Wednesday, October 31, 2012

Asia stocks mixed after China PMI improves






Traders work on the floor at the New York Stock Exchange in New York, Wednesday. Traffic is snarled, subways out of commission, streets flooded and power out in many parts of the city, but the New York Stock Exchange opened without hitch Wednesday after an historic two-day shutdown, courtesy of Superstorm Sandy. AP



BANGKOK—Asian stock markets showed modest improvement Thursday after two business surveys showed an upswing in China’s manufacturing sector last month.


The China Federation of Logistics and Purchasing said its monthly PMI reading on manufacturing activity stood at 50.2 on a 100-point scale, on which numbers above 50 indicate an expansion of activity. Separately, HSBC Corp.’s survey said the number had improved to 49.5, an eight-month high.


That helped boost stocks in China and Japan. After a lower opening, Japan’s Nikkei 225 index rose 0.4 percent to 8,963.42. Hong Kong’s Hang Seng also reversed course and headed higher, at 0.5 percent to 21,748.08. South Korea’s Kospi was down 0.8 percent at 1,897.20. Mainland Chinese shares rose.


The New York Stock Exchange was closed Monday and Tuesday, and the city that is the world’s financial center struggled to get back to work after a huge storm slammed into the U.S. East Coast. The trading floor reopened Wednesday but had to run on backup generators because of a power outage in lower Manhattan.


By the end of the day, stocks had barely budged, with the Dow Jones industrial average and the S&P 500 each moving less than a tenth of percentage point.


Investors will be keeping an eye on a raft of US economic news to be released over the next few days, culminating in a comprehensive jobs report for October at the end of the week. This month’s figures may have a more notable impact, coming ahead of Tuesday’s closely fought US presidential election.


Benchmark oil for December delivery rose 12 cents to $86.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents to finish at $86.24 per barrel in New York on Wednesday.


In currencies, the euro rose to $1.2965 from $1.2962 late Wednesday in New York. The dollar rose to 80.07 yen from 79.76 yen.


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Tags: Asia , Business , China , Stock Activity , Stock Market



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Dollar flat versus euro as US stock market reopens






The streets surrounding the New York Stock Exchange are deserted as financial markets remain closed for the second day due to superstorm Sandy, Tuesday. AP PHOTO



NEW YORK — The dollar was unchanged against the euro Wednesday as US stock markets reopen after being closed for two days because of superstorm Sandy.


The euro was unchanged at $1.2962 Wednesday.


No US economic data was released Wednesday. On Thursday the government will release figures on how many Americans applied for unemployment benefits and also on consumer’s confidence.


The dollar rose to 79.76 Japanese yen from 79.60 Japanese yen and to 1.0002 Canadian dollar from 99.96 Canadian cents.


The British pound rose to $1.6130 from $1.6077. The dollar fell to 0.9313 Swiss franc from 0.9323 Swiss franc.


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Stocks mixed after historic 2-day close


Stocks closed mixed on Wednesday in their first session since Hurricane Sandy forced an historic two-day shutdown of trading.

The Dow Jones industrial average slipped 10.75 points to 13,096.46. The Standard & Poor’s 500 index rose, but barely _ up 0.22 of a point to 1,412.16.


Investors were nervous that a flood of orders after two days of pent-up demand from customers might lead to volatile trading. But stock prices barely budged at the opening, and stayed within a tight range throughout the day.


“It’s been very smooth,” Duncan Niederauer, CEO of NYSE Euronext, told CNBC from the exchange floor shortly after the opening bell. “The market-making community is more than staffed enough to be open.”


The last time the New York Stock Exchange closed for two consecutive days because of weather was during the Blizzard of 1888 _ 124 years ago. Since power was out in large parts of downtown Manhattan on Wednesday, the trading floor had to be run on backup generators.


Home Depot and Lowe’s rose as investors anticipated more business for the home improvement chains as people made repairs in the aftermath of the devastating storm. Home Depot gained $1.34 to $61.38 and Lowe’s rose $1.02 to $32.38.


Netflix soared $9.66 to $79.24 after financier Carl Icahn said he had bought a 10 percent stake in the troubled company.


Among the losers were insurers Chubb, Allstate and Travelers. Investors worried that the companies are most likely to suffer losses due to insurance claims. The trio have a large share of the insurance market in areas where Hurricane Sandy hit.


Chubb fell 98 cents to $76.98, Travelers dropped 62 cents to $70.94 and Allstate slipped 17 cents to $39.98.


Half of the ten industry sectors in the S&P 500 fell. Health-care stocks were down 0.7 percent, the biggest drop. Utility stocks led the gainers with a rise of 0.8 percent.


Stocks flitted between small gains and losses in the last hour of trading. The indexes started the day higher than the close on Friday, the last trading day. Then they dropped, and stayed in the red for much of the day.


The tech-heavy Nasdaq composite lost 10.72 points to 2,977.23.


The opening followed days of scrambling by NYSE officials to make sure power, telecom connections and computers would be ready. Many workers on the floor use the subways to get downtown, but Hurricane Sandy left the system with its worst damage in its 108-year history. New York’s governor, Andrew Cuomo, said says limited subway service will resume in New York City on Thursday.


About three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 3.4 billion shares, in line with the recent average.


What are today’s top 50 stocks? This free list will share the big market movers on a daily basis to help you find trading opportunities.


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The yield on the 10-year Treasury note fell to 1.69 percent from 1.72 percent at midday Monday. Bond trading was closed Tuesday and ended early Monday because of the storm.


Among other stocks making big moves:


_Facebook fell 83 cents to $21.11, a loss of nearly 4 percent. Facebook employees became eligible this week to sell restricted stock for the first time. Up to 1.5 billion more shares could be sold, about 3.5 times the 421 million shares that had been trading since Facebook’s initial public offering in May.


_ General Motors jumped $2.22 to $25.50 after the company reported a turnaround in its South American business and gave a brighter outlook for sales in Europe. GM posted better-than-expected results internationally outside of China


_ Apple fell $8.68 to $595.32. The Wall Street Journal reported that the head of Apple’s iPhone software development was asked to resign after he refused to sign a letter apologizing for the flaws of Apple’s mapping application.


By BERNARD CONDON

AP Business Writer


(AP:NEW YORK)



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US stocks close mixed in 1st session after storm





NEW YORK – US stocks finished mixed Wednesday as trade resumed after the financial sector was shut down for two days by megastorm Sandy, which blasted New York leaving parts of the city flooded and millions without power.


