2 June 2003Three ailing Limpopo tourist resorts, all mismanaged relics from the former Venda homeland era, have been successfully revived through a business partnership between the provincial government, local communities and a major hotel group.The Mphephu and Rambuda communities hosted a glittering event near Thohoyandou last week to launch the new venture, in association with the government-funded Limpopo Development Corporation (LimDev) and the Protea Hotel Group.Speaking at the event, Limpopo Finance and Tourism MEC Thaba Mufamadi said the launching and future marketing of the Nwanedi, Mphephu and Acacia Resorts under the Protea brand name presented a challenge to other parastatals.Mufamadi confirmed that nine of Limpopo’s 11 provincial nature reserves would be commercialised. These projects would benefit rural communities along the boundaries of the conservation areas.LimDev managing director Chris Luvhani pointed out that the corporation had retrenched 745 employees in 1998, including the staff of all resorts it owned, because these ventures had become unviable.However, after enlisting the support of the Mphephu and Rambuda communities, and taking some practical advice from the province’s directorate of tourism, new strategies emerged and funding was made available.“Repairs to flood-damaged roads during the 2001/2002 financial year, and the overall upgrading of infrastructure ahead of the huge influx of visitors for Eclipse 2002, brought the final about-turn,” Luvhani said.When the upgrading of the resorts began, more than 50 tenders for tasks such as thatching, tiling, furnishing, landscaping and fencing were awarded to local contractors, thus providing employment for people from the local communities, he added.Paramount Chief Ramabulana Mphephu underlined the importance of ongoing consultation with local communities. He appealed to resort management to purchase fresh produce and other necessities from residents in the region.As a gesture of goodwill, LimDev handed a cheque for R18 000 to the newly established Mphephu Community Development Trust.Source: BuaNews
When you’re good at what you do, you don’t typically spend a whole lot of time thinking about what your next job might be or the next company you might work for, let alone the need to construct a better resume. In our work lives, we challenge ourselves to succeed and excel, and make the sacrifices necessary to set ourselves apart. We focus our efforts on building a future; working hard, working smart, and making the right decisions. We see this as the key to our professional development plan. But sound decisions aren’t limited to what we do on the job. What we do beyond the workplace can have a real and vital impact on how our careers unfold.Serving as the gateway to a professional development plan, crafting a quality resume can be one of the most important tasks in your professional career. Unfortunately, it also happens to be one of the most underrated and under-used aspects of professional growth for far too many of us.This is a place where we summarize our experience, our abilities, and our accomplishments. But that alone isn’t enough. To best serve our needs, we have to recognize—and mobilize—the ultimate purpose of the resume. This isn’t intended to be a book report on what you’ve done or the positions you’ve held during your career. It’s not just a snapshot of who you are today. It also must serve as a beacon that leads the reader towards what you’re capable of doing in the future.- Sponsor – The job interviewer isn’t simply interested in what you’ve done or how much you’ve accomplished—other than how that applies to the position that they are looking to fill. What we’ve done in the past has to be seen as an indicator of future performance, and how that information is presented can make a tremendous difference in the way that we are perceived.The resume has to be more than an accumulation of dates and facts. It has to tell a story. It has to grab attention. It has to send a message. But it also has to be honest and genuine. It should be dynamic and confident. It should be organized and concise. It should show the building blocks of your career. It should help you stand out, and stand tall. This document is intended to represent who you are as a professional. It is a point of first impression. As such, it demands your effort and attention to ensure that it fills that role.Every job search is a competition. A company is trying to match their needs with an individual that will best meet all of the different aspects that a particular position entails. Those involved in hiring decisions typically begin the search process by narrowing down the field of potential candidates from among those that have applied. Various strategies may be used to assist decision makers in the process, but one common denominator almost always comes into play – the resume.The resume is a visual and informational representation of the candidate throughout the hiring process. It is a gateway to a successful professional development plan. From entry level positions to the pyramid heads for some of our largest companies, this remains a constant. If we want to set ourselves apart from the pack, then our efforts should start here.For more information on loss prevention careers, visit www.lpjobs.com. Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now
