The economy should stop feeling likes its falling of a cliff in a few months.
The ball falling of the table should stop in a couple of months.
Two comments today that stood out from Sumners.
Makes me think that after this bear rally ends we could retest after May(?)...when the stress tests are revealed. But today we will hail Wells Fargo's numbers. I remember last year they were the only major bank that did not want the bailout money but were forced too by Paulson.
Seems a lot of the 'other' side is planning a little bit of their own protestation. They are gearing up to "be a part of" and photo everybody. And report on their blogs.
Do I see a train wreck coming soon to a tea party near you?
<< <i>There is a large VAT added to the price of silver purchases over in Europe, 15% if memory serves me.
roadrunner >>
I think the VAT in Europe is set independently by each member state, but must not fall below a minimum percent on respective products and services. I do not know what the VAT is for silver, but I've heard of 19% and 22% in some countries. I would highly doubt it to be less than 15% in any country. The socialists, they sure do love their taxes!
.....GOD
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
I especially like the conversion of the 1000 yr warming chart into Mann's hockey stick. In particular the rising temperatures of the period from 1000-1300 a.d. doesn't compute (nor does the little ice age of the 1600's). That earlier period was even warmer than today's and all with no carbon emissions from industry and less people. Can we blame it on the Vikings somehow? Author states that data has shown that temperature rose and carbon levels followed, not the other way around. Interesting.
Barclays selling ishares to CVC Capital for $4.4 BILLION.
Maybe one possible reason for the 17 MILL ounces of Comex silver drawdown over the past 3-4 months, with over half of that coming in the past week. If Barclays' custodians have been double counting SLV silver they need to get it right before CVC takes over (ie a physical audit is required). If the custodians have been handing out silver for derivative bets they are running out of time to get it back, hence the possible reason for the recent Comex drawdown.
I wonder if Vegas has odds on the over/under of WHAT DAY algore will debate any one of the 650 CLIMATOLOGISTS that oppose his view. Or whether algore will ever debate ANYBODY on the subject.
The silent majority might NEED to start speaking up in this here US of A regarding the current ahem.....'situation' and make their POINT KNOWN with vigor...as JFK used to say.
Certainly the current RULERS of us make their point strongly and also use very up to date methods of convincing the nontaxpayors and high school dropouts to vote for them. What the heck is the opposition doing to make the point? Hold a tea party?..............oooooo that ought to show DC who's boss.
Doesn't make predictions. It's what he doesn't say. Looks to me Soros & Co. will help to destroy the dollar/treasuries like the pound. Not in the same manner. A one-world currency would be his dream. He's a capitalist in the sense of making money. He comes out of retirement because he plainly sees what is going on and maybe helped engineer it...but he has no opinions other than he sees stagflation down the road. He's a socialist in the sense he wants America to fail so that it can be melded into the new G-20 world. He can achieve this failure through Un-American policies processed by BHO.
Where can we hide and survive while we are being sold out? It seems more and more it's PM's of the physical kind.
<< <i>He can achieve this failure through Un-American policies processed by BHO. >>
Im amazed at all the people who think that the policies of Obama are going to destroy the financial stability of the USA. The fact is that we have already been destroyed, we just havent had the funeral yet. The states are BK and falling fast, the cities are BK, the Pension funds have been overpromised and cant maintain, the banks have been robbed and are just BK shells, the Social Security and medicare pomises are gigantic and have no reserves, uncontrolled imigration and the destruction of our manufacturing base thru globalism and Obama has just taken office.
The destruction has been taking place for the last 30 plus years and the public is just taking thier head out of the sand to see it. Obama is powerless to stop it or create it. This is a runaway train that can only bring continuous long term inflation, Bankruptcies and failed promises ( full retirement at age 40-50). The only hope might be if we can wipe clean a lot of debt, union and pension agreements and other things which have destroyed the system. The one thing we can't stop though is the control of the international bankers, they and thier military industrial partners own our government.
There will be winners and losers but one thing is for sure, they will still be playing this game long after Im in the ground and my bet is that the ruling elite that controls things now will still be on top.
In case you do want to read the article, here are the bullets..
1. over the past decade 1.97 million New Yorkers left the state for greener pastures -- the biggest exodus of any state 2. There are new charges for cell phone usage, fishing permits, health insurance (the "sick tax"), electric bills, and on bottled water, cigars, beer and wine. 3. A New York Post analysis found that a typical family of four with an income below $100,000 would pay more than $800 a year in higher taxes and fees. 4. This is advertised as a plan of "shared sacrifice," but the group that is most responsible for New York's budget woes, the all-powerful public employee unions, somehow walk out of this with a 3% pay increase. 5. The state is receiving an estimated $10 billion in federal stimulus money, and Democrats are spending every cent while raising the state budget by 9%
<< <i>He can achieve this failure through Un-American policies processed by BHO. >>
Im amazed at all the people who think that the policies of Obama are going to destroy the financial stability of the USA. The fact is that we have already been destroyed, we just havent had the funeral yet. The states are BK and falling fast, the cities are BK, the Pension funds have been overpromised and cant maintain, the banks have been robbed and are just BK shells, the Social Security and medicare pomises are gigantic and have no reserves, uncontrolled imigration and the destruction of our manufacturing base thru globalism and Obama has just taken office.
The destruction has been taking place for the last 30 plus years and the public is just taking thier head out of the sand to see it. Obama is powerless to stop it or create it. This is a runaway train that can only bring continuous long term inflation, Bankruptcies and failed promises ( full retirement at age 40-50). The only hope might be if we can wipe clean a lot of debt, union and pension agreements and other things which have destroyed the system. The one thing we can't stop though is the control of the international bankers, they and thier military industrial partners own our government.
There will be winners and losers but one thing is for sure, they will still be playing this game long after Im in the ground and my bet is that the ruling elite that controls things now will still be on top. >>
I agree with you in part. The destruction has been going on for a long time financially. The social destruction is longer than that...say around 50 years or so with the great media-machine. Politically, the destruction has been going on since TR and WW with what Hillary was proud to call herself...a progressive. Progressivism turns its back on the Constitution. It has come and gone in waves in the last hundred years...covert and overt. I think BHO is doing it overtly. It goes without saying that BHO was given a great push from GW. I remember GW saying last year that you have to destroy capitalism to save capitalism. Unbelievable!
Just because BHO entered the scene just two months ago doesn't mean that he and his puppeteers are responsible for only the last two months. The far left have waited for a long time and have infiltrated for a long time. Look how fast all these programs and bills have hit the fan. Does anyone think that these bills were just written over Christmas break? These bills and agendas have been on paper for years just waiting for a chance.
I see too much has happened too fast and a backlash is about to occur.
My wife is an ex pat, we met in the states. She is from a small town outside Wellington, called Pai Kock Ericky. No where close on the spelling but a beautiful place. Someday she wants to move back.
<< <i>My wife is an ex pat, we met in the states. She is from a small town outside Wellington, called Pai Kock Ericky. No where close on the spelling but a beautiful place. Someday she wants to move back. >>
I am looking at the South Island. Here is the view front a similiar section I am contemplating....
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
Other than OTC derivatives and trading at near light speed, we don't have much more on the people of 1819. They speculated to excess in much the same way we have. During and following the war of 1812 state banks started pumping out paper that wasn't fully gold backed. Sound familiar? The excesses fueled speculation, especially in housing, property, and more expensive goods. And when it got out of hand by 1816, the Federal govt stepped in with the creation of the 2nd US Bank to "fix" the problem the state banks had caused. But in essence, they only tossed more fuel into the fire by providing more loans and leverage not backed by gold. 2 years of leverage at 25-1 that would make today's bankers proud. 2 more years of excess until 1818 and then the roof collapsed in 1819. During those 2 years the Central Bank fueld the housing market much like Fannie & Freddie did from 2004-2006. The only good thing the states and central bank did was to tie their hands as much as possible after the collapse. The excesses worked themselves out by 1821 and the recovery started. We didn't learn that lesson in the 1930's and aren't doing much better in 2009.
