1

TheWhiteHousevs.

theFed

©2018·PhoenixCapitalResearch,OmniSansPublish,LLC.AllRightsReserved.ProtectedbycopyrightlawsoftheUnitedStatesandinternationaltreaties.Thisnewslettermayonlybeusedpursuanttothesubscription agreement and any reproduction, copying, or redistribution (electronic or otherwise,includingontheworldwideweb),inwholeorinpart,isstrictlyprohibitedwithouttheexpresswrittenpermissionofOmniSansPublishing,LLC.·AllRightsReserved.

Disclaimer: The informationcontainedon thisnewsletter is formarketingpurposes only.Nothing contained in thisnewsletter isintendedtobe,norshallitbeconstruedas,investmentadvicebyPhoenixCapitalResearchoranyofitsaffiliates,norisittoberelieduponinmakinganyinvestmentorotherdecision.Neithertheinformationnoranyopinionexpressedonthisnewsletterconstitutesandoffertobuyorsellanysecurityorinstrumentorparticipateinanyparticulartradingstrategy.Theinformationinthenewsletterisnotacompletedescriptionofthesecurities,marketsordevelopmentsdiscussed.Informationandopinionsregardingindividualsecuritiesdonotmeanthatasecurityisrecommendedorsuitableforaparticularinvestor.Priortomakinganyinvestmentdecision,youareadvisedtoconsultwithyourbroker,investmentadvisororotherappropriatetaxorfinancialprofessionaltodeterminethesuitabilityofanyinvestment.OpinionsandestimatesexpressedonthisnewsletterconstitutePhoenixCapitalResearch'sjudgmentasofthedateappearingontheopinionorestimateandaresubjecttochangewithoutnotice.Thisinformationmaynotreflecteventsoccurringafterthedateortimeofpublication.PhoenixCapitalResearchisnotobligatedtocontinuetoofferinformationoropinionsregardinganysecurity,instrumentorservice.Informationhasbeenobtainedfromsourcesconsideredreliable,butitsaccuracyandcompletenessarenotguaranteed.PhoenixCapitalResearchanditsofficers,directors,employees,agentsand/oraffiliatesmayhaveexecuted, or may in the future execute, transactions in any of the securities or derivatives of any securities discussed on thisnewsletter. Past performance is not necessarily a guide to future performance and is no guarantee of future results. SecuritiesproductsarenotFDICinsured,arenotguaranteedbyanybankandinvolveinvestmentrisk,includingpossiblelossofentirevalue.Phoenix Capital Research, OmniSans Publishing LLC and Graham Summers shall not be responsible or have any liability forinvestment decisions based upon, or the results obtained from, the information provided. Phoenix Capital Research is notresponsibleforthecontentofothernewsletterstowhichthisonemaybelinkedandreservestherighttoremovesuchlinks.OmniSansPublishingLLCandthePhoenixCapitalResearchLogoareregisteredtrademarksofPhoenixCapitalResearch.OmniSansPublishingLLC-POBOX2912,Alexandria,VA22301

3

TRACK RECORD: RECENTLY CLOSED POSITIONS

Toviewthefulltrackrecordofallclosedpositionsrunningbacktoearly-2015,visit:http://phoenixcapitalresearch.com/privatewealthadvisory/track-record/Toviewourcurrentopenpositions,scrolltothebottomofthisissueofPrivateWealthAdvisory.