Photo by DodgertonSkillhause (Morguefile)An accused shoplifter trying to flee the Bayonne, New Jersey, Walmart Sunday afternoon in her car struck a shopper riding a motorized cart twice before she crashed into a police cruiser and was arrested, Bayonne police said.Siedah S. Smith, 34, of Jersey City, was charged with robbery, aggravated assault, aggravated assault with a weapon, possession of a weapon for an unlawful purpose and hindering apprehension, Bayonne Lieutenant Eric Amato said.Smith had filled a shopping cart with $235 in merchandise, but left it at a self-checkout lane inside the store while she went outside and grabbed a discarded receipt from the garbage, police were told by a store loss prevention agent. She then returned inside the store and walked out with the stolen goods without paying, ignoring the loss prevention agent’s commands to stop, Amato said.- Sponsor – A responding police officer saw Smith drive her car and strike the person in the motorized shopping cart while trying to flee the parking lot, Amato said. An argument between Smith and the victim ensued, and Smith quickly tried to flee again when she saw the police cruiser, Amato said. Again she struck the shopper in the motorized cart, this time dragging the victim and the cart 10 feet before smashing head-on into the police cruiser. Smith was arrested… NJ.com Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now
Related postsLytics now integrates with Google Marketing Platform to enable customer data-informed campaigns14th December 2019The California Consumer Privacy Act goes live in a few short weeks — Are you ready?14th December 2019ML 2019121313th December 2019Global email benchmark report finds email isn’t dead – it’s essential13th December 2019Keep your LinkedIn advertising strategy focused in 202012th December 20192019 benchmark report: brand vs. non-brand traffic in Google Shopping12th December 2019 Your consumer side may relish the post-Thanksgiving specials, but the marketer in you might be missing out.But cheer up! Here are some selected Black Friday and Cyber Monday specials that can help brighten the holiday for marketers:Adobe is offering a Black Friday 25 percent discount on monthly subscriptions for its entire collection of 20+ creative desktop and mobile applications. There’s also a Black Friday special where students and teachers can save up to 70 percent on Creative Cloud apps. Offer ends Nov. 23.MyFonts has a truckload of discounts on its many choices for digital fonts, with sales expiration dates ranging from today through Cyber Monday, plus some stretch into December.JustCloud’s file backup service has a Cyber Monday 70 percent discount, with “never before” free inclusions.Also up in the clouds, Alibaba’s global cloud service is out with a variety of deals sporting Black Friday pricing, including 40 percent off yearly subscriptions of its Elastic Compute Service.If you’ve been needing some new business cards or printed marketing materials, Vistaprint’s Black Friday sale gives 60 percent off “everything.” Ends Nov. 27.Microsoft’s Store has Black Friday deals beginning Nov. 22, with discounts on laptops and up to 75 percent off apps like Affinity Photo, Affinity Designer or Drawboard PDF.And even a digital marketer sometimes need real-world office supplies, which is why we’re including Office Depot’s Black Friday sale on computers, printing paper and more.This story first appeared on MarTech Today. For more on marketing technology, click here.The post Black Friday/Cyber Monday deals for marketers: Software, supplies and more appeared first on Marketing Land.From our sponsors: Black Friday/Cyber Monday deals for marketers: Software, supplies and more Black Friday/Cyber Monday deals for marketers: Software, supplies and moreYou are here: HomeDigital MarketingBlack Friday/Cyber Monday deals for marketers: Software, supplies and more Posted on 22nd November 2018Digital Marketing FacebookshareTwittertweetGoogle+share
Such is the preparedness of London for the 2012 Olympics, the city could well host the quadrennial extravaganza next week. If you thought this was an exaggerated statement, this fact was reiterated by Gordon Innes, CEO, London & Partners, who is now in India on a quick tour.Gordon Innes, CEO, London and Partners.Speaking to Mail Today, Innes, who works closely with London Mayor Boris Johnson, said that things were on track and the city was excited about welcoming all the tourists next summer.”It’s not just about the Games, many more events will be held in London at that time and we are excited about it. In fact, the Mayor said we should have the Games next week so that we can win all the medals!” said Innes.On a serious note, Innes spoke at length about how London was not worried about what was going to happen to the sporting venues when the Games end. “We have studies the previous Olympics and the Commonwealth Games, including New Delhi. The good thing is most of the venues in London can be dismantled and the place can be put to better use,” said Innes.The CEO sees London as the biggest sporting destination even after the Olympics are over. “London is keen to show that these will be the people’s Games and the greenest Games ever. However, even after the big event is over, we will have more sporting activities. We are bidding for the IAAF World Championship and in Seb Coe we have a great help,” he said.advertisementInnes said London already hosts four NFL Games, and was also going to bid for the 2012 UEFA Cup. “We are determined to make London a big sporting destination as we have fantastic venues,” he said.About the biggest concern for hosting the Games, Innes said “security is always an issue.” Would the incidents of violence this July in Britain be remembered for the wrong reasons? “As our Mayor said, it was elements of pure criminality which resulted in arson. However, the Metropolitan Police got it under control quickly,” he said.With the second tranche of Games tickets going up for sale shortly, Innes said the demand was huge. “One plus is those who’ll be lucky enough to win the lottery and buy tickets can travel in London without having to pay. It’s included in the ticket cost and the train network will be very good for passengers who can alight at the Olympic Park,” he said.Innes spoke of the ‘Javelin service’ which is a quick train run from Kings Cross to the Olympic Park in just around ten minutes.According to estimates, 3,30,000 visitors will be in London during the Games and they should get their visa work done in advance as there’ll be a rush. “However, we will be having extra staff working in all our embassies to clear the rush,” added Innes.
