Nominations open for National Honours

first_img Recommended for you Related Items:#magneticmedianews, #NationalHonoursnominations Deadline today for National Honours nominations Facebook Twitter Google+LinkedInPinterestWhatsAppTurks and Caicos, April 12, 2017 – Providenciales – Nominations are now open for the third annual TCI National Honours and Awards Program. The public has been invited by the National Honours and Awards Committee to submit nominees for five classifications of awards including The Order of National Hero and The Order of Turks and Caicos Islands.The program recognizes outstanding citizens who have made exemplary contributions to the country’s development. Nomination forms are available at the Premier’s Office in Grand Turk and Providenciales, District Commissioners Office in North Caicos, South Caicos, Middle Caicos and Salt Cay and can be downloaded from the Government website , gov.tc Deadline for submissions is June 30th.Story by: Zahra Gordon#MagneticMediaNews#NationalHonoursnominations Facebook Twitter Google+LinkedInPinterestWhatsApplast_img read more

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Misti Hub launches Facebook page folk artists to perform regularly

first_imgKolkata: In a bid to popularise Bengal’s mouth watering sweets among people, the Facebook page for Misti Hub, situated in New Town, was launched on Saturday afternoon.The hub will act a platform for the budding folk artists, who will perform at the hub regularly. This platform was inaugurated on Saturday with a musical performance by well-known folk artist Saurabh Mani.For the first time in Bengal, 10 famous branded sweet shops of Kolkata have opened their outlets under one roof. The hub has come up near gate number 3 of Eco-Park off Biswa Bangla Sarani. The hub is open from 12 noon to 9 pm. Now, people can leave comments and reviews about the sweets on the Facebook page. One will also get to know about the new varieties that are being introduced and the musical programmes to be held from the page. The main idea behind the hub is to explore the tremendous potential of Bengali sweets both in the country and abroad.Earlier, people from abroad and other states, who wanted to take Bengal’s special sweets along, could not find the shops as they are situated in different parts of the city. But now they can. The Misti hub offers both traditional and modern sweets.last_img read more

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House approves Rep Howell bill to expand grad curriculum

first_img A four-bill merit curriculum package, which gives students and parents added flexibility when selecting high school courses for future career opportunities, was approved by the House today.Rep. Gary Howell, of North Branch, was the primary sponsor of legislation which would allow for Statistics to be an alternative to Algebra II within current Michigan merit standards that require at least four mathematic credits to graduate.“We must give high school students better choices and options in preparation for life after high school,” said Howell, who co-sponsored the entire package of bills approved by the committee. “We should not expect every student to complete the exact same coursework to graduate. If a parent knows their child has an interest and would do well in Statistics, we should allow that class to be included as another mathematically-based curriculum.”The other bills in the package would do the following:Allow students to fulfill a 21st Century Skills requirement by completing a combination of career/technical education (CTE) or visual/performing arts courses.Allow the foreign language course requirement to be met by completing a CTE program or visual/performing arts course.Allow completion of a Michigan Occupational Safety and Health Administration general industry or construction training program to fulfill a health education requirement.House Bills 4315-4318 will advance to the Senate for consideration. 30Mar House approves Rep. Howell bill to expand grad curriculum Categories: Howell News,Newslast_img read more

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In This Issue   Yellens comments stops dollar