Trade on the New York Stock Exchange and Nasdaq went off mostly smoothly, the NYSE backed up by generators as much of Wall Street remained dark, though many participants were still unable to return to their offices.


Trade was strong and stocks jumped at the opening, only to turn downward as the day progressed.


At the closing bell, the Dow Jones Industrial Average was down 10.67 points (0.08 percent) at 13,096.54.


The broad-based S&P 500 gained 0.20 (0.01 percent) at 1,412.14, while the Nasdaq was down 10.32 (0.36 percent) at 2,977.23.


“There are still a lot of investors, players, large active investors that haven’t been able to return to work,” said Hugh Johnson of Hugh Johnson Advisors.


“It’s a very disjointed day, and it doesn’t really reflect the views of all investors,” he said.


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Daily Update: Did Sandy create a plus or a minus for the U.S. Economy?


Due to technical issues associated with Hurricane Sandy we do not have a video today.


Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 31st of October.


Well there is no question about it, the last few days have been devastating for millions of residents in the Northeast.


Sandy certainly lived up to her billing as the “Storm of the Century” as she left a path of epic destruction in the wake. Luckily our corporate headquarters, which are based in the mid-Atlantic region on the Chesapeake Bay, missed the wrath of this very serious storm.


The US stock markets re-opened today after being closed for two days. The markets needed to open today, as it is the last day of the month and many asset managers value their holdings at of the end of the month.


I expect the markets to be very quiet day and thinly traded as many traders and trading companies are still without power, internet and reliable transportation. This may be the norm for the next several days as New York City grapples with the task of putting itself back together again, six days before the election.


On the corporate front, Apple shakes up its lineup and we are seeing Tim Cook consolidate his style of management at Apple. This has been largely reflected in the stock price which has eroded dramatically. As you know, we are on the sidelines on Apple, based on our Trade Triangle technology.


Now, let’s go to the market’s and see what our Trade Triangles are indicating.


QUICK TAKE ON THE MARKETS:


S&P 500: Thin trading and a broad trading range for the week. The major trend remains positive according to our Trade Triangle technology for the S∓P 500. Based on our intermediate-term weekly Trade Triangle we are on the sidelines in this index. Resistance at $1,420 and psychological support at $1,400, but remember this is October and we have an election coming up.

CLOSED LAST FRIDAY AT $1,411.94


CRUDE OIL (Dec): Higher for the week, expect to see a rally. The long-term trend is positive. Intermediate-term trend based on our Trade Triangle technology remains negative. Major support at $85 and $84 a barrel on the December contract.

CLOSED LAST FRIDAY AT $86.30


It’s not too late to get my latest e-book! It’s free, so what are you waiting for?


EURO (Spot): Positive trend for the Euro and it is slightly higher on the week. All our Trade Triangles are green and are bullish for the Euro. We are getting a little concerned that we are putting in a potential twin peak in the Euro. Pay close attention to the daily and weekly Trade Triangles.

CLOSED LAST FRIDAY AT 1.2937


GOLD (Spot): Gold is little higher for the week. Our monthly and daily Trade Triangles are green and bullish on gold. Only our weekly Trade Triangle indicator remains red. Look for support around the $1,700 level. We are expecting a rally from current levels.

CLOSED LAST FRIDAY AT $1,711.05


COPPER (Dec): Broad trading range, lower for the week. Only our long-term monthly Trade Triangle is green and bullish on copper. Support at $3.5000.

CLOSED LAST FRIDAY AT $3.5490


SILVER (Spot): Higher for the week and expecting more of a rally. Support at $31.50. Our monthly Trade Triangle and daily Trade Triangle are both green and bullish on silver. Silver is oversold and has a positive divergence to the upside. Watch the $32.50 level, a move over this level signifies a stronger rally.

CLOSED LAST FRIDAY AT $31.95


THREE STOCKS TO AVOID:

KRAFT FOODS GROUP (KRFT), WESTERN UNION (WU), APACHE (APA)


THIS STOCK LOOKS GOOD FOR A QUICK POP!

FORD MOTOR (F)


WILD CARDS: Hurricane Sandy recovery, US Election, Terrorism, Middle East, Europe and the Fiscal Cliff.


Every success in trading and have a great day.


Adam Hewison

Founder & President INO.com and co-founder of MarketClub.com.



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PH stands out among booming markets


Goldman Sachs exec credits good governance


By




President Benigno Aquino. FILE PHOTO



The Philippines has strong growth prospects over the medium- to long-term due to a large degree to policies of the Aquino administration that have succeeded in leveling the playing field for foreign investors, a ranking official of Goldman Sachs said.


In a briefing late Tuesday, the investment banking giant’s vice chair, Carl Stern, pointed out that the country’s economic growth was poised to even surpass its peers in the so-called “Next 11” list of booming emerging markets published last year.


“Your growth prospects look quite good relative to the alternatives out there,” he told reporters during a one-day visit to Manila to meet the firm’s local clients. “The Philippines is certainly one of the fastest-growing economies.”


The Next 11 list was published by Goldman Sachs economist Jim O’Neill last year, citing Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, South Korea and Vietnam as the emerging market economies that would lead global growth in the 21st century.


O’Neill is the same economist who coined the term BRICs in 2003, representing the booming economies of Brazil, Russia, India and China.


“Among the Next 11, the growth forecast for the Philippines of 5, 6, 7 percent [gross domestic product growth] certainly ranks very favorably,” said Stern, who joined Goldman Sachs after serving as president and CEO of the Boston Consulting Group.


The visit of the high-ranking official of one of the biggest investment banks in the world represented an important milestone for the firm, which, until recently, has kept a relatively low profile in the Philippine financial market.


Stern said the growing emphasis on the Philippines was due, in part, to the economic difficulties being experienced by the advanced economies of the United States and western Europe.


“Investors go where there’s money to be made,” he said, referring to emerging markets in general and the Philippines in particular.


The Goldman Sachs vice chair acknowledged the fact that the Philippines has experienced several boom-and-bust cycles in the past, but expressed optimism that the current economic upswing being experienced was a unique event mainly because of the Aquino administration’s thrust at improving overall governance in the country.


“The job that your government has done in anti-corruption, among many things, is setting a more solid, predictable foundation for the kind of capitalism that we practice,” he said.


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Gov’t spent P17.9B on subsidies in 9 months

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The government gave out P3.1 billion in subsidies to state-owned and -controlled corporations in September, a big part of which was allocated to those engaged in projects related to utilities, housing, irrigation and rice.


