Barron’s Gold Mining Index and Gold & Silver In 1920 Dollar Terms: THEYÂ’RE CHEAP!

Mark J. Lundeen
19 March 2012

So how’s the bull market in gold and silver going? As seen below, they are doing just fine. In fact gold and silver are doing better than the Dow Jones 1982-2000 bull market was at its day 2,746 on June 24, 1993. If we compare the progress of gold and silver to the Dow Jones, and all too many analysts mistakenly do, we might come to a conclusion that we are at, or have passed the mid-point of possible gains for our favorite metals.

But why use the Dow Jones, or any stock market index as a bench-market for what is possible for the old monetary metals? Look at the situation this way; the price of anything, and everything, is determined by the supply and demand in the market. This is true even with our current “regulated market” system.

It’s important to realize that if the Federal Reserve’s “Wiz Kids” could have “stabilized” the markets during, and after the credit crisis * without * printing money to support financial-asset valuations, they’d have done so. But to feign demand for financial assets that is absent in the market, central banks are forced to bloat their balance sheets by trillions of dollars, euros, or whatever unit of currency they print. So, governments and their bankers still find themselves subservient to the law of supply and demand. If they want prices higher in the stock and bond markets than market’s natural fundamentals would have them, the “policy makers” have to step in and become top bidders in the markets, paying prices no one else will, using as many tens of billions, or trillions of dollars of monetary inflation as it takes to achieve today’s contrived asset prices.

In any event, the supply and demand characteristics for the stock market are completely different than for the old monetary metals’ market. Take a look at the number of stocks trading at the NYSE and the NASDAQ from 1938 to today. The supply of listed stocks trading on the NYSE and NASDAQ expanded greatly, until the end of the high-tech boom. This is especially so after the start of the 1982-2000 bull market in stocks. I don’t have the data, but due to secondary offerings and stock splits from 1980 to 2000, companies like General Electric must have increased their total authorized stock float by at least a factor of ten. The huge increase in common stock listings, and the increasing number of shares traded from stock splits and secondary offerings, had a huge effect in the valuation of stocks and indexes, as money coming into the market had more and more choices to flow into.

I’m not suggesting that there is anything wrong with this. Well, actually there was with the NASDAQ from 1995-2000, as Wall Street’s M&A boys flooded the stock market with garbage IPOs for internet stock, but that is another story. I’m just noting that in a free market system, the success of Coke Cola in the stock market will always result in a Pepsi Cola being eventually listed too; it’s called competition.

But gold and silver are completely different, because Wall Street can’t increase the supply of * Actual * gold and silver in the physical metals market via IPOs, as “investment bankers” did in the stock market from 1982-2000. Only exploration and mining companies can increase real metal in the metals markets. Also, ounces of gold and silver never declare stock splits. The relatively fixed nature of the available supply of metal exposes the price of gold and silver bullion to the full impact of money panicking towards it. Or at least will after the New York and London paper markets and precious metals ETF managed by the big NY banks such as GLD & SIL are weighed, and found wanting.

It’s also important to realize that during the 20th century, financial assets, * not * gold and silver, were the primary beneficiaries of monetary inflation. Twice since 1920, the US Treasury increased dollars in circulation beyond the US Treasury’s gold reserves needed to redeem them. Ultimately, this inflation caused the US government to reneging on its US dollar’s gold obligations, but before these defaults, the Dow Jones experienced massive-inflationary bull markets. The first gold default was in 1934, which resulted in the Federal government confiscating its domestic gold coin and bullion. Then again in 1971, Washington defaulted on its global gold obligations. However, before paper dollar inflation forced a gold default, in both cases the stock market saw significant bull markets from 1921-29, and 1948-66.

A small note (and table), for the next chart is necessary here. If the 1949-66, 1982-2000 and 2002-07 Dow Jones bull markets don’t appear as much of a bull market in the next chart, it’s because these plots for the Dow Jones and the BGMI are corrected for CinC inflation. In other words, they are plotted in 1920 dollars. The table below, using weekly closing values, gives the specifics for US Currency in Circulation (CinC) and the Dow Jones. Look at the 1921-2007 totals. I think this makes the case that since 1921, after taxes and inflation, the Dow Jones has been a losing investment as the Federal Reserve, year after year, has relentlessly inflated the US money supply, and the Internal Revenue Service taxes phantom capital gains.

