For gold and silver bullion and their refined or minted products, past performance is not an assurance of future results.  There is no guarantee, either stated or implied, that a collector or investor will realize capital appreciation or avoid loss of principal on any bullion product purchased through Wexford Capital Management's services.  Investors in precious metals such as gold and silver should expect price volatility during certain market periods, both positive and negative, and be capable of maintaining minimum holding periods of from five to ten years. As a result, prudence would suggest that a precious metals portfolio not exceed 15% of an investor's total investment capital, excluding real estate.  Wexford Capital Management (WCM), cannot guarantee a liquid market for gold and silver bullion products in the future (nor can any dealer, broker, or wholesaler), with firm bid and ask prices, even though the current market in bullion products is liquid with an adequate number of buyers and sellers.  There is currently growing evidence of manipulation in both the gold and silver commodity markets, and there is no assurance that, if these illegal trading practices persist, precious metals will respond favorably to the stimuli that have historically influenced them to yield higher prices and potential appreciation for investors.  Lastly, WCM makes no representation as to having or providing current professional expertise in income-tax or sales-tax related matters, to include expertise in the storage, safekeeping, and insurance associated with precious metals investments.