Martinelli-inspired Arsenal romp four past Standard Liegeby Freddie Taylor22 days agoSend to a friendShare the loveGabriel Martinelli showed Arsenal there is life after Pierre-Emerick Aubameyang and Alexandre Lacazette after an amazing performance in Thursday’s 4-0 win over Standard Liege.Handed his second start of the season, the Brazilian scored with a superb header after 13 minutes and then backed up the effort with another goal three minutes later.The Gunners were then 3-0 up after 22 minutes thanks to Joe Willock’s goal. Dani Ceballos rounded out the victory in the second-half with his first goal for the club. And manager Unai Emery was delighted with his team when speaking after the game.He told BT Sport: “To have six points after the two matches, it’s really important. We can take confidence. We were consistent over the 90 minutes and we can take a lot of positivity from tonight’s game. The players, when they did all they can like tonight, it is perfect. “We did a lot of good, we can analyse to continue to improve. It’s a fantastic victory.”On how things can improve, he added: “We played with intensity but then we conceded some possession but we kept the clean sheet. We can improve in how to keep the ball and make more chances but for the players today, they are very tired after playing on Monday and they still played fantastic, it’s a fantastic victory.” About the authorFreddie TaylorShare the loveHave your say
Eli Gold has been broadcasting Alabama football games since 1988. In that time, he has seen the Crimson Tide capture four national championships and six SEC titles. To many ‘Bama fans, he is an indelible part of the program. To thank him for his time broadcasting for the program, Alabama football awarded Eli Gold with a 2014 SEC Championship ring.Sincere thanks from the bottom of my heart to the U. Of Alabama staff and players for the SEC championship ring. pic.twitter.com/JYazNIrJTL— Eli Gold (@EliGoldBama) August 21, 2015Gold is clearly very touched by the honor, and the response from the Alabama faithful. He responded to the dozens of fans who congratulated him on Twitter.Congratulations, Eli. You deserve it.
At the time of the incident, the detachment had received feedback from Vancouver Doctors who had inquired with the Doctor in charge of the Tactical Medical Program, to applaud the incredible work done by Cst. Brooks, who literally saved this man’s life, shared Sgt. Tyreman in July 2018.The GoFundMe account has almost reached half of its goal amount of $10,000 in three days.To view the GoFundMe; CLICK HERETo read more about Brooks saving a man’s life; CLICK HERE FORT ST. JOHN, B.C. – A GoFundMe account has been set up on behalf of Tony Brooks, the RCMP Constable that saved a man’s life last year in Fort St. John.Brooks has been diagnosed with Stage Two cancer and will be having surgery and receiving chemotherapy according to the GoFundMe account. The account goes on to say ‘financial help received will help take the stress off of his family so that they can focus on his recovery.’In July 2018, Brooks saved a mans life when he used his advanced medical training and managed to pack the wound to close off the artery inside the man’s arm and stop the flow of blood. The injured man was then airlifted to a Vancouver area hospital for treatment.
Pithoragarh: Geologists have identified 12 landslide-prone villages in Pithoragarh district of Uttarakhand that need to be relocated before the onset of monsoon.”Twelve of the 20 villages surveyed in the district so far are highly prone to landslides. They have been witnessing landslides for the past several years. It would be better if their inhabitants are shifted elsewhere before the onset of monsoon,” said Pradeep Kumar, a geologist at the Geology and Mining Department. Also Read – Uddhav bats for ‘Sena CM’A team of geologists, led by Kumar, had started their survey on December 24, 2017, the report of which has now been released. The villages that need to be immediately relocated are Senar, Kultham and Bhadeli in Munsiyari, Tankul, Chalma Chilaso, Himkhola, Kanar, Dharpangu, Suwa, Bungbung, Garguwa, Syari, Jamku and Bharbheli in Dharchula and Garzila of Berinag. Disclosing that the survey was being extended to 12 more villages in the region, the geologist said, While the land has been identified for Senar, Kultham and Bhadeli villages in Munsiyari subdivision, the process to identify sites for other villages is on. Also Read – Farooq demands unconditional release of all detainees in J&KCiting the example of Garzila village, which is currently inhabited by only 12 families and needs immediate relocation, Kumar said, The upper terrain of the village has been made of small boulders of quartzite nature. It is situated near a massive landslide zone due to which it will be under a constant threat of landslides in monsoon, which might result in damages to the families living there. Until a strong safety wall is constructed above the village, it would be threatened by massive landslides. We have also recommended that the village be saved from a constant erosion by the Ramganga river underneath, said the geologist. According to local residents, several families have left the village in the past 20 years and settled at safer places, leaving only 12 families behind. The villagers spend their nights in the open during monsoon due to the threat of landslides, said Ram Singh, a resident of Garzila village.
With less than six minutes to go, and No. 2 Ohio State up just five on unranked Michigan State, an errant Spartan pass flew into the backcourt and nine of the 10 players on the floor seemed content to let it roll out of bounds. OSU freshman point guard Aaron Craft wouldn’t allow it. Craft chased the ball down. As the Spartans tried to recover, he went up and under the rim for a layup, drew a foul and converted the three-point play. The freshman’s only field goal of the night gave OSU (25-1, 12-1 Big Ten) an eight-point lead and propelled the Buckeyes to a 71-61 victory. “That’s a heck of a play right there,” senior guard Jon Diebler said after the game. “That’s just someone wanting the win and Aaron is a guy who, he does the little things and that just shows the type of player that he is. That was a huge play.” The Spartans played most of the game like the team they were projected to be when they entered the season at No. 2. Outscoring the Buckeyes off the bench, 21-1, MSU shot 63 percent from the field in the first half. With freshman forward Jared Sullinger on the bench in foul trouble, MSU matched the Buckeyes shot-for-shot all half. A basket from senior point guard Kalin Lucas gave MSU a 34-32 lead with 1:30 left in the half, but Buford responded with a 3-pointer, giving OSU the lead, one of 11 lead changes in the first 20 minutes. OSU took that 35-34 lead to halftime, and Buford’s 14 first-half points put him ahead of all scorers. “We didn’t bring it in the first half,” Buford said. “Our defense wasn’t there and we weren’t together as a team. For the second half we had to pick up the intensity.” The lead changed hands four more times early in the second half, and a fifth time when a three-point play from fifth-year senior forward David Lighty gave OSU a 45-44 lead. That was the game’s final lead change. Lighty sparked a 10-2 run, opening up a six-point OSU lead, 52-46. An off-balance, end-of-the-shot-clock 3-pointer from junior forward Draymond Green ended the run, and after a Sullinger free throw, a layup from Lucas cut the lead to two. Five quick points from Buford gave OSU a 58-51 lead, its biggest to that point, with 8:30 to play. Minutes later, Craft made the play that ignited the sellout crowd at the Schottenstein Center. “Aaron is like a spark plug for this team,” OSU coach Thad Matta said. “I think guys are looking and saying, ‘If he’s going to give that (effort), then I’m going to give that.’” The Spartans got as close as four down the stretch, but a pair of Sullinger free throws and three from Craft gave OSU an insurmountable 10-point lead with less than two minutes left. Buford led all scorers with 23 points on 9-for-15 shooting, 3-for-4 from beyond the 3-point line. Sullinger scored 11 points and grabbed a season-low two rebounds. Lighty and Diebler had 12 points each. Lucas led MSU with 14 points, and although the team shot 57 percent from the floor and outrebounded OSU, its 19 turnovers swung the game in OSU’s favor. After falling at Wisconsin on Saturday, OSU relinquished the No. 1 rank to Kansas, who lost at Kansas State, 84-68, Monday night. OSU plays again at 1 p.m. Sunday at No. 11 Purdue.