Apparently we've learned very little since 1819, including each of the follow-on bubbles and busts. The gold standard continues to be a convenient scape goat right up until 1971. Yet, it always boils down to excessive monetary stimulus not fully backed by anything....even when there "was" a gold standard in place. If people want to cheat the system they will figure out a way. Don't blame the gold standard (pre-1971) or lack of it (post 1971), but blame the bankers who printed the fiat in the first place and then rapidly contracted the punch bowl.
Sinclair warned of this towards the end of last week that those heavily short the junior and intermediate minors would begin hatchet jobs in any company they could in order to drive prices down so they can cover over the next 30-90 days. His concern was that prior to the uptick rule reinstatement these shorts needed to get closed out any way they can. So if the gold price doesn't accomodate a drop, then they'll have to attack the companies themselves with any half truths or misstatements of facts they can get published knowing that the source will be checked later rather than sooner. Sure enough, Sinclair's own TRE has been hit in Asia on tonight's open with negative articles from Barron's and Reuters. This is interesting since Barron's published the killer hatchet job on Royal Gold back in 2005 when a major short submitted bogus information to them driving down the stock price from $40 to $10. It finally fully recovered a few months ago. The claims in the current article state that TRE has no gold and their management is selling off shares in the company. It seems that the shorts don't like the idea of gold Royalty companies like Royal Gold or TRE. I know that Sinclair was buying large tranches of TRE stock over the last 1-2 years as it was publically published information. These were million dollar placements with the intention to purchase $25 MILL over the long haul. Who better to attack than gold's leading proponent and his company? Sort of makes you wonder how TRE's stock price outperformed much of the market over the past few months if it had bogus fundamentals and a poor business plan with no managment ownership. So who was pushing up the price if insiders were selling?
The jaded fiat bugs will surely say that JS is only protecting his backside here. And maybe that could be the case. But I doubt it. Royalty companies do things far different than actual miners and there are lots of misconceptions on what they do. For that matter Silver Wheaton (SLV) is another Royalty type company. They manage the properties but don't do the actual digging. I guess SLW or Franco-Nevada will be the next one on the hatchet list.
Monday am JS replied to the Barron's article stating that they totally misunderstood what a Royalty company is (ie Franco Nevada, Royal Gold, Silver Wheaton, etc.). May still not be enough for his shares not to take hit this morning even with gold trying to bust out past $900. Pretty sad when you financial analysts/writers covering markets when they are short key knowledge.
so RR, please explain TRE to me. They have almost no revenue and lose money. If I want a royalty company, why wouldn't I go with RGLD or SLW? Isn't that the crux of the article, that TRE is overvalued?
When Barron's starts on a negative crusade on a company, they don't let up.
Sort of makes you wonder how TRE's stock price outperformed much of the market over the past few months if it had bogus fundamentals and a poor business plan with no managment ownership. So who was pushing up the price if insiders were selling?
Roadrunner, there are many ways to make POS stocks move higher. I worked for one such outfit out of college and learned more in 4 months than in 4 years in college. TRE has a $300 million market cap and $1 million in the bank. It has no revenues but has $2.70 mill in administrative expenses, IE--salaries. It lists having plant and equipment valued at $24 million. I would like to see an independant appraisal of that equipment. Most of the dot-com crap stocks had better fundamentals than this company.
<< <i>Hey Dave, this looks like a scene from the Sound of Music, lets all go!! >>
I saw that movie last night for the first time since it came out. I forgot what a great movie it was. I sat there with my four and better half and had a great time.
One could ask Barron's why they only just "figured out" that TRE may have some issues. Why didn't they or their top sources figure this out months or years ago if nothing has changed? It's not like the CEO of TRE has maintained a low profile in previous months. Below is a link showing total short position. While the % of float is not overly large for a junior, the ratio of total shares short to average daily trading volume ratio is quite large at 9.7 days.
If it were such a great investment, you have to wonder why Sinclair has been bailing out:
"Over the years, as the stock price soared, Sinclair and his family have reduced their TRE stake from 25% in 2002 to less than 3% now, company documents show.... Though company announcements claim he is financing TRE, ultimately the main financiers are mostly the retail shareholders who buy from Sinclair." Link to article.
And this, from KPMG: "KPMG gave an adverse opinion on the effectiveness of TRE's internal controls: "The company has limited accounting personnel with expertise in generally accepted accounting principles to enable effective segregation of duties with respect to financial reporting matters and internal control over financial reporting." The company says it is attending to that." Link.
And this - "When it was pointed out that TRE has no NI 43-101, yet its valuation was much higher than companies with 43-101- compliant gold and actual gold, Sinclair replied: "I will come after you," and ended the phone call." Link.
Caveat emptor.
"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
Could the bond market be signaling it is backing off? *Dow Theory Letters, by Richard Russell, April 13, 2009: "The bond market may be 'backing off' for fear of rising inflation. Fed Chief Ben Bernanke has embarked on an all-out policy of 'print and spend.' The government is creating trillions of Federal Reserve Notes in a massive effort to support a debt-laden economy. Today a trillion is the new billion. The sheer amount of fiat money that is being created is frightening many of our creditors, such as China and Germany. Frightening them to the point where the talk is of a 'new world reserve currency.' The new currency will be a basket of currencies including the yuan, the euro, the dollar and gold, and it will be run by the IMF. As Bernanke goes wild in printing, our creditors become increasingly worried about the dollar as a store of value."
<< <i>One could ask Barron's why they only just "figured out" that TRE may have some issues. Why didn't they or their top sources figure this out months or years ago if nothing has changed? It's not like the CEO of TRE has maintained a low profile in previous months. Below is a link showing total short position. While the % of float is not overly large for a junior, the ratio of total shares short to average daily trading volume ratio is quite large at 9.7 days.
I would say because it is such a tiny company. Im surprised they even bothered with it in the first place and in light of events over the past year there have been much bigger issues to write about.
However, Barrons often profiles small companies and since there are so many, maybe it was just TRE's time. I think reading into it as a bash against gold is quite a stretch.
Here is a list of the top 50 stocks on nasdaq by days to cover ratio. 9.7 days is not unusual.... I separated the number of days of the top 4 to make the table easier to read and understand. 18 days to cover is needed to make the top 50.
Thursday, April 09, 2009 It would take these firms the most days, trading at their average daily volume to "cover", the shorts, based on minimum average daily volume of 100,000 shares.