Documents from the Bureau of the Treasury show that the amount was 81-percent higher than the P1.7 billion given out in the same month of 2011.


It also brought cumulative subsidies to state firms for the first nine months of this year to P17.9 billion, or 6.3-percent less than the P19.1 billion for the same period last year.


Cumulative expenses on subsidies remained lower than last year’s even as the national government’s total spending went up by 14.5 percent for the nine-month period.


According to Budget Secretary Florencio B. Abad, expenses in September alone rose 14.1 percent due to the improving absorptive capacities of departments and agencies.


Abad said the top five departments with the highest obligation rates against allotments received—or absorptive capacities—in the third quarter were the Department of Public Works and Highways (72 percent), Department of Agriculture (68 percent), Department of National Defense (64 percent), Department of Interior and Local Government (61 percent), and Department of Education (59 percent).


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PDIC to bid out 178 real estate assets

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The state-owned Philippine Deposit Insurance Corp. (PDIC) will bid out next week 178 pieces of real property it has acquired to boost the resources for the payment of debts of banks placed under its receivership.


In a statement, the state-owned firm said that based on the minimum disposal values of the properties, it expected to raise at least P181.5 million from the bidding on Nov. 8.


The assets to be sold included 173 residential and five commercial lots. The residential properties are located in various provinces while the commercial assets are in South Cotabato and Zamboanga del Sur.


Up for grabs are properties acquired by PDIC from banks that have shut down and placed under its receivership. Under its charter, PDIC is mandated to assume the liabilities and acquire the assets of banks ordered closed by the central bank.


“The PDIC continues to pursue the disposal of assets consistent with its ‘Roadmap to 2016’ of liquidating non-financial assets to benefit the creditors of closed banks,” the state-owned firm said.


Under bank closure rules, PDIC must prioritize the payment of deposit insurance claims against failed banks. Creditors of banks that have shut down may or may not be paid, depending on the amount of money PDIC raises from sale of assets of the closed banks.


Efforts of PDIC to generate as much cash as possible from asset sales are expected to benefit creditors of failed banks.


PDIC said parties interested to participate in the Nov. 8 bidding, to be held at its office in Makati City, were advised to physically inspect the properties they intended to buy, assess and verify the land titles and other documents, and determine unpaid taxes and other obligations involving the assets, before the bidding.


Bids for the properties must be accompanied by a bond amounting to 10 percent of the submitted bid, PDIC said.


“The PDIC will receive sealed bids only from direct buyers,” it said.


PDIC said the list of the properties for sale and their descriptions has been posted on its website.


The bidding on Nov. 8 will follow the last held by PDIC in August, in which it sold 130 pieces of real estate property worth nearly P244 million.


Since the start of the year to the end of September, there were 18 rural banks placed under the receivership of PDIC. These were on top of the 31 banks, mostly rural banks, ordered closed last year.


Most of the bank closures ordered by the Monetary Board of the Bangko Sentral ng Pilipinas were due to capital deficiencies of the banks.


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Oil price rises on superstorm threat to supplies






Early morning commuters cross New York’s Brooklyn Bridge, Wednesday. Morning rush-hour traffic appeared thicker than on an ordinary day as people started to return to work in a New York without functioning subways. AP PHOTO



Oil prices rose Wednesday on concerns about near-term oil supplies in the U.S. following a fierce storm that caused havoc across the northeastern part of the country and was threatening to inflict more damage inland.


By early afternoon in Europe, those concerns helped benchmark crude for December delivery rise 65 cents to $86.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to finish at $85.68 a barrel in New York.


In London, Brent crude, used to price many international varieties of oil, was up 38 cents to $109.46 per barrel on the ICE Futures exchange.


A hurricane that evolved into a winter superstorm, Sandy cut power to more than 8 million homes, shut down 70 percent of East Coast oil refineries and inflicted worse-than-expected damage in the New York metropolitan area. That area produces about 10 percent of U.S. economic output.


Sandy came ashore Monday evening in New Jersey, dumped heavy rain inland in Pennsylvania on Tuesday and was expected to turn toward New York state and Canada overnight.


The storm will end up causing about $20 billion in property damages and $10 billion to $30 billion more in lost business, according to IHS Global Insight, a forecasting firm.


Widespread power outages and transportation disruptions, and hazardous driving conditions would likely reduce demand for energy. But analysts said crude imports will likely be reduced until East Coast ports reopen.


“So even if refineries were able to get up and running soon, there’s a good chance we won’t have the feedstock to keep them going,” Carl Larry of Oil Outlooks and Opinions.


Analysts noted that it was too soon to judge the longer-term effect Sandy will have on oil prices.


“The full assessment cannot yet be made, but at this stage it does not appear that Sandy has done any significant damage to the supply side,” said Olivier Jakob of Petromatrix in Switzerland. “Demand in the Northeast has been severely hit the last three days but that will quickly come back. We find it hard to formulate a strong directional conclusion based on Sandy.”


In other energy futures trading in New York:


— Wholesale gasoline rose 4.45 cents to $2.66 per gallon.


— Natural gas was up 5 cents to $3.741 per 1,000 cubic feet.


— Heating oil lost 0.33 cent to $3.0664 per gallon.


The Nymex was closed Tuesday because of the storm, but electronic trading continued. Normal trading is expected to resume Wednesday.


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Four Critical Goal Setting Tips for E-mini Futures Trading


One of the most common characteristics among highly successful traders is being extremely goal-oriented. People are most effective, happy, and not surprisingly, physically and mentally healthy when they have clearly established goals. From the small and mundane tasks, such as cleaning your desk, to more important life issues ranging from child rearing to estate planning, having a goal and making steady progress towards that goal creates a state of mental clarity and a sense of purpose.


That’s the good news. The flip side of the coin is that poorly planned goals can have the complete opposite effect. Once we firmly establish a specific goal, our subconscious kicks in gear to “get ’er done”. This has nothing to do with will power — it’s simply the way we are wired. While establishing and pursuing goals can lead to a higher quality of life, unless they are structured properly, they can also lead to depression and an overwhelming sense of failure. So before we start flipping those switches and the synapses start firing, let’s clarify some sound and solid principles that will become the foundational structure of every goal we set both in our E-mini Trading business and other areas of our life as well.


1) Goals Must Be Clearly Defined


In order for a goal to be realistic, it must also be clearly defined. When I ask new traders what financial goals they have for their trading business, I often get answers like, “Well, you know, I just want to make some money.”


I inform them that’s not an acceptable goal. The second try usually sounds more like, “Well, you know, what I mean is that I want to make a lot of money.”


