#sil goldman

[rexhc]

rosebuzz kids

been meaning to make this post for a while but rosa and buzz have too many kids (SIX) lol. but they live on a farm (which i will post about eventually) outside of houston so they have plenty of room.

jacob abraham “jake” goldman

born september 15, 2018

his biological mother is polly bernhardt, but rosa adopts him when he’s seven and has been basically raising him since before he was five

guitar and piano prodigy. has been obsessed with music since buzz gave him his ukelele as a little kid.

total metal head. all his sisters hate it except sil.

he’s in a metal band for a long time. rosa’s very into it (in a really nerdy mom way) and goes to almost every show he plays in the city. she always wears a bunch of their merch and calls herself their “roadie” (which jake hates). buzz comes sometimes but it can be too loud for him to handle. jake understands.

teaches guitar and piano lessons for a living when he grows up. he’s classically trained and goes to berklee after high school.

he plays drums in school band in middle school and is on the drum line for three years in high school. also plays bass for the jazz band.

started skateboarding when he was six and when they leave the city for the country, rosa designs him a mini ramp on their land since the roads are mostly gravel or dirt.

hates having his hair short

such a good big brother. older than the rest by eight years but he takes his role as a big bro very seriously and looks after his little sisters and brother. he never complains when he has to babysit when he’s older.

he doesn’t mind working on the farm but he’s not into it like his dad is. but when he’s eighteen, buzz shows him the greenhouse where he grows medical marijuana for local dispensaries - which had always been strictly off limits for the kids. it’s the first time jake thinks of agriculture as fun.

very quiet and introspective. most of his focus is spent on his music. frequently referred to as antisocial and was teased a lot as a kid.

lilia hannah “lily” goldman 

born may 21, 2026

very skilled artist. loves drawing and painting. she draws on the walls a lot as a little kid and her parents never ever paint over her drawings. they love to talk about her masterpieces.

could be found every morning before anyone else woke up watching cartoons in the living room. loved cartoons so much.

loves “old” (old in the 2030s) cartoons her parents show her. she dresses as finn the human for halloween four years in a row. 

draws cartoons all the time about her family. which her dad loves so much and always hangs on the fridge.

the first one she does is of buzz with a beard of bees when she’s three and he keeps it in his wallet forever

fridge features include grumpy old man jake and rosa as a superhero called supermama who appears multiple times 

becomes an animator when she grows up

very bubbly and optimistic, excited about everything but also very bashful and is constantly embarrassed by her family

to be fair she’s very awkward and usually embarrasses herself more than her family does

hates disappointing people and always takes too much on her plate to make everyone happy

is constantly way too hard on herself and gets stressed out very easily

she gets this from her mother, who can always tell when lily gets in that mood and tears her away from her homework to watch animated movies and decompress

sophia demetria goldman

born november 4, 2027

fraternal twin of silvia

they couldn’t be more different and they aren’t that close but sophia always stands up for sil no matter what.

total daddy’s girl. loves working in the fields with him more than anything. they talk for hours.

they spend so much time gossiping. buzz knows so much about the social hierarchy of every class sophia is in. he knows about every snotnose kid who was mean to his daughter and gives them dirty looks when he drops the kids off or sees them at birthday parties. 

she tells buzz basically everything about her life. they’re super close.

when she goes to college she makes buzz get whatever device they use in 2046 so they can message all the time. he iris messages her every time anyways.

goes to the farmer’s market with buzz every weekend and is always a smash hit with the customers. she knows how to play up her cuteness.

she’s just like the nicest, sweetest, most well-behaved kid. buzz and rosa have no clue how it happened.

loves flowers and gardening. they didn’t have a flower garden before sophia expressed interest, but buzz set it up just for her. she spends so much of her free time there. even if she’s not gardening, she has a hammock set up where she’ll do her homework or hang out.

ridiculously caring and selfless. 

the sweetest nicest bean ever. would not hurt a fly.

so smart. not just in school but rosa swears she got 100% of the athena wisdom gene. she gives amazing advice. 

ends up becoming a therapist when she grows up. and her home garden is magnificent.

silvia atenea “sil” goldman

born november 4, 2027

fraternal twin of sophia

she prefers “sil” to silvia

got buzz’s crazy curls

loves loves loves animals, bugs, and biology. has to be told several times by her parents to stop hanging out with wild animals on the farm and still doesn’t really listen.

she sneaks insects inside that end up escaping and it’s no fun for anyone. she did this with a snake once and got grounded for a month. never again.

whatever it is it usually ends up in sophia’s bed because they share a bunkbed. sophia has a complete meltdown every single time.

talks to caterpillars and chases butterflies when she’s supposed to be picking vegetables. also loves playing in the dirt as a kid.

seriously buzz and rosa have to wash her like three times a day because she keeps coming back inside covered in mud

reads all the time, mostly nonfiction books about animals. 

she enthusiastically shows pages about inchworm digestion to sophia, who screeches immediately

doesn’t get along great with her sisters but is super close with jake (also adam to an extent because they’re both science geeks). they’re both kind of social outcasts in school so he gets her really well even though he’s nine years older.

