real wealth report

8/9/2019 Real Wealth Report

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June 2010 Issue# 74

Inside ...Page 11

Natural ResourcesRichesNatural ResourceSector Getting ReadyFor Next Leg Up, ButWait For My Signals.

Page 12Resource SpeculatorAdd An Inverse ETF OnThe S&P 500, NOW!

Page 13

Real IncomeOil Likely BottomingNow. Lets Add A NewIncome Producer.

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Portfolio Table

... formerly Silver & Gold Report since 1979

Web Updates

For periodic market updates

and analysis, visit my blog at:

http://blogs.

uncommonwisdomdaily.com/real-wealth/

Im hearing the warnings repeatedly

again: Chinas stock market is a bubbleabout to burst ... China has massive laborproblems and unrest ... Chinas got hugeloans that will soon go bad ... China has aproperty bubble that will implode ... andmore.

Indeed, all of the above warnings willcome true. China willhave its 1893industrial panic ... its 1907-style rich

mans panic, just like the U.S. did. China willeven haveits own version of a 1929 stock market crash, and all theconsequences it can cause. Some day.

But not now. Not for another decade, perhaps eventwo. To the contrary, right now I see yet another greatbuying opportunity shaping up in Chinas markets.

Theres so much happening in the markets right now, Ihave a lot of ground to cover. So in this issue, Ill coverthem by reviewing where I stand on China, gold, the

Anyone Who Thinks ChinaIs About To Implode Better

Wake Up And Smell

The Coffee.Also inside

What Im seeing in the charts of goldand the dollar ...

Answers to your most recent questions,and ...

THREE new recommendations!

Larry Edelson, Editor
http://blogs.uncommonwisdomdaily.com/real-wealthhttp://blogs.uncommonwisdomdaily.com/real-wealthhttp://blogs.uncommonwisdomdaily.com/real-wealthhttp://blogs.uncommonwisdomdaily.com/real-wealth


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www.RealWealthReport.com June 2010 2

dollar and last but certainly not least, my recommendations to act on.

First, China ...

Wall Streets AnalysisOf China Is Repeatedly Dead Wrong!

Wall Street gurus and pundits around the globe seem to think economicmeasures recently enacted by Chinese authorities tightening credit,raising down payments on housing, and more are going to slam theChinese economy ... cause its stock markets to crash ... and end theChinese growth miracle.

But theyve said that so many times over the last seven years or so, itsalmost funny how wrong theyve been!

The main reason Wall Street and the pundits keep getting China wrong:They dont have a clue what that economy is based on ... most mainstreamgurus dont even go to the Middle Kingdom to check things out firsthand.

Moreover, they make simple, linear conclusions about the Chineseeconomy, comparing it to the U.S. which it is not, or to Japan, which isculturally almost as different from China as the U.S. is.

So they get China wrong and wrong again, and they will continue to doso.

Lets consider just some of the recent economic stats coming out ofChina. See if they sound to you like Chinas economy is in trouble ...

Gross domestic product (GDP) expanded 11.9% in the first quarter ofthis year ... and is expected to jump at least 11% in the second quarter.

This would put Chinas full year 2010 growth on track to exceed 11%, avery impressive figure when you consider the rest of the world is in a deeprecession. And well above most analysts projections for China.

Chinas May exports soared 48.5% compared to last May, the biggest jump in six years. Exports rose to $131.76 billion last month, the highestvalue since September 2008.

Moreover, Mays shipments to the European Union jumped 50% from ayear earlier, despite the weakness in the euro. Shipments to the U.S.climbed 44% versus 19% a year ago.

Chinas crude oil imports soared 29.3% year on year in May to 95.96

million tons, or about 700 million barrels of oil, the equivalent of 4.64million barrels per day!

Chinas industrial profit soared 91.5% through April. The combinedprofits of 39 industrial sectors soared to RMB 16.12 trillion ($2.3 trillionUSD) in the first four months, a 40% increase over the same period lastyear.
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Thirty-seven of the 39 industrial sectors saw increases in profits, with oiland gas leading the pack with a 230% profit surge, while the miningindustry saw profits rise 170%.

