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"I'll get out, one way or 'nother--you see!" Tilda promised. "All you 'ave to do is to take charge o' this crutch an' look after the dog." |
"Oh, I'll look after 'im!" |
The child shook a forefinger at 'Dolph, forbidding him to follow her. The dog sank on his haunches, wagging a tail that swept the grasses in perplexed protest, and watched her as she retraced her way along the towpath. |
Tilda did not once look back. She was horribly frightened; but she had pledged her word now, and it was irredeemable. From the hurrying traffic of the street she took a final breath of courage, and tugged at the iron bell-pull depending beside the Orphanage gate. A bell clanged close within the house, and the sound of ... |
Monday, November 9, 2009 |
Stock Market Review - 11/10/09 |
Ring, ring, ring - It's Asia Calling! |
I have introduced my readers to the new chart formation (that I invented) called 'The Chinese Phone Call'. I would like to change the name to the 'Asian Phone Call'. Do I hear a 'Yea'? |
Here's the deal. The stock market in the US is now a slave to the 10-year US Treasury yield. When it gets to 3.5%, the Asians, primarily the Chinese and Japanese, pick up the phone and call our Federal Reserve or Treasury Department for help. Japan and China own trillions of this garbage spit forth by the Treasury's pe... |
What can we learn from this relationship? First, the US dollar is not in 'free fall' but it is slowly declining relative to other currencies. Perversely, the demand for dollars to buy bonds to dampen rising interest rates spiked by constant debt issuance has muted what could be a worse decline. Two, the massive US debt... |
5dy ending 11/09/09 - TNX in red, UUP in blue, and USB in gold |
Chart courtesy |
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Wednesday, December 5, 2007 |
Never quite right, right? |
Today's Review and Outlook (A24) makes the claim that Huckabee is more "paradox" than "Republican." Why, whatever for? |
• He is anti-abortion. Check. GOP-welcome. |
• In addition, "religious voters like his purity on same-sex marriage, creationism and so forth." Why not? Check. |
• "Some say Mr. Huckabee is the tribune of the "religious left," and that strikes us as about right. He exhibits protectionist instincts, distancing himself from Nafta [sic] and saying he would insist on penalties and barriers to countries that don't support his conception of "fair trade." He delivers populist sermon... |
• Re the "fair tax": "Their concept is to junk the federal tax code -- payroll, income, corporate, Social Security, everything -- and substitute a 23% national retail sales tax on nearly all goods and services. But...the rate is closer to 30% when it's calculated like any other sales tax, with the levy on top of the ... |
• However, there is a flip side: "The plan would require repealing the Sixteenth Amendment that allowed a federal income tax, and the chances of that happening are approximately zero. The political risk, given the nature of government, is that we'd end up with both an income tax and a national sales tax. Europe, here... |
• America is apparently unprepared: "In the American system, such a radical change as the fair tax is possible only in a crisis, and we aren't living in one now." |
• The editors' view: "Mr. Huckabee nonetheless writes that "when" his reform is enacted, "it will be like waving a magic wand releasing us from pain and unfairness." That glib naivete should provide some indication of how seriously the former Governor has thought through the political and policy complications of his ... |
Oh well. If all of Huckabee's conservative critics know so well why he is unqualified, why don't they run for President? |
Aurora said... |
Hannah, I worry about the Conservatives' ability to unite behind someone. Amazingly to me, there seem to be so many going for Giuliani. This man would mean millions of baby deaths in America each year and would bring down a curse. |
I like Huckabee. For goodness sakes, it's time to stop expecting someone to be John Wayne and Mother Theresa all rolled into one and get behind them! Out there in the night, Hillary is lurking. Scary thought. |
Hannah J said... |
Thanks for the encouragement, Aurora. It seems that Huckabee is perpetually criticized by the various news sources I consult; many other fellow bloggers are leaning toward Thompson. I can take him into consideration, but from what I've seen, Huckabee is more consistent with my views (oddly enough, most of which have be... |
Juniors crashed by gold slump |
Some of the world’s best junior gold miners and explorers are included in the GDXJ VanEck Vectors Junior Gold Miners ETF, this sector’s leading benchmark. Born in November 2009, GDXJ is the world’s second-largest gold-stock ETF after its big brother GDX which tracks the larger major gold miners. As of the middle of thi... |
Unfortunately GDXJ has plunged in recent months in the massive gold-stock correction fueled by heavy gold-futures selling. After peaking in early August, GDXJ dropped by as much as 34.7% over 3.5 months as of late November. That’s why junior gold stocks are so deeply out of favor today, universally feared, despised, or... |
Before this latest massive correction, GDXJ skyrocketed 201.8% in just 6.7 months! So smart contrarian investors and speculators who were able to overcome the popular fear the last time juniors were deeply out of favor in mid-January tripled their capital. Even at the recent dismal correction lows, GDXJ was still up 75... |
