund Project, which is an excellent high-grade gold project, 4 million ounces high-grade gold in the district. I think there’s very real potential to get value there perhaps in a gold producing venture that we’re not getting any recognition for in the market right now.

And our Kluane assets: We adjoin the largest undeveloped PGE nickel-copper project in the world, and I know that Nickel Creek Platinum (NCPCF:OTC.MKTS) is going sideways at the moment, but I think we can expect more from that district and the potential there. The interest in PGEs should certainly drive potential acquisitions of our Spy and Ultra project, for example. I look forward to updating on those as deal come forward.

Maurice Jackson: Sir, for someone readers to that want to get more information on Group Ten Metals, please share the website address.

Michael Rowley: The website is www.grouptenmetals.com.

Maurice Jackson: As a reminder, Group Ten Metal trades on the (TSX.V: PGE | OTCQB: PGEZF). For direct inquiries, please contact Chris Ackerman at (604) 357-4790, ext. 1; he may also be reached at info@grouptenmetals.com.

As a reminder, Group Ten Metals a sponsor of Proven and Probable, and we are proud shareholders for the virtues conveyed in today’s interview. Before you make your next bullion purchase, make sure you call me. I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide a number of options to expand your precious metals portfolio from physical delivery, offshore depositories, precious metal IRAs and private blockchain distributed ledger technology. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com.

Finally, please subscribe to www.provenandprobable.com where we provide mining insights and bullion sales. Subscription is free.

Michael Rowley of Group Ten Metals, thank you for joining us today on Proven and Probable.

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Group Ten Metals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Group Ten Metals is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Group Ten Metals. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Group Ten Metals. Please click here for more information.
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( Companies Mentioned: PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE,
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Source: Clive Maund for Streetwise Reports   02/18/2020

Technical analyst Clive Maund takes a hard look at various charts and sees an impending breakdown of commodity and tech markets.

In this update we are going to review a small but important range of commodities and lead indicators that strongly suggest the seemingly endless bull market in U.S. equities is living on borrowed time and will end sooner rather than later. Given how long it has lasted and how extremely overvalued the market has become, the downturn will likely start with a crash phase.

Regardless of what the eventual impact of the coronavirus epidemic is, U.S. stock markets, in particular, seem to be in a state of denial about the actual real-world consequences of the Chinese shutdown and its impact on the global supply chain and corporate profitability everywhere, and some elements even seem to be gloating about China’s misfortune and predicament, completely oblivious to the fact that this is going to have a negative impact on almost everyone.

The following points were made by a reader, and while I don’t necessarily concur with all he has written, I am open to the possibility that all or much of this may be correct, and if it is, we are looking at serious problems emerging before much longer.

“I am getting reports from friends in SE Asia of the precipitous collapse of global freight as the full impact of China’s colossal shutdown impacts across its economy and now, unsurprisingly, the global economy. Port ship handling in Malaysia, Singapore and Japan is down 50% already, i.e., shipping freight.

“Supply chains across all sorts of industries are collapsing as all components made in China dry up for all sorts of products from cars to iPhones and computers. There has never been a global economic disruption on this scale in history as nCoV’s contagion rate is 4x as fast as SARs and 5 to 8x as virulent. The Chinese have been economical with the truth concerning deaths, infection rates and the numbers of those now under full quarantine. The real numbers have been variably estimated at being 5 to 10 times the official figures. All attempts at real reporting on the scale of this pandemic are being heavily censored, but what I have seen emerging on YouTube is very scary/harrowing.

“International air and sea travel is in virtual freefall as people are now reluctant to travel or simply can’t travel on so many air and sea routes due to these now being closed down by states protecting their populations from infection. Holidays to SE Asia are in a state of collapse in Australia and Europe.

“Stock market highs are entirely due to major market manipulative forces/players and not due to any underlying fundamental economic reasons, hence, the market is now totally defying gravity. The MSM [mainstream media] is even beginning to acknowledge this fact and most market experts see a major correction/recession as being imminent.

“The commodity of the last resort—gold (and silver)—looks set to go ballistic, and takeovers of underdeveloped gold mining assets is in “blast-off mode” in Australia. All top brokers in the Australian gold markets are foreseeing AU$3,000 per ounce gold by the end of 2020. It’s already at AU$2,343/ounce. Silver is the huge sleeper. . .but not for much longer!”

Our roundup of the charts starts with a review of the bull market in its entirety, using an 11-year chart for the S&P500 index. On this chart we see that this bull market has been going on for almost 11 years now, from the low in spring 2009. The latest upleg, which is really steep, takes the index up to a target at trendline resistance at the top of the expanding uptrend channel shown, which is clearly a good point for it to turn down, especially given how steeply it has risen in the recent past.