first_imgIn This Issue. *  Yellen’s comments stops dollar rally in its tracks! *  Former Fed Head doubts Yellen’s resolve to taper. *  Former Fed banker apologizes for QE! *  Eurozone 3rd QTR GDP ekes out a gain! And, Now, Today’s Pfennig For Your Thoughts! Yellen Says Central Bank Has More Work To Do!. Good day.  And a Tub Thumpin’ Thursday to you! I spent a lot of the day yesterday dealing with a car that had chewed through fuel injector line. Yes, some critter, probably a squirrel (there were nutshells around the scene of the crime, had eaten through my fuel injector line. UGH! I once had a mouse climb up and make a home, until the heat of the engine fried it, but the nesting and remains caused a problem! Why, do critters want to make a home under my car’s hood? Now that’s weird! Speaking of being weird. That’s what this whole market feels to me right now. Stocks are flying through the roof on their way to the moon, albeit courtesy of Fed Stimulus, but the rest of the markets, bonds, currencies, commodities just can’t seem to find a clear direction right now. One day it’s Armageddon, and interest rates are going to go sky high, thus deep-sixing bonds, and the next day they aren’t going sky high, and bonds recover. Same thing in the currencies and commodities, one day it’s all peaches and cream for these two asset classes, and the next day, it’s not.  Yesterday, it was not peaches and cream for currencies and metals, but today, it appears  that it just might be a peaches and cream day! The euro is back to moving higher, inch by inch that is, on news that the Eurozone 3rd QTR GDP printed positive, as it was expected to fall back into negative territory.  It was like doing chin-ups, or pull-ups when I was a kid, the phys-ed teacher would stand next to me and implore me to do one more. And I would struggle, and my face would turn red, and I would huff and puff, and barely squeeze out one me. Well that was the Eurozone economy in the 3rd QTR. It struggled, and there was lots of huffing and puffing, but in the end the Eurozone squeezed out just one more inch of growth to print a .1% gain over the previous quarter or a .4% annualized number. Nothing to brag about, but. as my little, almost 3 now, grandson, Everett likes to say when he achieves something, “I did it!”  The Eurozone, with all the negativity toward their economy being hurled at them daily, was able to eke out a gain. That was a akin to what the old football coach used to tell us. Unless we couldn’t help it, we were NOT to just lay on the field if hurt, get up, and get to the sidelines to show the other team you are OK. (it also helped the parents in the stands to not sit there and wonder, is he OK?)  The Eurozone economy could have just folded tent, and gone home, lay down on the field, and not get up. But, it didn’t!  And for that, the euro is inching higher this morning! Well, as I told you yesterday and probably Tuesday, Janet Yellen is speaking today, and the markets are looking for some direction from the new Top Dog Fed Head. Yellen decided to give the markets a hint of what she’s thinking right now, when she told reporters that “the U.S. economy and labor market are performing far below potential and the central bank has more work to do to support the economy.”   Now, does that sound as if she’s ready to begin tapering, as the markets have so priced in already? It sure doesn’t to me! Speaking of Yellen. Well. I wonder if the markets are so brazen now about tapering coming so soon? MarketWatch had an article on their website yesterday, (I had lots of time to read as my car got fixed!) that would / should put to doubt the markets’ brazen attitude about tapering. Former Fed Gov. Kevin Warsh told the Wall Street Journal yesterday that he has doubts about Janet Yellen’s courage and conviction to tighten monetary policy when the markets are opposed to it. Warsh said that, “the Fed has been handing out candy to spur markets higher, so consider the challenge when a steady diet of spinach is on offer.” The former Fed Gov. has never been a fan of asset purchases, the MarketWatch article goes on to say, that “he criticized the central bank’s second round of asset purchases in a Wall Street Journal opinion piece shortly after it began in Nov. 2010.”   Now, put that in your pipes and smoke it  all you traders bidding up dollars because you believe that tapering is going to begin soon! And while I’m on the subject of Quantitative Easing, I came across something that I found really interesting. Now, long time readers know that I’ve have been vehemently against Quantitative Easing since the first round was announced in March of 2009.  It continues to just turn my skin and cause me to yell at the walls every time I even hear the words Quantitative Easing! Well, this will just make your blood boil, that is if you’re like me, and Lord help you if you are! I found this on Google+, and it originated on the brotherjohnf.com website.  Let me set the table for this for you first. There’s a banker named Andrew Huszar that helped manage the Fed’s Quantitative Easing program from 2009 to 2010.   He has decided to apologize to the American public. let’s listen in: “I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.” Chuck again.  