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- Beat The Gold Market With Goldcorp
- under what circumstances could gold and silver actaully go down?
- Looking For Low Beta Investment Opportunities
- A Safe Way To Play Cisco Before Earnings
- Renminbi Bloc: Future Implications
- Gold, Iowa Farmland, And The Dow - What The Past 60 Years Can Tell Us About The Future
- Links 11/11/12
- The Lady Doth Protest Too Much: CBO Director Asks for a Chat Regarding Our Post on Their Questionable Health Cost Increase Model
- Links for 2012-11-10 [del.icio.us]
- Gold Bar Types Definitions
- Bank Of England No Gold
| Beat The Gold Market With Goldcorp Posted: 11 Nov 2012 09:14 AM PST By Cris Frangold: Big diversified miners such as Barrick Gold (ABX), Rio Tinto (RIO), and Freeport-McMoRan (FCX) are no longer value plays because of high costs and big risks. Yet one miner, Goldcorp (GG), seems to offer real value. The number two gold miner has been doing so well that it has actually passed the much larger Barrick Gold in market capitalization. As of November 7th, 2012, Goldcorp had a market capitalization of $36.20 billion in contrast to Barrick Gold's $35.58 billion. The market cap figures indicate that Goldcorp's strategy of concentrating on its core business of gold mining has paid off. Barrick's foray into copper and other metals has fallen flat. Obviously, one of the main factors driving Goldcorp's increase in value is the price of gold. The company has been concentrating on gold mining at a time when gold has been rising to new highs. Instead of expanding, Goldcorp has concentrated Complete Story » | ||||||||||||||||||||||||||||||||
| under what circumstances could gold and silver actaully go down? Posted: 11 Nov 2012 09:09 AM PST you have mike maloney who claims there's no situation (during our current crisis) in which gold and silver won't increase in value. does anyone have a rebuttal against this argument in which precious metals would actually decrease in value? | ||||||||||||||||||||||||||||||||
| Looking For Low Beta Investment Opportunities Posted: 11 Nov 2012 07:54 AM PST By Jim Pyke: In uncertain markets, low correlation investments may help a stock portfolio as long as they provide returns without substantially higher risk. While correlation coefficients are a starting point, understanding the beta of the security is also important. My previous article looked at several investments that had low correlations to the SPDR S&P 500 Index ETF. The following table shows these securities and two additions from the comments section from the previous article with their associated correlation coefficients.
Complete Story » | ||||||||||||||||||||||||||||||||
| A Safe Way To Play Cisco Before Earnings Posted: 11 Nov 2012 07:38 AM PST By Julius Ferraro: Cisco will be reporting earnings 11/13 after the bell. Although the company is no longer the market-moving bellwether it once was, the market still takes John Chambers' words seriously. People are expecting quite a big move after the report, with the move expected to be 3.5-5%. Most of the Street has a buy or neutral rating on the stock. Cisco (CSCO) is a manufacturer or IP networking equipment. It has a market cap of $91 billion and $46B of that is net cash (35%). It trades at a P/E of 9, so it's not exactly expensive. I would own this stock because of its monopolistic power. Cisco is number one in nearly all of the spaces it competes in by a long shot. Its next largest competitor is Juniper Networks (JNPR) which it dwarfs in market cap as well as in market share. Although the company has been big on buybacks, it recently had a change of heart and has become more shareholder-friendly. It sports a 3.3% dividend, which it recently raised. My main concern with this company is management. Cisco has tarnished itself as a tech bellwether and the company has a problem issuing management stock. I believe the balance sheet makes up for this however. For the past year, the stock has been range bound between $15 and $20. I find this company to be a value at $16 due to its great balance sheet and dividend yield. (click to enlarge) My play before earnings would be to sell the $16 strike put for November 17 expiration. It currently trades for .27 which is a yield of 1.7%. It also buffers you from nearly a full dollar of downside and would allow you to get a great deal on Complete Story » | ||||||||||||||||||||||||||||||||
| Renminbi Bloc: Future Implications Posted: 11 Nov 2012 06:54 AM PST By Andras Bodrog: Underutilized or policy driven? It is a striking fact that according to 2012 IMF figures, China's share of world GDP was close to 15% while its currency had a meager 0.24% payment value in 2010. In terms of the FX market, it is not surprising that the dollar is still the dominant currency for trading, making up more than 40% of currency market transactions, but the RMB is almost nowhere to be seen with less than 1% in 2011. As there is an evident global economic shift towards the Asia-Pacific, one must wonder how the RMB's share in the FX markets and in transactions still feel miniscule. Figure 1. - RMB share of global FX trade in 2011 (Society for Worldwide Interbank Financial Telecommunication (SWIFT) (click to enlarge) Renminbi bloc According to Subramanian and Kessler, respectively a senior fellow and a research analyst of the Peterson Institute for International Economics Complete Story » | ||||||||||||||||||||||||||||||||
