About the authorPaul VegasShare the loveHave your say El Hadji Diouf explains his constant criticism of Liverpoolby Paul Vegasa month agoSend to a friendShare the loveEl Hadji Diouf stands by his criticism of former club Liverpool.The 38-year-old keeps in touch with fellow Senegalese Sadio Mane, who has netted four times already this campaign.Diouf said: “I’ve never hidden the fact that Liverpool didn’t treat me right and that they cherished some players better than me, even though I’d arrived with a better profile.“Sometimes, reporters will never get what goes on in the club and in the dressing room.“Don’t get me wrong: the club is run very well now, based on what I hear from Sadio Mane, but I feel I was seen as an outsider back then.“The upsetting thing is that Real Madrid and Barcelona had offered me more money, but I really wanted to go to Liverpool – and it ended up being one of my worst experiences.”
zoom Cosco Shipping Specialised Carriers has exercised an option to order a third 62,000 dwt pulp carrier from China’s Cosco Dalian Shipyard.In late August 2017, the company ordered two pulp carriers at the Chinese yard, with an option for one more. The previous two vessels were ordered at a price od CNY 222 million (USD 33.6 million) a piece, the shipping firm informed in a stock exchange release.The first carrier from the batch is scheduled to be handed over to the company in January 2019, while the other two ships would be delivered later that year. The units will feature a length of 201.8 meters, a width of 32.2 meters, and will be able to reach a speed of 13.5 knots.The order was made on the back of a contract of affreightment (COA) signed with Brazil’s pulp and paper company Suzano Papel e Celulose in March 2017.Under the five-year contract, Cosco Shipping Specialised Carriers would deploy the new ships to carry Brazilian cargo to the Far East.A total of 300,000 tonnes of paper pulp are expected to be transpored on an annual basis, starting from the first quarter of 2019.World Maritime News Staff
Ohio State’s libero Valeria Leon passes a ball in the regional quarterfinal versus Washington on December 11, 2015. Credit: Ohio State AthleticsThe No. 19 Ohio State women’s volleyball team couldn’t have asked for a better ending to its nonconference season. Just like dominos, three teams fell to the Buckeyes. Not to mention, all of the matches were three-set sweeps. OSU dominated the competition to clinch the Ball State Active Ankle Challenge title on Saturday in Muncie, Indiana. Valparaiso was the first of the Buckeyes’ victims on Friday, followed by the University of North Carolina at Greensboro. The Ball State Cardinals gave OSU the biggest run for its money on Saturday, but it was the Buckeye “tribe” who came out on top. Senior libero Valeria León, senior middle blocker Taylor Sandbothe and sophomore outside hitter Audra Appold earned all-tournament honors. León earned the tournament MVP title with 3.78 digs per set. Sandbothe and León have been named to all-tournament squads in three of the past four weekend tournaments.ValparaisoValparaiso hung with the Buckeyes in the first set until OSU started to pull away at 19-13, with credit to the power of middle blockers Sandbothe and freshman Madison Smeathers. An assisted block from Sandbothe and senior middle blocker Kylie Randall sealed the win in the first set, 25-17. OSU jumped out to an early lead in the second set and eventually put away the Crusaders, 25-13. Junior outside hitter Luisa Schirmer contributed five kills to the Buckeye offense. A block by Smeathers and Schirmer for the final point in the third set would wrangle in the victory for OSU, 25-18. Sandbothe led the offense for the Buckeyes with a .458 hitting percentage, followed by a strong performance from Appold who hit .364. OSU more than doubled the Crusaders in kills, 50 to 19. UNCGErrors on OSU’s side of the net and an aggressive UNCG team kept the first set of the match close, with nine times during the opening frame. A final Spartan timeout wasn’t enough to hold back Sandbothe. She closed out the set with three kills, making the score 25-20 going into the second set. The Buckeyes would shut down the UNCG offense in the next set. OSU went on a seven-point run to win 25-12. The third and final set showcased OSU’s “tribe” motto with six players slamming down kills for the 25-14 set and match win.Randall, Schirmer and Appold all had an errorless hitting performances. Appold also tied León for a team-high 10 digs, and Sandbothe walked away from the match with a monstrous .615 attacking percentage. Ball StateOSU’s final match carried some weight with it – the last nonconference match for the team and a tournament title on the line. The momentum from the Buckeyes’ previous two matches carried into the first set against the Cardinals. Despite a couple of four-point leads by Ball State, OSU battled back to eventually take the advantage, 17-16 on a service ace by Sandbothe.Another service ace by sophomore setter Taylor Hughes coming out of a Cardinal timeout was enough to push the Buckeyes to secure a first-win set, 25-21. In the second, Smeathers went to work on defense, assisting on three blocks and stuffing the Cardinals’ Sydnee Vanbeek for a solo block. OSU took the second set, 25-17. Two early three-point runs put the Buckeyes up 9-2 in the final set. Ball State would have its own five-point run later in the game to tighten the set, two OSU kills and an attacking error for the Cardinals would give the Buckeyes the set win, the match win and complete the perfect trifecta of tournament play. Hughes racked up 36 assists during the match, and five out of six OSU hitters hit above .300. Sandbothe and Appold combined for 27 kills against the Cardinals. The women’s volleyball team improved to 10-2 on the season and will challenge its first Big Ten opponent when they travel to Wisconsin on Sept. 23.
Big Ten commissioner Jim Delany said the conference is considering changing the names of its Leaders and Legends divisions beginning in 2014, according to ESPN.com. For the majority of Big Ten fans, including myself, this comes as a relief, and we collectively say, “Thank goodness.” According to a Monday ESPN article, the decision to change the division names could be made as early as June, a little more than a year before Maryland and Rutgers leave the ACC and Big East, respectively, to increase the total number of schools the Big Ten houses to 14. It seems college football will soon be comprised of four super conferences, which I am not a fan of. With that being the case, I hope Delany and his colleagues see this expansion as a second chance to get this naming thing right. Two years ago - when the conference added Nebraska – they introduced a new logo and split the teams into the Leaders and Legends divisions. After I initially heard this news, I could not help but scratch my head. Originally I thought maybe the conference was just trying to promote how its members mold its student athletes to be leaders in whatever they choose to do after they leave school. Maybe their intentions were to honor such legends as Archie Griffin, Bo Schembechler and Bob Knight, who each helped make the history of the conference excellent. Then I thought about it again and found the new names to be too different to be likable for the common fan like myself. It is no secret that there are plenty of fans across the Midwest who do not care for how the divisions are named. It seems like Delany understands that, even though he said in the ESPN article that he was a “little surprised” about the responses that came when the names were released in 2010. “I’m not sure it was a national survey (of people who didn’t like the names),” Delany told ESPN. “I don’t take umbrage to negative reaction.” To me that means he knows fans currently are not supportive of how the divisions are named, but he knows no matter what is ultimately decided upon, not everyone is going to be happy. For that, I agree with the conference’s commissioner, but offer this bit of advice: Just keep it simple. Conferences like the SEC, MAC and even Conference USA call their divisions East and West. The Pac-12 has a North Division and a South Division, and the ACC dubs its divisions Atlantic and Coastal. I understand that the names mentioned above are easy to select due to geographic location within the boundaries of the conference, but I wonder why something similar in the Big Te cannot be done. Theoretically, all schools that lie west of the Indiana and Illinois border could become members of a West Division. With the addition of Purdue to that side, this would leave seven members (Indiana, Maryland, Michigan, Michigan State, Ohio State, Penn State and Rutgers) to create an East Division, and keep many of the traditional rivalries within the conference. Keep in mind the Big Ten could be looking to expand even more, with the potential of adding two more teams to bring the conference’s total to 16. If that does happen, having the names of East and West atop the divisions should have little to no impact on which division the new members join. As long as Delany is seriously considering the change, then even if it fails, Big Ten supporters can be happy. It appears he knows how the bulk of them feel and understands what is right in front of him. “We have the opportunity to look at divisional structure, branding, rivalries and geography all again,” he said. “Depending on what we do will probably influence exactly how we brand it.” Geography makes the most sense in my mind, but that is why guys like Jim Delany get paid the big bucks and students like me do not.
