Tottenham boss Pochettino: I don’t care about Man City v Liverpool resultby Freddie Taylor10 months agoSend to a friendShare the loveTottenham manager Mauricio Pochettino has claimed he does not care who wins out of Manchester City and Liverpool on Thursday night.Spurs put themselves into second place, one point ahead of City, with a win over Cardiff City on New Year’s Day.Despite the obvious implications of the result, Pochettino says he will be simply enjoying the “spectacle”.The Argentine said: “In this country all the people are going to watch the game.”But I will be in a neutral position trying to enjoy the game.”I don’t care about the result, I just want to enjoy the spectacle and the game.” About the authorFreddie TaylorShare the loveHave your say
Luis Enrique has given credit to Real Madrid as the core of the Spanish national team after their 6-0 demolition of Croatia.However, the new Spain manager maintained his team is a United front irrespective of where the players ply their trade.“It doesn’t make sense to compare national teams and club sides,” the former Barcelona boss said after the Nations League clash.“We have our idea of playing football and today everything went wonderfully. We started with some doubts, but after that, we were brilliant and scored some incredible goals.“We were very effective. We want to get back to how good we were before. What I’ve liked most in these 10 days is the attitude of the players.Zidane reveals Sergio Ramos injury concern for Real Madrid Andrew Smyth – September 14, 2019 Zinedine Zidane has put Sergio Ramos’ availability for Real Madrid’s trip to Sevilla next weekend in doubt after withdrawing him against Levante.“From what I’ve seen, regardless of the results, I’m delighted. When I hear my name sung, I feel proud, but it’s the players who deserve it. Still, I appreciate it.“There are many things to improve on. Everything can change in a day. I’m not one of those who exaggerate in victory or martyr in defeat.“I’m looking for balance. I didn’t know there were six Real Madrid players in the XI, neither do I care;“They play for the Spanish national team, that’s it. They don’t play for one team or another. Our base is from Real Madrid and it looks good to me.“No-one from Barcelona? I only see a shirt, the national team’s one. Qualification? We still have to beat England and Croatia again.
Tata steelworks Port Talbot, Wales, April 26, 2016.Reuters fileAfter Tata Steel announced that it had tweaked the roles of two of its top executives TV Narendran and Koushik Chatterjee, it is now speculated that the decision was taken in tune with the company’s plans to merge with Thyssenkrupp in Europe.The board of Tata Steel met on Monday, October 30, and promoted managing director, India & Southeast Asia, Narendran to the post of global chief executive and managing director, and group executive director and chief finance officer Chatterjee is now executive director and CFO, reported the Economic Times.It is also being said that though Narendran has now been given a larger role in the firm, things may change once Tata Steel’s merger with Thyssenkrupp is completed. With this, Tata Steel is also aiming to expand its footprints in India and Tata Sons chairman N Chandrasekaran has said that the brand is capable of doubling its presence in the country.Meanwhile, the brand’s merger with ThyssenKrupp was also debated for a while. Even though it had often been said that Tata Steel may not merge with the latter, the two firms signed a memorandum of understanding (MoU) in September. This deal makes the firms the continent’s second-largest steelmaker after ArcelorMittal.Amid these discussions, Chatterjee had earlier told the business daily that Tata Steel’s merger with Thyssenkrupp depended on quite a few factors, one of which was the pension scheme issue being resolved. “A fair resolution of the pension scheme in the UK will be key to securing Tata Steel’s future prospects in Europe, be it in pursuing a merger with Thyssenkrupp or running a lean and profitable business in high-value steels,” Chatterjee said.The Indian multinational steel-making company had earlier made news for paying bonuses worth £25 million to its top European managers, at a time when UK workers have been taking pension cuts to keep the British business floating.The “retention” bonus was reportedly awarded to about 100 top managers at the UK and Dutch offices. ReutersThe details of the payments made were leaked by a Dutch whistleblower, after which the company admitted that these bonuses had been paid to senior managers, reported the Financial Times. Additionally, the officials at Tata Steel also said that the retention bonus had been paid as per the terms and conditions of the said managers’ contract.When FT got in touch with the officials regarding the payments, the website was shown a letter that Tata Steel’s chairman Andrew Robb had sent to the employees of the company on Wednesday, July 12. The letter said: the company offers “a range of short and longer-term incentives for employees at all levels so we can attract and retain the appropriate skills for the future.”After this, several trade unions had slammed the firm and said that “Tata Steel managers should hang their heads in shame.”The Unite trade union added: “It’s remarkable that bonuses of such kind have been paid out to senior bosses at a time of great upheaval and uncertainty for the company. Workers on the shop floor whose livelihoods have been hanging by a thread and pay frozen will understandably be less than impressed.”
Road Accident logoTwo women were killed as a pick-up van hit an auto-rickshaw at Chandina upazila of Dhaka-Chattagram highway on Thursday morning, reports UNB. The identity of the deceased could not be known immediately. Witnesses said the auto-rickshaw suddenly came in front of the pick-up van as it was trying to escape from the patrolling police in the area.Additional policemen were patrolling on the road as road transport and bridges minister Obaidul Quader was scheduled to visit Cumilla today.The accident left one dead on the spot and another seriously injured.The injured woman succumbed to her injuries after being rushed to Chandina Upazila Health Complex.After the incident, agitated locals blocked the road near Palki Cinema Hall of Chandina of the Dhaka- Chattogram highway for an hour around 12 noon.Superintendent of police (SP) of Cumilla, Shah Md Abid Hossain confirmed the matter and said, “The three-wheeler was completely forbidden on the highway.”He also said action will be taken against those who blocked the highways.
CNG run auto rickshaw drivers are taking advantage of decreased public transport in the capital. Prothom Alo File PhotoCommuters in Dhaka city are suffering from acute public transport crisis amidst the ongoing Traffic Week of the Dhaka Metropolitan Police. Many vehicles are not plying on the city roads fearing punishment as they don’t have license. Taking advantage of the situation, drivers of CNG-run auto-rickshaws are charging extra fare from the passengers.Passengers said, the CNG drivers seldom go by the fare fixed by the government. The situation improved a little with the introduction of the ride-sharing apps, but the number of vehicles decreased in the city when the students launched demonstrations demanding road safety last week.The passengers, especially women, are the worst sufferers of the situation. Almost all the CNG drivers charge extra fare than the one shown on the metre. Worse, they often refuse to go to the desired destination of the passengers.A passenger named Salma Ahmed said, she paid Tk 250 for coming to Sher-e-Bangla Nagar Hospital from Dhanmondi Road No 7 while the fare is Tk 130 according to the metre.The government in 2015 fixed the fare of CNG-run auto-rickshaw. As per the decision, the driver has to pay the owners Tk 900 per day. The fare is Tk 40 for the first two kilometres, Tk 12 for each kilometre after the first two and Tk 2 per minute for waiting period.Asked about the reason for flouting the government fixed fares and not going by metre, CNG driver Jamal Mia said, the auto-rickshaw is not allowed to ply on many city roads. Moreover they have many expenses that are not possible to meet when they go by metres.Dhaka Metropolitan CNG Autorickshaw Owners’ Association president Barkat Ullah said, the number of CNG autorickshaws has decreased as many are being re-registered, which takes around one month.He agreed that the drivers are charging extra fares as the overall number of public transport providing vehicles has lessened.Bangladesh Passengers Welfare Association’s secretary general Mozammel Haque Chowdhury said the passengers are lone sufferers of the irregularities in the public transport sector. Whenever there is shortage of public transport providing vehicles, the drivers charge extra fares, holding the passengers hostage.
