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The information contained in this update may be acted on only by a subscriber and only after a review and understanding of the information contained in previous issues of The Dines Letter

(TDL) plus the “Introductory Subscriber Kit” sent to all new subscribers to The Dines Letter (TDLrs). All conditions and restrictions contained in The Dines Letter are incorporated into this

update by reference and apply as if fully set forth herein.

In This Issue: Raw Materials, Precious Metals, Uranium, Pot, The Market, Health and Seasonalities

February 3, 2017

VOLUME 57 NUMBER 3

DJI 19,884.91

DJT 9,103.29

DJU 662.23

NASDAQ 5,636.20

Gold 1,217.50

Silver 17.49

INVISIBLE NEW BULL MARKET:

SCREAMING PROFITS IN RAW MATERIALS!

One of our purposes is to lead our loyal, long-term TDLrs to large and sustained uptrends, from which to try to get the largest slice of profits possible. Then the decision when to sell is yours, and the many methods for that timing are included in our “How To Use The Dines Letter” booklet sent to all new subscribers. A few methods are: selling whenever satisfied with your profit and never looking back; liquidating when a predetermined low-point stop is triggered; or cashing out when the uptrendline gets broken. We might add our “Sell” suggestions in our Supervised Lists, but the final decision is always yours.

Our method of getting into uptrends necessitates drinking upstream from The Herd – it’s how we earned a reputation for outrageous good luck getting into new big moves early, providing the biggest percentage of capital gains. We are often asked how we get such a high percentage of predictions right; no human could get them all, but glimpses of the future are better than utterly blind groping. Picking the right groups is critical.

These days one of our current favorite hunting grounds is raw materials. Our attraction to them is perhaps due to their tangible value. Wealth-in-the-ground transcends near-term price ups-and-downs: Commodities can wait supremely patiently in the ground for inevitable demand to again recognize their value in a subsequent cycle.

Raw materials fluctuate between gleeful soarings and devastating declines, making timing

I was born in 1962. True. And the room next to me was 1963… Joan Rivers, humorist

crucial for long-term profit! After glor iously profitable rises from 2009 to 2011, a raw-materials depression set in from around 2011 and remained until 2016, a time when almost all investors were finally too disgusted to hear anything about them – a typical sign of bottoms. We accordingly began to turn optimistic on raw materials according to DITPON (The Dines Theory of Positive/Negativism), starting with their centerpieces, gold and silver. We flashed a “Buy” on raw materials one year ago, in the TDL of 5 Feb 16 (page 15), flatly declared to disbelieving gloom & doomers. We were at last optimistic! The raw materials sector is one of TDL’s specialty areas and we leaped happily into five stocks in the TDL of 5 Feb 16 (Anglo-American, Freeport-McMoRan, Kaminak Gold, Silver Wheaton and Goldcorp) and all five went much higher!

It is clear that other analysts did not “get” our bullish call for all raw materials, from cobalt to gold, pot, uranium and zinc, confirming to us that it was still very early in the rise. Again by DITPON. An invisible bull market, so to speak. That is still true today, so we are reasonably confident about the opportunity for additional serious profits yet ahead! Conceivably by luck we trumped the world’s best and most-respected traders; one headline (Financial Times, 31 Jan 17) read, “Hedge funds suffer dismal year.”

There was a shift to heavy buying of golds and silvers on 3 Feb 16 that we captured immediately in our TDL of 5 Feb 16, as we could plainly see the surge of big money beginning to pour into them. Yet we were gratified that the entire natural resource sector also began to join gold’s and silver’s rise, even including palladium and platinum. The Dines Letter, 6 May 16, (page 7).

The above excerpt from 6 May 16 TDL signaled our

optimism expanding from precious metals to other raw materials.

Raw materials are cyclical and we share great graphics

RAW MATERIALS INCLUDE GOLDS AND SILVERS!

February 3, 2017, Page 2 Advice and Information for Traders and Investors


of these cycles in TDLs, some unique in the world. The last downcycle was particularly vicious, with many mines having closed, layoffs, stock market losses – virtually everybody got hurt, and investors were understandably utterly demoralized. Every commodity plunged, even oil, despite OPEC’s cutbacks.

Cycles go with the territory, and investors keep trying to make money with raw materials because they can be so enormously profitable on the way back up. It’s not easy getting the hang of their timing, and one gets better over the years. But it’s a challenge because the Mass Psychology is so treacherous that some overstay their visit and get stuck riding the cycle back down. As noted, the one thing that always lasts is wealth in the ground, even though profits on them are cyclical. We believe the commodity bear market is almost certainly over, and we will remain optimistic for at least as long as there are no new gold lows below 2016’s.

Within the vast field of raw materials there are specific islands that tend to move together, such as gold, silver, palladium and platinum. One of our pioneering Mass Psychological concepts is the Dines Wolfpack Theory (DIWPAT), so that you could make money by getting one or two right and then homing in on the other two of those four. For example, gold and silver are up, therefore odds are palladium and platinum should also soon rise, a reason we are adding Sibanye Gold to Supervised List #4. Uranium is also cyclical, as well as Cannabis. We’ll return to how we could make some money on them.

We can’t do better than calling the turn within two days. Because it takes time to publish!

Let’s start with this London Gold chart going back 84 years to 1933 (page 3, top), which is frequently published in TDL, for a bird’s-eye overlook. There are already two obvious bull markets, marked Wave I and Wave II, each one large enough in scope and time to fit everyone’s definition of “Major.” Crucially, we also refined our concept to lump together all three of gold’s Major bull markets into one unified “Super Major Bull Market.” Our gold “Sell” signal on March 14, 2012, near the gold top of Wave II, was followed by the bitter declining period, and we all avoided the suffering endured by investors who remained in raw materials. Still, even when gold was being hammered down after Wave II, it was only actually giving back around 40% of its previous long bull market – so the next wave should carry it much higher than the former high. But, then, our “Buy” signal on raw materials stocks was triggered in the TDL of 5 Feb 16, as can be seen in the excerpt on page 1. We’re still waiting patiently for gold’s missing third Major bull market Wave III and the oppor tunity to make possible fortunes that should be available if we could only properly identify anywhere close to its beginning. Our Wave II’s Buy and Sell signals were very lucky indeed!

