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John Piper actively trades the FTSE 100, Dow and Gold, through spread betting and futures positions. If John Piper has an open position or positions on any of the above at the time of publication of an article written by him, the existence of that interest and whether it is long or short will always be declared in the article in the format “I have a long/short position in the DJIA/the FTSE 100/gold”, as appropriate. This is to inform readers so they may assess whether the existence of any such interest may have influenced the content of the article. Such disclosure does not constitute investment advice. The time of publication means the time at which an email containing the article is sent. After publication of an article containing a disclosure of an open interest as above, John Piper may alter or close the position or positions relating to the subject of the disclosure without restriction. There are no restrictions on the opening of positions, provided that any open interest is declared as above. John Piper’s advice and tips are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following his recommendations should seek independent advice from a Financial Services Authority authorised Stockbroker or Financial Adviser. John Piper cannot be held liable if individuals suffer losses through following tips contained on this site or sent by email or other means. The value of investments can go down as well as up. The past is not necessarily a guide to future performance. Investing in equities can lose you part or all of your capital although the potential returns are theoretically unlimited. The difference between the buy price and the sell price for smaller company shares can be significant. Profits from dealing in shares may be liable to tax - the level of tax and the bases of reliefs from tax are subject to change. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Financial spreadbetting is by definition a higher risk investment, losses from which are potentially unlimited.