Chris Holtmann, the 14th coach in Ohio State men’s basketball history, speaks at introductory press conference Monday morning | Credit: Sheridan Hendrix | Oller ReporterDressed in a gray suit, white dress shirt and scarlet-striped tie, holding the hands of his wife, Lori, and his daughter, Nora; Chris Holtmann, alongside Ohio State Athletics Director Gene Smith, was formally introduced as Ohio State men’s basketball’s 14th head coach in program history in a press conference Monday on the court of the Schottenstein Center.Rumored to be a candidate at several job openings such as North Carolina State, Missouri, Pittsburgh, Georgia Tech and Tennessee over the past three offseasons, Holtmann said the Big Ten program in Columbus was the only one he seriously considered.“This was a decision I had to work through,” Holtmann said. “Gene was aggressive and persistent in his approach and I really appreciated that.”Holtmann, 45, spent the past three seasons at Butler and made the NCAA Tournament each year, reaching the Sweet 16 this past season. After that run, Holtmann signed a contract extension with Butler through the 2024-25 season. But when the Ohio State job became available and he was offered an eight-year deal worth approximately $3 million annually, he couldn’t let that opportunity slip by him.Holtmann said the combination of a university with world-class education, a thriving athletic department with some of the best programs in their respective sports in the country, the tradition of the program, a talent-rich recruiting area and a passionate fan base sold him on the position.“I had left a special program and special guys,” he said. “That was emotional for me. But I’m telling you, it was the vision that (Smith) had and what he was looking for and this place. I’m extremely excited.”The search for the replacement to 13-year head coach Thad Matta began the afternoon of June 5, coming just after it was announced Matta would be exiting. Smith met with former collegiate basketball coach Eddie Fogler to begin the process of searching for candidates and conducting background checks on any names that arose in the discussions.Smith said the search for a new head coach began and ended with the same name at the top of their list.“(Holtmann) was my target from the beginning,” Smith said.Holtmann discusses the importance of recruiting well in the state of Ohio at his introductory press conference Credit: Sheridan Hendrix | Oller ReporterThough Holtmann was offered the job on Tuesday, Smith said Holtmann was reluctant at first to sign on the dotted line. The contract originally put on the table was a seven-year offer, but Smith said he tacked on an additional year to create a more enticing offer.Then, on Thursday morning, Smith said he and his wife traveled to meet the Holtmanns in Dayton and get to know one another. By the time the discussion had ended, Ohio State had its next head coach.Smith called Fogler and told him the search was over. They got their guy.“We sought a high-intensity individual with an emphasis on academics, someone who is relentless in recruiting with great ties to the great state of Ohio and the contiguous states,” Smith said. “We found a proven winner who’s a community engager and bottom line fits our culture.”During Holtmann’s introductory speech, he emphasized the importance of recruiting the state of Ohio, highlighting his 20 years of experience recruiting the Buckeye state. He said that locking down the state’s best prospects would be paramount to the program’s long-term success.“This region … is a tremendous area for talented, smart and tough players,” Holtmann said. “We’re going to work extremely hard as a staff to close the borders and dominate the state of Ohio in recruiting. It will be an every-day focus for us.”Holtmann, who is leaving the highest-ranked recruiting class in Butler history, said that he began calling recruits immediately Friday after he signed the appropriate paperwork with the compliance department.As far as the rest of the coaching staff is concerned, Holtmann said there are “some wheels in motion” on naming the rest of his staff, but would not expound on that notion.The past four seasons, the Ohio State program has been on the decline, which has been exemplified in scoring struggles and defensive letdowns. Holtmann gave an indication of how that play might change under his leadership.“Aggressive, attacking. We want to be physical and tough and tough minded,” he said. “But we want to play aggressive, attacking style and we want our guys to play with freedom. We want them to go out there and cut loose and play. I think that’s what people will see when they watch our team.”
Cristiano Ronaldo’s former Manchester United teammate Patrice Evra has advised the superstar to go ahead with the move to Juventus as it will allow him to continue to win silverwareThe five-time Ballon d’Or winner is looking increasingly likely to end his nine-year spell at Real Madrid this summer following a falling out with club president Florentino Perez.A move to Serie A champions Juventus is on the cards with a reported bid of €100m set to be the fee paid for Ronaldo’s services.Evra, who also played for Juventus himself, gave his former teammate his full endorsement of the possible transfer to Turin in a live Instagram video.“Everyone asks me, ‘Pat, what do you think?’ ” he said, as stated on Metro.Maguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…“I haven’t spoken to Cristiano about this, but my advice is, if he wants to play to 2050, he has to go to Juve. There is no other team he must join. It’s simple.“I thank Juve, because if after Manchester I continued to win and to run, it was thanks to Juve. You should never spit on the plate that fed you, so Juve will always be in my heart.”Following a short interpretation of the Juventus song, Evra added: “So Cristiano, I tell you this: make the right choice.“You know how much the Italians love you, but it’s a sacrifice. If you go to Juve, it’s to work and to work HARD. This lot, ha, don’t know what a vacation is.“But that’s the choice. Either you want to continue playing to 2050 or just carry on for a bit. I can tell you this. If you go to Juve, you’ll be at the next World Cup not as a mascot, but as a protagonist. A PROTAGONIST!”
Liverpool new signing Alisson Becker is already feeling at “home” in his new surroundings after completing his first training session at the clubThe Reds announced the shock signing of Alisson for a transfer fee of £66.8m (72.5m euros), in what is a world record fee for a goalkeeper.While Alisson couldn’t make the team’s preseason tour of the United States, after having an extended summer vacation following his participation with Brazil at the World Cup, he has now trained with his new teammates for the first time on Tuesday at the club’s five-day training camp in Evian, France.“It has been a great day which I had been looking forward to,”Alisson told the club website.“I’ve had a good few resting days with my family but we all couldn’t wait to get the new season underway soon.“It’s only my first day and I feel at home already.”? @Alissonbecker ? pic.twitter.com/aK9EAcDXDC— Liverpool FC (@LFC) July 31, 2018Virgil van Dijk praises Roberto Firmino after Liverpool’s win Andrew Smyth – September 14, 2019 Virgil van Dijk hailed team-mate Roberto Firmino after coming off the bench to inspire Liverpool to a 3-1 comeback win against Newcastle United. Last season’s Champions League runners-up will face Torino at Anfield on August 7 in their final pre-season friendly, before they take on West Ham United in their Premier League opener just five days later.“Although these two weeks don’t seem like a long time, it’s enough for us to be ready for our first game against West Ham,” said Allison.“We’ll play two friendlies before this game and I’m sure the hard work the squad have put in so far is going to help me become a member of the squad as quickly as possible so that I am 100 percent ready for our first game to kick off the Premier League in a good way.“This initial training session has been useful for me to see what our playing style should be in the Premier League.“It’s also showed me that the team are very well adapted to it and everyone seems to be physically fit, not to say technically — they’re all great players after all.“I’m very happy to have them alongside me and to be a part of this project that Liverpool have and the great work they have been doing over recent years.“I hope I can help and bring something extra to the team.”
According to the Italian outlet, Calciomercato, Barcelona will have to beat the competition from Juventus and Bayern Munich if looking to secure the services of the €30m Stuttgart defender Benjamin Pavard.Ernesto Valverde is a big fan of the 22-year-old Frenchman, who emerged as one of the most pleasant surprises of the recently concluded FIFA World Cup in Russia. Although he already has some major defenders at his disposal, including Samuel Umtiti, Gerard Pique, and Clement Lenglet, the former Athletic Bilbao manager hopes to bring in another reliable option, as Nelson Semedo continues to struggle on the right-back position.Meanwhile, the Bianconeri have wrapped up the €40.4 million deal for Joao Cancelo, but Massimiliano Allegri is yet to be convinced by the performance of the former Valencia man. Additionally, Pavard’s versatility that enables him to cover multiple roles in the backline, as well as, a defensive-midfielder role is something that appeals the most to the Old Lady chief of staff.Juventus confirm Mario Mandzukic could leave this month Andrew Smyth – September 14, 2019 Sporting director Fabio Paratici confirmed reports that Mario Mandzukic could leave Juventus for a move to an unnamed Qatari team.And of course, there are always the Bavarians when it comes to talented players who perform in the Bundesliga. With Joshua Kimmich residing as the only reliable right-back, Niko Kovac is looking for a solid backup, and the former Lille player has what it takes to break into the top-class team like Bayern Munich.As things stand, Stuttgart management can smile while figuring out what price-tag to slap on their in-demand man.