Oh, great, after 4 years of this stuff, he now figures it all out! That’s like saying I’m sorry and expecting everything to be forgiven after you burn down a house!  Or other things like that! I’m shaking my head in disgust right now. The “greatest backdoor Wall Street bailout of all time”? Of course most of us that read or write this letter already figured this to be the case long ago, but to have a former Fed banker come clean, and call it what it is. I find that to be very interesting, and could be a game changer, IF the major media outlets picked it up. But I doubt they will, they have problems finding a snake story when the snake is about to bit their nose off! Well, let’s talk about other stuff, eh? All that QE talk, and tapering or no tapering is beginning to give me a rash!  But the question and answer component of Yellen’s talk in Congress begins today, and considering the way the markets violently reacted to her prepared statement yesterday, this could get pretty dicey, and reveal just how she intends to deal going forward. One of the currencies that has just been on the slippery slide since last week, without any reprieve is the Japanese yen. Yen has broken through, on the upside, the 100 figure. And as far as I’m concerned, this currency has far more ground to lose before reaching what I expected yen to be trading at by now, which was 110.  Once again, I’m ahead of myself and the markets with my thoughts, and all the while that I wait for the thought to come to fruition, I get barbs and fruit thrown at me, by people that don’t know anything about patience! Things are going to hell in a hand basket for Japan. They have awful demographics, they’ve been stuck in the mud for two decades, they have taken what was once a strong Current Account Surplus, led by Trade Surpluses, and turned that negative, and their Gov’t debt is the largest in the world.. so tell me, why wouldn’t yen be falling in value?  These fundamentals are awful. And yen deserves to be put on the chopping blocks every day! The other major currency besides yen and dollars that should be on the chopping blocks every day is the British pound sterling. While some 2nd and 3rd tier data here has been better lately, the real McCoy data, like Retail Sales continues to show the rot on the British economy. October Retail Sales printed weaker than expected this morning printing at -.6% VS the expected -.1%… And non-food sales were even weaker! We had a Bank of England (BOE) member, Fisher, speaking early this morning, and talking about interest rates normalizing in England. Yeah, right! You have Retail Sales falling through the floor, and you’re talking about interest rates normalizing?  That’s funny to me, for it reminds me of that great clip of the football coach, Jim Moira, talking about his awful team’s record, when a reporter asks him about the playoffs, and Moira responds, “Playoffs? Playoffs? Don’t talk to me about playoffs. Are you kidding me? Playoffs? I’m just hoping we can win a game!”  Now, if you’ve ever seen that video / sound clip and you have a sense of humor that similar to me, for there’s no one like me!,  then you’re laughing out loud right now! And then Gold. Oh the poor shiny metal sure has been through some rough times since reaching an all-time high a couple of years ago above $1,900. Most of us have a very good understanding what’s going on here, but for you naysayers, you might want to step back from the car slowly, and go back and research some more. It’s all there for us to see, the price manipulators are so brazen now, they don’t even attempt to hide their short selling ahead of market moving news, or in the afterhours trading any longer.  But there’s some good news for Gold. So, let’s talk about it! My friends over at the 5 Minute Forecast had some interesting tidbits about China’s new Gold Vault yesterday, which prompted them to say that with the price of Gold down, “that’ll be more gold the Chinese can scoop up at bargain prices.”  Here are the guys at the “5”. “This month, a gold vault opened in Shanghai’s new free trade zone — a vault big enough to store 2,000 metric tons, or double China’s projected gold consumption this year. “Such a facility is a massive vote of confidence for the Chinese gold market,” Philip Klapwijk tells Bloomberg. He’s managing director at Precious Metals Insights Ltd. in Hong Kong. “The trend for demand has been very strongly positive.” The rest of Bloomberg’s story is a recitation of things you already know if you read us regularly: China is set to overtake India as the world’s biggest gold consumer this year. Chinese consumption during the first six months of 2013 nearly equaled the total for all of 2012, even as gold is set to record its first annual price drop in 13 years.” I have always told you, dear reader, to follow the money, and if the Chinese believe that buying physical Gold on the dips is a prudent thing to do, for them. Hmmm.. The U.S. data cupboard is chock full-o-2nd and 3rd -tier -data today, including the always interesting Weekly Initial Jobless Claims. And the stupid productivity reports. I say stupid, because the Fed Heads believe that Productivity is important to keeping inflation in check. I say all it does is prove that people can work harder, longer hours, and still not make enough!  