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GMET run continues...
GMET still going strong....
GMET Breakout alert
Pending $385 million lawsuit, con call Monday, above avg volume, extended financing, = MOMO BREAKOUT!!!
Dont miss out!
ALERT: GMET
Up 32% on Huge Volume...
Extended financing...
Con Call Monday
Pending $385 million lawsuit - potential for settlement
Huge Upside potential
Have a look, dont miss out...
ALERT: GMET
Up 32% on Huge Volume...
Extended financing...
Con Call Monday
Pending $385 million lawsuit - potential for settlement
Huge Upside potential
GMET up 30% today...posted before the bell...is anybody listening?
they need to provide a more specific update on the pending $385 million lawsuit...
10-K says:
" we are proceeding to full discovery and moving towards a trial on the merits, seeking $385.6 million in actual damages, with the possibility for trebling of those damages under the statute, as well as injunctive relief to prevent CNX and the other defendants from continuing these alleged anticompetitive activities. Although we remain open to a commercially reasonable settlement, we intend to pursue discovery and trial in this matter. "
10K out today. Con call Monday
GMET$385.6 million lawsuit
direct from the 10K...
CNX Antitrust Action
We filed a complaint against CNX Gas Company LLC (“CNX”) and Island Creek Coal Company (“Island Creek”), an affiliate of CNX, in the Circuit Court of Tazewell County, Virginia on February 14, 2007, in which we sought damages arising from alleged violations of the Virginia Antitrust Act, tortious interference with contractual relations with third parties and statutory and common law conspiracy. The suit sought compensatory and consequential damages for alleged violations of the Virginia Antitrust Act, including alleged anticompetitive efforts of CNX to dominate and maintain its control over the market for the production and transportation of coalbed methane gas from the Oakwood Field in Buchanan County, Virginia and for CNX’s alleged efforts to conspire and act in concert with Island Creek and others to dominate and maintain control over the market for the production and transportation of coalbed methane gas from the Oakwood Field in violation of the Virginia Antitrust Act and Virginia statutory and common law. The suit also alleged CNX’s intentional interference with our existing and prospective third-party business relationships in an attempt to harm us and improve CNX’s position and corporate and financial interests. In December 2007, we filed an amended petition that restated with specificity our claims against CNX and Island Creek, and added Cardinal States Gathering Company and CONSOL Energy Inc., the ultimate parent of the other defendants, as defendants. On June 3, 2009, the Court ruled on the demurrers to our claims that had been filed by CNX, denying CNX’s demurrers with respect to four of our five state-law antitrust claims for monopolization and attempted monopolization and upholding only the demurrers to one antitrust theory and the claims under Virginia law for tortious interference. As a result of this ruling, we are proceeding to full discovery and moving towards a trial on the merits, seeking $385.6 million in actual damages, with the possibility for trebling of those damages under the statute, as well as injunctive relief to prevent CNX and the other defendants from continuing these alleged anticompetitive activities. Although we remain open to a commercially reasonable settlement, we intend to pursue discovery and trial in this matter.
the charts...
GMET (starter position yesterday at 1.10)
IFON (back in yesterday)
CIGX (got few from low .70s)
Accumulating here in the low 70's
Added today at 1.10 for a swing trade...
I'm calling this as bottom...keeping a tight stop just in case, but it looks good here.
Oversold
Nat Gas turning up with the cold season
looking for a nice pop here in the next few sessions...
IFON and MNTG...
Link back for original alert.
Check out that volume today on IFON!
I was just a little early but...
IFON and MNTG = $$$$
:)
its going really good Thanks!
2009 was big year for me; got married, bought an incredible new home, and now have a beautiful daughter (just Born on Dec 15th)!
Needless to say, I didnt have much time for trading...
Starting to get back in with a few nice gains already...but not much time for posting or scouring the boards...
Hope you have a Fantastic 2010!
Boomer
News with impact to MNTG
Published: January 06. 2010 6:10PM
Table games coming soon to Pennsylvania casinos
The state House of Representatives approved a table games bill tonight, clearing the way for its passage.
The bill will now go to Gov. Ed Rendell, who will sign the legislation into law.
The Senate approved the long-delayed bill Tuesday.