Prime minister Sheikh Hasina speaks at a press briefing at her official residence Gababhaban on Monday. Photo: PIDPrime minister Sheikh Hasina on Monday came down heavily on US congressman and chairman of the Asia and Pacific subcommittee Brad Sherman for his proposal to annex Rakhine state of Myanmar into Bangladesh, terming it ‘fulsome and unjust’, UNB reports.”Uttering such words is very much fulsome and unjust,” she said while responding to a question at a press briefing at her official residence Ganabhaban about the outcomes of her recent China visit.The prime minister said Bangladesh is happy with its areas of 54,000 square miles or 147,000 square kilometres.”We fully reject the proposal to include other country’s border in our territory or attach a province of another country. Every country has to remain happy with its own sovereignty and Myanmar will be the same,” she said.Sheikh Hasina questioned about the intention of the US Congressman’s proposal. “They might be a very big country and he is the congressman of that country, but do they forget their past history where there were civil wars in their country? They should not forget their past. How do they say that the past will not be repeated in the future?” she said.The prime minister also said many incidents are taking place every day in Rakhine state. “Why should Bangladesh attach that kind of problematic area to it after knowing all these?””We’ll never do that. Myanmar is our neighbour and we’re sheltering Rohingyas on humanitarian grounds. But sheltering them doesn’t mean that we’ll include one part of their country,” she said.Hasina mentioned that Bangladesh does not have that kind of mentality. “Every country will stay with its own sovereignty… I want that,” she said.She also said the US congressman should propose that the Myanmar has to take back their nationals from Bangladesh. “That’s the thing the congressman should do. That will be a humanitarian matter. This is not right to create anarchy inside any country,” she said.The prime minister also mentioned that wherever the US puts their hands, fire engulfs every place of it. “There’s no peace anywhere (where they got involved); rather this gave rise to militancy and anarchy in those areas,” she added.She said countries of the region are trying to stay in a peaceful atmosphere. “Their efforts to ignite fire in this region aren’t accepted,” she said.During a budget hearing, US congressman Brad Sherman on 13 June said if the Myanmar government is reluctant about establish good governance to save its Rohingya community and if they do not want to provide security to the Rohingya people living at the northern parts of Rakhine state or unable to do so, then the Rohingya majority area of the state should be incorporated with Bangladesh.He also said the US should support the proposal to annex Rakhine to Bangladesh that is also a demand for the people of the area.
Graphic by John JordanTexas is about to have one of its periodic and deeply disappointing tests of civic engagement — a November election built around constitutional amendments and not around warring political personalities.Conflict and advertising and the tons of news coverage generated by candidates and campaigns drive turnout. It’s easy to chart: More Texans vote in presidential years than in gubernatorial years, partly because of the relative power of those offices but also because of the overwhelming focus on national campaigns. In last year’s presidential election, more than 8.9 million Texans voted. In the 2014 race for governor between Greg Abbott and Wendy Davis, 4.7 million voted.In between those two elections, fewer than 1.6 million Texans turned out for a constitutional amendment election. That one actually had a couple of issues of interest to ordinary voters, including an attempt to lower property taxes for homeowners, a plan to increase state spending on highways and transportation by up to $5 billion and an end to the requirement that statewide elected officials live in the state capital. Each of the seven proposals on that ballot passed easily.Most of the state’s voters slept through it.The 2013 election was a yawner, attracting only 1.1 million voters. Everything passed, including an amendment legalizing reverse mortgages in Texas.2011? Only 690,052 Texans showed up — of the 12.8 million who were registered to vote at the time — to vote on 10 amendments. They voted three of them down, proving that the few who bothered weren’t there to simply smile and nod. Still, the relatively local and technical measures on that ballot failed to attract a crowd.The pattern, though, is that constitutional amendment elections draw small crowds of mostly agreeable voters. In 2009, just over 1 million Texans approved 11 amendments. In 2007, about the same number of voters okayed each of the 16 amendments before them.You see how this goes.This year’s line-up is not exactly front-page news; most of the scant attention the election has attracted comes from a proposal to ease restrictions on borrowing against home equity.Here’s a decidedly non-scientific way to test voters’ interest: Have you heard people talking about it? At this time a year ago, did you hear people talking about the presidential election?Early voting begins Monday. Election Day is Nov. 7. There are seven proposed amendments to the Texas Constitution that would change state law for sports raffles, savings contests run by financial institutions, the tenure of state appointees who haven’t been replaced and so on. Here’s a list, along with an analysis or two done by the state.It’s an election where each vote is fractionally more important than normal: With fewer voters showing up, each vote counts for more. And changes to the constitution are more permanent — most of the time — than the changes in officeholders that attract more voters to most other elections.Texans, like voters in most places, have proved they’re more interested in deciding which people will govern than on the sometimes-narrow policies presented in these off-year elections.You can’t blame the low turnouts for elections like this one on partisan redistricting, though ballot access laws that arguably make it more difficult to vote certainly don’t help.You can blame the legislators who schedule these elections, often on dates when low turnout is all but assured — when contests that might get the kind of attention and debate that attracts widespread interest, and with it, citizens who want to register their views.You can always blame voters, since turnout is a measure of how many people came to the polls to register their opinions. But they’re capable of getting interested. It’s been a long time now, but the Texas Lottery was approved in a constitutional amendment election that drew almost 2.1 million voters — at a time when there were only 7.8 million registered voters in the state. More recently, Texas voters approved a state constitutional ban on same-sex marriage in 2005 (a provision later voided by a U.S. Supreme Court ruling). The turnout for that 2005 vote topped 2.2 million.Civic engagement is, after all, about engagement. Boring or narrow issues don’t attract voters. But if you interest them, they will come. Share
Forty-two athletes will represent the Cardinals at the meet, 23 on the women’s side and 19 on the men’s side. At the 2018 Indoor Championships, the Cardinal women earned the highest ACC indoor finish in program history by tying for third place, while the men finished in seventh place. Live Results Thursday will feature the pentathlon and the first four events of the heptathlon. Addie Wanner will be competing in the pentathlon for the Cardinals, while Dominic McClinton, Clay Moss, and Aaron Johnson will be competing in the heptathlon. The top three finishers in each event will earn first-team All-ACC honors, while finishers 4-6 will be earn second-team All-ACC honors. Victoria Farley, Rashida Harris and Forrest will open the final day of competition at noon. in the women’s weight throw. The final rounds of sprint and distance running events will take place on Saturday. The meet will conclude with Kameron Jones, Martice Moore, Sterling Warner and Anthony Crandon competing for the Cardinals in the 4x400m relay. Field events will begin Friday afternoon with the men’s high jump. Gabriela Leon, the school record holder in indoor pole vault, will compete at 5 p.m. Coming off her personal-best performance of 22.18m/72-09.25 at the Hoosier Hills Invitational, 2018 ACC Indoor Champion Makenli Forrest will compete in the women’s weight throw at 5 p.m. On the track, Dorcas Wasike looks to repeat as an ACC Champion in the 5,000m. She will run at 1 p.m. Louisville sprinters and distance runners will also compete in the preliminary rounds of their events Friday afternoon. Story Links LOUISVILLE, Ky. – The University of Louisville track and field team travels to Blacksburg, Va. to compete at the ACC Indoor Conference Championships this weekend. Competition kicks off on Thursday and will run through Saturday. Friday and Saturday’s events will be televised on ESPNU and WatchESPN. Print Friendly Version
Three persons, including a minor, were injured after a clash broke out between members of two communities in Jat Mujhera village, police said on Saturday.A panchayat was convened under New Mandi Police Station on Friday evening to resolve some dispute between Jaat and Dalit communities when the discussions turned violent as the two sides resorted to stones pelting and firing, SP city Sarvan Kumar said.Three persons — Ravish (32), Pradeep (28) and Andnaveen (17), who belonged to the Dalit community were shot at and injured in the incident, he said. The victims were shifted to a nearby hospital and are in a critical condition.Police have registered a case against nine persons and have arrested two accused in this connection.