Cardiff City manager Neil Warnock says they were unlucky not to have been awarded a penalty in their goalless draw with Huddersfield Town on Saturday.Despite Warnock’s claims, Cardiff City should count them lucky after referee Lee Mason overturned a penalty he awarded to Huddersfield Town in the 76th minute.Cardiff felt they were denied clear penalty calls when Philip Billing’s header hit Erik Durm’s arm and when Hoilett was brought down by Hadergjonaj.“We knew we’d be struggling a little bit today,” Warnock told Sky Sports.“We had one or two players who shouldn’t have been playing. Callum Paterson and Victor Camarasa weren’t really fit but I wanted to play them.Cowley explains why he changed his mind about Huddersfield Manuel R. Medina – September 9, 2019 Last week Danny Cowley rejected the chance to coach Huddersfield Town in the English Championship, but today he accepted saying it was a good opportunity.“I thought we had the opportunities but we didn’t get the rub of the green although thankfully the linesman was alert to overturn the penalty. We thought ours was a certain penalty for a foul on [Junior] Hoilett.“The lad doesn’t see him coming, he gets to the ball first, and he takes the man.“I don’t understand why they can’t be given but I suppose next season with VAR, we’ve got a chance.”
Nirmala Sitharaman delivering her budget speech.TwitterUnion Finance Minister Nirmala Sitharaman proposed on Friday, July 5, tax deduction at source (TDS) of two per cent on cash withdrawals exceeding Rs 1 crore in a year from a bank account. “Our Government has taken a number of initiatives in the recent past for the promotion of digital payments and less cash economy,” said Sitharaman, while presenting her first Union Budget. The decision was made to promote digital payments and curb black money.The Finance Minister also proposed that business establishments with an annual turnover of more than Rs 50 crore shall offer low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate (MDR) shall be imposed on customers as well as merchants.”RBI and banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment,” Sitharaman said.”Necessary amendments are being made in the Income Tax Act and the Payments and Settlement Systems Act, 2007 to give effect to these provisions,” she added.
A housewife was killed as a bullet fired ‘mistakenly’ from the firearms of an alleged criminal at Nayanpur village in Dagonbhuiya upazila in Feni on Tuesday, reports UNB.The deceased is Sharmin Akter, 22, wife of Shamsul Haque of Noakhali.Dagonbhuiya police station officer-in-charge Abul Kalam Azad said Sharmin came to his paternal home in the village few days ago.On Tuesday, Jahangir Alam, an alleged criminal came to visit Sharmin and were gossiping at the room of Sharmin in the afternoon.At one stage, a bullet from Jahangir’s gun hit Sharmin ‘mistakenly’, leaving her dead on the spot, police said.However, when locals tried to nab Jahangir, he managed to flee the scene after pointing gun on them.On information, police recovered the body and sent to Feni Sadar Hospital morgue.
Amanullah Kabir. Photo: UNBEminent journalist Amanullah Kabir passed away at a hospital here early Wednesday. He was 71.The veteran journalist was undergoing treatment at Bangabandhu Sheikh Mujib Medical University (BSMMU) and breathed his last around 12:45am.Amanullah Kabir was admitted to the intensive care unit (ICU) of the BSMMU on 2 January with diabetes and other complications.Earlier on 5 January, he was admitted to the National Institute of Cardiovascular Diseases after suffering a massive heart attack. He was later taken to the coronary care unit from the emergency unit.He has been working as the Senior Editor of the online news portal bdnews24.com.He served as executive editor of the Independent, news editor of The Daily Star, editor of Bangla Daily Amar Desh, and chief editor and managing director of Bangladesh Sangbad Sangstha (BSS).
23May Committee hears Glenn bill banning sex between prostitutes, police Categories: Glenn News,News State Rep. Gary Glenn, of Larkin Township, testified before the House Law and Justice Committee today in support of bipartisan legislation he introduced to make it illegal for law enforcement officials to engage in sexual acts with prostitutes or victims of human trafficking during the course of an investigation.“We’re seeking to close a legal loophole that has Michigan as the last state in the country where police officers having sex with prostitutes or victims of human trafficking is shielded from prosecution,” said Glenn. “There is no evidence that law enforcement officers are taking advantage of this unintended loophole, but this is a matter of principle that Michigan is going to protect victims of human trafficking from abuse.”House Bill 4355 specifically states a police officer is not protected from prosecution if the officer has sex with a prostitute or victim of human trafficking, eliminating an exemption which protected undercover officers investigating prostitution–related crimes. The legislation also seeks to protect victims of human trafficking who have been forced into prostitution.“We’re told there are people who impersonate police officers who use this unintended exemption from prosecution to intimidate women into having sex. That casts an unwarranted cloud over our law enforcement officers,” he said. “This legislation will protect our police and victims of human trafficking.”HB 4355 is under consideration of the committee.State Rep. Gary Glenn testifies before the House Law and Justice Committee today in support of legislation to ban sex between law enforcement officers and prostitutes or victims of human trafficking.
Before we get into this week’s topic, I want to remind everyone that I will be at the upcoming Cambridge House Investment Conference in Vancouver on January 22 and 23, along with other Casey Research editors including Louis James and Jeff Clark. If you are an investor and you are serious about making money, investment conferences like this are indispensable. In the showroom you’ll have the opportunity to meet with management teams from more than 500 companies, while in the presentation halls industry leaders teach audiences about current trends, investment techniques, and commodity forecasts.This year we are making it easier for you to learn from our in-house experts by setting up a Casey Pavilion. Inside you will find a steady stream of investment information as our Casey editors give talks and have panel discussions amongst themselves and with our Explorers’ League honorees and the members of the Casey NexTen.Check out the full list of Casey Pavilion events. If energy is one of your areas of interest, be sure to check out my talks, including a talk on The Truth About Fracking on Sunday afternoon. Casey Energy team analyst Joe Hung is also speaking that day, as are NexTen members Amir Adnani and Morgan Poliquin.If you will be in Vancouver on January 22 and 23, you should make time to come by the show. Register now at the Cambridge House website – the show is free if you register ahead – and mention you learned about it through Casey Research.Best regards,Marin KatusaChief Energy Investment Strategist Casey Research Green Energy Is a Financial ParasiteAny politician who talks of a green, utopian US – where wind and solar produce most of our energy, electric cars put power back into the grid, green fields of corn produce clean fuels, and millions of Americans work in green technology factories – is creating a fanciful vision so far detached from reality it should really be called a lie. Such tales are designed to encourage a public that is increasingly despondent about the future, but the policy moves that have been made in support of these fantasies have cost taxpayers tens of billions of dollars. Much of it is money that will not be repaid, because a whole whack of the companies and industries that accepted green grants, loan guarantees, and tax credits have turned out to be complete failures.Two green subsidies expired with 2011, and not a moment too soon. In fact, we wish more of the US government’s initiatives to support green energy had ended with the stroke of midnight, because the green energy industry has become completely dependent on a steady stream of government money. Protected by this “green gold,” green technologies from corn ethanol to solar power have not had to compete against other power sectors based on their merits. If they had, many would have already failed.Let’s a take tour through some of the US’s green subsidies and examine just how they have tipped the scales in favor of technologies that generally don’t stand the test of economics, are often worse for the environment than conventional methods, and are costing taxpayers dearly.There‘s nothing good about corn ethanol fuelOn New Year’s Eve the corn ethanol subsidy quietly expired, 30 years after it was implemented. In those three decades ethanol became the US’s top recipient of alternative-fuel funding, with corn ethanol in particular becoming the darling of the biofuels craze. As a darling should be, the industry was showered with money: Over the last 30 years the federal government has spent $45 billion supporting corn-ethanol producers. In 2011 alone the feds spent $6 billion on corn ethanol subsidies, equating to 45¢ for every gallon of ethanol. Even with that support, US corn ethanol was not able to compete with Brazilian ethanol, which is made from sugar cane. To rectify that, lawmakers instituted a 54¢-per-gallon tariff against the Brazilian product. Together, the 45¢ subsidy and the 54¢ tariff meant American-made corn ethanol was supported to the tune of almost $1 per gallon.That would be great were ethanol a good way to reduce greenhouse gases, lower energy costs, or increase US energy independence. Unfortunately, it fails on all of those fronts. A growing left-right coalition has been speaking out against ethanol as a fuel for some time now; the latest voice to join the chorus is none other than the National Academy of Sciences. In October, NAS researchers concluded that grain ethanol “could not compete with fossil fuels in the U.S. marketplace without mandates, subsidies, tax exemptions, and tariffs… This lack of competitiveness raises questions about the use of government resources to support biofuels.” The report went on to discuss how biofuels actually increase net carbon emissions: pumping energy-intensive row crops into gas tanks leads to land use changes that increase greenhouse gases.Continuing down the list of ethanol-as-a-fuel failures, it turns out ethanol is very tough on vehicles – a bill to allow gasoline to contain 15% ethanol (compared to the max 10% now allowed) was shot down after every major automaker said that much ethanol would cause significant engine corrosion. Then there’s the fact that corn ethanol subsidies also generated a host of painful side effects. One is literally making us fatter: widespread use of high fructose corn syrup. Starting in the mid-1980s farmers realized that, even when sale prices for corn were low, the government’s largess meant it was still worthwhile to grow the stuff. More and more corn was grown, beyond what could be consumed by people or livestock or made into fuel. What were producers to do with the rest of it? Make high fructose corn syrup, a sweetener that is now in hundreds of thousands of products and that contributes thousands of empty calories to the average American diet every week.So ethanol is uneconomic unless the government spends billions of taxpayer dollars supporting it, worse for the atmosphere than fossil fuels, and really hard on engines, while the support system to encourage corn-based ethanol production is contributing to the US obesity epidemic. Why, then, is ethanol even used in fuel? Because of all those government subsidies and mandates. After major lobbying efforts from the agricultural and biofuels industries, Congress mandated annual increases in use of renewable fuels, including ethanol, starting with 15 billion gallons in 2007 and growing to 36 billion gallons in 2022.So fuel makers have to include ethanol in their mixtures. Too bad that rule did not also expire.Electric vehicles: expensive toys that basically burn coal instead of oilAnother lesser-known tax break also expired with 2011: the credit that gave electric car owners up to $1,000 to defray the cost of installing a 220-volt charging device in their homes, or up to $30,000 to install one in a commercial location. A related subsidy that did not end still gives $7,500 in tax credits to purchasers of electric vehicles. For a variety of reasons, like the ethanol subsidy none of these incentives should have existed in the first place.Electric vehicles have failed on one front after another. To start, they are inordinately expensive – the much-lauded Chevy Volt costs $40,000, while the Karma from Fisker costs a whopping $100,000. This means electric vehicles are only affordable for the wealthy; it’s pretty hard to understand why American taxpayers should subsidize cars for the wealthiest members of society. The subsidies go beyond direct tax credits and rebates – government loans and grants in support of the Volt alone total $3 billion, which means each car produced to date has been subsidized to the tune of $250,000. (Volt supporters contest this number, saying subsidies only total $30,000 per vehicle… still not an insignificant amount.)Then, for all that money, you still can only drive short distances. The Volt’s official range is 30 miles, but reports show it can actually travel only 25 miles before needing to either recharge or switch to gasoline. There’s also the issue that electric vehicles still need power, and the electricity that charges their batteries comes primarily from the US power grid, to which the largest contributor is coal-fired power plants. As such, a Volt essentially burns coal instead of gasoline, at least for the 25 miles it can drive before switching to gas.At least coal is a domestic resource, compared to gasoline derived from imported crude oil, right? Well, let’s see just how much electric vehicles will reduce US oil consumption. Assuming there are 6 million of them on American roads in ten years, out of 300 million passenger vehicles, and assuming that passenger vehicles continue to account for 40 to 45% of total US oil consumption, in ten years these tens of billions of dollars spent to support electric vehicles will have reduced US oil consumption by less than 1%. When you add in the fact that lithium-ion batteries are pretty toxic items, and that coal- or natural-gas-derived electricity demands will go up with each electric vehicle, the case for electric vehicles becomes pretty darn weak.Solar and wind power: a financial sinkholeElectric vehicles and corn ethanol fuel are not the only green industries that have been producing pitiful returns on government investment: Solar and wind power are just as guilty of eating up huge subsidies and still failing to break even economically.Let’s start with an example – one that was highlighted in a recent New York Times article. NRG Energy is building a 250-MW solar project in San Luis Obispo Country (northwest of Los Angeles), known as California Valley Solar Ranch. The ranch’s one million solar panels will provide enough energy for 100,000 homes, but it will cost $1.6 billion to build. Most of those dollars are coming from government subsidies or low-interest loans.All told, NGR and its partners secured $5.2 billion in federal loan guarantees plus hundreds of millions in other subsidies for four large solar projects. The crazy thing is, the government is giving out these grants and loans despite information from its own researchers that solar power is uneconomic now and will remain so in the future. The US Energy Information Administration predicts that by 2016 the total cost of solar photovoltaic energy will be about $211 per megawatt-hour, compared to $63 for an advanced natural-gas combined-cycle power plant.Just as with corn ethanol, it’s the taxpayer who bears the brunt of this obsession with expensive solar power. The main federal subsidy currently covers 30% of the cost of a residential solar system. When other subsidies are added in, as much as 75% of the cost can be covered. Obama’s administration has spent $9.6 billion on solar and wind power through the Section 1603 Treasury grant program over the last few years.With that kind of support, it’s no wonder America is in love with solar power. In 2011, solar installations skyrocketed, with 1,700 MW installed during the year, an 89% increase over 2010. Still, all of the panels now installed across the nation produce only about as much electricity as a single coal-fired plant. And even with demand growing rapidly, the industry is awash in debt and bankruptcy.US solar manufacturers are being pushed out of the market by low-cost Chinese manufacturers, which get even more support from their government than Obama gives to American producers. In California, for example, Chinese producers held 29% of the market at the beginning of 2011; by the end of the third quarter they had grown their market share to 40%, while US manufacturers saw their share fall from 37% to 29%. And with the Chinese flooding the market with cheap solar panels, prices for solar panels fell by 40% in 2011.Falling prices for solar panels and dwindling market shares forced three US solar companies into bankruptcy in 2011 and recently necessitated staff cutbacks at another two companies. This is all happening despite billions in loan guarantees to these companies. First Solar, for example, took $3 billion in loan guarantees from the federal government to develop three solar farms in Arizona and California. Now the company is cutting half of its staff, including 60 jobs in California where it received $3 million in state sales tax credits.Of course, the most notable solar bankruptcy of 2011 was Solyndra, the California-based company that went bankrupt months after receiving a loan guarantee of $535 million from the US government and despite increased demand for solar panels in the country following implementation of state mandates for solar energy.And things are about to get a lot tougher for struggling solar