jake shows sil metal and she’s all about it

when she’s 10-11 and he’s 19-20 jake takes her to a couple of his shows and she has the time of her life.

on the spectrum. she’s has high-functioning autism. she mostly just doesn’t look people in the eye and when someone is saying something she’s not interested in she tends to tune them out completely.

tomboy/gender non-conforming. doesn’t care about gender norms.

not very interested in other people or in making friends. she has her own thing going on instead.

can be mean but it’s not on purpose

ends up becoming a wildlife biologist when she grows up. plays the doctor card nonstop as soon as she gets her phd. even her nieces and nephews call her “dr. auntie sil”

amalia michelle goldman

born july 12, 2029

her family often calls her ‘mali/molly’ but she prefers amalia

the most dramatic of the six kiddos because there’s too many of them and it’s really hard to get attention. she’s the kid who always has to cause a scene.

car rides are a nightmare. “mama! adam keeps poking me! tell him to stop right now!” “no i’m not! tattle!” “mama if adam keeps poking me i’m going to open the door and get out on the street and probably die!”

every time she gets sick as a kid she acts as if she’s going to die and writes a will where she leaves her jerk siblings nothing because they’re jerks who suck 

had a grudge against adam until he was like six because he usurped her as the baby of the family.

there’s an infamous family video of a five year old amalia pushing a crying two year old adam off his tricycle and it gets played at every hannukah and christmas.

somehow around the time they’re about 7/9 they actually become friends

your typical try hard nerd. very much like her mom. gets over-competitive about everything, total know it all, tries to take control of any room she’s in

president of like every nerdy club in high school

she loves using difficult vocabulary. everybody else hates it.

amalia and rosa have been prohibited from being on the same team or going 1v1 on family game night because it gets too intense too fast and then family game night is cancelled

consistently has the cleanest bedroom in the house

very logical and efficient. comes up with her own systems so she can be the best at everything.

becomes an english teacher. all her siblings say they feel bad for her students. she eventually becomes a principal. they say the same thing about the entire school.

adam emiliano goldman

born february 14, 2032

total mama’s boy. loves his mom and hangs out with her all the time. even in his teens. he doesn’t care what anyone says about that.

she calls him lovebug because he was born on valentines day

very smart, witty, and energetic

really a heartbreaker tbh

naturally gets attention by just who he is as a person

this enrages amalia

he loves school but always gets sent to the office for arguing with teachers. this happens throughout his entire schooling from kindergarten to senior year

rosa is so proud every time

very into his video games. and this is in the future so i bet it’s super cool and VR by then.

weirdly good at rapping and most of the family’s kinda unsure how they feel about this

gets into 90s east coast rap and buzz tell him he was there he was a toddler but he was there

he listens to so much old school rap it really amps him up

isn’t intimidated by anyone. constantly stands up to bullies no matter who they’re targeting.

he get’s buzz’s height - ends up being even taller at 6′4″ - and gets pretty good at basketball. he even goes to college on a basketball scholarship.

buzz hangs a hoop in the driveway and they play so much

buzz sees him playing basketball on tv for the first time and cries real dad tears

science nerd - loves chemistry specifically

becomes a research chemist

#this ended up longer than i meant #buzz goldman #rosa santiago #jake goldman #lily goldman #sophia goldman #amalia goldman #sil goldman #adam goldman

[andreagillmer]

The Monotonous Madness of Managed Markets

Source: Michael Ballanger for Streetwise Reports   10/03/2017

Precious metals expert Michael Ballanger discusses capital destruction in precious metals and banking.

So there you have it. A clear breakout to all-time highs confirmed by every measure everywhere with momentum charging ahead and high-fives and champagne corks flying about with reckless abandon and serial glee. To quote Chuck Prince, who left Citigroup in 2007 with an exit bonus of around $12.5 million, $68 million in stock and options, $1.7 million pension, an office, a car and a driver for five years during which time Citigroup shed $64 BILLION in valuation, “As long as the music is playing, you’ve got to get up and dance.” So when John Paulson’s pit bull Marcelo Kim got up at the Denver Gold Show and assailed the gold mining executives for $85 billion in wealth destruction since 2010, perhaps it might have been instructive to remind him that one executive alone in the banking business (Prince) blew 75% of that on his own.

Now add up the other guys like Bear Sterns and JP Morgan and the rest of the money-centre banks and they make the Gold Miners look like rocket scientists. Oh, and don’t forget to mention that the gold mining industry has to cope with serial intervention and malevolent manipulation affecting the product they sell while the banking industry consistently rips off millions of consumers with nary a crook landing in jail. And—let us not forget who it was that asked Goldman Sachs to design a product specifically for him that was actually intended to fail, to die, to go-to-zero, so he could SHORT it. It was John Paulson. Does anyone hear get the impression that it might be a good time to trot out the word “hypocrisy”?