Tomorrow, we’ll see Industrial Production, which is usually paired with Capacity Utilization but I don’t see Capacity Utilization on the list for tomorrow. For What It’s Worth. Lots of things to think about today, and consider. and here’s one more.  You know how I’m always telling you that China is hoarding Gold so that they can back their currency with Gold when they decide to float the renminbi, thus making it the most attractive currency in the world.  Well, I found this report on mindweb.com and it talks about how China has been adding to their Gold reserves, but attempting to keep the amount secret. “Since writing a recent article suggesting that China’s Reserve Bank, the Peoples Bank of China (PBOC), has been building up its gold holdings, but without reporting this to the IMF. We have been contacted by a Bloomberg research analyst, Andrew Cosgrove, who has, with his colleague Kenneth Hoffmann, been working on Chinese gold data, and who has come up with a somewhat similar conclusion.  In this case some specific figures have been developed in the research which do tie in well with Philip Klapwijk’s assertion that China has taken some 300 tonnes of gold into reserves in the first half of the current year. The Bloomberg data, which has been available on Bloomberg terminals since mid October, puts a more precise figure on this, suggesting that in the current year the PBOC will likely add some 620 tonnes into its gold reserves, and possibly even more next given the current lower gold price.  China can do this without reporting the increase to the IMF by the simple mechanism of holding the newly acquired gold in a separate account from its official reserves and only transferring it into the official reserve when it deems it timely, or politically expedient, to do so.  This is exactly what happened in 2009 when China announced an increase in its gold reserve from 600 tonnes to 1,054 tonnes with the gold having been acquired over the prior five years. It thus seems increasingly likely that China has been steadily accumulating gold since its last gold reserve announcement, but again not reporting the figures – indeed even denying that it has been doing so – surely a question of interpretation if it is working in the same manner as in the five years prior to its 2009 reserve update?  However, there is plenty of Chinese domestic evidence that it may indeed be increasing its reserves, not least a number of statements from Chinese officials and academics calling for official gold holdings in line with the size of the country’s growing economy – and in China few such statements are made without government approval.” Chuck again. Those sneaky Chinese! HA! The evidence has been there all the time folks, and I’ve told you about the imports, etc. So, this is old news to many of you that pay attention in class each day! HA!  But, IF the U.S. still has their Gold. China could very well match the U.S.’s Gold reserves inside of 10 years..  And when the you know what hits the fan, and the major countries come together to see who has the most Gold, China will belly up to the table, and finally show what they have, and they will end up being the Lead Dog. Scary eh? To recap. The currencies tried to rebound on Yellen’s assertion that the U.S. economy is far from its potential and that the central banks has more work to do, but were quickly slapped back down overnight, only to attempt to rally again in the early morning sessions, led by the euro, where the Eurozone side-stepped a negative 3rd QTR GDP by printing a .1% gain.  