Unfortunately the gold juniors’ ugly massive-correction technicals and miserable sentiment are distracting traders from these companies’ far-more-important fundamentals. Exceptionally-weak stock prices and extremely-bearish psychology are always fleeting and short-lived. It’s the core fundamentals, how the gold juniors... |
In the US and Canada, publicly-traded companies are required to report their results to investors and regulators four times a year. In normal quarters that don’t end fiscal years, these reports are due 45 days after quarter-ends. That means November 14th for Q3, so the junior gold miners’ quarterly reports are fully re... |
After starting first with analyzing the Q3 results from the major gold miners of GDX, then moving on to the silver miners of SIL, this week I’m concluding my usual quarterly-results trilogy with the juniors of GDXJ. As of mid-November when these companies finished reporting their Q3s, GDXJ contained a whopping 46 compo... |
These 34 largest GDXJ components collectively accounted for a commanding 91.9% of this ETF’s total weighting. Unfortunately not all of these companies reported Q3 results. GDXJ includes gold stocks trading in Australia and Hong Kong, where financial reporting is only required in half-year increments. So those companies... |
I waded through all available quarterly reports and fed the data into a spreadsheet, some of which made it into these tables. If a field is blank, that means a company didn’t report that data for Q3. The foreign half-year reporters aside, different types of gold juniors report different data. Exploration companies have... |
The first couple columns show each GDXJ component’s symbol and weighting in this ETF as of mid-November. Realize not all these symbols trade in the US. Each component’s primary listing is shown, which is on its home country’s stock exchange. Most of the non-US stocks in GDXJ trade in Canada or Australia. That’s actuall... |
That’s followed by each company’s Q3’16 gold production, in pure-gold terms whenever available. But some GDXJ components lump in silver as gold-equivalent ounces so the gold can’t be broken out. The quarter-on-quarter change in production, the absolute percentage difference between Q2’16 and Q3’16, is shown. QoQ change... |
I think quarter-on-quarter comparisons are more relevant at this point than year-over-year ones, because 2016 has proven a strong bull year for gold stocks while 2015 was a brutal bear year. Sectors behave very differently in bulls and bears, rendering them not comparable in many ways. Once this gold-stock bull transit... |
Next comes the GDXJ gold juniors’ crucial per-ounce cost data, in both cash-cost and all-in-sustaining-cost terms. Finally the Q3 cash flows generated from operations and actual quarterly accounting profits are shown. The former is the best proxy for how the gold miners are currently faring, among their most-important ... |
GDXJ’s managers have always made some strange decisions regarding which stocks they include as components. Just a quarter ago in Q2 for example, a major silver miner actually had one of the highest weightings in this “Junior Gold Miners ETF”. That was thankfully cleaned up after my Q2’16 analysis a few months ago, maki... |
For weeks now if not longer, one of GDXJ’s top components has actually been the GDX major-gold-miners ETF! This decision is dumbfounding. Investors aren’t buying GDXJ because they want major exposure, they would buy GDX for that. They are expecting to own junior gold miners like GDXJ advertises. So it’s really lazy GDX... |
GDX never should’ve been even a temporary placeholder in GDXJ. If GDXJ’s managers had to remove a top component for some reason, they should’ve just shifted up all the component weightings that were underneath it. With 46 component companies, removing one isn’t even material. I have no idea why GDX has been a major GDX... |
While there’s no universal definition of what production levels define junior gold miners, GDXJ includes some components that are definitely not juniors. After decades of analyzing and trading gold stocks, I’d suggest a cutoff somewhere around 300k ounces annually. Anything under is a junior, while anything larger is a... |
Out of GDXJ’s top 34 component companies in mid-November, fully 10 produced over the 75k ounces quarterly in Q3 that could reasonably be considered junior territory. Overall production for these leading GDXJ gold miners ran 1974k ounces in Q3, 1/5th of the 9898k mined by the much-larger major miners of GDX last quarter... |
If you look at the gold-production QoQ-change column above, component increases are much more common than decreases at 17 to 10. And the average of all these changes is a hefty production jump of 6.7%, far different from the total decline! So I suspect the reason overall production fell is because this ETF’s managers a... |
While that’s great news for GDXJ’s usefulness for investors going forward, the considerable changes made between Q2 and Q3 render QoQ comparisons more challenging than usual. Keep that caveat in mind for the rest of this essay. While GDXJ’s internals are constantly in flux which is fine since junior gold miners are alw... |