The law will allow Presque Isle Downs & Casino and the state's other casinos to add blackjack, roulette and other table games to what are now slots-only casinos.
All five state House members representing Erie County approved the bill.
State gambling regulators say it will take six months or longer before table games are operating, according to the Associated Press.
-- John Guerriero
.........
Profile for MTR Gaming (MNTG)
MTR Gaming Group, Inc., through its subsidiaries, engages in the racing, gaming, and entertainment businesses. It involves in slot machine gaming operations and live thoroughbred horse racing with parimutuel wagering, as well as offers online and telephone wagering on horse races. The company owns and operates The Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. It also owns a 50% interest in North Metro Harness Initiative, LLC, which operates Running Aces Harness Park in Anoka County, Minnesota.
news with impact to MNTG
Published: January 06. 2010 6:10PM
Table games coming soon to Pennsylvania casinos
The state House of Representatives approved a table games bill tonight, clearing the way for its passage.
The bill will now go to Gov. Ed Rendell, who will sign the legislation into law.
The Senate approved the long-delayed bill Tuesday.
The law will allow Presque Isle Downs & Casino and the state's other casinos to add blackjack, roulette and other table games to what are now slots-only casinos.
All five state House members representing Erie County approved the bill.
State gambling regulators say it will take six months or longer before table games are operating, according to the Associated Press.
-- John Guerriero
.........
Profile for MTR Gaming (MNTG)
MTR Gaming Group, Inc., through its subsidiaries, engages in the racing, gaming, and entertainment businesses. It involves in slot machine gaming operations and live thoroughbred horse racing with parimutuel wagering, as well as offers online and telephone wagering on horse races. The company owns and operates The Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. It also owns a 50% interest in North Metro Harness Initiative, LLC, which operates Running Aces Harness Park in Anoka County, Minnesota.
Rest in Peace Popeye. You will be missed.
Thank you for all that you gave us.
Boomer
Can you see the light now?
Still holding all mine...
World Health Org upgrades swine flu to level 6
full on pandemic, first in over 40 years...
and it barely makes the news?
WTF?
"The WHO notified health authorities Thursday that it was raising the pandemic alert to Level 6 for the first time since 1968 when the Hong Kong flu killed about one million people worldwide. The new swine-flu virus has infected nearly 30,000 people in 74 countries."
Nooooooooooooooo!
has it been 15 months already?
HA HA! Never!
Wife likes to drink too, she just can't right now...but I still can...
Yes, the "wife" now...
got Married on Saturday!
Yes
losing on the trade now, market is trading side-ways waiting for catalyst for next move...the big question is...
is it up or down...dont like the DOW being above the MA200 but...market looks overbought to me...
if FAZ falls below 4.00 I will bail
...then jump in BCON and i can "crybaby" to Tsafi and Bum if Oil doesnt move up big!
lol
Hey Stranger!!
I am still drinking, but the girlfriend doesnt like it, ony because she cant! I get married in less than two weeks!
I have not been trading much, but I am holding FAZ.
Waiting to see what happens next in this crazy market.
If there is a big pullback, I might just take your advice and buy some big stocks and just walk away. Maybe I will do like Popeye and start filling my basement with Silver bullion and gold bars.
I hope you are doing good. 3 months will go by quickly, then you will have to sell your motorcycle and buy a Chrysler Mini-Van! You can get one real cheap these days!
I have until December to continue drinking and smoking!
Then I need to learn how to change diapers and be a responsible dad.
Great to hear from you, be safe.
Boomer
lol, well...maybe not that funny...
Matt Brown; Ihub founder is in hot water, could it spell the end to the site?
http://investorshub.advfn.com/boards/board.aspx?board_id=15452
Patience is a virtue...
Big banks still being propped up, desperation has set in, correction is unavoidable...
Need Dow to drop and close below 8250
I think a significant pullback is overdue...
For the sake of the economy, I hope I am wrong...
For the sake of my FAZ position, I hope I am right...
It is clear to me that manipulation has taken the market up too high too quickly.
Green Shoots and "better than expected" can only carry so far..
The market is flying in the face of reality, its a mess out there...
Will be interesting to see how they "spin" todays data...
..............
Economists expect government data will show that initial claims for jobless benefits fell slightly but remain elevated because of layoffs in the auto industry.
