Gold & Precious Metals

THE WHOLESALE cost of buying gold dipped below $1770 an ounce during Monday morning trading in London, but remained less than ten Dollars below their six-month high hit last Friday, the day after the US Federal Reserve announced a third round of quantitative easing.

Prices for buying silver fell to around $34.50 an ounce this morning – 1.3% off Friday’s high – as stocks and industrial commodities also edged lower and major government bond prices rose.

“Precious metals are for the most part defending the gains they have made in recent days,” says Commerzbank in its morning commodities note.

“Gold is still pretty bullish this week,” agrees Phillip Futures analyst Lynette Tan in Singapore.

“I think gold prices will remain firm and probably test the [$1790] high set in February…buyers are still buying gold, but it seems that profit taking may occur later.”

On New York’s Comex, the so-called speculative net long position across all gold futures and options traders – based on the difference between bullish and bearish contracts – rose to its highest level since February last Tuesday, according to weekly data published each Friday by the Commodity Futures Trading Commission.

The world’s largest gold ETF SPDR Gold Shares (GLD) meantime saw its bullion holdings climb above 1300 tonnes Friday for the first time since August last year.

“We believe the macroeconomic environment for gold is turning more constructive,” says a report from Deutsche Bank.

“We expect that the growth in supply of fiat currencies is an important driver, the low interest rate environment is likely to continue to enhance gold’s attractiveness given the negligible opportunity cost.”

Since the start of the month, both the European Central Bank and the Federal Reserve have announced open-ended stimulus measures.

The ECB said it will buy sovereign bonds on the open market “with no ex ante quantitative limits”, while the Fed said it will buy $40 billion of mortgage-backed securities each month until it sees “substantial” improvement in the US labor market, a move generally being recognized as a third round of quantitative easing (QE3).

“People will see commodities as something they want to hold, because they see these moves as inflationary,” says John Stephenson, portfolio manager at First Asset Investment Management in Toronto.

“It’s hugely bullish in the short run, now that all of the central banks seem to be singing from the same hymnal.”

“The precious [metals] complex looks rather good medium to long term,” adds a note from Swiss refiner MKS.

“But after a month and a half rise without any correction, a violent crash for both gold and silver could happen.”

Since the ECB announced its plan on September 6, the Euro has gained around 4% against the Dollar, breaching $1.30 last week for the first time since May following the Fed QE3 announcement.

“While we can easily see the Euro rising further in the next few weeks, to $1.35 or so, we still hold to a $1.15 target over the next 6-12 months,” says this morning’s note from Steve Barrow, head of G10 research at Standard Bank.

Despite recent Euro strength however, the cost of buying gold in Euros remained within 2% of its spot market all-time high during Monday morning’s trading.

European finance ministers meeting in Cyprus over the weekend agreed to postpone a decision on whether to grant Greece more time to meet its austerity commitments until late next month.

Decisions on the creation of a single European banking supervisor were also deferred.

France’s finance minister meantime has defended plans for a 75% tax rate for those who earn more than €1 million a year.

“It’s a strong, patriotic measure,” Pierre Moscovici told RTL radio.

“Those that got very rich over the past period can help in a patriotic way to turn around the country… Lowering the [national] debt is a necessary battle to have our sovereignty from the markets. I don’t want France to be a prisoner of its debt.”

French economic growth is expected to remain “considerably below 1%” next year, Bank of France governor Christian Noyer says in an interview published in Les Echos Monday.

The United States meantime is to complain to the World Trade Organization about China subsidizing car and car part manufacturing, the Financial Times reports.

“The key principle at stake is that China must play by the rules of the global trading system,” a White House spokesman said.

“When it does not, the Obama administration will take action to ensure that American businesses and workers are competing on a level playing field.”

Ben Traynor
BullionVault

 

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Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK’s longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. Ben writes and presents BullionVault’s weekly gold market summary on YouTube and can be found on Google+

(c) BullionVault 2012

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

With yesterday’s Fed decision and press conference, Chairman Ben Bernanke finally and decisively laid his cards on the table. And confirming what I have been saying for many years, all he was holding was more of the same snake oil and bluster. Going further than he has ever gone before, he made it clear that he will be permanently binding the American economy to a losing strategy. As a result, September 13, 2012 may one day be regarded as the day America finally threw in the economic towel.