Company Symbol 3/31/09 3/13/09 Chg % Chg % Float Days to cover Avg daily volume
1 Source Interlink Companies, Inc. SORC 10,569,666 11,189,866 -620,200 -5.5 41.3................... 52........... 204,090 2 CompuCredit Corporation CCRT 7,455,924 7,084,697 371,227 5.2 53.6 .................... .............. 50.......... 150,100 3 Portfolio Recovery Associates, Inc. PRAA 4,557,458 4,601,837 -44,379 -1.0 30.6 ................. . 38.......... 121,306 4 Enzon Pharmaceuticals, Inc. ENZN 10,789,313 11,065,854 -276,541 -2.5 24.5........................ 36........... 298,437 5 Clearwire Corporation - Class A Common stock CLWR 14,847,881 15,712,205 -864,324 -5.5 16.1 33 455,637 6 MiddleBrook Pharmaceuticals, Inc. MBRK 4,722,885 4,451,392 271,493 6.1 13.8 32 149,440 7 GenVec, Inc. GNVC 4,778,958 4,851,952 -72,994 -1.5 5.9 31 153,366 8 Stereotaxis, Inc. STXS 3,996,922 3,910,166 86,756 2.2 13.5 31 129,337 9 GTx, Inc. GTXI 5,557,273 5,736,151 -178,878 -3.1 39.6 31 180,793 10 UTStarcom, Inc. UTSI 14,035,273 14,928,488 -893,215 -6.0 12.0 30 464,674 11 ORBCOMM Inc. ORBC 5,352,701 5,332,183 20,518 0.4 16.2 29 182,755 12 NutriSystem Inc NTRI 7,548,855 8,198,491 -649,636 -7.9 28.2 28 271,873 13 First Busey Corporation BUSE 3,537,254 3,589,848 -52,594 -1.5 14.1 28 127,808 14 ParkerVision, Inc. PRKR 4,659,713 4,823,506 -163,793 -3.4 17.2 28 169,362 15 United Community Banks, Inc. UCBI 8,895,864 8,893,546 2,318 ... 21.4 27 327,162 16 Conceptus, Inc. CPTS 6,578,392 6,469,627 108,765 1.7 24.3 27 243,034 17 Bank of the Ozarks OZRK 4,423,936 4,119,987 303,949 7.4 34.3 27 163,775 18 MannKind Corporation, par value $0.01 per share MNKD 8,964,346 8,564,797 399,549 4.7 16.2 26 350,097 19 School Specialty, Inc. SCHS 3,471,459 3,421,964 49,495 1.5 22.5 25 140,863 20 Volcom, Inc. VLCM 4,999,322 5,239,364 -240,042 -4.6 30.2 24 209,168 21 Microvision, Inc. MVIS 5,723,162 5,788,060 -64,898 -1.1 8.4 24 241,124 22 Convera Corporation - Class A Common Stock CNVR 2,842,439 2,867,911 -25,472 -0.9 6.7 23 125,398 23 Zix Corporation ZIXI 2,996,925 3,160,507 -163,582 -5.2 5.4 23 133,003 24 Overstock.com, Inc. OSTK 2,832,673 2,809,044 23,629 0.8 18.1 22 126,117 25 Sonic Solutions SNIC 2,598,420 2,636,497 -38,077 -1.4 10.7 22 115,807 26 CoBiz Financial Inc. COBZ 2,487,969 2,262,518 225,451 10.0 13.1 22 111,141 27 Mobile Mini, Inc. MINI 5,606,733 6,227,664 -620,931 -10.0 16.5 22 252,893 28 Houston Wire & Cable Company HWCC 2,400,379 2,496,695 -96,316 -3.9 14.9 22 109,067 29 IDEXX Laboratories, Inc. IDXX 11,514,202 11,560,289 -46,087 -0.4 19.7 22 532,599 30 Daktronics, Inc. DAKT 5,898,223 5,735,262 162,961 2.8 17.3 21 276,573 31 Array BioPharma Inc. ARRY 4,100,633 4,256,283 -155,650 -3.7 9.2 21 192,891 32 AAON, Inc. AAON 2,125,693 2,072,595 53,098 2.6 17.0 21 102,145 33 Allegiant Travel Company ALGT 8,744,251 8,365,450 378,801 4.5 64.3 21 422,449 34 Blue Nile, Inc. NILE 6,144,529 5,908,989 235,540 4.0 44.2 20 302,186 35 Synta Pharmaceuticals Corp. SNTA 2,307,151 3,236,596 -929,445 -28.7 13.3 20 114,917 36 SurModics, Inc. SRDX 2,793,151 2,899,334 -106,183 -3.7 18.5 20 140,075 37 Halozyme Therapeutics, Inc. HALO 5,636,401 5,950,301 -313,900 -5.3 9.0 20 286,212 38 Columbia Laboratories, Inc. CBRX 1,993,698 2,177,156 -183,458 -8.4 4.1 20 101,997 39 Home Inns & Hotels Management Inc. - American Depository Shares HMIN 3,011,753 3,069,307 -57,554 -1.9 ... 19 154,797 40 Sangamo BioSciences, Inc. SGMO 3,644,673 3,677,507 -32,834 -0.9 9.8 19 190,968 41 Odyssey Marine Exploration, Inc. OMEX 3,763,821 4,029,239 -265,418 -6.6 7.9 19 199,358 42 Cbeyond, Inc. CBEY 4,466,538 4,384,181 82,357 1.9 21.3 19 237,487 43 ZymoGenetics, Inc. ZGEN 4,200,907 4,172,997 27,910 0.7 11.2 19 224,638 44 Conn's, Inc. CONN 4,769,926 5,059,263 -289,337 -5.7 33.9 19 256,791 45 World Acceptance Corporation WRLD 4,461,545 4,411,462 50,083 1.1 28.9 19 240,270 46 American Superconductor Corporation AMSC 11,240,114 12,978,040 -1,737,926 -13.4 28.6 18 611,792 47 Avid Technology, Inc. AVID 3,901,995 4,193,691 -291,696 -7.0 10.5 18 213,655 48 VistaPrint Limited VPRT 12,422,874 12,936,442 -513,568 -4.0 31.8 18 688,184 49 EnerNOC, Inc. ENOC 2,147,573 2,148,627 -1,054 -0.1 20.3 18 120,322 50 Fuel Tech, Inc. FTEK 3,335,191 3,544,295 -209,104 -5.9 19.5 18 187,818
Sources: FactSet Research Systems; WSJ Market Data Group
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
roadrunner >>
the CDNX chart is interesting and does seem oversold, at the very least there is little or no froth in that chart and it could indicate a possible outperformance by junior stocks sometime in the future, although they are clearly very risky and should only be afforded speculative capital. I have been following a junior called Cardero resources, CDY....and they have been all over the map as high as 5 over the last few years but generally it has spent more time going down than up, currently in the low one's. Of course, this is by no means a recomendation to buy, because they have generally done nothing but dissapoint investors overtime, but they have a deal in principal, to sell a property of theirs for 200 million to the Chinese. Cardero has so far have recieved only a two million dollar down payment. Cardero was to recieve a 10 million dollar deposit in March but they was delayed untill may, so who knows if the deal will actually go thru, but Cardero has only a 65 million dollar market cap, so if they actually recieve 200 million in the future, you would think that would be a positive but only time will tell and the stock is trading like the deal won't go through. Many times these juniors, don't trade rationally...just like most investors
Now on Sinclair and TRE, I think I know why he doesn't trust paper assets, that stock looks like a shell game.
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
roadrunner >>
the CDNX chart is interesting and does seem oversold, at the very least there is little or no froth in that chart and it could indicate a possible outperformance by junior stocks sometime in the future, although they are clearly very risky and should only be afforded speculative capital. I have been following a junior called Cardero resources, CDY....and they have been all over the map as high as 5 over the last few years but generally it has spent more time going down than up, currently in the low one's. Of course, this is by no means a recomendation to buy, because they have generally done nothing but dissapoint investors overtime, but they have a deal in principal, to sell a property of theirs for 200 million to the Chinese. Cardero has so far have recieved only a two million dollar down payment. Cardero was to recieve a 10 million dollar deposit in March but they was delayed untill may, so who knows if the deal will actually go thru, but Cardero has only a 65 million dollar market cap, so if they actually recieve 200 million in the future, you would think that would be a positive but only time will tell and the stock is trading like the deal won't go through. Many times these juniors, don't trade rationally...just like most investors
Now on Sinclair and TRE, I think I know why he doesn't trust paper assets, that stock looks like a shell game. >>
But he sure doesnt mind profiting from it.
