PRECIOUS METALS

Understanding Precious Metals Investments

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 When equity market investment charts turn south, the
promotional drums always beat a positive clamor about the
merits of precious metals some well founded, some not.
In downturns, gold remains relatively strong overall as do
most other precious metals.
To better understand golds relative psychological strength,
take golds support base, for example; the U.S. Treasury
holds about 4,578 metric tons at Fort Knox, some 368,000
standard, 400 oz. troy gold bars, about 3 percent of all the
gold ever produced. The amount is second only to the
Federal Reserve Bank of New York's vault in Manhattan,
which holds 7,000 metric tons (7,716 tons) of gold bullion.
Such off icial holdings tend to add to the reputation of gold as
a solid investment.
Like the stock market, gold trades up or down, depending on
the whims of fortune and our perception of the economy.
Gold sold for about $400 an ounce in the year 2000, peaked
at $1,900 in 2011-12, and was seen hovering around $1,180
in late October 2014. The one sure thing about gold and
other precious metals when other markets correct, the
people who push gold for a living will inundate the media
with stories of gold as a safe haven. They are well organized
and generally quite credible.
Beware All that Glitters Doesnt
Its the lesser known precious metals that may or may not
have a great future as investments. American Metal Market
worked hand-in-hand with the FBI and Toronto police in the
1990s to thwart Canadian boiler room telemarketers. At the
time, indium was valued at $5 an ounce, but the boiler rooms
sold it at $65 an ounce, actually delivering the metal in small
bars. They promised the future value would be $400 and
used a CNN telecast tape about indiums use in Stealth
bombers to close sales. The ruse was fraud under wire and

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 mail fraud statutes because the boiler rooms created their
own in-house markets. They created something that wasnt
real; it was a fraud, an $11 million scam. The operators f led
Toronto to the Cayman Island but eventually faced jail and
f ines. The North American Securities Administrators
Association has estimated such fraud losses exceed $100
billion a year. The irony of the indium scam: today indiums
value in the marketplace approaches $20 an ounce.
One AMA story bore the headline: Warning -- This phone
call may be hazardous to your health.
When it comes to precious metals investing, the FBI advice
is: you get an offer by phone, just hang up.
Gold
Obviously the people who earn a
legitimate living out of precious metals
are the ones you can expect to beat
the promotional drums for gold, silver,
platinum, palladium, rhodium, iridium,
osmium, rhenium, and ruthenium.
Among the gold drummers youll f ind The World Gold
Council. Its 20 members are some of the worlds most
powerful gold mining companies. They are headquartered
across the world and have mining operations in over 50
countries. The council stimulates demand in new and
existing markets through research, insight and partnerships
with leaders in investment, jewelry, industry and academia.
The council works across the entire supply chain, from gold
mining through to the consumer marketplace, with off ices in
New York, London, Shanghai, Hong Kong, Singapore,
Tokyo, Mumbai, Chennai and Beijing.
Typically, your investment adviser will develop an asset
allocation strategy that will consider long-term versus

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 medium-term returns, and how gold investment products
perform in positive or negative correlation with other assets.
But keep in mind that the value of metals changes over time.
For example, with many boiler rooms shut down, indium has
been variably valued from $10 an ounce to $26 an ounce,
having found a life of its own in semiconductors, liquid-
crystal display (LCD) and medical imaging. Scientific
American predicted in 2010 that fewer than 14 years were
left of indium supplies, based on then current rates of
extraction. But Indium Corporation, the largest processor of
indium, claims that, on the basis of increasing recovery
yields during extraction, recovery from a wider range of base
metals (including tin, copper and other poly-metallic
deposits) and new mining investments, the long-term supply
of indium is sustainable, reliable and suff icient to meet
increasing future demands.
Such forecast f luctuations are what make investing in
precious metals both interesting and sometimes risky.
According to The Chemical Heritage Foundation, in the mid-
1800s aluminum was more valuable than gold. Napolon III's
most important guests were given aluminum cutlery, while
those less worthy dined with mere silver; fashionable and
wealthy women wore jewelry crafted of aluminum. Ref ining
inventions changed all that and aluminum, the most
abundant element in the earths crust, lost its status as a
precious metal.
Gold, on the other hand, offers various gold-related
investment products that have different risk and return
prof iles, liquidity characteristics and fees. In recent years,
innovation has led to products that offer greater f lexibility and
accessibility to investors, such as exchange-traded funds
(ETFs) as well as additional risk management tools for
sophisticated investors, including derivatives and structured
products. Investors can buy physical gold through coins or

