The following promotion is not intended as investment advice. Your capital is at risk when you invest in shares – you can lose some or all of your money. Never risk more than you can afford to lose. Always seek personal advice if you are unsure about the suitability of any investment.
Friday, 31st March 2017:
FOR THE GREAT BRITISH POUND
By Friday, 31st March 2017…
Britain will have finally begun its exit from Europe.
But as it does, trigger-happy traders and bitter EU bureaucrats could unleash a devastating attack on the Great British Pound… forcing its value to plummet… and making you instantly poorer.
Here’s how to protect yourself…
Stop whatever you’re doing and get a pen.
Now go to your calendar and circle the following date…
Before I explain, let me introduce myself.
My name is Jim Rickards and I’m an economist and best-selling author.
I’ve spent the last 35 years building a career in risk analysis. In fact, I’ve personally been called in to advise the CIA, the Pentagon and other agencies that oversee national security.
I’m telling you this because, when there is a massive threat to our money… or the world economy… it’s often my phone that rings.
Lately, it’s been ringing a lot…
If you caught my interview on Bloomberg recently…
Or you saw me talking about this on CNBC…
Or maybe you read my bestselling book Currency Wars…
Then you will know that I believe we are living through the biggest global currency war in the last century.
I’m writing to you today, because I believe, right now, the UK could be hit by one of the biggest single moves we’ve seen in the currency war so far.
Brexit was just the beginning… what’s going to happen now will be even more dramatic.
There have been certain financial crises that took a year or more to play out… the best example I can think of is the 1997-98 crisis, which I was involved in personally.
That came to a head in August and September of 1998 when Wall Street got together to bail out the hedge fund Long Term Capital Management. I was tasked with helping the negotiations.
That particular crisis was about to take down the entire financial system, before we prevented it. But did you know that crisis actually started a year before in June 1997… when Thailand devalued their currency?
I’m looking at Brexit the same way…
June 23rd 2016. That was the vote.
But that was just the beginning…
The snowflake that starts an avalanche
The avalanche is yet to fall…
Indeed, you might think you’ve seen the last of the fallout, but that is NOT the case.
The most dramatic effects are yet to come.
After the shock result of the EU referendum on June 23rd, the pound fell against the US dollar to 30+ year lows. It went from $1.50 to $1.30 in a heartbeat.
And then there was the ‘flash crash’ that saw the pound fall by 6% in a matter of seconds. It recovered most of that when it was claimed automated algorithms were responsible. But it shows just how fragile the pound is right now.
I’m writing today to tell you that the worst is yet to come.
The drop after Brexit is only part of the story. That was a reaction to the vote… it wasn’t priced in. Brexit hasn’t really happened yet.
There are years of negotiation ahead, there are notices, there is uncertainty… and as I’m sure you know, markets hate nothing more than uncertainty.
They can price for Brexit, they can price for remain… but what they can’t price for is the uncertainty that goes around the negotiations for Brexit… how it’s going to look and how it’s going to play out.
That uncertainty alone is making the markets incredibly sensitive right now…
…and dangerously vulnerable to unexpected shocks.
For you, the key thing to remember is that the vote alone caused the 30+ year historic lows. So ask yourself…
What happens when Brexit itself happens?
What happens if the negotiations don’t go well?
What happens if Germany or France or the UK’s other trading partners take a hard line?
How far can it go?
The answer to those question is, of course, impossible… the truth is no one can predict 100% how far the pound could fall… how much value it could potentially drop.
But we do know the UK has been losing weight in the global economy for decades. It’s only natural that the currency must be repositioned too…
What we also know is that since the 1970s, the pound has fallen by around 30% on 3 separate occasions after similar shocks…
First in the late 1970s, again when the UK left the ERM… and finally as a result of the global financial crisis.
Now we have Brexit…
And the Prime Minister has confirmed that by Friday, 31st March 2017…
Britain will have finally begun reclaiming its independence from Europe.
But as it does, trigger-happy traders and bitter EU bureaucrats could once again unleash a devastating attack on the Great British Pound… forcing its value to plummet… and making you instantly poorer.
What would another 30%+ drop mean today?
The shock to the system Brexit could cause could not only see sterling become equal with the dollar…
It could actually become worth less than a dollar.
Imagine… one US dollar worth MORE than one British pound.