That H&S pattern on $CDNX looks like it belongs to quadimodo and is a terrible representation of the pattern. I would not trust it.
This was so predictable. China has much bigger problems than worrying about the value of the dollar----which BTW, investing is dollar denominated Treasuries saved the Chinese about 30% over other currencies.
From CBSMarket-watch
China housing prices could halve by 2011...
China's property market will likely fall by 40% to 50% in value during the next two years, as transaction activity subsides and as the export sector continues to slump, according a senior Chinese economist quoted in a report Tuesday.
Cao Jianhai, a professor at the Chinese Academy of Social Sciences, told the Financial Times newspaper that the current rebound in the property market was unsustainable and driven by a flood of liquidity and fraudulent activity rather than real demand. Recently government investigations had turned up examples of fraud, including developers using fake mortgages to offload apartments onto the books of state-run banks.
He was cited as saying urban residential property prices would decline by 40% to 50% in the next two years from their levels at the end of 2008. However, he added that housing prices may not fall in the near term, but rather were likely to collapse next year, followed by many years of stagnation.
Cao was quoted in the report as saying average housing prices are now 10 to 12 times the average income. As a result, about 60% of a homebuyer's monthly income must to go to mortgage repayments, Cao said
Yes, there is quite a strong parallel to Japan in the 1980s. Dollars were flowing into Japan; they could not be recycled adequately into foreign investment; if they were converted into yen and domestic consumption there would have been tremendous inflation; so, they were redirected into domestic real estate and equities!
"U.S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana ....... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S... oil exploration has been consid ered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!
U. S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia - 18-times as much oil as Iraq - 21-times as much oil as Kuwait - 22-times as much oil as Iran - 500-times as much oil as Yemen - and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy....WHY?
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists? Got your attention/ire up yet? Hope so! Now, while you're thinking about it .... and hopefully P.O'd, do this:
3. Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you've forfeited your right to complain. -------- Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
By the way...this is all true. Check it out at the link below!!! GOOGLE it or follow this link. It will blow your mind."
Looks like its shale oil. Very hard to extract and costly. This was the stuff Jimmy Carter wanted to extract to make us oil independent but it simply costs too much.
Looks like its shale oil. Very hard to extract and costly. This was the stuff Jimmy Carter wanted to extract to make us oil independent but it simply costs too much. >>
Technology exists today to make extraction much easier but shale oil isn't oil at all. It's a product called kerogen that can not be refined into gasoline. It can be refined into kerosene and diesel fuel...and very clean fuel, at that. To be precise, there is much conventional oil there but it's not going to be extracted in any meaningful amounts as long as we have the group in power that we have now.
well, it looks like the CDNX is holding up fairly well....on the other hand TRE looks like it has broken through all of it's moving averages.
There still could be some value in TRE properties, but it really looks like Sinclair's romanticised reputation, amoung gold entusiasts had seriously inflated the value of this stock in relation to its peers.
Hmmm.... so Germany might be wanting to take physical delivery of 14 million ounces of gold from the U.S...... Want to place any bets on whether the U.S. even has that gold to deliver?? May be some interesting times coming.....
<< <i>Hmmm.... so Germany might be wanting to take physical delivery of 14 million ounces of gold from the U.S...... Want to place any bets on whether the U.S. even has that gold to deliver?? May be some interesting times coming.....
I dont know about the first 2 rumors, but I do know about the 3rd and this is nothing new. Foreign exchange swaps occur all the time, but the size of these swaps increased last year as the world was-and still is--scrambling for dollars.
A timetable...
4-6-09...ECB says establishes 80 billion euro foreign exchange swap line with the U.S. Federal Reserve; valid until Oct 30; in cooperation with Bank of England(BOE), FED, Bank of Japan(BOJ) AND Swiss National Bank(SNB). This is really just renewing the agreement announced on 9-29-08
2-18-09...From the FED minutes....the Federal Reserve has also approved temporary bilateral liquidity agreements with 14 foreign central banks. These so-called currency swap facilities have allowed these central banks to acquire dollars from the Federal Reserve that they may lend to financial institutions in their own jurisdictions. The purpose of these swaps is to ease conditions in dollar funding markets globally. Improvements in global interbank markets, in turn, promote greater stability in other markets, such as money markets and foreign exchange markets
9-29-08...FED comments....an increase in swap authorization limits with the Bank of Canada, Bank of England, Bank of Japan, Danmarks Nationalbank (National Bank of Denmark), European Central Bank (ECB), Norges Bank (Bank of Norway), Reserve Bank of Australia, Sveriges Riksbank (Bank of Sweden), and Swiss National Bank to a total of $620 bln, from $290 bln previously. These steps are being undertaken to mitigate pressures evident in the term funding markets both in the United States and abroad. The Federal Open Market Committee (FOMC) has authorized a $330 bln expansion of its temporary reciprocal currency arrangements (swap lines). This increased capacity will be available to provide funding for U.S. dollar liquidity operations by the other central banks. The FOMC has authorized increases in all of the temporary swap facilities with other central banks. These larger facilities will now support the provision of U.S. dollar liquidity in amounts of up to $30 bln by the Bank of Canada, $80 bln by the Bank of England, $120 bln by the Bank of Japan, $15 bln by Danmarks Nationalbank, $240 bln by the ECB, $15 bln by the Norges Bank, $30 bln by the Reserve Bank of Australia, $30 bln by the Sveriges Riksbank, and $60 bln by the Swiss National Bank. As a result of these actions, the total size of outstanding swap lines is $620 bln. All of the temporary reciprocal swap facilities have been authorized through April 30, 2009.
Im bored so I figured I would try to put 10 Trillion into perspective since I am having a hard time trying to grasp just how large a number this is. So here goes.
Light travels at 186,000 miles per second and since $186,000 is a decent chunk of change I thought the speed of light might be good context. Lets assume that $1 is the same as 1 mile.
In one minute light will travel 11 million miles/dollars. In eight minutes light will travel to the sun, 90 million miles/dollars. In one hour light will travel 670 million miles/dollars. In one day light will travel 16 billion miles/dollars. This is already a very large number and we have been traveling at the spped of light for 24 hours. In one week light will travel 113 billion miles/dollars. In one month light will travel nearly 1/2 a trillion miles/dollars or 2683 round trips from the earth to the sun. In one year light will travel 5.9 trillion miles/dollars. Now were getting somewhere.
Sooooooooooooo......10 Trillion miles is the distance light will travel in 20 months. This is also about 1/2 the distance to the nearest star--Proxima centauri
Oil has been pumping out of the Bakken fields for a couple years now. NOG- Northern Oil and Gas has less than 100 producing wells (partnerships) and i think 100+ permits pending. NOG is a smaller player in the Bakken.
The thing about the Bakken fields is that the oil is in a narrow band, in some points the oil is only a few feet/meters thick. you can't just drill until you hit oil. a lot of it is horizontal drilling, so you can hit the sweet spot. from what i've read, people have known about the Bakken oil for a while (maybe not the quantity, but they knew it was there, but the technology wasn't there to get it.) you have to be VERY precise when you drill.
if you look at NOG's producing wells, they are not gushers - the most recent ones range between 200-1052 barrels PER DAY. i think this is typical for bakken wells.
extraction will be key for the Bakken fields, it looks like a lot of the oil is not currently recoverable. current estimates are between 2.1-4.3 billion barrels are recoverable.
Comments
<< <i>How many of you are going to the Tea Parties in your areas next week?
I have made a sign for my 3 year old grand Daughter that says.