That still doesn’t cut it. At this point, I can see the frustration on their face and hear it in their voice. They just want to give me the right answer, but it’s about more than that. Once they get to the third try, in an effort to please me, they go the opposite direction and explain that what they really want is to be able to provide for their families, give money to charity and do good works. I really hate hitting the game show “no” buzzer on this heartfelt response, but I’m forced to do it. They just went from Gordon Gekko to Charles Ingalls. Truth is you can be either one you want, but not without a clearly defined goal.


The point I’m trying to drive home is that a true goal can have no ambiguity attached to it whatsoever. You’re about to throw a very important switch in the back of your brain and your subconscious is going to labor 24/7 to make it a reality. You better make sure it has the proper instructions. Haphazard directions will not only stand in the way of success, but it can make you feel a little bit frustrated, angry and eventually crazy. Sometimes paranoia shows up just to keep the others company.


As with any business plan, you need an earnings projection. Your business plan will cover capital expenditures, recurring fixed expenses, initial investment, the legal structure of your trading entity, etc. However, those items are more along the lines of factual fill-in-the-blank type answers. What you need here is your earnings projection — a hard dollar amount. You can project it daily, weekly, monthly, or quarterly; anyway you choose because it’s your plan and your goal. As we work through the next 2 steps, you will better understand why it is absolutely critical that your goals be well defined.


2) Goals Must Be Realistic


Your goal needs to be within your capabilities. Is it possible to make $50k your first year as a trader? Yes. Is it possible to make $500k? Yes.


“Can I make a million dollars?”


Again the answer is yes because with trading, literally anything is possible. A realistic goal is just as important as being clearly defined. If your goal is not realistic, you will fail to achieve it. If you fail to achieve it, you run the risk of beginning a downward spiral. That’s not to say you can’t or won’t pick yourself up and take another run at it, but after a string of failures, it can be difficult for even the strongest trader to bounce back. Keep in mind, you’re entering an arena where some make 8 figures a year and 90% of traders fail to last a year. Don’t be discouraged; I am just trying to emphasize the importance of goal-setting.


So what is realistic for a new trader? Initially you will spend 1-3 months in training (possibly longer) before you begin trading real money. Once you begin trading live, we teach you to strive for 2 points a day net. You will only be trading 1 contract which works out to be $100 a day. I will encourage you to pursue this course of action for 2 weeks. If you are successful on this mission at the end of 10 days, you will have earned $1,000.00. Intraday margins for the S&P 500 E-mini Futures are $600 per day. After completing your first goal of earning $1,000.00, I will suggest that you increase your number of contracts traded to 2. You’ve proven yourself pretty effective at this point when it comes to capturing 2 points a day net. It is a clearly defined and realistic goal. Let’s not tinker with success just yet. There will be plenty of time for that later.


What happens if at the end of 10 days, you haven’t netted 20 points (2 points per day average)?


We figure out why. During your training period, you established your ability to capture 2 points a day net. That’s how you graduated to Live Trading. Before you ever put 1 dime of your risk capital to work, you have already established that 2 points per day net is realistic. At this juncture, we can return to the simulator for a few days, a week or however long it takes to isolate the issue that is hampering your performance. It’s a fairly simple process of elimination, and once we nail it, you move back into the live account. We know the 2 points per day net is realistic, now we just need to reach our goal of doing it 10 days in a row. Perhaps this time it goes off without a hitch or maybe we encounter a new issue. No problem. We move back into the simulator, isolate the issue, resolve it, and move back into the live account.


You will repeat the process as many times as it takes until, by your own hand and with your own skill, you prove your ability to net 2 points a day for 10 consecutive days. You have removed most elements of luck, good or bad. You have proven to yourself that this has nothing to do with gambling and everything to do with learning to put the odds in your favor as you pursue only high probability trade setups.


At this point we have:



  • A clearly defined goal

  • A realistic goal


I want you to step back at this point and understand what an important milestone you have potentially reached and the full scope of your achievement. The amount of time it has taken you to reach this point is not important. You are building life skills that will serve you for the rest of your career, and if managed properly, will serve generations to come. In an industry where some traders earn 8 figures and 90% of those who want to become traders fail, you may have made the cut. You’ve crossed the line. You are no longer just some guy or gal with money in an account somewhere; you are a trader. Smile, take a deep breath, and walk in humility.


Now we have to make a very important decision. Where do we go from here? Remember we increased our number of contracts to 2. This means that every 5 days we net 2 points, and we potentially make $1,000.00. After 15 consecutive days of netting 2 points per day, you have now potentially earned $2,000.00 from the market. At this point, I will suggest that you add a 3rd contract. You began with no experience or very little. You defined a goal of 2 points per day, and you’ve proven it to be realistic. With the addition of the 3rd contract, every 5 days that you net 2 points could bring you $1,500.00. With holidays factored in, you may have created a job in a bad economy that might pay approximately $75,000.00 per year?


3) Goals Must Be Attainable


This is very similar to having a realistic goal. For the goal to be attainable, it must be in your wheelhouse (to use a little pop vernacular). In other words, the goal is only attainable if it falls within your scope of capabilities. The good news? Based on how we train you and based on how firm we were with you about ensuring that your goal was clearly defined and realistic, step #3 is practically already in place.


Your clearly defined goal was simply to net 2 points a day. Correct?


Your clearly defined goal was also a realistic goal. Correct?


Had you stepped in with some of the half-hearted but well-meaning goals we discussed earlier, you would probably still be struggling or out of the game by now. Had I allowed or encouraged you to pursue an unrealistic goal of a million dollars in your first year, you would have probably spun out of control and blown up your account.


At this point, you’ve almost met your goals and honed all the necessary skills. You defined a realistic goal and attained it.


There is a 4th and final step to successful goal setting. Please keep in mind that just as we walked through these steps as they apply to E-mini Futures Trading, this structural foundation will work in every area of your life, from being a better steward of your resources to running a marathon.


4) Goals Must Be Measurable


Unless you can measure your progress, how will you ever know when you arrive? It’s that feeling of accomplishment that comes when you plan your work and work your plan. Did we not measure each and every step of our progress on this journey to becoming a successful trader? And when things didn’t measure up, we knew exactly what to do. We did not get discouraged, we did not get depressed and no computer monitors were harmed in this goal setting exercise.


Now that we’re here, not only will you continue to measure your success, but over time using the exact same method that got you to this point, you will probably choose to raise the bar. If there’s a setback, you will know exactly how to handle it and how to get right back on track.


