Beginner’s GuideTo Flipping HousesIf you turn to HGTV on any given day, you’ll likely come across shows where real estate investors take homes that are eyesores and turn them into jaw-dropping abodes. They also manage to turn a profit after major renovations. Welcome to the world of house flipping. Let’s be real, though: It’s not as easy as it looks on TV. Here is a crash course on what it takes to become a house flipper.

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InvestmentNewsletters DigestBuy/Sell advice from the world’s top-performing market timers. Investment experts give their Top Stock Picks, Trading Strategies and Market Trends. Companies mentioned: Chevron, Tech-Precision, Applied Genetic Technologies, Goldman Sachs, BioTelemetry, The Coca-Cola Company, TJX Companies, Precious Metals, Newmont Goldcorp, and Barrick Gold.

…Page 4

Going for the GoldGold, which did little except glitter for most of the past five years, has seen price gains this year that rival Standard & Poor’s  500-stock index. Investment strategists share their views on gold.

…Page 16

Bull & Bear InsiderCommodities: Q4 Technical Outlook. Gold: The Unimpeachable Commodity Investment and other reports and trends.

…Page 22

INSIDE...

F I N A N C I A L R E P O R TT

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VOL. 28 NO. 01 • Oct.-Nov. 2019 • $3.95

Bull & Bear

When investors think of “insider trading,” they might think of the kind of behavior to which ex-Rep. Chris Collins recently pleaded guilty. In that case, Collins used material, nonpublic information he gained from his seat on a biotechnology company’s board to tip off his son and fiancée’s father, who were able to sell shares before the info became public.

But some insider trading is legal. And in some cases, insid-er buying can signal to regular investors that something positive might be in the offing, explains Lisa Springer, www.Kiplinger.com.

Insiders – directors, officers and shareholders that own more than 10% of at least one class of the com-pany’s stock – can (and do) buy and sell shares, sometimes frequently. They must abide by certain rules, such as not selling shares within six months of purchase. They also must disclose any transactions to the SEC – and these insider filings

10 “Insider Trading” StocksWhat Execs and Directors Are Buying

are available for public viewing, free of charge, on the SEC’s ED-GAR (Electronic Data Gathering, Analysis, and Retrieval) website.

No one understands the chal-lenges and victories of a public company better than the officers and directors who run it. Thus, when knowledgeable insiders buy or sell the company’s shares, savvy investors take note. Sometimes these trades are habitual and mean nothing – but sometimes, they can signal a change in sentiment. A sudden spurt of insider buying may signal new products coming to mar-ket or new customers signing up, or simply reflect an insider’s convic-tion that the stock is undervalued.

These 10 stocks have seen notable insider trading over the past few months, notes Springer. Investors shouldn’t act solely on the basis of this recent insider buying – instead, it’s just one factor to consider

Continued on page 18

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If you turn to HGTV on any given day, you’ll likely come across shows where real estate investors take homes that are eyesores and turn them into jaw-dropping abodes. They also manage to turn a profit after major renovations.

Welcome to the world of house flipping. Let’s be real, though: It’s not as easy as it looks on TV. Bankrate.com has provided us with a crash course on what it takes to become a house flipper.

What is House Flipping?House flipping is when someone buys a property

and holds onto it for a short time and then sells it (the flip part) in the hopes of making a profit. Instead of buying a home to live in, you’re buying a home as a real estate investment.

Sometimes, flipping a house means the temporary owner has to make a lot of repairs or renovations, and other times it’s owning the property until you can sell it for more than you paid for it, plus whatever you put in to fix it up. The goal is to buy low and sell high, invest your own sweat equity to cut costs and earn a profit in a relatively short amount of time – usually within months or a year.

Pros and Cons of Flipping a House

Matt Aitchison makes enough money from flipping houses that he now makes money showing other people how to do it, too. Alongside a few other ventures, Aitchison runs 6 Figure Flipper, an educational platform that teaches people how to flip houses. The money you earn can be significant, but he says there are some other rewards – and risks – in becoming a house flipper.

Pros• Could make a decent profit in certain

markets. In the second quarter of 2019, a typical house-flipping profit was $62,700, according to a report from ATTOM Data Solutions. Aitchison says he’ll pocket $40,000 to $50,000, on av-erage, per flip. The most he’s earned from a house flip was $453,000, but that’s an extreme outlier. A real estate agent can help you research price-growth projections to find neighborhoods and homes that will give you the best ROI.

• Side hustle or new full-time job. You can earn as much or as little as you’d like, depending on how many flips you take on. While the more time you put into it can equate to more earnings,

A Beginner’s Guide to Flipping Housesyou don’t need to work more than you want to. Some people start house-flipping and eventually move into it full-time, while others use it as a secondary income to earn more money towards vacations, extra savings or their retirement fund. If you do it on the side, though, don’t take on more projects than you can reasonably handle.

• Help improve neighborhood values. Flipping homes might help turn around home values in areas where distressed properties are eyesores and dragging down prices. “Most of the houses I buy are in a distressed condition or coming from a distressed seller,” Aitchison says. “The ability to truly solve someone’s problem while making a significant profit that can be used to build wealth is an amazing thing that I love about flipping.”

Cons• Financial risk. The uncertainty involved in

house flipping can lead to potential financial loss, as well as a toll on your well-being. “It can be financially draining,” Aitchison says. “Emotionally, it can be draining if you don’t have the right team, mindset, and discipline in place.”

• Homes will likely have significant issues. Oftentimes, home flippers have to sink a good amount of money into fixing up the homes they buy so they can flip them later for a profit. Plus, you could be looking at a much higher-cost renovation if unexpected issues arise. “What if you open things up and you find asbestos? Mold? Termites? Those are just a few,” says Amanda Pi, who runs Pi Home Solutions, a design concierge service in Ridgewood, New Jersey. “There are tons of different things you could find when you do renovations.”

• Potential for legal issues. If you buy a home that doesn’t have clear title, or sell it and it has issues you didn’t fix or address appropriately, there’s always the potential for lawsuits. That’s why having a solid

Continued on page 12

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THE BOWSER REPORTPO BOX 5156, Williamsburg, VA 23188. Monthly, 1 year, $84. Includes weekly email market and news updates. Print and Online. www.thebowserreport.com.

TechPrecision: Strong growth stock, likely long-term buyout candidate

TechPrecision Corp. (TPCS) was selected as the Company of the Month by editor Thomas Rice. “The company manufactures and sells precision, large-scale fabricated and machined metal components and systems primarily in the United States. The company offers custom components for ships and submarines, aerospace equipment, nuclear power plants and large scale medical systems and provides manufacturing engineering services to assist customers. TPCS was founded in 1956 and has 95 full-time employees.

Sales BreakdownThe majority of TechPrecision’s sales come from

just three customers. While this is extremely common in the industry and allows for significant growth with a new customer or project, such a high customer concentration poses a risk it TPCS were to lose one of its top three customers.

The company has provided products and services for some of the largest domestic defense contractors. Unfortunately, management is discrete and unable to go into detail about these customers and projects.

FinancialsTechPrecision has a strong foundation for growth

with a healthy balance sheet. A current ratio of 3.8 shows that liquidity risk is minimal and reduces the immediate financial risk associated with the loss of a major customer.

Driving the high ratio is a large cash position that the company has built up over the years. While TPCS could make effective use of its cash by paying down its long-term debt, it’s hard to downplay the company’s efforts to lower its total liabilities.

Over the past four quarters, TechPrecision’s cash position has increased from $1.4 million to $3.5 million, while its total liabilities (including long-term debt) have dwindled to $5.5 million. Although TPCS did not receive a point for its Bowser Rating due to its long-term debt, its financial efficiency clearly shows an effort to minimize liquidity risk while eliminating outstanding debt.

It’s also noteworthy that the executives do not lake a large cut out of the company’s earnings. CEO

Alexander Shen and CFO Thomas Sammons have salaries of $303,590 and $210,190, respectively. Both executives have worked together for quite some time and adequately compensate themselves to avoid diluting shareholder value. While it’s not game-changing for executives to take lower pay, it is refreshing to see a management team put shareholders first in a company’s early stages of growth.

Outlook and RisksThe outlook for TechPrecision is heavily dependent

on U.S. Navy spending. More specifically, the company could potentially benefit from the spending on the Columbia class submarine and three Virginia class submarines. Although the spending for these four submarines totals $12.4 billion, only about $100 million is available to TPCS over the next 24 months, according to CEO Alexander Shen. Still, considering the company reported $16.7 million in revenue for fiscal 2019, even a small portion of the $100 million would be huge for the company’s top-line growth, making TPCS an appealing buy despite its run-up over the past year.

Beyond the risk of TechPrecision’s top heavy customer base, production capacity could be a limiting factor in its ability to capture revenue growth in a short period of time. However, management is aware of this concern and has emphasized that the company is fully capable of producing the necessary parts and components for any new orders.

With regards to military spending outlook, The Bowser Report has mentioned numerous times in the past two years that the U.S. is projecting much more defense spending in the coming years. U.S. Navy spending has increased over the past three years and looks to continue increasing. With these forecasts in mind, additional risk from a lackluster budget is minimal.

Acquisition PotentialWhile it’s not common to see a high number

of acquisitions in this industry, it’s probable that TechPrecision will be a buyout target down the road. The company’s consistent profitability and low operating expenses pair well with its healthy balance sheet eliminating the risk a larger company would expect lf acquiring TPCS.

Additionally, if TechPrecision continues taking business away from some of the bigger names such as Huntington Ingalls (HII) and Northrup Grumman (NOC), it will become even more appealing for a buyout simply to eliminate competition. However, its unlikely to happen short-term, a long-term holder of

Bull & Bear’s Digestof Investment Newsletters

5

the stock should be aware of the possibility of a buyout should TPCS maintain its growth.

ConclusionTechPrecision has outstanding cash flow, improving

financials and a healthy balance sheet. With $100 million in potential revenue over the next 24 months, those fundamentals are very likely to improve even more. Moving forward, significant top-line growth and elimination of the company’s outstanding debt will be the keys to success. With minimal financial risk and the foundation for growth, TPCS is not only a strong growth stock, but a likely long-term buyout candidate with the larger companies operating in the industry.”

Editor’s Note: For over 40 years, The Bowser Report has provided top-quality research on low-priced stocks, trading under $3 per share. Each month, a new company is recommended and a follow up on previous recommendations. Currently, the newsletter tracks over 50 companies each month. For more information on investing in penny stocks visit www.TheBowserReport.com.

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PEARSON INVESTMENT LETTERpublished for clients of Pearson Capital, Inc.P.O. Box 3739, Apollo Beach, FL 33572. Monthly, 1 year, $150.