I have followed Art Cashin for years and as the director of floor operations for UBS, he is one of two people often contributing to CNBC content that I actually admire and enjoy (the other being Rick Santelli). Last night after the close, Art actually told Kelly Evans that “I’ve been doing this for fifty years and I’ve never seen anything like it so it is rather odd.” Wait a minute. “RATHER ODD”? Now, Mr. Cashin—was it not “rather odd” that the global banking industry went from devastation to celebration in a mere five years as the Fed, the Bank of Japan, the European Central Bank and the Swiss National Bank all conspired to buy every toxic bond on the planet with fictitious money?

Was it not “rather odd” that stocks are not allowed to correct despite national disasters like three hurricanes into the U.S. within a four-week period? Was it not “rather odd” that gold and silver have never followed through once in the past four years after a technical “breakout”? This entire travesty of commerce referred to lightly as a “market” has gone from “rather odd” since the end of the GFC in March 2009 to “exceedingly corrupt” here in Q4 2017. However, at the end of the day, it has come down to doing one’s utmost to avoid LOSING money and that is the sole reason I write this missive.

One month ago tomorrow, I posted this chart with the sage advice that one must REDUCE RISK. Now, while I abhor commentaries that constantly remind the reader of one or more decent “call(s)” on any particular market, most fail to include the prior ten that were poor, so what I want to make perfectly clear is that I did NOT sell all of my holdings in gold miners nor gold miner ETFs. In retrospect, THAT should have been the “call.” However, I sold only the call options and the leveraged positions in SIL (Global X Silver Miners ETF) and JNUG (Direxion Daily Gold Miners Bull 3X ETF). Granted, I am now flat SIL and holding fully-paid-for JNUG, with the $13.55 ACB for the latter certainly little solace now that it has been crushed from $25 to under $18. Similarly, I should not have simply exited the SIL positions; I should have shorted it or at least bought a few put options to take advantage of the impending top that was so very clear.

Shifting to the present, it is obvious that market participants have indeed had to experience additional pain since my last post last week. I thought the Commercials would behave a little better into the end of the month but, alas, they really didn’t and just kept pressing their luck covering a paltry amount in the week ended September 22. Last Tuesday marked the second week of short covering with an even greater 19,750 contract reduction in the aggregate but it is still way too high for a meaningful bottom to be in place.

As you can see, we are still long way off the net Commercial short position reported on July 18 at 73,635 for gold as it traded at around $1,232. While that figure has started to reverse downward, I need to see a great deal more covering before I want to go long and since I have tended to be painfully early in the past, I am going to err on the side of caution and capital preservation this time around. One thing for sure is that “seasonality” has not worked worth a pinch of whale blubber as the two strongest months of September and October have proven 50% faulty with twenty-eight days left for October to validate the trade. Perhaps the Indian wedding season has been postponed and perhaps the global demand for jewelry has been vaporized due to the hurricanes but more than likely, some twenty-something desk trader was promised a new iPhone if he could find a way to keep gold and silver under $1,250 and $16.00 through Diwali and Christmas.

As for the current state of the junior exploration sector, the one stock dominating the airwaves in the past three months has been Novo Resources (NVO.V), which has seen a meteoric rise in price since last July when it exploded out of the gates after reporting results from a small bulk sample that sent the market into a major “tizzy.” In the printed material, the company is attempting to draw a corollary to the Witwatersrand Basin of South Africa, the largest gold bearing region in the world with some fifty tons of gold (as opposed to “ore”) having been extracted from the area. The gold in Witwatersrand was situated in conglomerates and the basis of the excitement is that Novo’s “Purdy’s Reward” project apparently has the same “nugget effect” in situ gold mineralization as the monster in South Africa. Now, to date, a relatively small bulk sample and a highly-effective video shown at the Denver Gold Show has propelled from a 52-week $0.66 low to well over $8.00, creating an (undiluted) market cap of in excess of $1 billion. Now, IF this turns out to be “real” and all of the hype and fist-pumping bears out, it will mark the first major “new discovery” story (it really isn’t) in years and based upon the price action, it will be a shot of adrenalin for a largely moribund exploration market.

However, if it turns out to be, err, shall we say, “a disappointment,” the resulting losses are going to be the fodder upon which books are written, lawsuits are launched, and sectors (like junior gold exploration) get ignored for at least half a decade. I have no means of determining the outcome so I congratulate all that took the (early) plunge and wish the rest of you the very best of fortune as the larger bulk sample ultimately reveals how this story unfolds. At a $1 billion (plus) market cap, there is not only no room for error or disappointment; there is a prerequisite for world-class grades and ounces. In the meantime, the momentum crowd is having a field day and since “the music is playing, you got to get up and dance.”

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger’s adherence to the concept of “Hard Assets” allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Want to read more Gold Report aricles like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

Disclosure: 1) Michael Ballanger: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Michael Ballanger.

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[phaseinked]

The Monotonous Madness of Managed Markets

Source: Michael Ballanger for Streetwise Reports   10/03/2017

Precious metals expert Michael Ballanger discusses capital destruction in precious metals and banking.