Few people in Britain can imagine trading their pound and only receiving a single dollar. And the idea that a single pound coin wouldn’t even buy you one dollar seems insane…
But it’s a very real possibility and you need to be aware of that possibility.
Understanding this will give you an edge in the market.
Look, you’re not helpless; there are things you can do. There are trading strategies you can pursue right now to protect you against this kind of shock devaluation.
But you must act before 31st March 2017.
In fact, even then it might be too late…
Think of the other factors that could trigger this shocking drop in pound sterling… the potential triggers are many.
It might be the introduction of NIRPs (‘Negative Interest Rate Policies’) in the UK… a forced general election could cause even more uncertainty… an external political event – like the US election for example – could cause the same shock.
Or it might indeed be the triggering of Article 50.
Whatever the trigger, the fallout could be immediate. That’s why it’s so important you act quickly and decisively.
Worst of All:
The Bank Of England Want This
It may come as a shock to the people of Britain but the Bank of England actually wants a weaker pound.
Why would that be true?
Well, the Bank of England wants inflation… they have an inflation goal that they have not been able to reach for years. That’s publicly known.
What’s less understood is how central banks actually get inflation…
They used to believe that by printing money they would get inflation. But what they discovered is that printing money alone doesn’t do it – as well as printing the money, people need to spend it too.
But that’s not happening. The money is being printed, but it’s just sitting un-deposited at the Bank of England as excess reserves.
So the Bank of England has to try another technique… which is to cheapen the pound.
Sure, if you cheapen the pound it means every time you buy imported goods, or you travel abroad, take a Swiss vacation, enjoy French wine, or buy Chinese technology…
Whatever you buy is going to cost more if your currency is worth less. It’s a disadvantage to you BUT it does cause inflation…
And it’s that’s what Mark Carney and the Bank of England want.
They won’t ever say it in so many words. But they know that a weaker pound leads to higher prices, and that is what they want. Inflation is currently below the Bank of England’s 2% target, so rising prices are a priority.
There’s also the impact on exports… Britain’s trade deficit will get a boost if a weaker pound leads to more exports. Britain has wonderful technology, competing with Germany and other countries around the world. And the fact is, you can sell more if your currency is worth less.
Oh, and then there’s the gold problem… the UK only has 310 tonnes of the stuff. If you look at what I call the “gold to GDP ratio” i.e. the amount of gold a country has in its reserves relative to its GDP.
- The US gold to GDP ratio is about 2%…
- Russia’s is about the same, also about 2%.
- The European Central Bank, taking the Eurozone as a whole, all of its members, is closer to 4%. They’re the biggest gold power in the world.
It’s pathetic… way below 1%.
This means the UK is missing the same monetary insurance policy that other countries have in terms of their gold holdings.
It all adds up to a very fragile situation for the UK and specifically the pound.
So, if you’re invested in UK assets… that could be a real threat.
What can you do about it?
Well, one essential thing I believe every investor should do is buy gold.
I know that most Brits haven’t bought any gold…
Or haven’t bought enough.
Worse yet, many people have bought exactly the wrong kind of gold.
Which is why, for a limited time, I’d like to rush a FREE special edition copy of my brand new hardcover, called The New Case For Gold, to the doorstep of any UK citizen with a valid mailing address, beginning immediately.
All I ask is that you pay £3.95 to help us cover the cost of postage and packaging.
DO NOT buy an ounce of gold until you read this book
If you’ve been following my research for any period of time you may already be familiar with my first two best selling books:
Currency Wars and The Death of Money.
But it’s my third and final instalment in the series that might just be my most important work to date.
In The New Case For Gold, I turn my attention to the everyday investor and how they can use gold (the #1 asset in a currency crisis) tonot only prepare and survive – but THRIVE – in the coming financial collapse.
You see, when you look at the hardest times we’ve faced in the West – the Great Depression, World War II, the stagflation of 1970s, for example – there were always a few who made fortunes. Many of these saw the crisis coming and took the right steps beforehand to prepare.
Wealth was simply transferred from unprepared investors to those who took action.
This time will be no different.
And, as history has shown time and again, one of the best ways to ensure you’ll be on the winning side of this massive wealth transfer is by owning gold.
The #1 Asset in a Currency Collapse
Gold is an essential store of value that protects wealth and purchasing power when currencies collapse. Just look at a few of the worst meltdowns of the past two decades.