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 bars; they can buy products backed by physical gold, which
offer direct exposure to the gold price; or they can buy other
gold-linked products, which are directly related to the gold
price but do not include ownership of gold.
Exchange Traded Funds are known as ETFs.
An ETF is a type of fund, some entity such as a corporation
or trust that owns assets (bonds, stocks, gold bars, et
cetera) and divides ownership into shares that are held by
shareholders.
The most reliable Internet sources note that details of the
structure can vary by country, or even by state in the United
States. The shareholders indirectly own the assets of the
fund, and they will typically get an annual report.
Shareholders are entitled to a share of the prof its, such as
interest or dividends, and they may get a residual value in
case the fund is liquidated. Their ownership of the fund can
easily be bought and sold.
ETFs are similar in many ways to traditional mutual funds,
except that shares in an ETF can be bought and sold
throughout the day like stocks on a stock exchange through
a broker-dealer. Unlike traditional mutual funds, ETFs do not
sell or redeem their individual shares at net asset value
(NAV). Instead, f ni ancial institutions purchase and redeem
ETF shares directly from the ETF, but only in large blocks
varying in size from 25,000 to 200,000 shares, called
creation units.
The ability to purchase and redeem creation units gives
ETFs an arbitrage mechanism intended to minimize the
potential deviation between the market price and the net
asset value of ETF shares.
In the United States, most ETFs are structured as open-end
management investment companies (the same structure

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used by mutual funds and money market funds), although a
few ETFs, including some of the largest ones, are structured
as unit investment trusts. ETFs structured as open-end
funds have greater f lexibility in constructing a portfolio and
are not prohibited from participating in securities lending
programs or from using futures and options in achieving their
investment objectives.
Heres an example of a gold ETF performance over the past
decade as widely reported:

SOURCE: SPDR Gold

The plus sides of gold ETFs include the following investor

advantages: You can buy an ETF in one transaction, making
it easier to target a certain price. Because youre not buying
a basket of stocks, commissions are lower, and ETFs have
no load fees and smaller management fees than mutual
funds. Capital gains taxes usually are lower for exchange

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traded funds than for traditional mutual funds. Many ETFs
list futures contracts, which help risk-managing your
portfolio. ETF companies publish a list of the assets in the
fund on a daily basis. Because exchange traded funds are
meant to follow a particular index, not outperform it, usually
only minor adjustments are needed to the ETF, unlike an
aggressively managed fund which is looking for a higher
return than its underlying asset. This lowers risk. Most ETF
companies immediately reinvest dividends back into the
fund.
Other Gold Choices
You can purchase gold coins and bars, either to store
personally, or to be held securely on ones behalf by a bank
or other f inancial intermediary. Examples: coins, collector
coins, and gold bullion bars. You can also acquire gold
bullion stored and managed by a bullion dealer or
depository. Examples: Allocated gold accounts, unallocated
gold accounts, and gold accumulation plans. Other gold-
linked products include indirect investments in gold, via
f inancial instruments, without direct ownership of the metal.
Examples: Gold mining stocks, futures and options.
The World Gold Council offers statistical analysis that
examines how gold acts as a portfolio diversif ier, vehicle for
risk management and store of value. To explore our range
of reports and publications, notes the council, visit our
Investment Research Library or review our featured
publications http://www.gold.org/investment/gold-
investment-research.
In precious metals, theres no shortage of choices. You and
your investment adviser can f ind at least 40 precious metals
ETFs in the marketplace and another 17 Exchange-Traded
Notes (ETNs). This is a type of unsecured, unsubordinated
debt security that was f irst issued by Barclays Bank PLC.

