![Page 1: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/1.jpg)
1
Weekly Market Update 10-18-17
©2017·PhoenixCapitalResearch,PhoenixCapitalManagementInc.AllRightsReserved.Protectedbycopyright laws of the United States and international treaties. This newsletter may only be usedpursuanttothesubscriptionagreementandanyreproduction,copying,orredistribution(electronicorotherwise, including on theworld wideweb), inwhole or in part, is strictly prohibited without theexpresswrittenpermissionofPhoenixCapitalManagementInc.·AllRightsReserved.
![Page 2: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/2.jpg)
Disclaimer: The informationcontained on thisnewsletter is formarketing purposesonly.Nothingcontained in this newsletter isintendedtobe,norshallitbeconstruedas,investmentadvicebyPhoenixCapitalResearchoranyofitsaffiliates,norisittoberelieduponinmakinganyinvestmentorotherdecision.Neithertheinformationnoranyopinionexpressedonthisnewsletterconstitutesandoffertobuyorsellanysecurityorinstrumentorparticipateinanyparticulartradingstrategy.Theinformationinthenewsletterisnotacompletedescriptionofthesecurities,marketsordevelopmentsdiscussed.Informationandopinionsregardingindividualsecuritiesdonotmeanthatasecurityisrecommendedorsuitableforaparticularinvestor.Priortomakinganyinvestmentdecision,youareadvisedtoconsultwithyourbroker,investmentadvisororotherappropriatetaxorfinancialprofessionaltodeterminethesuitabilityofanyinvestment.OpinionsandestimatesexpressedonthisnewsletterconstitutePhoenixCapitalResearch'sjudgmentasofthedateappearingontheopinionorestimateandaresubjecttochangewithoutnotice.Thisinformationmaynotreflecteventsoccurringafterthedateortimeofpublication.PhoenixCapitalResearchisnotobligatedtocontinuetoofferinformationoropinionsregardinganysecurity,instrumentorservice.Informationhasbeenobtainedfromsourcesconsideredreliable,butitsaccuracyandcompletenessarenotguaranteed.PhoenixCapitalResearchanditsofficers,directors,employees,agentsand/oraffiliatesmayhaveexecuted, or may in the future execute, transactions in any of the securities or derivatives of any securities discussed on thisnewsletter. Past performance is not necessarily a guide to future performance and is no guarantee of future results. SecuritiesproductsarenotFDICinsured,arenotguaranteedbyanybankandinvolveinvestmentrisk,includingpossiblelossofentirevalue.Phoenix Capital Research, OmniSans Publishing LLC and Graham Summers shall not be responsible or have any liability forinvestment decisions based upon, or the results obtained from, the information provided. Phoenix Capital Research is notresponsibleforthecontentofothernewsletterstowhichthisonemaybelinkedandreservestherighttoremovesuchlinks.OmniSansPublishingLLCandthePhoenixCapitalResearchLogoareregisteredtrademarksofPhoenixCapitalResearch.OmniSansPublishingLLC-POBOX2912,Alexandria,VA22301
![Page 3: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/3.jpg)
3
1
Lastweekwewrotethefollowing…
ThenextlegupforOilishere.Oil,likeallcommodities,willbenefitfrominflationinthecomingmonths.However,asoneofthemorevolatileassetclasses,thebestapproachtotakewithOilorOil-relatedinvestmentsisswingtrading:asystemoftradingbywhichyouenterapositionforaperiod,getoutonceit’soverbought,andthenre-enteritonceithascorrected.
SincethattimeOilhasrisenover1.5%toover$52abarrelwhereitcurrentlysits.Wemightgetabriefconsolidationherebut$54abarrelisournextstop.
Basedonthis,thereistremendousvalueintheExplorationandProduction(E&P)spaceforoil.TakealookatCrescentPointEnergy(CPG).Thecompanyhasbeengettingcrushedsince2014basedonadropinincome(remember,Oilfellfrom$105perbarrelto$30perbarreloverthesametimeperiod).However,CPGlookstobeonthevergeofprofitabilitywithitstrailingtwelvemonths’lossatjusthalfofwhatitwas
Weekly Market Update (10-18-17)
![Page 4: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/4.jpg)
4
2
thistimelastyear($416millionvs.$870million).ThemarketisalreadysensingthiswithCPGshareshavingbrokenoutofatwoyearfallingwedgepattern.They’vesincestagedabriefpullbackbutarenowpreparingfortheirnextlegup.
