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1,300 Years of Strife and 100 Years of Oil War: Invest Ahead of the Oil Price Melt-up Between failing states, civil war and the threat of Western intervention, the Middle East is falling apart. How should investors adapt? Byron lays it out in this quick take on Syria, Egypt and the road ahead…

Profit From America’s “Golden Highway”: An Unconventional Way To Play Gold’s Next Rise It takes more than miners to put gold bullion on the market, and that means more ways to invest in the Midas Metal! This month, Matt shows us how to sidestep beaten-down miners with an industry that’s still going strong…

Breaking News — Sell Alert: HRT Strikes Out Offshore Namibia After drilling three “dry holes,” HRT Petroleo is calling off its “Namibian Campaign.” Byron gives us a quick take on what happened and how to move on from here…

Five Three Hot (Nuclear) Buys and Two SellsThis month, Byron streamlines his nuclear investment strategy in light of some big changes, all on page 7!

Action to take: Sell HRT Petroleo (HRP: TSX-V)

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DJIA 15482.92 n Spot Gold $1310.28 n CRB Index 289.46 n Spot Oil $105.90

1,300 Years of Strife and 100 Years of Oil War:Invest Ahead of the Oil Price Melt-upBy Byron King

The ongoing conflict in Syria is fanning flames across the entire Middle East. It’s another tragic, gruesome aspect of the “Oil Wars” scenario that I’ve developed in these pages over the past few years.

For the moment, Pres. Obama has postponed airstrikes against Syrian targets until we see how Russia’s disarmament offer pans out. But there’s no telling where things will stand a few weeks from now. Either way, it’s ugly, and could get uglier in a hurry.

As an investor, you need to move away from this looming confla-gration! Expanding Middle East conflict has the potential to drive global energy prices through the roof. Thus, you want to preserve your wealth in the days to come and angle toward the best pros-pects for future gains in a tumultuous world. I’ll give you my best ideas in this article.

Strife on Top of OilThe Middle East is a hotbed of religious strife, and I do NOT just mean the shopworn list of contentions between the Jewish state of Israel and its Arab-Islamic neighbors. No, I’m referring to the long-standing divide between two main factions of Islam, Sunni and Shia. These two factions seethe with hatreds that go back to the founding of Islam in the seventh century.

Iran (for many millennia called Persia) is predominantly Shiite. Meanwhile, numerous Arab nations in the region are mostly Sunni, but with large Shiite areas in strategic locales.

What do I mean by strategic?

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Take a look at the map below. You can see a break-down of the territory the two factions control, cen-tered on what I call the “oil corridor,” which spans the bottom of the Arabian Peninsula up into the southern reaches of the former Soviet Union:

Looking at the map, it’s clear that many of the larg-est oil-producing areas in the Middle East are in Shiite-dominated jurisdictions. This is certainly the case with Iran. That, and Shiite domination is also the case for many major oil fields of the Kingdom of Saudi Arabia (KSA) and Iraq, as well as up into the “Stans” of the former Soviet Union — source of many a jihadist warrior, not coincidentally.

Saudis SurroundedNow let’s look at larger pat-terns of conflict across the Middle East using the world’s largest petro state, Saudi Arabia, as the focus. Here’s the map, and I’ll explain the flaming symbols in a moment:

Look at the world from the Saudi/Sunni perspective. Virtually all Saudi oil exports pass through what navy peo-ple call geographic “choke points.” That is, tankers pass

through narrow oceanic zones that are subject to closure or make for relatively easy attack.

For the kingdom of Saudi Arabia, the problem begins with the Strait of Hormuz in the east, where Iran could make quick mischief if the mullahs were so moved. To the south, KSA is hemmed in by the nar-row opening of the Red Sea. To the northwest, Saudi sea access is limited by the need to travel through the Suez Canal. Thus, right away, KSA has a strategic issue with access for its oil to world markets.

Over and above the maritime choke points, east-ern KSA oil fields are populated by Shiite groups with questionable loyalty to the Saudi government. How bad are things? Well, for many decades, Shiites have been barred from serving in the Saudi army or a parallel internal paramilitary organization called the Saudi Arabian National Guard. The top Saudi people simply don’t trust the Shiites.