Note in the table below, the beginning of each Dow Jones bull market starts at a value below its former bull market top (see arrows), while the Fed’s CinC after 1929 (listed in billions), only increases year after year.

Returning to the chart below; since 1920, bull markets for the Dow Jones and the Barron’s Gold Mining Index have had a relationship with monetary inflation. Inflation is the prime mover for Dow Jones bull markets, until the inevitable monetary crisis arrives. At which point the BGMI is driven upwards as flight capital floods into mining shares, as wealth seek safety from deflating financial assets. It’s as simple as that. Now for the third time in ninety years, this pattern is about to repeat itself with the BGMI, and mining and exploration stocks on the edge of their biggest bull market in its history.

In fact, it has already begun. Since 2001, the BGMI has outperformed the Dow Jones in inflation corrected, and nominal terms. I’ll be the first to admit the junior producers and exploration companies have been in a funk since 1997, but since 2001 the major gold and silver producers have been great investments, and will continue to be for a long time to come.

That the financial media has chosen to ignore these long-term trends is largely due to how investment advice is propagated in today’s media: by star, know-nothing reporters who have chosen to focus on the opinions of beached whales in the financial assets markets, or hot traders looking for fast money, people whose time horizon is never longer than a few months. But this ninety-two year chart tells the real story: the BGMI is just a currency crisis away from once again blasting-off to amazing, inflation adjusted highs. Take a few moments and study this chart carefully.

It’s obvious that two major 20th century Dow Jones bull markets occurred during an inflationary cycle * before * a monetary crisis resulting in a US Treasury gold default. * AND * after the default, the BGMI saw a tremendous bull market that exceeded the gains seen in the previous Dow Jones’ bull market. And it looks like the BGMI is going to do it again.

Today the US Treasury cannot directly default on its gold, as it demonetized gold in 1971, so it has no direct gold obligations to default on. But ejecting gold from the global money supply forty years ago will make the coming monetary crisis even more destructive. Also for decades, governments and their central banks have actively suppressed the market price of gold and silver by using phantom gold and silver in the New York and London paper markets. In March 2010, Jeffrey Christian of the CPM Group testified before the CFTC that the NY and London gold markets had 100:1 leverage in their paper contracts. That’s insane, even criminal; selling every one ounce of gold they had to one hundred people in a futures market. What happens if only 2% of the contract holders ask for delivery? These markets will be exposed as fraudulent.

Think of this! That means that the current price of gold is based on the assumption that there is 100 times more the gold than is currently in existence! Also, European governments are becoming concerned with what the Federal Reserve is doing with their nation’s gold stored in New York; which the Fed is in no hurry to explain.

“Fraud and falsehood only dread examination. Truth invites it…Whoever commits a fraud is guilty not only of the particular injury to him who he deceives, but of the diminution of that * confidence * which constitutes not only the ease but the existence of society.”
-Dr. Samuel Johnson, 1709-1784: English man of Letters and Moralist

All and all, a historic collapse in “confidence” in financial assets, and national fiat currencies is at hand. A day is soon coming when a panic into the actual precious metals will start. The large gold and silver miners in the BGMI will perform as they always have in the past: wonderfully. But I expect the gains in the junior producers and exploration companies will be breadth taking. Why might that be? Because in the past ten years, central banks and Wall Street have polluted the balance sheets of pension, mutual funds and insurance companies with trillions of dollars of toxic byproducts from their derivatives operations. The markets for physical gold and silver, and their major producers are simply too small to contain the coming derivative blow back into precious metals. Smaller companies will finally catch monster bids as fiduciaries and hedge funds decide that even moose pasture in Northern Canada is a safer risk than US mortgages and Treasury bonds.

But what do I know? I know that Robert Rubin, Secretary of the Treasury for President Clinton, and the architect of the 1990s “strong dollar policy” is becoming concerned that he has too many dollars! From Bloomberg:

Rubin Says He Has Too Many Dollars 13 Years After Departing U.S. Treasury

Robert Rubin, who as U.S. Treasury secretary in the 1990s promoted a stronger dollar, said he has too much of his personal investments in the currency.

A “disproportionate amount” of his assets are in cash and he “should be more allocated away from the dollar,” Rubin, 73, said yesterday in a speech at the TradeTech conference in New York. He said he also was “greatly overweighted” in private equity and had investments in hedge funds.