Lookingatanoverlayofthiscompany’schartvs.Oilprices,youcanseeamassivedivergence.Putsimply,CPGsharesaretradingasthoughOilwasat$30abarrelinsteadofthe$52atwhichitcurrentlytrades.
![Page 5: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/5.jpg)
5
3
Thisisadeepvalueplay.Today,CPGtradesatthe“bargainbasement”valuationoffivetimesEnterpriseValuetoEBITDAandjustthreetimescashflow.Atthesevaluations,CPGcouldaffordtotakeitselfprivate(itsEBITDAof$1.3billionwouldmorethancovera10%interestpayment,or$770million,onitsEnterpriseValueof$7.7billion).Timetobuy.ActiontoTake:BuyCrescentPointEnergy(CPG).AnotherplayisBaytexEnergyCorp(BTE).Hereagain,wehaveamid-levelE&Poilplaythatisonthecuspofreturningtoprofitability(trailingtwelvemonthearningsare-$378millionvs.-$485millionthistimelastyear),andtradingatabargainbasementvaluation(sixtimesEnterpriseValuetoEBITDAandlessthatthreetimescashflow).Onceagainthechartshowsacompanythatispoisedtomakeamajormovetotheupside,withabreakoutfromamulti-yearfallingwedgepattern(bluelines)andformerresistanceturningintosupport(greenline).
![Page 6: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/6.jpg)
6
4
Andonceagain,thereisamassivedivergencebetweenthecompany’ssharepriceandOil’sprice.
![Page 7: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/7.jpg)
7
5
ActiontoTake:BuyBaytexEnergyCorp(BTE).Elsewhereinthemarkets,the$USDhascaughtabidonrumorsthatPresidentTrumpisconsideringeitherKevinWarshorJohnTaylorasthenextFedChairtobeappointedinearly2018.BothWarshandTaylorareuber-hawks.WarshhasrepeatedlystatedthattheFed’scurrentloosemoneypoliciesarehorriblymisguided.Belowisaquotefromarecentop-edhewrotefortheWallStreetJournal.
Theconductofmonetarypolicyinrecentyearshasbeendeeplyflawed.U.S.economicgrowthlagspriorrecoveries,fallingshortofforecastsanddeterioratinginthemostrecentquarters.https://www.wsj.com/articles/the-federal-reserve-needs-new-thinking-1472076212
JohnTaylor,ontheotherhand,iswellknownforhavingdevelopedthe“TaylorRule,”amodelforpricingthecorrectlevelforinterestrates.Bytheway,themodelcurrentlystatesthatFedshouldhaveratesat3.75%today,insteadofjust1%.ApparentlyTaylormadequiteanimpressiononPresidentTrump.
Taylorofthe“TaylorRule”isnowfrontrunnerforFedChair.
• PresidentgushedaboutStanfordeconomistaftermeeting• FormerFedgovernorWarshremainsonshortlist,peoplesay
https://www.bloomberg.com/news/articles/2017-10-16/taylor-is-said-to-impress-trump-for-fed-chairman-as-warsh-slips
Ifthesetwoindividualsareinfactthefront-runnersforfutureFedChairs,thenPresidentTrumpislookingforextremelyhawkish,fiscalconservatives.The$USDseemstobetakingtheserumorsseriously:ithasralliedstronglybasedonthesedevelopments.
![Page 8: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/8.jpg)
8
6
Thisrallyhashurtpreciousmetals.BelowisachartoftheUSDollar(blackline)andinvertedGoldprices(bluelineriseswhenGoldfalls).Asyoucansee,themovehigherinthe$USDhaspulleddownGold.
![Page 9: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/9.jpg)
9
7
However,thismovelooksjustaboutdone.The$USDhasMAJORresistancerightabovecurrentlevels.Theoddsofthegreenbackbreakingthroughthatbluelineandstartinganotherbullrunaresmall.Thepotentialforfutureratehikesdon’tmatterforthiscurrencyrightnow(theFedhikedthemthreetimessinceNovember2016andthe$USDhasfallen11%overthesametimeperiod).
