by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Friday, February 03, 2012 at 2:15 PM

Gold Closes $19.00 Lower Friday…and settles at $1740.30 for the week….

This week April Gold Futures traded a $47.10 range with a High of $1765.90 and a low of $1718.80 as traders used the week’s economic data to form their strategies. Today’s reading of the January Unemployment rate was down two tenths to 8.3% better than the 8.5% projected.
The U.S Dollar gained some strength as the Unemployment data indicates there is growth in the U.S economy. A weaker Euro also fueled Dollar strength as rumors that Greece Prime Minister Lucas Papademos would resign. There are global concerns that Greece will default on loan payments due in March.  The huge rally in the Stock market has also found Gold traders liquidating their positions in favor of Stocks. Reuters reported  “Iran’s supreme leader Ayatollah Ali Khamenei threatened on Friday (televised speech) to retaliate against the West for sanctions,” this coming a day after a U.S Newspaper said Defense Secretary Leon Panetta believed Israel was likely to bomb Iran within months to stop it from building a nuclear bomb.
A warring environment in that region of the world would threaten Crude Oil production. supply and transportation…This would indicate higher oil prices. Higher Crude Oil is considered to be inflationary. Precious metals traditionally thrive during times of inflation.

THE WEEKS NOTEWORTHY NEWS:

Thursday:

Today the Department of Labor released the Initial Jobless Claims data and it was a better number than expected. It was 367,000 and better than the projected 371,000. Also Ben Bernanke testified in front of House Budget Committee and stated that he sees the U.S economy showing moderate improvement and that the recovery has been frustratingly slow and is concerned that the fragility in the European Union may harm the U.S economy. Germany’s Finance Minister Wolfgang Schaeuble had harsh comments for Greece regarding their debt commitments. Schaeuble stated that “Greece has not done enough to boost their competitiveness” and that “Greece must fulfill its commitments” and added “We can’t throw money into a bottomless pit”….There are still global concerns regarding the enrichment of uranium by Iran. Israel estimated that Iran has the capability to make 4 atomic bombs presently and will have the capability for a nuclear bomb within a year. Traders must continue to eye this region.

Wednesday:

It is my opinion that traders are eyeing the European Union and especially the debt situation in Greece. The debt swap negotiator in Greece continues to say that negotiations continue and they are hopeful that a deal comes together in the upcoming days. There are enormous concerns that Greece will not be able to repay existing loans and are in need of another payout.
Also today Philadelphia Fed Boss Charles Plosser stood by his comments last week saying he didn’t back the FOMC’s 2014 pledge on interest rates. He stated that policy should not hinge on
a calendar date. Traders will be watching tomorrow’s economic data and certainly are waiting on Friday’s Unemployment data before choosing their trading strategies.

Tuesday:

The jewelers of India remain active buyers of physical bullion to meet the insatiable demand for precious metals s the wedding season is in full swing and extends through March.

Monday:

. The bullion demand from India should continue as we are in the early stages of their wedding season. There was a very interesting comment from Philadelphia Federal Reserve Bank President Charles Plosser today. He stated “he projects first FED rate hike in 2012” and said the FOMC must stop thinking and start taking action to do more….

MY SWING NUMBERS 2/6
APRIL GOLD
Resistance # 2……..$1777.00
Resistance # 1……..$1758.00
Pivot………………...$1747.00
Support # 1…………$1728.00
Support # 2…………$1717.00
Volume ……………...142,000

MARCH SILVER
Resistance # 2……...$34.90
Resistance # 1……...$34.33
Pivot…………………$33.82
Support # 1………….$33.24
Support # 2………….$32.74
Volume………………51,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Thursday, February 02, 2012 at 2:54 PM

Gold Settles $9.80 Higher … ($1759.30)

