Presented by Michael McGowan JD, CFPPresented by Michael McGowan JD, CFP®®The Usual Disclaimers ApplyThe Usual Disclaimers Apply……

THE NEW CASE FOR GOLD THE NEW CASE FOR GOLD ANDAND SILVER INVESTING SILVER INVESTING

WWW.ACPEN.COMWWW.ACPEN.COM

§§1. 1. EXTREMELY LEGAL DISCLAIMEREXTREMELY LEGAL DISCLAIMER

TOPICS:TOPICS:

��Gold MythsGold Myths

��Gold is MoneyGold is Money

��*Defense *Defense -- CoinsCoins

��*Offense *Offense -- SharesShares

��COMEX RiggingCOMEX Rigging

��Goal:Goal: Drown Drown ProofingProofing

§§11. . GOLD MYTHSGOLD MYTHS��CanCan’’t Eat Gold.t Eat Gold.��No Yield.No Yield.��No Intrinsic Value.No Intrinsic Value.��Too Too ““Risky.Risky.””

§§1. 1. SILVER OR CHOCOLATE?SILVER OR CHOCOLATE?

§§2.2. REFERENCES TO GOLDREFERENCES TO GOLD��California, the Golden State California, the Golden State

��The Golden Rule The Golden Rule

��Golden Age Golden Age

��Heart of Gold Heart of Gold

��MidasMidas’’ Golden TouchGolden Touch

��Jason & the Golden FleeceJason & the Golden Fleece

��Golden ParachuteGolden Parachute

��GoldGold--DiggerDigger

��Olympic Medal, Oscar, Olympic Medal, Oscar, Emmy, Tony AwardsEmmy, Tony Awards

��Gold RecordGold Record

��Australia Gold Coast(s)Australia Gold Coast(s)

��HyattHyatt Gold PassportGold Passport

��McDonaldMcDonald’’ss ArchesArches

��Gold Credit CardGold Credit Card

��Movies: Movies: Die Hard 3, Etc.Die Hard 3, Etc.Shirley Bassey sings theme from Goldfinger movie.

§§2. 2. WWW.THEGOLDSTANDARDNOW.ORGWWW.THEGOLDSTANDARDNOW.ORG

§§2. 2. FED ENACTED, DEC. 23, 1913FED ENACTED, DEC. 23, 1913

§§2. 2. FED VIEWS THE FEDFED VIEWS THE FED

Greenspan: “FED can’t be overruled by any branch of government”

§§2.2. MONETARY ECONOMISTS VIEW FEDMONETARY ECONOMISTS VIEW FED

��1500+ Monetary Policy Economists.1500+ Monetary Policy Economists.

��1993: FED Employed 730+ of Them.1993: FED Employed 730+ of Them.

��2009: $433M in FED Contracts.2009: $433M in FED Contracts.

��84 of 190 Editors/Econ Journals 84 of 190 Editors/Econ Journals –– FED FED ““Guys.Guys.””

��Banks, Colleges Want Connections to FED.Banks, Colleges Want Connections to FED.

��www.huffingtonpost.comwww.huffingtonpost.com article, Sept.7, 2009.article, Sept.7, 2009.

§§2.2. JOHN MAYNARD KEYNESJOHN MAYNARD KEYNES

��At Cambridge, an At Cambridge, an ““Apostle.Apostle.””

��Classmates Killed, WWI.Classmates Killed, WWI.

��Believed Poverty Led to War.Believed Poverty Led to War.

��Believed Socialism Alleviated Poverty.Believed Socialism Alleviated Poverty.

��Gold Inhibits Socialism. So, Kill Gold.Gold Inhibits Socialism. So, Kill Gold.

��Bretton Woods Leader; Samuelson Texts.Bretton Woods Leader; Samuelson Texts.

END GAME?END GAME?

§§2.2. KEYNES END GAME IN EUROPE?KEYNES END GAME IN EUROPE?

§§2.2. EUROPEAN INTERVIEWEUROPEAN INTERVIEW 2 Min. 45 Sec.

“Comic explanation: No money to bail out European Banks…”

§§2.2. NOT GOLD SOURCES NOT GOLD SOURCES

��Prechter: Wrong On Prechter: Wrong On ’’87. Wrong on Gold Now.87. Wrong on Gold Now.

��Kitco: Sells to Jewelers.Kitco: Sells to Jewelers.

��Dennis Gartman: Losses on Gold.Dennis Gartman: Losses on Gold.

��Cramer: Gold Show With One Gold Stock?Cramer: Gold Show With One Gold Stock?