Whichmeans…
Thenextlegupforpreciousmetalsshouldbeginshortly.Goldhasmultiplebandsofsupportrightbelowitscurrentlevels.
![Page 10: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/10.jpg)
10
8
ThesamegoesforSilver.
![Page 11: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/11.jpg)
11
9
Bothpreciousmetals’“minerstobullion”ratiosarelookingVERYbullishaswell.
Putsimply,ourcallforhigherpreciousmetalspricesistakinganextraweekbasedonthepotentialofaFedhawkasfutureFedChairman.ButthemarketsarebiggerthantheFed.Andtheforcesthathaveunleashedinflationarenotgoingtobehaltedbythepotentialforadditionalratehikes(atleastnotuntillate2018).
![Page 12: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/12.jpg)
12
10
ThenextlegupforbothGoldandSilvershouldhitwithinthenext5-7days.Andmyfinalyear-endtargetsare$1420forGoldand$19forSilver.Bothofthosearewellworththewait.Solet’sbepatientwithoutPreciousMetalsportfolio.
Thisconcludesthisweek’sMarketUpdateforPrivateWealthAdvisory.I’mwatchingthemarketscloselyandwillissueupdatesasneeded.Barringanynewdevelopments,you’llnexthearfrommenextWednesdayafterthemarket’scloseinourlongermonthlyissueofPrivateWealthAdvisory.Iguaranteeit’soneyouwon’twanttomiss.Untilthen…
GrahamSummersChiefMarketStrategistPhoenixCapitalResearch
BestRegards,
![Page 13: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/13.jpg)
13
OPEN POSITIONS
STOCKS PORTFOLIO
Pricesasofmarket’scloseon10/18/17.Gainsincludedividends
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
RPXCorp RPXC 8/5/15 $15.48 $13.50 -13% AgriculturalCommoditiesETF RJA 1/12/17 $6.46 $6.03
-7%
PublicStorage PSA 3/23/17 $225.92 $214.67 -3%
Verizon VZ 4/26/17 $47.17 $48.65 4%
VietnamETF VNM 6/7/17 $14.64 $15.42 5% PioneerNaturalResources PXD 6/15/17 $158.02 $145.09 -8%
SouthwesternEnergy SWN 7/19/17 $6.17 $5.47 -11%
EOGResources EOG 7/19/17 $95.00 $96.66 2%
NaturalGasETF UNG 8/2/17 $6.34 $6.34 0% EnergyTransferPartners
ETP 8/2/17 $21.00 $17.76 -13%
EnterpriseProductsPartners
EPD 8/9/17 $26.08 $25.48 -2%
UraniumETF URA 8/29/17 $13.53 $12.71 -6%
Cameco CCJ 8/29/17 $9.88 $9.11 -8%
DBCommodityETF DBC 9/13/17 $15.26 $15.59 2%
FreeportMcMoRan FCX 10/4/17 $14.53 $14.83 2%
ArcelorMittal MT 10/4/17 $26.50 $29.00 9%
BHPBilliton BHP 10/4/17 $41.13 $41.50 1%
USOilFund USO 10/11/17 $10.32 $10.48 2%
HelixEnergySolutions HLX 10/11/17 $7.65 $7.90 2%
Halliburton HAL 10/11/17 $45.37 $43.77 -4%
CrescentPointEnergy CPG 10/18/17 $7.49 NEW BUY!
BaytexEnergyCorp BTE 10/18/17 $2.66 NEW BUY!