With gold plunging in Q4 due to extreme futures selling, the gold juniors’ latest gold-production costs are especially important today. The classic way of measuring gold-miner costs is cash costs. They contain all the cash expenses actually necessary to produce each ounce of gold, including all direct production costs,... |
Cash costs are the acid-test measure of gold-miner survivability, showing the gold prices necessary for these miners to pay the bills and keep their doors open. In Q3’16, the top 34 GDXJ components that reported cash costs averaged $657 per ounce. That was up 3.3% QoQ from Q2’s $636, but is still very low relative to p... |
Even more impressively the gold juniors’ $657 average cash costs in Q3 were right in line with the $648 reported by the major gold miners of GDX! Since the juniors operate fewer mines on average than the majors, and therefore lack the majors’ economies of scale which lower costs, it’s amazing the juniors can run with t... |
These additional expenses include exploration for new gold to mine to replace depleting deposits, mine-development and construction expenses, remediation, and mine reclamation. They also include the corporate-level administrative expenses necessary to oversee gold mines. All-in sustaining costs are the most-important g... |
In Q3 these top 34 GDXJ companies which reported AISC averaged $911 per ounce. While that was up 2.7% QoQ and was considerably higher than the majors’ $855 in Q3, it’s still pretty impressive for the gold juniors. As the tables above show, most of the top GDXJ components actually saw their AISCs drop substantially in Q... |
These overall GDXJ all-in sustaining costs were skewed by a handful of components seeing big drops in production in Q3. With fewer ounces shouldering the burden of costs, per-ounce costs are naturally going to be higher. The more production falls quarter-on-quarter, the greater the upside impact on gold-mining costs. 1... |
Realize quarterly production declines aren’t necessarily a bad thing, and usually soon reverse. The ore bodies in gold deposits certainly aren’t homogeneous, with widely-varying mineralization. Gold miners often have to dig through lower-grade ore to get to higher-grade ore underneath. So overall production slides in q... |
But even with Q3’16’s higher average all-in sustaining costs among GDXJ’s top components, the junior gold miners were very profitable. Gold averaged $1334 in Q3, which was 6.0% higher than Q2’s $1259 and the highest average price gold had seen since Q2’13. At those $911 average AISCs, that yielded big per-ounce profits... |
Despite the gold juniors’ rising costs, their profits still surged 13.7% sequentially from Q2 on that mere 6.0% increase in the average gold price. The gold miners’ great inherent profits leverage to gold is why these stocks are so alluring to investors. They not only soar dramatically during gold bull markets, but tho... |
Surging operating profits should’ve fed rocketing operating cash flows and earnings for the junior gold miners in Q3, just as they did for the GDX majors. But depending on how they are measured, the quarter-on-quarter improvements are mixed. On average in Q3, the cash flows generated from operations by the top GDXJ com... |
But total operating cash flows across these gold juniors were $919m in Q3 compared to $949m in Q2, a surprising 3.1% sequential drop. But again with the big weighting and composition changes in GDXJ’s holdings last quarter, totals simply aren’t as comparable as they should be. On top of that, Q2 ended a half-year that ... |
Actual accounting profits looked far better for the juniors than operating cash flows in Q3. Total profits from these top 34 GDXJ component companies, even without some foreign ones, ran $340m in Q3. That was a whopping 119.4% higher than Q2’s $155m! Rising gold prices work wonders for the fundamentals of gold miners, ... |
The gold miners’ strong Q3’16 operating results argue that their stocks’ big massive-correction selloff in recent months is wildly overdone. The elite gold juniors of GDXJ have seen far-better earnings growth this year than almost every other sector in all the stock markets, only exceeded by the gold majors. So instead... |
That’s despite gold faring much worse in Q4 than it did in Q3. Quarter-to-date, the average gold price has fallen 6.2% to $1251 per ounce. And that indeed virtually assures the junior gold miners’ fundamentals won’t look as good this quarter as they did last quarter. Regardless, the juniors’ costs are so far under even... |
Let’s assume the gold juniors’ AISCs don’t improve in Q4, staying at $911 per ounce. It’s actually highly likely they will improve substantially in Q4 as those Q3 production shortfalls at some GDXJ components reverse. So steady costs are conservative. On top of that, assume gold doesn’t bounce in Q4 which is unlikely a... |
This implies the GDXJ junior gold miners will still earn an impressive $340 per ounce in the current dark Q4! While indeed down 19.7% from Q3’s levels, that still represents hefty 27% operating margins. These are very high by almost every other industry’s standards. And when gold inevitably bounces after the heavy futu... |
Considering the junior-gold sector as represented by GDXJ has plunged 35% at worst in recent months on a likely quarterly-profits drop around just half that, the selling is excessive. It never had anything to do with fundamentals, which remain very strong. The entire massive correction was a sentiment thing, investors ... |