This is an incredible statement. I assure you that during the gold standard, no one had any fears of owning too many dollars.

For your information, Mr. Rubin along with Alan Greenspan, was instrumental in allowing the US banking system to create the OTC derivative market, as an “unregulated” (read secret and untraceable) institution. Thirteen years after he left the US Treasury, he’s now concerned that he too may reap what he has sown.

Here is the problem for the “policy makers” (like Robert Rubin); since 1980 they have expanded their money supply by orders of magnitude. How many times could our money supply, in a stack of $1 bills, go to the moon and back? Something like 27 times the last I heard. But all the gold mined on Earth in the past 5000 years can still fit comfortably inside Yankee Stadium’s infield, and there is less silver above ground than gold!

So keep an iron hand on the tiller, and keep buying gold, silver as a core position, and mining shares to maximize capital gains, as they are really cheap!

How cheap? Well, really cheap when we look at their prices in 1920 dollars, as I did for the Dow Jones and BGMI in the chart above. In the following charts, we see how the Federal Reserve, the Great Engine of Inflation, has increased US Currency in Circulation by a factor of 244 since 1920. Deflating the price of gold with constant 1920 dollars gives us a current price of gold of only $6.78 (1920 dollars) as of the close of last week. This is far from gold’s January 1980 high of $30 (1920 dollars) for an ounce of gold. For gold to once again see $30 in 1920 terms, it would have to increase to $7350 in today’s dollars. But this price is a moving target, as the Fed will continue to inflate the supply of paper dollars in circulation until armed guards bar the doors to Doctor Bernanke at the Washington Fed. I don’t know if that would make a difference, as the good doctor would most likely go to the nearest park bench and create more dollars with his I-Phone.

Let’s look at silver. At the close of last Friday, silver was going for $0.133 in constant 1920 dollars.

This is all very interesting, but most of you realize that gold and silver are now purchased in Secretary Robert Rubin’s “strong dollars”; dollars that even he now wants distance from. Sad but true. But these charts strongly suggest that that most of the potential gains in the current bull market in gold, silver, and by proxy, gold and silver mining shares are still in their infancy, with most of the really big gains yet to come. For the third time in the past ninety years, the BGMI is sitting on the launch pad, with all systems go except for the final monetary crisis. I know it, Mr. “Strong Dollar” fears it, and now you should strongly consider what these charts are telling us.

Mark J. Lundeen
19 March 2012

What Happened To Gold?

March 1, 2012

Dear CIGAs,

What happened to gold on 29 February 2012? The precious metal dropped from $1792 to a low of $1686 in one day!

How does this shape up with our Elliott Wave expectations?

The answer is that the market is tracking well in line with expectations. Before dealing with the current move, it is an idea to go over what our expectations are. What we know so far is that Intermediate Wave III started at $1523 and that we have a target of $4,500 for the end of Wave III. We also know that Wave III will consist of five regular waves which we will label 1 2 3 4 and 5. Regular waves 2 and 4 will be the anticipated 13% downward corrections described in my speech to the Sydney Gold Symposium. Link at: Keynote Speech At Sydney Gold Symposium: November 2011

Regular wave 1 will consist of 5 minor waves which we label (i) (ii) (iii) (iv) and (v). Waves (ii) and (iv) will be downward corrective waves one degree small than the regular waves. Thus they should be about half the magnitude of the 13% of the regular sized declines, say about 6%.

Minor wave (i) should consist of five minuette waves which we can label i ii iii iv and v. Again the minuette waves ii and iv will be downward corrective waves about half the size of the minor wave corrections of 6%. Thus the minuette corrections should be approximately 3%.

The following is the analysis of minor wave (i) showing the five minuette waves:

i 1523 to 1665 +142 +9%
ii 1665 to 1620 45 -2.7%
iii 1620 to 1765 +145 +9%
iv 1765 to 1706 59 -3.3%
v 1706 to 1792 + 86 +5%
(i) 1523 to 1792 +269 +17.7%

The two corrective waves are approximately 3% as expected. Waves i and iii are equal at 9% while wave v is almost exactly 61.8% of waves i and iii. This wave count is as perfect as one could wish for. Thus we can conclude that minor wave (i) was completed at $1792.