Chinas urban fixed asset investment soared 25.9% in the Januarythrough May period. Central government and local government projects

climbed 14.1% and 27.0% from a year earlier ... industrial investmentsincreased as much as 28.8% year on year and investment in the railwaytransportation sector rose 20.4%.

Chinas retail sales soared 18.7% in May, and are up 18.2% for theJanuary through May period, year on year.

Chinas property prices rose an average of 12.4% in 70 major citiesin May. New residential property prices climbed 15.1% year on year, whilein the first five months of this year, Chinas property sales totaled 302million square meters, 22.5% more than the same period of last year.

A property bubble? Based on what? Just price appreciation alone? Maybe.

But comparisons of property prices in China to the west are nonsensical. Thefact of the matter is that in China ...

First, propertyprice growth matchesGDP growth. Thatwasnt happening inthe west, before thebubble burst there.

In the U.S., forinstance, property

prices were jumpingin the double digits,before the bubbleburst, but GDPgrowth was one-third, to one-fourththe priceappreciation inproperty, and simplycould not sustainthe price gains.

Second, householdleverage in China is very low. In fact, debt as a percentage of disposableincome in China totals about 44% ... compared to more than 125% in theU.K., the U.S. Norway, Netherlands, Ireland and Denmark.

Moreover, first time homebuyers in China are now required to put down atleast 30%, while buyers of second homes must put down a minimum of50%. Hardly the kind of leverage that causes bubbles, yet alone disasterswhen prices retreat.


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Third, in most of the large cities where prices are rising the most, homeinventories remain very low, at less than five months worth of sales.

The same is true in the rural areas, where a construction and propertyboom is just beginning to take hold. There are 1.3 billion people in China,demand for housing is going to continue for many years. So while Chinas

housing market is hot, it is far from bubble-land and not anywhere nearbursting.

Bottom line: As you can tell just from the above economic stats, Chinaseconomy is not only growing, the underlying economic fundamentals aresolid.

That should not be surprising to anyone when you keep in mind the bigpicture: That there are 1.3 billion people in China rapidly joining western-style industrialized society.

Each year, more than 30 million rural Chinese are flocking to majormetropolitan centers like Shanghai, Beijing, and Guangdong. And each and

every one of them wants to improve their standard of living, and they aredetermined to do so.

Moreover, to the bears on China, take note:

Chinese Authorities Are Taking The Right StepsTo Boost Long-Term Economic Growth

The pundits put out the headlines, and the investors swallow them hook,line, and sinker.

When Chinese officials announced higher owner equity capitalrequirements for new steel projects ... for new oil refineries ... for new

residential and commercial construction projects, the headlines screamed,Hard Landing For China.

The TRUTH: Chinese officials wouldnt dare think of trying to squelch theeconomy! They would have a massive rebellion on their hands.

Heres what they ARE doing: They are taking measures to ward off OVER-INVESTMENT, making it more difficult for operators and speculators to OVER-BUILD new but inefficient steel plants ... aluminum production plants ...unproductive mines ... and unprofitable factories for manufactured goods.

My friends, this is NOT cutting demand. To the contrary, each and everyone of the economic actions recently enacted by Beijing is designed to

strengthen its emerging economy by ... Exorcising speculation. Excess speculation destroys markets ... crippleslong-term trends ... and causes serious economic problems for years, evendecades.

Rationing supplies of severely limited natural resources to strong, solidcompanies to ensure that they are not squandered (and thereby helpfoster LONG-TERM bull markets in gold and natural resources).


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Reigning in wildly loose credit conditions. Oh, how we all wished nowthat the U.S. Federal Reserve and Washington had been on top of thingswhen mortgages were given to anyone with a heartbeat ... and even yourdog or cat got credit card offerings in the mail.

So reigning in credit conditions is hardly equivalent to a bursting bubble.

Quite to the contrary, in China I believe its helping to ensure longer-termgrowth!