After a tragic morning at Oklahoma State’s homecoming parade saw three individual’s die and dozens injured, head coach Mike Gundy lead the team in the Lord’s prayer in the pregame.OSU fans & players took a moment to pray for those affected by the tragedy in Stillwater before the game vs. Kansas.https://t.co/a2NEWhnn5z— FS1 (@FS1) October 24, 2015As senior receiver David Glidden put it, “Let’s play for the whole f****** community!”And here’s David Glidden playing for “the whole f****** community.” pic.twitter.com/5aOhNkt5mL— Pistols Firing (@pistolsguys) October 24, 2015 If you’re looking for the comments section, it has moved to our forum, The Chamber. You can go there to comment and holler about these articles, specifically in these threads. You can register for a free account right here and will need one to comment.If you’re wondering why we decided to do this, we wrote about that here. Thank you and cheers!
zoomImage Courtesy: ASTON Russia-based producer of foodstuffs and ingredients ASTON has signed contracts with two Chinese shipyards for the construction of four new bulk carriers.As informed, the vessel quartet is part of a series of ten ships with a deadweight of 8,000 tons.ASTON has not disclosed the price that would be paid for the four newbuilds.Addressing two unnamed Chinese shipbuilders, Vadim Vikulov, CEO of ASTON, said that the company’s long-term plan to build new ships will now be realized.ASTON added that it commissioned its fourth 45,000 dwt vessel in March this year.The company operates ports terminals on the river Don, a shipbuilding yard, a dry-cargo vessel for river-sea navigation, oil tankers and bulkers for grain transportation.World Maritime News Staff
Noel Gallagher is curating the 2013 Teenage Cancer Trust concerts at the Royal Albert Hall in partnership with The Body Shop, and he’s carefully selected a stellar line-up.• Tuesday 19 March – Ryan Adams plus special guest Beth Orton • Wednesday 20 March – An evening of comedy with Russell Brand, Noel Fielding and very special guests • Thursday 21 March – Primal Scream plus very special guests Echo & The Bunnymen • Friday 22 March – Kasabian plus support from Dark Horses • Saturday 23 March – Noel Gallagher, Damon Albarn & Graham Coxon plus guest Gruff Rhys • Sunday 24 March – Rizzle Kicks and Labrinth • Monday 25 March – Paul Weller plus special guests Palma VioletsTickets are available here.