The markets might have to take a step back in their brazen attitudes about Fed tapering on the Yellen remarks. I had to stop and sing along and whistle of course (the people on the desk will tell you that I whistle all the time, and it was one of the things I missed doing when I had that egg-sized tumor in my mouth) to one of my fave songs by the Doobie Brothers (before Michael McDonald) titled: South City Midnight Lady. It’s from the Doobies’ best album (in my opinion), The Captain and Me. I think I wore the grooves out on the LP back in the day! Currencies today 11/14/13. American style: A$ .9295, kiwi .8250, C$ .9530, euro 1.3440, sterling 1.6040, Swiss $1.0890, . European Style: rand 10.3405, krone 6.2025, SEK 6.6790, forint 221.55, zloty 3.1160, koruna 20.1860, RUB 32.72, yen 99.95, sing 1.2480, HKD 7.7535, INR 63.12, China 6.1315, pesos 13.06, BRL 2.3245, Dollar Index 81.11, Oil $93.54, 10-year 2.72%, Silver $20.75, Platinum $1,445.85, Palladium $735.80, and Gold. $1,282.16 That’s it for today. I didn’t get a chance to see the sunrise on the water yesterday as it was too cloudy. The arctic blast that hit the U.S. this week, didn’t reach this far south, but we’re still feeling some of the effects, with very strong winds, and cloudy skies, it’s all supposed to get back to norm this weekend. I sure hope so! A local person apologized to me yesterday for the bad weather, and I said, “are you kidding me? It’s 16 degrees back home, I’ll take warmth with some clouds any day, over 16 degrees!”  Mike Meyer was kind enough to send me the Chinese fix rate today, thanks Mike. I forgot to ask Mike what day it was yesterday! Mike, Mike, Mike! We found a neat little local pizza joint last night, that made my day!  Well, I’m late getting this out today, so I had better wish you a Tub Thumpin’ Thursday and get it out the door! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837last_img read more

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Platinum traded flat until shortly after 1 pm Ho

first_img Platinum traded flat until shortly after 1 p.m. Hong Kong time.  At that point it developed a positive price bias—and really began to rally around 11:30 a.m. in London trading.  The rally got stopped in its tracks about 10:30 a.m. in New York—and got sold down pretty hard after that, giving up almost all of its gains from when Comex trading began earlier in the day. The dollar index closed at 80.16 on Tuesday afternoon in New York—and then didn’t do much for the entire Wednesday session, closing at 80.09.  Nothing to see here. It was almost the same type of price action in the silver stocks—and they closed almost on their high tick of the day, as Nick Laird’s Silver Sentiment Index finished up 1.39%. The silver price traded in a 20 cent range everywhere on Planet Earth yesterday—and there’s even less to see here. The low and high ticks, such as they were, were recorded as $21.155 and $21.34 in the May contract. But, like gold, silver got sold down from its 12:50 p.m. EST high—and finished the Wednesday session at $21.155 spot, up only 1.5 cents from Tuesday  Volume, net of March and April, collapsed all the way down to 25,500 contracts, which was a 45% decline from Tuesday’s volume. In Far East trading on their Thursday, there’s not much happening there either, with about two hours to go before the London open.  Once again volumes are extremely light—and the dollar index continues to hover just above the 80.00 mark. And as I fire this off to Stowe, Vermont at 5 a.m. EST I note that both gold and silver got sold down a bit during the two hours before the London open, but both have recovered somewhat since then.  Platinum and palladium aren’t doing much—and neither is the dollar index.  Because of those brief sell-offs, volumes in both silver and gold have picked up substantially, but still aren’t overly heavy considering the time of day. What the rest of the Thursday session brings won’t surprise me.  I’m expecting continuing rallies in both platinum and palladium, but as far as gold and silver are concerned, I haven’t a clue.  Prices could go either way—and I would have a perfect explanation for either scenario.  But whichever way prices do move, you can be sure that JPMorgan et al are behind it. See you tomorrow. The gold stocks opened mixed, but quickly rallied—and had most of their gains in by shortly after 11 a.m. EST.  From that point on, the stocks chopped sideways in a fairly tight range.  The HUI finished up 1.34%. Palladium also traded flat until 1 p.m. Hong Kong time on their Wednesday. From that point every rally attempt of significance got met head-on by a not-for-profit seller.  The high tick came shortly after Comex trading began in New York at 8:20 a.m. EST—and from that point the palladium price suffered the same fate as the platinum price. Let’s hope that the trend continues, or is allowed to continue There’s not a lot to talk about today as far as the gold price is concerned, as it did little in Far East trading—and about the same in early London trading as well.  The low tick was at the London a.m. gold fix—and the high came shortly before 1 p.m. EST in New York.  