Recommended value stocksDonald Pearson’s recent recommended value

stocks include: Comerica Inc., FS Networks, Old Dominion Freight Line, and UnitedHealth Group. Profiled below are Old Dominion Freight Line and UnitedHealth Group:

Old Dominion Freight Line, Inc. (Nasdaq: ODFL) is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America. In addition to its LTL services, the Company offers a range of other value-added services that include container drayage, truckload brokerage, supply chain consulting and warehousing. As of December 31, 2016, the Company

operated 226 service center locations, of which it owned 182 and leased 44. As of December 31, 2016, its network included 10 breakbulk facilities located in Rialto, California; Atlanta, Georgia; Columbus, Ohio; Indianapolis, Indiana; Greensboro, North Carolina; Harrisburg, Pennsylvania; Memphis and Morristown, Tennessee; Dallas, Texas, and Salt Lake City, Utah. As of December 31, 2016, the Company owned 7,994 tractors. Institutional Holdings: 72%. Of the 16 analysts currently following Old Dominion Freight Line, 4 rate ODFL a Buy, 11 analysts rate the company a Hold and one analysts rates ODFL a Sell. The average target price is $159.83.

UnitedHealth Group Inc. (NYSE: UNH) engages in the provision of health care coverage, software, and data consultancy services. It operates through the following segments: UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx. The UnitedHealthcare segment utilizes Optum’s capabilities to help coordinate patient care, improve affordability of medical care, analyze cost trends, manage pharmacy benefits, work with care providers more effectively, and create a simpler consumer experience. The OptumHealth segment provides health services business serving the broad health care marketplace, including payers, care providers, employers, government, life sciences companies, and consumers. The OptumInsight segment focuses on data and analytics, technology, and information to help major participants in the health care industry. The OptumRx segment provides pharmacy care services. The company was founded by Richard T. Burke in January 1977 and is headquartered in Minneapolis, MN. Institutional Holdings: 88%. Of the 26 analysts covering UnitedHealth Group, 22 rate UNH a Buy; 2 Overweight and two analysts rate UNH a Hold. The average target price is $295.

Editor’s Note: Donald Pearson is President and portfolio analyst for Pearson Capital, Inc., a unique private money management firm and one of the best “old-timers” in a highly competitive money management business. With over 50 years of investment experience, they have proven to their clients that hard work and dedication are the road to our success. For more information on Pearson Capital, Inc. call 1-800-510-0329 or visit www.pearsoncapitalinc.com.

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reentered, you still have time or Add/Buy only in the 3.20 area for our 1st target of 7-8 as AGTC remains on track, meeting its current enrollment milestones across its three Phase 1/2 clinical programs.

In addition, through the AGTC Bionic Sight collaboration, the companies are pursuing the development of an innovative optogenetic therapy to treat patients with advanced retinal disease. This potential therapy utilizes AGTC’s broad experience in gene therapy and ophthalmology and Bionic Sights patented neural coding device. Bionic Sight filed an IND for the program in advance of completing the final formulation and testing of clinical trial material produced by their contract manufacturing organization. The FDA has put the trial on hold pending full review of the final testing to assure comparability to the material in the toxicology study. Bionic Sight expects clearance of the IND and initiation of the Phase 1/2 clinical trial in the second half of ’19. Achieving their clinical milestones reflects continued progress and commitment to developing new approaches to treat inherited retinal diseases, positioning AGTC well to create value for patients and shareholders. Ultimate target 10.50-11.00”

Editor’s Note: The KonLin Letter specializes in low price stocks under $10, with emphasis on emerging growth and special situations poised for explosive price appreciation. Each issue features 5 low-priced stock selections and a review of 30-35

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Applied Genetic Technologies focuses on ophthalmologic genetic diseasesKonrad Kuhn: “Applied Genetic Technologies

Corp. (Nasdaq: AGTC) is a clinical-stage biotechnol-ogy company that uses a proprietary gene therapy platform to develop transformation genetic therapies for patients suffering from rare and debilitating dis-eases. Its initial focus is in the field of ophthalmology where it has active clinical trials in X-linked retinitis pigmentosa (XLRP-an inherited condition that causes progressive vision loss in boys and young men), achro-matopsis and X-linked retinoschisis (XLRS).

In addition to its clinical trials, AGTC has preclinical programs in optogenetics, adrenoleukodystrophy (ALD), which is a disease of the central nervous system (CNS), and other ophthalmology and otology indications. The optogenetics program is being developed in collaboration with Bionic Sight.

In addition to its product pipeline, AGTC has a significant intellectual property and extensive expertise in the design of gene therapy products including capcids, promoters and expression cassettes, as well as expertise in the formulation, manufacture and physical delivert of gene therapy products. AGTC was granted FDA orphan drug designation, as well as European Commission orphan medicinal product designation for its gene therapy product candidate to treat XLRP caused by mutations in the RPGR gene. XLRS is an inherited retinal disease caused by mutations in the RSI gene, which encodes the retinoschisin protein. It is characterized by abnormal splitting of the retina, resulting in poor visual acuity in young boys which can progress to legal blindness in adult men.

In Dec.’18, AGTC reported 6-mos, data from its Phase ½ clinical trial in patients with XLRS. Results supported general safety and tolerability of AGTC’s gene delivery platform but did not determine signs of clinical activity at 6-mos. (AGTC will complete patient monitoring activities in XLRS according to clinical protocol). The primary endpoint of the study was designed to evaluate safety and tolerability and further reinforces confidence in the ongoing Phase 1/2 trials in ACHM and XLIRP.

Total revenue (mainly collaboration revenue) for 9-mos. Ending Mar 31, ’19 was $41.3 mil compared to $18.8 mil. for the comparable period in ’18. Net income for the 9 mos. period was $0.46 per share vs. a loss of $(0.81) per share for the same period in the prior year. Ending Mar ’19, AGTC’s cash, and cash equivalents, and investments totaled $89.2 mil. AGTC believes these funds will be sufficient to generate data from its ongoing clinical programs, to move the preclinical optogenetic program, in collaboration with Bionic Sight into clinic, and fund the currently planned research and discovery program for approx. 2-yrs. Of the 18,171,310 shares outstanding (as of Apr. 30, ’19), insiders owned 17.3% and institutions held 58.1%. The stock was deeply oversold, hitting a low of $2.52 in Aug., and as we write, had a sharp reversal to the upside. If you haven’t

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The Bull & Bear Financial Report publishes opinions and recommendations of individuals and organizations deemed to be of interest to investors. Information presented herein, while obtained from sources we believe reliable, is not guaranteed. The opinions and recommendations expressed are those of the writers and are not necessarily endorsed by The Bull & Bear Financial Report, its officers, directors, affiliates or employees nor independently verified. All opinions expressed are subject to change without notice. We take due care to transcribe accurately what has been written by others but because of the possibility of human and mechanical error, we cannot assume any liability for the correctness of the transcription., Errata, when discovered are corrected. The Bull & Bear Financial Report further points out that in the case of a report published by a broker-dealer, there is usually a statement which indicates that the report is not to be considered as an offer to sell or a solicitation of an offer to buy any security, that the material has been obtained form various sources but is not guaranteed as to accuracy or authenticity; that the report is not to be considered as an offer to sell or a solicitation of an offer to buy any security, that the material has been obtained from various sources but is not guaranteed as to accuracy or authenticity; that the report does not purport to include all the information available on the mentioned company or companies, as the case may be, that the firm or individual that has written the report may have a position in the securities of the company reported upon and may trade therein, and that no liability of any kind is assumed by the broker dealer which has written the report for the accuracy of the information contained therein. Investors should be aware that the securities, investments and/or strategies mentioned, if any, contain varying degrees of risk for loss of principal. Investors are advised to seek the counsel of a competent financial advisor before utilizing any investment strategy or investing in any securities mentioned.

The Bull & Bear Financial Report welcomes company studies, industry surveys and other reports and articles for possible publication, when submitted by investment advisors, analysts, brokers and individuals. All material will be carefully considered (although we cannot assume responsibility therefore, and should be sent to David J. Robinson, Editor, The Bull & Bear Financial Report, P.O. Box 917179, Longwood, Florida 32791.

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different small caps while monitoring a broad range of technical indicators for the best possible Market Timing Advice. For more information visit www.konlin.com.

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Conrad’s UTILITY INVESTORCapitalist Times, LLC, 6841 Elm St. #1057, McLean, VA 22101. Monthly, Online e-Letter, 1 year, $499, Includes weekly Updates, Alerts and Special Reports. www.ConradsUtilityInvestor.com.

Chevron: Safe bet on energy convergence

Roger Conrad: “Outside of regulated utilities, no group of companies has demonstrated greater long-term resilience than super oils like Top 10 DRIP Chevron Corp (NYSE: CVX). That’s still true despite what many consider their greatest challenge yet: Global decarbonization.

It’s not just that electric vehicles threaten oil demand for transportation, or that solar plus battery storage costs are closing in on parity with natural gas as peaking electricity supply. It’s also legal jeopardy from a steady stream of climate-based lawsuits in coming years.

Chevron avoided a shakedown in Ecuador for damage done to the Amazon rainforest after it had exited that country. And super oils have thus far beaten back attempts to ignite a tobacco-style class action suit.

But Chevron is under fire for startup delays of carbon capture systems at its giant Gorgon LNG facility in Australia. And shareholders are demanding steps to comply with the goals of the 2015 Paris Accord.

Chevron has not yet followed Total SA (Paris: FP, NYSE: TOT) in setting targets to reduce carbon intensity of its products. But it has endorsed a carbon tax in the US and launched major efforts to cut greenhouse gas emissions at its own operations. That includes deploying carbon capture and using solar power at facilities, as well as reducing methane emissions and flaring at drill sites.

The price of natural gas has badly lagged oil in recent years. But Chevron lifted output 15 percent in the US and 10 percent elsewhere the last 12 months. And though shale lifted liquids production 23 percent

in the US, it was flat elsewhere.That’s a good sign management sees gas as the

future. But the best long-term assurance of Chevron’s sustainability is its AA-rated balance sheet. That’s backed by $32.5 billion in projected free cash flow for 2019-20 at conservative energy price estimates, literally a stronger financial position than most countries.

Chevron trades at a historically wide valuation discount to the S&P 500 of 15 times expected 2019 earnings. Add in yield and dividend growth in mid-single digits and the result is compelling value at an entry point of 125 or lower, or anytime with the dividend reinvestment plan.

Editor’s Note: Conrad’s Utility Investor delivers high-quality analysis and rational assessment of the best dividend-paying utilities, MLPs and dividend-paying Canadian energy names, www.ConradsUtilityInvestor.com.

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Premium Portfolio holdingsDavid Fried, Founder and Portfolio Manager of

Fried Asset Management, is currently holding the following five stocks in his Premium Portfolio: Booking Holdings (Nasdaq: BKNG), Centene Corp. (NYSE: CNC), Fleetcor Technologies (NYSE: FLT), NRG Energy (NYSE: NRG), and Waters Corp. (WAT).