"I am 3 and I owe $100,000"
I think I will carry one that says,
" No Taxation without term limits" >>
I'm going...with a pitch fork.
The economy should stop feeling likes its falling of a cliff in a few months.
The ball falling of the table should stop in a couple of months.
Two comments today that stood out from Sumners.
Makes me think that after this bear rally ends we could retest after May(?)...when the stress tests are revealed. But today we will hail Wells Fargo's numbers. I remember last year they were the only major bank that did not want the bailout money but were forced too by Paulson.
tea parties
Seems a lot of the 'other' side is planning a little bit of their own protestation. They are gearing up to "be a part of" and photo everybody. And report on their blogs.
Do I see a train wreck coming soon to a tea party near you?
<< <i>There is a large VAT added to the price of silver purchases over in Europe, 15% if memory serves me.
roadrunner >>
I think the VAT in Europe is set independently by each member state, but must not fall below a minimum percent on respective products and services. I do not know what the VAT is for silver, but I've heard of 19% and 22% in some countries. I would highly doubt it to be less than 15% in any country. The socialists, they sure do love their taxes!
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
I especially like the conversion of the 1000 yr warming chart into Mann's hockey stick. In particular the rising temperatures of the period from 1000-1300 a.d. doesn't compute (nor does the little ice age of the 1600's). That earlier period was even warmer than today's and all with no carbon emissions from industry and less people. Can we blame it on the Vikings somehow? Author states that data has shown that temperature rose and carbon levels followed, not the other way around. Interesting.
Barclays selling ishares to CVC Capital for $4.4 BILLION.
Maybe one possible reason for the 17 MILL ounces of Comex silver drawdown over the past 3-4 months, with over half of that coming in the past week. If Barclays' custodians have been double counting SLV silver they need to get it right before CVC takes over (ie a physical audit is required). If the custodians have been handing out silver for derivative bets they are running out of time to get it back, hence the possible reason for the recent Comex drawdown.
roadrunner
shooting pollution particles into the upper atmosphere to reflect the sun's rays
Knowledge is the enemy of fear
The silent majority might NEED to start speaking up in this here US of A regarding the current ahem.....'situation' and make their POINT KNOWN with vigor...as JFK used to say.
Certainly the current RULERS of us make their point strongly and also use very up to date methods of convincing the nontaxpayors and high school dropouts to vote for them. What the heck is the opposition doing to make the point? Hold a tea party?..............oooooo that ought to show DC who's boss.
Doesn't make predictions. It's what he doesn't say. Looks to me Soros & Co. will help to destroy the dollar/treasuries like the pound. Not in the same manner. A one-world currency would be his dream. He's a capitalist in the sense of making money. He comes out of retirement because he plainly sees what is going on and maybe helped engineer it...but he has no opinions other than he sees stagflation down the road. He's a socialist in the sense he wants America to fail so that it can be melded into the new G-20 world. He can achieve this failure through Un-American policies processed by BHO.
Where can we hide and survive while we are being sold out? It seems more and more it's PM's of the physical kind.
Comrade Renski
Billboard at the lower right fits with today's scenario.
<< <i>He can achieve this failure through Un-American policies processed by BHO. >>
Im amazed at all the people who think that the policies of Obama are going to destroy the financial stability of the USA. The fact is that we have already been destroyed, we just havent had the funeral yet. The states are BK and falling fast, the cities are BK, the Pension funds have been overpromised and cant maintain, the banks have been robbed and are just BK shells, the Social Security and medicare pomises are gigantic and have no reserves, uncontrolled imigration and the destruction of our manufacturing base thru globalism and Obama has just taken office.
The destruction has been taking place for the last 30 plus years and the public is just taking thier head out of the sand to see it. Obama is powerless to stop it or create it. This is a runaway train that can only bring continuous long term inflation, Bankruptcies and failed promises ( full retirement at age 40-50). The only hope might be if we can wipe clean a lot of debt, union and pension agreements and other things which have destroyed the system. The one thing we can't stop though is the control of the international bankers, they and thier military industrial partners own our government.
There will be winners and losers but one thing is for sure, they will still be playing this game long after Im in the ground and my bet is that the ruling elite that controls things now will still be on top.
The Tax Capital of the World
In case you do want to read the article, here are the bullets..
1. over the past decade 1.97 million New Yorkers left the state for greener pastures -- the biggest exodus of any state
2. There are new charges for cell phone usage, fishing permits, health insurance (the "sick tax"), electric bills, and on bottled water, cigars, beer and wine.
3. A New York Post analysis found that a typical family of four with an income below $100,000 would pay more than $800 a year in higher taxes and fees.
4. This is advertised as a plan of "shared sacrifice," but the group that is most responsible for New York's budget woes, the all-powerful public employee unions, somehow walk out of this with a 3% pay increase.
5. The state is receiving an estimated $10 billion in federal stimulus money, and Democrats are spending every cent while raising the state budget by 9%
Knowledge is the enemy of fear
<< <i>
<< <i>He can achieve this failure through Un-American policies processed by BHO. >>
Im amazed at all the people who think that the policies of Obama are going to destroy the financial stability of the USA. The fact is that we have already been destroyed, we just havent had the funeral yet. The states are BK and falling fast, the cities are BK, the Pension funds have been overpromised and cant maintain, the banks have been robbed and are just BK shells, the Social Security and medicare pomises are gigantic and have no reserves, uncontrolled imigration and the destruction of our manufacturing base thru globalism and Obama has just taken office.
The destruction has been taking place for the last 30 plus years and the public is just taking thier head out of the sand to see it. Obama is powerless to stop it or create it. This is a runaway train that can only bring continuous long term inflation, Bankruptcies and failed promises ( full retirement at age 40-50). The only hope might be if we can wipe clean a lot of debt, union and pension agreements and other things which have destroyed the system. The one thing we can't stop though is the control of the international bankers, they and thier military industrial partners own our government.
There will be winners and losers but one thing is for sure, they will still be playing this game long after Im in the ground and my bet is that the ruling elite that controls things now will still be on top. >>
I agree with you in part. The destruction has been going on for a long time financially. The social destruction is longer than that...say around 50 years or so with the great media-machine. Politically, the destruction has been going on since TR and WW with what Hillary was proud to call herself...a progressive. Progressivism turns its back on the Constitution. It has come and gone in waves in the last hundred years...covert and overt. I think BHO is doing it overtly. It goes without saying that BHO was given a great push from GW. I remember GW saying last year that you have to destroy capitalism to save capitalism. Unbelievable!
Just because BHO entered the scene just two months ago doesn't mean that he and his puppeteers are responsible for only the last two months. The far left have waited for a long time and have infiltrated for a long time. Look how fast all these programs and bills have hit the fan. Does anyone think that these bills were just written over Christmas break? These bills and agendas have been on paper for years just waiting for a chance.
I see too much has happened too fast and a backlash is about to occur.
Comrade Renski
north across the border? down undah?
<< <i>where you gonna go cohodk?
north across the border? down undah? >>
You could probably make a very accurate guess by reviewing some on my posts over that past few years.
Hint----no capital gains tax.
Knowledge is the enemy of fear
<< <i>new zealand??? >>
Knowledge is the enemy of fear
<< <i>My wife is an ex pat, we met in the states. She is from a small town outside Wellington, called Pai Kock Ericky. No where close on the spelling but a beautiful place. Someday she wants to move back. >>
I am looking at the South Island. Here is the view front a similiar section I am contemplating....
Knowledge is the enemy of fear
Clive Maund on silver chart.