After that it got sold down about five bucks going into the 5:15 p.m. electronic close. The CME Group recorded the low and high ticks as $1,332.70 and $1,342.00 in the April contract. Gold finished the Wednesday trading session at $1,336.80 spot, up $2.40 on the day.  Net volume was exceedingly light at only 87,000 contracts. Sponsor Advertisement The CME Daily Delivery Report was a rather quiet affair yesterday, as there were zero gold and 29 silver contracts posted for delivery within the Comex-approved depositories on Friday.  In silver, JPMorgan stopped 26 contracts in its in-house [proprietary] trading account.  The link to yesterday’s Issuers and Stoppers Report is here. I noted in the CME’s Preliminary volume/price report that was posted on their website in the wee hours of this morning, that silver’s open interest in March is down to about 600 contracts net.  It will be interesting to see how much of that amount actually gets delivered—and how much of it will be gobbled up by JPMorgan Chase. There were no reported changes in GLD yesterday—and as of 10:20 p.m. yesterday evening, there were no reported changes in SLV, either. After a two week absence, the good folks over at Switzerland’s Zürcher Kantonalbank have updated their gold and silver ETF numbers up until February 28.  Their gold ETF declined a smallish 31,682 troy ounces over that period—but their silver ETF showed an increase of 53,531 troy ounces. The U.S. Mint had a tiny sales report yesterday.  They sold 500 ounces of gold eagles—and 500 one-ounce 24K gold buffaloes. There wasn’t much activity in gold within the Comex-approved depositories on Tuesday.  They reported receiving 3,215 troy ounces of the stuff—and shipped out 3,793 troy ounces.  Most of the activity was at Scotiabank’s warehouse.  The link to that activity is here. In silver, there was no metal reported received, but 279,687 troy ounces were shipped out—and virtually all of the activity was at Scotiabank’s warehouse as well.  The link to that action is here. It was another day where the news was dominated by what was happening in the Ukraine and in Russia—and I hope you can find some stories in here that interest you. Please take a moment and imagine a world where JPM didn’t set the price of silver on the Comex. It would be a world where real producers and users and investors determine the price by their own collective input—and not where the price of silver is set for them by speculators on some private exchange. Producers and consumers would produce and use metal to their capability and need and investors would do the same. The price would be set, not by intentionally disruptive computer schemes like HFT, or by some private trading scam involving technical funds and crooked banks, but by dealings in real metal. Then factor in that only 100 million oz. (worth $2 billion) are available for world silver investment annually after all silver fabrication demand is subtracted from total production. Finally, factor in that only 1.3 billion ounces of silver exist in 1,000 oz. bar form (worth less than $30 billion) and the owners of that silver don’t seem inclined to sell near current price levels. Ask yourself at what price you would sell in a non-manipulated market? – Silver analyst Ted Butler: 05 March 2014 There’s little to discuss regarding the price action in both gold and silver yesterday, as there was none worth mentioning—and volumes were very low as well.  Platinum and palladium made stronger attempts to rally, but I suspect that they ran into the usual not-for-profit sellers before their respective price rallies drew too much attention. However, with the strike in South Africa even further away from resolution, the day will come [and soon] that supply will no longer meet demand—and we’ll see what the ‘3 or less’ U.S. banks that control platinum and palladium prices on the Comex, can do about it then. Tomorrow we get both the Commitment of Traders Report—and the accompanying Bank Participation Report [BPR].  The data for the BPR is extracted directly from the COT data—and for that one day a month [at the Tuesday Comex close] we get to see what the U.S. and non-U.S. banks are up to in the precious metal markets. Nick Laird sent along his updated “Total PMs Pool” chart for the 2014 year so far—and it’s a wonder to behold.  