panel producers in the US, because the 1603 program expired on January 1. When you add up grants, subsidies, loans, and tax credits that have been helping the solar and wind industries along, then add in mandates that require utilities to buy renewable power at set prices from the alternative energy producers for decades, you are left with an industry that is wholly dependent on taxpayers, not on its own technology’s capabilities. Forced to go it alone in the power industry, solar and wind producers are not going to survive.Leveling the playing fieldIn chasing the green power dream, the US is not alone. In fact, it trails several European countries in the effort. Germany and Denmark have the largest installed bases of alternative energy in Europe and are often held aloft as examples of how to encourage wind and solar power. Proponents usually stay mum on the fact that retail customers in Germany and Denmark pay the highest electricity rates in the European Union.It is true that progress is never easy and is often expensive. From that pulpit, advocates argue that continued investment in green technologies will drive prices down in the long run. However, this reasoning ignores the other side of the problem: solar and wind can never produce baseload energy. The average wind plant in the United States runs at about one-third of its rated capacity, while solar plants runs at about 25% of their nameplate capacity. Since there is no way to store large amounts of electricity, the variable outputs from solar and wind facilities will only ever be able to replace a modest amount of conventional baseload power.When you look at green subsidies on an energy production basis, the disparity becomes pretty stunning. Wind’s 5.6 cents per kilowatt hour is more than 85 times that of oil and gas. Solar power costs 13 times more than wind, making solar more than a thousand times more expensive than conventional fuels.Wind and solar power, corn ethanol, and electric vehicles are not infant industries in need of support. They are perennially inferior industries that only still exist in their current forms because of a constant stream of “green gold.” That stream is slowly drying up, thankfully. The only way to achieve the very admirable goal of transforming society into an energy-efficient space is to eliminate all of the subsidies that are currently directed at green energy and clean technology while increasing taxes on the things we are trying to minimize, such as gasoline consumption and plastic bags. That would force everyone to innovate, compete, and win or lose according to merit.[With green energy unable to fulfill its promise as a viable alternative to conventional fuels, crude oil prices are poised to skyrocket. That will be bad news at the pump, but good news for investors who get in on a little-known “energy dividend.”] Additional Links and ReadsSinopec, Total Pour $4.5 Billion into US Shale (Reuters)On the first Tuesday of the year, China’s Sinopec and France’s Total SA both announced major deals to buy stakes in US shale projects; the combined $4.5 billion investment indicates that the global appetite for US energy assets remains strong. Foreign oil and gas producers are eager to invest in America’s shale formations, home to billions of cubic feet of natural gas and liquids. Sinopec signed a $2.2-billion deal with Devon Energy (N.DVN) for a 33% interest in five shale fields ranging across parts of six states, while Total’s $2.3-billion deal with Chesapeake Energy (N.CHK) gave the company 25% of 619,000 acres in the Utica Shale in Ohio.Shale Bubble Inflates on Near-Record Prices (Bloomberg)The Sinopec and Total deals described above were part of a whopping $8 billion in shale deals completed in the first two weeks of the year. Competition between Chinese, French, and Japanese energy explorers for acreage has pushed prices for shale projects almost to the peak set in 2008 before the collapse of Lehman Brothers, with recent deals seeing Japanese commodity trader Marubeni Corp. paying $25,000 per acre for a stake in Hunt Oil’s Eagle Ford shale property in Texas and Marathon Oil (N.MRO) paying $21,000 an acre for nearby prospects. In the Utica shale of Ohio and Pennsylvania, deal prices have jumped tenfold in five weeks to almost $15,000 an acre. It seems that companies are willing to risk spending too much in order to secure holdings in the world’s largest gas play, rather than be left behind.Iran Could Close Hormuz – But Not for Long (Reuters)This article provides a nice explanation of how Iran could indeed close the Strait of Hormuz, disrupting a fifth of all globally traded oil and sending oil prices skyrocketing, but that such an action would prompt swift retaliation from the United States and others that could leave the Islamic republic militarily and economically crippled. As such, Tehran’s threats to close the Strait are likely to remain hollow, and Iran’s ongoing naval exercises in the region are mostly a diversion from its real goal…Secret Nuclear Test Could Be Iran’s Trump Card in Strait of Hormuz Showdown (National Post)The more significant threat from Iran, at least according to this journalist, would be a nuclear test. Political analyst Peter Goodspeed agrees that a Strait of Hormuz blockade would be short-lived and invite serious retaliation that would leave Iran heavily damaged, and suggests Iran wants nothing to do with such conventional forms of aggression. Instead, he suggests Tehran is doing its all to prepare for a nuclear test, as any demonstration of nuclear capacity would pre-empt conventional attacks against Iran and set the stage for a very different set of diplomatic negotiations.Iran Trumpets Nuclear Ability at a Second Location (New York Times)Iran’s top nuclear official just announced that the country is on the verge of starting production at its second major uranium enrichment facility, reinforcing Tehran’s commitment to pursue its nuclear program despite international condemnation. The new enrichment site creates difficult new choices for the US and its allies in how far to go to limit Iran’s nuclear abilities: It is buried deep underground, is well defended against air strikes, and would be very difficult to disable once in operation. The news does not significantly affect estimates of how long it would take for Iran to produce a nuclear weapon, as it would still take six months to a year to enrich enough uranium for a weapon, and the new site is inspected regularly by the United Nations.EU Agrees to Embargo on Iranian Crude (Reuters)In early January Europe’s governments agreed in principle to ban imports of Iranian oil, days after President Obama signed into law several tough new sanctions that give the US the ability to severely limit Iran’s ability to buy and sell oil. EU diplomats reported unanimity on the concept of an Iranian oil embargo, though the details are not finalized. EU countries buy about 450,000 barrels per day (bpd) of Iran’s 2.6 million bpd in exports, making the bloc the second-largest market for Iranian crude after China.Venezuela Will Not Recognize World Bank Ruling in Exxon Case (Reuters)In our December Casey Energy Report, which gave our forecasts for 2012, we labeled this the “Decade of Nationalization.” In short, we foresee a major pinch arising as oil production declines in many countries just as their need for more oil, both domestically and for export, increases. One way countries will solve this problem will be by nationalizing assets. Venezuela is a trailblazer in the modern resource nationalization movement, and this article leaves no question as to President Hugo Chavez’s intentions: He believes Venezuela’s resources belong to Venezuelans, regardless of whether foreign companies spent billions finding and developing the assets. In this specific story, Exxon has taken Venezuela to the World Bank’s International Center for Settlement of Investment Disputes (ICSID), seeking as much as $12 billion in compensation after Chavez nationalized the Cerro Negro oil project in 2007. Chavez says he will not recognize any decision by the ICSID, calls Exxon “immoral,” and says his country will not bow to imperialism and its tentacles. Many are following the Cerro Negro case closely, as the decision there is expected to set a precedent for future disputes between companies and producing states.Big Statoil Arctic Find Boosts Norway’s Oil Future (Financial Post)Norwegian oil firm Statoil announced a second big oil discovery in the Barents Sea in less than a year and predicted more to come in the region. It is the latest in a series of discoveries in Norway and another move in an accelerating race to find and develop energy reserves in the Arctic. The new oil find, named Havis, could hold 200 to 300 million barrels of recoverable oil equivalent. Combined with reserves from the nearby Skrugard field, discovered in April, Statoil now has 400 to 600 million barrels in the area. Finding oil in the Barents Sea has proven notoriously difficult, but Statoil’s continued efforts highlight the global need to search for oil in more challenging areas, because the “easy” oil is being tapped out.