Even in the absolute worst currency crisis of the last 100 years – the crash of the Hungarian Pengo in 1946 – gold saved the wealth and purchasing power of those who owned it.
When the currency collapsed, one gold coin became worth 47 QUINTILLION paper currency units (that’s an astronomical number with 30 zeroes!).
In The New Case For Gold, I provide specific and essential wealth-protecting ideas, techniques, and strategies I’m personally taking with my own money – to help ensure you’ll be on the winning side of the massive coming wealth transfer.
Normally, The New Case For Gold retails for £9.09: that’s the price on Amazon.co.uk. Bookshops sell it for £12.99. And at that price, it’s still a steal. The information inside is easily worth 20-times that amount.
Plus, in the special edition I’d like to send you today, I’ve also included a BONUS CHAPTER in which I reveal five ways to invest in gold that aren’t covered in the regular version.
But because I know that most folks have not yet purchased any gold at all… or have not purchased enough, I have arranged a way for UK residents (with a valid UK mailing address) to claim a FREE hardcover copy of my new book (you’ll just pay a non-refundable £3.95 to help us cover the cost of shipping).
But before I show you how to claim your free copy let me tell you a little bit more about what’s inside.
In The New Case For Gold, you’ll learn:
- The most important type of gold fund in the world. Most gold funds and ETFs will NEVER let you redeem your shares for gold (that’s because investors own shares, not the actual physical bullion itself). That’s why I insist on owning one of the few funds that actually lets investors own the gold, which is fully allocated, and – this is the most important part – will deliver it the next day in redemption of the shares upon request. There are only 2 funds in the world that meet my super strict standards. I’ve personally visited their vaults. I’ve seen the gold bars with serial numbers, dates, refinery stamps, assay stamps, and numbers indicating weight and purity – and seen the ledgers that confirmed that all the gold was present and accounted for.
- My personal gold-buying formula. How much gold you should actually buy? You don’t need to bet the farm (not even close), but buying too little gold could leave you dangerously under-prepared. There’s a simple formula for determining how much gold any person should have leading into the collapse. Whether you have £5,000 or £5 million, follow this simple formula and you’ll be more than ready to weather the financial storm I see on the horizon. This information by itself is worth several times the cost of this book!
- Should you buy gold online? There are only a handful of online bullion dealers in the world that I’ll personally do business with. These are the most trusted names in the industry with a long and reputable track record, yet I’m certain 99% of investors have never heard of these dealers before. If reputation and peace of mind is important for you, stick with one of these firms.
- Is storing gold in your home a huge mistake? What’s the best place for small gold holders to store gold? For starters, steer clear of banks, storage units, and anywhere on your property or in your home. For small bullion holders there’s probably no safer place to store your gold than RIGHT HERE.
- A super-secret, much more portable version of “gold”. This overlooked asset achieves the same store of value as gold (it’s not silver, platinum or any other precious metal), yet it’s much more easy to transport should the “you know what” hit the fan. It’s been used by some of the richest families in the world to protect their wealth for centuries. Today, billionaire investors from Microsoft founder Bill Gates to hedge fund tycoon Steve Cohen have millions invested in this asset.
- Want a more diversified way to hold precious metals? Consider a little-known composite investment consisting of gold, silver, platinum and palladium. This unique option offers a more diversified, stable manner to own bullion. And since this investment is backed by 100% real physical bullion, you have the option of converting your holdings into physical metal for delivery. As far as we know, this investment isn’t available anywhere else. I will tell you exactly where to find it and how you can get started.
- Should you store your gold overseas? Overseas storage will definitely make sense for a lot of people, especially those with large amounts of gold, but there are 2 crucial factors you must take into account before considering this option. Plus, my favourite jurisdiction in the world for overseas storage. This country has a good rule of law, political stability, and a well-trained military, and has not been successfully invaded in more than 500 years.
- Are you making the #1 gold-buying mistake? You should never – EVER – buy gold this way. If you do, you’re putting yourself and your finances at serious risk.
- 5 critical requirements ANY gold storage provider absolutely – 100% – MUST meet. Thinking of storing your gold with a 3rd party provider? Well there are 5 critical factors that every private gold storage company absolutely MUST meet. Your gold is at serious risk if your storage facility doesn’t meet all 5 of these essential requirements!