One of the big arguments currently being put forward by bulls is that “the market can’t drop because Trump is going to win the election in November by a landslide.” This may well be true, but since the market moves to discount larger economic developments nine months in advance of them, it means that it is already right now discounting a Trump victory.

Now let’s turn our attention to the lead commodities/indicators, which are already calling time on this bull market.

The first is the Baltic Dry Index (BDI), which is the cost of shipping. On the 14-month chart for the BDI we see that, just since the start of September it has plummeted from 2,500 to just above 400, meaning that the cost of shipping is just one-sixth of what it was about five months ago. That should tell you all you need to know about the state of world trade—just don’t expect Wall Street to go pasting this chart up on sidewalk billboards.

Next copper, which had an extraordinary string of 13 down days in a row on heavy volume a few weeks ago. This drop brought it down to an important support level in a deeply oversold state, and we looked for a weak rebound to alleviate this oversold condition, which has since occurred.

But as we can see on its latest 6-month chart, the tight pattern that has formed looks like a bear pennant, not an intermediate base, and if this interpretation is correct, then another severe downleg will begin soon, which will see copper crack the key support and drop, probably steeply, to the next important support level below $2, which can be seen on the 5-year chart below. If this happens it will be very bad news for the global economy. Copper is not called Dr. Copper for nothing—weakness in copper is frequently an early warning sign of an impending recession (in this case, depression), which is why it so called.

Another commodity signaling serious problems ahead is oil, which has dropped steeply within the same time frame as copper, as we can we on the 6-month chart for light crude below. It too is rallying feebly from an important support level to alleviate its oversold condition, but the pattern that has formed so far this month also looks like it will turn out to be a countertrend bear flag/pennant that will be followed by a drop to new lows.

The 5-year chart enables us to see where light crude is likely to go if it breaks below the nearby support, just below $50. If this support is breached, oil will target the next important support level at around $42.50—and if that fails, as we would expect it to in a crash scenario, then light crude is likely to find itself back in the high $20s or even lower. Needless to say, such a scenario is likely to be accompanied by a severe decline in the stock market.

One reason that U.S. stock markets have managed to stay elevated despite the looming severe problems is the recovery in the Chinese stock market in recent weeks. On the 6-month chart for the Shanghai Composite Index we can see that, following it opening with a big gap down after the end of the Chinese Lunar New Year holidays, it has made what at first sight looks like an impressive recovery due to the government pledging to pump billions into the market and also banning short-selling.

However, on closer inspection this looks like nothing more than a “dead cat bounce,” which has only succeeded in bringing the market up to resistance, toward the top of the gap and close to its falling moving averages. If it now proceeds to roll over and drop again, this is likely to put pressure on lofty U.S. markets.

But if you want more compelling evidence that it’s 1 minute to 12 on the market clock—or more like 5 seconds to 12—then take at the following 2 long-term charts for Apple Inc. (AAPL:NASDAQ) and Microsoft Corp. (MSFT:NASDAQ), which shows them ending their long parabolic bull markets with spectacular vertical blow-off tops.

Could they go even higher before they crash and burn? Maybe, but the higher they go the greater the probability that they will suddenly flip to the downside, and the initial plunge is likely to be brutal. Many investors in these stocks up to now are not so stupid as one might think. They know the situation is unsustainable, but are looking to sell to an even bigger idiot before the music stops. Just make sure you are not around when it does, because the exits will be instantly jammed solid.

It is very hard to believe that these stocks are at these levels, especially given Apple’s presence in China. The fact that they are is viewed as an indication of a staggering complacency rooted in dire ignorance.

When you read and understand what is written in the articles “Cognitive Dissonance” and “China is Disintegrating,” you should be able to comprehend that these stocks are very likely to crash and burn as the whole market goes down like the Titanic.

Looking at the charts above, especially those for the tech stocks Apple and Microsoft, it should be obvious that the vast majority of investors are now living in “cloud cuckoo land,” oblivious to the catastrophic fallout that a dead stop of the Chinese economy will lead to, especially as the global debt situation was precarious before all these latest problems.

We will shortly be looking at some Apple and Microsoft puts on the site, with an awareness that they could make one last stab higher before they cave in. Close inspection of their 6-month charts turns up that they may make one final vertical run to new highs and even more overbought extremes before they are exhausted and reverse into a crash.

Article originally posted on CliveMaund.com at 4.10 pm EST on 15th February 2020.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
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CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

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