Now let’s focus on our latest “Buy” signal itself, down at what we suspect was the start of Wave III.

Our “Buy” signal had so much buying power behind it that we immediately wondered whether this was

THE BEGINNING OF A SCREAMING GOLD & SILVER BULL MARKET!

Gold & Silver Risers: Try To Get A Slice Of These!

Subsequent

Currently In TDL's Supervised Lists Low Date High Date % Rise

Anglo-American (NGLOY) 1.57 1/20/16 8.63 1/24/17 450

Minco Silver (MSV.TO) 0.40 1/20/16 2.05 7/11/16 413

Midas Gold (MAX.TO) 0.25 1/20/16 1.22 8/12/16 388

Freeport-McMoran (FCX) 3.52 1/20/16 17.00 1/24/17 383

Anglogold Ashanti (AU) 5.64 8/5/15 22.88 8/4/16 306

Pan American Silver (PAAS) 5.38 1/20/16 21.59 8/18/16 301

Silver Standard (SSO.TO) 5.28 1/21/16 20.48 8/12/16 288

Almaden Minerals (AAU) 0.50 1/19/16 1.88 8/11/16 276

Industrias Peñoles (IPOAF) 8.13 1/27/16 28.78 8/12/16 254

Millrock Res (MRO.V) 0.20 1/20/16 0.70 8/9/16 250

Kaminak Gold (KAM.V)* 0.80 1/14/16 2.72 7/19/16 240

Silver Wheaton (SLW) 10.04 1/20/16 31.35 8/11/16 212

Fresnillo (FNLPF) 9.00 1/20/16 26.65 7/6/16 196

Agnico Eagle (AEM) 21.07 8/3/15 60.10 8/4/16 185

Eldorado Gold (EGO) 1.87 1/25/16 5.13 7/14/16 174

Solitario Expl (XPL) 0.41 1/15/16 0.95 8/9/16 132

Goldcorp (G.TO) 13.55 1/21/16 26.56 7/6/16 96

*Has been acquired by Goldcorp.

Advice and Information for Traders and Investors February 3, 2017, Page 3


finally “it,” the buying beginning our long-awaited Wave III, which would account for explosive rallies from out of nowhere.

However, gold buying strength was so exceptional that we had an unnerving reaction: we were glad to make money for TDLrs, of course, but also recognized that our recommendations were becoming unsustainably Overbought short-term. It’s difficult enough calling the turns, but trying to measure how deep Pullbacks are going to be, or how long they might last, is close to impossible. Anyway, we flashed a downgrade of gold stocks to “Hold” on 22 Aug 16, luckily only six trading days from the XAU top, looking for a gold decline, but not to new lows. And golds indeed settled down, taking back one-third to one-half of early 2016’s huge gold rally – safely within our bullish parameters.

We were on full alert, because if the early-2016 rally was indeed the start of the missing Wave III, after a pullback, we expected further unusually sharp rallies to new highs! Then in our 8 Dec 16 IWB, we switched back to “Buy,” even though it might have been a bit early – it’s not easy to gauge, but we did not want to risk missing the rise.

With virtually the entire range of commodities now in uptrends, from cobalt to lead, iron ore and nickel, we restate our historic silver prediction in the last TDL (4 Jan 2017, page 8) that we do not expect anyone to believe. We quote it for those who have not received our 2017 Forecast Issue: “Silver at $17 an ounce looks like the single most underpriced metal on the planet. We predict that silver will go above the price of gold, and also that that will be the time to sell both.” As we added in that 2017 Annual Forecast Issue, “Silver’s catch-up to true value will probably happen during a currency upheaval and be awe-inspiring to behold.” We also named two silver stocks to be held long-term on page 7 of that issue.



We turned bullish on uranium – hated at the time– and became “The Original Uranium Bug” with our rock-bottom “Buy” signal at $8/lb in our IWB of 14 Sep 2000, within a mere 90 cents from its low at the time, of $7.10/lb. Uranium subsequently rose 1,650% to around $150/lb in May 2007, in one of the greatest bull markets in commodities history. Everybody had the opportunity to choose their own “Sell” signal and TDLrs who sold small percentages on the way up had a great opportunity to profit.

After uranium metal’s peak in 2007, it began a long bear market, aggravated by calamities such as Fukushima, to which the world overreacted. London’s Great Fire of 1666 taught London residents to build with brick instead of wood - likewise learned from the fire after San Francisco’s great earthquake in 1906. Fukushima’s problems, as we emphasized at the time, were not the fault of uranium, but rather reckless builders who constructed it over a notorious earthquake fault, and also were too stingy to build a wall high enough to block the tsunami that eventually compromised it. Never chase a penny to lose a dollar.

Atomic power, like fire and electricity before it, must be handled with strict responsibility, so that it could provide many years of reliable and clean energy - unlike variable wind and solar. Nuclear waste will eventually be buried miles deep into ancient rock, and will be considered safe, believe the unbelievable or not.

We are quietly proud that we began to turn bullish on uranium again in our IWB of 9 Jun 16, yet again ahead of the crowd, although it regrettably annoyed a number of our followers. As far back as our TDL of 1 Jul 2016 (page 10), in its feature entitled “Profits, Incredibly in Uranium?” we declared that “There is no way to meet the world’s energy needs with clean energy sources without atomic power, which produces zero carbon emissions.” Our last uranium stock recommendation, Fission (added in the IWB of 9 Jun 16, to Supervised List #6), has risen 82% in the last three months.

Furthermore, we boldly recommended atomic power again in our thirteenth IWB of last year, on 12 Dec 2016, in which we wondered whether Trump might balance increasing emissions from a resurgent coal industry with squeaky-clean atomic power.

Despite all the negativity, we see with our own eyes that the price of uranium has risen a whopping 41% since 1 Dec 2016, defying the majority’s pessimistic bad news, a process that has so often led us to serious profits. See chart, top right. This brings to mind Dinesism #4, “Don’t Think, Look” (DILOOK).