| Gold, Iowa Farmland, And The Dow - What The Past 60 Years Can Tell Us About The Future Posted: 11 Nov 2012 05:31 AM PST By I was inspired to do the research behind this article by a comment I read on The Daily Paul that said something to the effect of:
I didn't think this was really true, but I decided to examine this claim, along with other allegations I have seen cropping up of central bank "price manipulation" of the metals markets. The research I did actually surprised me, because it showed that in one way, the idea that the Dow does not really move much over time compared to gold was true, and in another way, it was completely false. (click to enlarge) As you can see from the chart above, the gold-priced Dow has fluctuated wildly over the past 60 years, but the overall trend is only a very slight Complete Story » | ||||||||||||||||||||||||||||||||
| Posted: 11 Nov 2012 01:27 AM PST This is Naked Capitalism fundraising week. Over 175 donors have already invested in our efforts to shed light on the dark and seamy corners of finance. Join us and participate via our Tip Jar or read about why we're doing this fundraiser and other ways to donate on our kickoff post. Are fruit and vegetables good for your mental health as well as your physical health? VoxEU. Notice the source. Marine 'treasure trove' could bring revolution in medicine and industry Guardian Nike+ FuelBand: One Big Security Hole For Your Life HotHardware Noda seizes on TPP as way to steer forthcoming election Asahi Shimbun (Lambert). Key bit is that the belief in Japan is that Obama will accelerate the Trans Pacific Partnership negotiations. The Dems are coming for your second kidney faster than you expected…. China's economy to overtake US in next four years, says OECD Guardian China sets date for space launch BBC Google sees China traffic drop, web monitor says search website blocked Bloomberg (furzy mouse) Many Chinese Intellectuals Are Silent Amid a Wave of Tibetan Self-Immolations New York Times (furzy mouse). Lambert notes:"Sounds like our progressives on the suicides and decreased life expectancy form permanent DISemployment." George Entwistle resigns as BBC director general BBC. This has been brewing and is a huge deal in the UK. Richard Smith: "Paxman (who is not a stooge) thinks it goes back to Hutton/Iraq/dodgy dossier. http://twitpic.com/bc4rr5" EU budget talks collapse following rows over funding increase Telegraph Greece calls for calm over bailout Guardian A world without the Global Minotaur: Why is the world economy failing to recover? Yanis Varoufakis More election aftermath:
Catfood watch:
The Political Trial Of A Caring Man And The End Of Justice In America John Pilger (Aquifer) FBI probe of Petraeus triggered by e-mail threats from biographer, officials say Washington Post Ideas on protecting New York from future storms float to surface NBC Hurricane Sandy and the Disaster-Preparedness Economy New York Times DTCC SAYS TRILLIONS IN STOCK CERTIFICATES DAMAGED IN SANDY FLOODWATERS SilverDoctors (Aquifer) Desperate for shelters, New York considers turning jail cells into homes RT. Lambert: ""Are there no prisons? Are there no workhouses? Upbeat Consumers to Sustain U.S. as Companies Hesitate Bloomberg David Koch Is the Worst Tipper at 740 Park Vanity Fair (David Fiderer). FYI, 740 Park is one of the two most exclusive buildings in Manhattan (720 Park is the other) The Distribution of Economic Pain From the Financial Crisis in One Chart Jesse The Wide Poverty Gap Between Women and Men Atlantic (Carol B) A Charter for the 99 Percent Dissent (Paul Tioxon) Occupy gets into the debt market Salon. I hate to say it, but I am not keen about this idea, hence my failure to post on it. 1. A great deal of the debt sold by banks isn't even legally valid, meaning it isn't enforceable. OWS might get a lot more leverage using the funds to disseminate information to people hounded by debt collectors on how to fight them (yes, that's in their Debt Resistors' Operations Manual, but how many people in American even know that exists?). That would also increase bad press about debt collectors and banks selling what often amounts to phony debt. Buying the debt actually perpetuates this corrupt system. 2. Who gets relief is random, and the number who get relief will be small relative to the scale of the problem (assuming, again as per 1, that many of these people had valid debts outstanding to begin with). 3. Worse, there is a potential that the debts of people close to OWS get bought either by accident or design. Charges of self dealing would not be good for the movement. Elizabeth Warren a woman of few words Boston Globe. Not pretty. As a final "campaign coverage" item, Lambert has provided what was missing from the hustings:
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| Posted: 11 Nov 2012 12:41 AM PST This is Naked Capitalism fundraising week. Over 170 donors have already invested in our efforts to shed light on the dark and seamy corners of finance. Join us and participate via our Tip Jar or read about why we're doing this fundraiser and other ways to donate on our kickoff post. As regular readers may recall, last Monday, we put up a post titled "Fed Budgetary Experts Demolish CBO Health Cost Model, the Lynchpin of Budget Hysteria." We received a voicemail and a related e-mail Wednesday morning. This is the text of the e-mail:
This was our reply, which went out in the wee hours of Thursday morning:
In other words, the CBO asked to have a conversation for unspecified reasons, presumably because they were unhappy about the post they mentioned. That's fine, but they should make an argument, not try for private chats. Yet after my request for them to present any objections in writing so as to prevent misunderstanding and keep personalities out of the mix, they've gone silent. In addition, if they were confident in their analysis and their lack of outside influence, why would they bother dealing with noise from the peanut gallery? If you are an analyst, you submit your presumed objective view, and your client does whatever he does with it. But to get a sense of what is at stake, if you read the newest CBO document on the deficit, it is not a dispassionate analysis of budget math alternatives. This is an advocacy document. It has the tone, the use of overly simplified language (below 8th grade level, which is the level used to spoon feed journalists, as opposed to higher reading levels that you see in other types of reports. Contrast both the look and the writing style with this FHFA Inspector General report, as an example: text paragraphs, no nice bullet points and generous use of white space, not much coddling of the reader). A simple illustration: look at how this paragraph on the first page is not an analysis of budgetary options, which is the CBO's role. This shows the CBO pushing for a particular set of outcomes (taking immediate steps to reduce the deficit) rather than simply providing analysis of the budgetary outcomes of specific legislative actions (click to enlarge):
And to add insult to injury, it does not take much in the way of investigation to debunk these unsubstantiated arguments. Paul Krugman has already, in terse form, shown how the usual economic models suggest than the outcome of running continuing large fiscal deficits is a weakening of the dollar rather than a rise in interest rates. The CBO needs to explain their theory of monetary policy and primary dealer behavior to explain how the prices of Treasury bonds could collapse and cause a fiscal crisis. The evidence from the closest comparable to the US, which is Japan in its post crisis era, in fact suggests the exact reverse of the CBO fearmongering, namely, that fiscal tightening in a post crisis economy is likely to precipitate financial firm failures. The collapse of Japan's real estate and stock market bubbles caused a severe contraction in household consumption and private investment spending which culminated in a brief real contraction in 1994. Once the stimulus from the expanding budget deficit began to work, real GDP growth regained momentum. By 1996, the same calls for austerity that we hear in the US now led to increases in taxes. The contraction in public spending on top of very fragile private sector spending – akin to the situation that most nations face today – caused a massive contraction in 1997 and 1998 – which increased the budget deficit (via the automatic stabilisers) and added to the public debt ratio (given both debt was rising and GDP was falling). Most importantly, it also led to a second wave of financial firm failure, including one of the four biggest securities firms in Japan, Yamaichi, as well as some of its long term credit banks. So if I had to guess, this would be the reason for the CBO's peculiar anxiety. It knows it is going out on thin ice and wants to rein in any inspection of its choice to insert itself in the budget debate on the side of the hawks.
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| Links for 2012-11-10 [del.icio.us] Posted: 11 Nov 2012 12:00 AM PST
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| Posted: 10 Nov 2012 10:30 PM PST GoldBarsWorldwide | ||||||||||||||||||||||||||||||||
| Posted: 10 Nov 2012 05:09 PM PST
from zerohedge.com: Over the past several years, the German people, for a variety of justified reasons, have expressed a pressing desire to have their central bank perform a test, verification, validation or any other assay, of the official German gold inventory, which at 3,395 tonnes is the second highest in the world, second only to the US. We have italicized the word official because this representation is merely on paper: the problem arises because no member of the general population, or even elected individuals, have been given access to observe this gold. The problem is exacerbated when one considers that a majority of the German gold is held offshore, primarily in the vaults of the New York Fed, and at the Bank of England – the two historic centers of central banking activity in the post World War 2 world. Recently, the topic of German gold resurfaced following the disclosure that early on in the Eurozone creation process, the Bundesbank secretly withdrew two-thirds of its gold, or 940 tons, from London in 2000, leaving just 500 tons with the Bank of England. As we made it very clear, what was most odd about this event, is that the Bundesbank did something it had every right to do fully in the open: i.e., repatriate what belongs to it for any number of its own reasons – after all the German central bank is only accountable to its people (or so the myth goes), in deep secrecy. The question was why it opted for this stealthy transfer. Keep on reading @ zerohedge.com |
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