Just across the gulf from Saudi Arabia to the northeast is Shiite Iran, a traditional rival to KSA in all manner of geopolitical issues. Directly north of KSA is Iraq, and in the aftermath of U.S. withdrawal, there’s new and growing Iranian influence there as well.

To the northwest of KSA is the entire mess of Syria-Lebanon, where Iran and Russia support the Syrian govern-ment as a client state. Meanwhile, also northwest, Israel is hardly an ally of the Saudis, although there’s more of a modus vivendi between the two nations than most people think or either nation likes to advertise.

Outstanding Investments is published monthly by Agora Financial LLC, 808 St. Paul Street, Baltimore, MD 21202-2406, www.agorafinancial.com. Subscriptions are US $99 per year for U.S. residents. POSTMASTER: Send address changes to Agora Financial LLC, Customer Service Department, PO Box 960, Frederick, MD 21705. Customer Service: 800-708-1020 or 410-454-0499; e-mail: customerservice@agorafinancial.com.

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The information contained herein has been obtained from sources believed to be reliable. While carefully screened, the accuracy of this information cannot be guaran-teed. Signed articles represent the opinions of the authors and not necessarily those of the editors. Neither the publisher nor the editor is a registered investment adviser. Readers should carefully review investment prospectuses, when available, and should consult investment counsel before investing. Executive Publisher: Addison Wiggin; Publisher: Joseph Schriefer; Associate Editor: Richard Conlan; Graphic Design: Mena Fusco

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To the west, across the Red Sea from KSA, Egypt is in turmoil. Saudi leaders have made no secret of their dislike for the now deposed Egyptian Muslim Brotherhood, whose brand of Islam has long made trouble for KSA rulers, within Saudi Arabia and across the globe. As things now stand, Saudi sheiks are bankers to Egypt’s military government, pay-ing for most day-to-day operations as well as large imports of food and fuel to Egypt.

To the south of KSA, Yemen is a hotbed of anti-Saudi activity. Press reports state that the Saudis permit U.S. drones to operate from Saudi territory and fly over Yemen to blast insurgents. That, and KSA has configured much of its military to fight against Yemeni forces, to include direct airstrikes and ground combat against Yemeni insurgents in the past few years.

The point is that Saudi Arabia — essential to the global oil supply — is surrounded by strategic choke points as well as restive groups of Shiites. Entire populations and Islamic sects across the Middle East want to see KSA go down, either through internal strife or external meddling. And if that happens, it could instantly drive oil prices much higher.

Saudis on the DefenseOf course, the Saudi ruling class is savvy to all of these issues. KSA has strong military forces, as well as the above-noted National Guard to keep the peace internally. That, and KSA has a remarkably good intelligence capability based on excellent development of personal contacts across the Middle East and throughout the world.

Still, if the Syrian war escalates, risks climb. If the U.S. shoots missiles or drops bombs, all bets are off. As I said above, it could get ugly in a hurry.

In Syria, the Saudis have backed the rebels who fight against that nation’s government. In the event that the rebels lose — which is likely, sooner or later — it will be a major strategic and policy disaster for the Saudi government. And then, there’s no predicting exactly what might happen next within KSA, along its borders, at its strategic choke points or in any other respect.

Invest Away From the Middle EastIf bad things happen to Middle East oil exports — certainly if something bad happens inside KSA — stand by for global oil disruptions and price spikes. Oil will quickly cost more, and the price you pay at the pump will soar.

You should invest away from the turmoil in the Middle East. Focus your energy portfolio far from the ancient strife and oil wars of that region.

What are some of the best ideas? Well, current oil price levels support strong drilling programs in North America and across the world. I expect continuing, long-term support for North American land drillers like Nabors Industries (NBR: NYSE) as well as drill pipe makers like Tenaris (TS: NYSE).

Long term, prospects for oil service companies are excellent — meaning you should hold shares in great firms like Baker Hughes (BHI: NYSE), Schlumberger (SLB: NYSE) and Halliburton (HAL: NYSE).

Then there are the offshore plays, far from the fight-ing of the Middle East. These include superb offshore equipment builders like FMC Technologies (FTI: NYSE) and Cameron International (CAM: NYSE).