The Labor Department's tally of new jobless claims is expected to drop to a seasonally adjusted 630,000 from the previous week's 637,000, according to a survey of Wall Street economists by Thomson Reuters.
Continuing claims are forecast to rise to 6.65 million from 6.56 million. That would be the highest total in records dating to 1967 and a 16th straight record.
The report is due at 8:30 a.m. EDT.
Investors also grew nervous following a warning from credit ratings agency Standard & Poor's that Britain may have its rating cut because of rising debt levels. The ratings agency reaffirmed the country's actual ratings but it lowered its outlook to "negative" from "stable" because of enormous borrowing aimed at battling the recession and banking crisis.
Other economic reports are expected. The Conference Board's index of leading economic indicators, which is designed to forecast economic activity in the next three to six months, is likely to rise have risen in April after not increasing for nine straight months.
The report is scheduled for release at 10 a.m.
Also at 10 a.m., the Philadelphia Federal Reserve is also expected to release a report on regional manufacturing.
Not Buying This Rally
by: Thomas Ryan May 21, 2009
This The sharpest rally since 1933, which started March 10th in U.S. equities, looks like it has finally come to an end. The leadership sectors of banking, insurance, REITS, retail and casinos have all started to roll over, and look like they are going lower.
There is a good reason for this. The outlook for these sectors is absolutely terrible. While TV pundits seem to see green shoots everywhere they look, we see more problems ahead for the U.S. and world economy. The government used every tool available to goose the market for the release of the stress tests, allowing America’s biggest banks to raise capital at much better rates than would have been possible a few months back. Those of you who expect a swift recovery, and buy this rally will soon be severely disappointed.
False Jobs
The jobs number that came out last Friday was heralded as the first sign the economy was getting better with only 539,000 jobs lost in April. Nothing could be further from the truth. The first 140,000 U.S. Census workers started in April according to Bloomberg, and the government added 72,000 workers to April’s unemployment report. The census workers will be hired for a few weeks to up to a few months depending on the position and paid anywhere from $10 to $25 an hour. The total budget for the project is 14 billion dollars. This means that the average census worker will earn less than $10,000 total in this new job if 100% of the budget is allocated to hiring as 1.4 million are scheduled to be hired over the next year. Removing the census workers would bring the job losses to 679,000 workers.
The infamous birth death adjustment added 226,000 jobs to the total as well. This adjustment is supposed to account for job growth by small businesses that are not counted in the main survey. Does anyone in their right mind honestly believe that small business added jobs last month? Taking out this ridiculous number brings job losses to 905,000 for the month. If you think jobs lost by small businesses totaled more than 95,000 the economy lost over 1,000,000 jobs in April. Individual federal income taxes collected in the first four months of 2009 are down 34.37% from a year ago. The consumer is dead, not just resting. No green shoots here, just tricks to make the numbers look better.
Insolvent Banks
The government stress test of America’s largest banks was a farce, and will have terrible results. We did an analysis of the 163 largest publicly traded U.S. banks that have more than 100 million in assets and at least 50,000 shares traded daily, and then removed bankrupt banks from the list, leaving 158 banks. These banks make up 93% of the bank loans in the U.S., and have a combined 10.273 trillion in assets. We added the common stockholder equity to the loan loss reserves and subtracted goodwill and intangibles then divided this total by nonperforming assets.
These are just the losses on regular loans not mark to market losses on structured financial products. This ratio shows ability of the banks to absorb future losses. We consider non-performing loans to be a good predictor of the banks pending losses. I would consider a bank that has a ratio of three dollars of common equity and loan loss provisions to every dollar of non-performing assets to be adequately capitalized for the moment. Only 53 of the 168 had this 3 to 1 cushion of tangible equity and reserves against non-performing loans.
The 38 best capitalized banks totaled only 427 billion in assets. 57 of the banks had ratios of 1 or less, meaning tangible common equity and loss reserves are less than current nonperforming assets. These banks had 2.763 trillion in assets. Banks with less than a 2 to 1 ratio have assets of 5.927 trillion. 116 of the banks have loan loss reserves that are less than current nonperforming assets, even though we all know that losses are going much higher. Banks have not set aside enough reserves for these coming losses because many would fail to meet the FDIC’s capital adequacy measures if they set aside this money.