- The single greatest ‘BUY’ indicator EVER devised for gold. I learned this secret from my friend and master commodities trader, Jim Rogers. Rogers co-founded the Quantum Fund in the early 1970s, which earned a massive 4,200% in 10 years and enabled him to retire at age 37. Rogers says THIS is the only indicator you should be paying attention to when buying gold. In fact, gold is nearing this critical entry point right now, as of this writing!
- HANDS OFF MY CASH! The #1 way to avoid banks legally “stealing” your money. This isn’t common knowledge, but after the crash of Cyprus in 2013, a number of banking regulators said that bail-ins (when bank depositors do not get all their money back when a bank fails) are now a template that will be used in future bank crises. In my book, I reveal the #1 foolproof way to squash any attempt by ANY bank to “steal” YOUR hard-earned money. Anyone can do this.
- A step-by-step walkthrough of one of my most powerful CIA prediction techniques. Not only can this powerful technique be applied to issues of national security, it can also be used to predict currency fluctuations, interest rates, and the stock market. EVERYONE should know how to do this including, investors and portfolio managers to get an edge on future market movements.
- And much, much more…
Look, everyone is waiting for some big economic problem to appear down the road, and the point I’m trying to make is that those economic problems are already here. The financial blunders have been built into the system. If you know what you’re looking for, you can see this collapse coming a mile away.
We can’t say very much about the timing, but we can say a lot about the magnitude. This is set to be the greatest financial collapse in history… exponentially bigger than what happened in 2008… bigger than anything the central banks can deal with.
The point of the matter is – people think I can alert them at 3 o’clock in the afternoon and tell them tomorrow’s that day, sell their stocks. I can’t do that. I don’t know what day it will be. If we get to that point, it would be too late to act.
So, the time to act is now.
That’s why I’m making it my personal mission to help as many investors as I can to prepare, by sending a free SPECIAL EDITION copy of my brand new hardcover, The New Case For Gold, beginning immediately.
Here’s another thing to keep in mind…
When the collapse happens, it’s going to happen quickly. You won’t see it coming. There won’t be time to run out and buy gold, and it probably will not even be available at that stage.
My point is, DO NOT wait to buy your gold.
Whenever the crunch comes, the large players – the institutions, the central banks, the hedge funds, and the customers with relationships with the refiners – are the ones who are going to get all the gold available. Small investors will find they can’t get any.
Your local dealer will be sold out and back-ordered. The Mint will stop taking orders. Meanwhile, what’s happening with the price? It could be going up more than $100 an ounce per day, more than $1,000 per week. It’s running away from you. You want it, but you can’t buy it. That’s what a buying panic looks like.
IN SHORT: the time to build your personal gold reserve is now, before the crisis unfolds.
For these reasons, I want to rush my essential new hardcover, The New Case For Gold, to your doorstep, immediately.
Praise for The New Case for Gold:
Rickards’ Best Book So Far
“In my opinion, Rickards best book so far. This is a perfect tool for anyone who wants to understand how they can protect and preserve their wealth. Either you know something about gold or have not idea at all, this book will certainly guide you into a more in depth knowledge about gold. Would definitely recommend it to anyone.”
“Like an encyclopedia on gold and gold investing but way more engaging than a ‘typical’ financial book.”
“Perfection! It’s about time! A must read for every student of money, macro and micro. Well done James!”
Better To Learn The Lesson From This Book Than Being…
“For Americans who wrongly assume that money is the U.S. dollar, always has been and always will be, there is a very rude awakening. Better to learn the lesson from this book than being forced to learn it by the markets.”
Shadow Gold Standard, a need to know piece of information!
“Jim in his excellent new book ‘The New Case for Gold’ brings to light the ‘Shadow Gold Standard’, it’s a piece of information very few know about or understand, yet it is a crucial piece of knowledge regarding our own portfolios and the importance of having gold in it. This new light of information makes it so clear as to why countries such as Russia, China and many other sovereigns are buying Gold, basically they know what is coming and are preparing for it… I highly recommend you read this book…”
The #1 Way to Prosper in the Coming Crisis
Most people might not realise this, but some of the biggest fortunes in history were created during major downturns in the economy – think Howard Hughes, J. Paul Getty, and Joe Kennedy (patriarch to the famed Kennedy family dynasty).