In This Issue. * Currency & metals rally but in a tight range. * NZ Unemployment Rate drops to 6.2%! * Australia’s Trade Deficit shrinks. * That’s 5 Fed Heads wanting to extend stimulus. And, Now, Today’s Pfennig For Your Thoughts! Another Fed Head Has An Epiphany! Good day. And a Wonderful Wednesday to you! I just realized something, that I guess I’ve known for a long time, but just registered it in my mind. I love the smell of blueberries! I opened the package for a Blueberry cereal bar, and there it was! The wonderful blueberry aroma! My mind immediately flashed back to when I was a young boy and would spend weeks of summer on my grandparents farm, and we would be sent out to gather the berries. My grandma had blueberries, blackberries, raspberries and other stuff that she always used in baking. But we would get some of the fresh berries, run the cistern water from the well over them and have ourselves a treat! Sorry to go off on that tangent, but it’s just another example of my stream of thought. Yesterday I left you with the thought that only a few currencies were gaining VS the dollar, and Gold was down $2. But soon after I sent the letter out, the currencies rebounded, along with Gold. Chris called me, (he’s out of town) and wanted to know what was going on, and I told him that the turnaround was interesting in that there wasn’t anything to cause it, the U.S. data wasn’t out yet, and the only thing I saw was data from the UK that showed that the servicing industry had expanded in October. The rest of the day though, the currencies and metals were stuck in the mud. Funny, thing, when I was 18 and traveling around the country with my guitar, my friend, and our drummer, Preston, used to call people my age now, “old sticks in the mud”. And that pretty much describes the currencies yesterday, overnight and into this morning. sticks in the mud. Recall yesterday that I told you the New Zealand dollar / kiwi was the best performing currency overnight as traders were thinking that the labor report that was due to print that afternoon, would be strong, and that usually meant good things for kiwi. Well, it appears that the traders were rewarded for their foresight, as New Zealand’s Labor report was even better than forecast! The consensus going into the report was for a drop in the Unemployment Rate from 6.4% to 6.3%, but in the 3 months ending September 30th, the New Zealand Unemployment Rate actually fell to 6.2%! The Labor report really placed kiwi firmly on the rally tracks, and this morning, the currency is trading at a 6-week high, as everyone and their brother now expects the Reserve Bank of New Zealand (RBNZ) to hike rates early next year. Another component of the report showed that Ordinary Time Private Sector Wages rose 1.6% in the quarter and up 2.6% year-on-year! Can you say “inflation problems are coming?” I knew you could! And maybe, just maybe, because you never know, the RBNZ will hike rates before early next year! Well, since the middle of last week, the euro has been on the slippery slope for a few reasons that we’ve talked about, but the reason that has weighed the most on the euro, has been the drop in inflation in the Eurozone, which brought the rate cut campers out of the woodwork. But as I explained two times already, but will do it again for those that missed class those days. I don’t see the benefits to cutting rates when they are already at all-time lows. And believe it or don’t, the markets are beginning to come around to Chuck’s way of thinking. Now, that would be a story! I can see the headline: Market Comes Around To Chuck’s Way of Thinking. And the reporter would ask the first question. “Now Chuck, what do you think the ECB will do?” OK, if you’re not laughing with me, you’re laughing at me! Stop that! Another currency that was showing a gain yesterday morning, and is pumping out an even larger gain overnight is the Swedish krona. In just a few hours we’ll see the color of the last Riksbank (Central Bank) meeting, and the markets believe they’ll be able to find indications that the Riksbank is ready to hike rates. That thought has the krona hitting on all 8 this morning. Hey! Another U.S. Fed Head had his epiphany about the economy yesterday. San Francisco Fed President, John Williams, fessed up about the economy saying that, “Up until recently, I was thinking we would start seeing more of that self-powered growth in the second half of this year. Unfortunately, that’s not really been happening and we haven’t seen a real pickup. We’re still a long ways from where we want to be.” So. It’s apparent that the economic growth that Williams was looking for has fallen short of his expectations, and now he’s losing faith that the labor markets’ gains will endure without monetary stimulus.. Of course, the 3 Fed Heads we talked about yesterday, and now Williams only had to read the Pfennig many months ago to know that I said they were being over optimistic about the economy, and maybe they would have tempered their exuberance about the economy. And then we wouldn’t have had the Taper Capers, spoil the currency & metals soup. But then, I still think that Big Ben and the Fed Heads (sounds like Frankie Valli and the 4 Seasons!) were simply attempting to let some air out of the stock market bubble that they created with all this stimulus, by talking about Tapering. I’m writing this morning, while listening to Led Zeppelin’s all-time best song. Kashmir. Now that’s a song that needs the volume cranked to 10! Hey. I just saw something on the TV that shocked me. They showed a survey result that shocked me! 34.3% of Americans say they don’t want a job! And apparently, the total of Americans wanting to have a job has been declining since 1980! That’s not a good thing for us Baby Boomers who have either already retired, like 90% of my classmates that attended my 40th H.S. reunion, or starting to prepare to retire. Oh, the things that I see, hear & read about that make my skin crawl! But you know what I’ve finally realized? That while I can write about it, and attempt to get people to think about these things, I can’t change them. I used to have these thoughts that if I wrote about something that was wrong that people would read it, think about it, and do something like call their representative or whatever, and that would eventually change things! Yes, Virginia, there is a Santa Claus. Hey! Down Under in Australia, where they are enjoying spring, their Trade Deficit came in better than expected for September, printing at A$ 284 million, VS A$ 500 million expected. And the August total was revised downward. The Aussie dollar (A$) is back above 95-cents, and looking forward to the latest Employment Report that will print tonight. I would look for an increase in jobs for October, and that should support this latest uptick in the A$. The A$ deserves some lovin’, after taking body blows from the Reserve Bank of Australia (RBA) Gov. Stevens last week and this week. This has my spider sense tingling folks. You don’t think that Stevens knew ahead of time that the data was going to be good this week, and went about verbally assaulting the A$, getting it weaker, ahead of the data? Nah. that would be giving too much credit to a Central Banker, and I’m tough when it comes to grading! In the UK, the pound sterling has really been a roll this week. First it was the strong servicing Index performance, and today it was a strong Industrial Production print that pushed the pound sterling to 1.61. Industrial Production pushed higher to a gain of .9% in September, up from the August negative print of -1.1%… In addition, Home Prices showed their biggest gain (+.7%) in 3 months. The Bank of England (BOE) meets tomorrow, right after these strong economic data prints, but I doubt it will move the BOE to change rates from their near zero level, or change their bond buying program. And that’s why I still don’t think the pound has strong legs to take it from here. If the BOE still believes that near zero rates and bond buying is needed, then they are a country mile away from hiking rates, which I believe will be needed to take the pound higher from here. But that’s just my opinion and I could be wrong! I see where the Chinese decided that two days of gains in their currency the renminbi / yuan, was enough, and they weakened the fixing level overnight. I read a story on the Bloomberg that talked about how the Chinese fear that the Fed will begin to taper in December. Hey! Here’s a Memo to China. Don’t worry about tapering. 4 Fed Heads this week have pretty much put the kyboshes on tapering any time soon, and don’t forget that a 5th Fed Head, Evans, laid out the scenario where tapering would never happen. I was looking at Google+ last night and came across a posting that someone made that reminded me of the slide that Frank and Chuck use in presentations that show men that have painted themselves into corners. This posting had just one person that had painted themselves into a corner, with a caption that read: Before You Start Anything. Learn How To Finish It! And so it goes with the Taper Capers. Gold is up $6 this morning, with Silver, Platinum and Palladium all posting gains too! But when you step back and look at a chart of these metals, you see that they’ve been range trading for what seems like a month of Sundays. I read a story by Gold Enthusiast James Turk yesterday, about how the world had reached a tipping point, as the next catastrophe approaches. While I see that certainly capable of happening, I have to stop and remember that it was Turk that said we would have a Black Swan event this year. Remember that? (I guess we just barely averted one with the default last month, eh? ) I know one thing, that it is far better to make your forecasts without giving time frames for them to happen! The U.S. data cupboard has the Leading Index report for September this morning, and that’s it. the Leading Index report has really shifted upward in recent prints, which surprises me a bit, in that usually this is good forward looking data, but I don’t see anything in the economy that leads me to feel warm and fuzzy about an uptick in the leading index report. Before I head to the Big Finish this morning, I have a funny from Jay Leno. “According to a new study out of Harvard, it is easier for people to be moral in the morning. They say people are more moral at the beginning of the day, but they become more dishonest as the day goes on. So when people say Congress is as dishonest as the day is long, we now have scientific proof.” For What It’s Worth. On the heels of the announcement that the CFTC’s Bart Chilton was stepping down, the U.S. derivatives regulator announced yesterday that they plan to curb market speculation in commodities. Here’s a snippet of the story as it appeared on Reuters. “The Commodity Futures Trading Commission (CFTC) proposal will set caps on the number of contracts that a single trader can hold in energy, metal and agricultural markets, a measure aimed at capping speculation that some blamed for the spike in raw material and food prices prior to the 2008 financial crisis. The redrafted rules sought to answer some of the deficits