POSITION SYMBOL BUYDATE

BUYPRICE

SELLDATE

SELLPRICE

GAIN/ LOSS

BiotechETF IBB 11/15/17 $102.08 1/2/18 $108.87 7% WheatonPreciousMetals WPM 10/5/16 $20.83 1/2/18 $22.42 8% HelixEnergySolutions HLX 10/11/17 $7.75 1/9/18 $8.29 7% ExxonMobil XOM 12/13/17 $83.12 1/9/18 $87.08 5% EnterpriseProductsPartners EPD 8/10/17 $26.08 1/9/18 $28.16 8% DBCommodityETF DBC 9/13/17 $15.26 1/12/18 $16.97 11% GoldMinerETF GDX 9/20/17 $23.50 1/17/18 $24.44 4% GoldMiningJuniorsETF GDXJ 9/20/17 $34.11 1/17/18 $35.67 5% EuroTrust FXE 8/23/17 $114.05 1/29/18 $118.95 5% UltraShortOilETF SCO 1/17/18 $21.72 2/8/18 $23.66 9% UltraShortSilverETF ZSL 1/10/18 $31.27 2/9/18 $34.12 9% UltraShortS&P500 SDS 2/15/18 $38.82 3/22/18 $39.84 3% Facebook FB 5/31/17 $151.63 3/28/18 $152.13 0% Alphabet GOOGL 5/31/17 $987.72 3/28/18 $1,001.09 -1% UltraShortOilETF SCO 2/7/18 $22.71 4/11/18 $18.71 -18% LongTreasuryBondETF TLT 2/8/18 $118.69 4/11/18 $121.33 3% USDollar UUP 1/31/18 $23.25 5/9/18 $24.42 5% EnergyETF XLE 4/11/18 $70.56 5/9/18 $76.86 9% FranceETF(SHORT) EWQ 9/16/16 $23.38 5/30/18 $31.82 -36% ItalyETF(SHORT) EWI 9/16/16 $21.56 5/30/18 $30.05 -39% TechETF XLK 3/28/18 $64.15 6/5/18 $71.78 12% Alphabet GOOGL 4/25/18 $1,022.99 6/5/18 $1,148.34 12% WesdomeGoldMines WDO.TO 9/20/17 $2.05 6/14/18 $2.56 25% MetalsandMinersETF XME 3/22/18 $34.50 6/14/18 $38.24 11% RPXCorp RPXC 8/5/15 $15.48 6/18/18 $10.50 -32% CVS CVS 5/30/18 $65.99 6/20/18 $71.73 9% PublicStorage PSA 3/23/17 $225.92 6/27/18 $227.20 5% DiamondOffshoreDrilling DO 1/3/18 $19.77 6/27/18 $21.22 7% EnergyTransferPartners ETP 8/2/17 $21.00 7/19/18 $19.91 6% UtilitiesETF XLU 2/15/18 $49.68 7/19/18 $52.56 7%

4

1

Themarketsarenowfacedwithanewdynamic,namelythattheUSPresidentisatoddswiththeUSCentralBank,theFederalReserve,or“Fed”whenitcomestomonetarypolicy.Firstalittlebackground…AsIoutlinedinmybestsellingbookTheEverythingBubble:TheEndgameForCentralBankPolicyavailableonAmazonhere),onceformerPresidentRichardNixonseveredtheUSDollarfromtheGoldStandardcompletelyin1971,itopenedthedoortoexponentialdebtgrowth.Thereasonforthiswasthatfromthispointforward,USdebtholderscouldnolongerrequesttobepaidbackinGold.Putanotherway,theUSwouldserviceitsdebtssolelyinUSdollars…dollarsthattheUSFederalReservecouldprintatanytime.Whatfollowedwasdebtgrowththatfaroutpacedeconomicgrowth.Theendresultwasthatbythetimethelate‘90srolledaround,theUSfinancialsystemwassoleveragedthattheFedbeganintentionallycreatingassetbubblestostopthesystemfromdeleveragingduringeconomiccontractions.I’veshownthischartbeforebutitsummatesthesituationnicely.

The White House vs. the Fed July 26 2018

SHORT-TERM ISSUES

• TheTrumpWHhasturnedonthePowellFed

• Aweak$USDisnowallbutguaranteed

• Goldtofinallybottom?INTERMEDIATE-TERM

ISSUES • Inflationtradestooutperformstocksforthenext12months.

