Investing with a Clear Risk/Reward Philosophy

Research

Macro— Gold and silver prices are impacted by many macro factors relating to global economic and financial conditions. These may include inflation, deflation, deficits, currency volatility, political uncertainty, interest rates, and quantitative easing initiatives. Furthermore, it must be realized that gold and silver are “political” metals, and as such are frequently subjected to bullion bank and central bank intervention. All of these influences are monitored constantly at HSCM through numerous published sources.

Micro—In addition to the impact that gold and silver prices have on mining companies, producers are also impacted by internal growth relating to production and cash flow. Junior exploration companies, which typically contain very little or no production, are usually valued on the size of their confirmed resource. HSCM continually monitors the internal developments of these companies.

Research is always critical to portfolio management, but admittedly there are times when the over-riding market psychology (either positive or negative) can have the most impact on performance, regardless of fundamentals.

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Holt & Shapard Capital Management, LLC

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