Kolkata: The Indian Medical Association (IMA) has condemned the idea of ‘Bridge Course’ to create cadres of mid-level health practitioners by allowing dentists to practice mainstream medicine in various health centres.Niti Aayog, along with the health ministry, is examining a proposal to introduce Bridge Course for the dentists so that they can be used as mid-level health providers in various health centres across the state, particularly where there is a crisis of MBBS doctors. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataDr Santanu Sen, national president of IMA, declared that there is no shortage of doctors in the country. “Around 63,250 MBBS graduates come out of 494 medical colleges in the country. But India has only 23,729 post graduate seats,” Dr Sen said. “The fact remains that the government does not have the capacity to absorb the rest of them. Every year the unemployment among young medical graduates is a great cause of concern. The frustration of these youngsters with an undergraduate degree has to be addressed first,” he added. Also Read – Lightning kills 8, injures 16 in stateCondemning the idea of mid-level practitioners, IMA secretary general Dr RV Asokan said the government’s attempt to provide half baked medical care to the citizens through mid-level practitioners is dangerous. “The government should give permanent posting to MBBS graduates in 1.5 lakh health and wellness centres. Ad Hoc postings are not acceptable,” he said. It may be mentioned here that a meeting on this proposal is scheduled to be held at Niti Aayog on April 22.
Growing a business sometimes requires thinking outside the box. 2 min read March 16, 2015 This story originally appeared on Reuters Register Now » Seeking to extend its range of secure mobile devices, BlackBerry Ltd said on Saturday it was launching a high-security tablet, developed with International Business Machines Corp and Samsung Electronics Co Ltd.The SecuTABLET, based on Samsung’s Galaxy Tab S 10.5 and being presented by BlackBerry unit Secusmart at tech fair CeBIT 2015 in Germany, reflects the Canadian company’s stress on secure connections for governments and businesses as it seeks to preserve a niche market after a drubbing in recent years at the hands of emerging smartphone makers such as Apple Inc.“Security is ingrained in every part of BlackBerry’s portfolio, which includes voice and data encryption solutions,” said Dr. Hans-Christoph Quelle, chief executive officer of Secusmart GmbH, in a statement on the new device.The device was undergoing certification by the German Federal Office for Information Security for secure rating, the statement said, adding that the new tablet used the same security technology as the Secusmart Security Card.”Working alongside IBM and Samsung, we have added the last link in the chain of the Federal Security Network. Subject to certification of the SecuTABLET, German government agencies will have a new way to access BlackBerry’s most secure and complete communications network in the world,” Quelle said.(Writing by Frances Kerry; Editing by Marguerita Choy) Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global
Russian service provider VimpelCom has launched a new TV offering, Sezon HD, with over 20 HD channels, as part of its Beeline TV service.The package comprises 105 channels including over 20 HD services, and is available for between RUB570-990 (€12.90-22.40), depending on the region, including rental of the HD set-top box.Acting director of marketing and development, broadband and digital TV Anna Ryzhykova said that the package had been launched in respons to growing penetration of HD TVs and high interent from VimpelCom’s customers, with thenumber of subscribers to existing packages with HD channels growing 14.5% in the last six months.
Discovery Communications has extended the contract of president and CEO David Zaslav to the end of the decade.Zaslav’s new deal lasts until December 31, 2019 and makes him a “significant long-term shareholder”, according to the pay TV channel operator.The executive joined Discovery in January 2007 and took it fully public a year later.Revenue and profit – especially in the company’s growing international channels business – have grown significantly since then, and last year the firm completed its largest ever acquisition by buying SBS Nordics for around US$1.7 billion (€1.25 billion).
YouTube is launching its kids app in the UK and Ireland, its first rollout outside the US.Kids can watch a range of curated content via app, which is free from the Google Play and Apple’s App Store. The service is ad-supported.Announcing the launch in a blog post, YouTube said the larger images and icons will make it easier for kids to navigate and discover content. It has also introduced a voice search function.Content is split into four categories: Shows, Music, Learning and Explore, and YouTube has built in parental control capabilities.The Kids app launched in the US earlier this year, since when it has been downloaded over 10 million times.“It’s our first step in reimagining YouTube for families and it’s now available to download for free,” said Greg Dray, head of kids and learning partnerships at YouTube, in a blog postHe added: “We’re so excited to bring YouTube Kids to the UK and Ireland, and look forward to your ideas too so that we can better help your family explore, learn and sing along.”
ITV CEO Carolyn McCall is “very focused” on the UK broadcaster’s “strategic refresh”, as full-year 2017 profits fell.Carolyn McCallMcCall was bullish despite the numbers, saying there was “no doubt that ITV’s operational performance in 2017 in a challenging environment was strong”.Under McCall’s predecessor, Adam Crozier, ITV diversified away from its broadcast advertising business model and into content production, distribution and ownership, which has helped the company remain in growth.McCall is now looking to the next phase of this, undertaking a review of what ITV will look like in three and five years’ time.“We are very focused on our strategic refresh,” she said. “This will enable us to define a clear strategy and priorities that will highlight the opportunities and address the challenges that we face in an increasingly competitive media landscape. This project is well underway.”Total revenues were up 4% year-on-year at £3.66 billion, with profits before tax falling 6% to come in at £800 million.ITV’s core broadcasting and online unit was down 3% to £2.08 billion, a fall of £57 million. Earnings before interest, taxation and amortisation were £599 million, down from £642 million the previous year.There was good news on the production and distribution front, with total revenues at ITV Studios up 13% to £1.58 billion. Earnings were flat at £243 million.ITV pointed to new dramas such as Liar, Bancroft and Little Boy Blue, new entertainment shows The Voice, The Voice Kids and Five Gold Rings and a number of returning shows such as Broadchuch, Love Island and Ant & Dec’s Saturday Night Takeaway as successful on British television, but noted Fearless, The Nightly Show and Bigheads had not been and would not return this year.ITV also noted the closure of pay TV channel Encore would “impact” pay revenues in 2018, but would allow the broadcaster to distribute box set-style content across more platforms.McCall, the former chief executive of low cost airline Easyjet, took over ITV on January 8.Other key 2017 figures ITV Hub (on-demand service) now on 29 platformsLong-form video requests up 34%1.3 million simulcast requests for the final of Love Island47.6% share of advertising marketViewers watched an average of 203 minutes of TV per day