��FED, Banks, Soros, Roubini, Buffett, CNBC,FED, Banks, Soros, Roubini, Buffett, CNBC,

Money Magazine, FT, WSJ, N.Y. Times, Etc. Money Magazine, FT, WSJ, N.Y. Times, Etc.

§§2.2. ASSET CLASSES ASSET CLASSES

SAVINGSSAVINGS INSURANCEINSURANCE ESTATE PLANNINGESTATE PLANNING

PERSONAL RESIDENCE RETIREMENT PLANRETIREMENT PLAN

"GROWTH""GROWTH"(STOCKS)(STOCKS)

"INCOME""INCOME"(BONDS, PREFERREDs)(BONDS, PREFERREDs)

REALREALESTATE ESTATE

SECURITIESSECURITIES

COMMODITIESCOMMODITIES(OIL, U, REEs, ETC.)(OIL, U, REEs, ETC.)

PRECIOUS PRECIOUS METALSMETALS

"CASH""CASH"(CDs, MMFs)(CDs, MMFs)

HIGH RISK,HIGH RISK,HIGH HIGH

REWARD...REWARD...WINERY, WINERY, RACING RACING

CARS, CARS, HORSES... HORSES...

"

1010--20%20%--

Pg.6

§§3.3. BULL MARKET HAS THREE ACTSBULL MARKET HAS THREE ACTSPg. 10

§§3. 3. 2010 BULL MARKET2010 BULL MARKET……DILBERT, DILBERT,

§§4. 4. U.S. U.S. DEBT DEBT ““UPUP”” GOLD GOLD ““UPUP”” TOOTOO

§§4. 4. DOLLAR: PURCHASING POWERDOLLAR: PURCHASING POWER

§§4. 4. BLS VIEW OF BLS VIEW OF INFLATIONINFLATION

Visit www.shadowstats.com, www.stlouisfed.org

§§4.4. DOLLAR Vs. REAL MONEYDOLLAR Vs. REAL MONEY

§§4.4. WHY GOLD & SIVER ARE WHY GOLD & SIVER ARE ““MONEYMONEY””

��SSturdy/Inert. Not Affected by Oxygen.turdy/Inert. Not Affected by Oxygen.

��AAlloyable. (Animals, Vegetables Arenlloyable. (Animals, Vegetables Aren’’t)t)

��DDivisible. Separable, Keeps Properties.ivisible. Separable, Keeps Properties.

��DDuctile. Can be Worked, Stretched.uctile. Can be Worked, Stretched.

��PPortable. Travels. No Oneortable. Travels. No One’’s Obligation. s Obligation.

��RRecognizable, Assayable, Weighable. ecognizable, Assayable, Weighable.

��SScarce. High Unit Value. Private, Historical.carce. High Unit Value. Private, Historical.

Pg.15

§§5.5. ““NEW CASE FOR GOLDNEW CASE FOR GOLD”” REVIEWREVIEW

Illustrated review of New Case book. See YouTube by book title

4 Min. 25 Sec.

§§4.4. JIM RICKARDS INTERVIEWJIM RICKARDS INTERVIEW

4 Min. 25 Sec4 Min. 25 Sec.

September, 2002

§§4.4.“Gold is Money, Nothing Else.” JPMorgan

§§4.4. GATA CONFERENCE, AUG. 8, 2005GATA CONFERENCE, AUG. 8, 20052 Min. 26 Sec.2 Min. 26 Sec.

Gata co-founder Chris Powell Speaks, Ferdinand Lips speech read.

§§4.4. GOLD HAS GOLD HAS ““INTRINSIC VALUEINTRINSIC VALUE””Pg.16

§§4.4. INDIAN WEDDINGS AND GOLDINDIAN WEDDINGS AND GOLD

§§4.4. BERNANKE: BERNANKE: ““GOLD IS INSURANCEGOLD IS INSURANCE””

30 Sec.

§§4.4. SELLING GOLD SELLING GOLD –– WORKBOOK.WORKBOOK. BUYING GOLD FROM TV GUYS?BUYING GOLD FROM TV GUYS?

��Numismatic Coins = Small, Numismatic Coins = Small, ExpertExpert Market.Market.

��TV Gold = High MarkTV Gold = High Mark--Ups.Ups.

��Jewelry = Only 10% Gold?Jewelry = Only 10% Gold?

��Gold Bars = Tungsten?Gold Bars = Tungsten?

��GLD, SLV = Paper. NO!GLD, SLV = Paper. NO!

��Futures: 80% Investors Losses.Futures: 80% Investors Losses.