The Buyback Premium Portfolio is beating the S&P 500 by over 196% since its inception (August 2, 2000)! This portfolio is up 303.92% since inception (August 2, 2000) vs. a gain of 107.01% in the S&P 500 over the same time frame. For the month of September 2019, The Buyback Premium Portfolio gained 11.05% vs. a gain of 1.72% in the S&P 500.

Editor’s Note: The Buyback Letter was named to The Hulbert 2017-2018 Investment Newsletter Honor Roll. This was the eighth year in a row The Buyback Letter has been honored for this. To subscribe or to receive a FREE 30-Day Trial to The Buyback Letter Standard Edition or the Premium edition, call 310-459-9196 or visit www.BuyBackLetter.com.

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Even in markets run by Presidential tweets and Federal Reserve whims, there are a few irreversible trends that will make fortunes for investors.

Dozens of today’s top experts are going to provide the inside track to these trends at the world’s most exclusive and profitable investment event.

The New Orleans Investment Conference has a long history of attracting insightful – even legendary – figures on the geopolitical and economic stages.

This year is no exception as featured speakers include Trump economic advisor Stephen Moore, controversial political commentator Kevin D. Williamson, popular trading authority Dennis Gartman, famed contrarian Doug Casey, Fed expert Danielle DiMartino Booth, and respected contrarian advisor Peter Boockvar. Mark Skousen, editor in chief of Forecasts & Strategies, a popular award winning investment newsletter. Plus renowned experts like Mike Larson, Robert Prechter, Stephen Hochberg and more.

For well over four decades – through some of the most turbulent and dangerous times in investing – the record shows there is no better place to find profits and safety than the legendary New Orleans Investment Conference. But this year’s blockbuster event is destined to be one of the most rewarding in the 45-year history of the New Orleans Investment Conference.

Why? Because while most investors are being whip-sawed by President Trump’s tweets and Federal Reserve tea leaves, you’ll get the inside track on a few powerful, irreversible trends that will create fortunes in the months ahead.

Consider these mega-trends in progress at this very moment:

GOLD: “Easy Money Forever” Means Much Higher Prices

The New Orleans Investment Conference has led more investors to profits in gold than any other event in the world.

In fact, their organization was instrumental in getting gold ownership legalized in 1974…and their first conference was specifically held to teach investors how to buy the metal!

Today finds the world’s central bankers locked into an “easy money forever” mode that is extremely bullish for gold.

This is no idle speculation: The Fed recently gave up on rate hikes and is now expected to actually begin cutting rates in the near future.

This should propel metals prices much higher – so once again the most successful gold experts are featured at the New Orleans Conference.

You’ll get the top strategies and picks of Rick Rule, Peter Schiff, Brien Lundin, Adrian Day, Brent Cook, Bill Murphy, Byron King, Chris Powell, Gerardo Del Real, Gwen Preston, Lobo Tiggre, Thom Calandra, Omar Ayales, Mary Anne and Pamela Aden, Dana Samuelson and more.

Green Fever in CannabisFortunes are being made right now in the booming

cannabis sector…but many investors are wondering how to get involved – and how to avoid the inevitable busts in this quickly evolving industry.

Have no fear, as New Orleans 2019 is featuring

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the experts who are finding the biggest winners, including Sean Brodrick of Marijuana Millionaires…Matt Carr of the Oxford Club…and Nick Hodge of Outsider Club.

They’ll not only show you the specific cannabis sub-sectors that will be the long-term winners, but they’ll also reveal their hottest picks in this red-hot arena.

The Future is Now: Artificial Intelligence, Energy Metals

FinTech and Other Juggernaut TrendsWe live in an amazing world of lightning-fast

technological transformation.Artificial intelligence is already taking control of

many areas of society and our economy.The electrification of transportation will completely

change how we travel and place huge strains on supplies of a few key metals and materials.

The very foundations of finance are being rebuilt thanks to blockchain technology and crypto currencies, creating huge opportunities for profit (along with some real dangers).

Other powerful trends – all with their own potential rewards and risks – include clean energy, artificial intelligence, crypto currencies, e-sports, streaming media and 5G and more.

All of these will be addressed, and more, at New Orleans 2019. Noted technology financier Ross Gerber…plus the world’s leading energy metals expert, Simon Moores…and the Oxford Club’s tech expert Matt Carr will explore the opportunities in all of these powerful trends.

They’ll also join Nick Hodge on the inaugural panel, “The Next Big Thing(s)” to discuss every aspect of today’s rapidly shifting tech landscape.

And none other than the acclaimed “Real Estate Guys” – Russ Gray and Robert Helms will give a soup-to-nuts review of opportunities in real estate, from multi-family to luxury resort to assisted living and more.

Plus: The cutting-edge Peak Prosperity team of Chris Martenson and Adam Taggart will examine key trends in energy, the economy, the environment and technology that threaten our quality of life, and how you can prepare for them.

How special is this event?• It’s attracted dozens of the most celebrated

figures in modern history, including Lady Margaret Thatcher, Ayn Rand, Alan Greenspan, Milton Friedmanˆ, ˆF.A. Hayek, Barry Goldwater, Steve Forbes, Henry Kissinger, Ron Paul and more.

• It boasts a reputation of inviting only the most successful and deadly-accurate analysts – many of whom save their best recommendations to unveil on our stage.

• It’s brought together the most sophisticated and successful individual investors – mavericks who don’t follow the herd, but rather search for valuable, unhedged and unbiased information.

This is why previous attendees will attest the New Orleans Conference has never failed to deliver stock picks that have doubled...tripled...even quadrupled in value during the weeks and months following the conference.

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Goldman Sachs shares undervalued On several occasions, Market Focus, published

by Value Line Research, has recommended that investors consider Goldman Sachs (GS) stock. It is a global investment bank and securities concern with more than $1 trillion in assets under management. The company has about 36,600 employees and a market capitalization that exceeds $70 billion. It has been a component of the Dow Jones Industrial Average since 2013. Richard Gallagher, Associate Director, Value Line Research profiles Goldman Sachs:

The global investment bank recently has registered mixed results. Revenues were up on strength in the Investing & Lending segment, while earnings declined owing to a less favorable revenue mix. Goldman Sachs should perform better in the second half, though. A diversified business, including some new offerings, will probably help the top-line momentum continue. Stock buybacks and the trimming expensive senior level staff should help buoy earnings as the company invests in long-term growth initiatives. Notably, the investment giant plans to increase its footprint in China. For example, the company is trying to acquire a majority stake in Gao Hua Securities to better position itself in the world’s second largest economy. While a tough market environment, such as a decline in debt underwriting,

ought to be challenging, Goldman Sachs appears to be weathering the storm.

As for the stock, we continue to believe that it would make a fine addition to most portfolios. In fact, GS shares appear undervalued. It is trading at less than eight times earnings, which is far lower than its usual multiple. The issue offers solid and well-defined risk-adjusted total return potential to the 2022–2024 time frame. Specifically, it retains our Highest Rank for Safety and the dividend yield (recently 2.4%) is above the Value Line median. Note that the board recently raised the quarterly dividend by nearly 50%, to $1.25 a share. All told, Goldman Sachs stock is well worth considering for most portfolios.”

Editor’s Note: Market Focus is Value Line’s open-access newsletter which provides unbiased insights on investments, the markets and the global economy. Ian Gendler is Executive Director, Value Line Research, www.valueline.com.

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Double-digit growth projected for this leader in the cardiac market

Douglas Gerlach: “BioTelemetry (Nasdaq: BEAT) came public as CardioNet in 2008. The company provides remote cardiac monitoring for medical diagnostics and clinical trials, with plans to enter other outpatient monitoring markets as well. It

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launched its first blood glucose monitoring system in 2018, but this is already a competitive market and produces just 1% of revenue currently. The recent acquisition of Geneva Health Solutions adds a software product that helps physicians keep track of their patients remotely.

Physicians prescribe heart monitors to track cardiac arrhythmias. Following the $250 million acquisition of Swiss competitor LifeWatch in 2017, BioTelemetry is the clear leader in the cardiac market. More than one million people are prescribed a BioTelemetry heart monitoring device annually. In clinical trials the company has demonstrated superiority of its devices compared to older technologies in diagnosing atrial fibrillation.

The company’s newest Mobile Cardiac Telemetry (MCOT) patch is a wireless heart monitor which communicates with a receiving device by Bluetooth radio. MCOT was approved in 2016 and launched at the end of 2017. Its rapid success led to a stock price increase of more than 100% in 2018, but the stock has weakened significantly as the company has seen deceleration compared to its spectacular 2018 growth rates.

Drug and device companies also partner with BioTelemetry to screen for cardiac events during clinical trials. This market provided 13% of 2018 revenue. The company recently partnered with Apple in a research project to substantiate the Apple Watch’s utility in screening for cardiac events that could lead people to seek medical advice.

A history of losses and a string of acquisitions have left the balance sheet holding about $150 million in net debt (debt minus cash). The company has a very conservative debt load compared to 2018 free cash flow of about $70 million and anticipated 2019 EBITDA of more than $100 million. It has flexibility to make more small acquisitions if desired.

Gross margins are in the range of 60%-65%. With the strong launch of the MCOT patch, the company

should remain nicely profitable, barring any bad surprises out of the blue. Estimating a sustainable growth rate is a challenge. Wireless monitoring is a hot growth field. As the industry leader, BEAT relies on increased adoption more than competitive wins. It can also drive adoption by making its devices better and easier. Recent growth has been juiced by the successful MCOT launch, which produced greater than 50% revenue growth on more than 30% patient growth in 2018. We project low double-digit growth going forward.

One risk for stock investors is that the medical devices sector has been very hot in recent years and could cool off. In the current market, BioTelemetry appears to offer a very rare case of a growing device company at a reasonable value. There are many cases out there of high-priced medical device companies which barely grow.

This spell could easily break. With 2020 being a presidential election year, the healthcare sector could be especially volatile. Candidates are certain to take aim against outrageous healthcare costs. The political heat directed at the sector could cause investors to look at device companies more skeptically. Major changes to the U.S. payor landscape are always a possibility as well. There is not much investors can do to insure against the financial risks of various political possibilities, but they can reprice healthcare companies if the overall system becomes less appealing.

We model 16% compound EPS growth, with a P/E range of 20 to 35. Our forecast low price is 25.6, the product of $1.28 per share in EPS and the aforementioned low P/E of 20. Our forecast high price is 95. The upside/downside ratio is 3.0 to 1.”

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Continued from page 3

team looking out for your interests is so important, Aitchison says. “(I’ve) seen a lot of lawsuits on both sides,” he says. “Having a great real estate attorney is part of having the right team members in place.”

• The home might not sell quickly. If the property you’re trying to flip sits on the market, you’re responsible for paying all of its costs (including the mortgage payment, if you’re using financing, property taxes and homeowners insurance). Don’t forget, too, the maintenance and potential homeowners association dues, too. For this reason, it’s important that you have some capital set aside in case the flip is a flop.