Spain’s Diego Costa believes that their 6-1 victory over Argentina could have been a different story had Lionel Messi featured in the matchThe Atletico Madrid forward opened the scoring at the Estadio Wanda Metropolitano for Spain, before having to come off the field injured.Quiz: How much do you know about David Villa? Boro Tanchev – September 14, 2019 Time to test your knowledge about Spanish legendary forward David Villa.But despite their convincing win, Costa felt that the absence of Messi had made a difference to the Argentina side and felt that it had ultimately compromised them.“You have to do an analysis in all aspects, you in Argentina criticize Messi a lot but you can tell that when Messi It is not something else, a player like Messi is not criticized, we have to thank God that he is in. Messi must always be treated well, even if he plays a bad game with the national team, having him in the field is different ” said Costa, according to Marca. The Brazilian native was ecstatic with the final result and is confident that Spain can potentially repeat their 2010 World Cup success this summer.“This team wants to do something big again, there is a good team for the World Cup, I had a bad time because I was not playing for six months but I knew that when I came back I could do it well and be in the selection makes me very excited. ” said the 29 year-old. Costa also reserved special praise for Isco: “Today we have seen, Isco would play on any team.” Argentina was very inferior to Spain: “We played a great match against a great team, Messi was missing”.
Guingamp side had rejoiced believing that they had a second goal before the break in their game with PSG, but Nicolas Benezet’s header canceled as a result of a VAR review for a foul in the buildup.Guingamp boss Antoine Kombouare did not waste time to show his dissatisfaction saying as quoted in ESPN:“There are two disappointments. The first is the first half where we can return to the locker room with 2-0,” Guingamp boss said.“Afterwards, it’s up to the referee and we saw that it was against us.“And the second disappointment is to have [conceded] the goal too early. That they scored very quickly [after half-time], it gave us a blow on the head.PSG ultras sent a warning letter to Neymar Manuel R. Medina – September 14, 2019 Brazilian superstar Neymar might play today his first game of the season for Paris Saint-Germain and the team’s ultras have warned him.“And after, what we can see is that we had given a lot in the first half, we left a lot of strength, and in the second half with their mastery, offensively it hurt us very much and they could do what it takes to score three goals.”Guingamp president Bertrand Desplat on his own showed his dissatisfaction at the VAR decision, saying:“Above all, I’ll say it wasn’t a great night for video refereeing,”“You can see there’s an enormous amount of progress to be made and French refereeing will have to get quickly up to speed, because you can’t ruin great evenings like this.”
The agent of Jorginho insists that his client is enjoying his Chelsea “adventure” and is surprised by the club’s Neapolitan fanbaseThe Italian midfielder has settled in well at Stamford Bridge and has proved to be a valuable alley for his new teammates as they adapt to new manager Maurizio Sarri’s playing style.And his agent, Joao Santos, feels that the move to Chelsea has been a success so far.“Jorginho has started his adventure at Chelsea very well,” he told Radio CRC, via Football-Italia.“He’s already integrated himself, plus he also speaks English well, so he’s not having any problems settling.Chelsea hat-trick hero Tammy Abraham hopes for more Andrew Smyth – September 14, 2019 Tammy Abraham hopes this season will be his big breakthrough at Chelsea after firing his first hat-trick for the club in Saturday’s 5-2 win at Wolves.“When a player is good, he can play in any League. Stereotypes matter little. If a player has quality, they can make the grade anywhere.”Santos also revealed that 50 Neapolitans greeted Jorginho at the end of Chelsea’s 3-2 win over Arsenal in Saturday’s London derby.“He’s very happy with how the match against Arsenal went. There were 50 Neapolitans who cheered him on and asked for photos and autographs,” he said.“This is why we love Naples and we’ll continue to. Their support has continued in London. Jorginho has many friends in Naples, like Mertens and Insigne.“He heard from them after Napoli’s win against Lazio and complimented the team.”
English retired footballer Jimmy Case points out that although Mark Hughes’ record from his first 16 league games is worse than any Saints manager since George Burley, patience is all the team needs, stating that Cherries are reaping the benefits of Eddie Howe’s longevity.“Eddie Howe has been at Bournemouth six years and they look settled as a team as a result,” said Case.“But Southampton have had six managers in that time and again there is talk about certain managers coming in.“I like Mark Hughes and the way his teams play and I think he needs a bit more time” case said via Bournemouthecho.“Some people shout from the terraces ‘you don’t know what you’re doing’ but when a new manager comes in it takes time to find out about your players and the best formation to use.“They look a bit tentative but whether they know the way they should be playing or are trying to find his way, I don’t know. I think they are just lacking a couple of results.”Case, haven spent the 1991-92 season at Dean Court after six years in Saints’ midfield under Chris Nicholl, added: “I have an affinity with both clubs.“I played for Southampton against Bournemouth years ago and it’s certainly been a turnabout.Eddie Howe pleased with attacking poise, but feels Wilson was too honest Stuart Heath – August 25, 2019 A.F.C Bournemouth manager Eddie Howe felt as though his striker Callum Wilson was too honest against Manchester City and may have won a penalty,…“When I left Bournemouth, Harry Redknapp and the chairman came to me and said they would have to let me go.“Although I was 39, I’d played nearly all the games but that was a moment when the banks had just come in and anyone at the end of their contract had to leave.“I said I would go on half money just to keep playing but me and Kevin Bond had to leave.“I used to have a cup of tea with the groundsman next to the lawnmowers in his shed underneath the stands!“They have come a hell of a long way since then.“They have a squad together that can maintain a push beyond mid-table and they have started really well.“As well as being a settled side, they have quality in there with forwards like Callum Wilson and Josh King”
Rangers defender Connor Goldson insists the team must improve their performances if they’re to defeat Hibernian.The former Brighton & Hove Albion says there can be no repeat of the team’s first-half display against St Johnstone if they’re to secure all three points on Boxing Day at the Ibrox Stadium.Steven Gerrard’s men struggled in the opening 45 minutes of the game against St. Johnstone and found themselves trailing before a brace from Alfredo Morelos turned the game on its head.It’s the second game between the two teams in the space of seven days following the goalless draw at Easter Road on Wednesday, and Goldson explained, according to the club’s official website: Rangers is still behind Celtic: John Hartson Manuel R. Medina – September 3, 2019 According to the former Celtic player, there’s still a massive gap between his ex-club and Rangers in the Scottish Premier League.“They are a good side, and we showed them respect going there by the way we set up and we had a game plan of playing on the counter attack.”“I think it worked really well but we missed quite a few chances which was a bit frustrating as we had a good chance of winning the game.”“But, at the same time, we know they are dangerous, they can hurt us and they have good players. We know we are going to have to be at it and we can’t put in a performance like the first half yesterday.”“But if we put in a performance like the second, we will have a good chance of getting the result we want.”