And indeed ...

The Chart Action In Chinas Stock MarketIs Undeniably BULLISH!

Like a picture, a chart can be worth a thousandwords. Charts are also like an EKG of themarkets, helping you gauge its rhythm andhealth.

So now, look at this chart of the iShares FTSE/Xinhua China 25 Index ETF, symbol FXI, a greatproxy for Chinas markets.

Notice how the FXI is up 128% since its 2008low. More importantly, the FXI has risen above acyclical support channel, come back down tosuccessfully test it earlier this year, and is nowpreparing to move yet higher.

Next, consider the cycle chart I have for you ofthe FXI. This is a syntheses (combination) of allknown cycles impacting the FXI. As you can seefrom this cycle chart, an important bottom in theFXI was reached in early June and the cyclesnow project much higher into July.

My view: Chinas stock markets are about tostage yet another powerful rally.

Other indicators I monitor for China suggestthe FXI can powerhouse higher from its current$40 level to at least $52, and quite possibly, $55.

That would represent a gain of 25% from

current levels, or more. My recommendation in aminute. First ...

Gold And The Dollar

As many of you know, I cut my teeth in the gold and commodity markets.And with golds one new record high after another, many are wondering ifgolds bull market can be sustained.


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Moreover, they believe that because the U.S. dollar has shown somestrength for the last few months, that if the dollars rally continues, goldsbull market must be close to its end.

At best, they figure a correction is due. At worst, many see gold playedout, and ready to collapse.

My view: The long-term bull market in gold is not only 100% intact, its just begun its next leg up!

I wont bore you with the details of supply and demand, whichunequivocally are bullish for gold. Instead, I want to focus your attention onthe charts for gold ... and the dollar. Then Ill explain what those charts aretelling us.

First, gold. Pardon me for getting technical, and for all the notes on thechart. But I want you to fully understand the technical picture in gold, as itssimply one of the strongest bull markets Ive ever seen in my 32 years inthe markets and the tens of thousands of charts Ive studied.

In the chart below, youll notice a few things. First, Ive adjusted thescale so that you can see golds monthly action since 2002.

That helps put the bigger picture in focus. As you can clearly see, goldhas staged one breakout after another, and despite its strength, gold is notlooking at all like a bubble, but rather, a solid long-term trend higher.

Gold climbed steadily during its 2002 to 2005 rise, then burst higher to

form a new uptrend channel in 2006. That channel brought gold even higherinto 2007, where another upside breakout occurred, followed by a reaction totest important technical support in 2008.

Since early 2009, gold has formed yet another uptrend channel, but thisone has an accelerated angle higher, showing that golds bull market is notonly healthy, but picking up momentum.


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To those who think gold is topping, consider the most recent breakout which occurred when gold closed above $1,162 and is noted by thetopmost arrow on the right side of the chart.

I repeat, this is one of the most bullish charts Ive seen in any market.

Moreover, as you can also plainly see from that chart, the path of least

resistance for gold is higher with very little in the way to prevent goldfrom rallying to my next target of $1,350. And then higher still to eventuallyreach at least $2,300 an ounce.

Also, keep in mind that golds most recent breakout occurred largely withthe dollar rallying. Why? Because as Ive said all along, gold is real money and the financial crisis the world is going through is ultimately a crisis infiat, paper money.

Thats why gold is rising against all currencies, and why its bull market isso powerful. The ultimate end game of this crisis will be a breakdown in theworlds current monetary system of paper money and debt and the

ushering in of an entirely new monetary system, largely based on a singleworld currency for trade purposes, and currencies for domestic use only.

With respect to the dollar, there is no question in my mind that thegreenbacks long-term demise remains intact. It has only rallied becauseEurope is now taking the brunt of the sovereign debt crisis. The fact remainsthough, that in terms of gold, the dollar has also been losing purchasingpower!

That is a reflection, in no uncertain terms,of the demise of paper money, and ultimatelythe dollar as the worlds reserve currency.

Consider the long-term cycle chart of thedollar, based on 350 years of data itshows no bottom in the greenback until2012.

