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    usfunds.com1.800.US.FUNDS November 2013 13-479

    Fifty Shades of Gold

    Frank Holmes, CEO and Chief Investment Officer

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    Even After a 2 Year Gold Selloff, Investors Are AheadWith 10 Percent Weighting in Our Gold Funds

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    The chart illustrates the performance of a hypothetical $10,000 investment made in the funds and strategy during the depicted time frame. Figures includereinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the funds prospectus (e.g.,

    short-term trading fees) which, if applicable, would lower your total returns. This hypothetical portfolio is presented for educational and illustrative purposes

    only and is not a recommendation to engage in any particular investment strategy. Past performance does not guarantee future results.

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    Government Policy Model Precursor for Change

    President Barack ObamaBen Bernanke, Chairman

    of the Federal Reserve

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    Follow the MoneyPresidential Election Cycle

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    Government Policy Is a

    Precursor to ChangeMarch 2009

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    Follow the Money

    Equities and Gold Have Outperformed Bonds

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    Emerging World Holds 50% of theGlobal Population, Just 23% of GDP

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    Compare E7 vs G7 Money Supply GrowthEmerging Worlds Money Supply is Robust

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    Its Not the Political Party,Its the Political Policies

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    Its Not the Political Party,

    Its the Political PoliciesDeclining Value of the U.S. Dollar Since 1970

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    Alan Greenspan Ben BernankeRichard Nixon

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    The Spotty Track Record of the FederalReserves Economic Projections

    Alan Greenspan Ben Bernanke

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    Gold Demand Drivers

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    Elvis Presley

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    Follow the Money

    UnprecedentedCash Injections from Central Banks

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    Gold Does Not Look Like a Bubble

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    Similar PatternsRising U.S. Deficit and Gold Prices

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    Warren Buffett vs. Gold

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    Warren Buf fett

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    Great Roll Over or Rip Off Creates Opportunity

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    Massive Liquidation of Financial Gold

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    Gold Net Commercial Position Where is the Physical Gold?

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    Indian Gold PremiumsSurge to All-Time Highs

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    October 25, 2013

    Source: www.goldchartsrus.com, U.S. Global Investors

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    Indian Premiums and Import Taxes BringEquivalent Gold Price to $1,632 Per Ounce

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    October 25, 2013

    Source: www.goldchartsrus.com, U.S. Global Investors

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    Chinas Rush to BuyGold on Lower Prices

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    August 9, 2013

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    Follow the Money (Gold) to ChinaChina Consumes Almost 100% of Worlds Gold Mine Production

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    China Gold Flows

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    Unusual Gold Trading in Futures Market

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    Gold ETF ObservationsSelling Declining with Lower Prices

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    Silver ETF ObservationsBuying with Lower Prices

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    Platinum ETF ObservationsBuying Rises with Lower Prices

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    Contrarian

    Gold Stocks Poised to Bounce

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    Will Gold Follow Its SeasonalPattern This Year?

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    September 9, 2013

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    10-Year Rolling Average CPISince 1972 is 2.43%

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    Manipulation of CPI Calculation?9.38% vs. 1.75% Debate

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    f d

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    Central Bank Gold Buyingat 50-Year High

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    f d

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    Will Rising Inflation Rates Drive Gold Higher?

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    Gold Would Need to Be Much Higherto Cover U.S. Money Supply

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    Driver: The Love Trade

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    Holidays Drive Gold Demand

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    Gold Love Trade

    Strong Correlation Between Rising Incomes and Gold Price

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    Chinas PMI Continues to Expand

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    August 26, 2013August 2, 2013

    March 5, 2013

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    Backdrop of Rising Global PMIs

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    Chinas Increasing Jewelry Demand

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    Chinas Increasing Appetite for Gold

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    Value Drivers for Superior Performance

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    Exploration Spending HasSkyrocketed Without True Success

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    At $9 bi llion/year plus replacementrequirements of 90 Million oz/yeara discovery cost of $100/oz isneeded. This is low.

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    +3 Million Ounce Discoveries

    Becoming Scarce

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    Gold Grades Fall

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    Production Has Not Expanded,

    Yet Growth of 6 Percent Per Year is Planned

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    Source: Gold Fields, U.S. Global Investors

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    The Replacement Cost for an Ounce Of Gold is$1500 with $1700 as a Sustainable Numb