https://twitter.com/MassiveAttackUK/status/1104085910457671682 Massive Attack Postpone North American Tour Dates massive-attack-postpone-mezzanine-xxi-north-american-tour-dates Massive Attack Postpone Mezzanine XXI North American Tour Dates Facebook Email News The Mezzanine XXI Tour has hit an illness-related delay, but Massive Attack plan to honor all tickets in the fallPhilip MerrillGRAMMYs Mar 8, 2019 – 3:54 pm Monday, March 11 in Montreal was expected to be the first date on Massive Attack’s hotly anticipated Mezzanine XXI Tour of North America, but unfortunately “due to illness,” the fans will have to wait. More details will be provided on March 14 regarding the postponement.The tour was originally expected to close on April 2 in San Diego, but now all venues will be rescheduled in the fall. “All current tickets will be valid for the new dates,” Massive Attack said on Facebook. “The band are deeply sorry for any inconvenience and are looking forward to bringing the show to the USA and Canada soon.” Twitter Released in 1998, the album Mezzanine represented a return to the spotlight for Massive Attack. Their trip-hop blend of grooves was and is contagious, and in the ’90s the hip-hop and sound-collage potential of dance DJ-ing revealed a potential that has since become mainstream. However frustrating the delay, fans are sending best wishes for a return to health and are planning to catch Massive Attack’s trip-hop grooves this fall.Prince 2004–2007 Albums To Be Re-Released—And That’s Just The BeginningRead more
Indian workers store steel coils unloaded from an Indian Railways train at a new private freight terminal in Sachana village near Viramgam, some 50 kms from Ahmedabad on January 27, 2016.SAM PANTHAKY/AFP/Getty ImagesIndian economy’s growth estimate for the current financial year (FY19) has been lowered to 7 per cent, the lowest during the term of Prime Minister Narendra Modi who is expected to face the electorate again in a couple of months.This follows the Central Statistics Organisation’s (CSO) estimate that growth of the gross domestic product (GDP) slowed to 6.6 per cent in the third quarter that ended in December, the lowest for six quarters. The CSO estimates that this happened because of subdued growth in agriculture, manufacturing, and government expenditure.The CSO has lowered the growth estimate for Q1 for the 2018-19 financial year to 8 per cent from 8.2 per cent and for Q2 to 7 per cent from 7.1 per cent, newly released data show.Only the manufacturing sector is projected to show a higher growth this year when compared to the previous year because of the high growth in the sector in the first quarter of FY19, according to media reports.The CSO has also lowered its projection for the last quarter of the financial year to 6.5 per cent. “FY19 GDP growth at 7 per cent is the lowest in the past five years, and Q3 growth at 6.6 per cent is at sixth-quarter low. This indicates the economy is losing steam,” the Business Standard quotes Devendra Pant, chief economist at India Ratings, as saying. A labourer stacks concrete blocks on his head at the construction site of a residential complex on the outskirts of Kolkata in this November 2, 2015 file photo. The construction sector has continued the upswing, growing at 9.6 per cent in Q3, up from 8.5 percent in the previous quarter.Some economists expect the Reserve Bank of India’s (RBI) monetary policy committee to further cut the repo rate to boost growth in an election year. The RBI cut the recently cut the repo rate by 25 basis points to 6.25 per cent, hoping to increase the economy’s liquidity beleaguered by lower than desirable employment growth. “The lower growth in GDP could prompt the RBI to lower interest rates as economic growth has been cited as a concern,” CARE Ratings said. Another interest rate would, however, depend on the economy’s performance on the inflation front in the coming months.The growth in the gross value added (GVA) by agriculture, forestry and fishing slowed to 2.7 per cent in Q3 from 4.2 per cent in Q2. At current prices, the sector’s growth is pegged at 2 per cent in Q3 down from 3.4 per cent in Q2. The sector’s growth for the whole financial year is now projected at 2.7 per cent, down from 5 per cent in FY18, according to CSO estimates. A farmer standing on a plastic drum winnows wheat in a field on the outskirts of Ahmedabad. The growth in the gross value added (GVA) by agriculture, forestry and fishing slowed to 2.7 per cent in Q3 from 4.2 per cent in Q2.ReutersManufacturing activity has also slowed over the year with GVA growth estimated at 6.7 per cent in Q3, down from 12.4 per cent in Q1. The Q2 growth was 6.9 per cent. However, the high growth of Q1 is expected to help the sector post 8.1 per cent growth in FY19, up from 5.9 per cent in FY18.The construction sector has continued the upswing, growing at 9.6 per cent in Q3, up from 8.5 per cent in the previous quarter. The CSO estimates 8.9 per cent for the financial year, up from 5.6 per cent the year before.
Rescued migrants sit on the coast of Khoms, some 100 kilometres (60 miles) from Tripoli, on 26 July 2019. Photo: AFPAbout 115 people are missing and feared to have drowned and another 134 were rescued by Libyan coast guards and local fishermen after a wooden boat carrying migrants capsized off Libya, a Libyan navy official said on Thursday.Earlier, the UN refugee agency UNHCR said that up to 150 people were feared dead.”The worst Mediterranean tragedy of this year has just occurred,” UNHCR head Filippo Grandi said in a tweet.There were about 250 people on board, mainly from Eritrea and other sub-Saharan Africa and Arab countries, when the boat capsized off the coast near Komas, east of the capital Tripoli, Libyan navy spokesman Ayoub Qassem said.Libya is a hub for migrants and refugees, many of whom try to reach Europe in unseaworthy boats.The latest shipwreck takes the death toll of Mediterranean migrants to over 600 this year, putting 2019 on track to be the sixth year in a row with more than 1,000 deaths, UNHCR spokesman Charlie Yaxley said.”Until we address the reasons why people take these dangerous boat journeys, sadly, this is unlikely to be the last tragedy like this that we see,” he said.Yaxley said survivors of the wreck were likely to be brought to two detention centres in Libya where they would face further risks, and he called for their immediate release.Rescued migrants sit on the coast of Khoms, some 100 kilometres (60 miles) from Tripoli, on 26 July 2019. Photo: AFP”We know that inside these detention centres there’s insufficient food, water, often unsanitary conditions, there have been widespread reports of human rights violations taking place,” he said.Libya says the migrants are illegally entering and leaving the country. It regularly detains them in centres that the UN says are effectively jails, exposing them to the added risk of being caught up in the country’s civil war.One detention centre in Tripoli was hit by an air strike earlier this month, killing more than 50 people. UNHCR subsequently said it had been closed, but rescued migrants have continued to be sent there.Human rights activists have accused politicians in the European Union of turning a blind eye and letting people die rather than risk a voter backlash by appearing soft on immigration. Europe struggled to cope with an influx of more than one million refugees and migrants in 2015.Italy, many African migrants’ intended first destination, has taken a tough line since a populist government took office in 2018, and immediately sought to close the nation’s ports to rescued migrants.