How to Get Started with House Flipping

Since flipping homes isn’t something you can get into overnight, you’ll want to make sure you have your finances in order and the right properties in mind first.

1. Set a budget. A big financial drain is not having enough money to finance your project. Don’t go in conservatively; Pi suggests multiplying your current budget by five times. Whatever you think is enough, probably isn’t. Especially if this is your first time.

2. Find the right property. If you don’t have a massive budget, look for properties that best fit your current finances. Browse through foreclosures, auctions and short sales to see which ones best match up with your budget and renovation ability. Don’t hesitate to seek the guidance of a real estate agent who has experience working with house flippers.

3. Make an offer. With your financing in line and the right property to take on, you can make an offer. Work with an agent can help you stay in line with your budget. It’s OK if an offer falls through; you can have multiple properties in mind if one doesn’t work out.

4. Set a timeline. Not all property renovations require the same amount of money, which means they don’t require the same amount of time, either. Whether it’s one month or six, give yourself enough time to make the appropriate repairs and upgrades, and factor in time for building inspections (if needed).

5. Hire trusted contractors. Unless you’ve got the chops to handle repairs and renovations yourself, you’ll want to hire reputable people to do the necessary work. Some contractors have full teams to work on all areas of the home, but not all. Check licenses and references for contractors you want to hire, and also make sure their quotes are in line with your budget and they can meet your timeline.

6. Sell your property. After the updates have been made, it’s time to put your property up for sale. While you could sell it yourself, a real estate agent can help you market the home to the right buyers and widen your reach. Remember, your agent knows the market and the property’s potential profit, so they can be invaluable during the selling process, too.

Common House-Flipping MistakesWhile there might be financial opportunity in

flipping houses, Pi doesn’t recommend getting into it without significant capital, guidance and preparation. To become profitable, here are some common mistakes house flippers should avoid.

• Not having enough money. Your project will determine your budget, and not every home is a reality show-style renovation. There are full renovations, properties you can simply clean up and sell as-is, or homes that need basic repairs which you can then put on the market for the next investor. “Whatever your original budget is, double it and then double it again, then add your original budget on top of that,” she says. “Everything adds up quickly when you don’t know what you’re doing, and contractors take advantage if you’re a novice.”

• Thinking it’s easy. While you don’t need a license to flip homes, it’s not a fly-by-night business, and no one should take their cue from friends or TV shows. “It takes time and money and (you) shouldn’t go in blindfolded,” she says. “There are lots of amateurs. They see it on TV. They get burned and lose a lot of money.”

• Not setting up the right team. You have to work with experienced, reputable people, Pi says. Your team can include an experienced house flipping mentor, a real estate agent, construction/remodeling company, home inspector, a real estate attorney and an accountant to help you prepare your taxes, especially if you plan to turn house flipping into a business.

• Trying to do it as a side hustle in the long term. Pi says it might be more difficult to become a house flipper if you still work a full-time job. “If you’re working full-time and issues come up on-site, someone needs to be there,” she says. “It’s not a good side-hustle. If you’re going to do it, do it full time.”

Next Steps, Including Financing

Before jumping into house-flipping, get your finances in order. There are plenty of home loans you can look into for financing investment properties, like home equity loans, a home equity line of credit or even construction loans. There are personal loans available for home-related updates, but compare the interest rates and loan terms to different home loans first.

Remember that there’s a huge potential for loss: in time, energy and money. Save your future self by keeping a solid emergency savings in case you lose money. While Pi says house-flipping wouldn’t be a good side-hustle, you may want to start out that way before jumping into the deep end. That way, you still have your day-job income in case house flipping isn’t your true calling or if the market turns on you.

Editor’s Note: For over two decades, Bankrate.com has provided consumers with expert advice and tools needed to succeed throughout life’s financial journey. The company finds and compare rates on financial products like mortgages, credit cards, automobile loans, savings accounts, certificates of deposit, checking and ATM fees, home equity loans and banking fees. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate.com generates rate tables in all 50 U.S. states.

A Beginner’s Guide to Flipping Houses

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THE MAJOR TRENDSpublished monthly for clients of Sadoff Investment Management250 West Coventry Court, Ste. 109, Milwaukee, WI, 53217. www.sadoffinvestments.com.

What if a Recession UnfoldsRonald Sadoff: “Historically, several indicators turn

negative prior to a developing recession: 1) the leading economic indicators turn negative and 2) a 0.5% jump in the unemployment rate. Currently both these factors are still positive. If we see a recession likely unfolding we would start to sell stocks raising cash. Despite the headline news, there are many positives in the economy: low unemployment, strong bank and household balance sheets and overall financial stability.”

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ICON rides wave of research outsourcingRichard Moroney: “As a clinical-research organiza-

tion (CRO), ICON (ICLR) helps clients develop new drugs, often in the final stages before reaching the market. Late-stage trials usually involve the arduous task of enrolling and tracking thousands of patients around the globe.

The recent emphasis on oncology drugs means more complex trials, lengthening the conversion rate of ICON’s backlog – the pipeline of its future revenue — and heightening the risk of cancelations. Yet time remains crucial to drug makers watching the patent clock tick down. ICON can help accelerate the process by tapping its extensive recruiting network.

ICON shares have rallied 17% this year but pulled back 3% since July without any discernable change in the company’s fundamentals or outlook. We view the modest pullback as a buying opportunity for ICON, a Focus List Buy and a Long-Term Buy.

Business OutlookFor the 12 months ended June, ICON posted 13%

higher earnings per share on 25% sales growth. At the end of June, the backlog stood at $8.2 billion, up 11% from the same time last year and representing three times the company’s annual revenue. While oncology accounts for about 40% of the backlog’s value, that backlog continues to hold up well, its cancelation rate last quarter falling to the lowest level in more than two years.

ICON is gaining market share, a trend management expects to continue as more drug makers outsource research while working with fewer CROs. That gives ICON and other big CROs a significant advantage, because they can better supply a broad range of services.

In July, ICON reaffirmed its 2019 guidance for per-share profits ($6.75 to $6.95, implying 11% to 14% growth) and sales ($2.76 billion to $2.84 billion, good for 6% to 9% growth). The consensus stands at $6.89 per share for earnings and $2.81 billion for revenue, leaving some room for upside.

Notably, management’s guidance doesn’t reflect ICON’s

strategy of opportunistic stock buybacks potentially shaving 1% from the share count this year. ICON says operating cash flow is on pace to reach its target of $300 million for the year, translating to 12% growth.

As for the September quarter, the consensus profit estimate is holding firm at $1.74 per share, or 13% growth. Sales estimates are creeping higher, with the current consensus of $710 million signaling 8% growth. Over the past eight quarters, ICON has topped consensus profit estimates all eight times and sales estimates seven times.

ConclusionIn Quadrix®, ICON’s subpar Value rank of 37 has

dragged down its Overall score to 69. The shares look more reasonably valued from other angles. At 23 times trailing earnings, ICON trades above its five-year median of 22 but below an industry median of 26. If ICON meets the 2019 consensus profit estimate of $6.89 and its trailing P/E rises to 24, the shares will climb 9% over the next four months. Visit the company at www.iconplc.com.”

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THE PERSONAL CAPITALIST9524 East 81st Street Ste. B #1715, Tulsa, OK 74133. 1 year, 24 issues, $195.

Gold holdingsSean Christian: “Newmont Goldcorp (NYSE:

NEM) seems to be the favorite of the gold mining stocks: 18 analysts rate the stock: 11 rate the stock as a “Buy,” 1 “Overweight and 6 as a “Hold.” The Average Target Price: $46.21. Barrick Gold Corp (GOLD) has 22 analysts following the stock: 7 rate it as a “Buy,” 14 as a “Hold,” and 1 rates it as “Underweight.” The Average Target Price: $19.83. Ed. Note ratings as of Oct. 8, ’19. Oz Minerals (OZMLF) an Australian company, expects to produce 109,000-118,000 ounces of gold this year.

Investors are piling into precious metals at the fastest clip in years, driven by a plunge in global bond yields that has fueled a search for assets that can hold their value during troubled times. Gold purchases by everyone from central banks to retail buyers have boosted the metal to its highest level in six years. Investors are touting the metals role as a haven from market turmoil. There is so much flight to safety right now and metals is where a lot of that money is going.

One interesting statistic is that China has added more than 100 tons of gold to its reserves since it resumed buying in December. Government purchases accumulate bullion to help diversify foreign currency reserves amid a rally in prices and the drag on trade with the U.S.

China raised bullion holdings to 62.64M oz. in September from 62.45M oz. in August. Trade war restrictions or sanctions with Russia give “an incentive for central banks to diversify,” says National Australian Bank John Sharma. Also, with increasing political and economic uncertainty prevailing, gold provides an ideal hedge and will therefore be sought after by central banks globally.” Even Mark Mobius, formerly of Templeton fame and one of the best emerging market managers, recommended up to 10% of a portfolio should be in gold. We will hold all our gold shares.”

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THE INVESTMENT REPORTERpublished by MPL Communications133 Richmond St., W, Toronto, ON M5H 3M8. Online, published weekly, $5.83 a week. www.AdviceforInvestors.com.

Things go better for CokeCoca-Cola is expected to earn more in 2019. It’s

making investments outside its declining soft drink business that should pay off for years. Buy for gains and dividends.

Since the Investment Planning Committee, reviewed The Coca-Cola Company (NYSE: KO) in the March, ’19 issue, this consumer goods stock has advanced by 15.1 per cent.

“This gives the shares upwards price momentum. The company’s revenues are growing and this should drive up earnings next year. Coke has raised its dividend for 57 years in a row. The dividend yields an attractive 3.1 per cent. While the shares are costly, they remain a buy for patient investors seeking further long-term share price gains plus appealing and growing dividends.

Coke is the world’s largest non-alcoholic beverage company. It markets over 500 beverage brands through a network of company-owned and independent bottlers, distributors, wholesalers and retailers. Major company-licensed brands include Coca-Cola, Diet Coke, Minute Maid, Sprite, Fanta, Fresca, Dasani, Glacéau Vitaminwater and Powerade.

Coke generated 64 per cent of last year’s sales outside of the US. This raises its safety because no market other than the US accounts for a large percentage of its sales. Then again, ‘tariff man’ Trump’s trade wars could hurt some overseas sales.

Coke is Responding to Changing Markets

The soft drinks that Coke markets have gradually fallen out of favour. Critics of the industry say that

soft drinks contribute to the ‘epidemic’ of diabetes in heavier adolescents and children. As wealthier societies age, demand for sugary drinks declines. Indeed, Coke’s sales peaked at US$48 billion in 2012. Its sales have fallen every year since. By last year, Coke’s sales had fallen to $31.9 billion.