Definable – Realistic – Attainable – Measurable


Written by DeWayne Reeves of CFRN.net. Burton Schlichter is a partner and featured broker at CFRN.net.


Trading is not without risk. You should only trade with money that you could afford to lose. You should always consult with a licensed investment professional before making any investment decision. Our training embraces aggressive risk management practices.


Learn to Trade the E-mini S&P 500


Learn to Trade the E-Mini S&P 500 as well as other futures markets in a live trading environment with professional traders. Test drive the online platform for a full week with the Christian Financial Radio Network (CFRN). These virtual classes are led by seasoned traders whose guidance and experience will allow you to grow in an educational setting. By the end of the course, you will be taught to look for helpful indicators that may improve your trading strategies. This is live training in live markets. Get started now!


By: Introduced by Burton Schlichter



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Volvo Car Corporation improves safety with communicating cars





MANILA, Philippines – Enabling vehicles to communicate with each other and with the traffic environment opens up fantastic possibilities.


Vital information can be shared and exchanged – creating a safer and more comfortable drive. This is why Volvo Car Corporation joined the CAR 2 CAR Communication Consortium together with other European automakers and suppliers. The aim is to have a common platform for CAR 2 CAR communication ready within five years.


“In the future we will have advanced exchange of vital information between vehicles such as their position, speed and direction,” says Erik Israelsson, Project Leader Cooperative ITS (Intelligent Transport Systems) at Volvo Car Corporation.


Volvo Car Corporation recently signed a memorandum of understanding with the members of the CAR 2 CAR Communication Consortium regarding the implementation of standardized technology for communication between cars from 2016 and onwards.


The aim is for inter-car communication to function between all cars, irrespective of make. Communication takes place via a wireless network (similar to WLAN) and utilizes existing systems such as the GPS navigation system. CAR 2 CAR has been granted a separate frequency so that cars within a given radius are automatically linked together and can exchange information about parameters such as their position, speed and direction. The installation of transmitters in the road infrastructure, such as road signs and traffic lights, further extends the communication network.


“There is considerable potential in this area as well as opportunities for many benefits in many spheres over and above road safety, such as a more uniform flow of traffic and additional comfort for road users,” relates Erik Israelsson.


A few examples of application areas for the new technology:


Green Light Optimum Speed Advisory


Via a transmitter in the traffic light, information is provided regarding the optimum speed for a car to maintain in order to pass through a succession of green lights, thus avoiding unnecessary braking for red. At red lights, the driver can also receive information about how long it will be before the light turns green.


Emergency Vehicle Warning


Alerts the driver to the presence of nearby emergency vehicles, allowing him or her to create free passage well in advance and without being taken by surprise. This can be of benefit in the evening and at night in urban areas where emergency vehicles use their sirens more sparingly out of consideration for nearby residents, and also if loud music is playing in the car.


Road Works Warning


Alerts the driver to road works. Construction vehicles and heavy equipment can transmit information to vehicles well in advance of the site. Drivers can thus receive information about changed speed limits and altered routes near the work-site. The system can also keep the driver informed about the remaining distance before the end of the long road-work zone.


Slow Vehicle Warning


Slow or broken-down vehicles in the roadway transmit a warning to other road users. Receiving information well in advance can cut the risk of unpleasant surprises in traffic and thus reduce accidents.


Traffic Jam Ahead Warning


Alerts the driver to traffic stops or tailbacks. Since vehicles to the rear are alerted that there is a stop further ahead, there is less of a risk of accidents.


Weather Information


Issues a warning about local bad weather such as heavy rain, snowfall or icy roads.


In-Vehicle Signage


CAR 2 CAR provides information about regular or temporary speed limits. This information is provided by communication units along the road that can pass on information about parameters such as road signs and their location on the route.


Emergency Electronic Brake Light


Vehicles that break down on the road create dangerous situations both for drivers and passengers in the stricken vehicle, as well as for other road users. CAR 2 CAR warns if a vehicle suddenly slows down.


Motorcycle Approaching Indication


Motorcyclists are among the most vulnerable road users and in order to improve safety CAR 2 CAR informs other road users if there is a motorcycle nearby.


Red Light Violation Warning


Traffic lights that communicate with cars make it possible to alert a driver who has not noticed a red light, for instance by activating a prominent sound and light signal in the car. This technology also makes it possible to warn a driver going through a green light if another vehicle is about to cross his/her path by mistake.


“When the system is fitted into future cars it will be of considerable benefit to drivers and next-generation infrastructure, and will help improve traffic safety,” says Erik Israelsson.


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Go full throttle with Volvo’s ownership offers





MANILA, Philippines – It is high time to reward yourself with a car that is as exciting to drive as it is safe. Stating in October 2012, Volvo Philippines’ Full Throttle ownership offer gives you the chance to drive home your favorite Volvo for as low as 20% downpayment at zero interest for up to 60 months.


Volvo has always designed cars around people. That is why carefully chosen and allergy tested materials, ergonomically designed seats and the Volvo Sensus, a unique driver interface which allows you to personalize your Volvo’s infotainment settings, are all made for enhanced comfort, making you in full control of every drive. A range of powerful yet fuel efficient engines are also available at your disposal.


Volvo’s new design language, enhanced safety technologies and upgraded engine performance, also assures you that whatever lifestyle you choose, there is a Volvo that fits perfectly for you. Not to mention world class safety technology leadership ensures that you and yours can continue celebrating life with peace of mind.


Drive home the multi-awarded, world’s first 7-seater SUV Volvo XC90, the Volvo XC60 with the world’s first rear-end collision avoidance safety system known as City Safety, the dynamic Volvo S60 Sports Sedan and the versatile Volvo V60 Sportswagon, the Volvo S80 Luxury Executive Sedan or the iconic and nimble Volvo C30 Sports Coupe with a flexible financing terms truly designed around you. Find out more by visiting or calling the nearest the Volvo Showrooms.


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SM leisure estate company back in the black

By




Photo taken from SM Prime Holdings Facebook account



MANILA, Philippines—Highlands Prime Inc., a Southern Luzon leisure estate developer led by the SM group, has returned to profitability on the back of a surge in revenues from its residential lot, condominium and log cabin developments.


In a regulatory filing, Highlands Prime reported that it had chalked up a net income of P29.2 million from January to September this year, a reversal of the net loss for the same period last year of P49.4 million.