These recessions created once-in-a-lifetime buying opportunities for savvy investors looking to snatch up incredibly valuable assets, for next to nothing.
This should be part of your wealth building strategy too, as the crisis advances.
The Experts Agree…
Former US Congressman and Presidential candidate, Ron Paul, writes about the book:
“The New Case For Gold is essential reading for anyone who wants to properly prepare for the coming collapse…”
“This excellent book proves that, contrary to the propaganda of fiat currency apologists, gold is real money. Rickards makes a compelling case for why those looking for a way to protect themselves and their families from economic chaos created by central bankers should consider gold.”
Former Managing Director at Goldman Sachs and Bear Stearns and author of All The Presidents’ Bankers, Nomi Prins, says of the book:
“The most important book on gold yet.”
And former OMB Director and author of The Great Deformation, David Stockman, notes:
“We can’t trust the Federal Reserve to do the honest work that Jim Rickards has done in writing this book. When the monetary system finally fails, there will be a flight to the only money that’s left in the system – and that will be gold. Essential reading.”
It’s clear this is a book that you need to read.
But it’s not the only thing I’d like to send you today…
You’ll need a guide through all the mess. Someone to help you protect your wealth. Someone to alert you early. And someone to show you how to shield and grow your wealth through uncertain times…
That’s why I’m also going to include a 30-day trial subscription to a monthly intelligence briefing I founded in the UK with the help of Agora Financial…
It’s called Strategic Intelligence.
Every month the Strategic Intelligence team and I will update you on the status of the markets, any risks they see in the financial system, and unique opportunities to help you prepare for the future and protect the wealth you’ve already created. This will include specific, actionable investment advice.
OUR MISSION IS SIMPLE: To help everyday investors like you cut through the deception you’re being fed by political figures and economists… and to avoid – and prosper in – the next collapse that’s coming.
In the past, I’ve personally only provided this kind of research to my high net-worth clients and members of the U.S. intelligence community.
Now, it’s available to you.
Strategic Intelligence is the perfect way to stay up-to-date on the crisis unfolding in the global economy, prepare, and potentially make a fortune as it all unfolds.
And there’s more…
Circle the date on your calendar…
The markets aren’t going to wait for me to publish my issues every month. And they’re certainly not going to raise a flag whenever a great opportunity suddenly arises.
That’s why I host an up-to-the-minute video intelligence briefing every single month.
This is where I will debrief you on a top-of-mind or pressing topic that’s front and centre in the economy and give you forward looking analysis.
Then, I will go through some frequently asked questions during a “lightning round” to make sure you have all the information you need to help yourself make sound investment decisions.
KEEP IN MIND: I’ve charged £15,000 and up to share my ideas and insights on the economy and markets at seminars and investment conferences around the world.
But as part of these live intelligence briefings, you’ll have the chance to get access to this information.
My moderator will pick the most frequently asked questions so I can share my thoughts with all my viewers.
This feature is free with your 30-day trial to Strategic Intelligence.
To sum up: For just a non-refundable £3.95 postage and packaging fee today, you’ll receive:
- A SPECIAL EDITION hardback copy of my latest and most important book to date, The New Case For Gold – including a bonus chapter containing details of five gold investments you won’t find in the bookshop version. You’ll be sent a copy directly to your preferred address.
- A no-obligation 30-day trial to our monthly intelligence briefing, Strategic Intelligence. A new issue will be delivered by email and post every month.
- My live Intelligence Briefings. Each month you’ll be given exclusive members only access to the live calls with me.
Why so cheap?
Well, I figure this package is the perfect way to introduce you to our group and the research we do.
If you like our work as much as I think you will, then my sincerest hope is that you’ll want to do business with us again in the future.
But of course, that will be totally up to you to decide. In short, we’re confident our work will speak for itself.
That’s why we’re thrilled to send you this valuable research package for the ultra-low price of £3.95.
If you’re unhappy for any reason during the first 30 days, simple call our friendly customer service team and cancel. You’ll never be charged another penny.
An immediate 62% saving
But if you like what you see, you won’t need to do anything more. We’ll bill your card £37 for a 1-year subscription to Strategic Intelligence after your 30-day free trial is over.
That’s an immediate 62% saving on the usual cost of membership.