Coke is responding to market shifts. Chief executive officer James Quincey said: “Constant innovation is crucial for sustained growth.” Sales of Coca-Cola Zero Sugar, for example, grew by double digits for the sixth quarter in a row. As another example, Coke paid $5.1 billion to acquire Costa Coffee. This company operates coffee shops and self-service coffee machines. It generates most of its revenue in the United Kingdom. Coke launched Costa ready-to-drink products in the second quarter of 2018.

This year, Coke will introduce Coca-Cola Coffee to more than 25 markets worldwide following successful market testing in Asia.

Such initiatives will take time to pay off. That’s why Coke issued downbeat earnings guidance. It forecasted that earnings per share could fall by one per cent or rise by one per cent. The company also forecast internal revenue growth of four per cent.

Then again, some factors behind Coke’s downbeat forecast have improved. One was expectations that the Federal Reserve (the US central bank) would raise interest rates. In fact, the Fed has indicated that it’s likely to soon cut interest rates. A second factor that has improved is foreign exchange rates. Coke expected a higher US dollar to reduce the value of its foreign earnings. But the US dollar has fallen. Lower interest rates will hold down the US dollar. This would benefit Coke’s earnings.

Coke is Already Doing Better than Expected

These positive developments are already helping Coke. In the first quarter of 2019, it earned 48 cents a share from continuing operations. This beat the

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market’s expectation of 46 cents. Similarly, in the first quarter the company generated revenue of $8.02 billion. This exceeded the market’s expectation of $7.88 billion. That’s partly why Coke’s share price rose.

At this time of the year, the market’s focus increasingly turns to the outlook for the year ahead. In 2020, Coke’s earnings are expected to jump by 8.1 per cent, to $2.66 a share. Based on this estimate, the shares trade at a better forward price-to-earnings ratio of 23.1 times. As Coke adjusts to a changing marketplace, we expect its earnings growth to accelerate.

Coke remains a buy for patient investors seeking further long-term share price gains plus attractive and growing dividends.”

Editor’s Note: This is an edited version of an article that was originally published for subscribers to The Investment Reporter. For more information on this award-winning service visit www.AdviceforInvestors.com.

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HENDERSHOT INVESTMENTS11321 Trenton Ct., Bristow, VA 20136. 1 year, 4 issues, $50. www.hendershotinvestments.com.

Shopping for a bargain consider The TJX Companies

The TJX Companies is the leading global off-price retailer of apparel and home fashions. As of Sept. 30, 2019, TJX operated a total of 4,412 stores in nine countries, including 1,260 T.J. Maxx, 1,107 Marshalls, 783 HomeGoods, 39 Sierra, and 23 Homesense stores, as well as tjmaxx.com and sierra.com in the United States; 274 Winners, 132 HomeSense, and 91 Marshalls stores in Canada; 580 T.K. Maxx and 72 Homesense stores, as well as tkmaxx.com, in Europe; and T.K. Maxx stores in Australia, notes Ingrid Hendershot, CFA, and President of Hendershot Investments Inc., an investment management firm.

Strong Brand Loyalty“TJX traces its roots back to 1976 when Ben

Cammarata, general merchandising manager of Marshalls, was recruited to develop and lead the launch of a new off-price chain selling family apparel and home fashions. Under Ben’s leadership, T.J. Maxx was born, with its first two stores opening in Massachusetts during 1977. TJX has continued to grow steadily over the years, opening stores in new markets, countries and continents. TJX is also launching new chains and acquiring other retailers to bring its popular off-price model to an even wider network of customers. In 1990, TJX acquired a five-store chain called Winners, which has grown into a winner by becoming Canada’s leading off-price retailer. In 1992, HomeGoods was introduced to expand TJX’s presence in the booming home fashions market. T.K. Maxx was launched in 1994 and introduced the off-price concept to the United Kingdom. In 1995, TJX acquired Marshalls, which doubled the company’s size. The newest divisions include HomeSense and Sierra Trading Post, an online retailer rebranded as Sierra. TJX launched its e-commerce site in 2013 and opened its 4,000th store in 2017.

TJX delivers a rapidly changing assortment of quality, brand name merchandise at prices 20%-60% less than department and specialty store regular prices. TJX can offer these savings because of its opportunistic buying strategies. As the largest off-price retailer, TJX has tremendous buying power and solid relationships with more than 21,000 merchandise vendors in 100 countries. This retail recipe engenders strong brand loyalty from consumers of all ages.

Profitable GrowthOver the past five years, TJX has grown sales at

a spiffy 8% annual rate. During the same period, earnings and EPS compounded at 8% and 12% annual rates, respectively. TJX’s return on equity averaged a highly fashionable and profitable 53% during the past five years.

In fiscal 2019, TJX rang up $39 billion in sales, more than double its sales a decade ago and up 9% over last year on a 6% comparable store sales increase. Same store sales have increased each year for 23 consecutive years. The company has reported only one year with a decline in same store sales over its 40-plus year history, a truly remarkable retail achievement. During fiscal 2019, TJX grew total square footage by 4%, adding a net total of 236 stores, and ending the fiscal year with 4,306 stores. This is a terrific feat particularly during another year with thousands of retail store closings. Return on equity in fiscal 2019 was a fancy 61%.

Second fiscal quarter revenues rose 5% to $9.8 billion driven by 2% same sales growth with comp sales growth in all four major divisions due primarily to customer traffic increases. Net earnings increased 3% to $759 million, impacted by higher wage and freight costs, with EPS up 7% to $.62 on lower shares outstanding. With the third quarter off to a solid start, management reaffirmed its full year EPS outlook to a range of $2.56 to $2.61, representing 5% to 7% growth, with same store sales growth of 2% to 3% anticipated.

Outstanding Cash FlowsDuring the first half, the company paid $517 million

in dividends and repurchased 12.3 million shares of its common stock for $650 million at an average price of $52.85 per share. As part of its disciplined capital allocation policy, TJX increased its fiscal 2020 dividend by 18% to $.92 per share marking the 23rd consecutive year of dividend increases. During this period, the dividend has grown at a 22% compound annual rate. TJX expects to repurchase $1.75 billion of stock for the full fiscal 2020 year. TJX ended the first half with $2.2 billion in cash and investments, reflecting the company’s strong cash flow generation and financial flexibility.

Long-term investors shopping for a bargain should consider The TJX Companies, a well-managed HI-quality business with strong brand loyalty, outstanding cash flows, steadily growing dividends and substantial share repurchases. Buy”

Editor’s Note: Hendershot Investments is a quarterly investment newsletter designed for long-term investors seeking capital growth at reasonable valuations. Founded in 1994, Hendershot Investments Inc. offers financial planning services and portfolio management services tailor-made to meet each clients unique needs. For more information on the services offered by Hendershot Investments visit www.hendershotinvestments.com.

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Creating Value Beyond Gold

Gold, which did little except glitter for most of the past five years, has seen price gains this year that rival Standard & Poor’s 500-stock index, notes John Waggoner, Kiplinger’s Personal Finance.

The price could continue to rise if stock market volatility and global growth concerns persist. Or it might need to rest before rising again. Here, Waggoner along with gold strategists share their views on gold as an investment.

Nonetheless, says Joe Foster, portfolio manager at the VanEck funds, “If a recession is on the horizon, then gold could hit new highs.”

If you’re thinking of chasing the rally in gold, be sure you’re buying for the right reasons. Speculators in gold are often disappointed, but the metal does have some uses, in small amounts, as a portfolio diversifier, an inflation hedge and insurance against financial catastrophe.

Investors have some reason to worry about inflation now, which is one reason gold has been rising. The Consumer Price Index, the government’s main measure of inflation, gained just 1.6% in the 12 months that ended in June; below the Fed’s 2% target rate. Nevertheless, inflation is typically the hallmark of a period of easy money – low interest rates from the Federal Reserve and low tax rates from the government. Right now, we have both.

Gold prices thrive on economic uncertainty, and escalating trade tensions have delivered that in spades. “The wild card is the trade war with China,” says Lindsey Bell, investment strategist at CFRA. “If that intensifies, it’s a great environment for gold.”

What could derail the rally in gold? Deflation is one risk, although gold has held up well in past periods of falling prices. A larger threat to gold is a global recession during which consumers, especially in China and India, reduce their jewelry purchases.

Many advisers recommend as much as a 5% stake in gold – partly as insurance against financial catastrophe and partly as a portfolio diversifier.

If you want to own the bullion itself, you can buy one-ounce American Gold Eagle coins from a dealer, although you’ll pay a markup of 5% to 8%. (Check the current spot gold rate at websites such as www.kitco.com before you buy to see if you’re getting a good price.) Skip collectible coins, which can carry a big premium for rarity.

If you simply want gold as a part of your portfolio, consider a commodity gold exchange-traded fund, such as iShares Gold Trust (symbol IAU). The ETF buys and sells physical gold, held by a third-party custodian, and charges 0.25% in annual expenses.

You might also buy shares of gold-mining companies. Mining stocks tend to rise and fall more than the metal itself because once the price of gold covers production costs, any increase is pure profit. CFRA analyst Matthew Miller recommends Newmont Goldcorp (NEM).

Mutual funds and ETFs that invest in gold-mining stocks tend to have relatively high expense ratios. But one good fund choice is American Century Global Gold (BGEIX). It charges just 0.67% a year in expenses.

Editor’s Note: John Waggoner is a senior associate editor at Kiplinger’s Personal Finance magazine, www.Kiplinger.com.

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THE ADEN FORECASTP.O. Box 790260, St. Louis, MO 63179. Monthly, 1 year, $250. Includes Weekly Updates and Alerts. www.adenforecast.com.

Central banks want to own more goldMary Anne and Pamela Aden: “You all know about

the big change central banks have had with gold. The chart below provides a good example. Note how central banks overall had been net sellers of gold, from around the late 1980s until the post financial crisis, about 2009.

Since then, their demand has grown by leaps. This past year alone has had the highest demand for gold since prior to the U.S. going off the gold standard in 1971!

The Australian and New Zealand bank group (ANZ) have confirmed that all central banks want to own more gold, and this booming trend is likely to continue in the coming years.

They also said that China, as a country, has the most potential to step up its gold purchases in the up- coming years. Plus, China is a large gold producer!

Russia has been one of the largest and most consistent gold buyers in recent years, almost doubling its reserves. It’s becoming the 5th biggest holder of gold, behind the U.S, Germany, Italy and France. And its buying spree has continued.

Central banks know the world is not right. They are protecting their countries financially. This alone should tell you how important it is to own gold and silver today.

The rush to buy continues to grow... Physical gold demand hit its highest level in three years in the second quarter, according to the World Gold Council. Switzerland said it shipped the most gold to the U.K.

in July since 2012. ETF gold buying is the reason why. Even mainstream commentators like Jim Cramer is saying investors should have 10% of their money in gold.