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
roadrunner
<< <i>I couldn't get the attachment to open but I'm sure it's nice. >>
Knowledge is the enemy of fear
Other than OTC derivatives and trading at near light speed, we don't have much more on the people of 1819. They speculated to excess in much the same way we have. During and following the war of 1812 state banks started pumping out paper that wasn't fully gold backed. Sound familiar? The excesses fueled speculation, especially in housing, property, and more expensive goods. And when it got out of hand by 1816, the Federal govt stepped in with the creation of the 2nd US Bank to "fix" the problem the state banks had caused. But in essence, they only tossed more fuel into the fire by providing more loans and leverage not backed by gold. 2 years of leverage at 25-1 that would make today's bankers proud. 2 more years of excess until 1818 and then the roof collapsed in 1819. During those 2 years the Central Bank fueld the housing market much like Fannie & Freddie did from 2004-2006. The only good thing the states and central bank did was to tie their hands as much as possible after the collapse. The excesses worked themselves out by 1821 and the recovery started. We didn't learn that lesson in the 1930's and aren't doing much better in 2009.
Apparently we've learned very little since 1819, including each of the follow-on bubbles and busts. The gold standard continues to be a convenient scape goat right up until 1971. Yet, it always boils down to excessive monetary stimulus not fully backed by anything....even when there "was" a gold standard in place. If people want to cheat the system they will figure out a way. Don't blame the gold standard (pre-1971) or lack of it (post 1971), but blame the bankers who printed the fiat in the first place and then rapidly contracted the punch bowl.
Sinclair warned of this towards the end of last week that those heavily short the junior and intermediate minors would begin hatchet jobs in any company they could in order to drive prices down so they can cover over the next 30-90 days. His concern was that prior to the uptick rule reinstatement these shorts needed to get closed out any way they can. So if the gold price doesn't accomodate a drop, then they'll have to attack the companies themselves with any half truths or misstatements of facts they can get published knowing that the source will be checked later rather than sooner. Sure enough, Sinclair's own TRE has been hit in Asia on tonight's open with negative articles from Barron's and Reuters. This is interesting since Barron's published the killer hatchet job on Royal Gold back in 2005 when a major short submitted bogus information to them driving down the stock price from $40 to $10. It finally fully recovered a few months ago. The claims in the current article state that TRE has no gold and their management is selling off shares in the company. It seems that the shorts don't like the idea of gold Royalty companies like Royal Gold or TRE. I know that Sinclair was buying large tranches of TRE stock over the last 1-2 years as it was publically published information. These were million dollar placements with the intention to purchase $25 MILL over the long haul. Who better to attack than gold's leading proponent and his company? Sort of makes you wonder how TRE's stock price outperformed much of the market over the past few months if it had bogus fundamentals and a poor business plan with no managment ownership. So who was pushing up the price if insiders were selling?
The jaded fiat bugs will surely say that JS is only protecting his backside here. And maybe that could be the case. But I doubt it. Royalty companies do things far different than actual miners and there are lots of misconceptions on what they do. For that matter Silver Wheaton (SLV) is another Royalty type company. They manage the properties but don't do the actual digging. I guess SLW or Franco-Nevada will be the next one on the hatchet list.
JS's reply to the Barron's website article.
Monday am JS replied to the Barron's article stating that they totally misunderstood what a Royalty company is (ie Franco Nevada, Royal Gold, Silver Wheaton, etc.). May still not be enough for his shares not to take hit this morning even with gold trying to bust out past $900. Pretty sad when you financial analysts/writers covering markets when they are short key knowledge.
roadrunner
When Barron's starts on a negative crusade on a company, they don't let up.
Roadrunner, there are many ways to make POS stocks move higher. I worked for one such outfit out of college and learned more in 4 months than in 4 years in college. TRE has a $300 million market cap and $1 million in the bank. It has no revenues but has $2.70 mill in administrative expenses, IE--salaries. It lists having plant and equipment valued at $24 million. I would like to see an independant appraisal of that equipment. Most of the dot-com crap stocks had better fundamentals than this company.
Knowledge is the enemy of fear
<< <i>Hey Dave, this looks like a scene from the Sound of Music, lets all go!! >>
I saw that movie last night for the first time since it came out. I forgot what a great movie it was. I sat there with my four and better half and had a great time.
TRE short position
roadrunner
"Over the years, as the stock price soared, Sinclair and his family have reduced their TRE stake from 25% in 2002 to less than 3% now, company documents show.... Though company announcements claim he is financing TRE, ultimately the main financiers are mostly the retail shareholders who buy from Sinclair." Link to article.
And this, from KPMG: "KPMG gave an adverse opinion on the effectiveness of TRE's internal controls: "The company has limited accounting personnel with expertise in generally accepted accounting principles to enable effective segregation of duties with respect to financial reporting matters and internal control over financial reporting." The company says it is attending to that." Link.
And this - "When it was pointed out that TRE has no NI 43-101, yet its valuation was much higher than companies with 43-101- compliant gold and actual gold, Sinclair replied: "I will come after you," and ended the phone call." Link.
Caveat emptor.
Welcome to Texas
*Dow Theory Letters, by Richard Russell, April 13, 2009:
"The bond market may be 'backing off' for fear of rising inflation. Fed Chief Ben Bernanke has embarked on an all-out policy of 'print and spend.' The government is creating trillions of Federal Reserve Notes in a massive effort to support a debt-laden economy. Today a trillion is the new billion. The sheer amount of fiat money that is being created is frightening many of our creditors, such as China and Germany. Frightening them to the point where the talk is of a 'new world reserve currency.' The new currency will be a basket of currencies including the yuan, the euro, the dollar and gold, and it will be run by the IMF. As Bernanke goes wild in printing, our creditors become increasingly worried about the dollar as a store of value."
Link
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
Still your reply doesn't explain to me why the TRE short seller isn't right.
<< <i>One could ask Barron's why they only just "figured out" that TRE may have some issues. Why didn't they or their top sources figure this out months or years ago if nothing has changed? It's not like the CEO of TRE has maintained a low profile in previous months. Below is a link showing total short position. While the % of float is not overly large for a junior, the ratio of total shares short to average daily trading volume ratio is quite large at 9.7 days.
TRE short position
roadrunner >>
I would say because it is such a tiny company. Im surprised they even bothered with it in the first place and in light of events over the past year there have been much bigger issues to write about.
However, Barrons often profiles small companies and since there are so many, maybe it was just TRE's time. I think reading into it as a bash against gold is quite a stretch.
Here is a list of the top 50 stocks on nasdaq by days to cover ratio. 9.7 days is not unusual.... I separated the number of days of the top 4 to make the table easier to read and understand. 18 days to cover is needed to make the top 50.
Thursday, April 09, 2009
It would take these firms the most days, trading at their average daily volume to "cover", the shorts, based on minimum average daily volume of 100,000 shares.