Drilling giant Transocean (RIG: NYSE) traded down over the summer, but is poised to rebound. RIG earnings are growing, while shares pay 5% yield on dividend. If events in the Middle East unfold badly (which is not unlikely), the offshore space could heat up to white-hot. A company like Transocean, with the world’s largest fleet of deep-water rigs, will be in a commanding position.

One company that has paid off for many OI read-ers is Oceaneering International (OII: NYSE). Oceaneering provides deep-water support services like remote-operated vehicles (ROVs) that perform work and inspections up and down the riser string between a floating rig and the seafloor. Shares in OII traded at $44 in July 2012 and are now up over $81. The price-earnings ratio is high, at about 25 or so, reflecting strong growth prospects. Still, Oceaneering has growth in front of it.

America’s “No Zone”One final point. For as well as the offshore space has performed since the BP (BP: NYSE) blowout in 2010, there’s much more still to come. That is, development in the U.S. offshore space is highly restricted by federal policy. Indeed, only a small portion of the U.S offshore is open for leasing. The rest is what I call the “No Zone.”

You can drill only offshore Texas, Louisiana, Mississippi and a bit of Alabama.

When (not “if”) things get even worse in the Middle East and oil prices soar, we’ll see public pressures to

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open up large new areas of the U.S. offshore space. The unintended consequence of impending disaster in the Middle East will at least serve the beneficial purpose of forcing the U.S. government, policy and media elite to construct a coherent narrative about what’s happening to the nation — or so I hope.

Over the long term, the above-noted offshore and oil service companies will do even better as the U.S. scrambles to develop its domestic energy resources. Not a moment too soon, some might say.

Gold mining ain’t easy.

From “Big Gold” to junior miners, pulling ore out of the ground for a profit was a tough task over the past two years.

Rising mine costs and lower precious metals prices were a disaster for many miners — something you can easily see with a quick glance at share prices over the past two years. It’s been a bloodbath.

However, there has been one “unconventional” gold player that’s been making it work.

While the price of gold has dropped 27% and the miners are off some 60%, this company is up over 74%. What’s the secret recipe to success? Let’s take a look…

Gold Country USAEarlier this year, I was kicking rocks in Nevada, where you’ll find the world’s second largest gold field.

I was visiting an upstart gold mining operation, and it gave me a great look at what miners have to do to make a buck these days. In short, there aren’t many “bonanza”-style deposits where you can pluck a nugget from the pile. There are, however, a growing amount of deposits that need high-tech science and chemistry to eke out a profit.

But the mining operation isn’t where the opportuni-ties stop. Not by far! In Nevada, I quickly learned about an unconventional way to play precious metals.

You see, when local miners process their own ore, they come up with a semirefined product called “dore.” Dore is an alloy that contains gold, silver and some other imperfections.

At most mining operations, large or small, dore is the end product. Where’s this dore go from there? Glad you asked…

Follow the Golden Highway!To turn that dore into fungible, marketable gold and silver (or platinum), miners need to send their dore to a refiner.

In Nevada, most of the dore heads east on Interstate 80, which runs from Elko, Nev. — home of the Carlin Trend — to Salt Lake City, Utah. By no stretch of the imagination could we say that Interstate 80 is America’s “golden highway”!

Salt Lake City is home to one of America’s largest gold and silver refiners: Johnson Matthey Gold & Silver Refining, a wholly owned subsidiary of Johnson Matthey PLC (JMPLY: OTCBB).

Johnson Matthey is NOT a miner, but it IS a great, unconventional way to play precious metals.

Off the bat, the company is the largest global, full-service refiner of precious metals in the world. So when miners need to get their gold, silver or platinum to market, they fill out a packing slip and send their dore to Johnson Matthey.

Profit From America’s “Golden Highway” An Unconventional Way to Play Gold’s Next Rise…By Matt Insley

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From there, Johnson Matthey can service the London Bullion Market, the CME Group, the Tokyo Stock Exchange and the Dubai Multi Commodities Centre. Simply put, there’s no need for miners to sell gold at a discount. Instead, it’s on the global market (heh, probably ending up in China’s gold hoard!).

From an investment standpoint, the refining busi-ness has some advantages over miners. Instead of worrying about cost overruns and the price of bullion, a refiner just worries about volume — and with a worldwide mining craze still in full swing, the volume is palpable.

