Wexford Capital Management, a registered investment advisor from 1985 to 2005, prides itself on offering investment products at very competitive prices over the Internet.  We have reduced our overhead by using this electronic medium, and we intend to pass on the majority of those savings to you, our valued clients.  We charge a 1.1% commission or mark-up over our cost from our wholesalers on Gold Bullion products, a 1.7% commission on Silver Bullion products, and a 1.5% commission on Palladium and Platinum Bullion Products, both coins and bars.  Minimum order size, per invoice, is currently $10,000 on both sales and buy-backs.

Listed below are representative prices for the Bullion Coin and Bar products that WCM is currently recommending to clients based on portability, refined purity, market liquidity/ acceptance, and existing premiums over melt.  As one can observe, these total premiums over melt or weight-adjusted spot prices are approximately 45% to 20% below that of most coin or bullion dealer offerings.  Reduced transactions costs always benefit the investor from the outset.

With both U.S. credit and equity markets exhibiting stressed and overvalued conditions, it is a prudent investor who searches for avenues to diversify his/her portfolio into tangible, hard assets, such as precious metals, that  possess the following characteristics:

1.  Negative or weak correlation to price movements in the financial markets, especially the stock market.

2.  A millenniums-old medium of exchange or monetary unit that does not represent any government's liability or ability to repay; confidence in issuing entity is 100% due to ability to assay precious metals for purity.

3.  Reasonable portability should the need arise for transfer during a time of crisis; shipping and handling costs not the detriment suggested by the financial press.

4.  Well-established intermediaries exist for long-term storage and insurance if holdings do not fit in safe deposit boxes or secluded sites controlled by investor.

5.  An asset class that was in a bear market for over 22 years, that was oversold, disdained by Wall Street, and now exhibits signs of physical accumulation while breaking out to new multi-year highs.

6.  Excellent liquidity with bullion markets trading continuously around the globe 23 hours per day and with no determination of market value required by investor upon resale.

7.  An asset that central banks will increasingly use to shore up confidence in sagging fiat currencies as excessive monetary and fiscal policies cause major paper money devaluations going forward.

8.  An asset that has retained its purchasing power during both inflations and deflations, a key characteristic in a time of domestic Dollar devaluation.

Broker's Note, Year's End 2008 (December 31, 2008):  

2008 saw the most massive collapse of Debt Instruments in the Tens of Trillions of Dollars that the world has ever seen.  Gold in particular maintained its standing as a Store of Wealth, ending the year some 4% higher than its 12/31/07 starting price of $836.50, while Silver, a more thinly traded metal more susceptible to price volatility and privileged trading manipulation, saw a 27% "normal correction" from 2007's year-end price of $14.76.  While physical demand mushroomed some 400% to 600% from prior year statistics and bullion products saw pricing over spot become excessive for some products such as U.S. Mint Silver Eagles, the Comex/Nymex/CFTC consortium continued to allow highly leveraged Hedge Funds and Commodity Index Funds to enter short positions massively in excess of physical bullion "available-to-deliver" in a post-August de-leveraging phenomenon that whacked all commodities.  Attempting to cover trading losses in positions in Oil and the Dollar in the 10's of Billions of Dollars, not to mention Global Equities and Credit Derivatives in the 100's of $Billions, these unregulated entities created a glaring disparity for all the world to see in the physical demand for Precious Metals VERSUS the inaccurate pricing mechanism known as the Comex/Nymex trading pits.  These hedge fund and index fund wunderkinds are dropping like autumn leaves out of existence at this moment, bringing the real prices of precious metals closer each day to realizing their true relative values in a record period of imploding assets around the globe.

2009 will not see a reemergence of leveraged speculators' artificial influences on Gold and Silver pricing since a record number of them are going out of business almost daily and no financial institution on the planet is going to extend the lines of credit necessary for them to assume 20 to 1 to 30 to 1 leveraged positions in any market.

As major financial institutions around the globe CONTINUE to become increasingly insolvent in 2009, bailouts or not since $Trillions of write-off are yet to come, gold and silver will also regain their roles as Currencies of Last Resort in addition to their roles as Stores of Wealth so well-proven in 2008.  It should be noted that the U.S. Government has now become technically bankrupt by 2008's massive creation of some $11 Trillion in additional U.S. Obligations and is destined to slip into a much-reduced financial and economic status in the world in the years ahead.  "Leading Economic Power" and "Reserve Currency Status" will cease as adjectives to a once U.S.-centric world.  

