Thread: Gold Investors Strap Yourselves in This is Going to be HUGE

Gold Stocks Investors Strap Yourselves in This Rally is Going to be HUGE...

Commodities / Gold & Silver Stocks Oct 07, 2010 - 04:21 AM

By: Clive_Maund

We are on the point of a major breakout by Precious Metals stocks that is expected to lead to a powerful rally. The reason that the rally will be powerful is that stocks have been held in restraint since late last year by a zone of very strong resistance in the vicinity of the 2008 highs. This resistance is on the point of being overcome and when it is the last argument that bears are using to justify their position will crumble - namely that of the non-confirmation of gold's continuing new highs by stocks - and they will be forced to cover or face annihilation. This covering should give added fuel to the accelerating rally.

The concern that gold and silver are heavily overbought is of course understandable. However, some of the biggest rallies in markets have commenced with the market breaking out in an overbought state and then running an overbought condition for a long time as it continued higher, with all those who missed the boat waiting for a sizeable reaction that never happens. We are well aware that gold and silver are now extremely overbought on a short-term basis and thus prone to a sharp but relatively shallow �air pocket� reaction which should be bought aggressively, as any such reaction, although unnerving, is likely to be short-lived.



As we look at this 4-year chart for the HUI index, we can appreciate that the big gains lie right ahead of us for the market has barely broken out yet, and the blue arrow shows the kind of advance we can look forward to if it, and the XAU index, break out to clear new highs shortly. So despite the gains of recent weeks, the lion's share of the expected major advance lies immediately ahead of us.

Many investors have been vexed by the underperformance of PM stock relative to the metals. As we have seen on the HUI index chart, conditions are ripe for stocks to surge now. With regard to the possibility that stocks will soon outperform the metals, the chart for the HUI index over gold certainly makes for interesting viewing at this time. On a chart for this ratio going back 18 months we can see that it has been converging within a Symmetrical Triangle for over a year now and as it is approaching the apex of this Triangle it MUST break out soon. For various reasons it is expected to break out upside, not least of which is the fact that stocks have a marked tendency to follow gold. If it does and gold continues to ascend as expected, it is obvious that it is perfectly reasonable to expect a dynamic and substantial uptrend in PM stocks.



What about the possibility of the stockmarket crashing or going into severe decline and dragging the PM sector down with it? That used to be a concern of ours, but with the QE (Quantitative Easing) pumps running full blast, it doesn't look like we need to worry about that anymore. On the contrary the prospect of endless rounds of competitive devaluation and generous helpings of QE should keep things humming along nicely, with the bill being pushed onto the little guy later in the form of robust inflation.

We would like to end this article by giving thanks on behalf of the gold community to the gold-friendly geniuses at the US Federal Reserve, US Treasury and the government itself, whose imaginative and spirited bailouts, money creation and monetization have made possible an accelerating bullmarket in gold and silver and Precious Metals stocks. We salute you.

By Clive Maund
CliveMaund.com

http://www.marketoracle.co.uk/Article23303.html

Chasing Global Currency Crisis Tail-Risk with Gold

Commodities / Gold and Silver 2010 Oct 07, 2010 - 04:39 AM
By: Adrian_Ash

The "tail risk" of a currency crisis worldwide surely deserves close attention...

AH, THE LOVELY Peta Todd...

"[I am] delighted that gold has been found in the Chilean mine where 33 workers are trapped," the topless Page 3 model told readers of The Sun on Wednesday morning.

The former trainee hairdresser (30F-24-34) from Essex knows a thing or two about natural resources. Well, maybe not that natural...but like she told News in Briefs in The Sun, "The timing couldn't be better.

"Yesterday I noticed gold futures reached a record $1,340 an ounce after recent market volatility boosted demand for the metal."

Okay, so Peta's breathless analysis – courtesy of some under-sexed sub-editor in Wapping, East London – is a little awry. (Market volatility in gold actually stands at a 5-year low.) But it's little wonder gold only pushed higher again on her hot market commentary, breaking to new all-time highs above $1350 an ounce just after she shared her insights with The Sun's 7.6 million readers.

Gold, after all, is the antidote to official currency – the one monetary asset no one can create or destroy at will. Whereas in that snake-pit known as the FX market, Israel just joined the central banks of Argentina, Australia, Brazil, Chile, Colombia, Indonesia, Japan, Peru, the Philippines, Poland, South Korea, Switzerland, Romania and Ukraine in selling its own currency, and actively trying to depress its value, to preserve market share for its national export corporations.

