Wachovia Securities Notice to its Brokers

Below are some talking points for you to use in discussing this with your clients:

Reasons for change:

-- The markets are illiquid with wide bid/ask spreads and minimal transparency.

-- The quoted markets may not always reflect the value of spot price of the underlying metal in the futures market.

-- Recent delivery times have frequently exceeded four weeks.

-- Precious metals should be considered more akin to collectables such as stamps and coins, etc.

Alternatives for the client (e.g.,ETFs):

-- ETFs are sold by prospectus and disclose charges, physical metal holdings, and historical pricing.

-- ETF prices are widely disseminated to the public and typically have narrower spreads than the physical.

-- ETFs may track more closely to the spot price for the underlying metal.

My comment. So they tell their brokers how to spin it. Hmmm. But the last comment is very telling. The filth has managed to flood the paper market to keep the price of paper gold and silver low. The ETF's reflect "spot" ie the paper market price. So people buying the ETF get less performance than those who buy physical. Another way to destroy the pm markets and to discourage even ETF clients.

Like Butch and Sundance said: "these guys are GOOD!"