As described above, minor wave (ii) should be a correction of approximately 6%, but could range from 5% to 8%. A decline of 6% from the $1792 peak gives a target of $1685. In after hours trading yesterday gold reached $1686.
The Comex chart, however, shows a low point of $1696.

It is possible that the entire correction in minor wave (ii) occurred in one day. A rally followed by a further decline to test the $1685 area is a more likely outcome. An 8% decline would bring the $1650 area into play. If gold drops below this level we will have to consider other possibilities.

Once the bottom of minor wave (ii) is in place in a convincing fashion it will be possible to make some more accurate longer term gold price forecasts.

Alf Field
1 March 2012
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The Broken Pension Promise

March 2, 2012 Whither the defined-benefit pension? How low interest rates, the “fraudclosure” scandal and one bloated dinosaur of a company are conspiring to wreck your retirement
In search of a mystery seller: Separating the signals from the noise after gold’s beat-down
Take that, Warren Buffett: How gold really can generate an income stream
Spanish town looks to collect revenue from a few of its… best buds
The economic fever-chill cycle… a query about ETFs… Ron Paul raises his silver shield… and more!
If you thought the Fed’s penchant for low interest rates were a bear because you can’t get a decent return on a bank CD, think about this: The typical pension plan of an S&P 1500 company can meet only 75% of its obligations as of year-end 2011 — a post-World War II low.

In 2010, the funded ratio was still 81%.

Put together all the S&P 1500 companies, and they’re staring at a $484 billion aggregate pension deficit.

Big companies that still maintain “DB” pensions will have to scrape together $100 billion to keep their pensions funded this year, according to the consultant Milliman Inc.

That’s $100 billion they won’t have for dividends, or stock buybacks, or — heaven forfend — expanding operations.

The situation only gets worse as the era of low interest rates persists.

“Companies from defense contractor Lockheed Martin Corp. to aviation-electronics maker Honeywell International Inc. are caught in a vise,” according to Bloomberg.

“The Federal Reserve Board’s vow to keep rates at current levels until 2014 means pension plans’ fixed-income investments are stagnating just as new rules shorten the time available to shore up funding.”

General Electric, 3M and Boeing also find themselves in the same fix.

“With the declining interest rates here in 2011,” says 3M’s CFO David Meline, “our liabilities did increase.”

Meanwhile, one of the primary “assets” held by pension funds is looking more and more shaky, thanks to the recent “fraudclosure” settlement between the major banks, the Justice Department and 49 state attorneys general.

A provision in the deal “allows for the banks to reduce borrowers’ balances in home loans that back securities which have been sold to investors, such as U.S. pension funds,” the Financial Times reported yesterday.

“Investors say they are being penalized for mistakes made by the banks, and have launched a campaign to limit potential losses to their holdings.”

Bondholders versus banks: If Vegas were laying down odds, you’d be better off picking one of 36 numbers at a roulette table.

True, private pensions are backstopped by the government’s Pension Benefit Guaranty Corp. Unfortunately, the PBGC is about to choke on the pension obligations of just one company.

American Airlines — the carrier our Dan Amoss saw as a “dead man flying” months before it filed for Chapter 11 last November — wants to terminate the pensions of 130,000 workers, foisting them on the PBGC.

“Josh Gotbaum, the PBGC’s director, has mounted an unusual public campaign against American,” Reuters columnist Mark Miller wrote two days ago, “arguing that the airline hasn’t made the case that it needs to terminate the plans.”

No wonder: The PBGC is already $26 billion in the red after the dust settled from the first phase of the Great Correction. American’s pensions would swell its future obligations by $10.2 billion.

“The use of bankruptcy court to shed pensions,” Miller writes, “raises questions about the long-term viability of the PBGC, and potential burden on taxpayers. While the PBGC has plenty of cash on hand to meet near-term obligations, the pressures could become unmanageable if a succession of underfunded plans were transferred to the agency.”

We’ll confidently make this forecast: Count on it.

The gold watch? Ancient history. And pension promises are next…

“This pension underfunding issue,” says Strategic Short Report’s Dan Amoss, “will grow to a crisis within a few years if the Fed keeps suppressing 10-year Treasury rates in the current 2% range.

“There’s no way underfunded pensions, under this low-interest rate scenario, will be able to achieve projected portfolio returns. So pensions will require massive draws of cash from their corporate sponsors” — just as GE, 3M and Boeing will have to do this year.