Well, it couldn’t get much more blatant, now could it?The gold price developed a slight negative bias right at the beginning of Far East trading on Friday…and that process accelerated a bit once London began to trade.Then at the Comex open, the gold price jumped up…and almost immediately ran into a willing not-for-profit seller…and by 9:45 a.m. JPMorgan et al had bashed the price into submission. From there it recovered a hair, but hit its absolute low of the day at precisely 12:00 noon in New York…and then rallied a bit into the 5:15 p.m. close of electronic trading.The high tick at 8:31 a.m. Eastern was…$1,678.20 spot…and the low tick at noon was reported by Kitco as $1,652.50 spot.Gold finished the Friday trading session at $1,662.70 spot…down $12.10 on the day. Net volume was around 145,000 contracts.Silver’s price pattern on Friday was virtually a carbon copy of gold’s. The only big difference was that silver’s low price tick [$30.07 spot] came at 10:00 a.m. Eastern…right on the button. From there it traded sideways until around 12:45 p.m. in New York…and then rallied into the 1:30 p.m. Comex close. From that point, and until the close of Friday trading, the silver price traded flat.Silver’s high price tick came shortly before 9:00 a.m. Eastern time…and Kitco recorded that as $30.93 spot.“Da Boyz” took away almost all of Thursday’s gains with yesterday’s shenanigans…and silver closed on Friday at $30.44 spot…down 42 cents. Volume was pretty hefty…around 52,000 contracts.The dollar index opened on Friday morning at 79.79…and traded ruler flat all through Far East and early London trading. Then at 1:00 p.m. GMT, the index did a 36-point face plant in just thirty minutes. The index spent the New York trading session recovering a bit of those loses, but the dollar index still closed down 24 basis points when all was said and done.Of course it’s laughable to even entertain the idea that the precious metals prices were in any way linked to what went on in the currency markets yesterday.Since the gold price got slammed at the open of the New York equity markets on Friday, it should come as no surprise to anyone that the gold stocks got sold off in the first half hour of trading. But then they rallied back to unchanged by around 11:30 a.m. Eastern…and chopped sideways for the rest of the day. The HUI finished down a tiny 0.07%…a fabulous accomplishment considering the circumstance. It was obvious, at least to me, that strong hands with deep pockets were buying everything that fell off the table yesterday.Not surprisingly, the silver shares finished mostly down on the day…and Nick Laird’s Intraday Silver Sentiment Index closed down as well…0.48%.(Click on image to enlarge)Here’s Nick’s long-term Silver Sentiment Index so you get a view of the overall.(Click on image to enlarge)The CME’s Daily Delivery Report showed that zero gold…along with a surprising 124 silver contracts were posted for delivery on Tuesday. The big short/issuer was Merrill…and the spoils were divided up between JPMorgan  in its proprietary [in house] trading account…Bank of Nova Scotia …and Jefferies with 31 contracts stopped.What started out as a very sleepy delivery month in silver, has turned into anything but! Already this month, there have been 641 contracts posted for delivery, which is a very large number for what has always been a traditional non-delivery month for either gold or silver…and the month is less than half over. The link to yesterday’s Issuers and Stoppers Report is here.There were no reported changes in either GLD or SLV.Bullion coins continue to fly out the door at the U.S. Mint. Yesterday they reported selling another 12,000 ounces of gold eagles…and 150,000 silver eagles. Month-to-date…only eight business days…the mint has sold 97,500 ounces of gold eagles…36,500 one-ounce 24K gold buffaloes…and 4,782,000 silver eagles. Based on these sales, the silver/gold ratio stands at just under 36 to 1. I sure hope that you’re getting your share, dear reader…and if not, you should make amends as quickly as you can.It was a monster day over at the Comex-approved depositories on Thursday. They reported receiving 975,656 troy ounces of silver…and shipped an eye-watering 2,786,866 troy ounces out the door. Amazing! I can hardly wait to read what Ted Butler has to say about this in his weekend review coming out later today. The link to yesterday’s activity is here.There has been evidence presented on the Internet during the past week of shortages appearing in some types of precious metal products, both in North America and in Europe. Well, I got it right from the horse’s mouth…as one of the largest private mints in the U.S. told us late yesterday afternoon that there’s a 10-day wait for delivery on 10-ounce silver bars…and a 30-day wait for 1-ounce silver rounds. It has begun again.As I said a few paragraphs back…I sure as heck hope you’re getting your share.Well, yesterday’s Commitment of Traders Report showed the expected declines in the Commercial net short positions in both gold and silver. Ted was hoping/expecting bigger numbers than were posted…but they are what they are. I had very little time to talk to Ted