No sovereign currency will be trusted by citizens not to be debased by their domestic governments and Central Banks in order to attempt to shield citizens and systems from the devastating Depression unfolding before us.  The efforts by virtually all governments to re-liquefy the global economy and financial system will be met with failure as we have entered the Loss of Confidence Phase in this historic, Depressionary Cycle.  Lenders will not lend, and Borrowers cannot or will not borrow at this stage of the cycle.  The U.S. and Global Economies are on an accelerating decline path that cannot be slowed or stopped with Quantitative Easing by the world's Central Banks or Sovereign Governments.  The essential economic and financial system restructuring must be allowed to run its natural course with bad assets being flushed out, or the depth and length of this current "malaise" will be much greater on both counts.

The upcoming year, 2009, will see another surge in Gold and Silver buying by retail investors as the financial and economic landscapes rapidly deteriorate.  Printing money to solve systemic financial and economic system crises will do little to re-instill Investor and Consumer Confidence, but will eventually collapse the value of the U.S. Dollar on currency exchanges along with the credit standing of all U.S. Obligations, past and present.  Cheap borrowing rates for the U.S. Treasury will be no longer available.

Throughout the history of man, gold and silver have been the Currencies of Last Resort when fiat, government-created domestic currencies have experienced severe devaluations and the inevitable loss of confidence.  U.S. Government officials have overtly decided through their pump-priming actions, on a massive scale, that it will be impossible for our country to fulfill its humongous debt obligations.  Devaluation/ Debasement of the Currency of the Realm, the U.S. Dollar, is the only way out of our fiscal and financial system messes. 

WCM's 2008 price forecast for Gold was once again very Sage-like:  the Gold target of $1,138 was nearly breached by March's $1,002 closing high.  WCM's 2008 price forecast for Silver was even more on the money regardless of the Third Quarter pullback artificially orchestrated by Comex insiders:  the Silver target of $19.55 was nicely exceeded by a $20.79 closing silver high (with more fireworks definitely in-store for this precious metal in 2009 and beyond!).

FOR 2009, Wexford Capital Management sees price targets for Gold of $1,255 per ounce and for Silver of $23.85 during the year.


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Prudent investments in precious metals today are indeed, as in every other major turning point in history, very cheap insurance against the economic and financial collapse in the monumental adjustment period we currently find ourselves within.  No economic or financial system in the history of man can withstand an evaporation of $10's Trillions of purported "assets" without seismic consequences to the surrounding societal structures.

When the Powers That Are forestall the inevitable re-balancing / adjustment process through ultra-cheap money first from Alan Greenspan and now Ben Bernanke, and persistent/$Trillion Bail-Out Guarantees/Bail-Outs from the U.S. Treasury & Congress, the net result is an inevitably more dire one for the constituents for whom they act.   Hundreds of years of history support my perspective and conclusion.  "This Time Is Different" will not rewrite the lessons of such historical precedent in human history.

It will not be business as usual in the years ahead, PERIOD.    A severe recession followed by an inevitable Depression with widespread debt repudiation are already in progress for all with a pulse to see.  He who fails to act will be financially devastated along with the coffers of the country.

Buy a prudent allocation of precious metals and take physical possession.  The traditional allocation of 10% to 15% of investment assets is now obsolete due to the enormity of the Tens of $Trillions of Global Debt and Equity that will evaporate in the years ahead.  PHYSICAL GOLD, SILVER, PALLADIUM, AND PLATINUM are no one else's liability, unless you acquire them in paper, "promise-to-deliver" instruments.  Have you or your accountant audited the operations and financial statements of those that offer or provide you with precious metals' electronic, paper instruments or certificates, even the untested ETF's?

THE ONLY WAY TO AVOID BEING DEVASTATED FINANCIALLY DUE TO THE RAPIDLY UNFOLDING financial and economic depression IN 2009 IS TO INVEST DEFENSIVELY IN TANGIBLE ASSETS in physical form.  ALL FINANCIAL AND PAPER ASSETS MUST BE ANALYZED WITH A FINE-TOOTH COMB GOING FORWARD TO DETERMINE THEIR ABILITY TO RETURN PRINCIPAL UPON DEMAND.  TRUST ONLY THAT WHICH YOU CAN CONFIRM WITH YOUR OWN EYES.

