Risk Disclosure

FOR OUR MUTUAL PROTECTION

It is our policy that all orders for the purchase and sale of any precious metals be placed by you directly with our compliance department.  Your account executive is required to service your needs and often will make recommendations to you.  He is permitted to directly accept orders on your behalf.  We are providing a method by which you control all trading decisions for your own account.  We require that one of our compliance clerks ask you a serices of questions to obtain answers from you which assure us that you are aware of the nature of the transaction, the risks involved, the commissions charged, and other matters relative to your account.  Unless we are immediately advised to the contrary, we will assume your answers have not been prompted and are being given by you as frankly and honestly as possible. If your account executive suggests to you that you not answer the questions of the compliance clerk truthfully, we urge you to immediately advise the compliance clerk.  Such representations are unauthorized and will be dealt with accordingly by management.

RISK DISCLOSURE STATEMENT

Because of teh volatile and unpredictable nature of the prices of precious metals, the purchase of such vehicles involves a high degree of risk.  You should therefore consider whether such activity is suitable for you in light of your financial position.