So there you have it. A clear breakout to all-time highs confirmed by every measure everywhere with momentum charging ahead and high-fives and champagne corks flying about with reckless abandon and serial glee. To quote Chuck Prince, who left Citigroup in 2007 with an exit bonus of around $12.5 million, $68 million in stock and options, $1.7 million pension, an office, a car and a driver for five years during which time Citigroup shed $64 BILLION in valuation, “As long as the music is playing, you’ve got to get up and dance.” So when John Paulson’s pit bull Marcelo Kim got up at the Denver Gold Show and assailed the gold mining executives for $85 billion in wealth destruction since 2010, perhaps it might have been instructive to remind him that one executive alone in the banking business (Prince) blew 75% of that on his own.

Now add up the other guys like Bear Sterns and JP Morgan and the rest of the money-centre banks and they make the Gold Miners look like rocket scientists. Oh, and don’t forget to mention that the gold mining industry has to cope with serial intervention and malevolent manipulation affecting the product they sell while the banking industry consistently rips off millions of consumers with nary a crook landing in jail. And—let us not forget who it was that asked Goldman Sachs to design a product specifically for him that was actually intended to fail, to die, to go-to-zero, so he could SHORT it. It was John Paulson. Does anyone hear get the impression that it might be a good time to trot out the word “hypocrisy”?

I have followed Art Cashin for years and as the director of floor operations for UBS, he is one of two people often contributing to CNBC content that I actually admire and enjoy (the other being Rick Santelli). Last night after the close, Art actually told Kelly Evans that “I’ve been doing this for fifty years and I’ve never seen anything like it so it is rather odd.” Wait a minute. “RATHER ODD”? Now, Mr. Cashin—was it not “rather odd” that the global banking industry went from devastation to celebration in a mere five years as the Fed, the Bank of Japan, the European Central Bank and the Swiss National Bank all conspired to buy every toxic bond on the planet with fictitious money?

Was it not “rather odd” that stocks are not allowed to correct despite national disasters like three hurricanes into the U.S. within a four-week period? Was it not “rather odd” that gold and silver have never followed through once in the past four years after a technical “breakout”? This entire travesty of commerce referred to lightly as a “market” has gone from “rather odd” since the end of the GFC in March 2009 to “exceedingly corrupt” here in Q4 2017. However, at the end of the day, it has come down to doing one’s utmost to avoid LOSING money and that is the sole reason I write this missive.

One month ago tomorrow, I posted this chart with the sage advice that one must REDUCE RISK. Now, while I abhor commentaries that constantly remind the reader of one or more decent “call(s)” on any particular market, most fail to include the prior ten that were poor, so what I want to make perfectly clear is that I did NOT sell all of my holdings in gold miners nor gold miner ETFs. In retrospect, THAT should have been the “call.” However, I sold only the call options and the leveraged positions in SIL (Global X Silver Miners ETF) and JNUG (Direxion Daily Gold Miners Bull 3X ETF). Granted, I am now flat SIL and holding fully-paid-for JNUG, with the $13.55 ACB for the latter certainly little solace now that it has been crushed from $25 to under $18. Similarly, I should not have simply exited the SIL positions; I should have shorted it or at least bought a few put options to take advantage of the impending top that was so very clear.

Shifting to the present, it is obvious that market participants have indeed had to experience additional pain since my last post last week. I thought the Commercials would behave a little better into the end of the month but, alas, they really didn’t and just kept pressing their luck covering a paltry amount in the week ended September 22. Last Tuesday marked the second week of short covering with an even greater 19,750 contract reduction in the aggregate but it is still way too high for a meaningful bottom to be in place.

As you can see, we are still long way off the net Commercial short position reported on July 18 at 73,635 for gold as it traded at around $1,232. While that figure has started to reverse downward, I need to see a great deal more covering before I want to go long and since I have tended to be painfully early in the past, I am going to err on the side of caution and capital preservation this time around. One thing for sure is that “seasonality” has not worked worth a pinch of whale blubber as the two strongest months of September and October have proven 50% faulty with twenty-eight days left for October to validate the trade. Perhaps the Indian wedding season has been postponed and perhaps the global demand for jewelry has been vaporized due to the hurricanes but more than likely, some twenty-something desk trader was promised a new iPhone if he could find a way to keep gold and silver under $1,250 and $16.00 through Diwali and Christmas.

As for the current state of the junior exploration sector, the one stock dominating the airwaves in the past three months has been Novo Resources (NVO.V), which has seen a meteoric rise in price since last July when it exploded out of the gates after reporting results from a small bulk sample that sent the market into a major “tizzy.” In the printed material, the company is attempting to draw a corollary to the Witwatersrand Basin of South Africa, the largest gold bearing region in the world with some fifty tons of gold (as opposed to “ore”) having been extracted from the area. The gold in Witwatersrand was situated in conglomerates and the basis of the excitement is that Novo’s “Purdy’s Reward” project apparently has the same “nugget effect” in situ gold mineralization as the monster in South Africa. Now, to date, a relatively small bulk sample and a highly-effective video shown at the Denver Gold Show has propelled from a 52-week $0.66 low to well over $8.00, creating an (undiluted) market cap of in excess of $1 billion. Now, IF this turns out to be “real” and all of the hype and fist-pumping bears out, it will mark the first major “new discovery” story (it really isn’t) in years and based upon the price action, it will be a shot of adrenalin for a largely moribund exploration market.