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This type of debt security differs from other types of bonds
and notes because ETN returns are based upon the
performance of a market index minus applicable fees, no
period coupon payments are distributed and no principal
protections exists. The purpose of ETNs is to create a type
of security that combines both the aspects of bonds and
exchange traded funds (ETF). Similar to ETFs, ETNs are
traded on a major exchange, such as the NYSE during
normal trading hours. However, investors can also hold the
debt security until maturity. At that time the issuer will give
the investor a cash amount that would be equal to principal
amount (subject to the day's index factor). One factor that
affects the ETN's value is the credit rating of the issuer. The
value of the ETN may drop despite no change in the
underlying index, instead due to a downgrade in the issuer's
credit rating.
If You Want to Track Gold Gyrations Try This Example

SOURCE: Stocks for Beginners.com

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You can track whats happening with gold by clicking on
Google Finance any time during the day or night:
(http://www.google.com/f inance?cid=702696).
Silver
Like most commodities, the price of
silver is driven by speculation and
supply and demand. Compared to
gold, the silver price is notoriously
volatile. This is because of lower
market liquidity, and demand
f luctuations between industrial and store of value uses. At
times this can cause wide ranging valuations in the market,
creating volatility, according to market records. Always seek
the advice of your investment counselor.
Silver often tracks the gold price due to store of value
demands, although the ratio can vary. The crustal ratio of
silver to gold is 17.5:1. The gold/silver price ratio is often
analyzed by traders, investors and buyers, as well as your
investment advisers.

SOURCE: CONSUMER PRICE INDEX

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Silver, like all precious metals, may be used as a hedge
against inf lation, def lation or devaluation. The more money
that is pumped into def icit-ridden world these economies
the printing of money basically then the less valuable the
currencies become.
Like The Gold Council, The Silver Institute is a nonprof it
international association that draws its membership from
across the breadth of the silver industry. This includes
leading silver mining houses, ref iners, and bullion suppliers,
manufacturers of silver products and wholesalers of silver
investment products. Established in 1971, the Institute
serves as the industrys voice in increasing public
understanding of the many uses and values of silver.
If you and your f inancial adviser decide that buying silver is a
good strategy for your portfolio, you should choose the silver
investment vehicle that is in accord with your own
preferences and investment philosophy. As with any
investment, you should judge the merits of your silver
investments as they relate to your investment needs.
The Silver Institute provides the following digest of some of
the advantages and disadvantages of particular silver
investments:
Exchange Traded Funds (ETFs)
For investors who seek exposure to the physical silver
market, but have no desire to possess the metal or pay
direct insurance, assay, and storage costs, the listed
advantages include major exchange listings and trade like
equities. Investors can buy shares in a trust that owns the
silver bullion. Disadvantages include the market price can be
as unpredictable as the price of silver on any given day
because the ETFs are created to ref lect the price of the
silver.

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Silver Bullion Bars of Approved Ref iners
Advantages: Usually the least expensive convertible into
cash, internationally negotiable, price is widely quoted.
Disadvantages:
Must be stored securely, possible need for assay at time of
sale, yields no interest.
Silver Mining Stocks
Advantages: Offer capital appreciation opportunities,
dependent on the companys management and operating
strength, may yield a dividend. Disadvantages:
May require greater investment than small physical bullion
purchases, requires knowledge of equity market.
Silver Mutual Funds
Advantages: Many mutual funds offer investment programs
in silver and precious metals, diversif ied holdings among
dozens of companies. Disadvantages: May require greater
investment than small physical bullion purchases, requires
knowledge of equity market.
Silver Bullion Coins
Advantages: Relatively inexpensive, some less than $10.00,
small and easy to store, instant convertibility into cash, easy
to transport, internationally negotiable, and prices quoted
widely. Disadvantages: Must be stored securely, yields no
interest, premium over bullion bar prices.

