Dear Jim,
I see your last posting is about RGLD. I bought back RGLD at 38.05 a few days back. I agree with your take. This one offers great value as the secondary offering should provide a decent price floor.
The daily is hitting the MA 200. Great support as well.
All the best,
Olivier
Dear Olivier,
What I was pointing out regarding Royal Gold was not only my present deep respect for the company, but the fact that the ABSOLUTE LOW in 2005 was established when BARRONS WEEKLY wrote a large article deriding its then market value as unwarranted. The article which was a classic hatchet job did state that it had received its information from a short seller in Royal Gold.
Respectfully,
Jim
Jim,
Here are my daily and weekly charts:
Daily
Weekly
Good Morning,
I know you (and I) have interest in the Cando. Funny how markets setup while nobody is paying attention.
http://www.facebook.com/photo.php?pid=1498512&l=bcd3c9f6ad&id=557304509
CIGA Eric
Dear Jim,
I thought this might be of interest…
The dollar is dead and soon the Wall Street and Finance Fraternity Brats will realize it.
CIGA BJS
Top Chinese Banker: Dollar Soon Irrelevant
Thursday, April 9, 2009 8:53 AM
By: Dan Weil Article Font Size
Zhu Min, executive vice president of the Bank of China, a government-run commercial bank, says that the Federal Reserve’s decision to print billions and billions in new dollars to head off the financial crisis would make the greenback irrelevant to global finance and trade.
That will happen unless there is another global currency to balance it, he told CNBC.
While the dollar remains a global currency, it can’t support the world economy by itself, Zhu says.
“Either we ask the U.S. to take the whole responsibility of the world economy, with the dollar as global legal tender, or else we need something else as an anchor,” Zhu says.
He reiterated a call for the use of an International Monetary Fund (IMF) instrument to offset the dollar’s influence on international reserves and trade.
Known as special drawing rights (SDR), the practice dates back to the late 1960s, when the IMF used the vehicle to supply reserve assets to expand trade when gold and the dollar were in short supply.
Jim,
The following is a great piece by the head of Barrick Gold on Squawk box.
Hi Jim,
Picked a good day to release this one.
CIGA Eric
Federal budget deficit sets March record $192.3B
Federal deficit hits March record $192.3 billion; near $1 trillion halfway through budget year
Martin Crutsinger, AP Economics Writer
WASHINGTON (AP) — The Treasury Department said Friday that the budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.
Formula:
http://www.facebook.com/photo.php?pid=1496088&l=546ca4b7a7&id=557304509
Leading Formula:
http://www.facebook.com/photo.php?pid=1496089&l=b3cff986c9&id=557304509
Taxes Withheld:
http://www.facebook.com/photo.php?pid=1496090&l=cc15df9868&id=557304509
Jim
This is spin to the 1 trillionth power.
CIGA Bjs
All 19 US banks pass Treasury’s ‘stress tests’
The pending results of the US Treasury’s "stress tests" will show that all 19 banks are capable of surviving further shocks – but some will only be able to do so if they receive further capital injections.
By James Quinn, Wall Street Correspondent
Last Updated: 6:21PM BST 09 Apr 2009
The mixed outcome of the tests – the results of which will be published at the end of the month – emerged as Wells Fargo surprised the market with an unexpected pre-close statement in which it revealed it made $3bn (£2bn) of profit in the first quarter.
The figure is 50pc higher than the profit earned in the same quarter last year, and beat even the most optimistic expectations.
The news sent financial sector shares soaring, with Wells Fargo rising $3.05 at $17.94, Goldman Sachs $3.50 higher at $118.25, and JP Morgan Chase up $3.21 at $30.64.
The rally in the financial sector came despite the warning that some lending banks will need more money as a result of the stress tests, which have been carried out by 200 Treasury officials over the past six weeks.
Although the exact results of the tests remains the subject of conjecture, it is understood that all 19 institutions involved will "pass" the tests – although that is not surprising as should an institution be deemed to have insufficient capital, the US government will step in and provide it.