Here is the outline of the Fed’s plan: buy hundreds of billions of home mortgages annually in order to push down mortgage rates and push up home prices, thereby encouraging people to build and buy homes and spend the extracted equity on consumer goods. Furthermore, the Fed hopes that ultra-cheap money will push up stock prices so that Wall Street and stock investors feel wealthier and begin to spend more freely. He won’t admit this directly, but rather than building an economy on increased productivity, production, and wealth accumulation, he is trying to build one on confidence, increased leverage, and rising asset prices. In other words, the Fed prefers the illusion of growth to the restructuring needed to allow for real growth.

The problem that went unnoticed by the reporters at the Fed’s press conference (and those who have written about it subsequently) is that we already tried this strategy and it ended in disaster. Loose monetary policy created the housing and stock bubbles of the last decade, the bursting of which almost blew up the economy. Apparently for Bernanke and his cohorts, almost isn’t good enough. They are coming back to finish the job. But this time, they are packing weaponry of a much higher caliber. Not only are they pushing mortgage rates down to historical lows but now they are buying all the loans!

Last year, the Fed launched the so-called “Operation Twist,” which was designed to lower long-term interest rates and flatten the yield curve. Without creating any real benefits for the economy, the move exposed US taxpayers and holders of dollar-based assets to the dangers of shortening the maturity on $16 trillion of outstanding government debt. Such a repositioning exposes the Treasury to much faster and more painful consequences if interest rates rise. Still, the set of policies announced yesterday will do so much more damage than “Operation Twist,” they should be dubbed “Operation Screw.” Because make no mistake, anyone holding US dollars, Treasury bonds, or living on a fixed income will have their purchasing power stolen by these actions.

Prior injections of quantitative easing have done little to revive our economy or set us on a path for real recovery. We are now in more debt, have more people out of work, and have deeper fiscal problems than we had before the Fed began down this path. All the supporters can say is things would have been worse absent the stimulus. While counterfactual arguments are hard to prove, I do not doubt that things would have been worse in the short-term if we had simply allowed the imbalances of the old economy to work themselves out. But in exchange for that pain, I believe that we would be on the road to a real recovery. Instead, we have artificially sustained a borrow-and-spend model that puts us farther away from solid ground.

Because the initials of quantitative easing – QE – have brought to mind the famous Queen Elizabeth cruise ships, many have likened these Fed moves as giant vessels that are loaded up and sent out to sea. But based on their newly announced plans, the analogy no longer applies. As the new commitments are open-ended, quantitative easing will now be delivered via a non-stop conveyor belt that dumps cheap money on the economy. The only variable is how fast the belt moves.

Fortunately, the crude limitations of the Fed’s only policy tool have become more apparent to the markets. If you must stick with the nautical metaphors, QE3 has sunk before it has even left port. The move was explicitly designed to push down long-term interest rates, but interest rates spiked significantly in the immediate aftermath of the announcement. Traders realize that an open-ended commitment to buying bonds means that inflation and dollar weakness will likely destroy any nominal gains in the bonds themselves. To underscore this point, the Fed announcement also caused a sharp selloff in Treasuries and the dollar and a strong rally in commodities, especially precious metals.

Given that 30-year fixed mortgages are already at historic lows, there can be little confidence that the new plan will succeed in pushing them much lower, especially given the upward spike that occurred in the immediate aftermath of the announcement. Instead, Bernanke is likely trying to provide the confidence home owners need to exchange fixed-rate mortgages for lower adjustable rate loans – which would free up more cash for current consumer spending. He is looking for homeowners to do their own twist. If he succeeds, more homeowners will be vulnerable to increasing rates, which will further limit the Fed’s future ability to increase rates to fight rising prices.

The goal of the plan is to create consumer purchasing power by raising home and stock prices. No one seems to be considering the likelihood that unending QE will fail to lift bond, stock, or home prices, but will instead bleed straight through to higher prices for food, energy, and other consumer staples. If that occurs, consumers will have less purchasing power as a result of Bernanke’s efforts, not more.