Add it all up and the share price for this refiner has easily outpaced gold since the market recovery began in early 2009.

Better yet, even as the price of gold dropped in the past two years, Johnson Matthey was still mak-

ing money and the share price was on the rise.

Johnson Matthey also beat the pants off of mining shares. Using the gold miners ETF (GDX) as our guide, miners were off over 60% in the past 24 months, while Johnson Matthey jumped 74%.

Going forward, there’s still plenty of upside for this company, too. Since my Nevada trip in late spring, shares of JMPLY are up over 15%. Part of that rise is due to the precious metals refining business, but a lot of it comes from another big profit center…

Besides refining, Johnson Matthey is a huge player in the platinum/palladium and catalytic converter market. Indeed, the same forces that will light a fire under the platinum and palladium markets are also supporting the fundamental case for Johnson Matthey’s catalytic converter business.

The catalytic converter market is red-hot right now, with huge upside. With more cars heading into Asian, American and now-recovering European markets, the demand for platinum- and palladium-lined catalytic converters is heading higher.

Add it all up and you’ve got a two-pronged way to profit. Keep an eye on this “unconventional” gold player!

Solid Uptrend for JMPLY

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Breaking News — Sell Alert: HRT Strikes out Offshore NamibiaBy Byron King

This past July at the Agora Financial Wealth Symposium in Vancouver, one speaker made the point that stock markets are “priced for perfec-tion.” That is, major indexes, collective share prices, price-earnings ratios, etc., indicate an over-all market psychology that everything is fine and getting better.

Well, broad indexes may be doing fine. But I regret to tell you that in mid-September, HRT Petroleo (HRP: TSX-V) announced that its third well offshore Namibia, called Moosehead-1, is a “dry hole.” HRT has struck out in this major, aggressive, frontier, deep-water drilling program. Sell HRT.

HRT found much of what they expected in the rocks beneath Moosehead-1. That is, the third well found “Brazil-style” carbonates, and even hydrocarbons. But the rocks have bad porosity. Whatever is down there won’t flow into a well. So you can say that HRT found what they were looking for, except for commercial oil.

How about us investors? Did we get what we were looking for? No. Investmentwise, HRT is a wreck. The company drilled three wells offshore Namibia in the past six months for three dry holes. From our standpoint here in OI, the fundamental investment reason for holding HRT has vanished. Our HRT position is way down. This game is over.

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Sell HRT. (Note that I discussed all of this in more detail in an email to subscribers dated Sept. 10, 2013.)

Action to take: Sell HRT Petroleo (HRP: TSX-V).

Now let’s move on and cover the broader picture for investing in the rest of 2013. As I noted at the beginning of this section, broad-share markets are priced for perfection. Investors have bid all sorts of things — banks, tech, transportation, etc. — up to frothy highs or near-highs. Of course, as you know, the frothy top is far from the case for mining companies, despite a mild August rebound from deep lows in June and July.

So the question follows: Why should investors buy into this allegedly “perfect” market just now? Metrics indicate many sectors and companies are priced as if nothing can go wrong. Yet we all know that things DO go wrong — witness HRT, above — thus, the flip side is that many plays are poised for a tumble. We just have to await the triggering event.

What triggering event? All sorts of bad things can happen in the months to come, from an expanding war in Syria to a run-of-the-mill October “crash,” which would be entirely in keeping with the season. So I’m not keen on recommending new ideas for OI at this stage, although I have some names up my sleeve.

Right now my biggest concern is that events in Syria and across the Middle East could spiral out of control. A deteriorating Middle East could quickly drive energy prices through the roof — which would cost you at the gas pump, but still offer other strong investment opportunities in, say, offshore develop-ment. I’ll address that elsewhere in this issue.

For preserving wealth over the long haul, I believe you should buy physical gold and silver. I’ve ham-mered this point again and again in previous issues and weekly notes. So I won’t belabor the point here.

Meanwhile, let’s use the “Five Hot Buys” part of the issue to look at two high-priced companies that I want to sell so you can book the gain. Plus, I’ll address three more solid plays with good near- and medium-term potential. Then we’ll get into energy investing.