Sponsor Advertisement MAX Resource Corp. (TSX:MXR) is focused on a newly-defined copper/silver/gold porphyry system at Majuba Hill in Nevada that is highly prospective for a bulk-tonnage, open pit deposit. MAX recently completed a Phase II core drilling program and additional soil sampling in a step-out drilling program at the DeSoto discovery near the past producing Desoto silver mine at Majuba.Drilling earlier in the year encountered long intervals of high-grade silver and copper near surface in five of eight holes, as well as significant gold intercepts, such as 44.2 m of 71.0 g/t Silver, 0.15 g/t Gold and 1.14% Copper. Further assay results and soil geochemistry are expected in February/March 2012. Permitting is underway for an extensive Phase III delineation drill program at Desoto to begin in the spring of 2012.For more information: www.maxresource.com or firstname.lastname@example.org You have to ask yourself why the precious metals are getting trashed in the face of one of the biggest financial crisis of our lifetimes.Gold set another new low for this move down about an hour before London opened yesterday. From that low, the gold price rallied right a bit right up until the Comex open…and was under a bit of selling pressure from that point onward.But the major selling pressure came once the Comex was through trading at 1:30 p.m. Eastern time…with the low price tick of the day [$1,540.70 spot] coming just moments before 4:00 p.m. in New York in the very thinly traded electronic market. From that low, gold recovered a few dollars going into the close at 5:15 p.m. Eastern.Gold finished the Thursday trading day at $1,544.30…down another $12.20. Net volume was pretty decent at around 143,000 contracts.It was pretty much the same price pattern in silver…except the engineered sell-off was far more intense. Silver’s low price tick [$27.51 spot] came at the same time as gold’s…and the silver price recovered about 20 cents going into the electronic close.Silver closed the day at $27.72 spot…down 46 cents from Monday. Net volume was pretty high at 37,000 contracts, more or less.The dollar index traded in a narrow 10 basis point range of 80.60 for a goodly portion of Tuesday. That lasted until shortly before 9:00 a.m. in New York…and then away it went to the upside until about 3:20 p.m. Eastern time where it traded sideways into the close. The dollar index closed up about 65 basis points.The gold stocks started off in positive territory…and then got sold off…but recovered back to unchanged just before lunch in New York. It was all down hill from there. The HUI got smacked for another 3.83%.The silver stocks really got crucified again…and Nick Laird’s Silver Sentiment Index took it on the chin for another 5.95%.(Click on image to enlarge)The CME’s Daily Delivery Report showed that 1 gold and 123 silver contracts were posted for delivery on Friday. The big short/issuer was Merrill with 113 contracts…and the short/stoppers were a mixed bag. The link to the Issuers and Stoppers Report is here.There were no changes in either GLD or SLV yesterday. Ted Butler and I were discussing the big 1.6 million ounce surprise deposit in SLV on Monday…and Ted figured it probably had something to do with covering a short position in SLV shares. We’ll know more when the new report is posted over at shortsqueeze.com a week from today.The U.S. Mint had a sales report worthy of the name yesterday. The sold 3,000 ounces of gold eagles…500 one-ounce 24K gold buffaloes…and 150,000 silver eagles. Month-to-date the mint has sold 34,500 ounces of gold eagles…1,500 one-ounce 24K gold buffaloes…and 1,135,000 silver eagles.It was a busy day over at the Comex-approved depositories on Monday. They reported receiving 1,526,942 troy ounces of silver…and shipped 305,421 ounces of the stuff out the door. The link to that action is here.German gold analyst Dimitri Speck was kind enough to send me several of his excellent charts…and I’m more than happy to post them here. I’ll post the gold charts today…and the silver charts tomorrow.The first chart shows the “Intraday Price Movements” in gold over about eighteen years. The high at the London open…and the low at the London p.m. gold fix…are the most prominent features.(Click on image to enlarge)The second chart shows the intraday price movements for the first quarter of 2012…and there are subtle differences, but the overall price pattern is the same…and only the times of the highs and lows have shifted.(Click on image to enlarge)And lastly, here’s the chart for 2011 on its own…the same, but slightly different once again. The negative price bias in London really stands out in this chart.(Click on image to enlarge)I have a lot of stories again today…and I hope you have time to read through most of themWhile the US Dollar and Treasury debt are the twin foundations of the system, the major modern indicators of how the system is functioning are the stock market and the precious metals, Gold in particular but also Silver. A stock market investment is a bet ON the system, a purchase of physical Gold and/or Silver is a bet AGAINST it. This is clearly shown by the lengths to which the financial powers that be will go to support the stock market – and to undermine the price of the precious metals. – Bill Buckler, The Privateer, 12 May 2012Well, the pain continued unabated again yesterday. Everything that occurred up to and including the close of Comex trading at 1:30 p.m. in New York yesterday, should be in this Friday’s Commitment of Traders Report…and as I pointed out in this space yesterday, it should be a stunner.Unfortunately, ‘da boyz’ leaned on the precious metals particularly hard after the Comex close yesterday…and that data won’t be in Friday’s report.Here are the 3-year charts for all four precious metals, with the exception of palladium, which had a price bounce yesterday, every other precious metal is more oversold than its been in the last three years.(Click on image to enlarge)(Click on image to enlarge)(Click on image to enlarge)(Click on image to enlarge)As I mentioned further up in this column, you have to ask yourself why the precious metals are getting trashed in the face of one of the biggest financial crisis of our lifetimes. One only has to read Bill Buckler’s quote above to understand.But once this engineered ‘correction’ has run its course, it’s my guess that JPMorgan et al will be nowhere to be found [fingers crossed!] on the next rally…unless it’s a short-covering rally that they themselves instigate.I’ve been watching the precious metals ever since they opened for trading in the Far East earlier today…and in London this morning. Once again, the ‘salami is being sliced’ to the downside…as more new lows were set in all four precious metals shortly after the London open. Net volumes as of 4:49 a.m. Eastern time were monstrous in both metals. In gold it was 46,000 contracts…and in silver it was just under 10,000 contracts. The dollar index rallied about 25 basis points overnight, but topped out shortly after the London open…and is now back to virtually unchanged from Tuesday’s New York close.One has to wonder just how much more ‘oversold’ this market can get, as we are already in record territory in that regard…and I’ll be watching the price activity during the Comex trading session in New York with great interest when I get out of bed later this morning.See you on Thursday.