“THE COMING URANIUM BOOM”

God gave us memory so that we might have roses in December. JM Barrie, British Playwright



There are around 440 reactors working in over 30 countries – with 60 more under construction, according to the World Nuclear Association (WNA). We have often lamented that China was massively stampeding into taking control of the atomic energy industry, having long ago stolen the technology from pioneering America, now seeking world domination of the field. China is building so many nuclear power plants that its skills will be perfected enough to dominate the jobs produced – infuriating your editor for America missing this opportunity. China is even constructing two new nuclear power plants in Iran, with four more projected in the next few years, gaining expertise and locking countries into their skein of controlling atomic power worldwide. China’s marketing of this skill will add to its economic power, lasting far beyond this century.

China currently gets two-thirds of its primary energy from coal. We find it exceptionally important that China has just cancelled plans to build more than 100 coal-fired power plants as its public chokes behind flimsy masks in the pervasive smog that it at last recognizes as unacceptably unhealthy. China gets 1.7% of its total generation of power from nuclear, and has stated its goal to overtake the US by 2026 with 100 gigawatts, as the nation with the world’s largest atomic capacity. America should be adding to its huge lead right now, building plants worldwide, before China and Russia walk away with the market entirely.

We hereby add another uranium stock, Laramide (see chart in “Bullish Low-Priceds,” page 4), to be held for several years, now that it has had a decisive Upside Breakout. Take part of positions now, and hope for a pullback toward line (U) to complete your positions on possible weakness.

Much has been made of uranium’s recent strength as a function of Kazakhstan’s recent reduction of uranium production goals. Fair enough, but what has been achieved with the stroke of a pen could be reversed just as easily, so that alone was too slim a reed for us to depend on.

Personally, we see two things that are much bigger factors. First, as noted in our Forecast Issue, President Trump has said practically nothing about atomic power, and we suspect – we might be wrong – that his relative silence is indicative that he is going to initiate a serious nuclear power program in America. Probably on a day he needs a subject changed. Second, that we are predicting a huge new bull market in raw materials is far more important than both Kazakhstan and Donald Trump, so we think all portfolios should have at least some representation in atomic power. We might be adding additional uranium companies in the future.

Finally, TDLs and IWBs supplement the news reported by the press with our analysis and predictions, all of which should be included in investor decision making. Not a word in the media about Rare Earths yet. More in a future TDL.



Our current method has been to make money investing in “things.” Raw materials. Gold. And we include cannabis, which is a thing. The pot group has risen steeply, as we predicted and wrote about in TDL starting two years ago. After the Nov 2016 election, marijuana is now legal, at some level, in 26 states and the District of Columbia, as predicted. We call this anticipatory thinking, giving our subscribers the edge against other Security Analysts even now catching up on pot research and still not entirely certain as to which pot stocks to recommend.

We continue to recommend the “Dines Net Method” for new bull markets: place a precisely equal amount of capital into each stock recommended in that new bull market, marked “Buy” in our Supervised List (#7 in this case), hoping to catch in the net at least one major riser.

After last year’s legalization of pot in California, and other American states in November, there was the usual “selling on the news,” as noted in our 2017 Forecast Issue. Pot stocks were due for a normal profit-taking Correction.

But, has the pot boom come and gone? While anything is possible in the stock market, our guess is that the recent rise was only the initial wave of a bigger boom to come. See excerpt atop next page for validation.

The next wave might come from the Trudeau-led Canadian Parliament’s move to legalize recreational cannabis nationwide - a significant difference from the inefficient state-by-state approach being adopted in the United States. As individual states move toward legalization, it puts them at odds with the still-illegal federal status for marijuana.

On the other hand, Canada this year will become the first G7 nation to fully legalize pot use. Canada’s nationwide legalization will allow cannabis companies to fully participate freely in the economy, enabling their use of nationally chartered banks, including access to bank accounts and secure money handling, as well as to credit, which could be used to foster the growth and expansion of many currently small companies. The lack of access to federally chartered banks, and even local ones insured by the federal government in the United States, continues to hinder access and normal business banking relationships.

Many of the stocks in our Pot Portfolio are Canadian companies. Canopy (our first pick) was

one of our lucky favorites, sporting a phenomenal rise of 548% from March to November 2016 in only eight months. On 1 Feb 17, Canopy actually changed its ticker symbol to “WEED” on the Toronto Stock Exchange (TSX). Canadian sense of humor noted.

Donald Trump’s victory in the US presidential election could see further benefits for the Canadian cannabis industry. While former President Obama’s administration turned a blind eye to states where legalization had occurred, there is no such guarantee from Trump’s administration, with his candidate for Attorney General, Jeff Sessions, adamantly opposed to drugs - including pot. According to Bruce Linton, CEO of Canopy Growth, Canada might become an unfettered global center of medical cannabis research without competition from the United States. A warning that America is destined to lose yet another new industry.

We have sold three of our eight 2016 recommendations in our Pot Portfolio and are hunting for replacements. Meanwhile, there are many small ones that are interesting, but too tiny for this Letter to recommend because the buying would send their stocks flying too high. We’ll list them so you could pull up charts, but please be prudent if deciding to gamble on any of them. There’s a wild and wooly bull market going on. We can’t recommend them and won’t follow these up. Just an interesting area in which to explore for other chart lovers.

Here they are: AXIM Biotechnologies (AXIM)Cannabis Science (CBIS), Easton Pharmaceuticals (EAPH), Endexx (EDXC), GrowBlox Sciences (GBLX), InMed Pharmaceuticals (IMLFF), mCig (MCIG), and Medical Cannabis Payment Solutions (REFG).

LATEST FROM “THE ORIGINAL POT BUG”

The tyranny of a multitude is a multiplied tyranny. Edmund Burke, Irish philosopher



Current Outlook: Just peeking into “Sell” territory. DIGFOI is possibly reflecting current market strength and might reach a Top within the next few months. DIGFOI contains no theoretical backward projections – all entries were calculated at the time, by your editor, personally – and is surely the market's longest-running Technical summation of its type.