Five Three Hot (Nuclear) Buys and Two Sells

5By Byron King

Let’s discuss the nuclear energy space. In general, share prices and company fortunes in the atomic arena are still hurting as the global nuclear industry recovers from melting down (literally and figuratively) after the disaster in Fukushima, Japan in March 2011.

Let’s start with two “sell” ideas, Curtiss-Wright Corp. (CW: NYSE) and Jacobs Engineering Group (JEC: NYSE). We’ve had both companies in the OI portfolio for a number of years. Both companies are enjoying share price rebounds just now. But in the interest of “selling high” and booking gains, we’re selling.

Back in 2008 I added Curtiss-Wright to the OI list due to its expertise in nuclear equipment. As companies go, Curtiss covers a lot of waterfront, from defense equipment to nuclear power com-ponents. Looking ahead, in an era of Pentagon sequestration, Curtiss now faces high hurdles with

some of its primary military markets.

On the good side for Curtiss, one of its strong suits is what I call “forensic engineering” within the nuclear space. That is, Curtiss is the go-to guy to remanufacture components for old nuclear power plants in situations where the original vendor is long gone. Curtiss takes an original component (which may be many decades old), specs it out and recreates a new version that will pass muster with the nuclear regulators. As you can imagine, this is a high-end, high-margin business.

Right now, Curtiss shares are pricey. At $45 each, we’re at a five-year high. Looking ahead, if Curtiss shares pull back in a correction of selloff, I’d keep the company in mind to add to a nuclear-oriented position. For now, though, we sell.

As for Jacobs Engineering Group, we’ve carried it on the OI books since 2005, predating my tenure

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as editor. Jacobs has always been a sturdy war-horse, holding up in tough times and delivering performance through thick and thin.

Jacobs is a great company for large, complex projects. In fact, back in the late 1990s and through the 2000s, Jacobs was prime engineer for the National Ignition Facility (NIF) at Lawrence Livermore National Laboratory, near San Francisco, which I visited last July. In terms of nuclear complexity, the NIF’s work is comparable to the Manhattan Project. Thus I have nothing but respect for the capabilities of Jacobs.

Right now, Jacobs’ shares are at a five-year high of $58 each. The price-earnings ratio is north of 18, which strikes me as lofty. That, and Jacobs is embarking on an expensive acquisition of another company. I’d just as soon sell Jacobs’ shares into strength and take profit off the table.

Looking ahead, if Jacobs’ shares pull back in a correction or selloff, I’d keep the company in mind to go back in.

Action to take: Sell Curtiss-Wright Corp. (CW: NYSE) and Jacobs Engineering Group (JEC: NYSE).

Elsewhere on the nuclear equipment side, we’ve had a nice run with reactor builder Babcock & Wilcox Co. (BWC: NYSE). Babcock was a spin-out from former owner McDermott International (MDR: NYSE) back in 2010. Since then, Babcock shares have appreciated about 45% including the 1% dividend yield.

Babcock shares took a hard hit in the months after Fukushima, to be sure. They bottomed in October 2011, about two years ago. Since then, Babcock has offered steady growth in earnings and share price.

Babcock is among the premier nuclear plant designers and builders. In other words, we’ve lived through a sector washout for about the past 30 months. Babcock is among the strongest nuclear players still on the field. Sooner or later, the fortunes of the nuclear industry will return.

In the muddy boots department, uranium miner Cameco (CCJ: NYSE) recently announced another delay in construction of its Cigar Lake project in Saskatchewan. Ugh! Will Cameco ever stop being such a frustrating play?

Cameco shares are selling near a four year low of $19. Earnings are low as well, due to chronically low uranium prices and rising costs for everything. The price-earnings ratio is a nosebleed 44 or so. But buyers are buying because the buzz on the street is for a uranium price rebound in 2014 — which I addressed in the September issue of OI.

Still, Cameco is delaying Cigar Lake — “Again!” as Forrest Gump used to say. Looking ahead, first production from Cigar Lake has been moved back from late 2013 to some time in 2014. On the posi-tive side, Cigar Lake mine construction is “97% complete,” according to a company spokesman. On the negative side, the mill has encountered more problems, which means no ore will run until the second half of 2014 at the earliest.