Universal Music Refutes Claims of Last Artist in Lawsuit Over 2008 Fire, Requests Dismissal Tencent is known primarily for its gaming and social network business — it owns China’s powerful WeChat platform, which has 900 million daily users. But the company also has its own music unit, Tencent Music Entertainment Group, which raised more than $1 billion in an IPO late last year that valued the division overall at $21.3 billion. Tencent also holds a 7.5% equity stake in streaming giant Spotify, the result of a share swap in December 2017, making it one of the Swedish company’s biggest shareholders.Vivendi and Tencent are already familiar interlocutors. In 2017, UMG and Tencent Music struck a multi-year agreement making the latter a distributor of UMG music in China on its QQ Music, KuGou and Kuwo streaming platforms. Tencent Music also has exclusive rights to sub-license UMG’s content in the Middle Kingdom.In a letter to staff, Lucian Grainge, the CEO and chairman of UMG, hailed the talks with Tencent.“This is an exciting development for both Vivendi and UMG and affirms once again just how much our strategy and hard work are succeeding,” Grainge wrote. “As Vivendi discussed last week with its investors, we continue to deliver remarkable, record-setting results. Our success is driven by placing our recording artists and songwriters at the center of everything we do and providing them with the industry’s best creative and commercial resources on a global basis.“Obviously, we remain part of the Vivendi family – today’s announcement is about a minority investment by Tencent. I can assure you that Vivendi’s Supervisory and Management Boards as well as the Bolloré family continue to be steadfast supporters of our strategy, our work and our teams. And it goes without saying, that our commitment to recording artists and songwriters will continue unchanged.”Tencent had long been rumored to be one of the suitors for a stake in UMG after Vivendi announced a year ago its intention to sell up to 50% of the company. The French media giant ruled out an IPO as an option. ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15 Related Universal Music: Four of the Five Artists Who Sued Us Did Not Lose Masters in 2008 Fire Popular on Variety Progress on a potential sale appeared to be slow, as some analysts pushed up UMG’s valuation to as much as $50 billion. UMG has also been hit by a controversy over a fire in 2008 that is estimated to have wiped out 500,000 master recordings in the company’s massive archive.An insider with knowledge of the sale process told Variety that a deal with Tencent would be strategic because China is primed to become the world’s biggest music market. At the same time, however, the potential deal is also supposed to encourage other investors to get involved in order to keep a Chinese company from gaining too much control of UMG, he said.In June, Yannick Bollore, chairman of Vivendi’s supervisory board, said that the company was “not in a hurry” and “very confident” it would find the right partner to purchase up to 50% of UMG. He cited the music industry’s “huge growth” as a pace Vivendi wants to maintain in the coming years.In its latest quarterly financial results, Vivendi reported that its revenues were up nearly 20% to $3.7 billion during the first six months of 2019.Shirley Halperin and Elsa Keslassy contributed to this report. Chinese digital giant Tencent has entered negotiations with French media conglomerate Vivendi to buy a 10% stake in Universal Music Group.Vivendi announced the talks Tuesday, saying that the negotiations were based on a valuation of UMG of €30 billion ($33.6 billion). Tencent’s potential 10% stake would therefore cost €3 billion ($3.36 billion). The deal would give Tencent a one-year option to purchase another 10% stake on the same terms.Vivendi said the two companies were also exploring other areas of “strategic commercial cooperation” that would help grow UMG, the world’s biggest music company with market share of more than 30% in 2018, through new digital initiatives and territories. In addition, Vivendi is continuing to seek other buyers interested in a stake in its extremely lucrative music unit, which boasts a glittering roster of superstars such as Katy Perry, Lady Gaga and Billie Eilish, as well as divisions dedicated to publishing, merchandise and other sectors.
Dye-sensitized solar cells with carbon nanotube transparent electrodes offer significant cost savings Copyright 2012 Phys.org All rights reserved. This material may not be published, broadcast, rewritten or redistributed in whole or part without the express written permission of PhysOrg.com. More information: Michael M. Lee, et al. “Efficient Hybrid Solar Cells Based on Meso-Superstructured Organometal Halide Perovskites.” Science Express. DOI: 10.1126/science.1228604 , Science Express (Phys.org)—It may sound counterintuitive that replacing one of the most photosensitive solar cell materials with a material with less desirable photosensitive properties can improve the solar cell’s efficiency, but that’s what scientists have shown in a new study. By replacing the highly photosensitive titanium dioxide (TiO2) with alumina (Al2O3) in a solution-processable solar cell, the researchers have achieved a record power conversion efficiency of 10.9%. They attribute this high efficiency to the Al2O3 acting as an inert scaffold, forcing the electrons to remain within and be transported through an extremely thin absorber (ETA) layer. The researchers, led by Henry J. Snaith at the University of Oxford in the UK, with coauthors from the University of Oxford, Toin University of Yokohama in Japan, and the National Institute of Advanced Industrial Science and Technology in Ibaraki, Japan, have published their study on the highly efficient solar cells in a recent issue of Science.”This is a new technology, so in essence a new record,” Snaith told Phys.org. “All solar cell technologies have different efficiencies, with GaAs being the highest at over 28%. This is not an absolute world record, but probably the highest for a solution-processable solid-state solar cell. And the real excitement is where it may reach over the next few years; it should have a steep improvement curve.”The choice of electrode material in a solar cell is one of the most important factors contributing to solar cell efficiency, and TiO2 is often used as an electrode material in solution-processable solar cells due to its good ability for photoexcitation, or converting photons into electrons, as well as its strong electron-accepting properties when photosensitized with a dye or absorber. But in order to improve solar cell efficiency, the scientists here addressed the fundamental energy losses that arise throughout the photovoltaic process of absorbing photons and generating electrons. As they explain, energy is lost during the photogeneration of electron-hole pairs (excitons), the separation of tightly bound excitons, and the extraction of free electrons from highly disordered networks. In attempts to overcome these losses, previous research has investigated the use of coating an ETA layer, 2 to 10 nm in thickness, on the internal surface of the TiO2 electrode in order to increase the current density and voltage. So far, solar cells with ETA layers have achieved power conversion efficiencies of up to 6.3%.Here, the researchers have investigated the possibility that TiO2 may be hindering the effectiveness of the ETA layer due to its electronic disorder and low mobility. Because Al2O3 is a wide band gap insulator, the researchers found that, when it’s used as the electrode, the photoexcited electrons remain in the ETA layer and do not drop to lower energy levels in the oxide as they do in the TiO2 electrode. This difference offers several advantages. For instance, the researchers found that using Al2O3 significantly speeds up the electron transport process, forcing electrons to quickly travel through a perovskite ETA layer, and also increases the voltage. These improvements increased the power conversion efficiency from 8% with the TiO2 electrode to 10.9% with the Al2O3 electrode. Because the Al2O3 is mainly acting as a meso-scale scaffold, and does not play a role in photoexcitation, the researchers call this device a “meso-superstructured solar cell” (MSSC). “The alumina is acting as a scaffold for the perovskite layer, and subsequently the hole-conductor which is coated on top of the perovskite layer,” Snaith said. “It is not electronically active, but purely acting as a physical support.”It is very surprising and would not have been predicted,” he added. “However, in hindsight we can see where the efficiency gains come from. The real surprise is that the perovskite layer is so effective at transporting charge and generating high photovoltage in the solar cell.”The scientists expect that the efficiency can be further improved in the future by various means, such as experimenting with new perovskites, using other semiconductors, and extending the absorption range.”This work moves low-cost solution-processable solar cells significantly closer to the performance of perfectly crystalline semiconductors, while at the same time opening extensive possibilities for future research and development,” Snaith said. Explore further Journal information: Science A comparison of the charge transfer and transport in (left) a solar cell with a titanium dioxide electrode (where excitons travel through the titanium dioxide) and (right) a solar cell with an alumina electrode (where excitons travel more quickly through the thin perovskite layer). Credit: Michael M. Lee, et al. ©2012 AAAS Citation: ‘Superstructured’ solar cells achieve record efficiency of 10.9% (2012, October 11) retrieved 18 August 2019 from https://phys.org/news/2012-10-superstructured-solar-cells-efficiency.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
Whatever is going on behind the scenes will become public knowledge when “da Boyz” deem it necessary Once gold began to trade in the Far East on their Wednesday, it didn’t take long before ten bucks got tacked onto the price…and another five spot was added later in the Hong Kong afternoon going into the 8:00 a.m. BST London open. Of course it got sold down after that, with the low in Europe coming about 12:30 p.m. in London…thirty minutes after the noon silver fix. The gold price rallied anew at the 8:20 a.m. Comex open, but that got cut off at the knees thirty minutes later. From there, gold got sold down to its New York low, which came minutes after 1:00 p.m. EDT. The subsequent rally lasted almost to the close of electronic trading…an event as rare as a blue moon. The high tick of the day came around 8:50 a.m. Eastern time…and Kitco recorded that as $1,435.30 spot. Gold closed on Wednesday at $1,431.50 spot…up $17.90 on the day. Surprisingly enough, gross volume was pretty light…at least comparatively speaking…at ‘only’ 152,000 contracts. It was pretty much the same price pattern for silver in Far East trading on Wednesday…with the high tick of the day coming at 3:00 p.m. Hong Kong time, which corresponded to the 8:00 a.m. London open. Like gold, it was all down hill from there, with the low of the day coming at a slightly earlier than normal London silver fix. The subsequent rally ran into a not-for-profit seller at the London p.m. gold fix…10:00 a.m. in New York. From there, silver got sold off until around 11:30 a.m. EDT…and more or less traded sideways from that point into the Comex close for silver, which is 1:25 p.m. in New York. Then away the price went to the upside until precisely 4:00 p.m. Eastern…and then it traded flat into the 5:15 p.m. electronic close. From