And if you join today, you’ll get this bonus report, which will show you even more steps you can take to prepare for the next financial crisis:
- BONUS FOR NEW MEMBERS: Get the right “financial crisis insurance” for your situation
Remember, gold has never been valued at zero. It’s a track record that spans all of human history, beating all other assets hands down. These are dangerous times, when paper assets (including cash) can be severely impaired or even wiped out. That makes gold an essential part of a genuinely prepared portfolio.
But how exactly do you go about buying gold? Well, as well as going into the subject in depth in The New Case for Gold, we’ve put together a simple guide that walks you through investing in gold. In it you’ll discover how to tell if you own “your” gold outright or not, the types of coins dealers say are exempt from capital gains tax, and much, much more.
You’ll be able to keep this bonus report with our compliments, even if you decide not to continue with Strategic Intelligence beyond the 30-day no-obligation trial you’ll start today.
And remember, in addition to this bonus above and a FREE HARDBACK COPY of my new book, The New Case for Gold, you’ll also gain access to the Strategic Intelligence newsletter itself, including:
- FULL ACCESS TO ALL BACK ISSUES – No need to wait! As soon as you have completed the sign up process you’ll be able to instantly download the latest issue.
- STRATEGIC INTELLIGENCE DELIVERED TO YOUR DOOR EVERY MONTH, packed with critical analysis on current events impacting the UK economy and the global economy. And, crucially including specific BUY and SELL recommendations, showing you when to take profits or cut losses.
- WEEKLY INVESTMENT UPDATES – Every Friday we’ll send you an email update briefing you on any essential developments with our investments, so you’re always completely ‘in the loop’ with what’s going on with your investments.
- WEEKLY NEWS BRIEFINGS – Every Monday, I give you a rundown of five important news stories flying under the mainstream’s radar
- LIVE INTELLIGENCE BRIEFINGS WITH ME – As I mentioned, you’ll receive access to a monthly live call in which I talk you through my take on the markets in-depth
So, to get unlimited access to all this right now and your SPECIAL EDITION copy of The New Case for Gold rushed to your home, click on the “Reserve Now” button below:
PS: Remember, if you reserve your copy now, you’ll receive a special edition of The New Case for Gold in which you’ll find a bonus chapter that details five gold investments that are not included the regular version of the book.
This is your only chance to discover what these handpicked investments are – so don’t delay… click on the ‘Reserve Now’ button below to secure your exclusive SPECIAL EDITION of The New Case for Gold.
Before investing you should consider carefully the risks involved, including those described below. If you have any doubt as to suitability or taxation implications, seek independent financial advice.
General – Your capital is at risk when you invest in shares, never risk more than you can afford to lose. Past performance and forecasts are not reliable indicators of future results. There is no guarantee dividends will be paid. Bid/offer spreads, commissions, fees and other charges can reduce returns from investments.
Small cap shares – Shares recommended may be small company shares. These can be relatively illiquid meaning they are hard to trade and can have a large bid/offer spread. If you need to sell soon after you bought, you might get back less that you paid. This makes them riskier than other investments. Small companies may not pay a dividend.
Overseas shares – Some recommendations may be denominated in a currency other than sterling. The return from these may increase or decrease as a result of currency fluctuations. Any dividends will be taxed at source in the country of issue.
Funds – Fund performance relies on the performance of the underlying investments and there is counterparty default risk which could result in a loss not represented by the underlying investment.
Taxation – Profits from share dealing are a form of income and subject to taxation. Tax treatment depends on individual circumstances and may be subject to change in the future.
Postage and packaging charges apply for The New Case for Gold.
Investment Director: David Stevenson. Managing Editor: Ben Traynor. Editors or contributors may have an interest in shares recommended. Information and opinions expressed do not necessarily reflect the views of other editors/contributors of Agora Financial UK Limited. Full details of our complaints procedure and terms and conditions can be found at www.agorafinancial.co.uk/terms-conditions/
Strategic Intelligence is issued by Agora Financial UK Ltd. Registered office: 8th Floor Friars Bridge Court, 41-45 Blackfriars Road, London SE1 8NZ. Registered in England Company No 1937374. VAT No GB629 7287 94. Agora Financial UK Ltd is authorised and regulated by the Financial Conduct Authority. FCA No 115234. https://register.fca.org.uk/.
© 2017 Agora Financial UK Ltd. All rights reserved.