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Silver Medallions
Advantages: Prices can range from least expensive to most
expensive, small and easy to store, easy to transport.
Disadvantages: Similar to coins, but not always easily
convertible to cash unless they bear the mark of a reputable
ref iner.
Silver Certif icates or Storage Accounts
Advantages: High liquidity but at competitive prices, no
storage risk, no sales tax, prices widely quoted, invest by
dollar amount. Disadvantages: Several days delay in
delivery of silver, silver not in physical possession of owner.
Silver Accumulation Plans
Advantages: Invest as little as $100, discounted commission
rates, highly liquid, no sales tax, offers dollar cost averaging,
no storage fees. Disadvantages:
Silver is not in physical possession of owner although some
f irms will deliver the metal if requested.
Silver Futures Contracts
Advantages: Speculative appeal, leverage reduces capital
tie-up, liquidity, contracts widely quoted, no storage risk.
Disadvantages: Many trading limitations, high risk factors,
unlimited loss potential, requires market expertise.
Silver Options
Advantages: Speculative appeal, leverage reduces capital
tie-up, no storage risk, clearly def ined risk. Disadvantages:
Trading limitations, highest risk, less negotiable and less
liquid, investor must be willing to sustain the loss of their
entire investment in a commodity option, high degree of
knowledge required.

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 Platinum
Platinum mining produces only a 16 th
of the gold mined each year, hence
platinum is relatively scarce even
among the precious metals. About 31
percent of the platinum sold annually
goes into jewelry, roughly 46 percent
into auto emission controls catalytic converters, leaving only
23 percent scattered among investments and such minor
applications as electrodes, anticancer drugs, oxygen
sensors, spark plugs and turbine engines, according to the
USGS Mineral Resources Program which has tracked such
information since 1879. Platinum is traded on the New York
Mercantile Exchange (NYMEX) and the London Platinum
and Palladium Market. To be saleable on most commodity
markets, platinum ingots must be assayed and hallmarked in
a manner similar to the way gold and silver are. Exchange
traded funds, or ETFs, track the value of platinum and allow
you to invest through your stock brokerage account. The
shares of a physical platinum ETF are backed by platinum
bullion held in storage by the fund sponsor. A platinum
exchange traded note, or ETN, tracks the value of platinum.
But the ETN shares are not backed by the physical metal.
ETN shares are backed and guaranteed by the f inancial
assets of the fund sponsor. An inverse or short on platinum
ETN can be used to prof it from a decline in the price of the
metal.

Platinum Miner Stocks

Companies that mine platinum can earn prof its even if the
price of platinum is f lat or rising slowly. Stock shares of
platinum mining companies provide a different exposure to
the value of platinum. Shares can go up and down

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depending on the company's ability to prof itably mine the
metal. The major global platinum mines are in Canada and
South Africa. Only a few platinum miners have shares
trading on the U.S. exchanges. You can also invest in
platinum miners through the one ETF that holds shares of
platinum mining companies from around the world.
Platinum Futures
To prof it from short-term swings in the price of platinum, you
can trade futures contracts on the commodities and futures
exchanges. To buy and sell platinum futures you must open
an account with a registered commodity futures broker. The
platinum futures contract which trades on the New York
Mercantile Exchange is for 50 ounces of platinum. You must
put up a margin deposit of $3,300 for each platinum contract
you trade. Futures trading can be used to prof it from either a
rising or falling platinum value. Potential losses from trading
futures are much higher than with other investment vehicles.
Palladium
The numerous applications and limited
supply sources of palladium result in
the metal attracting considerable
investment interest.
Ore deposits of palladium are rare.
The most extensive deposits have

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been found in the Transvaal Basin in South Africa, the
Stillwater Complex in Montana, the Thunder Bay District of
Ontario, and the Norilsk Complex in Russia. Recycling is
also a source of palladium, mostly from scrapped catalytic
converters. According to industry sources, recent years'
palladium surplus condition was caused by the Russian
government selling off government stockpiles built up during
the Soviet Era, at a pace of about 1.6 to 2 million ounces a
year. The amount and status of this stockpile is kept as a
state secret, hence it is diff icult to forecast further selloffs (if
any). Insiders believe the stockpile may be exhausted, but
Russia is the world's top palladium producer, contributing
roughly 40 percent of the world's supply. The ongoing
Russian-Ukraine conf lict could interrupt supply in the view of
some analysts, with such speculation fueling price rises
during 2014 to levels not seen in a decade.
Exchange-Traded Products
ETFS Physical Palladium (LSE: PHPD) is backed by
allocated palladium bullion and was the world's f irst
palladium ETF. It is listed on the London Stock Exchange as
PHPD, Xetra Trading System, Euronext and Milan. ETFS
Physical Palladium Shares (NYSE: PALL) is an ETF traded
on the New York Stock Exchange.
Bullion Coins and Bars
A traditional way of investing in palladium is buying bullion
coins and bars made of palladium. Available palladium coins
include the Canadian Maple Leaf and the Chinese Panda.
The liquidity of direct palladium bullion investment is not as
good as gold and silver due to low circulation of palladium
coins and wider spread between buying and selling price,
according to traders.
Rhodium