The good news is that when it’s finally up and running, Cameco’s Cigar Lake mine will be among the richest sources of uranium ore in the world. Cameco lists 216 million pounds of reserves at Cigar Lake, with ore grades up to 100 times the average processed elsewhere in the world. The bad news is that mining conditions at Cigar Lake are among the most complex anywhere, making this a play fraught with continuing levels of high technical risk.

In an odd quirk of fate, however, the delay for Cigar Lake comes during a weak period for ura-nium prices. The spot price for “yellowcake” has sunk to a multi-year low of $34 per pound. The bright side — if you can call it that — is that the delay in starting Cigar Lake will likely support the uranium price over the next year, allaying some investors’ concerns about oversupply.

What’s the takeaway here? Our buy recommen-dation for Cameco stands, as long as you under-stand the high technical risk for Cigar Lake, and the stretched economics of the company’s current balance sheet. Then again, it’s nothing that rising uranium prices won’t help cure.

Finally, along these last lines, any support for the spot price of uranium — due to the Cigar Lake delay or anything else — benefits Uranium Energy Corp. (UEC: NYSE), whose output is entirely dedi-cated to supplying the spot market. Again, rising uranium prices will lift this boat. Continue to accu-mulate shares in UEC, especially on down days.

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OI PORTFOLIO

ENERGY & OIL Babcock & Wilcox Company BWC 7/30/10 $22.75 $33.74 $0.24 49% BUYBaker Hughes BHI 11/28/07 $79.76 $49.95 $3.26 -33% BUYBP BP 8/1/07 $69.70 $42.12 $14.38 -19% HOLDCameco Corporation CCJ 3/6/06 $38.01 $19.99 $1.83 -43% BUYCameron International CAM 8/5/09 $34.69 $58.41 $0.00 68% BUYCenovus CVE 7/15/10 $28.77 $29.67 $2.31 11% BUYCONSOL Energy, Inc. CNX 10/24/07 $50.04 $33.91 $2.47 -27% SOLD HALFCurtiss Wright CW 5/28/08 $48.74 $46.55 $1.60 -1% BUYDenbury Resources DNR 1/14/11 $19.16 $17.41 $0.00 -9% BUYEnCana Corp* ECA 11/1/00 $20.45 $17.71 $7.82 25% BUYFMC Technologies FTI 3/27/09 $32.18 $55.56 $0.00 73% BUYHalliburton HAL 4/26/07 $31.54 $49.82 $2.41 66% BUYHelix Energy Solutions HLX 5/13/11 $15.71 $26.82 $0.00 71% BUYHess Corp HES 11/4/09 $56.24 $77.92 $1.30 41% BUYHRT Participações em Petróleo HRP.V 7/21/11 $9.82 $0.28 $0.00 -97% SELLLinn Energy LLC LINE 8/30/12 $39.30 $28.30 $3.62 -19% BUYMarket Vectors Nuclear Energy ETF NLR 12/29/09 $22.71 $44.93 $3.62 114% BUYMarkWest Energy MWE 10/2/09 $23.25 $68.07 $10.76 239% SOLD HALFMcDermott Intl. MDR 6/25/08 $40.19 $7.41 $11.50 -53% BUYNabors Industries NBR 4/11/12 $16.98 $16.28 $0.08 -4% BUYOceaneering International, Inc.* OII 5/4/10 $32.74 $82.97 $1.46 158% BUYPetroleo Brasileiro PBR 9/2/09 $40.07 $15.37 $0.54 -60% BUYPeyto Exploration & Development PEY.TO 6/7/05 $26.95 $30.90 $14.53 69% BUYPinetree Capital PNP.TO 4/8/11 $3.37 $0.36 $0.00 -89% BUYRepsol YPF REPYY 6/26/09 $22.51 $24.31 $5.04 30% BUYRoyal Dutch Shell ADR B-Share RDS-B 2/3/11 $70.58 $68.52 $8.54 9% BUYSchlumberger Ltd. SLB 8/6/10 $62.34 $87.00 $2.94 44% BUYSpectra Energy Corp. SE 3/28/07 $25.76 $33.42 $6.37 54% BUYStatoilHydro STO 6/2/09 $21.94 $22.68 $4.40 23% BUYSuncor Energy** SU 4/1/01 $6.35 $36.07 $3.11 517% BUYTalisman Energy Inc TLM 1/29/10 $16.57 $11.08 $0.78 -28% BUYTenaris S.A. TS 2/3/12 $38.90 $46.89 $1.36 24% BUYTotal TOT 10/7/10 $53.63 $57.01 $9.56 24% BUYTransocean Ltd. RIG 4/15/10 $88.77 $46.68 $3.72 -43% BUYUranium Energy Corp. UEC 8/17/11 $3.23 $2.28 $0.00 -29% BUY