The Financial Post reports that Canada’s push to legalize marijuana could be a “game changer” for the recreational pot industry with the potential to reach $6-billion in sales by 2021. A Bloomberg dispatch to the Post reports that the federal government is planning to legalize recreational marijuana in Canada by 2017 with sales likely to commence in 2018. A vast illicit market exists that, if brought into legal channels, could result in demand of about 400,000 kilograms of cannabis in its first full year. If legalization occurs along expected timelines, there will be about 3.8-million legal recreational users of marijuana across Canada by 2021. The Globe and Mail reports there may not be enough legal marijuana to go around in Canada when the recreational pot industry first gets up and running. Canaccord analysts say it could take until 2020 for supply to catch up to demand. Canada’s plan to legalize recreational use in 2017 has attracted a wave of capital in anticipation of billions of dollars of new revenue. OrganiGram Holdings CEO Denis Arsenault said, “You’d have to go back to literally something like Prohibition to see the birth of an industry like this.” Stockwatch News, (Thanks to loyal TDLr JP, California) Ed: OrganiGram is in TDL's Supervised List #7.



While we have strong opinions in other areas in this TDL, we find ourselves uneasily hesitant when it comes to the general stock market, digesting the impact of Trump’s election. Partially because this is already the longest bull market in Wall Street’s history dating back to 1897. Since we recall having seen previous aging bulls end with almost no warning, we have restricted our buying recommendations largely to raw materials. Our call might be unlucky on this one.

One of the things that troubles us is the market’s mixed internal picture, which doesn’t show up in market averages. We call it “Internal Deterioration,” which we saw begin in late 2014. Many unwary mutual funds got hurt in 2015 and 2016, and this excerpt was just published in the Wall Street Journal, confirming our cautious perspective:

Increased action has been tantalizing for hedge-fund managers and stock pickers at mutual funds. Yet stock-price swings remain remarkably muted, and many shares continue to trade broadly in line with one another. It adds up to continued frustrations for traders. Citigroup found the weekly gap between the top one-quarter of performers in the Russell 2000 and the rest of the index had fallen to five year lows by the end of 2016. The findings coincide with low volatility in the overall market. As stocks have risen to records, the CBOE Volatility Index touched its lowest level since 2014 on Jan 13. The index is known as Wall Street’s fear gauge because it is based on prices of S&P 500 options that investors tend to buy when they are worried about stock declines. The S&P 500 hasn’t moved by more than 1% in a day since Dec 7. Wall Street Journal, 23 Jan 17

As we surveyed the stock market’s landscape in

late 2014, market averages worldwide were flattening out or declining. Currencies were churning, China’s important economic engine had turned increasingly bearish. And because avoiding losses is more important than adding to wealth, we guided our loyal, long-term TDLrs to raw materials, in addition to cannabis, in which we made “killings” in 2016.

Out of the blue, Trump’s election, declaring a strong pro-capitalist agenda, replete with projected soaring infrastructure spending, steep tax cuts, diminishing onerous business regulations, promising

WHICH WAY STOCK MARKETS? WHICH STOCKS TO BUY?

The two hardest things to handle in life are success and failure. Mark Zuckerberg, Facebook



to renegotiate “unfair” trade deals, as discussed in our Forecast Issue, foretold a positive environment for business. Trump’s successes are in construction and he has already promised big construction for airports and other transportation. Also increased military spending. Furthermore, with lower taxes ahead, corporate investors are surely sharpening their pencils as to how to deploy their increased profits.

Trump’s shock, falling on a desultory and tired stock market, wrenched leading averages higher in November 2016, as shown on page 9. We have a natural caution about buying into stampedes because we have too often seen them end up in lemming-like leaps off cliffs. Indeed, in our IWB (Interim Warning Bulletin) of 8 Dec 2016, our twelfth in that year, we concluded that “Prices are already Overbought enough so that markets should generally flatten out for the next few weeks.”

That prediction came true, and prices have even remained so flat during January 2017 that we didn’t send a single IWB! Possibly because investors are evaluating in the cold light of day just what might actually be involved. While Trump’s vision has excited the business community, it really doesn’t know what he’ll actually accomplish. He’s projecting trillions of additional government spending, but on the other hand, the Tea Party part of the Republican Party in control of Congress, is looking at balancing the budget. Even Trump’s new head of OMB (Office of Management and Budget), Mike Mulvaney, is a hawk about reining in the Federal deficit.

Also, nobody seems to be including interest rates or currency fluctuations in their Trumpian calculations, and we wonder how American companies would fare under a stronger or weaker US dollar, (see chart, right). We have long warned that the world is at risk of a currency upheaval, since money should be a fixed value, and currencies have been fluctuating unpredictably. Our longstanding pessimism toward Britain's pound is not based on Brexit; its downtrend began way back in 2007, long before Brexit, so something much deeper is going on. Our warning when this newsletter was founded was that severing the link between gold and the paper dollar would end up in a historic currency crash. It will come someday. When least expected.

The bottom line is that charts of leading averages are in uptrends and, as noted in our Forecast Issue, our system forces us to be bullish during uptrends, but we still don’t trust the premises. Therefore the smart thing to do is to continue to be cautious. In the High State of Confusion.

The real problem remains the same: which stocks to buy? The Internal Deterioration that has been going on since late 2014 continues. Despite all the hoopla, it’s still surprisingly easy to lose money - and China’s Internal Deterioration is worsening,

especially toward banking and real estate. Finally, we have often remarked that one of the key

foundations of this historically long bull market is investors desperately seeking income and willing to take the extra risk of stocks to achieve it. Remember, the opposite will also be true should investors become averse to risks when rising interest rates offer investors an alternative to equities. It will result in many investors taking money out of the stock market. Also sending bonds and real estate lower.

The result of all our ponderings keeps coming up the same, stay with raw materials. They’re still deeply depressed after their ghastly 6-year bear market, and just began turning up a year ago, which we detected immediately – leading you for example to the 205% gain so far in Freeport McMoRan, in Supervised List #5 – in a year that saw many superstar hedge funds go broke. They were obviously not invested in the raw materials Sector, where there are far more stocks in uptrends than otherwise. As we study the charts of zinc and many other metals, that’s where we’re going to hunt for profits.

There are some zinc stocks in uptrends, all too small for us to recommend except Tinka Resources (TK.V, TKRFF) which we hereby add to Supervised List #5. Try to buy below C$0.30, or US$0.23.