its low to its high, silver traded in a price range of just over 50 cents. Silver closed yesterday at $23.16 spot…up 22 cents from Tuesday. Net volume, once all the roll-overs out of the May delivery month were subtracted, was a hair under 25,000 contracts….which wasn’t a lot. Sponsor Advertisement I have a few more stories than normal today, so I hope you can find the time to read them all, or feel free to edit ruthlessly. You choose. False is the idea of utility that sacrifices a thousand real advantages for one imaginary or trifling inconvenience; that would take fire from men because it burns, and water because one may drown in it; that has no remedy for evils except destruction. The laws that forbid the carrying of arms are laws of such a nature. They disarm only those who are neither inclined nor determined to commit crimes. — Cesare Beccaria, as quoted by Thomas Jefferson’s Commonplace Book The situation is so fluid in the precious metal markets at the moment that it’s hard to get a ‘big picture’ perspective. The only ones in the know would be the Big 3 bullion banks…and their associated partners-in-crime at the Fed, the Treasury, the Exchange Stabilization Fund…and the BIS. All we can do is sift through the clues that are left hanging around…whether it be in the Comex inventories…or the GLD and SLV ETFs. I don’t consider the latest COT Report to be of any use, because it’s obvious [at least to me] that the data in the Commercial and Non-Commercial categories is bogus. But if the data in the Nonreportable category can be used as a guide, the real data in these other two categories would be one for the record books…and still may be a work in progress by JPMorgan et al. There’s no way of knowing for sure, of course…and any comments that I [and others] may have, would certainly fall into the speculative category…even if it consists of an educated guess. Whatever is going on behind the scenes will become public knowledge when “da Boyz” deem it necessary…or when the physical or paper markets force their hand. It has always been said that the precious metal equities will always forewarn of a pending move in the gold price, as the ‘smart money’…which I call insider trading…take their positions for the next move up. I’d like to think/hope/pray that yesterday was a precursor to that event…but only time will tell. All four precious metals caught a bid in the Globex session in early Far East trading on their Thursday, but silver got smacked back down to almost unchanged by the time that London opened. Volumes are about the same as Wednesday at this time of day. Most gold volume is of the high-frequency trading variety…but surprisingly enough, there is big roll-over action in silver as the large players have to be out of their May positions [unless they’re standing for delivery] by the end of the day…or possibly Friday at the latest. The dollar index isn’t doing a lot as of 4:13 a.m. Eastern time. And as I hit the ‘send’ button at 5:15 a.m. Eastern time, gold is still trading flat after its rally in the Far East…and is up about fifteen bucks from Wednesday’s close…and silver is up fourteen cents. Because of that lack of price action, volumes are only slightly above what they were an hour or so ago. The dollar index is now down about 27 basis points. We certainly do live in interesting times…and the rest of the month’s trading/price activity could get interesting. That’s more than enough for today…and I’ll see you here tomorrow. The dollar index closed on Tuesday at 83.02…and when it opened in Far East trading on Wednesday morning, immediately began to chop lower…and finished the Wednesday trading session in New York at 82.94…down 8 whole basis points. Nothing to see here. The first three bookmarks on my computer are the Kitco silver and gold charts, followed immediately by the HUI chart…and I check them in that order when I first get on the Internet. After looking at the gold and silver charts after I got up late yesterday morning, I certainly wasn’t prepared for what I saw when the HUI chart popped up, as it had gapped up over 3 percent at the open…and never looked back from there, although it was obvious that some of the day trader types took profits as they closed out their positions in the last minutes of trading. Very deep pockets were buying everything in sight yesterday…and that process accelerated once Comex trading closed at 1:30 p.m. EDT. The HUI finished the day up 6.98 percent…and one can only hope that the buyers were insiders…as they’re always tipped off as to what’s coming. (Click on image to enlarge) The CME Daily Delivery Report, updated very late yesterday evening, showed that 98 gold and 3 silver contracts were posted for delivery on Friday within the Comex-approved depositories. The link to yesterday’s Issuers and Stoppers Report is here. Another day, another decline in GLD. This time it was ‘only’ 135,398 troy ounces…and as of 10:13 p.m. EDT, there were no reported changes in SLV. The U.S. Mint had another sales report yesterday. They sold a very chunky 13,000 ounces of gold eagles…along with a smallish 1,000 one-ounce 24K gold buffaloes…and zero silver eagles. Tuesday was a big day in silver over at the Comex-approved depositories, as they reported receiving a chunky 1,521,690 troy ounces of the stuff…and only shipped 17,637 troy ounces out the door. The link to that activity is here. In gold there were more withdrawals from the Comex-approved depositories on Tuesday. They reported receiving 852 troy ounces…and shipped 238,716 troy ounces out the door. You have to ask yourself where this gold is headed…and why. The link to that activity is here. It was another ‘quiet’ day at the bullion store yesterday…with ‘quiet’ being a relative term compared to last week at this time. ‘Quiet’ will translate into another record year for the store if this keeps up…and we’re sort of hoping that it doesn’t get any busier, as we just can’t handle over-the-top volume/traffic every day. Neither can the wholesalers or the mints…and they’re still not taking orders, which is truly unprecedented in this industry. If it’s this bad from our vantage point in the retail world, one can only imagine what it looks like from the wholesale/mint perspective. At 8:30 p.m. yesterday evening, I fired off an e-mail to Bron Suchecki at The Perth Mint, where it was already 10:30 a.m. on Thursday morning…and asked him this question: “G’Day Bron…What’s happening in Oz in the precious metals world that’s fit to print in tomorrow’s column?” Less than half an hour later I go this response… Hi Ed, With the [current production] issues at the RCM and US Mints, we are now starting to get hit with good orders from distributors, so we have prioritised manufacture of 1 oz. and kilo silver coins over our Lunar Snake coins so we can maximise the total amount of ounces we can supply. This is great news as that means more physical being taken off market. That does lead me to the next point…which is buyers really need to go for the cheapest physical they can…and be a bit more flexible on who makes it…or go from coins to bars. Paying high premiums just because you want a certain brand or bar size just means your money buys less ounces, which takes less ounces off the market. Regards, Bron Suchecki And finally…here is commentary from Ross Norman over at the renowned SharpsPixley.com Internet site that was posted there yesterday…and this is courtesy of reader ‘David in California’… “There an oddity about GOLD at the moment with phenomenal physical demand in Asia, US and Europe, while the actual spot prices languishes. We have written before about the strange disconnect between paper and physical demand – with the former bearish yet the latter bullish – but rarely has there been such a clear divergence. “Over the last few days on SharpsPixley.com we have many run stories about this … Dubai running short of physical, US Mint selling out of smaller denomination bars, coins and bars flying off the shelves in India and China and queues outside leading gold sellers such as Degussa in Germany. The effect has been a massive drawdown in physical metal which has, by and large, caught the gold refineries and some stockists by surprise. It seems that the current buying in Europe is a delayed response to the Cyprus crisis, prompted by the price correction. “Quite evidently it has been the sharp sell off on the gold futures (COMEX) a week ago that precipitated the price decline and drew out the physical buyers. While there remains stock of the traded inter-market London ‘good delivery’ bars weighing in at 400 ounces each (with a purity of 99.5%+), these would set an investor back about $570,000 each. However, for investment sized bars the market is drying up rapidly. Amongst the coins, the maples and Krugerrand are moving fast with premiums having just doubled and now typically trading at about 8% over the spot price. Meanwhile the wait for new 0.9999 kilobars from the refineries (cost about $48,000 each) would entail a wait of over 1 month – there are however some modest stocks of second-hand kilobars. “While much of the buying in Europe has centered on Germany and Switzerland, there are also encouraging signs of good interest from UK retail investors who seem to be awakening to the notion of having gold in their savings. Google searches for the keyword “gold price” is rising to near record levels confirming what we are seeing in the markets. “So, what does this tell us about gold ? To us, this is firstly a clear signal that the price correction has sparked latent interest for those who have wanted to enter the market – the current price represents an excellent entry point. Secondly, the fact that investors are going for physical over paper gold extends the argument that investors are increasingly wary of financial institutions, just as they are of the debasement of currencies. “In 2008 and 2010 the physical markets dried up and deliveries were extended out to about 2 or 3 months at the retail level – if the current buying persists there is every reason to expect a recurrence… or worse.” END Here’s your “cute quota” for the day… It was the same for the silver stocks…and Nick Laird’s Intraday Silver Sentiment Index closed up 6.39%. But, like the gold equities, these gains aren’t really that impressive considering the lows that these stocks are rising from. But it’s a start. Drilling Intersects 102 Meters of 1.97 gpt Gold at Columbus Gold’s Paul Isnard Gold Project; Drilling Confirms Depth Extension of Gold Mineralization Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold”) is pleased to announce results of the initial five (5) core drill holes at its Paul Isnard gold project in French Guiana. The holes confirm depth extension of gold mineralization below shallow holes drilled on the 43-101 compliant 1.9 million ounce Montagne d’Or inferred gold deposit at Paul Isnard in the 1990’s and support the current program of resource expansion through offsetting open-ended gold mineralization indicated by the earlier holes. Robert Giustra, CEO of Columbus Gold, commented: “These drill results validate Columbus Gold’s approach to adding ounces with a lower-risk drilling program designed to infill and to extend the mineralized zones to 200 m vertical depth from surface; a depth amenable to open pit mining.” Fourteen (14) holes have been completed (assays pending) by Columbus Gold in the current program and drilling is progressing at the rate of about 3,000 meters per month with one drill-rig on a 24 hour basis. Columbus Gold plans to accelerate the current program by engaging a second drill-rig as soon as one can be obtained. Please visit our website for more information about the project.