on the phone about this yesterday, as it was very busy at the store.In silver, the Commercial net short position declined by 4,071 contracts, or 20.4 million ounces of paper silver. The Commercial net short position as of the close of Comex trading on Tuesday stood at 206.3 million ounces.The ‘Big 4’ are short 230.4 million ounces of silver…which is about 112% of the Commercial net short position show in the previous paragraph. Ted says that JPMorgan’s short position is about 140 million ounces out of that 230.4 million ounces…28,000 Comex contracts…and it’s my guess that the Bank of Nova Scotia is short at least 50 million ounces as well…so the ‘BIG 2’ are short around 190 million ounces of silver between them.On a net basis, the ‘Big 4’ bullion banks are short 48.6% of the entire Comex futures market in silver…and the ‘BIG 2’ on their own are short about 40% of the entire Comex futures market in silver all by themselves. How’s that for concentration?On a net basis, the ‘5 through 8’ traders are short an additional 11.6 percentage points of the entire Comex silver market. So the ‘Big 8’ in total are short more than 60% of the Comex silver market. But like I said…it’s the BIG 2…or probably just the BIG 1…that really matters.If we could see…and then subtract…all of the spread trades, not just some of them, it’s my guess that these concentration ratios would be substantially more grotesque than they already are.In gold, the Commercial net short position declined by 10,187 contracts, or 1.0 million ounces. Ted was expecting a much bigger number…and would have got it, except for the fact that the ‘5 through 8’ traders actually sold about 7,000 contracts short…instead of covering short positions…and/or going long themselves. Having said all that, the Commercial net short position has now declined to 17.85 million ounces.The ‘Big 4’ bullion banks are short 11.65 million ounces of gold…and the ‘5 through 8’ largest traders are short an additional 5.74 million ounces of the stuff. So between the eight biggest traders, they are short 17.39 million ounces of gold…almost 100% of the Commercial net short position.On a ‘net’ basis…once all the market-neutral spread traders are subtracted out…the ‘Big 4’ are short 32.3% of the entire Comex gold market…and the ‘5 through 8’ traders are short an additional 15.9 percentage points. So the ‘Big 8’ are short a bit over 48% of the entire Comex futures market in gold.Of course, like in silver, if all the unreported spread trades could be subtracted out, it would push these concentration numbers well over 50% for the ‘Big 8’ combined.Here’s Nick Laird’s wonderful “Days of World Production to Cover Short Positions” chart. It shows the short positions of the Big 4 and Big 8 for all the physically traded commodities on the Comex…as shown in the latest COT Report. I just talk about silver and gold…but Nick shows them all…and the obscene and grotesque short positions in all four precious metals are obvious to anyone.(Click on image to enlarge)The links to the long-term interactive COT charts for gold is here…and silver is here. Depending on your browser and computer, they may take a while to load…especially the link for silver.The Bank Participation Report data was as expected in silver…but a bit of a surprise in gold.In silver, less than 4 U.S. banks [probably 3] decreased their net Comex short position from 39,573 contracts in the December BPR, down to 32,236 contracts in January’s BPR.Since Ted Butler says that JPMorgan Chase’s short position is in the 28,000 Comex contract range, that means that there are only 4,236 Comex contracts left to split up between the two other U.S. banks. Using the past as prologue, I’m guessing that virtually all of that…like 95%…is held by HSBC USA…and a tiny non-material amount is held by Citigroup maybe.Continuing in silver…15 non-U.S. banks held a net short position in Comex silver in December of 18,199 contracts…and in the January BPR just released, that short position has been reduced down to 14,913 Comex contracts…and only 14 banks. It’s my firm belief that more than 10,000 contracts of this amount is held by the Bank of Nova Scotia…like maybe 12,000 contracts…leaving 2,913 contracts to split up between the remaining 13 non-U.S. banks, which is about 225 contracts per non-U.S. bank. As you can tell, these positions are immaterial.Remember what I said about the ‘BIG 2’ in silver when I was talking about them in the COT Report further up. What the BPR does, is strip these two bullion banks naked for all to see. That’s how concentrated their positions are…and there is just no way for them to hide on this one day every month when we can compare the COT numbers and the BPR numbers…as they are derived from the same data set.In gold…5 U.S. banks had a net Comex short position of 106,393 contracts in the December BPR. The January report showed that the number of U.S. banks holding short contracts on the Comex had been reduced to 4 banks…and they had reduced their net Comex short position down to 82,204 contracts. It’s a safe bet that it’s the same banks in gold as it is in silver…with the addition of maybe Morgan Stanley…and they