And there is one blue-chip component of the DJI into raw materials that has not yet gone up commensurately, Caterpillar Inc (CAT). We’re adding it to Supervised List #1 because it straddles both infrastructure construction and mining, and is a DJI blue-chip. A resurgence of mining would help the company even though its president is pessimistic about earnings. We suspect he’ll be wrong, and CAT will surprise to the upside. It’s the best our conscience permits us to recommend, considering everything.



See “Buy” at bottom (left), downgrade to “Hold” in middle, and latest upgrade to “Buy.”



1) By 9 Jan 17, the 5th trading day of the year, for both the Dow and the S&P 500 were up, rendering the "early warning system" bullish (section F, page 29 of our 2017 Annual Forecast Issue). At the end of January, both indices were likewise higher, up 0.5% and 1.8% respectively, another bullish reading on the famed January Barometer. Since both Super Bowl finalists – the Atlanta Falcons and the New England Patriots are non-original NFL teams, the offbeat Super Bowl Indicator is bearish, no matter who wins it (Section L, page 31). So far two bullish market based seasonalities are outweighing a bearish Super Bowl seasonality.

2) Februaries are neutral for the DJI and the S&P 500, having averaged a 0.2% and 0.05% monthly rise respectively in the last 67 years. Februaries usually follow whatever the current trend has been, currently up, as per the chart on page 3 of our 2017 Annual Forecast Issue. However, as featured in that issue, post-election years' negativity was present in other Seasonalities, and the usually benign February is now looking more bearish because of it. Records show both the Dow and the S&P 500 were down in 9 out of 16 Februaries during post-election years. Under the same parameters, it is notably Nasdaq's worst month, down 8 out of 11 times, with an average monthly loss of 3.9%.

3) March stock markets are usually bullish. In our Research Department's count of the 67 years since 1950, the Dow-Jones Industrial Average (DJI) in the month of March rose 44 times (66%) and declined 23 times (34%). There have been fewer declines in recent years.

These stats are comparable with those of the S&P 500 which, since 1950, ranks March as the third best-performing month. March is often a pivotal month, moving in the opposite direction from that of February. Or just leveling off in preparation for a decline starting around April or May. Examples of DJI plunges after an up February are: March 1997, 2002, 2004, 2005, and 2011. March 2005 was particularly significant since it included the Dow's peak at 10,984.50 on 7 Mar 05, after which it plunged and then flattened for the subsequent seven months. February and March 2006, 2010, 2012, 2013, 2014, and 2016 were all up, but the Dow started leveling off by mid-March before its April and May declines.

TDL'S SEASONALITIES: FEBRUARY & MARCH

My, my – sixty five! I guess this marks the first day of the rest of our life savings. H. Martin, humorist

March 2000, 2001, 2003, 2007, 2008, and 2009 also followed our "rule," having risen after a down February. Our 14 Mar 08 "Buy" capitalized on this Seasonality, seizing a rise of 1,282 points through 19 May 08 before the Dow's waterfall decline. As did our 2 Mar 09 "Buy" prior to a surge of 6,406 points from 6 Mar 2009 to 2 May 2010.

4) The Dines Gold Stock Average (DIGSA) rose and declined 24 times each out of the last 49 months of March (and was neutral once), so there is no useful Seasonality this time. The Dines Silver Stock Average (DISSA) rose 27 times out of the last 49 months of March, declined 21 times and was neutral once, for a somewhat bullish Seasonality ratio of 56%. For more, see Dinesism #9, the Dines Rule of Gold Seasonality (DIRGS) in the Mass Psychology book (page 327), and your Master Course DVD (Part 2).

Latest on Health (Legal Disclaimer: Since we are not doctors, never follow anything based on the Health Features in TDL, without first consulting with your doctor or other trusted health professional.) 1. An optimistic outlook may be good for your health. The study, in the American Journal of Epidemiology, found significant associations between increasing levels of optimism and decreasing risks of death from cancer, heart disease, stroke, respiratory disease and infections. The associations were particularly strong for cardiovascular disease. The New York Times, 13 Dec 16 Ed: Verifying one of the boldly-made points in our Secrets of High States book. 2. Higher vitamin D levels may be linked to longer breast cancer survival. Compared with women whose vitamin D levels are under 17 nanograms per milliliter, women with levels higher than 25 had a 28 percent higher likelihood of surviving over the course of the study, even after adjusting for tumor stage and other factors. For premenopausal women, the effect was stronger. Those with the highest vitamin D levels were 55 percent more likely to survive. He advises sticking to Institute of Medicine guidelines, which call for an intake of 600 units of vitamin D a day for people under 70, and 800 for people over 70. The study is in JAMA oncology. The New York Times, 22 Nov 16 3. Your phone is pretty much a high-tech bucket of germs. Thousands of microscopic bugs crawl around on its surface. Your hands have smeared hundreds of chemicals across its surface. Scientists recently swabbed the hands of 39 people, and their phones, producing hundreds of chemical samples. Based on the compounds on both hands and phones, the researchers were able to make inferences about each person’s lifestyle, like whether they drank tea or coffee, liked fruits or spent time in the

The State is to make what is useful. The individual is to make what is beautiful. Oscar Wilde, The Soul of Man