The Fed decision comes at the same time as the situation in Europe is finally moving out of urgent crisis mode. While I do not think the ECB’s decision to underwrite more sovereign debt from troubled EU members will work out well in the long term, at least those moves have come with some German strings attached [For more on this, see John Browne’s article from earlier this week]. As a result, I feel that the attention of currency traders may now shift to the poor fundamentals of the US dollar, rather than the potential for a breakup of the euro.

In the meantime, the implications for American investors should be clear. The Fed will try to conjure a recovery on the backs of currency debasement. It will not stop or alter from this course. If the economy fails to respond to the drugs, Bernanke will simply up the dosage. In fact, he is so convinced we will remain dependent on quantitative easing that he explicitly said he won’t turn off the spigots even if things noticeably improve. In other words, the dollar is screwed.

Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, best-selling author and host of syndicated Peter Schiff Show. 

Subscribe to Euro Pacific’s Weekly Digest: Receive all commentaries by Peter Schiff, John Browne, and other Euro Pacific commentators delivered to your inbox every Monday! 

And be sure to order a copy of Peter Schiff’s recently released NY Times Best Seller, The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.  

One unfortunate habit that we commonly see with investors is the tendency to look to short-term market activity for investment guidance. In Behavioral Finance this is referred to as “herding” (or convoy behavior) which is the hardwired instinct of most human beings to flock together for perceived safety. When individuals are not confident in their independent position, they typically acquiesce to the group. Unfortunately this can also be true even when individuals do have confidence in their independence. Accordingly, there is a general understanding in the money management industry that it can be okay to be wrong when your peers are also wrong, but being wrong independently can cost you your job.

Over the past couple of years global stock markets have experienced levels of volatility never before seen in history. Recently the media has started referring to this as “risk-on/risk-off”. Regardless of what you call it, markets have inarguably been exhibiting symptoms, which exhibited in a person, would be diagnosed as manic depressive disorder. And there are some fundamental justifications behind this: High-public and private debt loads, the recessionary pressures of deleveraging, unstable short-term economic prospects….it has all been said a hundred times before. Regardless of the source of the volatility, it has investors at the edge of their seats ready to hit the sell button; frantically looking for any sign that the markets might fall of the proverbial cliff like they did in 2008. Real economics are a force in the recent volatility but there is also another force at play and it has nothing to do with fundamentals. This other force is investors’ own biases (private and professional) and how we make our buying and selling decisions, also known as investment strategy. And it plays a big part in the markets’ current volatility.

You can divide investment strategy (or investment mentality) into four main camps: 1) buy and hold; 2) momentum; 3) value; and 4) pure speculation. Each of these investor types makes buying and selling decisions based on a different set of rules, and the resulting actions impact the market in different ways. The buy and hold investor is the most benign of the camps. They don’t make investment decisions and asset allocation decisions based on overall market conditions. This type of investor passively purchases stocks when they have capital available, and looks to hold his positions through market cycles and varying conditions. Momentum and value investors, on the other hand, are not passive; they actively look for opportunities. Momentum traders will buy into market uptrends and then sell into market declines, without consideration for actual economic or company fundamentals. They are basing decisions purely on volume and price movement. Value investors will take a more contrarian approach, typically buying into market price weakness and selling into market price strength. In contrast to the momentum investor, the value investor will base decisions on fundamentals and not price chart formation. The characteristics of the fourth group, the pure speculators, are less relevant to this discussion but would typically exhibit buying and selling behaviour similar to the momentum camp.

The effect that momentum trader and value investors have on market volatility is polarized. When the market moves in one direction, the momentum traders exacerbate the movement, and therefore increase market volatility, by increased buying when the market is rising and increased selling when the market is falling. In fact, momentum investors unwittingly work together to generate market extremes. But when market prices move too far in either direction, value investors get involved. When prices get too high, value investors create a dampening effect by selling into the strength. Then, momentum investors begin to see the uptrend slowing, and they start to sell. As the market weakness persists, more and more momentum trades drive prices continuously lower until value investors start to see opportunities and move in to create support though increased buying. And so on and so forth, the cycle continues.

It may be apparent that not all investors fit neatly categorized into one of these investment types, because real world investment strategy involves a lot of human behavior and is too complex to be summarized into a few lines of text. Some investors will utilize multiple investment strategies. For example, an investor can purchase on value but then transition to a buy and hold approach. Investors can also purchase on initial momentum but then sell on value. Some investors will subscribe to one strategy in theory but another in practise. Some investors switch between strategies from trade to trade. And in the case of professional money managers, there is also the structural issue of investor contributions and redemptions: the fund manager may subscribe to a value strategy, but if the fund investors decide to redeem in down markets and contribute in up markets, the impact the fund has on the market may be more closely associated with momentum than with value.