The gold rush has started, and as you know, many large hedge funds have already bought gold. In fact, more than 75% of the banks cited gold’s role as a safe haven asset, while 59% said it also helps to diversify their portfolios.”

“The bottom line is... it’s clearly not too late to buy gold, silver and gold shares during upcoming weakness, and to keep the positions you have. You’re in for a long great ride,” say the Aden sisters.

“Silver and gold shares have outperformed gold since the May run up. And they are poised to continue outperforming gold as the bull market unfolds.

Silver: Doing FantasticOnce again silver was true to its style... a very quiet

market until it wakes up and explodes upward. Silver has gained 35% since May and it has a bright future.

Its rise is clearly pegged to the gold rise, and it’s outperforming gold. It had been much weaker and their ratio is out of balance.

In other words, silver has the potential to continue outperforming gold this year and next.”

Editor’s Note: The Aden Forecast is one of the most influential investment publications in the world today. Its easy to understand format and powerful advice has consistently produced double-digit profits for subscribers in 21 out of the past 27 years…That’s a 78% batting average, one of the best and most consistent long-term track records in the business. Written by Mary Anne and Pamela Aden, specializing in stocks, bonds, precious metals, currencies and international markets.

***************

TIMER DIGESTPO Box 1688, Greenwich, CT 06836. 12 year, 18 issues $225. www.TimerDigest.com.

Gold Timers BullishJames Schmidt: “The Top Gold Timers, as ranked

by Timer Digest are Bullish with 4 Bulls, and 1 Neutral. Gold, now basis the December 2019 future, has been volatile in a trading range since early August. Fundamentally, trade uncertainty and geo-political events continue to affect short- term trading activity. Technically, gold has corrected an over-bought condition from early September; but must also contend with overhead chart resistance above $1550. Support for the December contract is $1500, then $1450, and $1400. Resistance is $1550 - $1560, then $1600, and $1750.”

Editor’s Note: Timer Digest monitors over 100 of the leading market timing models, ranking the top stock, bond, and gold timing according to the performance of their recommendations over various periods of time.

TheResourceInvestor.com

Precious Metals Trends, Gold,

Silver, Uranium, Oil & Gas

Visit the Bull & Bear Financial Report

— Online —www.TheBullandBear.com

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Insider Trading Stocks

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when evaluating these or any other stocks, she cautions. But in each case, the buying stands out for its size or irregularity, which sometimes can be taken as a sign of insider optimism.

Dish NetworkMarket Value: $16.2 billion. Notable recent insider purchases: $25.1 million.

Dish Network (DISH, $32.93) is repositioning as a significant new player in the wireless telecom market thanks to the pending merger of T-Mobile US (TMUS) and Sprint (S). The Department of Justice requires T-Mobile and Sprint to sell parts of their business as a condition of the merger – Dish intends on being the acquirer.

Should the merger close – 17 states and the District of Columbia are suing to stop it, with a trial slated for December – Dish will own Sprint’s pre-paid phone business and customers, including Boost Mobile, Virgin Mobile and the Sprint prepaid business. In addition, Dish will own some of Sprint’s nationwide 800 MHz wireless spectrum and have complete access to T-Mobile’s network for seven years. As a result, Dish customers will be able to move “seamlessly” from T-Mobile’s nationwide network to its own new 5G broadband network.

In short, Dish would become the nation’s fourth-largest wireless service provider.

The merger agreement couldn’t come at a better time for Dish, which has been challenged by subscriber losses in its satellite TV business. During this year’s June quarter, the company’s pay-

TV customer base declined by 31,000 subscribers. The subscriber loss contributed to a 7% decline in Dish’s June-quarter revenues and a 28% drop in earnings per share (EPS).

Dish is paying up for this deal, too. It will pay $3.6 billion for wireless spectrum from the combined T-Mobile/Sprint, and $1.4 billion for Sprint’s pre-paid phone business. Dish also must, as a condition of the sale, fully deploy the aforementioned nationwide 5G broadband network, covering at least 70% of the U.S., by June 2023. The company expects to invest at least $10 billion in building that network. Long-term debt already sits at $12.7 billion – which is 136% of Dish’s equity – so the buildout will put an additional strain on Dish’s already leveraged balance sheet.

Nonetheless, insider buying is inspiring confidence. Dish chairman Charles Ergen bought 500,005 shares of DISH stock worth roughly $15.7 million in early August. Later in the month, co-founder and Executive Vice President James Defranco added to his stake, spending about $9.4 million on 300,000 shares – his largest inside buy since at least Jan. 1, 2013, which is the start of available data on DISH’s insider trading.

Peabody EnergyMarket Value: $1.5 billion. Notable recent insider purchases: $13.0 million

Peabody Energy (BTU, $14.51) is the world’s largest private-sector pure-play coal pro-ducer. The company operates 23 mines in the U.S. and Australia and produced 12 million tons of metallurgical coal in 2018, making it the largest U.S.-listed metal-lurgical coal producer. Peabody also produced 19 million tons of thermal coal last year.

Metallurgical coal is used to make steel and is experiencing strong demand from China and India. The company’s Australian mines and recently acquired Shoal Creek mine, located near a major shipping port, are well-positioned to serve the Asian market. Pea-body is targeting production of

2.5 million tons of coal from the Shoal Creek mine this year. And the mine’s cash flows imply that it will pay back its purchase price in less than two years.

Peabody’s thermal coal produc-tion is purchased by utilities and burned to generate electricity. Peabody recently entered into a joint mining venture with Arch Coal (ARCH) that combines their Powder River Basin and Colorado assets into one mining complex. The joint venture is expected to create $820 million of pretax synergies and make their coal production more price-competitive with natural gas and other fuels.

Peabody has hiked its divi-dend three times in the past 12 months, for a total increase of 16%. The company also paid out a substantial supplemental divi-dend of $1.85 per share on March 20, representing a roughly 6.3% annual yield at the time. (BTU’s regular dividend yields about 4% at current prices.) However, that hasn’t quite made things right for investors; BTU shares have lost 52% of their value so far this year as lower demand and prices have crushed coal producers.

That said, Elliott Management, one of the largest activist investors in the world, bought roughly 710,000 shares of BTU, worth about $13 million, via several of its subsidiaries across several trades in August. Elliott, which hasn’t sounded off about the recent purchases, now owns about 19.9 million shares of the stock – a roughly 18.6% stake.

FordMarket Value: $34.4 billion. Notable recent insider purchases: $8.0 million

Ford (F, $8.61) is the sec-ond-largest North American automaker (13.8% share) and the world’s sixth-largest automaker overall (6.2% share). The company produces Ford cars, trucks and SUVs, as well as luxury vehicles under its Lincoln brand. But its product of note is the F-150, which has been America’s best-selling truck for 42 years in a row.

While Ford has struggled ever since the U.S. started its trade

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war with China in early 2018, it has recovered somewhat in 2019, up 13% year-to-date. But its results haven’t given investors much to hope for. June-quarter revenues were flat year-over-year ($38.9 billion). EPS declined 85%, though mostly because of massive restructuring charges related to operations in Europe and South America. But even backing out those charges, adjusted earn-ings of 28 cents per share missed analyst expectations for 31 cents. Its 2019 earnings forecast disap-pointed, too.

Ford does have a few oth-er things going on, however. It launched new models of its Ford Explorer and Lincoln Aviator during the June quarter and in-troduced the Ford Puma, a new crossover vehicle for the Euro-pean market. The company also announced a partnership with Volkswagen (VWAGY) for a new autonomous-driving platform named Argo AI.

Deutsche Bank analyst Em-manual Rose thinks F shares have “considerable unappreciated potential” due to future cost ben-efits from the global restructuring, but “but investors may now wait for more visible earnings and cash flow traction, before giving the stock credit for it.”

Ford Executive Chairman Wil-liam Clay Ford didn’t wait to make his insider trading move. He acquired 840,962 shares worth almost $8 million in early August, increasing his ownership stake to 1.1 million shares. That was his largest purchase, on a dollar basis, since buying up 800,000 shares for $10.9 million in March 2016.

MPLX LPMarket Value: $29.5 billion. Notable recent insider purchases: $3.2 million

MPLX LP (MPLX, $27.91) is a master limited partnership (MLP) that owns and operates energy infrastructure assets such as gas and oil pipelines, gathering systems, terminals and storage facilities. The company was formed by Marathon Petroleum (MPC) in 2012 to own, operate,

develop and acquire these various types of assets.

MPLX owns more than 8,000 miles of pipeline extending across 17 states, mainly in the Midwest and Gulf Coast. MPLX’s terminal facilities have 23.7 million barrels of storage capacity and its tank farms located near major refineries can hold 56 million barrels of oil.

The company closed on its $9 billion acquisition of Andeavor Logistics at the end of July. It plans to optimize its portfolio by selling non-strategic asset and using the proceeds to reduce debt and invest in higher-return projects. MPLX also has green-lit big investments in its Whistler natural gas pipeline and Wink-to-Webster crude oil pipeline – both located in the Permian Basin, located in the American Southwest.

MPLX has raised its distribution every quarter since it went public in October 2012, including a 6.4% bump last quarter to 65.75 cents per share. That’s good for a yield of 9.6% at current prices. The company keeps backing it up with strong fundamental performance; in its June quarter, distributable cash flow (DCF, an important metric of MLP profitability)

improved 6.7% to $741 million.Heavy insider trading ensued

in the weeks following the closed acquisition. MPLX Chairman and CEO Gary Heminger may have signaled his approval when he purchased 42,600 shares worth roughly $1.2 million in early August. Director Dan Sandman purchased 36,630 shares worth almost $1 million early on in the month, too, and Director Gary Peiffer bought 36,800 shares worth roughly $1 million across two buys in August.

* Distributions are similar to dividends but are treated as tax-deferred returns of capital and require different paperwork come tax time.

Align TechnologiesMarket Value: $14.4 billion. Notable recent insider purchases: $1.0 million

Align Technologies (ALGN, $179.75) owns the Invisalign system of invisible braces, used by more than 7.2 million patients (so far) to improve their smiles. Less known to consumers is the iTero intraoral scanner, which Align developed to help dentists create

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dental crowns, bridges and custom implants. Dentists have made more than 17.4 million dental scans using iTero.

ALGN shares were enjoying strong gains in 2019 up until late July, when it reported its results from the June quarter. While Invisalign shipments improved by 24.6% and EPS climbed 41%, those shipments came in below analyst estimates, and worse, it reduced its guidance for the September quarter. Align cited weaker demand in China and increased competition in doctor-directed and direct-to-customer sales channels as reasons for the lower guidance.

That sparked a 25% selloff in shares that has ALGN down 14% for the year-to-date. It also sent the analyst crowd into action. Stephens analyst Chris Cooley cut his price target to $200 per share, citing worries that a structural shift in the braces market was underway – one that favors direct-to-customer suppliers. Evercore analyst Elizabeth Anderson downgraded the stock to Market Perform (equivalent of Hold). Baird analyst Jeff Johnson pulled ALGN from his firm’s top picks list.