SELECTED AND CONDENSED INFORMATIONAL EXCERPTS FOR

BUSY TDLRS:



sun. One day the technique might be used in criminal investigations to narrow down a suspect pool when DNA or fingerprint evidence doesn’t yield a match. Critics worry that investigators might push courts to admit evidence based on potentially inaccurate inferences. The New York Times, 29 Nov 16 Ed: Gosh, how did we survive this long? 4. Severe outbreaks of sea lice in Norway and Scotland as well as a deadly algae bloom that hit Chile in early 2016 meant supplies of global farmed salmon fell almost 9% from the previous year, the first decline in six years and the steepest fall in a quarter of a century. In the first half of last year, Chile’s salmon farms were hit by a severe toxic algae tide that killed millions of fish. Demand for salmon has been growing 12% since 2002. Financial Times (London), 11 Jan 17 Ed: Not a word about what farmed fish are fed. Antibiotics? Growth hormones? Garbage? 5. There’s growing evidence that a daily jolt of coffee may be a healthy habit, thanks to its ability to keep heart vessels clear and lower the risk of Type 2 diabetes, as well as its cancer fighting antioxidants. Now there’s even better news: coffee appears to help combat aging. A new study that focused on the cells of coffee drinkers and non-coffee drinkers found that older people who consumed more caffeine tended to have lower levels of inflammation – the culprit behind a number of chronic diseases associated with aging, including certain cancers, joint disorders and even Alzheimer’s. In the study, people who drank the equivalent of five or more cups of coffee a day showed very low levels of inflammatory factors in their blood. When the scientists studied their gene activity, they also found that genes linked to inflammation were less active than the same genes in people who didn’t drink as much. Caffeine, the scientists suspect, turns off the pathway to inflammation almost altogether. That’s especially beneficial when it comes to combating cellular aging, because inflammation isn’t regulated as well as it is in a younger body. The key, the researchers say, will be to figure out when the inflammatory response starts to spiral out of control – if they can figure that out, they may be able to get ahead of it without coffee. The scientists are currently conducting another study that may help; they are hoping to analyze the immune systems of 1,000 people. That information will create a reference range of inflammation at various life stages that could tell people if their levels are normal – or if they are at higher risk of developing chronic conditions. If they are, they might consider adding (or keeping up with) their coffee habit. Time magazine, 30 Jan 17 6. Getting older, sleeping less. Insomnia is like a thief in the night, robbing millions – especially those older than 60 – of much-needed restorative sleep. The problem is often overlooked during routine checkups, which not only diminishes the quality of an older person’s life but may also cause or aggravate physical and emotional disorders, including symptoms of cognitive loss. A survey done in 1995 at the National Institute on Aging among people aged 65 and older revealed that 28 percent had problems falling asleep and 42 percent reported difficulty with both falling asleep and staying asleep. When insomnia becomes chronic, lasting six months or longer, it can wreak serious physical,

emotional and social havoc. In addition to excessive daytime sleepiness, which can be dangerous in and of itself, Dr Avidan reports that chronic insomnia “may result in disturbed intellect, impaired cognition, confusion, psychomotor retardation, or increased risk for injury.” Understandably, it is often accompanied by depression either as a cause or result of persistent insomnia. Untreated insomnia also increases the risk of falls and fractures, a study of nursing home residents showed. There are two types of insomnia. One, called primary insomnia, results from a problem that occurs only or mainly during sleep, like obstructive sleep apnea, restless leg syndrome (which afflicts 15 to 20 percent of older adults), periodic limb movements or a tendency to act out one’s dreams physically, which can be an early warning sign of Parkinson’s disease. An accurate diagnosis often requires a professional sleep study. The other, more common type of insomnia is secondary to an underlying medical or psychiatric problem; the side effects of medications; behavioral factors like ill-timed exposure to caffeine, alcohol or nicotine or daytime naps; or environmental disturbances like jet lag or excessive noise or light – especially the blue light from an electronic device – in the bedroom. Among the many medical conditions that can cause insomnia are heart failure, gastroesophageal reflux (GERD), lung disease, arthritis, Alzheimer’s disease and incontinence. Treating the underlying condition, if possible, often relieves the insomnia. When people anticipate having difficulty falling asleep or returning to sleep after middle-of-the-night awakenings, they may spend hours laying awake in bed worrying about being unable to sleep, and the anxiety itself impairs their ability to sleep. When on occasion I awaken in the wee hours of the morning and can’t get back to sleep, I usually get up and do something useful, which takes the curse off my insomnia. If I’m worried about forgetting something important, I write it on a pad kept next to the bed, taking care not to turn on a light. (Bright light in the middle of the night can reset your biological clock; if you get up to use the bathroom, use a night light near the floor.) “Good sleep hygiene,” a concept developed by the late Peter J Hauri, a sleep specialist at the Mayo Clinic, means limiting naps to less than 30 minutes a day, preferably early in the afternoon; avoiding stimulants and sedatives; avoiding heavy meals and minimizing liquids within two to three hours of bedtime; getting moderate exercise daily, preferably in the morning or early afternoon; maximizing exposure to bright light during the day and minimizing it at night; creating comfortable sleep conditions; and going to bed only when you feel sleepy. If you still can’t fall asleep within about 20 minutes in bed, experts recommend leaving the bedroom and doing something relaxing, like reading a book (one printed on paper, not a brightly lit screen), and returning to bed when you feel sleepy. Alternatives include over-the-counter remedies like melatonin or valerian, which have more anecdotal evidence than research to attest to their efficacy. The brain makes melatonin, the body’s natural sleepiness hormone, in response to darkness. There may also be some useful dietary aids, like bananas, cherries, kiwis, oatmeal, milk and chamomile tea, though evidence for these is also primarily anecdotal. The New York Times, 17 Jan 17 Ed: Enough market “killings” would also aid wonderfully deep sleep.



TDL’S TRIGGER BOX (Hourly Prices for DJI) for Serious Market Students This is not intended to be advice for speculation in commodities futures. Updated by IWBs. All Super Major signals have been bearish since 2000, see DJI adjusted for inflation on page 32 of the 2017 Annual Forecast Issue.

1. DJI: The Upside Breakout on the day after Trump’s election might have been a “game-changer.” As noted in the body of this issue, we have doubts about the rally because of Overbought levels, and remain on our “Sell” until we see more; “Buy stop” 21,600. Intermediate-Term still bearish with “Buy stop” at 21,600.

2. DJT: Short-Term “Buy stop” unexpectedly triggered on 10 Nov 2016 on rally to 8,500 with stop at 8,400. Intermediate-Term “Buy stop” also unexpectedly triggered at 9,250 on 7 Dec 2016; stop 8,400.

3. DJU: Still on our Short-Term "Sell" flashed by IWB that was a hole-in-one, within 1 day of its all-time high on 29 Jan 2015. After having declined 18% from 657 to 540, alone among all the other leading averages, it subsequently had an Upside Breakout to 724, but fell back quickly. We remain bearish on the utility sector because the Fed’s higher interest rates would mean capital losses larger than income received. We are still not comfortable recommending buying at these heights; no stop. Intermediate-Term “Sell”; no stop.