By then, I am quite certain the dollar willhave lost at least 50% of its value, and befully on its way to losing its status as theworlds reserve currency.

Now consider the following: If gold canrocket to new record highs with the dollar

strengthening, imagine how much higher it cango when the dollar reenters its bear market!

Mailbag: Recent Questions, Answered!

If youve spent time studying recent editions ofReal Wealth Report,youre way ahead of the crowd in knowing what to expect from the sovereigndebt crisis hitting the globe.


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Besides being well-informed, you should also be well-prepared to copewith the unfolding investing challenges. Both with the existingportfolios, and with my new recommendations, coming in a minute.

First, looking through the mailbag and comments on my blog, I noticedthat readers are posing three recurring questions which Id like to answer

for the record in this issue.Question #1: Do you believe gold will be confiscated from the public,

like it was in the Depression?

My answer: No, I do not. First, it would be impossible to even attemptsuch a thing. Theres much more gold in private hands today than therewas in the 30s, and its more widely dispersed around the world in privatevaults.

Keep in mind that in the early 30s, most gold held by the public wasalready either at the U.S. Treasury (backing bank deposits) ... or held inlocal banks on behalf of customers. Dollars were backed by gold at that

time.Therefore, it was relatively easy for Washington (President Roosevelt)

to confiscate the yellow metal.

Bottom line: It would be logistically impossible today, in my opinion.

Second, confiscating gold today would do absolutely nothing tosolve the financial and sovereign debt crisis.

Nothing short of an entirely new monetary system is required, andtheres simply not enough gold in the world to be a part of a newmonetary system.

However, that does not mean you shouldnt own gold. The irony of thisfinancial crisis is that the power of gold as a wealth preservation assethas come back to investors!

Question #2: Why is gold the only natural resource going up lately?

My answer: Thats largely temporary. I expect most natural resourcesto soon resume their long-term bull markets.

Question #3: Are gold and silver being manipulated by governments,central banks, or any investment bankers?

My answer: Yes, and no. Let me explain. Silver is one of mostmanipulated markets on the planet. Its been subject to several attempts

to corner it, by private investors and floor traders, and each and everyattempt has failed.

Gold is sometimes manipulated also, but rarely.

Regardless, I do not subscribe to any of the rumors that central banksand/or governments manipulate the gold and silver markets. Yes, theylease out their gold, to get a return on it, and to occasionally help theprivate markets meet demand.


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Nevertheless, its important to note that manipulations in any marketnever change or alter the long-term trends.

Moreover, in the present case, I have no doubt that central banks, notjust ours, are quite happy gold is moving higher. Its a sign to them, thattheir re-inflation policies are working.

Question #4: Some say gold ETFs will eventually blow up, that theycant possibly own enough physical gold to back all the buying going on,and that investors may one day be left holding the bag. Do you agree?

My answer: That risk does exist. But I do not believe it is a major risk atthis point in golds bull market. It will move more to the forefront in thegold market once gold moves above $2,300 an ounce, and I will adviseaccordingly.

Question #5: Are you still bullish long-term on oil?

My answer: Yes! I have no doubt $200 oil is on the horizon largelydriven by soaring Asian demand ... the next plunge in the dollar ... the

high likelihood of major supply disruptions because of geopolitical risk ...the lack of readily-available new supply ... still limited refinery capacity... and more.

That said, its a little early yet for $200 oil. I think that short term, theprice of oil could fall as low as $65, but then resume a climb toward $100.Then higher, reaching $200 later in 2012.

Time For Action: New Recommendations

Ive shown you how the pundits around the world have overreacted todevelopments stemming from China ... and how Chinas economy is still

firing away on all eight-cylinders.Ive shown you how the steps Chinese officials are taking with their

economy are actually laying the foundation for solid growth ... and how thechart and cyclical picture for Chinas markets via the iShares FTSE/XinhuaChina 25 Index are decisively bullish.

And Ive also shown you how bullish gold is, and how the dollar remainsin a long-term downtrend.