Today’s April Gold Futures covered a very uneventful $20.50) as traders may be waiting on Friday’s Unemployment data before planning their trading strategies. Today the Department of Labor released the Initial Jobless Claims data and it was a better number than expected. It was 367,000 and better than the projected 371,000. Also Ben Bernanke testified in front of House Budget Committee and stated that he sees the U.S economy showing moderate improvement and that the recovery has been frustratingly slow and is concerned that the fragility in the European Union may harm the U.S economy. Germany’s Finance Minister Wolfgang Schaeuble had harsh comments for Greece regarding their debt commitments. Schaeuble stated that “Greece has not done enough to boost their competitiveness” and that “Greece must fulfill its commitments” and added “We can’t throw money into a bottomless pit”….There are still global concerns regarding the enrichment of uranium by Iran. Israel estimated that Iran has the capability to make 4 atomic bombs presently and will have the capability for a nuclear bomb within a year. Traders must continue to eye this region.

ECONOMIC DATA 2/3
Unemployment …………….7:30 AM.CST.

MY SWING NUMBERS 2/3
APRIL GOLD
RESISTANCE # 2…………..$1775.00
RESISTANCE # 1…………..$1767.00
PIVOT……………………… .$1755.00
SUPPORT # 1………………$1747.00
SUPPORT # 2………………$1735.00
VOLUME…………………….125,000

MARCH SILVER
RESISTANCE # 2…………..$34.89
RESISTANCE # 1…………..$34.53
PIVOT………………………..$33.99
SUPPORT #1……………….$33.64
SUPPORT #2……………….$33.10
VOLUME…………………….40,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com

Thursday, February 02, 2012 at 2:57 PM

Gold Settles $9.80 Higher … ($1759.30)

Today’s April Gold Futures covered a very uneventful $20.50) as traders may be waiting on Friday’s Unemployment data before planning their trading strategies. Today the Department of Labor released the Initial Jobless Claims data and it was a better number than expected. It was 367,000 and better than the projected 371,000. Also Ben Bernanke testified in front of House Budget Committee and stated that he sees the U.S economy showing moderate improvement and that the recovery has been frustratingly slow and is concerned that the fragility in the European Union may harm the U.S economy. Germany’s Finance Minister Wolfgang Schaeuble had harsh comments for Greece regarding their debt commitments. Schaeuble stated that “Greece has not done enough to boost their competitiveness” and that “Greece must fulfill its commitments” and added “We can’t throw money into a bottomless pit”….There are still global concerns regarding the enrichment of uranium by Iran. Israel estimated that Iran has the capability to make 4 atomic bombs presently and will have the capability for a nuclear bomb within a year. Traders must continue to eye this region.

ECONOMIC DATA 2/3

Unemployment …………….7:30 AM.CST.

MY SWING NUMBERS 2/3

APRIL GOLD

RESISTANCE # 2…………..$1775.00

RESISTANCE # 1…………..$1767.00

PIVOT……………………… .$1755.00

SUPPORT # 1………………$1747.00

SUPPORT # 2………………$1735.00

VOLUME…………………….125,000

MARCH SILVER

RESISTANCE # 2…………..$34.89

RESISTANCE # 1…………..$34.53

PIVOT………………………..$33.99

SUPPORT #1……………….$33.64

SUPPORT #2……………….$33.10

VOLUME…………………….40,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Wednesday, February 01, 2012 at 1:41 PM

Gold Settles $9.10 Higher … ($1749.50)

Today’s April Gold Futures traded a very subdued $18.60 range.
It is my opinion that traders are eyeing the European Union and especially the debt situation in Greece. The debt swap negotiator in Greece continues to say that negotiations continue and they are hopeful that a deal comes together in the upcoming days. There are enormous concerns that Greece will not be able to repay existing loans and are in need of another payout.
Also today Philadelphia Fed Boss Charles Plosser stood by his comments last week saying he didn’t back the FOMC’s 2014 pledge on interest rates. He stated that policy should not hinge on
a calendar date. Traders will be watching tomorrow’s economic data and certainly are waiting on Friday’s Unemployment data before choosing their trading strategies.

2/2 ECONOMIC DATA:
INITIAL JOBLESS CLAIMS………7:30 AM. CST.
EXPORT SALES…………………..7:30 AM. CST.