However, if it turns out to be, err, shall we say, “a disappointment,” the resulting losses are going to be the fodder upon which books are written, lawsuits are launched, and sectors (like junior gold exploration) get ignored for at least half a decade. I have no means of determining the outcome so I congratulate all that took the (early) plunge and wish the rest of you the very best of fortune as the larger bulk sample ultimately reveals how this story unfolds. At a $1 billion (plus) market cap, there is not only no room for error or disappointment; there is a prerequisite for world-class grades and ounces. In the meantime, the momentum crowd is having a field day and since “the music is playing, you got to get up and dance.”

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger’s adherence to the concept of “Hard Assets” allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Want to read more Gold Report aricles like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

Disclosure: 1) Michael Ballanger: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Michael Ballanger.

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[andreagillmer]

The Monotonous Madness of Managed Markets

Source: Michael Ballanger for Streetwise Reports   10/03/2017

Precious metals expert Michael Ballanger discusses capital destruction in precious metals and banking.

So there you have it. A clear breakout to all-time highs confirmed by every measure everywhere with momentum charging ahead and high-fives and champagne corks flying about with reckless abandon and serial glee. To quote Chuck Prince, who left Citigroup in 2007 with an exit bonus of around $12.5 million, $68 million in stock and options, $1.7 million pension, an office, a car and a driver for five years during which time Citigroup shed $64 BILLION in valuation, "As long as the music is playing, you've got to get up and dance." So when John Paulson's pit bull Marcelo Kim got up at the Denver Gold Show and assailed the gold mining executives for $85 billion in wealth destruction since 2010, perhaps it might have been instructive to remind him that one executive alone in the banking business (Prince) blew 75% of that on his own.

Now add up the other guys like Bear Sterns and JP Morgan and the rest of the money-centre banks and they make the Gold Miners look like rocket scientists. Oh, and don't forget to mention that the gold mining industry has to cope with serial intervention and malevolent manipulation affecting the product they sell while the banking industry consistently rips off millions of consumers with nary a crook landing in jail. And—let us not forget who it was that asked Goldman Sachs to design a product specifically for him that was actually intended to fail, to die, to go-to-zero, so he could SHORT it. It was John Paulson. Does anyone hear get the impression that it might be a good time to trot out the word "hypocrisy"?

I have followed Art Cashin for years and as the director of floor operations for UBS, he is one of two people often contributing to CNBC content that I actually admire and enjoy (the other being Rick Santelli). Last night after the close, Art actually told Kelly Evans that "I've been doing this for fifty years and I've never seen anything like it so it is rather odd." Wait a minute. "RATHER ODD"? Now, Mr. Cashin—was it not "rather odd" that the global banking industry went from devastation to celebration in a mere five years as the Fed, the Bank of Japan, the European Central Bank and the Swiss National Bank all conspired to buy every toxic bond on the planet with fictitious money?

Was it not "rather odd" that stocks are not allowed to correct despite national disasters like three hurricanes into the U.S. within a four-week period? Was it not "rather odd" that gold and silver have never followed through once in the past four years after a technical "breakout"? This entire travesty of commerce referred to lightly as a "market" has gone from "rather odd" since the end of the GFC in March 2009 to "exceedingly corrupt" here in Q4 2017. However, at the end of the day, it has come down to doing one's utmost to avoid LOSING money and that is the sole reason I write this missive.

One month ago tomorrow, I posted this chart with the sage advice that one must REDUCE RISK. Now, while I abhor commentaries that constantly remind the reader of one or more decent "call(s)" on any particular market, most fail to include the prior ten that were poor, so what I want to make perfectly clear is that I did NOT sell all of my holdings in gold miners nor gold miner ETFs. In retrospect, THAT should have been the "call." However, I sold only the call options and the leveraged positions in SIL (Global X Silver Miners ETF) and JNUG (Direxion Daily Gold Miners Bull 3X ETF). Granted, I am now flat SIL and holding fully-paid-for JNUG, with the $13.55 ACB for the latter certainly little solace now that it has been crushed from $25 to under $18. Similarly, I should not have simply exited the SIL positions; I should have shorted it or at least bought a few put options to take advantage of the impending top that was so very clear.

Shifting to the present, it is obvious that market participants have indeed had to experience additional pain since my last post last week. I thought the Commercials would behave a little better into the end of the month but, alas, they really didn't and just kept pressing their luck covering a paltry amount in the week ended September 22. Last Tuesday marked the second week of short covering with an even greater 19,750 contract reduction in the aggregate but it is still way too high for a meaningful bottom to be in place.