Beijing, as ever, is being more subtle (or blatant, depending on the color of your rosette), allowing the Yuan to rise faster against the US Dollar than at any time in four years, but also buying Japanese and Euro-denominated bonds with its huge stockpile of Dollars, and thus "intervening" to undo other people's intervention.

Confused? You will be...shortly before you go broke if things carry on like this for much longer. Everyone's out to weaken their own money. Most especially against the fast-weakening Dollar. Yet Ben Bernanke hasn't even begun money-printing part II...and gold rarely looked a plainer "no brainer". Which should give both owners and would-be buyers cause for pause today.

Gold's current bull market began with a handful of people buying what central banks sold at the bottom of a two-decade slump. So what more climatic sell signal could a contrarian ask for than a topless model in the UK's best-selling rag? In late 1999, the New York Times asked "Who needs gold when you've got Alan Greenspan?" – just ahead of the DotCom Crash. The answer now looks so obvious ("Everyone!") it might seem time to get bloody-minded again. Maybe now you should sell short everything you can beg, borrow or steal in gold. Because what bigger crowd could you want than super-soft-porn lovers ogling Essex girls in the tabloids?

"Just because gold is a safe haven, that doesn't make it a cheap safe haven," as Graham Birch, long-time gold bull and former manager of the $5 billion Blackrock natural resources fund, said at last week's LBMA conference in Berlin.

Put another way, "If you are a high-net-worth investor, a sovereign wealth fund, or a central bank, it makes perfect sense to hold a modest proportion of your portfolio in gold as a hedge against extreme events," reckons Kenneth Rogoff, professor of economics and public policy at Harvard, and formerly the IMF's chief economist.

"But, despite gold's heightened allure in the wake of an extraordinary run-up in its price, it remains a very risky bet for most of us."

Risk is a relative beast, of course. And as a new research paper from gold-market development group the World Gold Council shows, the risks that gold investment can help defend against deserve weighing against those it might bring. But with gold now beating stock markets hands down for 10 years running, however, the longevity (if not rate-of-gain) in gold continues to raise doubts for new observers, just as it has done since early 2008.

Thing is, these cautious savers remain – like our Peta – just that: observers. Meaning that the real crisis, pulling in the real weight of money from inflation-wracked savers worldwide who previously felt safe enough to sit gold's bull market out, has yet to arrive...if ever it does. Nothing is certain, of course, but that "tail risk" – of today's central-bank action tipping into a genuine currency crisis worldwide – looks more than worth your attention, if only because of the disaster it would bring to even the most modest of modest cash savers. A collapse in monetary values the world over would seem the very definition of "infrequent or unlikely but consequential negative events", which is how the World Gold Council's latest research defines "tail risk" – meaning that kind of event sitting so far out on the distribution curve of investment returns, even the best academics don't feel the need to fret that they might happen.

Noting "legions of new consumers" in the resource-hungry emerging markets, for instance, Harvard's Ken Rogoff also sees Asian central banks buying gold...plus zero interest rates in the West...and "new financial instruments that make it easier to trade and speculate in gold". Set against this clear case for gold, however, Rogoff still feels that buying gold "remains risky" for private investors, despite delivering 15% annual gains for Dollar, Euro and Sterling investors on average since 2001.

Indeed, says Rogoff, it's "dangerous to extrapolate from [gold's] short-term trends". Which begs the question – first – of what could ever be cheap about a lump of metal that pays you nothing in interest? Second, just how short-term is gold's rising trend?

Let's put Peta's "incredible curves" (copyright Rupert Murdoch) aside for a moment. Rogoff says gold has risen by 300% in a decade, but that's no longer true for Dollar investors. Trading at $1350 in London on Wednesday morning, gold has now gained 300% in the last seven-and-half years, making it about as racy as, say, residential real estate in Northern Ireland (up 340% in the decade to Sept. 200, but less frenzied than Tokyo's Nikkei bubble (300% in the five years to Dec. 1989), or crude oil's pre-crisis top (300% in 42 months by mid-200, or the Nasdaq tech mania (300% inside 41 months ending Feb. 2000).