![Page 14: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/14.jpg)
14
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
Gold 3/17/10 $1,120 $1,282.00 14% Silver* 3/17/10 $16.23 $17.02 5% WheatonPreciousMetalsCorp** WPM 10/5/16 $20.83 $20.00
-4%
FirstMajesticSilver*** AG 5/12/17 $7.91 $6.91 -13%
GoldMinerETF GDX 9/20/17 $23.50 $23.33 -1%
GoldMiningJuniorsETF GDXJ 9/20/17 $34.11 $33.57 -2%
KlondexMines KLDX 9/20/17 $3.61 $3.61 0%
WesdomeGoldMines WDO.TO 9/20/17 $2.21 $1.98 -10%
Iamgold IAG 9/28/17 $6.40 $5.70 -11%
SilverMiningETF SIL 10/4/17 $33.96 $33.38 -2% SilverMiningJuniorsETF SILJ 10/4/17 $12.22 $11.72 -4%
PRECIOUS METALS/ MINERS PORTFOLIO
Pricesasofmarket’scloseon10/18/17.Gainsincludedividends*Averagepriceof$17.50and$14.97**Averagepriceof$19.07and$22.59***Averagepriceof$7.11and$8.70
BONDS PORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
LongTreasuryETF TLT 7/27/17 $123.16 $125.09 2%
EmergingMarketBondsETF EMB 7/27/17 $115.17
$116.292%
![Page 15: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/15.jpg)
15
SPECIAL SITUATIONS/HEDGES/SHORTS PORTFOLIO
CASH/ CURRENCIES PORTFOLIO
POSITION SYMBOL BUYDATE
BUYPRICE
CURRENTPRICE
GAIN/ LOSS
EuroTrust FXE 10/5/16 $114.05 $113.82 0%
Pricesasofmarket’scloseon10/18/17.Gainsincludedividends
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
FranceETF(SHORT) EWQ 9/16/16 $23.38 $31.16 -33% ItalyETF(SHORT) EWI 9/16/16 $21.56 $30.84 -43% Russell2000ETF(SHORT) IWM 12/14/16 $135.37 $149.51 -10% Apple(SHORT) AAPL 3/23/17 $140.92 $159.76 -13% Facebook FB 5/31/17 $151.63 $176.03 -16% Alphabet GOOGL 5/31/17 $987.72 $1,012.74 -3% HomebuildersETF XHB 8/9/17 $37.94 $40.28 -6%
![Page 16: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/16.jpg)
16
POSITION SYMBOL BUYDATE
BUYPRICE
SELLDATE
SELLPRICE
GAIN/ LOSS
AmericanEagleOutfitters(SHORT) AEO 5/26/16 $15.36 1/31/17 $14.59 5%CliffsNatResources(FIRSTHALF) CLF 2/8/17 $10.15 2/13/17 $12.10 19%
Ambev ABEV 11/25/16 $4.96 2/23/17 $5.93 21%Cemex CX 11/25/16 $8.07 2/23/17 $8.69 8%CliffsNatResources(SECONDHALF) CLF 2/8/17 $10.15 2/23/17 $11.13 10%
Exxon XOM 9/24/14 $95.82 3/8/17 $81.28 -8% EnterpriseProductsPartners EPD 11/31/16 $25.93 3/8/17 $27.83
9%
NaturalGasETF UNG 2/22/17 $6.57 3/8/17 $7.11 8%
EmergingmarketsETF EEM 1/12/17 $36.60 4/10/17 $39.20 7%
BarrickGold ABX 10/5/16 $15.54 4/10/17 $19.04 23%
UraniumETF URA 6/8/16 $15.49 4/12/17 $15.90 9% Cameco CCJ 1/4/17 $10.69 4/12/17 $11.48 7% CoalETF KOL 1/4/17 $12.59 4/12/17 $14.51 15% SilverStandardResources SSRI 10/5/16 $10.30 4/12/17 $11.32
10%
RoyalGold RGLD 2/8/17 $71.50 4/12/17 $74.14 4%
SilverMiners SIL 3/15/17 $35.81 4/12/17 $37.60 5%
USSteel(SHORT) X 2/1/17 $31.97 4/13/17 $29.42 8% CopperMinersETF(SHORT) COPX 3/23/17 $22.64 4/18/17 $21.02 7%