In This Issue. * Bias to buy dollars remains. * Eurozone Confidence soars to 2-year high! * Norwegian Retail Sales fall 1.3%. * Canada’s Current Account Deficit widens. And, Now, Today’s Pfennig For Your Thoughts! A Curious Upward Revision in U.S. GDP. Good day. And a Happy Friday to one and all! It’s bound to be a Fantastico Friday, for a number of reasons. Let’s see. front and center, it’s the kick-off of a 3-day holiday weekend. And, for those of us that get paid on the 15th & 30th, this is payday! Of which, I would rather receive one than eat one! (although it is a tasty candy bar!) It’s also the end of a very long week for me, as I’ve been running hot & cold. This morning hasn’t started out good, in that regard, but. It can only get better from here! (See that’s me!, always looking forward to what’s ahead!) And today, could also be a little strange with the asset classes as the volume will go stealth around noon today, as the boys and girls in NY head to the Hamptons around noon. So be careful out there this morning.. And what the heck, why not just close the computer down (after reading the Pfennig of course!), close the books, and start your Labor Day Holiday early? Sounds like a plan. and I love it when a plan comes together! The currencies are weaker again this morning, although most of the losses in value were booked yesterday. The U.S. surprised the markets with their ability to cook the books enough so that an upward revision in GDP didn’t look so curious to them. Of course it looked very curious to me, but then what else did I expect? The Fed Heads are bound and determined to get the unwinding of their latest bubble blowing machine started before they are unable to ever do it. And they would LOVE for the economic data to show the world that they are right to start tapering. It doesn’t matter that no one questioned how 2nd QTR GDP jumped from 1.7% in the first print to 2.5% in the 2nd print! Isn’t that just a little bit too much good, given the economic reports that started in March to be questionable at best? Of course it is. But the media is living with the wool pulled over their eyes, and have no gumption to remove the wool. Isn’t it a shame? Well, I got my blood going good writing that, and listening to Edwyn Collins sing his song, “A Girl Like You”. That one will get your bopping in your chair! Ok. back to the serious stuff! I was interviewed by Kate Gibson of MarketWatch yesterday, she wanted to know what I thought the reaction of the stock market would be after the GDP report. Now mind you, this was before the stock market opened. So, I checked the stock futures and they were only up .3%… So, I told her that I would think the stock jockeys would be torn between two things (like torn between two lovers). Normally, stock jockeys would love a strong GDP report. But with this report being the last GDP report before the Fed Heads meet in September, one would think that this could be the straw that stirs their tapering drink, and any talk of tapering hasn’t been for stocks.. Well, stocks ended the day up on the day. So, now the stock jockeys don’t think the Fed Heads can taper? I doubt it. They know it’s like California dreaming, it’s becoming a reality. A dear long time reader sent me a note yesterday and said that it’s not just me that people don’t want to come to listen to anymore, CNBC’s ratings are at a 20-year low. And just to throw gas on this fire. I saw over at zerohedge.com that they call the stock market the, ” Federal Reserve sponsored equity market” HAHAHAHAHAHA! U.S. equity trading volume in August is the lowest on average in 16 years! Where are the investors going? I wish I could say that bank deposits are soaring. but the money’s not there either. And we know that Treasuries now are treated like persona non gratis. So, in the words of Jerry Maguire. Show Me The Money! The euro is trying to hold on and stop the sliding this morning, and reports like the markets got on the European Confidence should help. Economic Confidence in the Eurozone soared to a 2-year high this month, as the Consumer sentiment index rose from 92.5 in July to 95.2 in August. Earlier this week we had a positive IFO report on Business Confidence, so things are looking brighter for the Eurozone, which just recently climbed out of the recession hole they had fallen into about 2 years ago. The Eurozone economy, as a whole, but led by Germany of course, is gathering steam. And with each of these stronger reports, the fears of another rate cut, which was probably about to be made at the last European Central Bank (ECB) meeting, are erased. And that’s good for the euro, folks.. Norway received so not so good data this morning, as Retail Sales for July fell -1.3%, and the Unemployment rate remained steady at 2.8%… (it was expected to drop!) So the krone isn’t participating in the euro’s attempt to stop the sliding. I had a dear reader ask me about the krone, and whether he should bail or batten down the hatches. Well, you know me, I can’t really tell someone what to do, but I can give you my opinion, which can be wrong (my wife loves when I have to type that!) But, I don’t know how long you’ve held krone. You could have huge gains in the currency or be seeing some red. But either way. are you diversifying your investment portfolio? Or just seeking currency gains? To me, the only reason to do all this is to diversify your investment portfolio so that not all of the portfolio is denominated in dollars. In doing so, you provide a hedge against further dollar depreciation, which won’t be a one-way street, and you could see losses at times. But you could also see currency gains on your hedge, and that would be like icing on the cake! Remember, dollar weakness is equal to loss of purchasing power for the dollar holder. So, you have to read between the lines, but I think I told you what you wanted to know about holding krone. In Canada yesterday, we saw their Current Account Deficit widen, which I had thought would not be good for the loonie, and it wasn’t. Today, we’ll see the color of Canada’s 2nd QTR GDP. I think we’ll see their 2nd QTR GDP come in around 1.7%, which is where the U.S.’s should have been before going through the donut maker. Hmmm donuts. I think I’m doing my best Homer Simpson here, but my new taste for sweets, which I never really had before, but do now, has me thinking of donuts this morning. I’m just saying. The Brazilian real saw more strength yesterday. Twice this week the Brazilian Central Bank (BCB) has come to the aid of the real, first announcing a $60 Billion line to be used in intervention to defend the real, and then the 50 basis points rate hike I talked about yesterday. The double barrel shotgun approach has done wonders for the real which had fallen to a low of 2.4545 just a week ago to a recovering level of 2.36 this morning. (remember, real is a European priced currency, so as the price goes down, the value goes up!) Of course 2.36 is still a long way away from the lofty numbers the real used to have associated to it. But a positive move is still better than opening a bag of bees. Gold is down $12 this morning, and has fallen back below $1,400. The Bloomberg has two stories this morning with different takes on Gold. the first one says, “Gold cuts monthly advance on speculation Fed will slow stimulus.” And then that’s followed by one that says, “Gold trade most Bullish since March on Syria Crisis.” So. what’s it gonna be boy? And just to repeat something I talked about yesterday, the miners in S. Africa have confirmed that they will go on strike on Monday. Hello, price manipulators? Yes, It’s Chuck calling again to harass you. I just want to ask you a question. How can you explain to regulators your ever expanding short positions, with the largest Gold producing country going on strike, thus limiting the supply of Gold? Come on Lucy, you’ve got some ‘xplainin’ to do! The U.S. data cupboard will yield July readings of Personal Income & Spending this morning to end our week. I’m certain that once again, we’ll see that we spend more than we make. But think about this spending thing. I had a dealer friend (hi Shauna!) ask me if I thought everything in the world was OK now (with GDP up 2.5%) and I said, “No. it’s all manipulated, cooked, and rolled out to make