• $USDtodropintothemidtolow‘80s.LONG-TERM ISSUES

• ACrisisworsethan2008.• Eventualmarketcollapseof50%+inrealterms.

• Ascrambleforhigh-endcollateraltobringaboutderivativescollapse/implosionofbigbanks.

5

2

TotalDebtSecuritiesvs.GDPinTrillions$USD

Insimpleterms,theFedbeganacampaignofpurposelyproppingupthefinancialmarkets,particularlystocks.Thishasleadinvestorstocointheterm,“the[insertFedChairlastname]Put.”Ifyou’reunfamiliarwith“puts,”theyareoptionsthatpayyouifthemarketfalls.Inthissense,thethinkingbehindthephrase“theFedPut”isthatbecausetheFedstepintopropupthemarketswheneverstocksbegintobreakdowninabigway,investorswouldbe“paid”bytheFedtoinvestduringmarketdeclines.Thus,overthelast20years,we’vehadthe“GreenspanPut”the“BernankePut”andthe“YellenPut,”aseachsuccessiveFedChairsteppedintosupportstockswhentheywereclosetobreakingdownwhetheritbebycuttinginterestrates(Greenspan,Bernanke),announcingaQEprogram(Bernanke),orengaginginverbalinterventione.g.“theFedstandsreadytoact”(Greenspan,Bernanke,andYellen).Asaresultofthis,whenPresidentTrumpannouncedhisnominationofJeromePowellasFedChairinJanuary2018,theprimaryquestionforinvestorswaswhethertherewouldbea“PowellPut.”AsIoutlinedinmyinitialanalysisofJeromePowell(seetheissuetitledNewBossDifferentFromtheOldBossdated2/21/18)IdidNOTthinkthiswouldbethecase.

6

3

FedChairPowellhassinceconfirmeditbyembarkingonanaggressivetighteningofmonetarypolicywithSEVENplannedratehikesoverthecourseof2018-2019aswellasaQuantitativeTightening(QT)programthroughwhichtheFedwouldshrinkitsbalancesheetby$30billionpermonth(April’18-July’18)then$40billionpermonth(July’18-September’18)andfinally$50billionpermonth(October’18untiltheplaniscompletedwhentheFedbalancesheethits$3trillion).LookingatFedChairPowell’stestimonyaswellashisanswersduringFedQ&Asessions,ithasbecomeclearthatPowellisfocusedprimarilyontheUSeconomyratherthanthefinancialmarkets.WithUSGDPgrowthclockinginthe3%-5%range,PowellhasdecidedthattheeconomycanwithstandaggressiveFedtightening.ThisishighlyUSDollarPOSITIVEandhighlystockmarketNEGATIVE.Therearetwolargeproblemswiththis,however:

1) TheTrumpadministrationwantsaweak$USDforitstrade/manufacturingpolicies.

2) PresidentTrumphas“branded”thestockmarketaspartofhissuccessasUSPresident.

Regarding#1,throughoutthecampaigntrailaswellashisfirst18monthsinoffice,twoofPresidentTrump’sprimaryeconomicgoalshavebeen“fairtrade”andto“bringbackmanufacturingtotheUS.”Bothoftheserequirethe$USDtobeweak.Regarding#2(thestockmarket),PresidentTrumphasrepeatedlytakecreditforthebullmarketinstocksthathasoccurredsincehiselection.Indeed,weknowfromTreasurySecretaryStevenMnuchinthattheTrumpWhiteHouseviewsthestockmarketasa“reportcard.”Withover46%ofcorporaterevenuescomingfromoverseas,thestockmarketwillNOTperformwellwithastrong$USDoverthelong-term.SohereagainFedpolicyrunscountertotheTrumpWhiteHouse’sgoals.Putsimply,theTrumpWhiteHouseandthePowellFedhavebeenonacollisioncourseasfarasmonetarypolicygoes.FromJanuary2018-July2018,thistensionwaslargelyleftunspoken.Then,lastweek,PresidentTrumptooktohistwitteraccounttostatethefollowing:

China,theEuropeanUnionandothershavebeenmanipulatingtheircurrenciesandinterestrateslower,whiletheU.S.israisingrateswhilethedollarsgetsstronger

7

4

andstrongerwitheachpassingday-takingawayourbigcompetitiveedge.Asusual,notalevelplayingfield..

https://twitter.com/realDonaldTrump/status/1020287981020729344

....TheUnitedStatesshouldnotbepenalizedbecausewearedoingsowell.Tighteningnowhurtsallthatwehavedone.TheU.S.shouldbeallowedtorecapturewhatwaslostduetoillegalcurrencymanipulationandBADTradeDeals.Debtcomingdue&weareraisingrates-Really?

https://twitter.com/realDonaldTrump/status/1020290163933630464

Theseimplicationsofthesetweetsareasfollows:

1) PresidentTrumpiswarningthePowellFedtoslowthepaceofitstighteningprogram.

2) PresidentTrumpwillnowbetargetingbothChinaANDtheEUregardingtheirmonetarypolicies.

ThePowellFedmeetsnextTuesdayandWednesday.Soasoftoday,wehaveyettoseewhetherJeromePowell“gotthemessage.”ButiftheFedannouncesitwill“pumpthebrakes”onitsmonetarypolicynextweek,wewillknowthatPresidentTrump’smessagewasheardloudandclear.

If,however,thePowellFedchoosetoignorePresidentTrumpandcontinueswithitsproposedpolicies,thingscouldgetveryugly.

ThereislittleprecedentforasittingPresidenttoopenlyattacktheFed.Thelastsuchinstancewasintheearly‘70swhenthen-PresidentNixonurgedthen-FedChairArthurBurnstostartcuttingratestoaidtheformer’sPresidentialre-electioncampaign.

Burns,likePowelltoday,thoughttheeconomywasgoingstrong,andsoinitiallyignoredthepressurefromtheNixonWhiteHousetohalthisintendedratehikes.SoNixonthenhadproxiesstartpressuringBurns“behindthescenes”includingathreattohavetheFedabsorbedbytheUSTreasury.

THATgotthemessageacross.TheBurnsFedstartedcuttingratesinmid-1971However,Burnsfailedtoactquicklyenough,soNixonendedtheGoldStandardinAugusttounleashinflation.

Thistimearound,thingsarequitedifferent.

8

5

Firstly,thereisnomajormonetarypolicy,suchasendingtheGoldStandard,whichPresidentTrumpcouldemploy.Secondly,PresidentTrumphasmadehisattacksonthePowellFedbothEXPLICITandPUBLICviahisTwitteraccountwithits53+millionfollowers.

IbelievethatifthePowellFedcomesoutnextweekandpushestocontinueitsaggressivetighteningschedulePresidentTrumpwillendupfiringPowellbeforetheendoftheyear.

Regardlessofone’sfeelingsonthissubject,let’sfaceit:theTrumpWhiteHousehasZEROissueswithfiringseniorlevelofficials.Todate,PresidentTrumphasalreadyfiredhisSecretaryofState,hisChiefofStaff,twoNationalSecurityAdvisors,theheadoftheFBI,anactingAttorneyGeneral,andmore.

Withthatinmind,IsincerelydoubtPresidentTrumpwouldhaveissuesfiringaFedChair.Yes,itwouldresultintheusualwailingandgnashingofteethfromthemedia.ButthefactisthatPresidentcanfireaFedChairifhechooses.AndifsaidFedChair’sstrategyisseentobeendingthefamed“Fedput”thathasbeenadefactopolicyforthelast20+years,it’sunlikelythatinvestorswouldbetooupsetabouthimgettingfired.

ThisisonekeydynamicI’mwatchingtoday.