As you can see, we are still long way off the net Commercial short position reported on July 18 at 73,635 for gold as it traded at around $1,232. While that figure has started to reverse downward, I need to see a great deal more covering before I want to go long and since I have tended to be painfully early in the past, I am going to err on the side of caution and capital preservation this time around. One thing for sure is that "seasonality" has not worked worth a pinch of whale blubber as the two strongest months of September and October have proven 50% faulty with twenty-eight days left for October to validate the trade. Perhaps the Indian wedding season has been postponed and perhaps the global demand for jewelry has been vaporized due to the hurricanes but more than likely, some twenty-something desk trader was promised a new iPhone if he could find a way to keep gold and silver under $1,250 and $16.00 through Diwali and Christmas.

As for the current state of the junior exploration sector, the one stock dominating the airwaves in the past three months has been Novo Resources (NVO.V), which has seen a meteoric rise in price since last July when it exploded out of the gates after reporting results from a small bulk sample that sent the market into a major "tizzy." In the printed material, the company is attempting to draw a corollary to the Witwatersrand Basin of South Africa, the largest gold bearing region in the world with some fifty tons of gold (as opposed to "ore") having been extracted from the area. The gold in Witwatersrand was situated in conglomerates and the basis of the excitement is that Novo's "Purdy's Reward" project apparently has the same "nugget effect" in situ gold mineralization as the monster in South Africa. Now, to date, a relatively small bulk sample and a highly-effective video shown at the Denver Gold Show has propelled from a 52-week $0.66 low to well over $8.00, creating an (undiluted) market cap of in excess of $1 billion. Now, IF this turns out to be "real" and all of the hype and fist-pumping bears out, it will mark the first major "new discovery" story (it really isn't) in years and based upon the price action, it will be a shot of adrenalin for a largely moribund exploration market.

However, if it turns out to be, err, shall we say, "a disappointment," the resulting losses are going to be the fodder upon which books are written, lawsuits are launched, and sectors (like junior gold exploration) get ignored for at least half a decade. I have no means of determining the outcome so I congratulate all that took the (early) plunge and wish the rest of you the very best of fortune as the larger bulk sample ultimately reveals how this story unfolds. At a $1 billion (plus) market cap, there is not only no room for error or disappointment; there is a prerequisite for world-class grades and ounces. In the meantime, the momentum crowd is having a field day and since "the music is playing, you got to get up and dance."

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Want to read more Gold Report aricles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

Disclosure: 1) Michael Ballanger: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Michael Ballanger.

from The Gold Report - Streetwise Exclusive Articles Full Text http://ift.tt/2fRo0HG

#The Gold Report - Streetwise Exclusive Articles Full Text

[internetsmoothie]

The Monotonous Madness of Managed Markets

Source: Michael Ballanger for Streetwise Reports   10/03/2017

Precious metals expert Michael Ballanger discusses capital destruction in precious metals and banking.

So there you have it. A clear breakout to all-time highs confirmed by every measure everywhere with momentum charging ahead and high-fives and champagne corks flying about with reckless abandon and serial glee. To quote Chuck Prince, who left Citigroup in 2007 with an exit bonus of around $12.5 million, $68 million in stock and options, $1.7 million pension, an office, a car and a driver for five years during which time Citigroup shed $64 BILLION in valuation, "As long as the music is playing, you've got to get up and dance." So when John Paulson's pit bull Marcelo Kim got up at the Denver Gold Show and assailed the gold mining executives for $85 billion in wealth destruction since 2010, perhaps it might have been instructive to remind him that one executive alone in the banking business (Prince) blew 75% of that on his own.

Now add up the other guys like Bear Sterns and JP Morgan and the rest of the money-centre banks and they make the Gold Miners look like rocket scientists. Oh, and don't forget to mention that the gold mining industry has to cope with serial intervention and malevolent manipulation affecting the product they sell while the banking industry consistently rips off millions of consumers with nary a crook landing in jail. And—let us not forget who it was that asked Goldman Sachs to design a product specifically for him that was actually intended to fail, to die, to go-to-zero, so he could SHORT it. It was John Paulson. Does anyone hear get the impression that it might be a good time to trot out the word "hypocrisy"?

I have followed Art Cashin for years and as the director of floor operations for UBS, he is one of two people often contributing to CNBC content that I actually admire and enjoy (the other being Rick Santelli). Last night after the close, Art actually told Kelly Evans that "I've been doing this for fifty years and I've never seen anything like it so it is rather odd." Wait a minute. "RATHER ODD"? Now, Mr. Cashin—was it not "rather odd" that the global banking industry went from devastation to celebration in a mere five years as the Fed, the Bank of Japan, the European Central Bank and the Swiss National Bank all conspired to buy every toxic bond on the planet with fictitious money?

Was it not "rather odd" that stocks are not allowed to correct despite national disasters like three hurricanes into the U.S. within a four-week period? Was it not "rather odd" that gold and silver have never followed through once in the past four years after a technical "breakout"? This entire travesty of commerce referred to lightly as a "market" has gone from "rather odd" since the end of the GFC in March 2009 to "exceedingly corrupt" here in Q4 2017. However, at the end of the day, it has come down to doing one's utmost to avoid LOSING money and that is the sole reason I write this missive.