that a judge pointed out last year. The agency cited two of the biggest cases of market manipulation in history – the Hunt Brothers’ silver corner and hedge fund Amaranth natural gas bet – as evidence of why curbs were necessary. The new rules will also make it easier for big banks such as Goldman Sachs Group Inc and Barclays PLC to remain in the market by allowing them to exclude positions held by entities in which the banks own minority stakes – a key trigger for the banks to sue the agency.” Chuck again. Well, that’s all fine and good, but I doubt it gets past the Bullion Banks that have the large short positions. They’ll take it to court once again, and once again a judge will shoot the CFTC’s regulation down. That’s because as I’ve told you over and over again, this dance is gonna be a drag, no wait! What I’ve told you over and over again is that in my opinion, which was formed by the Wikileaks Cable, the Gov’t is behind all this. And therefore, there will be no regulation that takes away the ability of the Big Bullion Banks to hold short positions in metals that are larger than the size of the market! To recap. The mixed bag of results early yesterday morning for the currencies and metals turned around mid-morning, and gains were eked out VS the dollar on the day, but in the end, these asset classes are stuck in the mud, trading ranges. The BOE & ECB will meet tomorrow, and strong recent data from the UK, has pound sterling rising, but without a rate hike, and there will be none any time soon, the pound has no strong legs to stand on. New Zealand Unemployment Rate drops more than expected, and kiwi is the best performer overnight. Currencies today 11/6/13. American Style: A$ .9525, kiwi .8405, C$ .9570, euro 1.3515, sterling 1.61, Swiss $1.0970, . European Style: rand 10.2110, krone 5.9645, SEK 6.5075, forint 219.70, zloty 3.0845, koruna 19.0825, RUB 32.37, yen 98.65, sing 1.2425, HKD 7.7515, INR 62.40, China 6.1475, pesos 13.13, BRL 2.2835, Dollar Index 80.53, Oil $94.08, 10-year 2.65%, Silver $21.95, Platinum $1,463.68, Palladium $758.58, and Gold. $1,318.34 That’s it for today. A good shootout win for our Blues in Montreal last night, I went to bed and it was tied 2-2. the Blues are off to a good start to the season. Yadier Molina is a finalist for NL MVP, even if he doesn’t win, and he should, but has the “sentiment vote for the Pittsburgh Pirates player” going against him, that’s a great accomplishment for him! Two other Cardinals are finalists, Wainwright for Cy Young, and Miller for Rookie of the year. But I doubt any of them get the final vote. But again that doesn’t take away from their great seasons! Jessie Colin Young and the Youngbloods are singing their 60’s anthem, Let’s Get Together on the IPod right now. That’s a song we used to play! The swimming season begins to wind down tonight for Alex, with the Conference prelims. Hey! What Day is it? Mike, Mike, Mike, what day is it? Come on, you know. It’s HUMP DAY! Ok, let’s go have a Wonderful Wednesday and Hump Day! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837
As I write this paragraph, the London open is about 40 minutes away. The prices of all four precious metals aren’t doing much. Gold volume is even lower than it was this time yesterday—but silver volume is much higher than it was yesterday at this time, but still very much on the lighter side. And, not that it matters, but the dollar index is up a half-dozen basis points.There’s not much to add to today’s column, as just about everything worth saying showed up in The Wrap sections of my Tuesday and Wednesday missives—and I’m not happy when I keep repeating myself every day, which is easy to do when there’s not much going on.And as I hit the ‘send’ button on today’s effort at 5:05 a.m. EDT, I see that all four precious metals have rallied above their respective closes in New York yesterday—and it’s obvious that the rally in gold is running into resistance, as the open interest is now more than double what it was 40 minutes before the London open—and even though the rally was only about five bucks, that was obviously too much for ‘da boyz’. Silver volume is getting up there as well, but it’s still very much on the lighter side, all things considered. The dollar index is flat.So far, everything is unfolding like it normally does this time of day, as any rally in gold and silver that begins shortly before [or at] the London open, is dealt with before the London a.m. gold fix—and then the rest is left up to JPMorgan et al in New York when the Comex opens. It remains to be seen if this pattern repeats itself again today.I hope your Thursday goes well, or went well if you live west of the International Date Line—and I’ll see you here tomorrow. Here are two more photographs from my Sunday outing—and both were taken in the same park and from exactly the same spot as the gulls I posted yesterday. The difference is that these juvenile Black-crowned night herons were over well over 100 metres away across a pond and on an island—and despite using a big telephoto lens, I had to crop the heck of these two photos to get the birds up to this size. Because of the distance and the cropping, they both fall into what I consider minimum acceptable picture quality, at least for me. The price management scheme in gold is now so obvious, that it’s no longer debatable.Gold did very little in Far East trading and the first half of the London trading day on Wednesday. The rally at the Comex open wasn’t allowed to get far—and was sold back down to unchanged by noon in New York. It rallied a few dollars going into the 1:30 p.m. Comex close—and then chopped sideways into the 5:15 p.m. close of electronic trading.The low and high aren’t worth the effort to look up.Gold finished the Wednesday session at $1,312.20 spot, up $3.70 from Tuesday’s close. Volume, net of August and September, was pretty light at only 104,000 contracts.The silver price followed more or less the same price path as gold, expect the rally at the Comex open got sold down harder—and silver made a new low for this move down—and that low was printed about 11:50 a.m. EDT. The price rallied a bit going into the Comex close—and the didn’t do much after that.The high and low ticks were recorded by the CME Group as $20.085 and $19.705 in the September contract.Silver closed at $19.81 spot, down 10.5 cents from Tuesday’s close. Net volume was 33,000 contracts.Platinum didn’t do much of anything in early Far East trading, but developed a positive price bias beginning around 2 p.m. Hong Kong time. It was up a whole six bucks on the day by shortly before 11 a.m. EDT—and then a thoughtful soul sold it down about a percent, with the low coming minutes before noon in New York. From there it rallied back to almost unchanged—and down a buck on the day.The price action in palladium was similar, but both the corresponding rally—and subsequent sell-off, were much less pronounced. Palladium manged to finish up a buck.It was another day where all four precious metals were rallying—and then all got sold off during the New York trading session.The dollar index closed on Tuesday at 81.51—and didn’t do much of anything until shortly after 2 p.m. Hong Kong time. Then it rallied to its 81.65 high before it had a 25 basis point down/up move between the 8:20 a.m. Comex open and 11:40 a.m. EDT. After that the index slid a small handful of basis points into the close, finishing at 81.61—up 10 basis points.The gold stocks chopped and flopped either side of unchanged yesterday—and finished the day that way, as the HUI closed down a miniscule 0.05%.The silver equities barely got a sniff of positive territory on Wednesday—and headed lower almost immediately. The low of the day came at the low for silver, about 11:50 a.m. EDT. From there they cut their loses by a bit, as Nick Laird’s Intraday Silver Sentiment Index closed down 0.87%.The CME Daily Delivery Report showed that 6 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Friday. Nothing to see here.The CME’s Preliminary Report for the Wednesday trading session showed that August open interest in gold declined by 117 contracts—and is now down to 1,167 contracts—so we await the final resolution on this as the month starts to wind down.There was a tiny 8,420 troy ounce withdrawal from GLD yesterday, which was probably a fee payment of some kind—and as of 9:18 p.m. EDT yesterday evening, there were no reported changes in SLV.There was a sales report from the U.S. Mint again yesterday. They sold 500 troy ounces of gold eagles—500 one-ounce 24K gold buffaloes—225,000 silver eagles—and another 200 platinum eagles.There wasn’t a creature stirring in the gold departments of the Comex-approved depositories on Tuesday. However, it was another big day for silver, as 600,769 troy ounces were reported received—and 693,508 troy ounces were shipped out the door. All of the activity was at the CNT Depository—and Brink’s, Inc. The link to that action is here.I have a very decent number of stories again today—and there should be some in here that interest you.For those with an interest in silver, I believe that a remarkably large percentage, certainly a majority, believes that silver is manipulated in price. They might not be able to articulate all the nuances of the manipulation, but they have a strong sense that there is an artificiality to silver pricing. I base this on what’s said and written on the Internet, of course, not in the main stream media, which continues to treat the topic of manipulation as something to be avoided at all costs. I believe this is the case because the biggest advertisers and commercial supporters of the main stream media tend to be the very financial institutions perpetrating the manipulation.Nowadays, it’s actually more unusual when someone strongly denies the existence of a silver manipulation, particularly if the denier is well known. Invariably, the denial brings an outcry of disagreement to the point of mockery. Not for a minute have I ever concluded that silver is manipulated or not by the weight of popular opinion; for me, the manipulation is quite easily proven by the verifiable facts. My point is simply that more who are interested in silver believe it is manipulated in price, than not.That might not seem like an earth-shaking revelation, but in reality it is very much so from what things once were. A quarter-century ago, very few, if any, believed silver was manipulated in price. I know this to be the case because I lived through it. For better or worse, the idea of a silver manipulation originated with me. I point this out, not to pat myself on the back, but strictly to demonstrate the difference between then and now in popular perceptions. In fact, I think you would be shocked at the degree of resistance that existed to the idea that silver was manipulated back then. – Silver analyst Ted Butler: 13 August 2014It was another day when not much happened during the Wednesday trading session. It was also another day that the rallies in all four precious metals, such as they were, got sold down during the New York session once again.Here are the 6-month charts for both gold and silver—and nothing much has changed.