So I have three recommendations to capitalize on these trendsimmediately.

1. Buy 100 shares of iShares FTSE/Xinhua China 25 Index, symbol

FXI, at the market. Then place a protective sell stop at $37.40 on agood-till-cancelled basis.

2. Royal Gold, Inc. (RGLD) is one of my long-term favorite core goldroyalty plays. Buy 100 shares of Royal Gold, Inc., symbol RGLD, at themarket. Then place a protective sell stop good till cancelled at $44.19.


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3. Buy 100 shares of PowerShares DB U.S. Dollar Index BearishFund, symbol UDN, at the market. Then place a protective sell stop at$22.97 on a good-till-cancelled basis. I believe that the dollar has toppedshort term, and this inverse ETF is designed to gain in value as the dollarfalls against other currencies.

Core GoldPortfolio Review

As I pointed out earlier, golds bull market is one of the strongest Iveever seen, and this month brought gold to yet another new record high.

Thats not to say that there wont be pullbacks in gold along the way as iteventually makes its way to at least $2,300 an ounce. There will bepullbacks. But you know where I stand, and Ive been right as rain:

The world is going through a fiat monetary crisis, and not owning gold insuch an environment is akin to committing financial suicide. All core goldpositions recommended here, including the latest addition of Royal Gold, Inc.

(above) should be held with a long-term view. Lets review ...

My recommended open gold bullion position (ingots and bars) is up214% since first recommended.

DWS Gold & Precious Metals Fund (SCGDX) is now up 235% sinceoriginally recommended including dividends you might have received.

SPDR Gold Trust (GLD) is registering an open gain of 183%.

Tocqueville Gold Fund (TGLDX) now posts an open gain of more than119%.

U.S. Global Investors World Precious Minerals Fund (UNWPX) is up

86%.

U.S. Global Investors Gold and Precious Metals Fund (USERX) is up61%.

Hold all of the above positions. Meanwhile, the most recent additions toyour portfolio, and repurchased gold shares, are doing well.

New Golds (NGD) share price, recommended in January, is up awhopping 55%, while shares added via the May 25 flash alert are up ahealthy 10%. Hold and maintain a protective sell stop good till cancelledfor both positions at $4.15.

You also own shares in Goldcorp (GG), Golden Star Resources Ltd.(GSS), Taseko Mines Ltd. (TGB), AlliedNevada Gold Corp. (ANV),Agnico-Eagle Mines (AEM), and Seabridge Gold, Inc. (SA). Hold all ofthese positions with their previously recommended sell stops.

If not on board with any of these positions, see the What to do if youdont own itcolumn on page 14.


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Natural Resources Riches

Natural Resource Sector Getting ReadyFor Next Leg Up, But Wait For My Signals.On May 21, you were stopped out of your one remaining Core Natural

Resources Portfolio position, Delta Petroleum (DPTR), at a loss ofapproximately 24%. That was offset by gains of 19% and 28% grabbed lastmonth on Fortescue Metals Group (FSUMY) and PowerShares WaterResources Portfolio (PHO), respectively.

Overall, considering the wild market action in May, thats not too bad.

Now that the portfolios slate is clean, youre sitting on cash that will

soon be put to good use. Im seeing a lot of upcoming opportunities.Especially as the dollar rolls back over into its long-term bear market.

Some of the plays Im looking at are a bit different this time around.In addition to waiting for a bottom in oil and energy, I am looking atways to profit from upcoming bull market moves in the followingcommodities

Coffee, which I expect to double in price in the next nine months.

Orange juice, which is headed for a double in six months or less.

Sugar, which is bottoming in its first major bull market correction.

Agiriculturals, which short term, are headed lower, but will soon bottomand start their next big leg up.

Fortunately, in todays modern markets, we have several ways to play theabove natural resources. Not just in companies that deal in thosecommodities, but also using ETFs and ETNs.

Right now, however, I need to see a little bit more market action before Ipull the trigger. So stay alert: Odds are high that I will SOON be makingsome recommendations for this section of the portfolio by way of aflash alert!