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 The annual world production of
rhodium is 30 tons and there are very
few rhodium-bearing minerals. The
price of rhodium is historically highly
variable. In 2007, rhodium cost
approximately eight times more than
gold, 450 times more than silver, and
27,250 times more than copper by
weight. In 2008, the price brief ly rose above $10,000 per
ounce ($350,000 per kilogram). The economic slowdown of
the third quarter of 2008 pushed rhodium prices sharply back
below $1,000 per ounce ($35,000 per kilogram); they
rebounded to $2,750 by early 2010 ($97,000 per kilogram)
(over twice the gold price), but in late 2013, the prices were
a bit lower than $1000. In 2014 the price has varied between
$1000 and $1,500,
Rhodium is not a commodity suitable for most investors. The
market is very thin and its supply and demand
characteristics are based to a large extent on the prices for
platinum and palladium because it is mined as a byproduct
with those metals. You are not likely to f ind a company
searching for rhodium alone. About 81 percent of its use is in
automobile catalysts. Rhodium is used as an alloying agent
for hardening and improving the corrosion resistance of
platinum and palladium; and electroplated on white gold and
platinum to give it a ref lective white surface in making
jewelry. Rhodium neutron detectors are used in combustion
engineering nuclear reactors.
Iridium

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 Iridium is obtained commercially as a
by-product from nickel and copper
mining and processing. Prices have
been all over the charts, ranging from
$93 an ounce in 2003 to more than
$1,000 an ounce in 2014, the higher
prices have been explained by
industry sources as ref lecting the
installation of production facilities for single crystal sapphire
used in LED backlights for TVs. According to Professor
Martyn Poliakoff, a chemist at the University of Nottingham,
it takes about 1 million tons of crushed rock to produce a 3.8
kilogram iridium bar. Iridium is the densest known terrestrial
substance at 22.65 grams/cm3. Thats twice the density of
lead or 8 times that of granite. A cube of iridium 6 inches on
a side would weigh as much as an average adult human.
Whether iridium warrants an investment as such requires a
thorough scientif ic analysis of its future uses.

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Iridium Companies
Norilsk Nickel produces iridium ingots and iridium powder.
Anglo American, its Anglo Platinum subsidiary produces
iridium. Ruiyuan Group Limited makes a number of iridium
compounds. American Elements lists an extensive group of
iridium products. Johnson Matthey, iridium crystal growing,
fabrications, f ilaments and spark plugs. Lonmin Plc is a
British producer of platinum group metals operating in the
Bushveld Complex of South Africa. And then there is Zaf irro,
promoting products with long-lasting sapphire blades
including a limited edition razor, with a handle made from
super-durable iridium molded at a factory that also makes
rocket parts price $100,000; commented The Economist,
just the thing for the bearded billionaire.
Osmium
Like iridium, osmium is obtained
commercially as a by-product from
nickel and copper mining and
processing. Because of the volatility
and extreme toxicity of its oxide,
osmium is rarely used in its pure state,
and is instead often alloyed with other metals. Those alloys
are utilized in high-wear applications.
Osmium is usually sold as a minimum 99.9 percent pure
powder. Like other precious metals, it is measured by troy
weight and by grams. Its price has hovered around $400 per
troy ounce (or about $13,000 per kilogram), depending on
the quantity and its supplier. Johnson Matthey PGM Market
Report reviews and forecasts demand and supply
developments in the platinum group metals markets that
includes osmium.