We know you don’t want to hear about this, especially with the weekend coming up. It’s one more bad piece of news for your retirement income, on top of low interest rates and the drawdown of the Social Security “trust fund.”

But we have a new idea that could help you fight back. More after we survey the markets…

Stocks are again cast adrift today. As of this writing, the major indexes are all down, but not much.

The S&P is holding above the 1,365 level that Jonas Elmerraji’s been watching. Small caps are taking the bigger hit; the Russell 2000 is down about 0.8%.

Oil is selling off today, after poking above $110 late yesterday. That’s when Iran’s Press TV reported a pipeline explosion in Saudi Arabia… which Saudi Arabian officials immediately denied.

Hmmm… More Sunni-Shia New War skulduggery?

In any event, with the passage of time, traders have followed the sage guidance that comes from Internet message boards: “Pix, or it didn’t happen!”

With no pictures forthcoming, oil’s back to $106.57.

Gold is losing a bit of the ground it regained yesterday after Wednesday’s vicious sell-off. The bid is currently $1,709. Silver’s getting stomped again, down to $34.77.

And the picture of what happened on Wednesday is starting to come into focus.

“Looks like a large seller of gold in the market, as a 10,000 contract traded, downticked the price by $40 per ounce, and represents 1 million ounces of gold sold,” reads a note from CIBC World Markets.

“Unusual to see such a large single trade,” it added. “Not likely due to contract expiry, either.”

“Ordinarily,” adds a note from the London firm Sharps Pixley, “if a seller wanted to get the best price for his metal, he would seek to finesse the selling over time, hunting out liquidity (finding people who are the other side of his sell order) and thereby ensure he gets the best possible profit.”

Who did it? Depends on whom you want to believe. We see claims of “a large U.S. fund” along with a claim J.P. Morgan executed the order on behalf of “an Asian fund”.

Whoever it was, “this seller,” concludes Sharps Pixley, “was clearly simply out for effect.”

“I would buy gold at almost any price,” says Evy Hambro, manager of BlackRock Gold & General, the U.K.’s best-performing commodities fund,” as long as the fundamentals are strong.

“Gold has been incredibly strong for most of the past 10 years, and I see that trend continuing… Long-term fundamentals in the gold market appear supportive of prices, driven by constrained supply and rising demand.”

“Gold mine supply,” meanwhile, “was effectively flat from 2001-2010, despite the huge increase in the gold price over that period.”

“My favorite aspect of gold is that it is still a finite resource,” chimes in our income specialist Jim Nelson. “Of course,” he adds, “there are two sides to everything.”

“Obviously, gold comes with incredible security and wealth protection against inflating central bankers and weak fiat currencies. But you can’t live on that.”

True enough. For all his gold bashing, Warren Buffett does have this fact on his side: It doesn’t pay you an income stream.

“Protecting your wealth means nothing when you are trying to pay your bills, fund your children’s college education or plan a vacation,” says Jim.

“And until now, this has been the No. 1 problem facing gold investors. Sure, bury your gold in your backyard. Fill your safe with gold coins and bullion. But don’t expect to live off it. At least that’s always been the case.”

But no more. For the past seven months, Jim has been refining a strategy in which you can generate income from gold.

One of his recommendations can deliver a 24% every year in cash paychecks. Another can give you monthly double-digit income.

This is the best of all worlds: You get the peace of mind that comes with gold… plus steady income that crushes anything you can get from Treasuries, CDs or blue-chip dividend payers.

Jim calls it his “Gold-tirement” plan: It can make any of your worries about Social Security, low interest rates or dwindling pension funds a distant memory.

A big claim, we know… But Jim has the goods to back it up. You can see for yourself right here.

In the United States, cash-strapped cities and states often look to casinos as a quick fix to fill their coffers. In Spain, they’re just going to pot.

The Catalonian town of Rasquera will allow a “cannabis club” to plant marijuana on 17 acres of city-owned property. “This is a chance to bring in money and create jobs,” says mayor Bernat Pellisa. The club will pay the town 650,000 euros annually.

Restoring solvency, stoner style…

Spain’s marijuana laws are, in the words of the UK Guardian, “ambiguous.” Growing and possessing pot for one’s own use is legal; cannabis clubs say all they’re doing is making it easier to do so. The mayor says he’s vetted the idea with lawyers and it, um, meets the smell test.