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Resource SpeculatorAdd An Inverse ETF On The S&P 500, NOW!As the European sovereign debt crisis plays itself out and prepares to

leap the Atlantic to the U.S.,global markets are in the throes of extremevolatility. Indeed, were already seeing the impact on the broad U.S. stockmarkets.

As many of you know, my work on cycles combined with my technicalanalysis called the March 2009 low in the Dow almost to the day, projectinga subsequent rally to well over 10,000.

That rally has now ended, as the S&P 500recently broke the uptrend line shown in thiscycles chart.

Note that the composite trading cycles forthe S&P now point lower into November 8 ofthis year. I expect the S&P 500 to decline toabout the 897 level. I expect the Dow to fallas low as 8,700 by then.

Keep in mind, however, that any declinein the broad markets going forward willmerely be a correction in a new long-termbull market that started at the March 2009lows. I do not expect a collapse in the

markets. I do not expect new lows in theDow.

Quite to the contrary, once this correction in the broad markets iscomplete, I fully expect the broad market to start reinflating higher,adjusting to the worldwide devaluation that is occurring in paper moneyvirtually everywhere.

But for now, I recommend purchasing an inverse S&P 500 ETF to helpprofit from any upcoming decline.

Specifically, I recommend using the ProShares Short S&P 500 ETF,symbol SH. This is an inverse ETF, meaning it is designed to gain in value

as the S&P 500 declines.


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Real IncomeOil Likely Bottoming Now.

Lets Add A New Income Producer.All of my indicators suggest oil is in a bottoming formation at the $68 to

$75 per barrel price range. As we head into the high demand summer drivingmonths in the U.S., coupled with the stellar growth in China that I review inthe main article I would not be surprised to see oil move back up to themid-$80 level, if not higher.

So now is a good time to add an energy income-based position.

Weve done well in this portfolio, bagging capital gains and royalties lastmonth that totaled more than 46% on Permian Basin Royalty Trust (PBT)

and a tiny gain of 0.73% in Sabine Royalty Trust (SBR).

Right now, I recommend buying shares in Knightsbridge Tankers, Ltd.(VLCCF).

Knightsbridge is an old favorite of mine. It has one of the biggest andbest known fleets in the world with four double hull ships and two dry bulkvessels. Its currently paying out a dividend equal to 8.97%. Moreover, thestock is now giving me technical breakout signals, indicating theres goodpotential for capital appreciation.

Buy 200 shares of Knightsbridge Tankers, Ltd., symbol VLCCF, at themarket. Then place a good-till-cancelled protective sell stop at $16.29.


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Real Wealth Portfolio At A GlanceReco Entry # of Current What to do if you

Company Name Ticker Date Price Shares Stop Reco dont own it( )

Copyright 2010 by Weiss Research, Inc. 15430 Endeavour Drive, Jupiter, Florida 33478. Sales: 800-604-3649. Subscription rate: $189 for 12 monthlyissues. Single Issue Price: $15.75. Weiss Research, Inc. is strictly a publisher and does not provide investment advice tailored to the needs of eachindividual investor. To avoid any conflict of interest, our officers, editors and research staff do not hold positions in companies recommended in RealWealth Report. Nor does RWR and its staff accept any compensation whatsoever for such recommendations.Unless stated otherwise, the graphs, forecasts,and indices published in Real Wealth Reportare originally developed and researched by the staff ofReal Wealth Report, based upon data whose accuracyis deemed reliable but not guaranteed. All performance returns cited must be considered hypothetical. Editor: Larry Edelson. Product Manager: JohnBurke. Contributors: Cathleen Siegel, Roberto McGrath, Robert Stricklin. POSTMASTER: Send address changes to Real Wealth Report, 15430 Endeav-our Drive, Jupiter, Florida 33478. Data date: June 15, 2010.