The stock did enjoy a little insider buying in the wake of the selloff. Align CEO and President Joe Hogan showed his support by acquiring almost 5,000 shares worth about $1.0 million in early August. There was some insider selling, too. Director Joseph Lacob disposed of 40,000 ALGN shares worth roughly $7.2 million across August. However, insiders often partake in regular selling. Indeed, Lacob has sold shares several times each year since 2017 and hasn’t recorded any purchases since at least 2013.

Ryman Hospitality Properties

Market Value: $4.1 billion. Notable recent insider purchases: $1.1 million

Ryman Hospitality Proper-ties (RHP, $80.25) is a real estate investment trust (REIT) that owns four upscale Gaylord-branded

conference-center resorts, as well as interests in another Gaylord-branded resort and convention center. It also boasts entertain-ment assets including the Grand Ole Opry and its former home, the Ryman Auditorium.

JPMorgan Chase REIT analyst Joseph Greff turned cautious on the lodging sector in July because of high valuations and what he sees as the late stage of the current lodging cycle. He downgraded ratings on several lodging REITs, including RHP, to Underweight (equivalent of Sell) and lowered all of his price targets.

That’s not a promising backdrop, but the REIT is at least posting solid results. For the June quarter, its funds from operations (FFO, an important REIT profitability metric) grew 9.6%, and the company upgraded its full-year guidance for revenues and FFO. That FFO funds a substantial 4.5% yield on a dividend that has been growing regularly for years.

Ryman Hospitality Chairman and CEO Colin Reed argues that Ryman’s advance bookings and contract structures make it less volatile than other lodging REITs. He put his money where his mouth is in early August with some insider trading. Namely, he bought roughly 13,600 shares of RHP stock worth $1.1 million in early August – the largest purchase by a Ryman insider in a year.

AbbVieMarket Value: $106.6 billion. Notable recent insider purchases: $10.4 million

AbbVie (ABBV, $72.13) is a leading pharmaceutical company. It’s best-known for blockbuster drugHumira, an arthritis treat-ment and the world’s top-selling prescription drug. Humira ac-counted for $19.1 billion in 2018 –nearly 60% of AbbVie’s sales that year – but faces increasing competition from lower-priced biosimilars already available in Europe and coming to U.S. mar-kets in 2023.

The company is addressing this this challenge by expanding its product pipeline, as well as

through mergers and acquisitions (M&A). In June, AbbVie announced its largest deal ever, agreeing to pay a 45% premium to acquire Allergan (AGN) for $63 billion, or $188 per share.

The Allergan acquisition makes AbbVie the market leader in the $8 billion Botox market and gives the company an ophthalmic drug product line that includes popular names such as Restasis. Allergan also should provide AbbVie with additional cash flow to fund re-search and asset purchases. The deal, scheduled to close in early 2020, is also expected to create $2 billion in annual pre-tax synergies and cost reductions for AbbVie over the next three years.

Interestingly, some analysts took a negative view of the acqui-sition, and ABBV hit a 52-week low, though it has since recovered, descended to even lower lows, and recovered yet again. Piper Jaffray analyst Christopher Raymond was blunt, quipping that “two turkeys don’t make an eagle.” Leerink Partners analyst Geoff Porges criticized AbbVie’s pipeline soon after the deal announcement, but he actually upgraded the stock to Outperform (equivalent of Buy) on July 2, saying “While we are not necessarily fans of consolidation for its own sake, we see AbbVie bringing discipline and decisive-ness to Allergan’s portfolio.”

Since the deal’s announcement, ABBV has been flooded with inside buying. Chief Strategy Officer Henry Gosebruch bought 30,000 shares worth $2 million, Director Roxanne Austin purchased 76,500 shares worth $5.1 million; Jeffrey Stewart, SVP of U.S. Commer-cial Operations, bought 15,552 shares worth $1 million, Nicholas Donoghoe, SVP of Enterprise Innovcation, snapped up 7,525 shares worth almost $500,000, and Vice Chairman Laura Schum-acher acquired 25,000 shares at $1.8 million.

AthenexMarket Value: $957.7 million. Notable recent insider purchases: $13.2 million

Athenex (ATNX, $12.39) is a biopharmaceutical company

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developing new treatments for cancer. The company focuses on developing oral versions of existing cancer drugs that must currently be administered intravenously. Athenex has several drugs in its pipeline, including two in late-stage clinical studies.

Recently released results from the company’s Phase III trial of oral paclitaxel showed the new drug produced a better overall response rate in breast cancer patients than intravenous paclitaxel. It also was associated with fewer treatment-related adverse events.

However, not all the study data was positive. Patients treated with oral Paclitaxel experienced a higher incidence of infection, neutropenia and gastrointestinal side effects than patients treated with the IV drug. These concerns triggered a 30% decline in ATNX’s share price after the study results were published.

Athenex still plans to file a New Drug Application (NDA) with the U.S. FDA over the next few months. The company recently raised $100 million through a private equity placement that will fund infrastructure investments in manufacturing and marketing the new drug.

The company also announced second-quarter results in mid-August, which included a 92% jump in revenues and a narrower net loss of 44 cents per share (from 58 cents a year earlier). Athenex received a $20 million milestone payment from a development partner that will be recognized as revenues in the second half of 2019.

Billionaire hedge fund manager and biotech specialist Joe Edel-man is a “beneficial owner” of ATNX, which means he owns at least 10% of at least one class of stock. Edelman has signaled his confidence over the past couple months with several spurts of heavy insider buying. His Percep-tive Advisors hedge fund acquired more than 810,000 shares of ANTX stock worth $11.8 million of ATNX stock in early August, then another 100,000 worth $1.4 million in September, to bring his stake to 10.7 million shares, or

13.9%.The important thing to remem-

ber with smaller biotechnology companies is that even keeping the lights on isn’t a given until marketed products scale up. With $165.9 million of cash and invest-ments on hand, Athenex believes it has sufficient funds to finance its operations through the first nine months of 2020. But that only takes investors up until roughly a year from now – more needs to happen for ATNX, which went public in July 2017, to be finan-cially viable long-term.

VTV TherapeuticsMarket Value: $83.7 million. Notable recent insider purchases: $7.3 million

VTV Therapeutics (VTVT, $1.43) is a tiny biotechnology company that develops orally administered treatments for diabetes, chronic pulmonary ob-struction disorder, Alzheimer’s disease and other chronic ill-nesses. The company has seven drug candidates in its pipeline in early-stage Phase I or Phase II clinical trials – in other words, it has no marketed products.

VTV’s lead drug candidate, azeliragon, has shown promise as a treatment for early-stage Alzheimer’s disease patients who also suffer from type 2 diabetes. The company anticipates publish-ing results from Phase II trials of azeliragon in late 2020. Another pipeline candidate, Simplici-T, has potential as a treatment for Type 1 diabetes. Simplici-T generated positive results in the first leg of its Phase II clinical trials; VTV plans to report second leg results in early 2020.

Billionaire biotech investor Ron Perelman is a beneficial owner of VTVT shares, via his MacAndrews & Forbes investment group. M&F has been steadily accumulating stock – not by making direct purchases, but by making use of an agreement empowering M&F to exercise options to purchase shares. In August, he accumulated 1.4 million shares worth roughly $2.3 million, then in September, he acquired another 3.2 million shares worth about $5 million. He now owns a roughly 80% stake

across the company’s publicly traded A shares and private B shares.

But this might be a stock best avoided. Shares have lost roughly 90% of their value since the company’s August 2015 IPO, thanks in part to a failed Phase III trial for azeliragon in April 2018, which forced the company to end clinical trials for the drug at the time.

Meanwhile, VTV generated June-quarter revenues of $1.8 million, mainly from milestone payments, but spent $6.6 million on operations, resulting in a $2.9 million net loss. Cash dwindled from $5.0 million last quarter to less than $1.5 million. Thus, VTV will need to raise additional capital to fund ongoing clinical trials.

USA TechnologiesMarket Value: $413.4 million. Notable recent insider purchases: $15.8 million

USA Technologies (USATP, $24.35) is another stock with heavy insider trading that might be too risky for most buy-and-hold investors.

USA Technologies provides cashless payment processing and related services for small ticket, POS (Point-of-Sales) transactions. The company mainly serves clients in the beverage and food vending industries, though it plans to expand into additional segments, including commercial laundry, amusement arcades and kiosks. At present, USA Technologies has nearly 1 million POS connections to its services and customers across the U.S. Canada, Mexico and Australia.

USA Technologies believes it has penetrated just 7% of its addressable payment processing market, which the company esti-mates at 13 million to 15 million POS connections. Partnerships with Visa (V), Mastercard (MA), JPMorgan Chase (JPM) and Ve-rizon (VZ), among others, present huge growth opportunities across its existing customer base.

Between 2011 and late 2018, USA Technologies grew sales 29% annually and transaction volume

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expanded at a 38% yearly rate. High recurring rev-enues (approximately 75% of revenues are recurring licensing and processing fees) contributed to double-digit sales growth.

Where things get messy is the company’s inability to meet SEC filing deadlines. USA Technologies has not yet filed its 2018 annual report or 2019 quarterly reports. The company has faced multiple delisting warnings (and received several extensions) until it received notice Sept. 24 that it would be delisted from the Nasdaq on Sept. 26. It was. USA Technologies now trades “over-the-counter,” which means it’s no longer required to post regular financial updates – an important protection measure that keeps current and would-be investors informed.

Interestingly enough, beneficial owner Doug Braunstein, through his Hudson Executive Capital LP investment firm, continued to buy through the catastrophe. Hudson took a 12% stake in USA Technologies in May, at roughly $5.45 per share, calling the stock “undervalued and an attractive investment.” He acquired more than 1 million shares worth $6.9 million in August. The company was granted an extension Sept. 9 with a deadline of Sept. 23. Braunstein still accumulated another 1.9 million shares worth $8.9 million between Sept. 23-26.

USA Technologies said it will try to regain compliance and its Nasdaq listing “as soon as practicable.” But whether it will is unknown, making it exceedingly risky to follow in the footsteps of Braunstein’s insider buying.

Editor’s Note: Lisa Springer is a contributing writer for Kiplinger.com. She has served as an equity research analyst for Singular Research and Management CV covering both large- and small-cap stocks. Also, served as the Director of Investor Relations for a NYSE-listed REIT.

Insider Trading Stocks

• COMMODITIES – Reuters Technical Analysis Q4 Outlook 2019 – Crude oil may rally in Q4, driven by a powerful c wave while Spot gold is seen rangebound before rising. Copper may keep on bouncing while aluminium may fall. Grains and softs look very bullish, as they may well have reversed their long-term downtrend. Palm oil was back on its long-term downtrend.