As nearly 7.5 million Americans contend with covering the skyrocketing costs of insulin to manage the disease, diabetics in Colorado will soon have some relief. A new law, signed by Gov. Jared Polis earlier this week, caps co-payments of the lifesaving medication at $100 a month for insured patients, regardless of the supply they require. Insurance companies will have to absorb the balance. The law also directs the state’s attorney general to launch an investigation into how prescription insulin prices are set throughout the state and make recommendations to the legislature. Colorado is the first state to enact such sweeping legislation aiming to shield patients from dramatic insulin price increases. “One in four type 1 diabetics have reported insulin underuse due to the high cost of insulin … [t]herefore, it is important to enact policies to reduce the costs for Coloradans with diabetes to obtain life-saving and life-sustaining insulin,” the law states. The price of the drug in the U.S. has increased exponentially in recent years. Between 2002 and 2013, it tripled, according to 2016 study published in the medical journal JAMA. It found the price of a milliliter of insulin rose from $4.34 in 2002 to $12.92 in 2013. And a March report from the House of Representatives, found “prices continued to climb, nearly doubling between 2012 and 2016.” Dramatic price hikes have left some people with Type 1 and Type 2 diabetes who use insulin to control their blood sugar levels in the unfortunate position of making dangerous compromises. They either forego the medication or they ration their prescribed dose to stretch it until they can afford the next prescription. In some instances, those compromises can lead to tragedy. As NPR reported, an uninsured Minnesota man who couldn’t afford to pay for $1,300 worth of diabetes supplies, died of diabetic ketoacidosis, according to his mother. The man, who was 26, had been rationing his insulin. The move in Colorado comes on the heels of recent commitments by manufacturers to limit the drug’s cost to consumers, which in turn comes on the heels of mounting pressure (and some skewering) from elected officials. Following a U.S. Senate Finance Committee hearing in February and a subcommittee hearing in the House in April, pharmaceutical company leaders have reluctantly admitted they have a role to play in reducing drug prices. Last month Express Scripts, one of the largest pharmacy benefit managers in the country, announced it is launching a “patient assurance program” that will place a $25 per month cap on insulin for patients “no matter what.” In March, insulin manufacturer Eli Lilly said it will soon offer a generic version of Humalog, called Insulin Lispro, at half the cost. That would drop the price of a single vial to $137.35. “These efforts are not enough,” Inmaculada Hernandez of the University of Pittsburgh School of Pharmacy tells NPR, of the latest legislation in Colorado. Hernandez was lead author of a January report in Health Affairs attributing the rising cost of prescription drugs to accumulated yearly price hikes.While the Colorado out-of-pocket caps will likely provide financial relief for diabetes patients, she noted “the costs will kick back to all of the insured population” whose premiums are likely to go up as a result.”Nothing is free,” Hernandez said.”It also doesn’t fix the real issue,” she added, pointing to her own research which found “that prices have increased because there’s not enough competition in the market, demand will always be high and manufacturers leverage that to their advantage.” Copyright 2019 NPR. To see more, visit https://www.npr.org.
Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements Typhoon drills and being prepared saved lives in the town of San Francisco in Camotes Island in north Cebu when typhoon Yolanda struck last month.Before the storm hit, coastal residents evacuated to 34 school buildings. There were zero casualties.“After typhoon Yolanda, we are given the chance to take another step to be more prepared, said San Francisco Vice Mayor Alfredo Arquillano yesterday in a press conference.ADVERTISEMENT View comments “It’s a matter of organizing people because when there is an organization, it will result in a developed system and we can find an avenue of educating people,” said Arquillano.Typhoon drills, in particular, are needed.“It should be taken seriously so that it won’t be taken for granted,” he said.A forced evacuation of islet residents was done before Yolanda hit Cebu on Nov. 8.“Although most of the houses were affected by typhoon Yolanda, I am still happy that there was no recorded casualty from our town,” he added.He said leaders or decision makers must carry out top priorities and spread the right information.Arquillano is president of the Regional Center of Expertise on Education to Sustainable Development.The Yolanda Emergency Response Consortium for Northern Cebu has Caritas, Lihok Pilipina, Pagtambayayong Foundation, and Philippine Partnership for the Development of Human Resources in Rural Areas (PhilDHRRA) and A2D Project – Research Group for Alternatives to Development, Inc. for partners. /Michelle Joy L. Padayhag, Correspondent Don’t miss out on the latest news and information. LATEST STORIES PH protests Chinese boat swarm, warship passage This is a long-term project extending aid to affected areas of north Cebu, said Kaira Zoe Alburo, executive director of A2D.MORE STORIESnewsinfoWHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccinenewsinfoBaybayin revival makes native PH history hipnewsinfoMartial law in Negros? Military taking cue from local execsMORE STORIESnewsinfoWHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccinenewsinfoBaybayin revival makes native PH history hipnewsinfoMartial law in Negros? Military taking cue from local execsFamilies who lost their homes should be able to own the property of their rebuilt residences, said Salvador Loyola Jr. of Pagtambayayong Foundation.“How can they freely build and develop their homes if they don’t own the land?” he said.A sustainable and long-term livelihood is needed for storm survivors to recover, said Luchie Blanco, regional coordinator of PhilDHRRA.Arquillano said San Francisco town had a typhoon drill earlier in March to commemorate the town’s devastation the town during typhoon “Bising” in 1982.During the drill, residents were briefed on the contents of an emergency kit, where to evacuate and how to get there.People were also taught risk assessment and identifying the most vulnerable members during a calamity.ADVERTISEMENT WHAT WENT BEFORE: Dengvaxia is world’s first dengue vaccine Locsin wants to drop ‘visas upon arrival’ privilege Palace open to make Dengvaxia usable again as dengue cases spike MOST READ “There must be a higher level of awareness by informing people what is a ‘storm surge’,” he said.Arquillano joined yesterday’s signing of a commitment with 16 civil society groups and non-government organizations (NGO) with local governments of Madridejos and Santa Fe in Bantayan Island, and San Francisco in Camotes Island.FEATURED STORIESNEWSINFOSenate to probe Tolentino’s ‘novel legal theories’ on oral agreementsNEWSINFOLocsin wants to drop ‘visas upon arrival’ privilegeNEWSINFOPalace open to make Dengvaxia usable again as dengue cases spikeThe pact was for a Yolanda Emergency Response Consortium for Northern Cebu .Partners called for other government agencies and the private sector to join efforts of rehabilitation and reconstruction to make communities disaster-resilient, sustainable and participatory. Baybayin revival makes native PH history hip Painters refuse to go quietly PBA: Rain or Shine overcomes San Miguel, McCullough’s 51 to avert sweep Brace for next metro wide shake drill..at 4 a.m. on July 27! PLAY LIST 01:47Brace for next metro wide shake drill..at 4 a.m. on July 27!02:13Dela Rosa pushes death penalty bill, appeals for understanding from Church01:44Moreno asks Manila private schools to cooperate with class suspension policy03:26PCSO to focus on improving transparency of gaming activities01:39Sotto open to discuss, listen to pros and cons of divorce bill06:02Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements01:50Palace open to make Dengvaxia usable again as dengue cases spike01:49House seeks probe on ‘massive corruption’ in PCSO01:37PCSO estimates P250M in Lotto revenue loss due to suspension Read Next