FinancialsETF(SHORT) XLF 12/21/16 $23.61 4/26/17 $24.06 -2%
RECENTLY CLOSED POSITIONS
![Page 17: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/17.jpg)
17
RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUYDATE
BUYPRICE
SELLDATE
SELLPRICE
GAIN/ LOSS
PeruETF EPU 12/7/16 $33.23 5/17/17 $34.775%
BrazilETF EWZ 2/8/17 $37.53 5/17/17 $39.90 6%UtilitiesETF XLU 2/8/17 $49.35 5/17/17 $51.58 5%SolarEnergyETF TAN 4/19/17 $17.20 5/17/17 $18.00 5%RoyalGold RGLD 4/26/17 $69.92 5/17/17 $79.90 14% SouthwesternEnergy SWN 3/30/17 $8.15 5/24/17 $6.76 -17% GulfportEnergy GPOR 3/30/17 $17.17 5/24/17 $15.47 -10% USOilFund USO 4/26/17 $10.37 5/24/17 $10.60 2% ExxonMobil XOM 5/3/17 $82.70 5/24/17 $82.29 0% EnergyETF(SHORT) XLE 5/24/17 $67.56 6/5/17 $65.05 4% EmergingMktsBondETF EMB 11/21/16 $109.82 6/7/17 $115.95 8% LongUSTreasuries TLT 11/21/16 $121.05 6/15/17 $126.10 5% NuveenEnhancedFreeMuniCreditFund NVG 1/2/14
$13.126/22/17 $15.22 40%
RioTinto RIO 6/19/17 $39.48 7/10/17 $43.48 10% ClearEnergyETF PBW 4/19/17 $4.06 7/10/17 $4.25 10% EnterpriseProductsPartners
EPD 6/22/17 $26.00 7/17/17$27.70 7%
USoilFund USO 6/28/17 $9.20 7/17/17 $9.57 4% ChinaETF ASHR 2/1/17 $24.98 7/24/17 $28.08 12% Uranium URA 6/15/17 $12.76 7/24/17 $14.28 12% Cameco CCJ 6/15/17 $9.14 7/24/17 $9.95 10% USSteel X 6/19/17 $20.83 7/24/17 $23.69 14% FreeportMcMoran FCX 6/19/17 $11.53 7/25/17 $14.08 22% BiotechETF IBB 4/26/17 $296.15 7/25/17 $324.86 10% Baidu BIDU 6/7/17 $187.53 7/27/17 $200.10 7% PeruETF EPU 6/22/17 $33.64 7/27/17 $35.61 6% Chevron CVX 6/22/17 $104.45 8/2/17 $110.86 6% EuroTrust FXE 10/5/16 $108.80 8/2/17 $114.61 5% USDollarETF UUP 8/2/17 $24.08 8/23/17 $24.18 0%
![Page 18: Weekly Market Update 10-18-17phoenixcapitalmarketing.com/PWA10-18-17.pdf · Weekly Market Update (10-18-17) 4 2 this time last year ($416 million vs. $870 million). The market is](https://reader035.vdocuments.site/reader035/viewer/2022071211/60225c3b96e096753c6c8971/html5/thumbnails/18.jpg)
18
RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUYDATE
BUYPRICE
SELLDATE
SELLPRICE
GAIN/ LOSS
GoldMinersETF GDX 10/5/16 $22.45 9/5/17 $25.09 12%GoldMiningJuniorsETF GDXJ 10/5/16 $34.72 9/5/17 $36.92 11%RandgoldResources GOLD 5/12/17 $93.25 9/5/17 $104.90 12%KlondexMines KLDX 8/10/17 $2.94 9/5/17 $3.55 21%WesdomeGoldMines WDO.TO 8/10/17 $2.18 9/5/17 $2.37 9% NewGold NGD 10/5/16 $3.88 9/6/17 $4.18 11% BarrickGold ABX 4/26/17 $16.92 9/6/17 $18.23 8% SilverMiningETF SIL 4/26/17 $34.44 9/6/17 $35.75 4% SilverStandard SSRI 4/26/17 $9.94 9/6/17 $10.70 8% Transocean RIG 6/15/17 $8.56 9/26/17 $10.10 18% HelixEnergySolutions HLX 7/19/17 $6.16 9/26/17 $7.54 22% OilServicesETF OIH 8/23/17 $22.07 9/26/17 $25.75 17% Apache APA 8/23/17 $40.33 9/26/17 $44.72 11% Halliburton HAL 8/23/17 $39.06 9/26/17 $45.69 17%