One month ago tomorrow, I posted this chart with the sage advice that one must REDUCE RISK. Now, while I abhor commentaries that constantly remind the reader of one or more decent "call(s)" on any particular market, most fail to include the prior ten that were poor, so what I want to make perfectly clear is that I did NOT sell all of my holdings in gold miners nor gold miner ETFs. In retrospect, THAT should have been the "call." However, I sold only the call options and the leveraged positions in SIL (Global X Silver Miners ETF) and JNUG (Direxion Daily Gold Miners Bull 3X ETF). Granted, I am now flat SIL and holding fully-paid-for JNUG, with the $13.55 ACB for the latter certainly little solace now that it has been crushed from $25 to under $18. Similarly, I should not have simply exited the SIL positions; I should have shorted it or at least bought a few put options to take advantage of the impending top that was so very clear.

Shifting to the present, it is obvious that market participants have indeed had to experience additional pain since my last post last week. I thought the Commercials would behave a little better into the end of the month but, alas, they really didn't and just kept pressing their luck covering a paltry amount in the week ended September 22. Last Tuesday marked the second week of short covering with an even greater 19,750 contract reduction in the aggregate but it is still way too high for a meaningful bottom to be in place.

As you can see, we are still long way off the net Commercial short position reported on July 18 at 73,635 for gold as it traded at around $1,232. While that figure has started to reverse downward, I need to see a great deal more covering before I want to go long and since I have tended to be painfully early in the past, I am going to err on the side of caution and capital preservation this time around. One thing for sure is that "seasonality" has not worked worth a pinch of whale blubber as the two strongest months of September and October have proven 50% faulty with twenty-eight days left for October to validate the trade. Perhaps the Indian wedding season has been postponed and perhaps the global demand for jewelry has been vaporized due to the hurricanes but more than likely, some twenty-something desk trader was promised a new iPhone if he could find a way to keep gold and silver under $1,250 and $16.00 through Diwali and Christmas.

As for the current state of the junior exploration sector, the one stock dominating the airwaves in the past three months has been Novo Resources (NVO.V), which has seen a meteoric rise in price since last July when it exploded out of the gates after reporting results from a small bulk sample that sent the market into a major "tizzy." In the printed material, the company is attempting to draw a corollary to the Witwatersrand Basin of South Africa, the largest gold bearing region in the world with some fifty tons of gold (as opposed to "ore") having been extracted from the area. The gold in Witwatersrand was situated in conglomerates and the basis of the excitement is that Novo's "Purdy's Reward" project apparently has the same "nugget effect" in situ gold mineralization as the monster in South Africa. Now, to date, a relatively small bulk sample and a highly-effective video shown at the Denver Gold Show has propelled from a 52-week $0.66 low to well over $8.00, creating an (undiluted) market cap of in excess of $1 billion. Now, IF this turns out to be "real" and all of the hype and fist-pumping bears out, it will mark the first major "new discovery" story (it really isn't) in years and based upon the price action, it will be a shot of adrenalin for a largely moribund exploration market.

However, if it turns out to be, err, shall we say, "a disappointment," the resulting losses are going to be the fodder upon which books are written, lawsuits are launched, and sectors (like junior gold exploration) get ignored for at least half a decade. I have no means of determining the outcome so I congratulate all that took the (early) plunge and wish the rest of you the very best of fortune as the larger bulk sample ultimately reveals how this story unfolds. At a $1 billion (plus) market cap, there is not only no room for error or disappointment; there is a prerequisite for world-class grades and ounces. In the meantime, the momentum crowd is having a field day and since "the music is playing, you got to get up and dance."

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Want to read more Gold Report aricles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

Disclosure: 1) Michael Ballanger: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Michael Ballanger.

from The Gold Report - Streetwise Exclusive Articles Full Text http://ift.tt/2fRo0HG

#The Gold Report - Streetwise Exclusive Articles Full Text

[goldcoins0]

The Monotonous Madness of Managed Markets

Source: Michael Ballanger for Streetwise Reports   10/03/2017

Precious metals expert Michael Ballanger discusses capital destruction in precious metals and banking.

So there you have it. A clear breakout to all-time highs confirmed by every measure everywhere with momentum charging ahead and high-fives and champagne corks flying about with reckless abandon and serial glee. To quote Chuck Prince, who left Citigroup in 2007 with an exit bonus of around $12.5 million, $68 million in stock and options, $1.7 million pension, an office, a car and a driver for five years during which time Citigroup shed $64 BILLION in valuation, "As long as the music is playing, you've got to get up and dance." So when John Paulson's pit bull Marcelo Kim got up at the Denver Gold Show and assailed the gold mining executives for $85 billion in wealth destruction since 2010, perhaps it might have been instructive to remind him that one executive alone in the banking business (Prince) blew 75% of that on his own.

Now add up the other guys like Bear Sterns and JP Morgan and the rest of the money-centre banks and they make the Gold Miners look like rocket scientists. Oh, and don't forget to mention that the gold mining industry has to cope with serial intervention and malevolent manipulation affecting the product they sell while the banking industry consistently rips off millions of consumers with nary a crook landing in jail. And—let us not forget who it was that asked Goldman Sachs to design a product specifically for him that was actually intended to fail, to die, to go-to-zero, so he could SHORT it. It was John Paulson. Does anyone hear get the impression that it might be a good time to trot out the word "hypocrisy"?