§§4.4. PROS STILL DONPROS STILL DON’’T OWN GOLDT OWN GOLD

Gold Portfolio Benchmark: S&P? XAU? GDM? Other?Gold Portfolio Benchmark: S&P? XAU? GDM? Other?

(US Pension Plans: $25T+?; Gold-1%?)

§§4.4. THE GOLD INDUSTRYTHE GOLD INDUSTRY

§§4.4. THE GOLD HOUSING RATIOTHE GOLD HOUSING RATIO

§§5.5. GOLD INVESTINGGOLD INVESTING��BOBOnd Market Peak? (TARP, QEsnd Market Peak? (TARP, QEs……).).

��COCOmmodities Bull Market.mmodities Bull Market.

��DODOllar Overprinted/ Troubled.llar Overprinted/ Troubled.

��COCOnfidence in Equities?nfidence in Equities?

��DDemand/Supply Gap of Gold.emand/Supply Gap of Gold.

��DDerivatives erivatives -- $750+ Trillion.$750+ Trillion.

��DDeficits of Govt. = Monetary Inflation.eficits of Govt. = Monetary Inflation.

��Gold is InsuranceGold is Insurance –– Inflation, Wars, R.E., Etc.Inflation, Wars, R.E., Etc.””

Pg.20

§§5.5. MCG INVESTMENT ANALYSISMCG INVESTMENT ANALYSIS

��Financial Markets = Financial Markets = Change.Change.

��Investing is a Craft; Making Decisions Investing is a Craft; Making Decisions

Based Upon Probabilities. Based Upon Probabilities.

��80% of Your Return Comes From 80% of Your Return Comes From

Secular Market Trend (MPT). Secular Market Trend (MPT).

��Secular/Sector Bull Trends Caused by Secular/Sector Bull Trends Caused by

Supply/Demand Imbalance Anticipation.Supply/Demand Imbalance Anticipation.

§§5.5. THE CURRENT GOLD MOVE THE CURRENT GOLD MOVE

§§5.5. THE CURRENT GOLD MOVE (GDX)THE CURRENT GOLD MOVE (GDX)

§§5.5. DEFENSE: PHYSICAL METALDEFENSE: PHYSICAL METAL

��Foreigners Buying Gold. Americans Selling!Foreigners Buying Gold. Americans Selling!

��Any Date, Any Date, ““BullionBullion”” Gold Coins.Gold Coins.

��Eagles, Krugerrands, Pandas, Etc.Eagles, Krugerrands, Pandas, Etc.

��Silver Eagles, PreSilver Eagles, Pre--1965 Silver Coins.1965 Silver Coins.

��Yellow Pages:Yellow Pages: Coin Dealers w/ 10/Y Experience. Coin Dealers w/ 10/Y Experience.

��((www.munknee.comwww.munknee.com: : 90 90 AnalystsAnalysts--$5K Gold$5K Gold

§§5.5. JOHN PAULSON INTERVEWJOHN PAULSON INTERVEW1 Min 38 Sec.

Paulson in 2013: “Still good reasons to invest in gold.”

§§5.5. OFFENSE: PM MINING SHARESOFFENSE: PM MINING SHARES��““Bull Markets are Born on Pessimism,Bull Markets are Born on Pessimism,

Grow on Skepticism,Grow on Skepticism,

Mature on Optimism,Mature on Optimism,

And Die on Euphoria.And Die on Euphoria.””

Said John Said John ““10k Dow10k Dow”” TempletonTempleton

��Secular Bull=P/E Expansion. Secular Bull=P/E Expansion. RelativeRelative Performance Ok. Performance Ok.

��Secular Bear=P/E Contraction. Secular Bear=P/E Contraction. AbsoluteAbsolute Performance.Performance.

§§5.5. PORTFOLIOS: ZONE OPTIONSPORTFOLIOS: ZONE OPTIONS

WEST COAST WEST COAST OFFENSE: OFFENSE: HEDGIE, HEDGIE, JUNIOR JUNIOR PM PM SHARES.SHARES.

MOUNTAIN HIGH: MOUNTAIN HIGH: Reg.Invest.Advisor, Reg.Invest.Advisor, ETFs.ETFs.

MIDWEST: MIDWEST: AM.CENTURY, AM.CENTURY, MUTUAL MUTUAL FUNDS.FUNDS.

EAST EAST COAST: COAST: MAJORS,MAJORS, GSA,GSA, TRUST TRUST QUALITY.QUALITY.