TheotherkeydynamicconcernsthesecondimplicationofPresidentTrump’stweetsfromlastweek,namelythatPresidentTrumpwillnowbetargetingbothChinaANDtheEUregardingtheirmonetarypolicies.

Here’sthattweetagain:

China,theEuropeanUnionandothershavebeenmanipulatingtheircurrenciesandinterestrateslower,whiletheU.S.israisingrateswhilethedollarsgetsstrongerandstrongerwitheachpassingday-takingawayourbigcompetitiveedge.Asusual,notalevelplayingfield..

https://twitter.com/realDonaldTrump/status/1020287981020729344

Now,criticswillwonderwhyPresidentTrumpleftoutJapaninhislistofcurrencymanipulators.AsIoutlinedinlastweek’sWeeklyMarketUpdate,IbelievetheTrumpAdministrationhasmadeadealwithJapanthataslongastheBankofJapanhelpstosupporttheUSstockmarket,PresidentTrumpwillrefrainfromtargetingJapanfortradeimbalances/currencymanipulation(seelastweek’swriteupforamoredetailedoutlineofthisscheme)

I’mnowevenmoreconvincedthatPresidentTrumphasmadesuchanarrangementwithJapan

9

6

astheBankofJapanleakedthatitwouldconsidertighteningmonetarypolicythedayafterTrumpmadehistweetsaccusingChinaandtheEUofbeingcurrencymanipulators.

Again,lookattheorderofthings1)PresidentTrumptweetsthattheEUandChinaandmanipulatingtheircurrenciesunfairly,leavingJapanoutofthemix,2)theBankofJapanleaksthatitisconsideringtighteningmonetarypolicytheverynextday.

AdramaticdayforJapan’sdebtmarketsawyieldssurgeonmediareportsofpossiblechangestothenation’sultra-loosemonetarypolicy,spurringthecentralbanktooffertobuyanunlimitedamountofbonds.

Theyieldon10-yeargovernmentsecuritiessoaredasmuchassixbasispointsto0.09percent,itsbiggestincreaseinalmosttwoyears,pullingtheyenhigherandweighingonstocks.WhiletheyieldcamedownafterthepurchaseofferbytheBankofJapan,itthenbouncedbacktojustonebasispointbelowtheday’shigh.

Thenewsreportsmaybea“atrialballoon,aimedpartlyatsignalingpolicywon’tbeonautopilotforever,”BloombergEconomics’YukiMasujimawrote.“WeexpecttheBOJtoraiseitstargetforthe10-yearyieldbyasmallincrementfromaround0percentnowaroundOctober,assumingkeyconditionsaremet:coreinflationisabove1percent,theyenisstable,andPrimeMinisterShinzoAbemakesasymbolicdeclarationthatdeflationisover.”

https://www.bloomberg.com/news/articles/2018-07-23/japan-s-bond-yields-jump-on-reports-boj-to-discuss-policy-change

Astheabovestoryattests,theBoJconsideredraisingthetargetedyieldofitsbond-buyingprogramfrom0%to0.1%.Grantedthatseemslikeasmallchange,butforaCentralBankwhosebalancesheetisequaltoover95%ofJapan’sGDPandwhichhasmaintainedZIRP/NIRPforthebetterpartoftwodecades,eventhissmalltighteningofmonetarypolicyisalmostunheardof.

IbelievePresidentTrumpcoordinatedthiswithJapaninadvancesothatcriticscouldn’tattackthefactheisnotincludingJapaninhislabelingoftheEUandChinaascurrencymanipulators.

Putanotherway,bymakingthisarrangement,ANDbycriticizingthePowellFedforraisingrates,PresidentTrumphasinsuredthathewillgetaweak$USDonewayoranother.

OnewaywouldbetheFedbacktracksonitsaggressivetighteningschedule.

TheotherwaywouldbethatPresidentTrumppunishestheEUforitsmonetarypolicy,

10

7

resultingintheEurorisingandthe$USDfalling.