I have followed Art Cashin for years and as the director of floor operations for UBS, he is one of two people often contributing to CNBC content that I actually admire and enjoy (the other being Rick Santelli). Last night after the close, Art actually told Kelly Evans that "I've been doing this for fifty years and I've never seen anything like it so it is rather odd." Wait a minute. "RATHER ODD"? Now, Mr. Cashin—was it not "rather odd" that the global banking industry went from devastation to celebration in a mere five years as the Fed, the Bank of Japan, the European Central Bank and the Swiss National Bank all conspired to buy every toxic bond on the planet with fictitious money?

Was it not "rather odd" that stocks are not allowed to correct despite national disasters like three hurricanes into the U.S. within a four-week period? Was it not "rather odd" that gold and silver have never followed through once in the past four years after a technical "breakout"? This entire travesty of commerce referred to lightly as a "market" has gone from "rather odd" since the end of the GFC in March 2009 to "exceedingly corrupt" here in Q4 2017. However, at the end of the day, it has come down to doing one's utmost to avoid LOSING money and that is the sole reason I write this missive.

One month ago tomorrow, I posted this chart with the sage advice that one must REDUCE RISK. Now, while I abhor commentaries that constantly remind the reader of one or more decent "call(s)" on any particular market, most fail to include the prior ten that were poor, so what I want to make perfectly clear is that I did NOT sell all of my holdings in gold miners nor gold miner ETFs. In retrospect, THAT should have been the "call." However, I sold only the call options and the leveraged positions in SIL (Global X Silver Miners ETF) and JNUG (Direxion Daily Gold Miners Bull 3X ETF). Granted, I am now flat SIL and holding fully-paid-for JNUG, with the $13.55 ACB for the latter certainly little solace now that it has been crushed from $25 to under $18. Similarly, I should not have simply exited the SIL positions; I should have shorted it or at least bought a few put options to take advantage of the impending top that was so very clear.

Shifting to the present, it is obvious that market participants have indeed had to experience additional pain since my last post last week. I thought the Commercials would behave a little better into the end of the month but, alas, they really didn't and just kept pressing their luck covering a paltry amount in the week ended September 22. Last Tuesday marked the second week of short covering with an even greater 19,750 contract reduction in the aggregate but it is still way too high for a meaningful bottom to be in place.

As you can see, we are still long way off the net Commercial short position reported on July 18 at 73,635 for gold as it traded at around $1,232. While that figure has started to reverse downward, I need to see a great deal more covering before I want to go long and since I have tended to be painfully early in the past, I am going to err on the side of caution and capital preservation this time around. One thing for sure is that "seasonality" has not worked worth a pinch of whale blubber as the two strongest months of September and October have proven 50% faulty with twenty-eight days left for October to validate the trade. Perhaps the Indian wedding season has been postponed and perhaps the global demand for jewelry has been vaporized due to the hurricanes but more than likely, some twenty-something desk trader was promised a new iPhone if he could find a way to keep gold and silver under $1,250 and $16.00 through Diwali and Christmas.

As for the current state of the junior exploration sector, the one stock dominating the airwaves in the past three months has been Novo Resources (NVO.V), which has seen a meteoric rise in price since last July when it exploded out of the gates after reporting results from a small bulk sample that sent the market into a major "tizzy." In the printed material, the company is attempting to draw a corollary to the Witwatersrand Basin of South Africa, the largest gold bearing region in the world with some fifty tons of gold (as opposed to "ore") having been extracted from the area. The gold in Witwatersrand was situated in conglomerates and the basis of the excitement is that Novo's "Purdy's Reward" project apparently has the same "nugget effect" in situ gold mineralization as the monster in South Africa. Now, to date, a relatively small bulk sample and a highly-effective video shown at the Denver Gold Show has propelled from a 52-week $0.66 low to well over $8.00, creating an (undiluted) market cap of in excess of $1 billion. Now, IF this turns out to be "real" and all of the hype and fist-pumping bears out, it will mark the first major "new discovery" story (it really isn't) in years and based upon the price action, it will be a shot of adrenalin for a largely moribund exploration market.

However, if it turns out to be, err, shall we say, "a disappointment," the resulting losses are going to be the fodder upon which books are written, lawsuits are launched, and sectors (like junior gold exploration) get ignored for at least half a decade. I have no means of determining the outcome so I congratulate all that took the (early) plunge and wish the rest of you the very best of fortune as the larger bulk sample ultimately reveals how this story unfolds. At a $1 billion (plus) market cap, there is not only no room for error or disappointment; there is a prerequisite for world-class grades and ounces. In the meantime, the momentum crowd is having a field day and since "the music is playing, you got to get up and dance."

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Want to read more Gold Report aricles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

Disclosure: 1) Michael Ballanger: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Michael Ballanger.

from https://www.streetwisereports.com/pub/na/17742