	Product Description	WCM SELLING   PRICE	Premium Over Melt	WCM BuyBack   Price
Au	GOLD	1.1% Over
	$932.80	Cost
Delivered	American BUFFALO Gold, 24 karat  - One Ounce, 2008  15x Coin Minimum.	OUT		$961.75
Note	GOLD VOLUME DISCOUNTS Shipping is free, all Gold shown as "Delivered".	For 50 Oz. or more of Gold, $0.50 Discount per Ounce.	For 100 Oz. or more of Gold, $1.00 Discount per Ounce.	For 300 Oz. or more of Gold, $2.00 Discount per Ounce.
Delivered	American Gold Eagle, One Ounce / 15x Coin Minimum	$979.37	5.0% $46.57	$948.83
Delivered	Canadian Maple Leaf, Gold -  One Ounce, 2008 / Delivered   15x Coin  Minimum	$978.43	4.9% $45.63	$940.99
Delivered	S. African Krugerrand  - One Ounce 15x Coin Minimum	$963.29	3.3% $30.49	$931.76
Delivered	Austrian Vienna Philharmonic, Gold - One Ounce / Delivered   15x Coin Minimum	$978.43	4.9% $45.63	$940.99
	PAMP-Suisse  Registered Gold Bar - One Ounce  / Delivered 15x BAR MINIMUM	$960.25	2.9% $27.45	$930.45
	ACADEMY IS0-9001 Gold Bar - TEN Ounce, .9999 Purity/ 24kt  / Delivered IRA QUALIFIED	$9,548.49	2.4% $22.05	$9,225.39
		Stackable, Machined
	KILOGRAM Gold Bar, 32.15 Oz., 24 karat / Delivered Comex Approved Refiner AVAILABLE	$30,514.43	1.8% $16.33	$29,511.34
Ag	SILVER	ASK	Premium	BID
	$13.42	1.7% Over Cost
NEW	Silver ROUND  - 1 Ounce,  Indian CHIEF '29, 1000 Coin Min.  / DELIVERED Special Pricing	$14.46	7.8% $1.04	$13.93
Note	SILVER VOLUME DISCOUNTS *	For 10,000 Ounces or More of SILVER	For 20,000 Ounces or More of SILVER	For 30,000 Ounces or More of SILVER
	Volume Discounts	WCM Fee of 1.4% - a 29% discount	WCM Fee of 1.2% - a 41% discount	WCM Fee of 1.0% - a 47% discount
NEW	Silver ROUND  - 1 Ounce,  Academy Brand, 1000 Coin Min.  / DELIVERED NEW DESIGN	$14.36	7.0% $0.94	$14.08
	10 OUNCE Silver BAR - Academy  / DELIVERED 100x Bar Min. IRA QUALIFIED	$141.06	5.1% $0.69	$139.78
	10 OUNCE Silver BAR - Academy  / MACHINED  100x Bar Min. IRA QUALIFIED	$142.07	5.9% $0.79	$140.27
Lower Prices	Silver EAGLE - U.S. MINT - 1 Ounce  2009 Date / Box Quantity Pricing	$15.48	15.3% $2.06	$14.52
Note	Free Shipping per 500 Coin Mint Fresh Box	$8,349.57	15.3%	$7,259.46
	ACADEMY Corp. 100 oz Silver Bars. - Machined, Registered IRA QUALIFIED		Easy to Stack, with  Locking Design
	.999+ Pure Ag,    10x Bar Minimum  / DELIVERED (100x Bars, $24 Off per Bar)	$1,420.75	5.9% $0.79	$1,343.76
	Academy 100 oz Silver Bars.  20 to 99 BARS  / DELIVERED	$1,410.58	5.1% $0.69	$1,343.76
	90% Silver Bag - 715 Troy Oz.,  $1,000 Face / DELIVERED Dimes or Quarters SPECIAL PRICING of $25 off per Full Bag	$9,867.49	2.8% $0.38	$9,291.61
	90% Silver Bag - ALL HALVES / DELIVERED Limited Availability	$9,867.49	2.8% $0.38	$9,291.61
Pd	PALLADIUM	ASK	Premium	BID
	$253.00	1.5% Over Cost
	Maple Leaf Coin - One Ounce  50 Coin Minimum    / Delivered Not Available	OUT		$268.91
	PAMP-Suisse Bar - One Ounce  50 Bar Minimum  / Delivered	$277.10	9.5%	$257.09
	PAMP-Suisse Bar - TEN OUNCE 5 BAR MINIMUM / DELIVERED	$2,699.90	6.7%	$2,521.30
Pt	PLATINUM	ASK	Premium	BID
	$1,191.00	1.5% Over Cost
	PLATINUM American Eagle Coin - One Ounce 10 Coin Min.	OUT		$1,212.39
	PAMP-Suisse Platinum Bar - ONE OUNCE  10 Bar Minimum Free Shipping for 15x Bars Plus	$1,241.35	4.2%	$1,178.90

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