4. Bonds: We flashed a Major “Sell” signal on the US Government 6.125% T-Bond Nov 2027 on 29 Dec 2008 by IWB and its price is well below our “Sell,” eight years later, which we interpret as a Confirmatory Major Top Formation that will end in a crash. Also implying much higher interest rates somewhere ahead. The CSI Government T-Bond Perpetual Contract broke down and is trying to level off near last summer’s lows. “Junk” bonds’ Technical Rally should end not far above current levels. Too risky for us to recommend buying. The Dow-Jones Corporate Bond Average is flat and unclear, but we suspect it will come down alongside US Government bonds – “Sell.” The US Dollar Index Futures are still manipulated by the government; “Buy” flashed by 18 Oct 2016 IWB still stands. Bitcoins in screaming Uptrend; “Sell” stop 700.

5. NASDAQ Composite: New “Buy” triggered at 5,400 on 29 Nov 2016; stop 5,200. Intermediate-Term “Neutral,” automatically upgraded to “Buy” on the rally to 5,450 on 9 Dec 2016, with subsequent stop at 5,200.

6. S&P 500: Short-Term “Sell” was flashed at 2,080 by IWB on 19 Aug 2015. It is now within 10% from our “Sell” over one year ago. Not yet a robust bull market, but the Trump effect is still new. Upgrade to “Buy” on an unlikely rally to 2,400 with subsequent stop at 2,200. Intermediate-Term “Sell,” same as Short-Term. We won’t be rushed by an optimistic crowd.

7. Gold Bullion (London): We advise that some golds and silvers be held in all long-term portfolios. 2016 saw an impressive rally in gold and silver stocks, stronger than the prices of gold and silver bullions, albeit both are bullish. Then, our IWB on 22 Aug 2016 advised Short-Term caution toward gold and silver shares by downgrading them from “Buy” to “Hold.” Our 18 Oct 16 IWB downgraded gold and silver bullion from “Buy” to “Hold.” We have since been waiting patiently for the Major Uptrend to resume. Mass opinion is very negative, which is good for gold. In our 8 Dec 2016 IWB, we took a daring chance and switched to “Buy” on gold and silver stocks and bullions, knowing we might be a bit early. No stop for bullions. The Intermediate-Term “Buy” signal was flashed at $919 on 15 Dec 2008; stop $920. Long-Term Super Major “Buy” was flashed at $288 on 25 Sep 2001; no stop yet and still projecting Long-Term targets at $3,000 to $5,000 levels that we expected at $35 gold. Silver will rise above $300/oz Longer-Term; very long targets will see silver prices above gold’s, believe the unbelievable, or not.

8. Silver Bullion: Same as gold.

Newly Recommended

(Never buy on margin or speculate with money that you cannot afford to lose. Invest in the Supervised List

appropriate to your circumstances, and then make your final decisions with your trusted advisors. The “Sell”

decision is entirely yours, although we will try to suggest selling somewhere near a Top area. Try to buy on dips.

We wish everybody good luck!)

Supervised List #1: Caterpillar (CAT)

Supervised List #4: Hudbay Minerals (HBM) (HBM.TO)

Sibanye Gold (SBGL)

Supervised List #5: Tinka Resources (TKRFF) (TK.V)

Supervised List #6: Laramide Resources (LMRXF) (LAM.TO)

Supervised List #7: Zynerba Pharmaceuticals (ZYNE)

No Stop yet on all of the above recommendations.

Latest Stops DJI DJT DJU NASDAQ S&P 500

Short-Term: Sell 8,400 Sell 5,200 Sell

Intermediate-Term: Sell 8,400 Sell 5,200 Sell



There are never more than 10 recommendations in each List. Choose at least one List that is appropriate for your goals and divide capital available into tenths. Invest one tenth in each stock with the remainder in

cash or cash equivalents. We assume that $1,000 (or multiples) has been invested in each recommendation. For example, if a List contains only five recommendations, that assumes a 50% invested position. All

prices are converted to US funds unless otherwise noted. If you do not follow our sell recommendations, you are on your own. The contents of The Dines Letter are intended solely for use by paid subscribers and

any unauthorized use or distribution is prohibited and our rights shall be STRICTLY ENFORCED. Nothing contained herein constitutes, is intended, or shall be deemed to be, either express or implied,

investment advice. Subscription rates (US): $185 for 7 issues; $295 for a "Fair Trial" of 14 issues, and $535 for 28 issues. Interim Warning Bulletin rate is (US) $249 per annum. In the event The Dines Letter or

Interim Warning Bulletin are discontinued for any reason, we reserve the right to transfer your subscription to one of several financial newsletters you select from a list we provide. Prices are subject to change.

IRS Circular 230 Disclosure: To ensure compliance with US Treasury Regulations governing tax practice, we inform you that: any US tax advice contained in this communication (including attachments) was

not written to be used for and cannot be used for (i) purposes of avoiding any tax-related penalties that might be imposed under Federal tax law or (ii) the promotion, marketing or recommending to another party

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Dines Letter, James Dines & Co Inc and James Dines, is subject to change without notice, and might become outdated. Nothing in this publication is intended to meet your individual investment needs and it is

not tailored to your personal financial situation. You should consult with a registered and competent investment advisor to assist you in your investment decisions. While the information herein is believed to be

accurate and reliable it is not guaranteed or implied to be so. The Dines Letter has been carefully compiled from sources believed to be reliable, but we do not guarantee its accuracy, completeness or in any other

manner. The information herein might not be complete or correct, and although the information is supplied in good faith, no responsibility or obligation is assumed to provide future updates. Neither James

Dines, The Dines Letter, James Dines & Co Inc, nor anyone else accepts any responsibility, or assumes any liability whatsoever, for any direct, indirect or consequential loss arising from the use of the

information in this publication. The Dines Letter is intended solely for information purposes and is not to be deemed a prospectus or a solicitation of orders. Past results are not a guarantee of future performance.