Complexities aside, most investors, whether they know it or not, are largely loyal to their respective strategy. Equally true is the growing trend in favour of momentum strategies. This trend, which naturally increases volatility, is due to a number of reasons. The evolution of discount brokerages and low cost trading has made trading easier from a logistical and financial perspective. Many brokerages also encourage excessive trading by offering lower fees to high-frequency traders and platforms which provide momentum-based, technical analysis research tools. Next, a virtual explosion has occurred in the market for computerized trading programs that promise to automate the BUY/SELL decision for retail investors who have limited research skills. These retail trading programs are also based on momentum indicators. Of course, legitimate global economic risks have also reduced investor confidence in long-term stock market returns, and increased investor scrutiny. These factors make investors, on average, more willing to hit the sell button at the first sign of trouble and potentially the buy button when the market appears to be improving. And finally we have the onset of high frequency trading (HRT) companies, which have exploded in numbers and importance over the past several years. HRT uses sophisticated computing programs to execute (in some cases) thousands of trades per minute, resulting in profits of a faction of a cent per trade. The impact of HRT in today’s market is becoming more and more evident. Estimates will vary, but the research we have seen is staggering: in August 2011 (an extremely volatile period) Bloomberg reported that the percentage of average daily volume attributable to high frequency trading had exceeded 80% in the US markets.

We only need look to the Flash Crash of 2010 (also referred to as The Crash of 2:45) for a recent example of how momentum trading creates abnormal volatility. The Flash Crash occurred on May 6, 2010, when the Dow Jones Industrial Average plunged about 1000 points and then quickly recovered after a few minutes. This was the biggest intraday point decline in the Dow’s history. On September 30th, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a report on the crash after a five month investigation. The report “portrayed a market so fragmented and fragile that a single large trade could send stocks into a sudden spiral.” The report also discussed how immediately before the crash, a large institutional investor sold an unusually large number of S&P 500 contracts. The report concluded that this activity put selling pressure on an already weak market, which triggered high-frequency traders to start selling aggressively, causing a mini-crash to occur.

Put into context of the divide between different investor camps, the amplified market volatility we have seen in the past year becomes easier to understand. There has always been a divide between momentum and value investors. The difference today is that technology has facilitated a trend towards momentum trading, which in conjunction with real fundamental risks, has had the effect of amplifying market volatility. Since none of the trends that are facilitating momentum investing show any sign of slowing, it may be perfectly rational to conclude that higher volatility is the new normal, regardless of whether the world finds a solution to its financial woes. While this may be disconcerting for some value investors, it really shouldn’t be: remember, value investors move in to restore rationality when momentum investors distort valuations. When the Flash Crash occurred at 2:45 pm, it only took a few minutes for the Dow to recover from its 1,000 point decline. A market recovery requires buyers, and those value investors who recognized the opportunity of the Flash Crash were able to generate a nice profit on the momentum traders’ hysteria. Ultimately, a stock is a piece of a business, and as long as that business generates positive cash flow then it will be able to invest in growth, pay a dividend, and command a fair price in a takeover transaction. There is nothing disconcerting if momentum traders give value investors the opportunity to purchase these companies at discounted prices, and then potentially sell them right back when those prices become inflated.

KeyStone’s Latest Reports Section

9/13/2012
CASH RICH COMMUNICATIONS SOFTWARE COMPANY POSTS SOLID Q3 2012, ORGANIC GROWTH REMAINS CHALLENGING, EXPECT ACQUISITION INTEGRATION RELATED ITEMS TO AFFECT NEAR-TERM BUT TO PROVIDE GROWTH IN 2013 – MAINTAIN RATINGS

9/5/2012
UNIQUE INVESTMENT CO WITH PORTFOLIO OF ESTABLISHED BUSINESSES POST SOLID Q2 2012 – COMPANY ON TRACK TO GENERATE STRONG GROWTH IN 2012 AND MAKES $9.9 MILLION ACQUISITION OF KENDALL SUPPLY SUBSEQUENT TO Q2