This table includes all open positions recommended in the Real Wealth newsletter and Flash Alerts. The recommendations (excluding bonus positions) are based on

a total Real Wealth portfolio of $100,000. If your portfolio is larger or smaller, we suggest that you should adjust the specific recommendations accordingly. For any

remaining funds not invested in our recommended stocks and mutual funds, we recommend a Treasury-only money market fund for safety and liquidity, so that

this cash is readily available for reinvestment. Entry and exit prices are based on the closing price of the security on the day it is recommended.

Gold Allocation Methodology: For long-term core gold positions, I recommend you allocate up to 25% of your liquid net worth in gold.Based on ahypothetical$100,000 portfolio, that would equal up to $25,000. That allocation should be further subdivided into four units of $6,250 each. The first $6,250 would go to goldbullion. The second $6,250, to the SPDR Gold Trust (GLD). The third $6,250 should be divided equally amongst the Tocqueville Gold Fund (TGLDX), U.S. GlobalInvestors World Precious Minerals Fund (UNWPX) and U.S. Global Investors Gold and Precious Metals Fund (USERX). The remaining $6,250 would be investedin gold mining shares following the recommendations in each issue ofReal Wealth Report. These are rough guidelines only, and from time to time, we may vary them,depending upon market conditions. Also, the number of shares of stocks listed above is for track record purposes; the amount of shares you own is likely to vary.

CORE GOLD

Gold Bullion GOLDS 5/5/2004 $393.25 13 N/A Hold (Buy at the market)

DWS Gold & Precious SCGDX 5/25/2004 $16.96 106 N/A Hold (Fund closed

Metals Fund to new investors)SPDR Gold Trust GLD 4/18/2005 $42.69 100 N/A Hold (Buy at the market)

Tocqueville Gold Fund TGLDX 9/16/2008 $31.69 65 N/A Hold (Buy at the market)

U.S. Global Investors World UNWPX 9/16/2008 $14.68 141 N/A Hold (Buy at the market)Precious Minerals Fund

U.S. Global Investors Gold USERX 9/16/2008 $11.72 177 N/A Hold (Buy at the market)and Precious Metals Fund

New Gold, Inc. NGD 1/26/2010 $4.15 200 $4.15 Hold (Buy at the market;stop loss at $4.15)

Goldcorp GG 4/19/2010 $38.84 100 $34.21 Hold (Buy at the market;stop loss at $34.21)

Agnico-Eagle Mines AEM 4/19/2010 $59.13 100 $50.60 Hold (Buy at the market;stop loss at $50.60)

Golden Star Resources GSS 4/19/2010 $3.92 100 $3.13 Hold (Buy at the market;

stop loss at $3.13)Seabridge Gold, Inc. SA 5/25/2010 $34.23 100 $24.75 Hold (Buy at the market;

stop loss at $24.75)

Allied Nevada Gold Corp. ANV 5/25/2010 $18.58 100 $14.03 Hold (Buy at the market;stop loss at $14.03)

Taseko Mines Ltd. TGB 5/25/2010 $4.84 100 $3.72 Hold (Buy at the market;stop loss at $3.72)

New Gold, Inc. NGD 5/25/2010 $5.84 100 $4.15 Hold (Buy at the market;stop loss at $4.15)

Royal Gold, Inc. RGLD 6/21/2010 TBD 100 $44.19 Buy at the market;stop loss at $44.19

CORE NATURAL RESOURCES

Delta Petroleum DPTR 1/26/2010 $1.36 500 $1.03 Stop Hit, 5/21/10

iShares FTSE/Xinhua FXI 6/21/2010 TBD 100 $37.40 Buy at the market;China 25 Index stop loss at $37.40

SPECULATIVE

ProShares Short S&P 500 ETF SH 6/21/2010 TBD 200 $48.15 Buy at the market;stop loss at $48.15

PowerShares DB U.S. Dollar UDN 6/21/2010 TBD 100 $22.97 Buy at the market;Index Bearish Fund stop loss at $ 22.97

INCOME

Knightsbridge Tankers, Ltd. VLCCF 6/21/2010 TBD 200 $16.29 Buy at the market;stop loss at $16.29
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