MY SWING NUMBERS 2/2
APRIL SILVER
RESISTANCE # 2……….$1765.00
RESISTANCE # 1……….$1757.00
PIVOT……………………$1746.00
SUPPORT # 1…………...$1739.00
SUPPORT # 2…………...$1727.00
VOLUME…………………158, 000

MARCH SILVER
RESISTANCE # 2……….$34.56
RESISTANCE # 1……….$34.19
PIVOT……………………$33.63
SUPPORT # 1…………...$33.25
SUPPORT # 2…………...$32.70
VOLUME…………………45,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Tuesday, January 31, 2012 at 2:29 PM

Gold Settles $6.00 Higher… ($1740.40)

Today’s April Gold Futures market traded a very choppy $23.60 range.
Despite a relatively light news day the trading session yielded a wide and volatile range as the market went from trading $1747.70 early in the session (around 8:05 am cst… $16 higher from the opening) before trading as low as $1727.00 less than 3 hours later. The market made a late session rally to close $6.00….It is my opinion that traders are less than eager to hold long positions prior to Thursday and Friday’s economic data. Most traders are trying to decipher Friday’s Unemployment Data. Since most of the holiday seasonal jobs are winding down this should be a more accurate account of the JOBS sector. The jewelers of India remain active buyers of physical bullion to meet the insatiable demand for precious metals s the wedding season is in full swing and extends through March.

ECONOMIC DATA 2/1
CONSTRUCTION SPENDING…………….9:00 am. CST.

MY SWING NUMBERS 2/1
APRIL GOLD
RESISTANCE # 2………………..$1763.00
RESISTANCE # 1………………..$1751.00
PIVOT……………………………..$1739.00
SUPPORT # 1……………………$1727.00
SUPPORT # 2……………………$1715.00
VOLUME………………………….133,000

MARCH GOLD
RESISTANCE # 2………………..$34.64
RESISTANCE # 1………………..$33.95
PIVOT……………………………..$33.44
SUPPORT # 1……………………$32.75
SUPPORT # 2……………………$31.55
VOLUME………………………….30,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Precious Metals Market Comments

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Monday, January 30, 2012 at 1:56 PM

Gold Settles $1.00 Lower … ($1734.40)

Today’s April Gold Futures contract covered a subdued $24.00 range.
The trading session traded as high as $1742.80 early on but was unable to retain rally momentum as technical selling resistance forced traders to take profits. This week will produce
plenty of economic data including Friday’s Unemployment Data. Since December’s huge sell-off it has become apparent traders are less willing to marry positions and more inclined to take profits when available. The bullion demand from India should continue as we are in the early stages of their wedding season. There was a very interesting comment from Philadelphia Federal Reserve Bank President Charles Plosser today. He stated “he projects first FED rate hike in 2012” and said the FOMC must stop thinking and start taking action to do more….

Economic data 1/31
Consumer confidence ……….9:00 am CST.

MY SWING NUMBERS 1/31
APRIL GOLD
RESISITANCE # 2……….$1756.00
RESISTANCE # 1………..$1745.00
PIVOT……………………..$1732.00
SUPPORT # 1……………$1721.00
SUPPORT # 2……………$1708.00
VOLUME………………….119, 000

MARCH SILVER
RESISTANCE # 2………..$34.61
RESISTANCE # 1………..$34.02
PIVOT……………………..$33.53
SUPPORT # 1……………$33.05
SUPPORT # 2……………$32.55
VOLUME…………………32, 000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Precious Metals Market Comments

 by Mike Daly, PFGBEST

 1-877-294-4669

mdaly@PFGBEST.com

Friday, January 27, 2012 at 2:53 PM

Gold Settles $5.50 Higher Today … ($1732.20 for the week)…..

This week the February Gold Futures market traded a very choppy and volatile $73.80 range.

The week’s low was $1661.00 with a high of $1734.80. Since January 3^rd ($1600.50 settlement) the February Gold contract has rallied $131.70 as of today’s settlement of $1732.20.

The New Year has brought a huge demand for physical Gold and Silver from the Asian sector.