(Interviewed by Louis James, Editor, International Speculator) L: Doug, after conversations like the one we had last week, we often get letters from angry readers who accuse you of hating America, disloyalty, and perhaps even treason. These people don’t know or understand what I do about you – that you love the idea that was America. It’s the United State it has become for which you have nothing but contempt. Perhaps we should try to explain this to them? Doug: I doubt it would work; it’s a tough row to hoe, trying to explain things to people who are so set in their thinking that they truly and literally don’t want to hear anything that might threaten their notions. A person who feels threatened by ideas and who responds with emotion is acting irrationally. How can we have a discussion with someone whose emotion trumps their reason? How do we even begin to untangle the thinking of people who will gather this week to give thanks for the bounty produced by freedom and hard work – the famous puritan work ethic – by eating a turkey bought with food stamps? But we can outline the ideas, for the record. L: I’ll bring a copy if they ever do put you on trial for thoughtcrime – which is frighteningly close to being real these days and called treason to boot. Doug: It’s not just close; it’s here. Just try telling an unapproved joke in a security line in an airport these days. L: True enough. Where to begin? Doug: At the beginning. America was founded as a confederation of independent countries – that’s what a state is. Or was, in our language. The original United States of America was a confederation of countries that banded together for protection against larger and more powerful countries they feared might be hostile. This is not a disputed interpretation of history, but as solid a fact as the study of history produces – and yet a largely neglected one. L: We did cover this ground briefly in our conversations on the Civil War and the Constitution. Doug: So we did… the short version being that the US Constitution was essentially a coup; the delegates to what we now call the Constitutional Convention were not empowered to replace the existing government – only to improve upon the Articles of Confederation between the then-independent states. The framers of the Constitution drafted it with the notion of a national government already in place, but calmed fears of loss of state sovereignty by calling the new government the “United States of America” – a verbal sleight of hand that worked for over half a century. Then the southern states decided to exercise what these words imply; their right to leave the union. While slavery was and is a wholesale criminal activity I object to in every way possible, the southern states did have the right to secede, both legally and ethically. But the question was settled by force, not reason, and the wrong side won. L: Another coup? Doug: More like an exposure of the first one for the whole world to see. But by then it was way too late. Despite this, the relative freedom of the US – because it was for many years far freer than other countries – made it possible for artists, engineers, inventors, and businesspeople to flourish and create a society more wealthy and powerful than any the world had ever seen. This is what I call the idea of America – the America That Was. But the seeds of destruction were already sown at the very beginning – with the Alien and Sedition Acts being perhaps the first highly visible step in the wrong direction. Then came the forceful assertion of one national government, with states reduced to administrative regions via the War of Southern Secession, from 1861-’65. I’m no fan of state governments, incidentally, but at least they’re smaller and closer to their subjects than the federal government. Another major step in the wrong direction occurred with the Spanish-American War of 1898, where the US acquired an overseas empire by force. The next major step downhill was the creation of the Federal Reserve and the income tax, both in 1913, just in time for World War I. It took time for these things to make the system crash, because it was still a fairly free economy. L: But crash it did in 1929… Doug: Yes. And it led to the Great Depression of 1929-’46, which lasted so long entirely because of the unmitigated disaster of the New Deal (which we discussed recently). The New Deal injected socialist-fascist ideas into mainstream American thought like a poisonous acid, corrupting the heart of the idea of America that once made the place great. The process was completed with Lyndon Johnson’s Great Society, which really established the basis of the welfare-warfare state. It truly set the stage for the total ethical, economic, social, political, and even military disaster now unfolding before our eyes. Still, the beating heart of the idea of America – which is to say both social and economic freedom – took time to corrupt. Like a strong man who doesn’t know he’s headed for a heart attack, American culture didn’t really peak until the 1950s. The bullet-finned 1959 Cadillac is a symbol of this peak, in my mind. L: Then we had Johnson and his “guns and butter” policy – War in Vietnam and War on Poverty at the same time – followed by tricky Dick kicking the last leg out of under the stool by taking the dollar off an even theoretical gold standard. Doug: Yes. Nixon was arguably even a worse President than Johnson, with the devaluation of the dollar in 1971 and his creation of the War on Drugs. Things have spiraled out of control since then. In The Casey Report, we’ve written reams about these last decades and how they led to and shaped what’s happening now. But I have to say, the focus has been largely financial. L: Which is as it should be, in a publication designed to help investors navigate these turbulent times. Doug: Yes, but the corruption goes way beyond that, beyond even the senseless wars and idiotic foreign policy we discussed last week. America, once the land of the brave and the home of the free, is well on its way to becoming a police state – worse than any we’ve seen in the past, including the Soviet Union and Nazi Germany. L: How could it get worse than that? Doug: Because Big Brother has better technology now, allowing possible manipulation and control of the population that Stalin and Hitler never dreamed of. And because the US used to be such a great place, a lot of people have been tricked into believing it’s the same as it was. But there’s no more resemblance between the America of old and the US of today than there was between the Rome of the Republic and the Rome of the later emperors. Furthermore, most Americans have conflated the government with society. They’re not only different things, but often antithetical. L: I thought you said you’re an optimist! Doug: I am. But that’s for the survivors who make it through the wringer the global economy – and every person on this planet – is about to go through. I keep telling you that the coming Greater Depression is going to be even worse than I think it is. You may think I’m joking, but I’m not. I do think that, primarily for reasons we discussed in our conversation on technology, what comes next will not only be even better than I imagine, it will be better than I can imagine… but first we have to go through the wringer. I see no way around it. I truly don’t. L: Okay, I know you believe that. Can you substantiate the police-state claim? Doug: Well, rather than give you anecdotal evidence – of which there are masses more each day – let me refer to a rather perceptive blog post by a George Washington law professor named Jonathan Turley, titled 10 Reasons Why the US Is No Longer the Land of the Free. I’m sure I don’t see everything the way the professor does, but the list struck me as quite accurate and very important for people to understand. L: I’m sure I don’t want to hear this, but okay, shoot. Doug: [Chuckles] Maybe you don’t, but I know you value the truth. These points underline something I’ve said for years: the Bill of Rights is a completely dead letter. It’s essentially meaningless and rarely even gets the benefit of lip service. Quoting it will result in derision, if not arrest as a dangerous radical. Frankly, I didn’t think the civil liberties situation could get worse than it was under Cheney-Bush, but it has. Obama has repealed none of what they did – and added more. So, let’s go through the list. First: Assassination of U.S. citizens: “President Obama has claimed, as President George W. Bush did before him, the right to order the killing of any citizen considered a terrorist or an abettor of terrorism.” Of course the very concept of terrorism is highly malleable, with over 100 definitions floating about – as we’ve discussed. But apart from that, it’s now accepted that the president and his minions have the right to kill almost anyone. This conceit will get completely out of control after the next real or imagined major terrorist incident. L: This reminds me of the extraordinary powers given to government agents to battle the War On Some Drugs – like the RICO statutes – which have now been turned against ordinary citizens who have nothing to do with the drug trade. Doug: Exactly. Once you give the state a power – for whatever good reason you imagine it needs it – it will use that power for whatever those in charge feel is in their interests. And those in charge are never saints. Next: Indefinite detention: “Under the law signed last month, terrorism suspects are to be held by the military; the president also has the authority to indefinitely detain citizens accused of terrorism.” This was a precedent set by Guantánamo, where scores of the accused continue to rot without even a kangaroo-court trial. Arbitrary justice: “The president now decides whether a person will receive a trial in the federal courts or in a military tribunal, a system that has been ridiculed around the world for lacking basic due process protections. Bush claimed this authority in 2001, and Obama has continued the practice.” As the government becomes more powerful, it’s completely predictable that everything – including the justice system – will become ever more politicized. And government very rarely relinquishes a power it’s gained. I