This turnaround was fueled by a 114-percent year-on-year surge in realized revenues to P419.9 million, in turn attributed to the contribution of the residential lot projects which accounted for 51 percent of the total. Condominium and log cabin projects contributed 49 percent of total revenues.


Gross profit soared by 124 percent to P180.1 million year-on-year, likewise due to the contribution of the higher-margin residential lot projects.


Meanwhile, other income fell by 36 percent year-on-year to P21.9 million this year as last year’s earnings were boosted by an interest in an escrow fund and gain on sale of investment.


On the expenditure side, Highlands Prime’s total operating expenses rose by 4 percent to P124.2 million due to the increase in manpower cost, professional fees and repairs and maintenance. Interest expenses were down by 46 percent due to lower average lending rate and considerable reduction in outstanding bank loans.


The company’s total assets as of end-September went down to P4 billion from P4.7 billion as of end-2011 as the company reduced land and development costs and other assets.


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Tags: Leisure , News , Real Estate



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DMCI raises P10 B through debt notes

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MANILA, Philippines—The real estate and housing unit of DMCI Holdings has raised P10 billion from the sale of long-term debt to selected institutional investors.


DMCI told the Philippine Stock Exchange on Wednesday that its unit DMCI Project Developers Inc. has signed the seven-year fixed rate corporate notes facility, which was upsized from the original offer of P5 billion due to strong demand.


The disclosure said the DMCI housing unit would use the proceeds from the notes issue “to finance project development and construction costs, acquire real estate properties, and fund other general corporate purposes.”


Unlike retail bonds which require a more stringent registration process with the Securities and Exchange Commission, the issuance of corporate notes is a faster fund-raising exercise because the notes are privately offered and sold to no more than 19 institutional investors.


BDO Capital & Investment Corp. acted as the lead arranger and sole bookrunner of the notes issue.


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Aboitiz Equity Ventures nets P18 B in nine months

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MANILA, Philippines—Aboitiz Equity Ventures grew its nine-month consolidated net profit by 12 percent year-on-year to P18 billion on higher earnings from its power and banking businesses.


For the third quarter alone, consolidated net profit went up by 7 percent to P6.2 billion from a year earlier, AEV disclosed to the Philippine Stock Exchange on Wednesday.


Power continued to account for the lion’s share of AEV’s nine-month earnings at 78 percent while the banking and food segments contributed 17 percent and 5 percent, respectively.


The flagship Aboitiz Power Corp. ended the nine-month period with a higher income contribution of P14.1 billion versus P12.4 billion last year, in turn fueled by higher average selling prices and increased net generation.


Excluding non-recurring items, AEV’s core earnings for the nine-period ending September went up by 14 percent year-on-year to P17.6 billion. During the period, AEV posted a one-time gain of P894 million versus last year’s non-recurring loss of P28 million resulting from the revaluation of group-wide dollar-denominated liabilities and placements.


On the other hand, AEV had also written off P513 million in one-off items from its share in the non-recurring net loss of its power unit, which reflected the higher fuel cost booked by its geothermal plants.


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Tuesday, October 30, 2012

NYSE, Nasdaq to reopen Wednesday






The streets surrounding the New York Stock Exchange are deserted as financial markets remain closed for the second day due to superstorm Sandy, Tuesday, Oct. 30, 2012. NYSE and the Nasdaq exchange announced they will reopen Wednesday. AP/RICHARD DREW



NEW YORK—The New York Stock Exchange and the Nasdaq exchange announced they will reopen Wednesday after Hurricane Sandy forced a two-day shutdown, the markets’ first closure since the 9/11 attacks of 2001.


“We are pleased to be able to return to normal trading tomorrow,” said NYSE Euronext chief executive Duncan Niederauer. “Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening tomorrow.”


Niederauer said trading will start as usual at 9:30 a.m., with the NYSE Euronext building and trading floor “fully operational” despite the flooding and power outages that have shut down much of the country’s financial capital New York.


Nasdaq OMX, which operates the fully electronic Nasdaq exchange and other futures and options markets, said they would also reopen at normal hours on Wednesday.


US financial markets were almost all closed Monday and Tuesday as the mega-storm bore down on the US East Coast, shutting down New York, Philadelphia, Baltimore and Washington.


It was the first closure of the markets since 9/11 and the first weather-related closure since September 1985 when Hurricane Gloria closed the NYSE for one day.


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Geologist Merrill McHenry Keeps His Eye on the Guerrero Gold Belt


The Gold Report : Merrill, speaking as a geologist, what makes the Guerrero Gold Belt in Mexico so highly prospective for gold and silver mineralization?


Merrill McHenry: Two words: plate tectonics. Two tectonic events in that area of sufficient scale to create an entire region filled with gold mineralization.


In more detailed terms, the Chortis plate, which was about the size of Colorado, impacted the western side of southern Mexico. The first event, about 140 million years ago, created “laramide” north-south extensional faults. That was followed, about 70 million years later, by a strike-slip to the southeast. As the strike-slip slipped and subducted under the southern portionwhat is today Guerrero Stateit rotated many of those north-south transitional faults and shear zones into roughly 40-degree and other angles, creating a chimney effect, which brought the mineralization, in liquid form, much closer to the surface. In geological terms, this is called a metasomatic transfer. The strike-slip also created various low-angle extensional faulting allowing laterally displaced mineralization and improving strike-length potential.


TGR: How does the creation and mineralization of the Guerrero Gold Belt compare to the Carlin Trend in Nevada?


MMcH: Both had tectonic events that liquefied the subterranean minerals and resulted in events that could transport the minerals to the surface. The Carlin Trend, which is older, was formed underwater. On Carlin, hydrothermal channels were created and bubbled up for long periods. In the Guerrero Gold Belt, the minerals were liquefied and brought up as structurally controlled magmatic events along various intrusive zones.



“Two tectonic events in that area of sufficient scale to create an entire region filled with gold mineralization.”



Typically, economic mineralization is highest along these intrusion zones. (The structural control is a key to creating and allowing for higher-grade mineralization.) These systems are most fully developed either at (e.g., El Limon-Guajes) or below (e.g., Los Filos-Bermejal) the contact of the local Mezcala formation (shales and sandstones) with the underlying Morelos formation (carbonates).


In addition, the strike-slip and subduction that created the Guerrero Gold Belt arguably covered a larger area. To date the Carlin Trend is roughly 4060 kilometers (km) long; mineralization in the Guerrero Gold Belt has been found along a 60km-plus range.