The data does not show a healthy banking system, but rather an insolvent one. As for the regulators favorite metric, tangible common equity, Citibank (C), Bank of America (BAC) and Wells Fargo (WFC) all had a ratio of less than 4% before the latest round of capital raises. These banks as a group have 124 billion of tangible common equity and loan loss reserves after subtracting current loan losses, goodwill and intangibles. The capital raises from the stress tests this brings these banks up to 200 billion in tangible equity.
A 2% increase in losses will effectively wipe out all the tangible equity in the U.S. banking system. Unemployment, a leading indicator of loan losses, has gone up from 5% to 8.9% in the past year and is going higher. The banking sector as a whole is severely undercapitalized for the tsunami of losses that are coming. This does not include the mark to market games that the banks are playing with the so called toxic assets. Citi has assets marked $70 billion above where they would sell in the open market today. Allowing banks to put false marks on their books in hope of price recovery does not make that price real. This is the equivalent of an individual buying a stock at $100 and saying he has no loss even though the stock is trading at a dollar because he hasn’t sold. Marking assets to market would wipe out the 200 billion as well. Amazingly Europe’s banks look worse.
Insolvent banks don’t lend. They sell profitable business units to raise capital. They sell stock every time the market rallies. They raise rates on credit cards; don’t forgive overdraft fees, and nickel and dime the poor. They reduce bank lines of credit and raise interest rates. The banks try to buy time, and earn their way out of the jam. The whole game is delay, delay, delay. We have an entire nation of zombie banks today ensuring that no recovery takes place as lending continues to tighten for the average American and small business owner. It is a recipe for disaster. And Europe is worse. I don’t want to own any company that uses a stock market rally as an opportunity to raise capital. No green shoots here either.
Trade and Transports
U.S. exports have now fallen 26.18% from their peak in July 2008. While Chinese exports dropped 22.6% in April from a year ago. Japan’s exports were down 45.5% year over year in March, the most recent data available. Germany was also down 15.8% year over year. India’s exports are down 33% year over year. U.S. Rail traffic is off 26% in the first week of May from a year ago. Industrial production had its biggest drop on a year over year basis since 1946. European retail sales just had the biggest monthly drop on record. U.S. retail sales declined 8.77% year over year in April. We don’t see green shoots in the economy, and we see the rally failing from this juncture. The Federal Reserve and Treasury seem to be blind to the problems that the country faces, and are continuing failed policies. Don’t buy the rally. Take your gains if you have them. This is going to have a painful ending.
May 18, 2009
FASB tightens off-balance-sheet loan rules
Marcy Gordon
The board that sets U.S. accounting standards on Monday moved to end the use of a bookkeeping device that allowed banks to park hundreds of billions of dollars in loans off their balance sheets and that has been blamed for stoking financial companies' losses as the housing market collapsed.
The change will tighten the use of so-called "qualifying special purpose entities" by requiring banks and other companies to report to regulators the loans contained in the entities and to increase their capital reserves in proportion as a cushion against potential losses.
It was the lack of disclosure and absence of capital supporting ballooning subprime mortgage loans in these special entities that aggravated the massive losses sustained by banks, regulators say.
The move by the Financial Accounting Standards Board "addresses the critical need for continued improvement to the accounting for arrangements that were at the epicenter of the financial crisis," James Kroeker, acting chief accountant at the U.S. Securities and Exchange Commission, said in a statement. "The SEC staff is committed to working with companies and their auditors to assure an effective transition as FASB's improvements are implemented."
The change could result in about $900 billion in assets being brought onto the balance sheets of the nation's 19 largest banks, according to federal regulators. The information was provided by Citigroup Inc., JPMorgan Chase & Co. and 17 other institutions during the government's recent "stress tests," which were designed to determine which banks would need more capital if the economy worsened.
In its quarterly regulatory filing earlier this month, Citigroup said the rule change could have "a significant impact" on its financial statements. Citigroup estimated it would result in the recognition of $165.8 billion in additional assets, including $90.5 billion in credit card loans.
JPMorgan estimated in its quarterly filing that the impact of consolidation of the bank's qualifying special purpose entities and variable interest entities could be up to $145 billion.