The Chinese have been buying Gold to satisfy demand for the Chinese New Year celebration in which the giving of Gold and Silver has become a tradition. It is thought that the giving of Gold and Silver will bring prosperity to both the recipient and the gift giver.

India is about to enter their wedding season as the first auspicious wedding date is January 28 and the season extends through March. India is the largest consumer of Gold in the world and the traditional gifts to the bridal are both gold and silver. Also this week the FOMC Meetings revealed there would be no rate hikes until late 2014. There was also a strong hint that they would consider more easing (injecting more U.S. Dollars /printing money) into the United States

sluggish economy…..Fitch Credit Agency cut credit ratings on Spain, Belgium, Slovenia, and Cyprus. OUTLOOK NEGATIVE….And the news didn’t move the markets…maybe the Globe is getting used to the EU fragility…..

Noteworthy Weekly News:

Thursday:

Today’s February Gold Futures traded a choppy $28.50 range as yesterday’s huge rally momentum continued today. The market was fueled by overnight buying as yesterday’s FOMC

Meeting revealed that there would be no rate hikes until the end of 2014 as well as a very strong hint of more easing to help jump start the sluggish U.S economy. The FOMC acknowledged that the High Unemployment and depressed housing sector were the biggest drag on the U.S economy. If the FOMC chooses to inject more U.S Dollars into the economy it would be seen as a negative for the Dollar (any time you print more of anything…It becomes worth-less) and a weaker Dollar would be “bullish” precious metals….there is still concerns with the European Union and that could trump all….Today’s Initial jobless Claims was reported to be 377.000 and worse than the 370,000 that was projected…..

Wednesday:

Today’s February Gold Futures session traded a very volatile $54.10 range. The market rallied hard after the 11:30 CST. FOMC news release stating that there would be no ate increase through at least late 2014. They also stated that expect to maintain a highly accommodative monetary policy. This may indicate more easing in the future. The Gold market rallied from the $1666 level to the daily high $1703.30 in less than 1 hour. It appears that traders are seeing this action as U.S Dollar negative and precious metals friendly. The FOMC stated that the economy was expanding at a moderate pace and the high unemployment levels and depressed housing numbers remain a drag on the economy…

MY SWING NUMBERS FOR 1/30

February Gold

RESISTANCE # 2……..$1748.00

RESISTANCE # 1……..$1740.00

PIVOT………………….$1727.00

SUPPORT # 1…………$1719.00

SUPPORT # 2…………$1706.00

VOLUME……………….227,000

March Silver

RESISTANCE # 2………$34.36

RESISTANCE # 1………$34.08

PIVOT……………………$33.66

SUPPORT # 1…………..$33.37

SUPPORT # 2…………..$32.96

VOLUME………………   38,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com

Thursday, January 26, 2012 at 3:17 PM

Gold Settles $26.60 Higher … ($1726.70)

Today’s February Gold Futures traded a choppy $28.50 range as yesterday’s huge rally momentum continued today. The market was fueled by overnight buying as yesterday’s FOMC

Meeting revealed that there would be no rate hikes until the end of 2014 as well as a very strong hint of more easing to help jump start the sluggish U.S economy. The FOMC acknowledged that the High Unemployment and depressed housing sector were the biggest drag on the U.S economy. If the FOMC chooses to inject more U.S Dollars into the economy it would be seen as a negative for the Dollar (any time you print more of anything…It becomes worth-less) and a weaker Dollar would be "bullish" precious metals….there is still concerns with the European Union and that could trump all….Today’s Initial jobless Claims was reported to be 377.000 and worse than the 370,000 that was projected…..