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Johnson Matthey has almost 200 years of experience in
precious metals and is recognized as a world leader in rare
metals. The f irm buys, sells and hedges rare metals and can
offers a range of pricing and hedging services
(http://www.platinum.matthey.com/services/buying-and-
selling). For a less formal look at the market, Tom Skulan
runs a website that purports to be your site for information
on investing in rhodium, ruthenium, iridium, and osmium
(http://www.platinumgroupmetals.org/). Skulan notes that the
exotic metals market is much less formal than markets for
other metals. The spot prices really are just starting points
for bargaining between buyers and sellers. Buyers of large
amounts of exotics can get prices below spot; people who
want to buy small amounts can expect to pay much more
than spot.
As with the indium scam cited previously, caution is the word
because there are still boiler room scams that tout exotic
metals. Again, the FBI advice is: you get an offer by phone,
just hang up.
Rhenium
Nickel-based super alloys of rhenium
are used in the combustion chambers,
turbine blades, and exhaust nozzles of
jet engines. These alloys contain up to
6 percent rhenium, making jet engine
construction the largest single use for
the element, with the chemical industry's catalytic uses being
next-most important. Because of the low availability relative
to demand, rhenium is among the most expensive of metals,
with an average price of approximately $4,575 per kilogram
($142.30 per troy ounce), according to MetalPrices.com. It is
also of critical strategic military importance, for its use in high
performance military jet and rocket engines. In fact, about 70
percent of production goes into jet engine parts. Commercial

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rhenium is extracted from molybdenum roaster-f lue gas
obtained from copper-sulf ide ores mined in Chile, the United
States, Peru, and Poland.
Ruthenium
Ruthenium usually occurs as a minor
component of platinum ores; annual
production is about 20 tons. Most
ruthenium produced is used for wear-
resistant electrical contacts and the
production of thick-f ilm resistors. A
minor application of ruthenium is its use in some platinum
alloys.
Some ruthenium complexes absorb light throughout the
visible spectrum and are being actively researched in
various, potential, solar energy technologies. For example,
Ruthenium-based compounds have been used for light
absorption in dye-sensitized solar cells, a promising new
low-cost solar cell system, according to the Journal of the
American Chemical Society.
Ruthenium dioxide and lead and bismuth ruthenates are
used in thick-f ilm chip resistors. These electronic
applications account for 50 percent of the ruthenium
consumption. According to BASF Corporation, Ruthenium
costs about $3,000 per pound (catalyst grade).

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The Best Ways to Invest in Precious Metals
Owning precious metals can be a good way to guard against
inf lation and diversify your portfolio, but investing in the
physical metal has a number of inherent disadvantages. If
you invest in gold bullion or gold bars, you will need to insure
that investment and f ind a place to store it.
The Golden Rule:
He who has the gold makes the rules!
Investing in gold coins introduces the risk of high markups
and even fraud. Worse yet, in every empire from Assyria to
Rome, to the current day, ultimately, government conf iscates
all bullion, whether or not it is numismatic. Do not misled
into thinking that precious metals will not eventually be
conf iscated . . . they will.
Fortunately, you have other ways to invest in precious
metals without facing these types of barriers.
Mining Stocks
When the price of gold, silver and other precious metals
goes up, the companies that mine those metals can do quite
well. Investing in those mining stocks is one way to play the
precious metal market. You can f ind companies involved in
the gold, silver and metal mining industry by using the stock
screening tools available from your brokerage f irm, or you
can research and choose stocks on your own by reading
f inancial publications and f inding your own opportunities.

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Precious Metal Mutual Funds
Mutual funds combine the money of many small investors
and use that money to purchase a widely diversif ied basket
of stocks. This approach tends to reduce the risk associated
with stock market investing, while allowing investors to
participate in the growth of a particular market segment.
Most major mutual fund companies offer at least one fund
devoted to precious metal investing, so check with your
mutual fund company for a prospectus.
Exchange Traded Funds
Exchange traded funds allow investors to participate in the
growth of precious metals, without the need to purchase and
store the physical metal. With an ETF, you can simply
purchase a single security that rises or falls along with the
price of the underlying metal. The ETF that tracks the price
of gold trades under the appropriate ticker symbol GLD. The
silver ETF trades under ticker symbol SLV.
Locating Metals ETFs: You can f ind specif ic ETFs here:
http://etfdb.com/etfdb-category/metals/

Always seek guidance from your financial adviser.

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