Wang Tao, Reuters market analyst for commodities gives his technical analysis for Q4 2019 for U.S. Oil, Brent Oil, Palm Oil, Spot Gold, Spot Silver, LME Copper, LME Aluminium, CBOT Soybeans, CBOT Corn, CBOT Wheat, NY Coffee, NY Cocoa, and the Dollar Index.

To Read the Full Report, Click Here

• Vaping? Health insurance increasing – With some states banning the sale of flavored e-cigarettes, vapers could eventually see a 50 percent increase in their monthly health insurance premium costs if they declared usage. The only states that legally won’t increase health insurance costs due to vaping are CA, CT, MA, NJ, NY, RI, VT, and D.C. Every other state other than AR (20% increase), CO (15% increase), and KY (40% increase) will likely see a 50% increase on their health plans if the FDA and insurance companies study vaping’s affect more acutely and find comprehensive negative affects on people’s health.

Reference full report by QuoteWizard

• Real ID Needed to Travel – Beginning October 1, 2020, every air traveler 18 years of age and older will need a REAL ID-compliant driver’s license, state-issued enhanced driver’s license, or another acceptable form of ID, U.S. passport, Canadian provincial driver’s license, border crossing card, to fly within the United States. Check for the star. REAL ID-compliant cards are marked with a star at the top of the card.

• CPI is Bogus Measurement, Prices Rise 9.6% – Prices in the top 50 markets in the U.S. rose an average of 9.6 percent on an annualized basis in the first half of 2019 versus the same period in 2018, according to the Chapwood Index, a more accurate alternative to the U.S. Consumer Price Index. This is in stark contrast to the CPI, which tracked a 1.7 percent increase over the past 12 months. “The CPI is a bogus measurement that does not reflect reality,” Ed Butowsky concluded. “That’s why we created the Chapwood Index.”

• Gold: The Unimpeachable Commodity Investment – History shows that presidential impeachments have had minimal impact on markets. Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors, believes there are bigger risks to consider, including a potential German recession and record global debt. Against this background, gold can help improve a portfolio’s risk-adjusted returns.

Read More

• Travel to “High Risk” Countries – News reports about terrorist attacks, rampant crime or an unsettling string of deaths in an idyllic destination such as the Dominican Republic may give you pause when selecting a vacation spot – or make you wonder if the place you chose is safe to visit at all. Before you make plans, check government advisories advice for travelers, go to https://travel.state.gov and click on “Travel Advisories” at the top of the home page. Each country is rated one of four levels, with Level 1 advising travelers to "exercise normal precautions" and Level 4 indicating "do not travel."

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Mid-Tier Gold Producer with AdvancedExploration Projects in the Americas

ARGONAUT GOLD INC.

TSX: ARContact:

Dan SymonsVice President, Investor Relations

100 King St. West Suite 5700Toronto, ON M5X 1C7 Canada

Phone: (416) 915-3107

Email: dan.symons@argonautgold.com

www.ArgonautGold.com

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities.  Its primary assets are the production stage El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico and the production stage La Colorada mine in Sonora, Mexico.  Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, the Cerro del Gallo project in Guanajuato, Mexico and the Magino project in Ontario, Canada.  The Company also has several exploration stage projects, all of which are located in North America.

Argonaut Gold’s Mission – Their mission is to extract and deliver maximum value from our projects and gold mining op-erations for all our stakeholders. The management team has a strong history of creating value and will continue to focus on creating value.

Argonaut Gold’s Vision  – Create the next quality mid-tier gold producer in the Americas with a production profile between 300,000-500,000 ounces.

Puma Exploration Inc. (TSX.V: PUMA) is a Canadian- based min-eral exploration company located in Rimouski, Quebec. This junior compa-ny, which has been active in the field of mineral exploration since 2003, is dis-tinguished by its dynamism, as evidenced by its projects at different stages of development in precious and base metals. The Corporation’s main projects are the Murray Brook, Turgeon and Nicholas-Denys projects, all located in New Brunswick, a province rich in natural resources.

Puma Exploration projects are located nearby and inside the famous Bathurst Mining Camp (BMC).

Puma Exploration has become a major player in mineral exploration in New Brunswick through the acquisition of a diversified portfolio of mining properties. The Corporation benefits from the proximity of several infrastructures: In addition to the structured road network bordering its projects, a major seaport, the one of Belledune, is located near the city of Bathurst.

Also, Puma owns an equity interest in BWR Resources (TSX.V: BWR) exploring for gold in Manitoba and also an option agreement with Rio Tinto for the Red Brook Project in New Brunswick.

Puma Exploration recently announced the clos-

ing of the purchase agreement with Targets Minerals in relation to the Nicholas-Denys Project as disclosed on August 27, 2019.

In exchange of its interest in the Ann’s Creek and Beresford Copper

properties and in some surface rights, Puma has received $100,000 in cash, $10,000 in debentures and 14,200,000 shares of Targets Minerals representing approximately 48% of the current and outstanding shares of the company. Puma also retains 1% NSR Royalty of which half of it can be bought back for $1,000,000.

Puma constitutes the largest Targets Minerals shareholder and both managements will work together to create a major new active player in Northern New Brunswick with the initial focus on precious metal (Gold-Silver). Targets Minerals plans to list its shares on a Canadian Stock Exchange within the next 18 months, notes Marcel Robillard, President and CEO of Puma Exploration.

For further information on Puma Exploration, contact Marcel Robillard, President, 175 rue Légaré, Rimouski, QC G5L 3B9. Phone (418) 724-0901. Email: president@explorationpuma.com or visit the website at www.pumaexploration.com.

Puma Exploration: On Track for theNext Discovery in New Brunswick

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BOOM AND INFLATION AHEAD. This is guaranteed to you by recent gigantic infusion of new Money by Federal Reserve Bank. ($100 Billion in just 3 weeks.) Talk of tight Money is wrong. Most interest rates are still near mutli-year lows. You must prepare to MAKE MONEY in a boom like that after World War II. GOLD is likely to offer explosive gains in this cash-heated Economy. To get our weekly Hotline (MONEY AND THE ECONOMY) type Adrian Van Eck or Van Eck - Tillman on search engine. E-mail Vanecktillman@aol.com or phone toll-free to Mrs. Penni Robbins at 1-800-219-1333. Only $4.20/week payable monthly and you can cancel anytime after 4 weeks.

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WALLSTREETWINDOW.COM Free weekly newsletter. Top Gold stock analysis and trend alert. New Gold upleg is just beginning.

BANKNEWSLETTER.COM Ten banks at 50% of book value • 888-814-7575

STOCK AND OPTIONS TRADER would like to see a sample copy of your advisory service. Meltzer, 341 East 70th St., 5-A, New York, NY 10021.

FINANCIAL ASTROLOGY. Take your trading and investing to the next level. Learn how to use Astrology to compliment your existing strategies.

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BOOKS/PUBLICATIONS

SECOND CHANCE – How to Make and Keep Big Money from the Coming Gold and Silver Shock-Wave. By David H. Smith and David Morgan, publisher of The Morgan Report. You may think you’ve missed the biggest leg up in precious metals and miners. But you would be wrong. Order today, $19.95 • www.TheBookSecondChance.com

STOCK TRADER’S ALMANAC 2019This indispensable guide is organized in a calendar format to provide monthly and daily reminders, including upcoming opportunities to grab and dangers to avoid. Proprietary strategies include the Hirsch Holdings’ “Best Six Months Switching Strategy” (frequently referred to as “Sell in May”), the January Barometer, the Four-Year Presidential Election/Stock Market Cycle, top Sector Seasonalities and much more. FREE when you subscribe to Jeff Hirsch’s digital service, Almanac Investor. Details…

www.stocktradersalmanac.com

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BEAR MARKET ALERT. Free report details exactly when and how to profit in the next leg down. Free 3-month trial to our daily online newsletter is available. E-mail: bcarver@yahoo.com.

BUSINESS OPPORTUNITIES

MINERAL CLAIMS – 12,000 acre minerals claims for sale or option. Creighton Flin Flon, Canada. Airborne VTEM and gravity surveys identified drill ready VMS targets gdeexploration@gmail.com.

CAPITAL WANTED

WANTED INVESTORS for Dan Ban’s Children Music CD and Bubblerock T.V. series for global release. 32 million dollars needed. Have business plan and people to release project. Dan Banic Tel: 718-515-7166, danbanic@hotmail.com

INVESTOR; LOAN OR EQUITY. Wanted $50,000 U.S.A. Loan 100% Secured. Repayable in 2 years at 25% per annum. Alternative; 25% equity position would be considered. Project small gold mining operation in Central America. Contact Jerry Ross, 647-886-8000, Toronto, Rossequip@rogers.com.

GOLD PRE-SALE

ESTABLISHED PLACER MINE forward-selling large quantity gold production at fixed price. Serious inquiries only.

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COINS / GOLD / SILVER

CERTIFIED RARE GOLD & SILVER COINS – We apply science to investing in rare US coins for highest potential returns.  Top industry experts led by PNG/PCGS/NGC dealer with 26+ years experience. Portfolio minimum: $20,000.  Visit www.eligiusinvestments.com or call 630-388-5240 for details.

GOLD, SILVER PROGRAMS to accumulate fortune in gold and silver coins. Details $1.00. Marvin Koehler, 706 Washburn St., Taylor, TX 76574.

WORLD GOLD COINS – all NGC/PCGS certified graded and authenticated! Request free printed price list or visit our website: www.steinbergs.com. STEINBERG’S INC., Box 5665, Cary, NC 27512-5665. Tel: (919) 363-5544. Fax: (919) 363-0555. E-mail: info@steinbergs.com

U.S. RARE GOLD AND SILVER COINS. P.C.G.S. and N.G.C. Member Dealer. Member Certified Coin Exchange. I buy for more. I sell for less. Forty two years front line experience. Call 631-880-0381 ask for Elliott.

HEALTH

CHRONIC FATIGUE? FIBROMYALGIA? Brain Fog, Exhausted, Low Libido? M.D.s don’t understand? I’m Your Doctor! 30 yrs. experience. No visit necessary. Free Consultation. Call Dr. Cushing. 386-437-4778.

INVESTMENTS

BIG ETFs TO DOUBLE YOUR MONEY within a Year; Guaranteed! Email bliss528@gmail.com or Text 607-761-5654

HAS YOUR BROKER LOST YOUR $$$ IN THE MARKET? Recover through securities arbitration. Attorney Anthony J. Hom P.C., 401 Broadway, Suite 411, New York, NY 10013.

Call (212) 274-1433, Fax (212) 274-1223. E-mail stockfraud@aol.com for a free consultation.

PRODUCING OIL & GAS FIELDS.

Take advantage of high oil and gas prices. Producing Texas oil and gas fields, additional locations. Operator with 100% success, 30 years experience. 325-675-6711.

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