Tounderstandhowhecoulddothis,youneedtoremembertwothings:

1) TheEurocomprises56%ofthebasketofcurrenciesagainstwhich$USDtrades

…and…

2)WhenaCentralBankbeginstotightenmonetarypolicy,particularlyifdoingsomeansendingaQEprogram,itscurrencyusuallyralliesaggressively.

Withthatinmind,considerthattheEU’sGDPgrewatannualpaceof2.4%in1Q18.AndEUinflationiscurrentlyat2%.Meanwhile,theECBcontinuestorunCRISIS-likemonetarypolicywithratesatNEGATIVE0.4%andQEat€30billionpermonth.

Again,theEU’seconomyANDinflationareat2%orhigher…andtheECBismaintainingNEGATIVEinterestrateswhileALSOemployingaQEprogram.Incontrast,theFedisengagedinQTandhasraisedratesSEVENtimes.

How’sthatforanimbalance?

Thisispureinsanity.ItisnowonderPresidentTrumpisattackingtheEUandtheECB.AndIhavelittledoubtthattheECBwillbeforcedtoacceleratethepaceofitsQEtaper/normalizationinthecomingweeks.

Putanotherway,itisnowclearthatthePresidentoftheUnitedStateswantsaweaker$USD.Andhe’sgoingtogetiteitherviatheFedortheECB.

Andthemarketsknowit.

Firstandforemost,the$USDhasjustslammedintoMAJORoverheadresistance.Anditisdoingthisrightas“goinglong”the$USDhasbecomeanEXTREMLYcrowdedtrade.Sentimenthereisinsanelybullish.

Putsimply,allthetrendfollowershavepiledintothistraderightasmomentumisending…andthePresidentoftheUnitedStateshasmadeitclearhewantsthe$USDlower.

11

8

Acloseupofthemostrecentportionofthischartrevealsthemomentumisfadingrapidlyhere.The$USDisjustoneoftwodowndaysawayfromlosingitsbullmarket.

12

9

Thebondmarketisalreadyactingasthoughthisisthecase.

Firstandforemost,theTIP:TLTratiohasbegunmovingintoaninflationarydirection.Bythelookofthings,we’reabouttobreakouttotheupsideofaMASSIVEtriangleformation.

ThisisHIGHLYinflationary/weak$USD.Remember,bondsalways“getit”beforestocksdo.AndrightnowbondsareSCREAMINGthataweak$USDiscoming.

WegetadditionalevidenceofthisfromtheEmergingMarketBondFund(EMB)whichisalsoHIGHLYsensitivetothe$USD(EMsarecurrentlysittingonover$4trillionin$USDdenominateddebtsoany$USDstrengthisaBIGriskforthem).

Asthebelowchartshows,EMBhasbrokenoutofitsdescendingchannel.ThisisVERYbullishindeed,andisanotherBIG“tell”thatthe$USDisabouttorolloverinabigway.

13

10

Elsewhereinthemarkets,$USDhedges/reflationplaysarereactingasthoughwe’reabouttoseepronounced$USDweakness.Copperlookslikeithasbottomed.

14

11

ThenextlegupwillseeCoppermovingto$3.30.

Bytheway,CoppersuggeststhatGoldshouldalreadybenorthof$1,250.

15

12

Speakingofwhich,IknowmanyofyouarefrustratedwithGold’srecentperformance.I’mrighttherewithyou.ItseemsasthoughGoldistakingFOREVERtobottom.ButitISbottoming.

Thepreciousmetalisnowrightatsupportagainandonthevergeofbreakingitsbullishfallingwedgepattern.

Uranium,(URA),anotherreflationplay,looksreadytoerupthigheraswell.

16

13

Elsewhereinthe“weak$USD”themeIseeEmergingMarkets(EEM)lookingtobottom.