Another difference is that the Carlin Trend has been mined and prospected for well over 100 years, with the first large mineCarlinopening nearly 50 years ago. The first major mine in the Guerrero Gold Belt went into production in 2008 and most of the exploration remains to be done. So far, two companiesGoldcorp Inc. (G:TSX; GG:NYSE) and Torex Gold Resources Inc. (TXG:TSX)have reported 16 million ounces (Moz) of NI 43-101 gold resources in the Guerrero Gold Belt. I expect Newstrike Capital Inc.’s (NES:TSX.V) Ana Paula project will report near 3 Moz of NI-43-101-compliant in-pit gold mineralization, and roughly 4.5 Moz in global resources, mostly to be included in subsequent pits, by the end of 2012. Ana Paula has some breccia pipe areas of spectacular grade and width.


TGR: What can you tell us about the kind of precious metals deposits discovered in the Guerrero Gold Belt so far?


MMcH: Because it is a long, intrusion-hosted system, much of the gold mineralization is at or near the surface. You can find the intrusionsan orange-red oxidized ore (retrograded calc-silicate skarn)at the surface. Gold mineralization in the district tends to be in the most oxidized alkaline significantly reduced iron and magnesium host rock that conversely hosts increasingly higher gold values.


Essentially, you want heavily magnetite/hematite (iron) initial fluid flows, but later during the retrograde (cooling) phase, you want the magnetite to precipitate out and become more oxidized Calc-alkaline potasically altered and biotite rich. That is where the highest gold mineralization occurs.



“So far, two companies have reported 16 Moz of NI 43-101 gold resources in the Guerrero Gold Belt.”



Gold occurs either in chlorine complexes or in a variety of high-sulfidation complexes that are stable at lower temperatures, which tend to drop out at lower near-surface temperatures, usually because of some event that changes the oxidation state. Therefore, you can get multiple economic mineralization in the same hydrothermal systemhigher temperatures and less fluid mixing at depth giving you gold, copper, and silver; and lower temps and magmatic/meteoric mixing as you move higher in the system, giving you gold with much less silver and copper.


TGR: Is there a company working on one of those polymetallic deposits?


MMcH: Torex is working on the Media Luna project, to the south of the Balsas River, where the mineralization tends to be deeper. To date, Media Luna is 300 to 600 meters deep and looks to be polymetallic, not predominantly a gold project.


TGR: It is rare for a polymetallic deposit to get developed at depth, given the expense of bringing the minerals up.


MMcH: Yes. Before Torex released its feasibility study, I had moved it from a Buy to a Hold and changed the price target to $2/share. The stock has hung in there around $1.901.95/share because it is a show-me situation. Pending further Morelos gold project development, the market needs to see that Media Luna has enough mineralization and thick intercepts that can be accessed, ideally through an adit, to make the project economically viable.


TGR: It was exploration of the Carlin that led to the discovery of the Cortez Trend, where Barrick Gold Corp. (ABX:TSX; ABX:NYSE) now operates its massive Cortez gold mine. Have similar high-grade trends been found in the Guerrero?


MMcH: Yes, that is one of the Guerrero’s calling cards. When it opens several years from now, Torex’s Morelos project, at 3.14 grams per ton (g/t) Measured and Indicated, will be one of the highest-grade open-pit mines in the world.


Newstrike’s Ana Paula project has some phenomenal drill results. To give you an idea, just one hole at Ana Paula had 174m of 5.4 g/t gold that included a 76m interval of more than 10.57 g/t gold and 15 g/t silver.


TGR: Are there advantages to mining the Guerrero over the Carlin?


MMcH: Many projects in the Carlin Trend are destroyed limestoneblack rock formed by the hot springs upwelling mineralization while deforming the host rockso you cannot distinguish what is gold mineralized. That makes finding the ore bodies difficult visually; in most respects, you are drilling blind without geophysical signatures other than the generalized trend to guide you. The intrusion-hosted mineralization in the Guerrero tends to be quite visible so you can see where you are likely to have potential gold intercepts.


Also, a fair amount of the ore in the Carlin Trend is refractory ore and a lot of that has to go through an autoclave. That process is expensive, and a lot of the cost of an autoclave is capital expense, not processing.


TGR: Mexico is now on the list of the top 10 gold-producing countries. What are some mines that helped it crack that list?


MMcH: Mexico also had the fastest growth of any gold-producing country last year, and the Guerrero had a lot to do with both accomplishments. Last year, Goldcorp’s Los Filos project produced 336,500 oz, with cash costs roughly $463/oz. The company estimates production of 345,000 oz gold in 2012.


Mexico is a very fertile country for gold production. In central Mexico, you have the volcanic trends for mineralization, which tend to be vein swarms and silver-oriented projects. Then, you have the unique mineralization of the Guerrero.


TGR: All of the mineralization created in the past is good news, but present-day Mexico has its troubles. What issuessecurity, nationalization, rising costsmight make Mexico a riskier jurisdiction?


MMcH: Mexico had its nationalization experiment with PEMEX, its national oil company. PEMEX was a jobs machine, but its production growth has been flat to declining because it is not operated efficiently or effectively.



“As long as QE in is play and economies remain stagnant, gold will continue to do well.”



There can be security concerns when a project is just starting up. For example, five trucks were stolen from Torex at gunpoint last year. So, the company built its own security force. Other companies have taken a different route. Number one, they employ a lot of local Mexicans. Number two, they work on community relations, support the community and fund social projects. Number three, they just lay low and try not to attract attention.


TGR: What recent discoveries might add to Mexico’s gold and silver production?


MMcH: As I mentioned, I expect Newstrike to have 3 Moz in pit resource by year-end. The most logical efficient outcome is to tie Ana Paula in with Torex’s planned mill and use a conveyer belt to deliver it to Torex for processing.


Bear in mind that Newstrike has the largest land holding in the region. I believe it will have other successes. Newstrike has already extended and increased the width of the high-grade breccia zone; it is currently pending an “in-pit” NI 43-101 resource. It also has land to the northwest and southwest of the Ana Paula region, where I expect additional resources to be found.


TGR: Has Newstrike done any metallurgical studies to determine the amount of recoverable gold?


MMcH: Yes, it is expected to be in the mid-80s percentage range, similar to Torex.


TGR: Is either Torex or Newstrike likely to be bought out?


MMcH: Richard Whittall, CEO of Newstrike, is a very credible and capable operator who does things on a very conservative basis. My take from him, and he has clarified this for the Street, is that Newstrike does not plan to develop Ana Paula.


TGR: Torex issued a feasibility study on its Morelos project Oct. 1. What stood out to you in that study?