Yes, the gold top of Jan. 1980 was clearly a bubble in hindsight (and silver got it with bells on thanks to Texas oil-barons the Hunt brothers trying to corner the market). But quadrupling in eight years is a long way from doubling in six months – and the circumstances of late 1979 are a foreign country right now, even if the Fed's looming QEII does threaten (or aim?) to take us back to double-digit inflation.

The Iranian hostage crisis, the Soviet invasion of Afghanistan, plus rumors that the US Treasury had not only suspended but considered reversing its late '70s gold sales...these events made a "perfect storm" for gold which not even the collapse of the Dollar followed by the collapse of Lehman Brothers could match between 2007 and 2009. Instead, gold soared, fell, and then recovered as the financial world fell apart, offering shelter against the storms crashing into currencies, credit and equity risk-capital.

Holding 8.5% of a $10 million portfolio in gold, for instance, would have reduced losses incurred during the height of the financial crisis (Sept. 2007 to March 2009) by some $470,000 according to the World Gold Council's new research. No, few of us have that kind of money to worry about. Yes, management and transaction fees in most "retail" products would make creating a well-diversified portfolio in miniature too costly, as well. But the fact remains that bad news tends to be good for gold, however much you own. Just ask a Mexican, Russian, Korean or Thai cash-saver who didn't also own gold how things panned out for them in the late 1990s. Against equities too, gold tends to rise when stock-markets fall, if not slump.

"Whenever the S&P has lost 10% or more, gold has always been up," according to Shayne McGuire, head of the Texas Teachers' Retirement fund, speaking at last month's LBMA conference in Berlin.

So sure – The Sun's Peta might be ringing a bell at the top ("Ding dong!" as Lesley Phillips would say.) But you can't guess whether or not insurance is cheap unless (and until) the insured disaster strikes...and you then count the cost of not being covered.

By Adrian Ash

http://www.marketoracle.co.uk/Article23306.html

Japan, U.S. Prepare For More Money Printing

Interest-Rates / Quantitative Easing Oct 07, 2010 - 08:58 AM

By: Chris_Ciovacco

Stalling economies around the globe have prompted central bankers to increase their asset purchase or quantitative easing programs. As central banks print money to purchase assets, they increase the amount of paper dollars in the economy, which is often referred to as “inflating the money supplyâ€

Too bad I don't own any of it!

Gold Spikes on "Same Old Story" as US Sheds Jobs

Commodities / Gold and Silver 2010 Oct 08, 2010 - 08:39 AM

By: Adrian_Ash

THE PRICE OF GOLD in wholesale dealing jumped against the Dollar at the start of New York trade on Friday after the Bureau for Labor Studies said US payrolls shed 95,000 jobs in September.

Earlier hitting a 3-session low beneath $1326 per ounce, the gold price had already recovered to $1335 before spiking – briefly – above $1340 on the news.

"The daily chart shows $1320 is an important pivot," reckons Russell Browne at Scotia Mocatta, "followed by this week's low of $1312.

"A lower close [on Friday] will trigger selling of the metal from shorter-term traders."

"Consolidation is coming," a Hong Kong dealer agreed to Reuters earlier.

"We've been expecting some correction for some time...But the bullish trend [in gold] is still here. We still have low interest rates, and the economy is not stable – the old story."

Today's poor US data forced a spike up in the Euro towards $1.3950, while the Dollar also slumped to a fresh 15-year low against the Japanese Yen below ¥82.

Japanese prime minister Naoto Kan said today that Tokyo wants to cooperate with its G7 partners, but will take "decisive steps" if the Yen keeps rising against the Dollar, thus making Japanese exports uncompetitive.

"I say to Europe's leaders – don't join the chorus pressing China to revalue the Yuan," said Beijing's premier, Wen Jiabao, mid-week.

Politicians from the 187 member states of the International Monetary Fund are now converging on Washington for this weekend's annual IMF meeting, with what Brazil's finance chief last week called the global "currency war" set to dominate proceedings.

"The [US] Fed...created the problem in the first place," said Nobel Prize-winning economist Joseph Stiglitz in a speech at the Canadian Consulate on Wednesday.

"[Now] it feels guilty...But the consequence of [its zero-rate] monetary policy is competitive devaluation."

Back in the spot gold market on Friday, prices for Eurozone investors also rose as the Dollar fell, but gold was little changed from last week's finish at €30,100 per kilo.