Let’s hope that the trend continues, or is allowed to continue. Skyharbour Resources (TSX-V: SYH) is a uranium exploration company and a member of the Western Athabasca Syndicate which controls a large, geologically prospective land package consisting of five properties (709,513 acres) in the Athabasca Basin of Saskatchewan. The properties are strategically located to the north, south, east and west of Fission Uranium’s (TSX-V: FCU) Patterson Lake South (“PLS”) recent high grade uranium discovery on the western flank of the Athabasca Basin. $6,000,000 in combined exploration expenditures over the next two years is planned on these properties, $5,000,000 of which is being funded by the three partner companies. Numerous high-potential drill targets have been identified with drilling to start in March, 2014. The Company has recently acquired a 60% interest in the Mann Lake Uranium Project on the east side of the Basin strategically located 25km southwest of Cameco’s McArthur River Mine. The ground adjacent to this property is Cameco’s Mann Lake Joint Venture where an aggressive 13,000 metre, 18-hole drill program is about to commence and previous grades of up to 7.12% uranium have been intersected in drilling. The Company has 43.6 million shares outstanding with insiders owning over 25% of the outstanding shares. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions. Please visit our website to learn more about the company and request information.last_img read more

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first_img — Recommended Links – But the second trigger for panic, the one they’re forgetting, is simply rising defaults. Cheaper credit, by itself, won’t fix a failing business. Cheaper credit, by itself, can’t fix falling profit margins where there’s tremendous overcapacity, as there is in energy, manufacturing, retail, real estate, etc. In these sectors, defaults can and surely will cause massive losses for bond investors. This panic will begin in the next 12 months. And because the numbers are so large and global, the coming bear market in junk bonds will influence fixed-income markets and equity markets around the world. Since 2012, junk-bond issuance has totaled $1.4 trillion in the U.S. alone. That’s as much capital in four years as was issued in the decade between 2002 and 2012. And for the first time ever, global junk-bond issuance has equaled America’s. It is this cheap and seemingly endless supply of capital that has lowered profit margins, which is why corporate earnings continue to decrease (four quarters in a row…) and industrial production is falling. It explains the glut in energy and materials, too. I’ve been warning about this coming massive bear market in corporate debt. I’ve called it “the greatest legal transfer of wealth in history.” This is a period when wise investors (like Templeton) will take massive amounts of wealth from fools. To help position our subscribers on the right side of this trend, I’ve invested a lot of time and money in building a huge analytical engine to study every corporate bond that trades in the U.S. We examine around 40,000 individual bonds every month. We build our own credit ratings for every issuer and we compare our estimate of creditworthiness to the ratings agencies. We look at discrepancies between our view, the ratings agencies’ views, and the market’s pricing. In short, we’re using computers and databases to find the “needle in the haystack.” This analysis has, so far, led to 11 recommendations in our Stansberry’s Credit Opportunities service. Three of those recommendations never traded below our buy-up-to prices. Even so, the eight recommendations that have traded inside our buy-up-to windows (so far) have led to annualized returns of nearly 50% – with zero losses. The yield of this recommended portfolio is 7.5%. Huge amounts of capital have flooded into the junk bond markets this year, making it virtually impossible to buy bonds at a proper discount. But we know… our real opportunity is coming. But what about regular investors? What about folks without the capital or the sophistication or the patience to deal in the bond market, where getting a position filled can take months and dozens of phone calls? And… why only trade this mania from the long side? Why bother with finding the needles in the haystack? Why not simply do what Templeton did and sell short the bonds you know will fail? That’s a great question. And I’ve spent a year thinking about the right and safe way to make gains that are big enough to cover the risks involved. The answer isn’t trying to short individual bonds. Or even bond exchange-traded funds. The right way is a wholly different kind of strategy. It’s something you’ve never seen me recommend before. It’s a strategy that, like Templeton’s, will take a year or more to reach a substantial profit. It’s a strategy, like Templeton’s, that is extremely contrarian. It’s a strategy that I plan to invest several million dollars into personally… and that I believe will make me between 10 and 100 times my investment. It’s a strategy that will take discipline and patience – so most investors won’t follow it. And that’s the primary reason I believe it will work. I’ll