particularly like the Supreme Court ruling in April 2012 that allows anyone who’s arrested for anything – including littering or jaywalking – to be strip-searched. L: Note to readers: you can’t hear Doug’s voice, but I assure you that his use of the word “like” is sarcastic. Doug: Just so. Moving right along: Warrantless searches: “The president may now order warrantless surveillance, including a new capability to force companies and organizations to turn over information on citizens’ finances, communications and associations. Bush acquired this sweeping power under the Patriot Act in 2001, and in 2011, Obama extended the power, including searches of everything from business documents to library records.” Privacy is now a completely dead concept, from both a legal and a practical point of view. If you want to retain privacy, you now have no alternative to relocating outside the US. L: Or any advanced Western country. I’ve read that there are more surveillance cameras per square mile in London than anywhere else. Doug: I’ve heard that too. The opposite being true in rural Argentina is one of the things I like about it. Back to the list: Secret evidence: “The government now routinely uses secret evidence to detain individuals and employs secret evidence in federal and military courts. It also forces the dismissal of cases against the United States by simply filing declarations that the cases would make the government reveal classified information that would harm national security…” “National security” essentially amounts to nothing more than government security, which amounts to cover for the individuals in the government. Nazi Germany and the USSR were national-security states. As I’ve tried to explain in the past, once a critical mass is reached, it’s impossible to reform a government. I believe we’ve reached that state in the US. War crimes: “The world clamored for prosecutions of those responsible for waterboarding terrorism suspects during the Bush administration, but the Obama administration said in 2009 that it would not allow CIA employees to be investigated or prosecuted for such actions. This gutted not just treaty obligations but the Nuremberg principles of international law.” Torture by field operatives under the stress of combat is one thing; torture as official policy is something else again. But torture is now accepted in the US. Worse, there are far more serious war crimes than torture being committed in the name of the US that are going unpunished. L: This is, after all, a far darker version of the same US government that deliberately infected black US citizens with syphilis just to see what would happen, and sent US citizens of Japanese descent to concentration camps during WWII. Doug: Exactly. The next point is: Secret court: “The government has increased its use of the secret Foreign Intelligence Surveillance Court, which has expanded its secret warrants to include individuals deemed to be aiding or abetting hostile foreign governments or organizations. In 2011, Obama renewed these powers, including allowing secret searches of individuals who are not part of an identifiable terrorist group.” You no longer live in a free country when there’s zero privacy for citizens, but 100% secrecy for the government and those it employs. Immunity from judicial review: “Like the Bush administration, the Obama administration has successfully pushed for immunity for companies that assist in warrantless surveillance of citizens, blocking the ability of citizens to challenge the violation of privacy.” The government has outsourced some of its functions – not least the use of contractors in war zones. Increasingly, being associated with the government gives you a “get out of jail free” card. In the USSR they called this a “krisha” – a roof. Continual monitoring of citizens: “The Obama administration has successfully defended its claim that it can use GPS devices to monitor every move of targeted citizens without securing any court order or review.” Bad as this is, it’s just one example. There’s also the use of domestic drones, and hundreds of thousands of cameras that take pictures of everyone everywhere. Extraordinary renditions: “The government now has the ability to transfer both citizens and noncitizens to another country under a system known as extraordinary rendition, which has been denounced as using other countries, such as Syria, Saudi Arabia, Egypt and Pakistan, to torture suspects.” Yes, if someone is kidnapped, there’s plausible deniability if the torturing is done abroad by a third party. And they’re likely to have even fewer compunctions. L: That’s a pretty depressing list, Doug. Doug: And this is just the beginning. As I’ve said before, I don’t call the shots – just try to tell the truth as I see it. The point is that you couldn’t assemble a list like this even 15 years ago. But now it’s part of the firmament. Worse, it’s going to grow. As the economy turns down over the next few years, the people – acting like scared chimpanzees – will ask the government to “do something.” And it will. The trend is going hyperbolic. L: I can’t argue… and I agree it is not likely to be stopped. So if this is a sure trend, are there investment implications? Doug: This just goes to reinforce what I’ve been saying for some time. As great as a US citizen’s risk is in the marketplace these days, the greatest single risk to their wealth and health is the government. People simply must internationalize to diversify their political risk. I can’t stress that strongly enough. L: Would you go so far as to say that being a taxpayer in the US now is like being a Jew in Germany in the mid-1930s? Doug: That’s a good analogy. It’s costly and upsetting to uproot, but the risk if you don’t is unimaginably worse. And I would warn people in other countries to take the same precautions. All of these nation-states are dying dinosaurs that will cause a lot of damage as they thrash about in their death throes. No place is completely safe, but you improve your odds by not putting your eggs all in one basket. L: Okay, I guess we’ve covered that plenty of times. Is there a “police-state play” – any investments one could make before the new Iron Curtain slams down? Handcuff manufacturers? Doug: Nah – they have those plastic zip-binder things now; they’re so cheap that I doubt the manufacturer can even make big money in volume. But I do remember a speech I attended in the ’90s given by William Bennett, the ex-Drug Czar, who recommended investing in prisons. I excoriated him as a sociopath at that meeting – but he was right. However, that ship has sailed; it’s hard to believe the US can incarcerate more than the current 2.3 million people. Besides, I find it morally offensive to capitalize what I consider to be criminal enterprises. No, for now the only absolutely crystal-clear imperative is as above: You’ve got t have a Plan B ready in case you need to get out of Dodge – and you need it pronto. And to those who will be celebrating Thanksgiving this week, I urge you to remind those you carve the turkey with that it was hard work and the freedom to profit from it that created the bounty the pilgrims celebrated. It was this enterprising spirit and the liberty to exercise it that was the heart of the idea of the America That Was – the idea that made America great. Those corrupt politicians who have been undermining these values for so long, and the willfully ignorant ideologues who support them, are responsible for turning this country into the United (Police) State of America. They should be criticized and opposed at every opportunity. L: Okay, Doug. Thanks for another challenging but enlightening conversation. Doug: My pleasure. On this day before the Thanksgiving holiday, we here at Casey Research want to thank you for being a loyal subscriber to Casey Daily Dispatch. People like you who support our work have enabled us to experience enviable growth (earlier this year, Inc. 5000 magazine – again – listed us among the fastest-growing private businesses in the US). Every year, thousands of investors from around the world grow right along with us by “crisis investing” – making calculated speculations designed to leverage calamities like the one Doug is warning about. At a time when most investors are struggling to make money, subscribers of our oldest and most reputable service are currently sitting on a number of triple-digit gains in select precious-metals companies. That service is Casey International Speculator, and on Friday – for one day only – we’re offering 50% off a yearly subscription. As you’re a loyal reader of the Casey Daily Dispatch, we’re offering you a chance to claim your 50% off subscription before everyone else. Learn more about this offer and how Casey International Speculator can help you grow your portfolio. Thank you again for your continued support, and have a Happy Thanksgiving.