everyone happy so they’ll go and spend money on flat screen TV’s” . spend, spend, spend. That’s what would make the Fed Heads & the Gov’t happy. And it will make you happy too, until you realize that you could have bought Gold instead of another flat screen TV for your house that already has 6 TV’s! For What It’s Worth. It’s all me today folks. I’ve been doing a lot of deep thinking. (for my close circle of friends, we all know that means, right Kevin?) I mentioned the Fed’s Bubble Blowing machine up top. and that’s the focus of my soap box speech today. Are you ready? Here goes. OK. Several times over the past few years I’ve listed the things that Fed Head James Bullard was quoted as saying were the benefits of QE. you know, lower rates, higher asset prices, and a lower dollar. But you know the one thing that he failed to list, and the one thing that the Fed refuses to admit they were a part of, is the bubble in Emerging Markets. Unintended Consequences, I’ll call it. You see, by keeping rates ultra-low, investors sought out higher yielding places to invest. Remember what I always say, money goes where it’s treated best. Those places were the Emerging Markets. So, with the fear of removing QE, the markets are automatically of the belief that interest rates will rise. Shoot Rudy, after Big Ben first muttered the word “taper” Treasury yields have risen over 100 Basis points in the 10-year. was that a sell the rumor buy the fact trade? I doubt it. Should the Fed really go through with tapering, I would think Treasury yields will continue to rise, and that will draw more money home to (where it’s treated best) The Fed tried very diligently to explain the difference between tapering and keeping their interest rates low, but the markets aren’t buying it. And the bond traders are taking back the responsibility of Treasury yields from the Fed. So, what does this all mean for the Emerging Markets? Well, it’s my opinion, and of course I could be wrong, that while suffering now, and in the near future, that the Emerging Markets will recover. First, without the off the charts growth, the Current Account Deficits they all have gained, will begin to narrow, and that will be a good thing going forward. Then organic growth in the countries, will take over, and within a few years, the Emerging Markets will be back to leading the world in growth. And as far as the Fed’s Bubble Blowing machine goes. You know the Fed Heads refused to admit that they had anything to do with the Tech Bubble, or the Housing Bubble, but we all know what caused those, for I’ve explained it to you so many times in the past, that you probably could give the presentation on The Fed’s Bubbles instead of me! Bill Fleckenstein wrote a great book about 7 years ago, called “Greenspan’s Bubbles. The Age of Ignorance at the Fed”. Just in case you need some additional proof of what I tell you. And that ends today’s dissertation on what the Fed is doing to the Emerging Markets, I hope you enjoyed it. I’ll be back next week with more, so until then, Have Fun! To Recap. The bias to buy dollars remains throughout the currencies and metals this morning, although most of the value was transferred to dollars yesterday. Today could be strange with the boys and girls in NY heading to the Hamptons around noon today. Eurozone Confidence printed strong thus confirming the recovery is gathering pace. Gold falls back below $1,400, and the markets are torn on where to go with Gold. They should just ask me, I’ll tell them! Currencies today 8/30/13. American Style: A$ .8935, kiwi .7770, C$ .95, euro 1.3245, sterling 1.5505, Swiss $1.0755, . European Style: rand 10.3125, krone 6.11, SEK 6.6080, forint 227.05, zloty 3.2170, koruna 19.4180, RUB 33.24, yen 98.25, sing 1.2745, HKD 7.7555, INR 65.70, China 6.1709, pesos 13.30, BRL 2.3590, Dollar Index 81.95, Oil $107.85, 10-year 2.77%, Silver $23.69, Platinum $1,513.40, Palladium $728.58, and Gold. $1,395.12. and here’s the link to take a peek at the U.S. Debt Clock. click here. That’s it for today. Happy Birthday to my old latte’ Buddy, Michelle. She dropped me like a bad habit a few years ago, but I don’t hold that against her! HAHAHAHAHAHA! (She didn’t drop me, I just stopped going, because I couldn’t drink coffee at that time) College Football began last night, and my beloved Missouri Tigers will play tomorrow night. I wish them well on their 2nd season in the SEC. I’ll be putting the Big Green Egg to the test this weekend. I can’t wait ! I love to have the smoker going early in the morning. I know sounds like Robert Duval in the Vietnam movie, when he said, ” I love the smell of napalm in the morning”. But no! I love apple wood smoking filling the backyard with great aroma. It’s the little things that make me happy folks. And with that, I’ll get this out the door. Thank you so much for reading the Pfennig, and I also thank all of you who send me notes applauding what I’ve written from time to time. Just being myself. Now, it’s payday, it’s the kickoff of a 3-day holiday weekend, and it’s Friday, let’s go out and make it a Fantastico Friday! Ready, Set, Go! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837
Sponsor Advertisement Platinum and palladium weren’t spared, either—and both closed down on the day as well. Platinum by seventeen bucks—and palladium by 7 dollars. Here are the charts. The dollar index closed at 80.38 on Friday in New York—and chopped quietly higher throughout the entire Monday trading session, finishing the day at 80.63—up 25 basis points on the day. I have a decent number of stories for you today—and the final edit is yours. What should be seen as being beyond doubt is that COMEX positioning is the price driver in silver and gold. Nothing else even comes close. We went down in price this past week and on every previous price sell-off because the technical funds got snookered into selling on price signals rigged by the commercials. We will go up when the technical funds have sold all they can sell and then begin to buy. No one knows the day of the price turn up in advance, but it will come—and should most likely come soon, given the extreme COT readings, particularly in silver. – Silver analyst Ted Butler: 31 May 2014 It was a low volume, nothing sort of day in both gold and silver on Monday. Low volume or not, one shouldn’t overlook the fact that a new low price tick for this move down was set in both metals during the Hong Kong afternoon trading session—and the price of both got sold down once the London p.m. gold “fix” was in. Here are the 6-month charts for both gold and silver so you can see the “slicing of the salami” to the downside that’s been going on day after day. The gold stocks opened down a bit, but rallied back into positive territory on the rally going into the London p.m. gold fix. Once the gold price got capped, the stocks sold off as well, hitting their lows of the day at 2 p.m.—the moment that the gold price stopped falling. From there they rallied quietly in the close—and finished down 0.60%. A new low price tick for this move down was set in both metals The gold price got sold down the moment that trading began in New York on Sunday evening. The HFT boyz took the price down to its low tick of the day shortly after 2 p.m. Hong Kong time—a new low for this move down—and the rally that began at that point got capped at the London p.m. gold fix. From there it got sold down until 2 p.m. EDT in electronic trading—and it didn’t do much after that. The high and lows ticks were reported by the CME Group as $1,251.00 and $1,241.10 in the August contract. Gold finished the Monday session at $1,243.50 spot, down another $7.80 from Friday’s close. Volume, net of June and July, was pretty light at only 90,000 contracts. The CME Daily Delivery Report for Day 3 of the June delivery month in gold showed that 7 gold and 81 silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. So far this month, only 99 gold contracts have been posted for delivery. I don’t know what to make of that—and I forgot to ask Ted Butler about it when I spoke to him on the phone yesterday. In silver, the largest short/issuer was Jefferies once again with 70 contracts—and the three largest long/stoppers were JPMorgan, Scotiabank and Barclays. The link to yesterday’s Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday—and