tell you all about it next week… Good investing,  Porter Stansberry Editor’s note: Porter and his team are putting together a one-time presentation on Stansberry’s Big Trade to share with you on Wednesday, November 16, at 8 p.m. ET. You can instantly reserve your seat, and make sure you receive any and all important announcements leading up to the event, by clicking here. Attendance is FREE, no strings attached. And so is all the valuable and actionable information we’re going to share with you during the days ahead! I urge you to click here now, get all the facts, and make an informed decision about this historic crisis (and opportunity) while you can. Editor’s note: Today, we’re sharing Part 2 of a special essay from longtime friend and founder of Stansberry Research, Porter Stansberry. In case you missed Part 1, you can read it here. The full essay was originally published on September 9, 2016, in The Stansberry Digest. Today, around the world, something around $15 trillion in fixed income is trading at a price that guarantees investors will lose money if they buy the bond and hold it until maturity. I want to make sure you understand what’s happening because the bond market and bonds are a mystery to a lot of individual investors. A bond can trade at a negative yield to maturity (guaranteeing a future loss) while still paying a current coupon. How can that happen? It happens when investors bid the current price of a bond so far above par that the remaining coupons to be paid won’t cover the loss when the bond matures. So, for example, you might see a bond trading at $130 when it only has $29 worth of interest left to be paid before it matures at $100. An investor buying a bond like this has to believe he’ll be able to sell it at an even higher price, to an even bigger fool… or else he’s guaranteed to lose money. Of course, all investors believe that they will be nimble enough to sell before that happens. And all investors believe that governments will continue to buy these bonds… or maybe even stocks… and do whatever it takes to keep the bubble growing. This situation is the definition of an investment mania. Everyone knows that, someday, these bonds will reach maturity. And, at some point before they do, just as surely as the sun rises, these bonds are going to cause huge losses. And yet, despite these obvious facts… investors have begun to price even “junk” bonds – that is, noninvestment-grade debt – at prices that guarantee investors will take losses. Just like Templeton back in 2000, I know for certain that this mania is running out of steam. How can I know for sure? There are three big “tells”: First, total U.S. corporate debt is now 45% of GDP. That’s where the two previous credit cycles peaked (’02 and ’08). It’s simply not possible that the amount of credit outstanding to corporations can grow much from here because, even at very low rates of interest, there are not enough willing borrowers. Think about yourself. Does it really matter if someone offers you a 2% rate on a credit card? Are you going to go into debt for any reason? Nope. Second, and far more important when it comes to timing, the number of banks in the U.S. that are tightening lending standards is rising and has just passed a critical threshold (10%). Banks tend to tighten lending standards at the same time, at the end of a credit cycle and beginning of a default cycle. Third, we know for sure that a new default cycle has begun because not only are banks tightening, but credit downgrades (by the ratings agencies) have bottomed (in 2014) and continue to grow substantially. Likewise, outright default rates have bottomed and continue to grow rapidly. Morgan Stanley’s top high-yield bond analyst (Meghan Robson) believes the default rate in high-yield bonds will hit 14% by the end of 2017 (it was basically zero in 2014). She also says the total default rate will peak at 25% annually within five years. The “fuel” that’s behind this mania and the reason it continues to grow (for now) is the fact that most professional investors, aka “Wall Street,” believe that without higher interest rates, there simply won’t be a trigger for a panic. But these guys are forgetting something that’s very, very important… There are two ways to trigger a panic in the bond markets, not just one. Yes, the first trigger is higher interest rates. (If new bonds are being issued that pay higher rates of interest, it makes the older bonds – which pay lower coupons – worth less in comparison.) Who’s Behind This Mysterious Structure? The identity of the man who built it… and his prediction of a coming change to our economic system… will shock you. 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