No one is going to lift a finger to stop them, or utter a word in protest The gold price did little of anything up until noon Hong Kong time—and after that it quietly sold off to just under the $1,300 mark. The two attempts to break back above that price got sold down almost immediately—and after the second sell-off that came just after the London close, gold traded flat for the remainder of the New York session. The high and down price ticks aren’t worth the trouble of looking up. Gold closed the Monday session at $1,296.90 spot, down $5.40 from Friday’s close. Volume, net of April and May, was extremely light at 88,000 contracts. The dollar index closed on Friday at 80.43. It traded pretty flat until around 12:30 p.m Hong Kong time—and then began to head south, hitting its 80.20 low just before 12 o’clock noon in New York. After that it traded almost ruler flat into the close, finishing the Monday session at 80.22—down 21 basis points on the day. The interesting thing to note is that virtually all of the major price declines in all four precious metals occurred between noon in Hong Kong and noon in New York yesterday. It’s a pretty safe call to say that there was absolutely no correlation between the dollar index and precious metal prices yesterday. Like gold and silver, platinum and palladium were under selling pressure for virtually the entire day, with most of the selling pressure really getting started around noon Hong Kong time. Then platinum got hit for $20—and palladium got smoked for over 3% starting shortly after the London close—about the same time as gold and silver got sold down. After the spikes down in their respective prices, they didn’t recover much. And as I hit the ‘send’ button on today’s efforts at 5:28 a.m. EDT, all four precious metals continue to struggle higher as JPMorgan et al throw everything they can at their prices. Gold volume is almost triple what it was about three hours ago. Silver is still above the $20 spot price mark, but struggling. Volume is well over double what it was before this rally started, but still very low all things considered—around 8,300 contracts. The volumes in both silver and gold are almost all confined to their respective current front months—so it’s obvious that the HFT boyz are out in force. Platinum and palladium are still up, but have made little upwards progress since London opened, as even the tiniest rally is being sold down. The dollar index is now a hair below the 80.00 mark—and currently down about 25 basis points from Monday’s close in New York. I haven’t the foggiest idea what price scenarios will greet me when I power up my computer later this morning, but the one thing that is obvious, is that JPMorgan et al have no intentions of letting precious metal prices rise at the moment, as they have obviously drawn a line in the sand here. Could they get over run? Sure, but if they do, it will be—as Ted Butler is wont to say from time to time—the first time it has ever happened. So the odds aren’t lookin’ good. But one of these days it will be different. I’m off to bed. See you here tomorrow. With the gold price, along with the general equity markets, both in the red yesterday, it was a bit of a surprise to see the gold stocks in the green. Of course, once the gold price got smacked back below the $1,300 spot price mark after the London close, down went the gold stocks as well. But, despite that, they continued to rally after that—and closed virtually unchanged—down 0.07%. Sponsor Advertisement Silver got sold off about 15 cents within the first 15 minutes of trading at the Sunday night open in New York. The subsequent ‘rally’ latest until 10 a.m. Hong Kong time—and then it got sold down [unsteadily] to it’s low of the day which came at the noon silver fix in London. The subsequent rally got capped the moment that it hit the $20 spot price mark—shortly after the London close as well—and that was it for the day. The high and low tick were reported by the CME Group as $20.015 and $19.775 in the May contract. Silver finished the day at $19.865 spot, down 9 cents from Friday’s close. Net volume was fumes and vapours at 15,500 contracts. The CME’s Daily Delivery Report showed that 8 gold and 3 silver contracts were posted for delivery within the Comex-approved depositories tomorrow. The Issuers and Stoppers Report isn’t worth linking. I note that there are about 1,300 gold contracts still open in the April delivery month, along with a tiny handful of silver contracts. There were no reported changes in GLD yesterday—and as of 10:36 p.m. yesterday evening, there were no reported changes in SLV, either. There was a decent sales report from the U.S. Mint yesterday. They sold 1,500 troy ounces of gold eagles—3,000 one-ounce 24K gold buffaloes—and 659,500 silver eagles. Over at the Comex-approved depositories on Friday, they reported receiving 37,779 troy ounces of gold, most of which went into the depositories over at HSBC USA. Only 291 troy ounces were reported shipped out. The link to that activity is here. In silver, there was 498,354 troy ounces reported received—and all of it disappeared into the Delaware depository. 39,020 troy ounces shipped out. The link to that action is here. I have a decent number of stories for you today—and I’ll leave the final edit up to you. It’s important to remember that the Mint is producing and selling Silver Eagles at record capacity this year, yet is still, in effect, unable to keep up with demand. This is a familiar circumstance with Silver Eagles over the past few years, a circumstance not witnessed with Gold Eagles in general. Along with the highly unique movements in COMEX warehouse inventories, this is another decidedly physical factor specific to silver. While I don’t know who the big buyer of Silver Eagles may be, certainly we can conclude that the buyer strongly expects higher silver prices in time (no one buys anything investment related with the expectation of lower prices). A subscriber passed along a thought that was already in the back of my mind, namely, that buying Silver Eagles from the Mint might be a way for a big buyer to accumulate physical silver with very little impact on price. I can’t help but think that the COMEX silver warehouse shuffling and extraordinary Silver Eagle sales are two big factors in a developing silver physical story that could [and should] end in pronounced shortage. – Silver analyst Ted Butler: 05 April 2014 Even though volumes in both gold and silver were very light on Monday, it was obvious that there was a seller there to make sure that gold closed below $1,300—and silver below $20 spot. Why platinum got hit—and palladium hammered—certainly had nothing to do with any real-world supply/demand fundamentals that I’m aware of. But, like they are in gold and silver, JPMorgan et al can do pretty much as they please in the precious metal arena, as no one is going to life a finger to stop them, or utter a word in protest. Yesterday’s price action in all four precious metals had their boot prints all over it. Here are the 6-month charts for both gold and silver once again. Nothing has changed as far as Ted’s [and my] opinion of the situation, as the technical set up still indicates that “da boyz” could peel another $100 off the gold price—and a more than a buck off silver. We could also blast off from here as well—and I certainly don’t want to say “This time it’s different”—as that will be the kiss of death for sure. As I said on several occasion last week, the latest being Saturday, that all we can do is wait this out and see what develops. In Far East trading on their Tuesday, all was quiet once again, although prices developed a positive bias right from the open in early morning trading—and volumes were very light, although not quite as light as they were on Monday. That all changed in gold and silver around 1:30 p.m. Hong Kong time, as gold spiked above $1,300 the ounce and silver above $20 the ounce. Platinum and palladium were up a decent amount as well, but their rallies were much more subdued. And as I type this paragraph, London has been open about 35 minutes—and it’s obvious that the prices of both gold and silver are being actively capped, as volumes have exploded—and are up more that 100% from what they were before the price spikes occurred. So it’s obvious that JPMorgan et al are throwing a blizzard of Comex paper at both metal to kill these rallies. The dollar index, which had been trading as flat as the proverbial pancake for most of the Far East trading session, began to head south around 2:45 p.m. Hong Kong time—about 15 minutes before the London open. This is what the Kitco gold chart looked like at 5:25 a.m. EDT. The silver shares followed a similar price/chart pattern, but Nick Laird’s Intraday Silver Sentiment Index closed down a somewhat more substantial 1.18%. Freegold Ventures Limited is a North American gold exploration company with three gold projects in Alaska. Current projects include Golden Summit, Vinasale and Rob. Both Vinasale and Golden Summit host NI 43-101 Compliant Resource Calculations. An updated NI 43-101 resource was calculated on Golden Summit in October 2012 and using 0.3 g/t cutoff the current resource is 73,580,000 tonnes grading 0.67 g/t Au for total of 1,576,000 contained ounces in the indicated category, and 223,300,000 tonnes grading 0.62 g/t Au for a total of 4,437,000 contained ounces in the inferred category. In addition to the Golden Summit Project the Vinasale also hosts a NI 43-101 resource calculation which was updated in March 2013. Indicated resources are 3.41 million tonnes averaging 1.48 g/t Au for 162,000 ounces, and Inferred resources are 53.25 million tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. Please send us an email for more information, email@example.com
Have you ever wondered what really happens behind the scenes at a rock concert? My good friend Stew is a top audio engineer—you know, the guy who wears thousand-dollar headphones and stands below the stage manning dials at rock concerts the world over. I shadowed him backstage a handful of times, and the scene was not what I thought it would be. Sure, they all dressed the rocker part, but I was blown away by everyone’s professionalism. Today Chris Wood and I are taking you backstage at a much more conservative venue—but one that could make your retirement a whole lot richer. Chris is the managing senior analyst at Casey Research; his responsibilities include recruiting and training new analysts in “The Casey Way,” and heading up research for the entire technology team. He also teams up with our chief analyst Andrey Dashkov and me to manage the Money Forever portfolio. When I started Miller’s Money Forever, I already subscribed to Casey’s contrarian mantra: Look where nobody else is looking. The most successful investors take invaluable nuggets of information uncovered by world-class analysts and watch their investments grow long before the mainstream catches on. This is the game for my colleagues on the metals and mining, energy, and technology teams, as well as my own squad. When we applied this philosophy to a highly diversified, high-yield portfolio designed to enrich retirees and conservative investors alike—all while guarding their nest eggs against catastrophic loss and the silent killer, inflation—I imagined our portfolio would hold many household names. Turns out, it does: 5 or 6, I’d say, out of our 20 current holdings. Whether we’re recommending a company whose products you likely have in your cupboard or an international, high-yield energy play, our approach stays the same. The take-home