Gold won’t linger near these lows for long, which means neither will the junior gold stocks. Gold tends to be an anti-stock trade. Futures speculators jettisoned gold like crazy since the election because the stock markets and US dollar were both soaring on surprise euphoria after Trump’s win. But when the hard challen... |
While investors can certainly buy GDXJ to ride the coming enormous profits growth in the junior miners as gold rebounds, I’ve long preferred handpicking individual stocks. GDXJ suffers from serious over-diversification, which really retards its ultimate potential gains. The best juniors with superior fundamentals will ... |
At Zeal we’ve spent decades researching and trading gold stocks, keeping our eyes on fundamentals to combat the capricious winds of sentiment. Staying focused to fight the herd’s popular greed and fear has yielded great rewards. All 851 stock trades recommended to our newsletter subscribers in real-time since 2001, inc... |
If you want to thrive in the markets, you have to stay informed and maintain perspective. You can’t run and hide every time a sector sells off, as that’s when wealth-multiplying buying opportunities flourish. Big gains later demand buying low when few others will. We can help you through our acclaimed weekly and monthl... |
The bottom line is the junior gold miners’ fundamentals in recently-reported Q3’16 were very strong and bullish. Despite higher all-in sustaining costs, the higher gold prices still led to improving operating cash flows and exploding accounting profitability. This year the gold juniors have enjoyed a truly amazing fund... |
But unfortunately today most investors and speculators aren’t paying attention to the gold juniors’ strong fundamentals. Instead they are all wrapped up in the fearful prevailing sentiment. That’s a big mistake as always. While the gold juniors’ operating profitability will indeed decrease in Q4 if gold prices stay low... |
send link to app |
Space Frontier |
4.2 ( 9792 ratings ) |
Jeux Divertissement Action Arcade |
Développeur Ketchapp |
Blast off to the stratosphere and colonize Mars in Space Frontier, the addictive physics rocket game that your friends will want to play—but they can’t! Because it’s your phone. But hey! They can download it on theirs, too. In fact, you want them to do that. So you can pound them into dust with your superior rocket sco... |
In Space Frontier your mission is to launch your rocket as high in to the orbit as possible and beyond to Mars. Earn in-game currency from launches and hard working Martians. Invest it to acquire new parts/styles, and send more people to mars! |
Ridiculously Cool Features List: |
◉ One-button gameplay |
◉ Fun, fast physics |
◉ Easy to learn, hard to master |
◉ Colonize Mars |
◉ Infinite variety and replayability |
◉ Earn in-game currency to buy new rocket parts |
◉ More than sixteen rocket styles to try |
Saturday, February 19, 2011 |
On the Shores of Babylon |
“Hell is empty, |
And all the devils are here.” |
Every English teacher has to deal with the problem of Cliff Notes, those poorly written summaries and shallow interpretations of great works of literature written for indolent and dishonest students. I once gave a student two F’s on a Cliff Noted paper he had turned in. “Why two F’s?” he asked. |
“One for cheating, and the second F for turning in such a terrible interpretation of the book,” was my reply. |
Cliff Note students could never bring themselves to believe that a student who read the literature with his whole heart and soul could come closer to the great author’s meaning than a panel of erudite experts trying to write condensed literature for moral eunuchs and intellectual midgets. If the meaning of a work of li... |
It is the contention of the people I call the halfway-house Christians that the Gospel of Jesus Christ can be condensed into religious Cliff Notes. The Protestant Cliff Notes tell us that Christ was not the Son of God in whom St. Paul believed. He is only the son of God in the way a great prophet is the son of God. In ... |
The Cliff Notes of the halfway-house Roman Catholics also go against the traditional faith of the European people. In the Roman Catholic Cliff Notes, Christ is a lesser god in a pantheon of gods, living and dead. He is on a par with Mohammed and Buddha but beneath Nelson Mandela, Martin Luther King Jr., and Gandhi. As ... |
The Cliff Notes of the halfway-house Roman Catholics and the halfway-house Protestants agree on one essential point: The Negro is the star at the top of the halfway-house Christians’ tree. The presents under the tree, the ornaments and tinsel decorating the tree, all pale in significance to the shimmering star at the t... |
The literary Cliff Notes give us a bare skeleton of a book, and they give us a false interpretation of the book. And that is what the “Christian” Cliff Notes do as well. The Bible is streamlined for sectarian purposes, and the people who lived and breathed the full meaning of the Bible are completely eliminated from th... |
The halfway-house Christian reserves the right to politely criticize and vote against certain aspects of the liberal’s satanic agenda. But he still uses the liberals’ Cliff Notes, thus allowing the liberal to redefine Christianity. In the new definitions, which we are all supposed to learn by heart, the Negro is divine... |
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