17

14

EEMgotrejectedatmajorresistanceat$45.Thisisverycommonforabullrunthatisearlyinitsinfancy.Iexpectwe’lltakeout$45onthenexttryandbeonoutwayto$48shortly.

Thesamegoesforthecommodity-centricBrazil(EWZ).

Allofthesechartstellusthatthefinancialsystemisshiftingbacktowardsaweak$USDtheme.BetweenthisandthefactthatPresidentTrumphasbroadcastthathewantsaweak$USD,thestageissetforthistobecomethedominanttrendfortheremainderof2018.

It’sbeenalongtimecoming,butit’sfinallyhere.EithertheFedwill“pumpthebrakes”onitstighteningscheduleortheECBwillacceleratetheendofitsQEprogram.Eitherway,the$USDisgoinglower.Andourportfolioisperfectlysetupforthis.

Thisconcludesthismonth’sissueofPrivateWealthAdvisory.Barringanynewdevelopmentsyou’llnexthearfrommenextWednesdayinourusualweeklymarketupdate.Untilthen…

GrahamSummersChiefMarketStrategistPhoenixCapitalResearch

BestRegards,

18

OPEN POSITIONS

STOCKS PORTFOLIO

Pricesasofmarket’sclose7/26/18

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

AgriculturalCommoditiesETF RJA 1/12/17 $6.46 $6.00

-7%

USSteel X 3/15/18 $38.34 $37.24 -3% FreeportMcMoRan FCX 3/22/18 $18.30 $15.97 -12% ChinaETF ASHR 4/4/18 $30.94 $26.31 -15% EmergingMarketsETF EEM 4/4/18 $47.90 $44.53 -6% JapanETF EWJ 4/25/18 $60.58 $59.25 -1% AltriaGroup MO 5/30/18 $56.59 $56.10 0% FinancialsETF XLF 6/6/18 $27.95 $28.07 1% Walmart WMT 7/18/18 $87.86 $88.23 0% BrazilETF EWZ 7/18/18 $33.67 $36.11 7% RioTinto RIO 7/18/18 $53.90 $55.09 2%

BONDS PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

HighYieldCreditETF HYG 3/28/18 $85.35 $85.94 2% EmergingMarketBondETF

EMB 5/16/18 $108.49 $109.38 2%

LongTreasuryETF TLT 6/27/18 $122.11 $119.26 -2%

19

PRECIOUS METALS/ MINERS PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

Gold 3/17/10 $1,120 $1,222.00 9% Silver* 3/17/10 $16.23 $15.43 -5% FirstMajesticSilver*** AG 5/12/17 $7.91 $6.49 -13% KlondexMines KLDX 9/20/17 $3.61 $2.20 -39% Iamgold IAG 9/28/17 $6.40 $5.51 -14% SilverMiningETF SIL 10/4/17 $33.96 $27.70 -15% SilverMiningJuniorsETF SILJ 10/4/17 $12.22 $10.32 -13% GoldMiningETF GDX 6/6/18 $22.58 $21.39 -5% GoldMiningJuniorsETF GDXJ 6/6/18 $32.99 $31.91 -3%

SPECIAL SITUATIONS/HEDGES/SHORTS PORTFOLIO These are speculative positions and should be kept small

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

Apple(SHORT) AAPL 3/23/17 $140.92 $194.21 -38% Russell200ETF(SHORT) IWM 6/26/18 $163.38 $168.36 -3%

CASH POSITION

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

AustralianDollarETF FXA 5/10/18 $75.13 $73.85 -2%

Pricesasofmarket’sclose7/26/18

20

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

CopperMinersETF COPX 12/21/17 $26.55 $23.90 -10%

ArcelorMittal MT 12/21/17 $32.77 $31.26 -4% CorsaCoal CRSXF 12/21/17 $1.20 $0.96 -20% UraniumETF URA 1/17/18 $14.93 $13.37 -9%

Pricesasofmarket’sclose7/26/18

INFLATION PORTFOLIO