Germany's trade surplus slipped in August, new figures showed, but beat analyst forecasts at €11.7 billion.

New data also showed UK factory-input prices rising 0.7% last month from Sept. – some 9.5% year-on-year – as the British Pound slipped 2.3% on the foreign exchange market.

The gold price in Sterling rose to £840 an ounce today, while London's stock-market also cut its earlier losses.

Crude oil fell through $81 per barrel.

"Thursday was a very crazy day," says Swiss refinery group MKS in its daily note after Dollar-gold prices dropped almost $40 from a new record top of $1364, with silver prices "literally flying to the moon."

Silver today rallied to $22.70 an ounce – some 3.5% below Wednesday's new 30-year record, but more than 2.5% higher from last Friday's close.

By Adrian Ash

BullionVault.com

http://www.marketoracle.co.uk/Article23347.html

Gold Stocks HUI Hits New Record High
Commodities / Gold & Silver Stocks Oct 08, 2010 - 12:12 PM

By: Zeal_LLC

Inspired by gold’s relentless momentum, investors drove the flagship HUI gold-stock index to new all-time highs this week. While great fun for all of us with capital deployed in this sector, seeing the best levels in history often spawns anxiety in those with a contrarian bent. Following gold stocks’ run into record territory, are they in danger of an imminent correction?

Interestingly, the history of today’s secular gold-stock bull suggests the answer is they’re not. The manner in which the HUI achieved its new record highs this week has always led to big surges historically. And if today’s upleg holds true to this extensive precedent, the gold stocks have a lot farther to run yet before a healthy correction arrives to rebalance sentiment.

Since mainstreamers are largely just starting to discover gold stocks, a lot of people assume this bull is fairly new. This couldn’t be farther from the truth. The HUI bottomed in November 2000, a whopping 10 years ago, at 36. As of this Wednesday, this index has enjoyed a stupendous 1375% bull run since those humble beginnings! For comparison, the benchmark S&P 500 lost 16% over this exact span. Gold stocks have easily been one of the best-performing sectors, if not the top one, of this entire past decade.

Now 10 years is a great deal of time to observe the behavior of anything. Whether you’re watching your kids, prairie dogs, or the financial markets over such a long span, definite patterns and tendencies emerge. And in gold stocks’ case, these can be traded with great success. In our popular Zeal Intelligence monthly newsletter, we realized our first gold-stock trade in March 2001. Nearly 100 gold-stock trades later in this publication alone, ZI’s average annualized realized gold-stock gain (including all losing trades) is +58.8%.

One of the HUI’s patterns that helped us achieve such stellar returns over the past decade is its drift-surge tendency. Periodically gold stocks rocket higher in massive new uplegs, leading to enormous gains for investors and speculators. But these mighty runs leave this sector super-overextended. So gold stocks need to drift sideways and consolidate for a year or two after these surges, giving traders time to digest and ultimately accept the new prevailing price levels.

New record highs in the HUI are seen at a couple distinct times in these drift-surge cycles. The first is during a surge, within the gigantic uplegs. The second is after a drift, a year or more into a high consolidation. When record highs are seen late in surges, it is definitely a warning sign of an approaching top that traders should heed. But when they’re seen late in drifts, they herald the birth of major new uplegs. Thankfully this week’s HUI records fall into the latter category.

As a good chart is worth far more than a thousand words, all of this is much easier to understand visually. This first chart superimposes the HUI (blue) and some of its key technicals over the gold price (red). This sector’s drift-surge tendency that is so incredibly profitable to exploit is crystal-clear from this long-term perspective. And provocatively we are finally exiting the biggest and longest drift of this entire bull.



Massive gold-stock uplegs catapult their definitive index to major new highs, which are marked by numbers above. The HUI’s entire 1375% gains since late 2000 were achieved exclusively during these mighty runs. Following these surges, this index drifted sideways for a year or two in high consolidations. But eventually gold keeps powering higher in its own secular bull, and traders get comfortable enough with prevailing gold-stock levels to start bidding them higher again. And the next surge emerges.

While the heights of the surges and lengths of the subsequent drifts varied a bit, this greater drift-surge cycle worked like clockwork. For our purposes today, let’s start with the fourth major surge on this chart. It ultimately carried the HUI to new all-time record highs back in March 2008. There are many parallels between this last major surge and what certainly appears to be the next one already underway today.

