www.usfunds.com U.S. Global Investors Searching for Opportunities, Managing Risk March 2009 09-143 Frank E. Holmes CEO and Chief Investment Officer, U.S. Global Investors Gregory Weldon Weldon Financial David Galland and Louis James Casey Research What’s Driving Gold?
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www.usfunds.com
U.S. Global InvestorsSearching for Opportunities, Managing Risk
March 200909-143
Frank E. HolmesCEO and Chief Investment Officer,U.S. Global Investors
Gregory WeldonWeldon Financial
David Galland and Louis JamesCasey Research
What’s Driving Gold?
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Frank HolmesCEO and chief investment officer of U.S. Global Investors
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Gregory Weldon Founder of Weldon Financial
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Casey Research
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Weldon Financial
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Topics
• Mega-Easy Global Monetary Policy
• Wealth Deflation in U.S. Intensifying
• Global Trade and Export Revenue Deflation = Currency Crisis
• Japanese Yen May Be Next Currency ‘Domino’
• Gold and Silver Technical and Inter-Market Overview
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Narrow Money Supply Growth EXPLOSION
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Narrow Money Supply and Balance Sheet Growth Appears ‘Unsustainable,’ and Fed is Already ‘Retrenching’
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Bank of England has Cut Rates to RECORD LOW, Shifting the Focus Towards Quantitative Easing. Bank of Canada Cut Rates to 0.50%, and Discusses Quantitative Easing
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Swiss Money Supply EXPLOSION
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Swiss Short Rates Back to Historic Lows at 0.50%
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Central Bank of China Cuts Rates to RECORD LOW
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Even Japanese Money Supply Growth is Accelerating
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Trillions of Lost Net Wealth in US Residential Real-Estate Wipes Out YEARS of Wealth Accumulation and is Compounded by HUGE Equity Withdrawal and Borrowing … at Peak Prices
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US Net Worth Posts RECORD Decline in 3Q …Portending Horrifying 4Q Deflation
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Debt Levels Remain at RECORD HIGH, Following Years of Parabolic Growth in Post-Gold-Standard Era
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Home Prices Accelerating Lower. Five-Year Average is Trending Lower for the First Time in the Post-Gold-Standard Era !!!
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
The AMEX Gold Bugs Index (HUI) is a modified equal-dollar weighted index of companies involvedin major gold mining. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Reuters/Jefferies CRB Index is an unweightedgeometric average of commodity price levels relative to the base year average price. The Goldman Sachs Commodity Index is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility.
The following securities mentioned in the presentation were held by one or more of U.S. Global Investors family of funds as of 12/31/08: Newmont Mining Corp, Western Goldfields, New Gold, Kinross, GLD.
The opinions of our guest presenters are theirs and do not necessarily reflect those of U.S. Global Investors.