message is that this approach works. At our most recent publication date, the stock, high-yield, and stable-income portions of our portfolio showed gains of 23.6%, 13.2%, and 2.7% respectively—without taking on more risk than befits a low-stress retirement. On that note, let’s talk to Chris about how we’re making that happen and how our method can make your retirement a rich one.Dennis Miller: Welcome. Thanks for taking the time to chat, Chris. Please tell our readers a bit about your background.Chris Wood: My pleasure, Dennis. My background is really in valuation. I double majored in economics and finance in college, then spent several years as a commercial appraiser and valuation consultant where I appraised a huge variety of commercial properties and private businesses. Then I returned to graduate school, and a few months after I received my MBA with a finance concentration, I started at Casey Research. When I arrived at Casey, the learning curve was much steeper than I’d expected. I mean, I had an MBA and a lot of real-world experience valuing companies. What could I have to learn? Turns out a lot. For most of my appraisal and business valuation jobs, I’d used discounted cash flow and sales comparison analyses to determine a business’ or property’s market value. There were subtleties I won’t get into here, but the basic idea was to calculate the most probable price at which the subject would trade in a competitive and open market at a given point in time. Publicly traded equities are a different beast because that figure is already available. It’s the stock price, or in the case of a whole business it’s the market capitalization (i.e., the stock price multiplied by the number of shares outstanding). So, the job of analysts at Casey Research boils down to determining if the prevailing market price of a stock is cheap, fair, or expensive. Our goal is to find stocks that are “on sale.” Now, that can mean a couple of things. They might just be out of favor with Wall Street and have a stock price that doesn’t reflect their true value based on their current operation. It can also mean understanding and believing in their business plan and profiting as they add value to their bottom line. In the world of publicly traded equities, investors should never pay fair value. You want to buy the stock at a discount and think about selling it when it reaches fair value.Dennis: I want to make sure our readers caught that. You’re saying we never want to pay fair value for a stock; that’s when we want to sell it?Chris: Exactly. Of course, you already knew that. Consider Hess, which you and your analyst team recommended back in August 2012. The stock was out of favor with Wall Street, but Hess is operating in one of the world’s top oil areas—the Bakken Shale—and its valuation ratios were very attractive. It had also begun to realign its business focus in a way that made sense to us. We made the call ahead of others, and as the market realized what we already knew, the stock price increased. We determined that the stock was trading at a discount—trading below fair value—and when the market caught on, the stock price came to meet us. As a result, we realized a 78.3% gain on Hess, including stock appreciation, dividends, and income from the covered call options we wrote on the company.Dennis: Subscribers ask me what it means to “look where no one else is looking.” When a new analyst asks you that question, how do you answer?Chris: Well, it’s an underpinning of a contrarian approach to investing, but it translates into different specifics for our various teams. For the metals team, it’s quite literal. They trek all over the world visiting early-stage, under-the-radar miners on the verge of making a big strike. For the technology team, it often means digging into the science of an undiscovered small biotech outfit that could have a blockbuster cancer drug on its hands. At Money Forever, you and your analysts apply that same approach to a wide variety of sectors.Dennis: Our publication focuses on retirement money, not speculating on the next hot technology trend or company trying to get the next miracle cure through the FDA. How do you teach our analysts to apply those principles to less-speculative investments?Chris: Well, let’s look at what your goals are. You want a safe portfolio that beats inflation and throws off enough income so your subscribers can retire rich. Buying a bunch of utility stocks and holding a few mutual funds won’t cut it. Your subscribers need income and appreciation. That means we look well past charts and dig into companies—much deeper than just reading the annual reports. Then we validate the data. We train our analysts to go beyond the 10-Ks and 10-Qs—to contact the company and ask tough questions; to independently verify as much as possible; and to take every answer from management with a grain of salt. The average S&P 500 company is paying a 1.83% dividend. While a company might be performing well and increasing dividends, it could take a decade or more before dividend increases surpass inflation and allow you to take some money out to live on. That’s why we hunt for stock with real potential to appreciate on top of dividends. Lots of companies are considered out of favor by Wall Street—many for good reason. We uncover why they’re out of favor and what they’re doing to turn things around. There are plenty of opportunities out there; we train our analysts where to look and what to look for.Dennis: I imagine finding qualified analysts is challenging. Can you expand on the skills and qualities they need?Chris: Of course. In addition to being strong analysts and writers, they have to be self-motivated, passionate about what we do, and able to come up with good investment ideas and defensible conclusions. All the spreadsheets and number-crunching in the world is of no value in this business if you can’t say, “I recommend XYZ because of this, this, and this” and defend your conclusion. The recommendations we make affect our subscribers’ livelihoods, and we take that seriously. Our analysts would never recommend a company in which they wouldn’t invest their own money. And we do invest in many of the stocks we recommend—after our subscribers get their chance, of course.Dennis: During a recent meeting, you said that part of the analyst’s job is to filter out the noise. Can you explain to our readers what you meant?Chris: Nearly every public company has a marketing team with a hand in its press releases. Management wants the company and the stock presented in the best, most favorable light regardless of whether it’s delivering good, bad, or neutral news. Though technically accurate, what pundits say about a company on MSNBC in a quick sound bite or a press release is often an incomplete story and sometimes misleading. These snippets of information are not a sound basis for investing your money. We do our own due diligence—and a lot of it—to filter through the doublespeak and spin. No matter where we pull information from, we look for what’s left unsaid and why. There’s noise about anything from tulips to technology, from Amazon to Zillow. We teach our analysts to drown out that hype and consider what’s left out: facts uncovered by our own independent research.Dennis: Any final thoughts?Chris: I want to tell your readers about your role in the process. Money Forever crosses all sectors, and since you’ve literally worked with hundreds of businesses and industries, you’ve really helped me train the analysts. I’m going to tell a story about you if that’s OK.Dennis: Sure, go ahead—as long as it has a happy ending.Chris: Our team was discussing one of our current holdings, and one of our analysts mentioned new programs it was implementing to streamline its operation. We quickly learned you had worked with hundreds of different distributors all over the world. You immediately jumped on the new initiative, took the company’s profit and loss statement, and showed us what a significant impact it will have on its bottom line. You helped us cross the bridge from raw information to understanding the financial impact on our portfolio candidates. That’s the final step in the process: understanding what the financial impact will be of a company’s current initiatives and then investing before the MSNBC sound bite comes out.Dennis: Chris, thank you so much for taking the time to help our subscribers understand what takes place behind the curtain. I’m proud to be associated with such a group of dedicated and free-thinking professionals.Chris: Thank you. My pleasure, Dennis; thank you for inviting me. We’re proud that Casey’s contrarian investment philosophy is working just as well for our highly diversified retirement portfolio as it has for speculators across all sectors, and I’m gunning to share all of our highly curated picks with you. It just takes one easy step: sign up for our monthly newsletter without any risk to your pocketbook. You’ll gain immediate access to our entire portfolio, our unique catalog of special reports, and every single back issue of Miller’s Money Forever to boot. If it turns out you’re not as enthused about our newsletter as the thousands of other conservative investors making money right along with us, we’ll refund each and every penny of our special charter price, no questions asked. Forge your own path to a rich and independent retirement by clicking here now.On the Lighter Side The World Cup is down to the knockout round. Belgium knocked out the US team 2-1 after extra time. There’s still a lot of excitement ahead, though: France plays Germany tomorrow, and Brazil plays Colombia. Meanwhile, we’ll be celebrating Independence Day here in the US. And Tuesday was Canada Day up north, as the Canadians on our team reminded me. Happy holidays to all! And finally… I received a cute email last week: A lady was planning a holiday picnic and told her friend she’d asked her Aunt Tillie to bring a big bowl of her famous tuna salad. Her friend responded, “I thought you didn’t like tuna fish?” The lady answered, “Oh, I don’t like it at all, but her salad keeps the flies off the food and punishes any that might chance to land in the bowl.” I hope everyone enjoys great weather and family fun this weekend. Until next week…