That fourth surge technically began in mid-August 2007 when the HUI bottomed during the precious-metals summer doldrums. It started gradually gaining ground in August but really took off in September. It didn’t exceed its previous surge’s record high from May 2006 (number 3 on the chart) until late-September 2007. After that milestone the HUI was off to the races, powering higher on balance until March 2008’s record high of 515. This fourth surge’s top was 31% above the previous one’s peak.

All of this ought to sound familiar. This year, the HUI bottomed in late July also during its summer doldrums. It rallied in August and September, but didn’t exceed its March 2008 record high until just this week (early October). And this wasn’t a late-surge record far above anything yet seen, it was merely a slight advance over a previous record set about 2.5 years earlier. Today the HUI is hitting new record highs emerging from a long drift, which means we are almost certainly in the next major surge!

This last drift was obviously much longer and messier than most, because it happened to straddle an epic once-in-a-century stock-market panic. Just like in all sectors, extreme fear drove traders to dump gold stocks at a frightening pace during this crazy episode. Between July and October 2008 alone, the HUI plummeted a sickening 68%! It was a bloodbath. But it was also an unsustainable anomaly as I pointed out often at the time. And indeed the HUI quickly recovered.

By autumn 2009, this index had fully regained its pre-panic drift zone. In terms of the greater drift-surge cycles in this gold-stock bull, the panic’s impact is ultimately irrelevant. Gold stocks plunged far too low relative to gold prices and their own fundamentals, but immediately after that they started soaring back up again to completely unwind these irrational losses. You could erase the stock-panic anomaly and post-panic recovery from this chart, it was just a temporary distortion that soon righted itself.

This epic anomaly did serve to lengthen the HUI’s latest drift cycle though. Its high consolidation that started in early 2008, the basing zone from which its next surge is launching, was essentially mothballed between summer 2008 and autumn 2009. But over the past year since this index regained its pre-panic drift range, it has resumed its high consolidation as if the panic never happened. So ex-panic, traders have had a couple years or so to get comfortable with higher gold-stock prices first seen in early 2008.

And after a high-consolidation drift, a new surge is due. This week’s marginal new record highs in the HUI offer strong confirmation that this next surge is already underway. And this one ought to be exceptionally large. Gold prices are much higher today than they were in March 2008 ($1000) when the HUI originally hit these levels. Since the gold price drives gold miners’ profits, and long-term profits drive stock prices, eventually the gold stocks will have to rally far to reflect today’s much-higher gold levels.

A couple weeks ago I wrote an essay chronicling the massive undervaluation of gold stocks relative to gold. For 5 years prior to the panic, the HUI traded in a well-defined range relative to gold. The panic threw this all-important HUI/Gold Ratio into total disarray. And though the HGR has recovered much, it still remains way too low. In this entire secular bull, we’ve never seen a HUI surge start at such an undervalued level relative to gold. Thus gold stocks probably have a lot farther to run than usual.

While longer-term cycles like the HUI’s drift-surge are very powerful trading tools, it is always critical to consider short-term technicals as well. If gold stocks get really overbought, they are bid up too far too fast, they need to correct to rebalance sentiment (eradicate excessive greed) regardless of where they happen to be in their longer-term cycles. So it’s important to consider whether or not this week’s records occurred in a wildly-overbought HUI.

My favorite way to measure oversoldness (lows, time to buy) and overboughtness (highs, time to sell) is through a trading system I created many years ago. I called it Relativity, as it looks at prices relative to a gradually-following baseline. When they get stretched too far beyond this baseline, they have rallied too far too fast, they are due for an imminent correction. The baseline that Relativity employs is the venerable 200-day moving average, which slowly rises throughout a bull yet still filters out all the chaotic daily noise.

The Relative HUI (rHUI) is derived from dividing the HUI’s close by its 200dma. When charted over time, this multiple creates a horizontal trading range. It shows how far gold stocks as a sector tend to advance beyond their flagship index’s 200dma before they are simply too overextended to continue higher. And today, despite the HUI’s recent rally and its new record highs, this index isn’t even close to being overbought yet!