MY SWING NUMBERS 1/27

February Gold

RESISTANCE # 2………. $1749.00

RESISTANCE # 1………. $1737.00

PIVOT……………………$1720.00

SUPPORT # 1…………....$1709.00

SUPPORT # 2…………....$1691.00

VOLUME…………………240,000

March Silver

RESISTANCE # 2……….$34.32

RESISTANCE # 1……….$34.02

PIVOT…………………….$33.50

SUPPORT # 1…………...$33.21

SUPPORT # 2…………...$32.68

VOLUME ………………..52,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Wednesday, January 25, 2012 at 2:27 PM

Gold Settles $35.60 Higher … ($1700.10)

Today’s February Gold Futures session traded a very volatile $54.10 range. The market rallied hard after the 11:30 CST. FOMC news release stating that there would be no ate increase through at least late 2014. They also stated that expect to maintain a highly accommodative monetary policy. This may indicate more easing in the future. The Gold market rallied from the $1666 level to the daily high $1703.30 in less than 1 hour. It appears that traders are seeing this action as U.S Dollar negative and precious metals friendly. The FOMC stated that the economy was expanding at a moderate pace and the high unemployment levels and depressed housing numbers remain a drag on the economy…

There still remains a large physical gold bullion presence from the Asian sector.

Silver also rallied strong settling at $33.12.1…$114.6 higher for the day…..

My swing numbers 1/26
February Gold
RESISTANCE # 2………$1738.00
RESISTANCE # 1………$1719.00
PIVOT…………………...$1684.00
SUPPORT # 1…………..$1665.00
SUPPORT # 2…………..$1630.00
VOLUME………………...137,000

March Silver
RESISTANCE # 2……….$34.45
RESISTANCE # 1……….$33.80
PIVOT……………………$32.66
SUPPORT # 1…………...$31.99
SUPPORT # 2…………...$30.90
VOLUME…………………29,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Mike Daly, PFGBEST

1-877-294-4669

mdaly@PFGBEST.com
Friday, January 20, 2012 at 2:28 PM

Gold Settles $9.50 Higher … ($1664.00)

This week the February Gold Futures contract covered a choppy $38.70 range and settled at $1664.00 for the week. This week was a Holiday shortened four day session that resulted in quite a bit of bullish news for the precious metals. The recent rally momentum has forced some sorts to liquidate as the heavy physical buying from the Asian sector has given the precious metals an abundance of underlying support. Today’s session produced a volatile $23.80 range
Trading as high as $1666.80 and as low as $1645.20……Traders will be eyeing the FOMC’s two day meeting next Tuesday and Wednesday as hints from new voting members have indicated they are in favor of more stimulus…Possible QE3 ?

NEWS FROM THE WEEK:

Thursday:

Today’s initial Jobless Claims data was much better than projected. The number was 352,000
better than the 384,000 that was projected.

Wednesday:

There still appears to be physical buying support coming from the Asian sector primarily China and India. China will be celebrating its lunar New Year on January the 23rd. This is a time of gift giving and the gift of choice is Gold. India is entering its wedding season and their auspicious wedding dates begin on the 28th of January and extend through March. And as we Gold bugs are aware there is an insatiable demand for Gold during their wedding and festival seasons.
News from the European Union have revealed that credit rating agency Egan Jones has downgraded Germany to AA- from AA….Today’s weaker U.S dollar also fueled the mid session rally

Tuesday:

Asian sector continues to be the underlying support factor. After last Friday’s profit taking sell-off it is my opinion that the price dip offered a “bargain buying opportunity”.  As the Chinese Lunar New Year rapidly approaches (January 23rd) there is an increase in physical buying as the New Year celebration is a time for gift giving and Gold and Silver are the gifts of choice.
Also we are entering the Hindu wedding season as the most auspicious wedding dates begin January 26th…As we know India is the world’s largest annual Gold consumer and there is a lot of Gold and Silver given as gifts during their wedding season. I expect the demand from Asian jewelers to remain high…

MY SWING NUMBERS 1/231
MY SWING NUMBERS 1/23
FEBRUARY GOLD
RESISTANCE # 2…………$1679.00
RESISTANCE # 1…………$1667.00
PIVOT ……………………..$1658.00
SUPPORT # 1……………..$1646.00
SUPPORT # 2……………..$1637.00
VOLUME …………………..157,000

MARCH SILVER
RESISTANCE # 2………….$31.15
RESISTANCE # 1………….$30.83
PIVOT ……………………...$30.58
SUPPORT # 1……………...$30.26
SUPPORT # 2……………...$30.01
VOLUME …………………...42,000

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.