wouldn’t have a big position…as the lion’s share would most likely be held by JPMorgan Chase.Continuing in gold…19 non-U.S. banks were net short 44,707 Comex contracts in the December BPR…and are now net short 45,847 Comex gold contracts in January’s BPR. The surprise here is there was a net increase from December to January…which I wasn’t expecting at all. And, once again, I’d bet serious money that well over a third of that short position is held by the Bank of Nova Scotia. That leaves 18 non-U.S. banks net short a bit under 30,000 Comex gold contracts…and if you can divide, the individual positions of these 18 bank is immaterial.The one caveat to these ‘immaterial’ short positions in both silver and gold is that there is massive collusion within the ranks of the smaller trader…and these smaller banks may influence prices if they work together, like Ted Butler’s raptors…and I’m sure that they do it at times.Here’s a graphic representation of the Bank Participation Report for silver going back to 2000. There are five charts in all…and the first two are price and open interest…and the third is the number of U.S. and non-U.S. banks. Charts 4 and 5 require one minute of thinking.In some ways, charts 4 and 5 are identical to the “Days to Cover Comex Short Positions” charts from the COT data above…except they are for U.S. and non-U.S. banks only…and it shows just how dominant they are once they’re stripped out from the crowd. The ‘click to enlarge’ feature works wonders here.(Click on image to enlarge)I have a huge number of stories, quite a few of which I’ve been saving for today’s column…and I wish you luck wading through all of them.Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded–here and there, now and then–are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” – Lazarus Long [The quote is from a novel by Robert Heinlein. The character Lazarus Long appeared in several of his books. – Ed]Today’s ‘blast from the past’ is instantly recognizable…as is the group that sings it. So turn up your speakers and enjoy. The link is here.Today’s classical ‘blast from the past’ is the most famous of arias from Mozart’s opera The Magic Flute. This version was ripped out of the 1984 Miloš Forman move Amadeus…and if you’ve never seen this flick, you owe it to you to do so. The link is here.Well, it couldn’t get much more blatant, now could it? JPMorgan et al just don’t give a damn whose watching, because there’s no adult supervision to be found anywhere…and the spineless silver and gold mining companies won’t lift a finger on behalf of their shareholders.But one thing is for sure, it shows just how desperate this situation is becoming…especially in silver. The fact that delivery times are now getting stretched out for precious metals just about everywhere on Planet Earth means that there’s big trouble coming in River City…and only the timing is unknown. And the frantic in/out activity at the Comex…plus the goings-on in SLV over the last month, shows how frantic things are getting. It’s my opinion that it’s only a matter of time before the whole things comes unglued.Ted Butler had this to say about it in his closing paragraph to his paying subscribers on Wednesday…”Throw in the probability that the simmering physical shortage will turn into a full boil on a moment’s notice…and the only prudent approach is to hold onto long-term silver positions tightly.” Amen to that, as that’s precisely what I’m doing.Silver is back under its 200-day moving average once again…and gold is sitting right on its 200-day moving average. It appears that the prices of both metals are being held in place…but for what reason…and how long? Beats me.And then the question becomes…are we going higher or lower from there. If you waded through what I had to say in the COT Report and the BPR, you can see that its just a small handful of bullion banks trying to keep the precious metals market from blowing sky high.In my estimation it has now become a death watch…and what part this $1 trillion dollar platinum coin has play in all this, is not known. It may come to nothing, but I have a hunch that we haven’t heard the last of this insanity.My last chart of the day is one of my favourites from Nick. It’s the “Total PMs Pool“…and it’s at another new high…a relentless and most likely unstoppable trend with unlimited fiat currency printing upon us.(Click on image to enlarge)That’s all for this week…and I’ll see you right here on Tuesday. Sponsor Advertisement Canada’s Golden TollboothsThere is a special tollbooth located 8 hours north of Toronto near a gold mine. And every time a mining truck passes by, it must pay a toll: For each 100 ounces of gold carried, 4 of these must be paid to the tollbooth. Over $6,600. Every single time.What’s better, there’s another one of these “golden tollbooths” located 20 miles east … and still another one 100 miles farther. All told, about seventy of these special tollbooths exist in the world today.And one company owns over half of them.Now this company—who has already banked $600 million on a single one of these tollbooth deals—is willing to split the profits with us…Click here to read the full story.