PRECIOUS METALSAgnico-Eagle Mines AEM 1/29/09 $51.40 $26.71 $1.84 -44% BUYAmerican Century Global Gold BGEIX 3/1/01 $3.80 $10.43 $2.22 233% BUYBarrick Gold Corp. ABX 11/4/09 $40.28 $18.14 $2.30 -49% BUYFreeport-McMoRan Copper & Gold FCX 3/10/11 $47.13 $33.25 $3.87 -21% BUYFortuna Silver Mines Inc. FSM 2/11/13 $4.61 $3.79 $0.00 -18% BUYGoldCorp GG 8/17/05 $17.00 $26.02 $5.82 87% BUYHecla Mining HL 3/27/08 $11.37 $3.14 $0.09 -72% BUYIAMGOLD Corp. IAG 4/30/09 $8.37 $5.17 $0.51 -32% BUYImpala Platinum Holdings Ltd. IMPUY 6/13/11 $26.82 $12.32 $0.86 -51% BUYHarmony Gold HMY 12/17/12 $8.23 $3.51 $0.17 -55% BUYKinross Gold Corp. KGC 9/5/07 $12.37 $5.19 $0.24 -56% BUYNewmont Mining of Canada NMC.TO 7/1/01 $19.50 29.31 $6.30 83% BUYNovaGold Resources Inc. NG 1/3/08 $9.62 $2.58 $0.53 -68% BUYNovaCopper Inc. NCQ 4/25/12 $3.20 $1.96 $0.00 -39% BUYPlatinum Group Metals PLG 3/18/13 $1.46 $1.07 $0.00 -27% BUYSilver Standard Resources Inc. SSRI 7/12/12 $11.27 $6.69 $0.00 -41% BUYSilver Wheaton Corp. SLW 6/11/12 $26.89 $24.18 $0.61 -8% BUYSouthern Copper Corp. SCCO 5/8/12 $31.50 $28.44 $3.96 3% BUYSPDR Gold Trust ETF GLD 5/3/05 $42.76 $126.45 $0.00 196% BUYSprott Physical Silver Trust PSLV 10/7/11 $15.41 $8.66 $0.00 -44% BUYSprott Physical Platinum and Palladium Trust SPPP 1/11/13 $9.98 $8.88 $0.00 -11% BUYTeck Resources Limited TCK 11/11/10 $50.19 $27.30 $2.24 -41% BUYVan Eck International Gold INIVX 6/7/02 $10.30 $10.40 $9.91 97% BUY

INFRASTRUCTURE & ALTERNATIVE TECHNOLOGYDow Chemical Company DOW 9/2/11 $26.71 $39.80 $2.03 57% BUYGeneral Cable Corp. BGC 12/7/09 $28.99 $31.87 $0.18 11% BUYGrafTech International Ltd. GTI 1/12/12 $15.92 $8.40 $0.00 -47% BUYJacobs Engineering* JEC 10/6/05 $30.31 $58.57 $0.00 93% BUYLyondellBasell Industries NV LYB 7/15/13 $70.97 $71.39 $0.00 1% BUYWestshore Terminals Investment Corp. WTE.TO 10/5/06 $9.67 $30.60 $7.46 294% BUY

Average Open Positions: 25% ENTRY ENTRY CURRENT ACCUM. GAIN/ SYMBOL DATE PRICE PRICE DIV. LOSS ACTION

Prices as of 9/16/13. Check the portfolio on the Outstanding Investments Web site located at www.agorafinancial.com for updated prices. Any subscription or recommendation questions may be forwarded to OI@agorafinancial.com. We’ll do our best to get back to you as quick as possible.* Price includes 2 for 1 stock split (** 2 splits)† Shares received in NovaGold Spin-off