The light-red line here is the rHUI multiple, and it is simply the result of dividing the blue HUI line by its black 200dma line. In Relativity-based trading, I generally consider the latest 5-to-6 year span to define a trading range. And in the rHUI’s case, most of its activity falls between 0.95x on the low side to 1.40x on the high side. Think of this range as a probability band. The lower in the range, the better the odds the HUI is going to rally. The higher in the range, the better the odds the HUI will soon correct.

Note that back in late July when this current HUI surge started, this index fell under its 200dma (0.982x) to approach the bottom of its relative range. This was a strong buy signal I shared with our subscribers. And despite the HUI’s nice 23% run higher since late July, even at this week’s record highs the rHUI still remains low in its trading range. As of Wednesday, the HUI at 531 showed an rHUI reading of only 1.185x. In other words, the HUI was trading just 18.5% over its 200dma baseline.

Compare this to past rHUI levels at major highs after massive surges or even big rallies. In June 2002 (top 1 above) the rHUI hit an astounding 1.821x! In December 2003 (2) the rHUI was running 1.554x when the HUI peaked. In May 2006 (3) the rHUI ran 1.438x as the HUI challenged 400 for the first time in history. In March 2008, even in a surge that never reached its full potential thanks to some Fed actions and the subsequent bond and stock panics, the rHUI still hit 1.302x as the HUI peaked at 515.

And then last autumn, which wasn’t the end of a surge but deep into the HUI’s extraordinary post-panic-recovery rally, the rHUI peaked at 1.397x in December 2009 when the HUI hit 511. At less than 20% above its 200dma today, the HUI is certainly not very overextended like it was at the ends of past major surges and rallies where it usually ran 40%+ above its 200dma. The HUI is simply not even remotely close to being overbought yet despite its new record highs!

This is wonderful news for gold-stock investors and speculators. It clears the way for this latest surge to continue powering higher in the months ahead. And it could be quite a run, ultimately peaking next spring at levels that most traders today would scoff at. In addition to gold stocks remaining far undervalued relative to prevailing gold prices today, seasonals remain very favorable on balance until May.

A lot of mainstream traders don’t realize that gold is heavily influenced by seasonal demand spikes. This gold seasonality leads to strong rallies between September and May that erupt each year like clockwork. A fascinating series of income-cycle and cultural factors combine to drive much-higher-than-average gold investment demand over this span. And naturally, rising gold prices drive very similar HUI seasonality. So the stars are certainly aligned for the HUI’s next big surge to continue powering higher.

At Zeal, we’ve spent an entire decade studying this gold-stock bull and successfully trading gold stocks through every kind of environment imaginable, including the panic. Our resulting knowledge, wisdom, and experience is second to none. And we keep relentlessly expanding our expertise. We recently finished a 3-month deep-research project that investigated all the junior gold producers trading in the US and Canada. The timing is great since elite junior gold stocks will really leverage the HUI’s gains.

We published comprehensive fundamental profiles of our dozen favorites (whittled out of a starting universe of nearly 100 stocks) in a new 27-page report. It represents the fruits of several-hundred hours of expert world-class research. While these stocks are already moving, we haven’t seen anything yet if the HUI indeed proves to be in its next surge cycle. For the bargain price of just $95 ($75 for Zeal subscribers), you can learn about these high-potential junior gold producers. Buy yours today!

And of course we also publish our acclaimed weekly and monthly subscription newsletters. In order to intelligently trade our own capital in high-probability-for-success scenarios, we have to continuously research and analyze the markets. All of this is distilled down into Zeal Speculator and Zeal Intelligence for our subscribers, so they can learn from and capitalize on all our hard work. If you want to know what to expect in the markets before it happens when opportunities to profit are greatest, subscribe today!

The bottom line is despite this week’s record highs in the HUI, the rally in gold stocks is probably just getting started. The HUI appears to be finally embarking on the next big surge in its long series of drift-surge cycles, which will likely carry it to dazzling new record highs before it gets overextended. The technical signature today is very bullish and matches what history shows early in new surges.

As if this wasn’t exciting enough, gold stocks remain deeply undervalued relative to prevailing gold prices which ought to supercharge their surge. And despite their run over the last couple of months, the HUI is nowhere close to looking overbought yet by historical standards. With such an extraordinarily bullish setup so early in gold stocks’ seasonally-strong months, traders shouldn’t delay in getting deployed.

By Adam Hamilton, CPA

http://www.marketoracle.co.uk/Article23354.html