Pg. 21

§§5.5. EAST COAST/ ROYALTY COMPANIESEAST COAST/ ROYALTY COMPANIES

��Royal Gold (RGLD) $84.36Royal Gold (RGLD) $84.36

��Franco Nevada (FNV) $78.88Franco Nevada (FNV) $78.88

��Silver Wheaton (SLW) $30.59Silver Wheaton (SLW) $30.59

��Osisko Gold Royalties (OR) $12.96Osisko Gold Royalties (OR) $12.96

��Sandstorm Gold (SAND) $6.50Sandstorm Gold (SAND) $6.50

§§5.5. GSA TOP TEN LIST, AUGUST, 2016GSA TOP TEN LIST, AUGUST, 2016

�� NGDNGD�� TORXFTORXF�� FNVFNV�� SANDSAND

Pg. 17

��EGOEGO

��GQMNFGQMNF��SASA��RGLDRGLD��SGSVFSGSVF��VNNHFVNNHF

§§5. 5. JOHN DOODY INTERVIEWJOHN DOODY INTERVIEW1 Min. 22 Sec.

Favorable gold comments by www.goldstockanalyst.com founder

§§5.5. MIDWEST: OPEN END MUTUAL FUNDSMIDWEST: OPEN END MUTUAL FUNDS

��Am. Cent. Gl. Gold Am. Cent. Gl. Gold ““AA”” (ACGGX): $560M, ((ACGGX): $560M, (--11.12%) 11.12%)

��Fidelity Advisor Gold Fidelity Advisor Gold ““AA”” (FGDAX): $2.23B, ((FGDAX): $2.23B, (--11.58%)11.58%)

��Franklin Gold & PM Franklin Gold & PM ““AA”” (FKRCX): $1.4B, ((FKRCX): $1.4B, (--11.04%)11.04%)

��Gabelli Gold Gabelli Gold ““AA”” (GLDAX): $423M, ((GLDAX): $423M, (--7.59%)7.59%)

��Tocqueville Gold (TGLDX): $1.6B, (Tocqueville Gold (TGLDX): $1.6B, (--11.0%)11.0%)

��U.S. Global World P.Minls (UNWPX): $210M, (U.S. Global World P.Minls (UNWPX): $210M, (--8.43%)8.43%)

��Vanguard PM & Mining (VGPMX): $3.01B, (Vanguard PM & Mining (VGPMX): $3.01B, (--9.48%)9.48%)

§§5. 5. MOUNTAIN HIGH: FUNDS, ETFsMOUNTAIN HIGH: FUNDS, ETFs

��CEF/GTU: Central Fund Canada Closed End.CEF/GTU: Central Fund Canada Closed End.

��PHYS/PSLV: Sprott Gold/Silver Bullion C.E.PHYS/PSLV: Sprott Gold/Silver Bullion C.E.

��GGN: Gabelli CE Fund (Income/ Ret Prin)GGN: Gabelli CE Fund (Income/ Ret Prin)

��GDX: $10B ETF/ 30 Stocks, 3% TurnOvr.GDX: $10B ETF/ 30 Stocks, 3% TurnOvr.

��GDXJ: $4.5B JrGDXJ: $4.5B Jr’’s ETF/ 78 Stocks, 49% T.O.s ETF/ 78 Stocks, 49% T.O.

��GLDX: $88M Explorers ETF/ 28 Stocks.GLDX: $88M Explorers ETF/ 28 Stocks.

��SIL: $476M Silver Miners Index ETF/32 Stocks.SIL: $476M Silver Miners Index ETF/32 Stocks.

§§5.5. WEST COAST OFFENSE WEST COAST OFFENSE

��Au, Ag: High Grade? Open Pit? Heap Leach?Au, Ag: High Grade? Open Pit? Heap Leach?

��200kOz/Y200kOz/Y-- Safe Jurisdiction?Safe Jurisdiction?

��Professional WebSite? Professional WebSite?

��Share Price a Share Price a BargainBargain??

��Own 5+ Individual Companies? Own 5+ Individual Companies?

��Can Can EndureEndure Against Cartel Manipulation?Against Cartel Manipulation?

Pg.22Pg.22

§§5.5. ““PROSPECT GENERATORSPROSPECT GENERATORS””

��Altius Min. (ATUSF) $7.35Altius Min. (ATUSF) $7.35

��Reservoir Min. (RVRLF) $7.08Reservoir Min. (RVRLF) $7.08

��Eurasian Min. (EMXX) $1.30Eurasian Min. (EMXX) $1.30

��Mirasol Res. (MRZLF) $2.73Mirasol Res. (MRZLF) $2.73

��Midland Expl. (MIDLF) $.85Midland Expl. (MIDLF) $.85

��Miranda Gold (MRDDF) $.14Miranda Gold (MRDDF) $.14

§§3.3. GOLD GAINS BY MONTHGOLD GAINS BY MONTH

§§6.6. SILVER (SLV): GOLDSILVER (SLV): GOLD’’S LITTLE BROTHERS LITTLE BROTHER

§§7. 7. ASSAY LAB INTERVIEWSASSAY LAB INTERVIEWS

3 Min. 3 Min.

How lab assaying works, by Endeavor Silver Mining Co.