Company Symbol 3/31/09 3/13/09 Chg % Chg % Float Days to cover Avg daily volume
1 Source Interlink Companies, Inc. SORC 10,569,666 11,189,866 -620,200 -5.5 41.3................... 52........... 204,090
2 CompuCredit Corporation CCRT 7,455,924 7,084,697 371,227 5.2 53.6 .................... .............. 50.......... 150,100
3 Portfolio Recovery Associates, Inc. PRAA 4,557,458 4,601,837 -44,379 -1.0 30.6 ................. . 38.......... 121,306
4 Enzon Pharmaceuticals, Inc. ENZN 10,789,313 11,065,854 -276,541 -2.5 24.5........................ 36........... 298,437
5 Clearwire Corporation - Class A Common stock CLWR 14,847,881 15,712,205 -864,324 -5.5 16.1 33 455,637
6 MiddleBrook Pharmaceuticals, Inc. MBRK 4,722,885 4,451,392 271,493 6.1 13.8 32 149,440
7 GenVec, Inc. GNVC 4,778,958 4,851,952 -72,994 -1.5 5.9 31 153,366
8 Stereotaxis, Inc. STXS 3,996,922 3,910,166 86,756 2.2 13.5 31 129,337
9 GTx, Inc. GTXI 5,557,273 5,736,151 -178,878 -3.1 39.6 31 180,793
10 UTStarcom, Inc. UTSI 14,035,273 14,928,488 -893,215 -6.0 12.0 30 464,674
11 ORBCOMM Inc. ORBC 5,352,701 5,332,183 20,518 0.4 16.2 29 182,755
12 NutriSystem Inc NTRI 7,548,855 8,198,491 -649,636 -7.9 28.2 28 271,873
13 First Busey Corporation BUSE 3,537,254 3,589,848 -52,594 -1.5 14.1 28 127,808
14 ParkerVision, Inc. PRKR 4,659,713 4,823,506 -163,793 -3.4 17.2 28 169,362
15 United Community Banks, Inc. UCBI 8,895,864 8,893,546 2,318 ... 21.4 27 327,162
16 Conceptus, Inc. CPTS 6,578,392 6,469,627 108,765 1.7 24.3 27 243,034
17 Bank of the Ozarks OZRK 4,423,936 4,119,987 303,949 7.4 34.3 27 163,775
18 MannKind Corporation, par value $0.01 per share MNKD 8,964,346 8,564,797 399,549 4.7 16.2 26 350,097
19 School Specialty, Inc. SCHS 3,471,459 3,421,964 49,495 1.5 22.5 25 140,863
20 Volcom, Inc. VLCM 4,999,322 5,239,364 -240,042 -4.6 30.2 24 209,168
21 Microvision, Inc. MVIS 5,723,162 5,788,060 -64,898 -1.1 8.4 24 241,124
22 Convera Corporation - Class A Common Stock CNVR 2,842,439 2,867,911 -25,472 -0.9 6.7 23 125,398
23 Zix Corporation ZIXI 2,996,925 3,160,507 -163,582 -5.2 5.4 23 133,003
24 Overstock.com, Inc. OSTK 2,832,673 2,809,044 23,629 0.8 18.1 22 126,117
25 Sonic Solutions SNIC 2,598,420 2,636,497 -38,077 -1.4 10.7 22 115,807
26 CoBiz Financial Inc. COBZ 2,487,969 2,262,518 225,451 10.0 13.1 22 111,141
27 Mobile Mini, Inc. MINI 5,606,733 6,227,664 -620,931 -10.0 16.5 22 252,893
28 Houston Wire & Cable Company HWCC 2,400,379 2,496,695 -96,316 -3.9 14.9 22 109,067
29 IDEXX Laboratories, Inc. IDXX 11,514,202 11,560,289 -46,087 -0.4 19.7 22 532,599
30 Daktronics, Inc. DAKT 5,898,223 5,735,262 162,961 2.8 17.3 21 276,573
31 Array BioPharma Inc. ARRY 4,100,633 4,256,283 -155,650 -3.7 9.2 21 192,891
32 AAON, Inc. AAON 2,125,693 2,072,595 53,098 2.6 17.0 21 102,145
33 Allegiant Travel Company ALGT 8,744,251 8,365,450 378,801 4.5 64.3 21 422,449
34 Blue Nile, Inc. NILE 6,144,529 5,908,989 235,540 4.0 44.2 20 302,186
35 Synta Pharmaceuticals Corp. SNTA 2,307,151 3,236,596 -929,445 -28.7 13.3 20 114,917
36 SurModics, Inc. SRDX 2,793,151 2,899,334 -106,183 -3.7 18.5 20 140,075
37 Halozyme Therapeutics, Inc. HALO 5,636,401 5,950,301 -313,900 -5.3 9.0 20 286,212
38 Columbia Laboratories, Inc. CBRX 1,993,698 2,177,156 -183,458 -8.4 4.1 20 101,997
39 Home Inns & Hotels Management Inc. - American Depository Shares HMIN 3,011,753 3,069,307 -57,554 -1.9 ... 19 154,797
40 Sangamo BioSciences, Inc. SGMO 3,644,673 3,677,507 -32,834 -0.9 9.8 19 190,968
41 Odyssey Marine Exploration, Inc. OMEX 3,763,821 4,029,239 -265,418 -6.6 7.9 19 199,358
42 Cbeyond, Inc. CBEY 4,466,538 4,384,181 82,357 1.9 21.3 19 237,487
43 ZymoGenetics, Inc. ZGEN 4,200,907 4,172,997 27,910 0.7 11.2 19 224,638
44 Conn's, Inc. CONN 4,769,926 5,059,263 -289,337 -5.7 33.9 19 256,791
45 World Acceptance Corporation WRLD 4,461,545 4,411,462 50,083 1.1 28.9 19 240,270
46 American Superconductor Corporation AMSC 11,240,114 12,978,040 -1,737,926 -13.4 28.6 18 611,792
47 Avid Technology, Inc. AVID 3,901,995 4,193,691 -291,696 -7.0 10.5 18 213,655
48 VistaPrint Limited VPRT 12,422,874 12,936,442 -513,568 -4.0 31.8 18 688,184
49 EnerNOC, Inc. ENOC 2,147,573 2,148,627 -1,054 -0.1 20.3 18 120,322
50 Fuel Tech, Inc. FTEK 3,335,191 3,544,295 -209,104 -5.9 19.5 18 187,818
Sources: FactSet Research Systems; WSJ Market Data Group
Knowledge is the enemy of fear
<< <i>2nd republic, meet the first republic.
Welcome to Texas >>
I lived there 20 years ago and Texas acted like an independent country then. Have to admire the spirit!
<< <i>Clive Maund on gold chart
Clive Maund on silver chart.
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
roadrunner >>
the CDNX chart is interesting and does seem oversold, at the very least there is little or no froth in that chart and it could indicate a possible outperformance by junior stocks sometime in the future, although they are clearly very risky and should only be afforded speculative capital. I have been following a junior called Cardero resources, CDY....and they have been all over the map as high as 5 over the last few years but generally it has spent more time going down than up, currently in the low one's. Of course, this is by no means a recomendation to buy, because they have generally done nothing but dissapoint investors overtime, but they have a deal in principal, to sell a property of theirs for 200 million to the Chinese. Cardero has so far have recieved only a two million dollar down payment. Cardero was to recieve a 10 million dollar deposit in March but they was delayed untill may, so who knows if the deal will actually go thru, but Cardero has only a 65 million dollar market cap, so if they actually recieve 200 million in the future, you would think that would be a positive but only time will tell and the stock is trading like the deal won't go through. Many times these juniors, don't trade rationally...just like most investors
Now on Sinclair and TRE, I think I know why he doesn't trust paper assets, that stock looks like a shell game.
<< <i>
<< <i>Clive Maund on gold chart
Clive Maund on silver chart.