• Another bearish sign from junk bonds… For months, we’ve been warning of trouble in the junk bond market. Casey Daily Dispatch readers know the junk bond market is where companies with shaky finances go to borrow money. These companies are often the first to have trouble paying their bills when the economy slows. That’s why economic problems tend to show up earlier in the junk bond market than in the stock market. Junk bonds are set to have their first year of losses since the financial crisis in 2008. Last week, The Wall Street Journal reported that junk bond defaults are expected to nearly double next year. On Friday, a large junk bond fund barred investors from pulling their money out. The Wall Street Journal reported: A firm founded by legendary vulture investor Martin Whitman is barring investor withdrawals while it liquidates its high-yield bond fund, an unusual move that highlights the severity of the monthslong junk-bond plunge that has swept Wall Street. The decision by Third Avenue Management LLC means investors in the $789 million Third Avenue Focused Credit Fund may not receive all their money back for months, if not more. This is a big deal. Investors don’t like to hear “you can’t access your own money.” Typically, fund managers will only restrict withdrawals as a last resort. The Wall Street Journal continues: Third Avenue said poor bond-market trading conditions made it almost impossible to raise sufficient cash to meet redemption demands from investors without resorting to fire sales of assets. Third Avenue’s move sparked a big sell-off in junk bonds. The SPDR Barclays High Yield Bond ETF (JNK) and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), the two largest junk bond funds in the U.S., each fell 2.0% on Friday. Chart of the Day The largest U.S. junk bond fund plunged to a six-year low on Friday… Today’s chart shows the performance of the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) since 2008. HYG is the largest U.S. junk bond ETF. It holds $15 billion in junk bonds. HYG has fallen 11.3% this year, to its lowest level since 2009. HYG also crashed through a long-term “support line” during last week’s sell-off. Breaking below this support line is a bearish sign that suggests the sell-off in junk bonds will get worse. — Friday was another devastating trading session for resource stocks. The “bluest” of blue chip resource companies, BHP Billiton (BHP), dropped 5.3% to reach a new multiyear low. Shares are down 74% from their 2011 high. Coal mining giant Peabody Energy (BTU) also hit a new multiyear low. Leading agricultural chemical firm CF Industries (CF) hit a new 52-week low. Other well-known resource names hitting new lows include Anadarko Petroleum (APC, oil and gas), Southwestern Energy (SWN, oil and gas), Royal Dutch Shell (RDS-A, oil and gas), National Oilwell Varco (NOV, oil drilling rigs), Mosaic (MOS, agriculture), Eagle Materials (EXP, construction aggregates), and Cloud Peak Energy (CLD, coal). The story here is simple: The global economy is barely growing. And the easy money policies of global central banks allowed resource firms to borrow enormous amounts of money, which led to enormous amounts of new supply. This has many resource industries locked in a vicious cycle. Prices are falling, so many producers have increased production to make up for them. The increased supply causes prices to fall further, which leads to more production…and so on. This cycle will end with absurdly low resource prices and a wave of bankruptcies. We’ll eventually get an amazing opportunity to buy resource stocks at fire sale prices. But, for now, the trend here is still down. • Oil had another horrible week… On Friday, the price of oil fell 3.3% to $35.36, its lowest level since 2008. Oil’s 67% plunge since last June has slammed the oil industry. Exxon Mobil (XOM), the largest U.S. oil producer, has plummeted 27% since last summer. Chevron (CVX), the second-largest U.S. producer, has plummeted 34% over the same period. The world simply has too much oil right now. According to the International Energy Agency, stockpiles of oil in developed countries hit an all-time high of nearly 3 billion barrels in September. Yet major producers continue to flood the market with oil… The U.S., the world’s largest oil producer, is pumping more oil than it has in nearly three decades. The Organization of Petroleum Exporting Countries (OPEC) is also pumping near record amounts of oil. OPEC is a cartel of 12 oil-producing countries. It accounts for 40% of global oil production. For years, OPEC set a cap on the amount of oil its members could produce. However, on December 4, OPEC scrapped the production cap. Since then, the price of oil has dropped 11%. On Friday, Bloomberg Business reported that global oil stocks have lost $240 billion in value since OPEC ended its production cap. • Casey Research founder Doug Casey called this move in oil… In October, Doug was bearish on oil prices. He said: I don’t know how long oil prices will stay low. But they’re going lower for the time being. Production is stable to up, but consumption is headed down with a slowing economy. And I’m all for oil going even lower. I hope it goes down to $10 a barrel. At that point, you can buy it reflexively and make a huge killing. But I’m still short oil at the moment. Regards, Justin Spittler Delray Beach, Florida December 14, 2015 We want to hear from you. If you have a question or comment, please send it to firstname.lastname@example.org. 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