9/5/2012
CASH RICH JUNIOR COPPER PRODUCER WITH OVER 50% OF MARKET CAP IN CASH, NO DEBT, SOLID CASH FLOW, AND ATTRACTIVE LONG-TERM LOW COST PROJECT IN PIPELINE – INITIATING COVERAGE: BUY (FOCUS BUY)

9/4/2012
HIGH GROWTH JUNIOR-OIL PRODUCER POSTS CHALLENGING Q2 2012 FINANCIALS, PRODUCTION STRONG BUT UNEXPECTED LOWER REALIZED PRICE FOR OIL SOLD IN CONNECTION WITH UNDER LIFT (OIL PRODUCED/DELIVERED BUT NOT PAID) POSITION PROMPTS NEAR-TERM DOWNGRADE

8/24/2012
HOUSEHOLD RETAILER CONTINUES ITS TURNAROUND, OUTPERFORMING PEERS IN Q2, RE-INSTATES DIVIDEND AND MID-TERM OUTLOOK IS TO OUTPERFORM IN TOUGH MARKET

Disclaimer | ©2012 KeyStone Financial Publishing Corp.

“Monetary Bazooka” Gooses Commodity Bulls

Posted by Hard Assets Investor

on Friday, 14 September 2012 23:30

Commodities surged broadly after this week’s Fed announcement of QE3. Only corn ended the period in the red due to the latest supply and demand data from the USDA.  Stocks, as measured by the S&P 500, rose 2 percent to the highest levels since 2007. The stock index is now up almost 17 percent year-to-date.

The Federal Reserve unveiled what some characterized as a “monetary bazooka” in this week’s policy decision. The central bank said it would buy $40 billion worth of mortgage-backed securities per month, indefinitely. The purchases will begin today. Total purchases could conceivably end up at over $1 trillion.

On the other hand, it could be much less. But in either event, the U.S. Central Bank has made it clear it will provide an extremely accommodative monetary backdrop as long as economic growth remains sluggish. Commodity bulls couldn’t have asked for more.

Week In Review: Gold, Silver, Platinum Jump After Unprecedented Fed Move; NatGas Spikes 12%

 

Macroeconomic Highlights

The Federal Reserve unveiled what some characterized as a “monetary bazooka” in this week’s policy decision. The central bank said it would buy $40 billion worth of mortgage-backed securities per month, indefinitely. The purchases will begin today.

The Fed also extended its pledge to keep its benchmark overnight interest rate—the federal funds rate—near zero from late 2014 to mid-2015.

Importantly, the central bank promised to add to purchases if the labor market doesn’t improve.

The open-ended nature of QE3 and the Fed’s flexibility in terms of adding to purchases if growth doesn’t improve is a particularly bullish combination for commodities. Total purchases could conceivably end up at over $1 trillion. On the other hand, it could be much less.

But in either event, the U.S. Central Bank has made it clear it will provide an extremely accommodative monetary backdrop as long as economic growth remains sluggish. Commodity bulls couldn’t have asked for more.

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…..read page 2 HERE

 

Incredible Times: Grandich Market Update: Stocks, Bonds, Oil, Gold, US Dollar

Posted by Peter Grandich - Grandich.com

on Friday, 14 September 2012 18:44

The Fed’s “All-In” move may keep the house of cards from folding until 2013 and greatly help Obama limp over the finish line, but it shall prove to be the last silver bullet before a long period of economic, social, political and spiritual upheaval grips America for years to come.

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While the junior resource market left egg on my face this year, I’m very pleased with how I approached the rest of the markets I follow. Here’s a quick update on them.

U.S. Stock Market – It’s worth repeating my constant cry that many times it’s not what you make but what you don’t lose that makes you a winner over time. Despite numerous questioning on why I still won’t short the U.S. stock market and almost daily emails showing me why such a decision shall prove wrong, the fact is the market has reached highs not seen in years.

The marginal new high I spoke of is well within reach now. But as it has been since day one, such a feat would be the completion of the greatest bear market rally in a secular bear market that can eventually retest the lows made in early 2009. It shall have to endure a long period of economic, social and political upheaval that shall be longer and harder than most could ever imagine.