Clive has been one of the better PM forecasters. He last sold out of gold stocks in February and is now buying back. He graphs out the Inverse Head and Shoulders formation for the CDNX juniors which seems like it is waiting for a leg 3 up to commence. Cup and handle formation shown for silver starting back in July 2008. Note that gold has the same general shape except it experienced a lengthy bounce back in September that dents the cup's base a bit. But the same shape to silver's cup is still there.
roadrunner >>
the CDNX chart is interesting and does seem oversold, at the very least there is little or no froth in that chart and it could indicate a possible outperformance by junior stocks sometime in the future, although they are clearly very risky and should only be afforded speculative capital. I have been following a junior called Cardero resources, CDY....and they have been all over the map as high as 5 over the last few years but generally it has spent more time going down than up, currently in the low one's. Of course, this is by no means a recomendation to buy, because they have generally done nothing but dissapoint investors overtime, but they have a deal in principal, to sell a property of theirs for 200 million to the Chinese. Cardero has so far have recieved only a two million dollar down payment. Cardero was to recieve a 10 million dollar deposit in March but they was delayed untill may, so who knows if the deal will actually go thru, but Cardero has only a 65 million dollar market cap, so if they actually recieve 200 million in the future, you would think that would be a positive but only time will tell and the stock is trading like the deal won't go through. Many times these juniors, don't trade rationally...just like most investors
Now on Sinclair and TRE, I think I know why he doesn't trust paper assets, that stock looks like a shell game. >>
But he sure doesnt mind profiting from it.
That H&S pattern on $CDNX looks like it belongs to quadimodo and is a terrible representation of the pattern. I would not trust it.
Knowledge is the enemy of fear
This was so predictable. China has much bigger problems than worrying about the value of the dollar----which BTW, investing is dollar denominated Treasuries saved the Chinese about 30% over other currencies.
From CBSMarket-watch
China housing prices could halve by 2011...
China's property market will likely fall by 40% to 50% in value during the next two years, as transaction activity subsides and as the export sector continues to slump, according a senior Chinese economist quoted in a report Tuesday.
Cao Jianhai, a professor at the Chinese Academy of Social Sciences, told the Financial Times newspaper that the current rebound in the property market was unsustainable and driven by a flood of liquidity and fraudulent activity rather than real demand. Recently government investigations had turned up examples of fraud, including developers using fake mortgages to offload apartments onto the books of state-run banks.
He was cited as saying urban residential property prices would decline by 40% to 50% in the next two years from their levels at the end of 2008. However, he added that housing prices may not fall in the near term, but rather were likely to collapse next year, followed by many years of stagnation.
Cao was quoted in the report as saying average housing prices are now 10 to 12 times the average income. As a result, about 60% of a homebuyer's monthly income must to go to mortgage repayments, Cao said
Knowledge is the enemy of fear
"U.S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana ....... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S... oil exploration has been consid ered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!
U. S. Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy....WHY?
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?
Got your attention/ire up yet? Hope so! Now, while you're thinking about it .... and hopefully P.O'd, do this:
3. Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you've forfeited your right to complain.
--------
Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
By the way...this is all true. Check it out at the link below!!!
GOOGLE it or follow this link. It will blow your mind."
http://www.usgs.gov/newsroom/article.asp?ID=1911
i was reading something via Newt's website about something very similar.
we could be 100% energy independant
we still have the largest coal reserves in the world
Looks like its shale oil. Very hard to extract and costly. This was the stuff Jimmy Carter wanted to extract to make us oil independent but it simply costs too much.
<< <i>bakken on wiki
Looks like its shale oil. Very hard to extract and costly. This was the stuff Jimmy Carter wanted to extract to make us oil independent but it simply costs too much. >>
Technology exists today to make extraction much easier but shale oil isn't oil at all. It's a product called kerogen that can not be refined into gasoline. It can be refined into kerosene and diesel fuel...and very clean fuel, at that.
To be precise, there is much conventional oil there but it's not going to be extracted in any meaningful amounts as long as we have the group in power that we have now.
There still could be some value in TRE properties, but it really looks like Sinclair's romanticised reputation, amoung gold entusiasts had seriously inflated the value of this stock in relation to its peers.
Gold Rumors
<< <i>Hmmm.... so Germany might be wanting to take physical delivery of 14 million ounces of gold from the U.S...... Want to place any bets on whether the U.S. even has that gold to deliver?? May be some interesting times coming.....
Gold Rumors >>
I dont know about the first 2 rumors, but I do know about the 3rd and this is nothing new. Foreign exchange swaps occur all the time, but the size of these swaps increased last year as the world was-and still is--scrambling for dollars.
A timetable...
4-6-09...ECB says establishes 80 billion euro foreign exchange swap line with the U.S. Federal Reserve; valid until Oct 30; in cooperation with Bank of England(BOE), FED, Bank of Japan(BOJ) AND Swiss National Bank(SNB). This is really just renewing the agreement announced on 9-29-08
2-18-09...From the FED minutes....the Federal Reserve has also approved temporary bilateral liquidity agreements with 14 foreign central banks. These so-called currency swap facilities have allowed these central banks to acquire dollars from the Federal Reserve that they may lend to financial institutions in their own jurisdictions. The purpose of these swaps is to ease conditions in dollar funding markets globally. Improvements in global interbank markets, in turn, promote greater stability in other markets, such as money markets and foreign exchange markets
9-29-08...FED comments....an increase in swap authorization limits with the Bank of Canada, Bank of England, Bank of Japan, Danmarks Nationalbank (National Bank of Denmark), European Central Bank (ECB), Norges Bank (Bank of Norway), Reserve Bank of Australia, Sveriges Riksbank (Bank of Sweden), and Swiss National Bank to a total of $620 bln, from $290 bln previously. These steps are being undertaken to mitigate pressures evident in the term funding markets both in the United States and abroad. The Federal Open Market Committee (FOMC) has authorized a $330 bln expansion of its temporary reciprocal currency arrangements (swap lines). This increased capacity will be available to provide funding for U.S. dollar liquidity operations by the other central banks. The FOMC has authorized increases in all of the temporary swap facilities with other central banks. These larger facilities will now support the provision of U.S. dollar liquidity in amounts of up to $30 bln by the Bank of Canada, $80 bln by the Bank of England, $120 bln by the Bank of Japan, $15 bln by Danmarks Nationalbank, $240 bln by the ECB, $15 bln by the Norges Bank, $30 bln by the Reserve Bank of Australia, $30 bln by the Sveriges Riksbank, and $60 bln by the Swiss National Bank. As a result of these actions, the total size of outstanding swap lines is $620 bln. All of the temporary reciprocal swap facilities have been authorized through April 30, 2009.
Knowledge is the enemy of fear
Light travels at 186,000 miles per second and since $186,000 is a decent chunk of change I thought the speed of light might be good context. Lets assume that $1 is the same as 1 mile.
In one minute light will travel 11 million miles/dollars.
In eight minutes light will travel to the sun, 90 million miles/dollars.
In one hour light will travel 670 million miles/dollars.
In one day light will travel 16 billion miles/dollars. This is already a very large number and we have been traveling at the spped of light for 24 hours.
In one week light will travel 113 billion miles/dollars.
In one month light will travel nearly 1/2 a trillion miles/dollars or 2683 round trips from the earth to the sun.
In one year light will travel 5.9 trillion miles/dollars. Now were getting somewhere.
Sooooooooooooo......10 Trillion miles is the distance light will travel in 20 months. This is also about 1/2 the distance to the nearest star--Proxima centauri
Dang, 10 trillion is big number!!!!
Knowledge is the enemy of fear
The thing about the Bakken fields is that the oil is in a narrow band, in some points the oil is only a few feet/meters thick. you can't just drill until you hit oil. a lot of it is horizontal drilling, so you can hit the sweet spot. from what i've read, people have known about the Bakken oil for a while (maybe not the quantity, but they knew it was there, but the technology wasn't there to get it.) you have to be VERY precise when you drill.
if you look at NOG's producing wells, they are not gushers - the most recent ones range between 200-1052 barrels PER DAY. i think this is typical for bakken wells.
extraction will be key for the Bakken fields, it looks like a lot of the oil is not currently recoverable. current estimates are between 2.1-4.3 billion barrels are recoverable.