The FASB said the rule change was intended "to improve consistency and transparency in financial reporting." The board voted 5-0 to adopt it at a public meeting at its headquarters in Norwalk, Conn. A revised proposal had been opened to a public comment period that ended in November.
In general, companies transfer assets from balance sheets to special purpose entities to insulate themselves from risk or to finance a large project. Under the change by the FASB, many qualifying special purpose entities will have to be moved back to a company's main balance sheet.
Outside investors often take stakes in those entities, for example, making an investment in a bank's holdings of mortgage loans in exchange for payments from borrowers. Under the new standard, companies must bring back onto their balance sheets any entity in which they hold an interest that gives them "control over the most significant activities," according to FASB. Companies must perform analyses to determine that.
In cases where companies have "continuing involvements" with off-balance-sheet entities, they will have to provide new disclosures.
"That's a step in the right direction," said Edward Ketz, an associate professor of accounting at Pennsylvania State University. He cited estimates that U.S. banks will need to report up to $1 trillion in loans due to the rule change.
The rule change applies both to public and privately held companies. It takes effect for companies' annual reporting periods starting after Nov. 15, so for most companies in early 2010.
"It's great to see that they didn't defer it," said Jack Ciesielski, a Baltimore-based accounting expert who writes a financial newsletter. Investors finally "will get an idea of how leveraged these things really are," he said.
The change by FASB cuts in the opposite direction of its move last month — surrounded by controversy and with some dissension by board members — giving companies more leeway in valuing assets and reporting losses. That revision in the so-called "mark-to-market" accounting rules was expected to help boost battered banks' balance sheets, while the new rule change likely will result in financial institutions recognizing on their books billions in high-risk loans that may default.
FASB acted on the mark-to-market rules amid intense pressure from Congress, which threatened legislation. The board received hundreds of comment letters opposing the move from mutual funds, accounting firms and others contending that it would damage honest financial reckoning by masking the deficiencies and risks lurking within the system.
Reality Check...
Monday, May 18, 2009
Fed Says First-quarter Delinquency Rates Surge
SAN FRANCISCO -- The Federal Reserve said on Monday that delinquency rates on all loans jumped to their highest level since 1991, with delinquencies on credit cards hitting the highest rate on record. In addition, the Fed said, all consumer loans hit a delinquency rate of 4.7%, also the highest rate on record, while delinquencies on residential real estate hit the highest rate on record as well. Delinquencies on commercial real estate hit 6.4%, the highest rate since 1993, the Fed said.
http://www.federalreserve.gov/releases/chargeoff/delallsa.htm
...............
American Express says it will eliminate 4,000 jobs
American Express slashing 4,000 jobs, 6 percent of work force, as part of $800M in cost cuts
On Monday May 18, 2009, 6:52 pm EDT
NEW YORK (AP) -- American Express said Monday it is eliminating about 4,000 jobs as part of a plan to slash another $800 million in costs for the remainder of the year.
The layoffs represent about 6 percent of the New York-based credit card issuer's current global work force.
Many of the affected workers were notified in recent days and the remainder will be notified in coming weeks, said company spokeswoman Joanna Lambert.
Lambert could not specify how many U.S. workers would be laid off, but said the cuts will be across the board.
The newest plan follows $1.8 billion in cost cuts -- including 7,000 layoffs -- announced in October of last year. The company also suspended management-level salary increases and instituted a hiring freeze at the time.
...................
Swine Flu in Japan May Trigger Pandemic Declaration by WHO
May 19 (Bloomberg) -- The spread of swine flu in Japan may prompt the World Health Organization to raise its pandemic alert to the highest level, said a former WHO adviser on infectious diseases.
Japan reported its first locally transmitted swine flu case on May 16, and the number jumped to 135 today from 4 less than two weeks ago. Evidence of human-to-human transmission in a region outside North America, where a majority of the almost 9,000 cases worldwide have occurred, may prompt the WHO to raise its pandemic alert by a notch to the highest level of 6.
Health officials are trying to gauge whether swine flu, known as H1N1, is spreading widely enough for the WHO to declare the first pandemic since 1968. The WHO’s pandemic alert is at phase 5, the second-highest level, meaning the organization believes “a pandemic is imminent.”