as of 7:31 p.m. EDT yesterday evening, there were no reported changes in SLV, either. But when I checked the iShares.com Internet site at 3:02 a.m. EDT this morning, much to my surprise, there had been a very chunky deposit of 2,401,285 troy ounces reported. One can safely assume, based on the recent price action, that this was deposited to cover an existing short position. The U.S. Mint had a smallish sales report yesterday. They sold 4,500 troy ounces of gold eagles—1,000 one-ounce 24K gold buffaloes—100 platinum eagles—and zero silver eagles. In gold over at the Comex-approved depositories on Friday, they reported receiving 32,147 troy ounces—all of which went into the warehouse over at HSBC USA. In silver, there was 601,134 troy ounces reported received—and 62,199 troy ounces reported shipped out. The big receipt went into Brink’s, Inc. Here are a couple of charts courtesy of Nick Laird. They are the intraday price movement for both gold and silver during the month of May. As you tell, the charts are very similar, with the major inflection points in both coming at the 8 a.m. London open, the London noon silver fix—and the 1:30 p.m. EDT Comex close. In Tuesday trading in the Far East, not much happened price-wise in either gold or silver up until 1 p.m. Hong Kong time. Then both popped a bit, however it remains to be seen if this develops into anything as the trading progresses in London and New York. And as I write this paragraph, the London open is five minutes away—and volumes in both metals are on the lighter side. The dollar index is basically flat. Today, at the 1:30 p.m. Comex close, is the cut-off for this Friday’s Commitment of Traders Report. Providing nothing untoward happens to the upside in price during Tuesday trading, it’s a given that the numbers in the COT Report will be another one for the record books, particularly in silver. And as I hit the send button on today’s column an hour after the London open, all four precious metals are in the plus column. Gold and silver volumes are up some more, but not by alarming amounts—and the dollar index is down a handful of basis points. I’m off to bed early, as I have a plane to catch later this morning—and I’ll see you here tomorrow. The silver price action was very similar to gold’s, so I shall spare you the details—except to note that silver also touched a new low price for this move down as well. The high and low for silver were recorded as $18.87 and $18.65 in the July contract. Silver closed in New York yesterday at $18.76 spot, down 5 cents from Friday. Net volume was also pretty light at only 22,500 contracts. The price path of the silver equities was almost the same as the gold stocks, except for the fact that Nick Laird’s Intraday Silver Sentiment Index closed down 1.04%. Learn how the government and the Fed are looting your accumulated wealth – Get this free issue of Robert Prechter’s Theorist now >>
Dan Steinhart Managing Editor of The Casey Report Dear Reader, Today’s entrée is a special treat. Doug Casey and Louis James talk gold, ISIS, oil, stock markets, and much more in a conversation about what to expect in the markets in 2015. This interview was originally published in The Casey Report. Before we get to the main event, I want to bring to your attention that enrollment in Casey’s Club is now open for a limited time. Yesterday, Marin Katusa did a better job explaining why you should join Casey’s Club than I ever could, so I’ll just add a quick anecdote about one very satisfied member of Casey’s Club. While it’s not uncommon for Casey’s Club members to send us glowing feedback like this… In less than a year I paid for my lifetime membership to Casey’s Club in one trade, and now I have a Casey free ride on balance and warrants. Many Thanks! – Steve A., Casey’s Club Member … one particular Casey’s Club member expressed how pleased he was in a way that I’d never seen before. He was so impressed with the quality of research that he asked to come work for Casey Research so he could see how it was done. In my mind, there’s no higher praise than that. We hired him as an intern, and he’s since gone on to become a principal at a global private equity firm. Casey’s Club is expensive, but it’s worth it. You can find all the details here. If you’re thinking about joining, act quickly. The enrollment period closes soon and won’t open again until 2016. Here’s Doug with Louis.
— The Income Secret of Multi-MillionairesPut 10 multi-millionaires in a room and chances are, most of them will share a very unique secret about how they generate their income. Not one in 1,000 salaried employees would guess this secret. But millionaire investor, James Altucher, shares the secret with you, for free, on this page. Recommended Links The price of silver plummeted 4.5% on Tuesday. It closed at $15.01/oz… its lowest close since February 2010.Gold had a bad day too. It dipped below its 2015 low of $1,148.10 before recovering to close at $1,153.70. It lost 1.4% on the day.Historically, people buy gold and silver for protection during uncertain times. Gold and silver have held their value for thousands of years through wars, depressions, and financial crises. When stock markets crash or paper money fails, gold and silver are a reliable store of wealth.So with Greece’s default rocking world markets… and with Chinese stocks crashing the most in 20 years… why are gold and silver struggling?Louis James, editor of International Speculator, blames China.The Chinese stock market has crashed an incredible 28% in 16 days. And China’s 1.4 billion people are the biggest buyers of gold in the world.Here’s Louis:The world’s biggest gold buyers are suffering a major liquidity crunch. Many won’t have the cash to buy anything, not even gold. Worse, hundreds of Chinese stocks are halted and huge numbers of investors are facing margin calls. That means that many who own gold will be selling because it’s the one thing they can get a bid on.When a large number of buyers are forced to become sellers… well, counterintuitive days like today can make sense.If I’m right about this, precious metals will slide until the liquidity crunch in China passes. We saw the same thing in 2008. But when this reversal happens, the rebound should be even sharper. Unlike most Americans or Europeans, Chinese people do see gold as an important form of wealth protection.We’ll discuss the details of the Chinese stock market crash later this week. • Meanwhile, another important commodity is within pennies of its 10-year low…The price of iron ore has declined for nine days in a row. On Tuesday, the Metal Bulletin’s iron ore index plummeted 5% to $49.60 per metric ton.Iron ore is in a bear market. It’s now 73% below its record high from September 2011.Iron ore is the key ingredient in steel. China has consumed iron ore like crazy in recent years to build out its infrastructure. Its colossal Three Gorges Dam used 463,000 metric tons of steel.China is the world’s largest consumer of iron ore by a long shot. It consumed 1.25 billion metric tons of iron ore in 2013. The rest of the world consumed that much combined. China is both the world’s largest producer and importer of iron ore.Iron ore prices depend on China… and China is slowing down.China reports that its economy grew 7% in the first quarter. That’s impressive for most countries, but it was China’s weakest quarter in six years. According to Bloomberg, Chinese steel production is on pace to contract for the first time since at least 1990.• Iron ore also is Australia’s biggest export…The Australian dollar just sunk to its lowest level since the financial crisis. One Australian dollar is now worth just US$0.74… down from US$1.10 in 2011.Crashing iron ore prices are a big reason why. Australia’s economy depends on commodities. Its other top exports are coal, natural gas, gold, and crude oil. But iron ore is its biggest export by far.Iron ore accounted for 25% of the value of Australia’s total exports last year. And 77% percent of Australia’s iron ore exports went to China, Australia’s largest trading partner. One-third of Australia’s total exports go to China.China consumes what Australia pulls out of the ground. China’s boom was great for Australia. But with China slowing down, Australia is struggling.