“The deal will turn Rasquera, where local produce traditionally includes olives, almonds and goats, into one of the biggest legal suppliers of cannabis in Europe,” the Guardian says.

Two thoughts occur to us: 1) The Greeks, themselves known for olives, might want to look into this. 2) We’re wondering why we haven’t heard anything from our office in Spain in a while. We’re headed over there next month to check up on them…

“I always find The 5 Min. Forecast very useful and entertaining, but so far, I haven’t seen anyone commenting on the near-term impacts from the impending confluence of several macroeconomic trends in the USA.”

“Those trends are: The ultra-bloated money supply, super-low velocity of money, incoming cash from the panicky eurozone, downward-trending leading indicators pointing to a recession on the horizon and the bubble du jour stock market.”

“Specifically, how can we know whether or not the bloated money supply will create sufficient inflation in the stock market prices to offset declining real (but increasingly inflated) earnings? How does one play such a situation when not only is the game constantly changing, but the value of the chips is no longer stable?”

“If the stock market is now rising on low volume due to liquidity created by the bloated world money supply as well as a lack of profitable alternative investments in Europe, will the mild recession forecast by ECRI be able to overcome the inflation and fear trade and cause a pullback in U.S. stock prices, or will it just appear to slow stock price growth (maybe like what’s going on in China)?

“To short (the market) or not to short, that is the question.”

The 5: This comes back to the fever-and-chills scenario we painted briefly on Monday. The economy and market recovered for much of 2009 and then slowed down after QE1 ended. Then came QE2 in the second half of 2010 and things took off again. Then QE2 wound down and everything started looking ugly in the late summer/early fall of 2011.

Now the Fed is promising ultra-low rates through 2014 and smashing the long end of the yield curve. You could be forgiven for thinking of it as QE3 by another name. And sure enough, there’s fever again.

This fever-and-chill cycle could drag on longer than you might think. But it can’t go on forever, and when it ends, it will end in tears.

“This is just a very curious story!” a reader writes. “I was investing in the Global X Farming ETF (BARN) because The 5 mentioned many times over that investments in farming should pay off handsomely in the future.”

“As this was a listed security, I was of the opinion that the responsible bourses would let only reputable companies issue and trade ETFs and they would also supervise these entities. Now I realize that the Global X Farming ETF does not exist anymore. How is such a thing possible in a totally regulated financial market like the USA?”

“Can you explain how such things happen, and also draw your readers to the fact that this company, obviously, is not trustworthy?”

The 5: Nothing suspicious as far as we can tell. Global X shut down eight ETFs last month, including BARN, because they couldn’t attract enough assets to make their operation profitable.

There’s a lesson in here about not jumping into brand-new ETFs until they get a chance to establish themselves. If it’s ag exposure you want, there’s ample liquidity in MOO for stocks and DBA for farm commodities.

“The powers that be,” writes a reader with another theory about why gold got whacked on Wednesday, “know that Ron Paul will take his best damn shot and use gold and silver as the best money.”

“What better way to give Bennie an ‘out’ than by thrashing gold and silver prices once he starts, so he can smugly point at the gold gyrations and claim the dollar is more stable and less prone to those damn speculators in the shadows?”

The 5: Hmmm… As coincidence would have it, the good doctor hauled out a Silver Eagle during Bernanke’s testimony on Wednesday, explaining it could buy four gallons of gasoline in 2006 and 11 gallons today. “That’s preservation of value.”

Silver had already fallen from $37.50 to $36 when he said that… but it plummeted to nearly $34 in the following 15 minutes.

Just sayin’…

Have a good weekend,

Addison Wiggin
The 5 Min. Forecast

P.S. “It’s a win!” says an email just in from Abe Cofnas.

We were on the edge of our seat wondering how Abe’s mock trade in the binary options market would make out this week… enough to hold off publishing today’s 5 till after the close.

“When our Wall Street 30 binaries expired at 4:00 p.m. today,” says Abe, “the underlying Dow futures were trading for 12,968 — more than enough to put our 12,925 binaries in the money. A winning binary always pays out $100. That means we made a $17.75 profit for each of our binary positions.”

All told, a 24% gain between Monday and Friday. “I dare you,” Abe adds audaciously, “to name another investment vehicle with that kind of reliable profit potential in four days or less!”

Stay tuned for another mock trade next week… followed soon by a chance to get in on the action yourself.
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