MMcH: First, the costs continued to increase in an environment where that does not go down well. Notably, although necessary to grow and develop, general and administrative costs per ton of expected production had roughly tripled in three months to a level where I wonder if the final project tally will rise excessively.


Second, when a company does financing and it is working on project development, it is in a dead zone for catalysts. Most of what happens is delays and cost increases in this periodunless the company can prove up additional resources. In time, I believe it may. Until the company can actually say, “We started the mill earlier than expected and at a lower cost,” it gets no credit in the market; it just gets skepticism.


TGR: Have you visited Morelos?


MMcH: Yes, it is a great-looking project. The destroyed magnetite oxidized Calc-alkaline potasically altered mineralization tends to host very good mineralization. Torex will use an innovative “RopeCon” conveyer belt system developed by the Austrian firm Doppelmayr. RopeCon is an innovative, green derivation of ski lift technology. It produces electricity as the weight of the ore going downhill generates electricity, as well as saving on trucking and diesel costs.


One challenge is that because of the angles, the company will have to relocate two small villages. Unfortunately, it will take time, in some ways delaying project development.


Broadly speaking, Newstrike, Torex and Goldcorp have blazed a trail. The next exciting thing will be juniors starting to drill on intrusive zones that are similar to what you see on Torex or Goldcorp’s projects. These junior companies could really pop.


TGR: What are some of the early stage discoveries that our readers might be unaware of?


MMcH: I am extremely excited about Cayden Resources Inc.’s (CYD:TSX.V) projects. It is currently drilling on Magnetita East. The company is fully funded and has more than $5 million (M) in the till. Preliminary trench results on Magnetita have been significant, such as 5m of 11.65 g/t.


Magnetita East has northwest to southeast faulting structures, where intrusions come up and the destroyed magnetite rock looks exactly the same as the rocks at Torex’s project or at Los Filos. Magnetita East has the rocks and the ground sampling. It also has a rapid transition from magnetic to non-magnetic zones in what is called RTP airborne magnetics, which can indicate destroyed magnetization during the retrograde phase. That is when the rock basically sucks in the gold when it drops out the iron. You can have gold mineralization without that; but in the Guerrero, the highest gold grades have a measure of replacement of iron during the retrograde (cooling) phase.


TGR: Speaking of Los Filos, some of the waste rock Goldcorp has been dumping from Los Filos has made its way onto Cayden’s property. How will that be resolved?


MMcH: In addition to already having dumped waste ore there, Goldcorp wants to expand its leach pads. Most likely, Goldcorp will have to buy the easternmost portion of Cayden’s property, given that Cayden can definitely say Goldcorp is violating the integrity of Cayden’s Morelos Sur portion of the concession.


TGR: That could be an interesting story to follow. Are there other early-stage discoveries that you want to talk about?


MMcH: I am super-excited about Minaurum Gold Inc. (MGG:TSX.V). Late this year it will probably start drilling on its Vuelcos del Destino project, just southeast of Goldcorp’s Los Filos project.


I visited Vuelcos and you can see the intrusive zones as plain as day. The project also has large areas of intrusives and jasperitehallmarks of good prospectivitycomplemented by interesting airborne geophysics.


Vuelcos is a high-impact, high-risk, high-reward situation. Minaurum has only $7M or so in market cap, but it has about five projects now. I expect the company will joint venture its Santa Marta projecta former producing mine with significant copper mineralization at surface.


Minaurum’s most immediate way to unlock value is to drill Vuelcos in the Guerrero. In my opinion, there is very likely gold there. The question is how long a strike and how much gold. The surface and intriguing airborne geophysics are great, but not definitive.


One of the best things you get with Minaurum is board member Dave Jones, a noted geologist. He found Los Filos. To have his expertise guiding the drill program in such a fertile region is a strong indicator that you are looking at some very interesting projects that you would not normally find in a small-cap company.


TGR: Any other names to share?


MMcH: Oroco Resource Corp. (OCO:TSX.V) has a small, 193-hectare project, the first mine discovered in the Guerrero. Its questions are: Is it economic? Is it enough? I expect Oroco will do some funding and drilling in the near term, so time will tell.


TGR: Developing the Guerrero will depend on sustained high prices for gold and silver.


MMcH: Although not necessarily any more dependent than other gold regions in the world. Keep in mind Mexico has the lowest cash costs of any country, $325 versus $649 world average, according to Thomson Reuters.


TGR: What market signals do you think point to higher gold prices over the long term?


MMcH: Both the U.S. and the EU have been printing money and doing quantitative easing (QE). As long as QE is in play and economies remain stagnant, gold will continue to do well. If you lag global money supply by three to six months, you see a significant correlation with the gold price. Recently a World Gold Council study indicated a U.S. money supply to gold correlation of 90%.


I would also point out though that Q4 has the strongest by far gold seasonal of the year, finishing strong after typically having an October correction. Though rallies may be capital markets constrained, I would think from now until the end of the year the wind is at your back for gold exploration and gold development companies.


TGR: What wisdom can you offer our readers when it comes to playing precious metals companies?


MMcH: The more exploration companies you have, the more diversified your portfolio should be because there is no second guessing what is underground until the company actually drills.


That diversification can be within one company. Minaurum, for instance, has multiple projects, any of which could hit. Cayden is in the thick of it with several projects on Magnetita. Oroco is a two-trick pony.


TGR: Merrill, thank you for your time and insights.


Merrill W. McHenry, MBA, CFA, has been in the investment business for over 28 years. Early in his career, as a portfolio manager he managed over US$1.5 billion in three U.S. mutual funds, and set up an international mining merchant bank visiting mine project sites on multiple continents. As a mining analyst, he has worked both the buy and the sell sides, providing research for Tier 1 and Tier 2 Investment Dealers, as well as prominent global investors. A couple years ago, he led special projects modeling at BMO Capital Markets for the Global Mining Research Group that was top ranked in Canada by Brendan Wood during his tenure. Currently McHenry is a private mine industry consultant and is a member of the CFA Institute and the Toronto Society of Financial Analysts.


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DISCLOSURE:

1) Brian Sylvester of The Gold Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.

2) The following companies mentioned in the interview are sponsors of The Gold Report: Goldcorp Inc. and Newstrike Capital Inc. Streetwise Reports does not accept stock in exchange for services. Interviews are edited for clarity.

3) Merrill McHenry: I personally and/or my family own shares of the following companies mentioned in this interview: Cayden Resources Inc. and Minaurum Gold Inc. I personally and/or my family am paid by the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview.


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