Risk Factors

NFA Notice Integrated Brokerage Services, LLC (NFA#238748) and Alliance Financial, LLC (NFA#281989) are members of the National Futures Association (NFA).

FINRA/SIPC Notice IBS Securities, LLC (B/D #037921) is a member of the Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) and is registered with the various states. Securities transactions are introduced to and cleared through MF Global Securities Inc., (formerly, Man Securities, Inc.) the retail securities division of MF Global Ltd.on a fully-disclosed basis.

Securities Investor Protection Corporation is located at 805 15th Street, N.W. Suite 800, Washington, D.C. 2005-2215. You can contact them via phone at (203) 271-8300; by fax at (202) 371-6728; or via email at asksipc@sipc.org

Monies deposited with Integrated Brokerage Services, LLC d/b/a IBS Futures, d/b/a IBS Forex and d/b/a IBS Metals; or with Alliance Financial, LLC d/b/a AFMetals are not SIPC insured.

Precious Metals Risk Disclosure There is risk of loss from Precious Metals trading. Past results are not necessarily indicative of future results. Precious Metals trading, even when done by a professional trader, presents substantial risk of loss, and only funds that a customer can afford to lose should be used for Precious Metals trading. You should carefully examine whether or not Precious Metals trading is suitable for you in light of your financial condition.

Precious Metals Borrowing/Lending Risk Disclosure There is risk of loss in borrowing or lending of physical precious metals. You should carefully consider the risks associated with such borrowing or lending in the light of your individual financial circumstances.

Precious Metals Good Faith Deposit Notice Because precious metals prices often fluctuate violently between the Trade Date and a trade's Settlement Date, IBS Metals/Alliance generally require a Good Faith Deposit (cash or collateral) of approximately 10% of the face value of the physical precious metals to be bought/sold to be on deposit prior to entering into binding transactions.

This Good Faith Deposit must be on deposit prior to entering into a trade or quoting firm prices. IBS Metals/Alliance will provide "indication only" price quotations on request prior to receipt of the required Good Faith Deposit. Adverse market movement will require the posting of additional funds/collateral on short notice.