All ideas, appellations, nomenclatures, concepts, techniques, and all other rights are strictly reserved. The Dines Letter may not be reproduced in whole in in part without express written permission from a duly

authorized officer of James Dines & Co Inc, except by established publications that wish to quote brief passages for purposes of review. The Dines Letter, James Dines & Co Inc, its officers, directors,

shareholders, employees and affiliates, James Dines and their respective entities, family, friends, employees, associates, and others might have positions in the securities mentioned, or discussed, in this

publication and will from time to time, buy or sell the securities (including options and derivatives of such securities) mentioned herein, all without notice to you. If this concerns you, then do not follow our

recommendations. Finally, the Lists may involve debt and/or equity positions of every conceivable nature whatsoever, including, but not limited to, options to acquire positions at below market prices.

DATE PRICE STOCK NAME TICKER OUR SUGGESTIONS: SUGGESTED PROFIT PROFIT

REC REC SYMBOL Actual "Sell" decisions are yours. STOP AREA POINTS PERCENT

US$ US (CANADA) US$ CDN$ US$ (CDN$) US$ %

1) 02 Feb 17 93.77 Caterpillar* CAT 93.77 BUY NONE

1) 04 Mar 16 11.98 Industrias Penoles IPOAF 24.83 BUY 17.00 12.85 107

2) 08 Dec 16 19.03 Silver Wheaton SLW(SLW.TO) 22.21 28.91 BUY NONE 3.18 17

1) 04 Mar 02 2.84 Silver Standard SSRI (SSO.TO) 11.00 14.30 BUY 8(10.42) 8.16 287

2) 05 Feb 16 12.79 Goldcorp GG(G.TO) 16.40 21.36 BUY 9.21(12) 3.61 28

3) 04 Mar 16 35.48 Agnico Eagle AEM(AEM.TO) 48.65 63.39 BUY 37(48.21) 13.17 37

4) 04 Mar 16 13.89 Fresnillo Plc FNLPF 18.86 BUY NONE 4.97 36

5) 30 Jun 16 16.45 Pan American Silver PAAS (PAA.TO) 20.43 25.36 BUY 15(19.55) 3.98 24

1) 05 Feb 16 2.56 Anglo- American Plc NGLOY 8.62 BUY 5.5 6.06 237

2) 08 Dec 16 11.08 AngloGold Ashanti AU 13.00 BUY NONE 1.92 17

3) 04 Jan 17 3.35 McEwen Mining MUX(MUX.TO) 3.97 5.16 BUY NONE 0.62 19

4) 02 Feb 17 8.05 Hudbay Minerals* HBM(HBM.TO) 8.05 10.47 BUY NONE

5) 02 Feb 17 9.27 Sibanye Gold* SBGL 9.27 BUY NONE

1) 05 Feb 16 5.57 Freeport-McMoRan FCX 16.81 BUY 9 11.24 202

2) 04 Aug 16 0.82 Solitario Exploration XPL(SLR.TO) 0.72 0.92 BUY NONE -0.10 -12

3) 08 Dec 16 3.02 Eldorado Gold EGO(ELD.TO) 3.60 4.67 BUY NONE 0.58 19

4) 08 Dec 16 0.82 Minco Silver Corp MISVF(MSV.TO) 0.97 1.28 BUY NONE 0.15 18

5) 02 Feb 17 0.25 Tinka Resources* TKRFF(TK.V) 0.25 0.32 Try to Buy below .23(.30Cdn) NONE

1) 04 Mar 10 1.10 Leading Edge Materials LEMIF(LEM.V) 0.68 0.88 BUY NONE -0.42 -38

2) 04 Mar 16 0.28 Midas Gold MDRPF(MAX.TO) 0.67 0.87 BUY .45(.59) 0.39 139

3) 09 Jun 16 0.66 Fission Uranium FCUUF(FCU.TO) 0.58 0.75 BUY .31(.40) -0.08 -12

4) 04 Aug 16 1.41 Almaden Minerals AAU(AMM.TO) 1.16 1.5 BUY NONE -0.25 -18

5) 04 Aug 16 0.39 Millrock Resources MLRKF(MRO.V) 0.34 0.445 BUY .19(.25) -0.05 -13

6) 12 Dec 16 1.71 Bear Creek Mining BCEKF(BCM.V) 2.35 3.08 BUY 1.27(1.65) 0.64 37

7) 02 Feb 17 0.38 Laramide Resources* LMRXF(LAM.TO) 0.38 0.50 BUY NONE

1) 04 Mar 16 2.22 Canopy Growth Corp TWMJF(WEED.TO) 7.80 9.85 BUY 4.60(6) 5.58 251

2) 19 Apr 16 1.17 Aphria APHQF(APH.V) 4.19 5.46 BUY 2.30(3) 3.02 258

3) 19 Apr 16 2.35 Cannabis Sativa CBDS 7.43 BUY 3.50 5.08 216

4) 19 Apr 16 0.81 OrganiGram Holdings OGRMF(OGI.V) 2.14 2.79 BUY 1.15(1.50) 1.33 164

5) 02 Jun 16 0.87 MassRoots Inc MSRT 1.04 BUY 0.50 0.17 20

6) 04 Jan 17 3.20 Kush Bottles KSHB 2.53 BUY 1.00 -0.67 -21

7) 02 Feb 17 17.88 Zynerba Pharm* ZYNE 17.88 BUY NONE

NEARER-TERM TRADING (High Risk, High Potential Gains)

LOW-PRICED STOCKS (Very High Risk, Very High Potential Capital Gains) LIST 5

TDL'S SUPERVISED INVESTMENT LISTSCLOSING PRICE ON:

LIST 1 GOOD GRADE (Moderate Capital Gains, Moderate Risk, Moderate Income, Good Long-Term Fundamentals)

2 Feb 17

*Recommended in this issue

LIST 6 NATURAL RESOURCE STOCKS (High Risk,High Potential Capital Gains)

POTLUCK STOCKS

LIST 2 LONG-TERM GROWTH (Large Capital Gains, Moderate Risk, Low Income, Strong Long-Term Fundamentals)

LIST 4

LIST 7

PRECIOUS METALS (Maintain This Blue-Chip "Core Position" In All Portfolios)LIST 3

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