§§7. 7. FROM DIRT TO PAYDIRTFROM DIRT TO PAYDIRT

��Deposit Deposit ““DiscoveryDiscovery””

��Raise Money to Drill.Raise Money to Drill.

��Drill to Delineate Size.Drill to Delineate Size.

��Define 43Define 43--101 101 ““Reserves.Reserves.””

��Raise More Money.Raise More Money.

��Feasibility Study Feasibility Study -- $5$5--7M.7M.

��Raise Money for Construction. Raise Money for Construction.

��10 Years From Discovery10 Years From Discovery……Produce Gold.Produce Gold.

§§7.7. RISING DEMAND; FLAT SUPPLYRISING DEMAND; FLAT SUPPLY

Half of All Gold is Jewelry, or in Churches, Museums.Half of All Gold is Jewelry, or in Churches, Museums.

§§7. 7. ""EXPLOREREXPLORER" "" "PRODUCERPRODUCER""

""DEVELOPERDEVELOPER""

1 Out of 1000 "Discoveries" Becomes a Gold Mine.1 Out of 1000 "Discoveries" Becomes a Gold Mine.

§§7. 7. SELECTED GEOLOGY TERMSSELECTED GEOLOGY TERMS

��OreOre: : ““Minerals Mined at a Minerals Mined at a ProfitProfit..””

��ReservesReserves: Defined by NI 43: Defined by NI 43--101.101.

��OP/Heap LeachingOP/Heap Leaching: Cheapest.: Cheapest.

��OxidesOxides: Weathered Ore, Cheaper Refining.: Weathered Ore, Cheaper Refining.

��Strip Ratio 1.5 to 1Strip Ratio 1.5 to 1: Move 1.5 Tons Dirt.: Move 1.5 Tons Dirt.

��Feasibility StudyFeasibility Study: Nece$$ary for Bank Loan. : Nece$$ary for Bank Loan.

��High GradingHigh Grading: When Ore Prices are Low. : When Ore Prices are Low.

§§7.7. DRILL RIG, DIAMOND DRILL BITDRILL RIG, DIAMOND DRILL BIT

§§7.7. DRILL CORESDRILL CORES

§§8. 8. KYLE BASS INTERVIEWKYLE BASS INTERVIEW2 Min. 5 Sec.

U of Texas trustee Bass tells of retrieving gold from COMEX vaults

§§9.9. PMs ARE PMs ARE ““ACTIVELY MANAGEDACTIVELY MANAGED””

��Gold AntiGold Anti--Trust Action Committee, 1999.Trust Action Committee, 1999.

��John Embry, John Embry, Sprott.com.Sprott.com.

��James Turk, James Turk, goldmoney.com.goldmoney.com.

��Paul Volcker (Interview) Paul Volcker (Interview) ‘‘05). 05).

��Russian Central Bank, Russian Central Bank, ’’05.05.

��Gulf Cooperation Council,Gulf Cooperation Council,’’05.05.

��Credit Agricole ReportCredit Agricole Report, , ’’06.06.

��Citicorp Equities ReportCiticorp Equities Report, , March,March,’’07.07.

““Strong Dollar PolicyStrong Dollar Policy””

§§99. . GOLD SMASHDOWNSGOLD SMASHDOWNS

§§99. . BEWARE OF TUNGSTEN BARSBEWARE OF TUNGSTEN BARS

§§99. . JARED DILLIAN INTERVIEWJARED DILLIAN INTERVIEW

2 Min. 10 Sec.

§§10.10. PASCALPASCAL’’S S ““4 BOX MODEL 4 BOX MODEL ””

2016: Gold Bull Market 15 Years Old. 10 Years To Go?2016: Gold Bull Market 15 Years Old. 10 Years To Go?

You Will Get Happy.

You Will Not Get Happy!

Pg.39Pg.39

88

��““With Gold With Gold and Silver, and Silver, Remember, Remember,

If It Sounds If It Sounds too Good to too Good to Be True, It Be True, It Undoubtedly Undoubtedly Is.Is.””

��Be Careful.Be Careful.

§§11.11. CONCLUSIONS: INVEST IN PMsCONCLUSIONS: INVEST IN PMs