...............
General Motors and Chrysler to close hundreds of dealerships nationwide...
Last week, 789 U.S. Chrysler dealers were notified they would be dropped by the struggling automaker. About 1,100 GM dealers were expected to get the same bad news.
The White House’s Auto Task Force urged the dealership closings as the automakers struggle to stay alive using federal bailout money. But the closings put 150,000 jobs in jeopardy, according to lawmakers.
...these dealer reductions and its ripple effects would have a serious and adverse impact on the United States.
...............
Applied Materials says U.S. economy still declining
Mon May 18, 2009 4:15pm EDT
LOS ANGELES (Reuters) - Applied Materials Inc (AMAT.O) Chief Executive Mike Splinter said on Monday the U.S. economic decline has slowed but is not over, calling recent optimism about the economy unjustified.
"Perhaps the United States is bottoming out, but my view is the decline is slowing, but that's about it," Splinter said in a presentation at the J.P Morgan Global Technology, Media and Telecom Conference in Boston. "People are talking more optimistically in the United States than I think the economy would warrant."
Splinter's comments join a lively debate among technology companies on whether the U.S. economy has indeed bottomed out.
Last month, the chief executive of chipmaker Intel Corp (INTC.O) said he believed the PC market had hit bottom, but executives of rival Advanced Micro Devices Inc (AMD.N) and software giant Microsoft Corp (MSFT.O) said shortly after that there was no evidence the worst was behind the sector.
The back-to-school shopping season will be an important indicator of consumer willingness to spend on electronic gear, Splinter said, adding he did not expect to see a pickup from last year.
Worldwide, Splinter said he had seen signs of improvement in the Chinese economy as government incentives stimulated consumer spending on mobile phones and televisions.
"After that, I have a tough time getting excited about any economies," Splinter said. "Europe and Japan are still deteriorating."
.............
The grass is not nearly as green as Geithner and Obama want you to believe...
Yes, still holding...
I know, nothing makes sense anymore...
One shitty bank (GS) upgrades another (BAC)? Slumdog rally in India? Less crappy than expected crap results from Lowes?
Market manipulation at its finest...
Tough to win in such a sham of a market. I am watching closely now, trying to determine if my next step is a double down or bail for a loss...
I still believe a big drop is long overdue, but Obama and his corrupt cronies are doing all they can to paint this mess green.
GM and Chrysler are going BK, Commercial Real Estate mess hasnt even hit the spotlight yet, US still losing half a million jobs month after month, banks still hold toxic debt and are issuing shares to survive, the Chinese want to replace the dollar. WTF else do we need to bring this market to its senses???????
Shaking my head...
Still Holding...
"The Worst Is Yet to Come": If You're Not Petrified, You're Not Paying Attention"
http://finance.yahoo.com/tech-ticker/article/248398/%22The-Worst-Is-Yet-to-Come
FAZ 6.17
:)
Cheers!
Thanks Kev, I'm long FAZ right now for a swing trade.
I may add more or sell at anytime based on the next couple days action.
I think the overall market, specifically financials, are ready for some RED...
I want 8.50 on FAZ
FAZ
oversold, RSI bouncing along the 30 line
FAS
RSI couldnt break thru 70, looks to test 50
Will the MA100 hold (10.39)? Full Sto overbought and turning down...
Watching the Dow
overbought and STO turning down, RSI couldnt break 70, waiting for SAR break down at 8350 for sell confirm. Long way back down to MA100
keep in mind, anything could happen...DOW could turn back up and break thru RSI 70 and test 9000 before a pullback...the government is doing all they can to paint a Green picture for the American people...unbelievable markets...super risky either direction...
I have been super crazy busy with both work and personal, but I take some time to catch up on ihub once in a while. I miss it...Langs been doing well, great to see how much she has grown over the years since old SS days...I check her board once in a while.
I get what your thinking about erosion on FAS and FAZ, but I dont see any benefit in your hedged play. I would make a decision and go that route until I got stopped out or made my target...your offsetting shorts are a waste of precious trading funds in my opinion. Why make a little from erosion when you could make alot by being on the correct side of the trade...
Awesome to be getting our Gold updates from Popeye...
Life is all good for me...