Such a period is still months or even a year or so away but starting to plan for it while the “Don’t Worry, Be Happy” crowd runs wild with the FED’s “All-In” is strongly suggested.

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U.S. Bonds – The very fact that many in the last 18 hours or so expressed a belief that bonds can’t lose during this “All-In” phase is the icing on the cake I desired for fulfilling my “worst investment for the next 10 years” belief of bonds. There’s no rush to establish a short position but the closer the 10-year T-Bond drops towards a 1.25% yield, the more I would want to be short. When the dark days come (and in my book it’s a question of when, not if), rates shall rise like they did through Europe the last couple of years despite overall weak economics.

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U.S. Dollar – Direction? Go and see how many people dare suggest the Euro could see a major short covering rally well over $1.25 just a couple of weeks ago. Try to understand how almost 96% bulls on the U.S. Dollar in the currency futures markets are now getting crushed.

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Gold – While we can see a period of consolidation on either side of $1,800, the upside remains wide open. Go back and look and see what was being said when gold was in the low $1,500’s. Bears were running wild and the vast, vast, vast majority of gold commentators had turned very cautious, if not outright bearish. Let it not be said that at a critical point, yours truly was willing to bet $2 million reasons why gold was going over $2,000.

Any and all excess was washed out in the almost year-long correction/consolidation so it shall likely be a long period before we get seriously overbought again. The perma-bears have never grasped the earth-shattering changes to the gold market and much of the financial media shall continue to follow these pied-pipers over the cliff as gold marches towards and over $2,000.

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Oil and Natural Gas – No changes here.

And finally, the junior resource market has seen its horrific lows and while it can work higher for the balance of the year, the wounds are deep and the need to finance great. This shall limit the rebound but once we get near years-end, the rebound can gather a longer-lasting head of steam and help 2013 make 2012 just a bad memory. Remember, I never said to assign anything more than capital that you’re mentally and financially prepared to lose part or all of. These vicious bear markets in a business where failure is the norm always ends up showing most didn’t meet this requirement. How do I know this? A sampling of the hate mail does it all the time. I just wish my wife stop writing-lol

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Ed Note: Be sure to check out Peter’s website for updates on markets, the economy and individual stocks: Grandich.com

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About Peter Grandich:

Though he never finished high school, Peter Grandich entered Wall Street in the mid-1980s with no formal education or training and within three years was appointed Vice President of Investment Strategy for a leading New York Stock Exchange member firm. He would go on to hold positions as a Market Strategist, portfolio manager for four hedgefunds and a mutual fund that bared his name.

His abilities has resulted in hundreds of media interviews including GMA, Neil Cavuto’s Your World on Fox News, The Kudlow Report on CNBC, Wall Street Journal, Barron’s, Financial Post, Globe and Mail, US News & World Report, New York Times, Business Week, MarketWatch, Business News Network and dozens more. He’s spoken at investment conferences around the globe, edited numerous investment newsletters, and is one of the more sought after commentators.

Grandich is the founder of Grandich.com and Grandich Publications, LLC, and is editor of The Grandich Letter which was first published in 1984. On his internationally-followed blog, he comments daily about the world’s economies and financial markets and posts his views on social and political topics.  He also blogs about a variety of timely subjects of general interest and interweaves his unique brand of humor and every-man “Grandichism” expressions with his experience gained from more than 25 years in and around Wall Street. The result is an insightful and intuitive look at business, finances and the world, set in a vernacular that just about anyone can understand. In his first year, Grandich’s wildly-popular blog had more than one million views. Grandich also provides a variety of services to publicly-held corporations on a compensation basis.

Grandich’s autobiography, Confessions of a Wall Street Whiz Kid, was publiched in fall 2011.

He is the also the founder of Trinity Financial Sports & Entertainment Management Co. [www.TrinityFSEM.com], a firm with a Christian perspective which he started in 2001 with former NY Giant and two-time Super Bowl champion Lee Rouson.  The firm offers services to celebrities, athletes and average folks.  Peter Grandich is a member of the National Association of Christian Financial Consultants, and a long-standing member of The New York Society of Security Analysts and The Society of Quantitative Analysts.

Grandich is also very active in Christian sports ministries including the Fellowship of Christian Athletes and Athletes in Action.

He resides in New Jersey with his wife Mary and daughter Tara.