The Morgan Report’s Weekly Perspective with David Morgan

By David Morgan

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Source:: david morgan

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Potash junior teams up with Indian conglomerate to build new mine in Saskatchewan

By analyst

By Andrew Topf

It’s no secret that building a potash mine to compete with the big companies is no small feat in Saskatchewan, where nine potash mines have been operating in the western Canadian province for the last 40 years. But success could come via some outside-the-box thinking from Gensource Potash Corp., (TSXV:GSP) which last week inked a joint venture with Essel Group ME Ltd., (EGME), an Indian conglomerate.

In a deal announced April 5, Gensource, whose most advanced project is the Vanguard property in central Saskatchewan, has formed a new company with EGME called Vanguard Potash Corp, which is the corporate entity they plan to use to develop a small 250,000 tonnes per annum potash mine.

The agreement builds on a memorandum of understanding published by the two companies last November.

“This is the most significant milestone for Gensource to date,” Gensource president and CEO Mike Ferguson said in a statement. Ferguson helped develop the K+S Potash Canada’s Legacy project, which K+S Potash Canada and partner Amec Foster Wheeler — in charge of the project design and management — hope to start production by end of June, with an expected output of 2 million tonnes per year once at full capacity.

Under terms of the joint venture, Gensource will give Vanguard a 49% stake in the mineral lease, while EGME agreed to spend up to US$205 million in order to earn a 70% stake in the operation, which is expected to cost $200 million. The first $5 million will be put towards a feasibility study, which Gensource says it started in October 2016. The plan is to build out the mine in phases, eventually reaching a million tonnes per year.

It would be mined using the solution method, where wells are sunk into the deposit, and a heated brine solution is injected to dissolve the potash salts. The dissolved salts are then pumped to the surface, where the water is evaporated, leaving potash and salts behind.

According to the Saskatoon StarPhoenix, Gensource’s business model is to sell its potash product directly to farmers and farmer groups, thus avoiding competing with large companies like PotashCorp (NYSE:POT) “which have better supply chains and the ability to soak up costs in a weak market.”

Canadian potash is currently marketed and sold through Canpotex, which is the world’s largest exporter of potash.

Gensource plans to commission the mine in 2018, with first production by the end of that year, or the first quarter of 2019.

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Source:: Infomine

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TheDailyGold Premium Update #512

By Jordan Roy-Byrne CMT, MFTA

Saturday evening we emailed subscribers a 32 page update in which we reiterated our cautious and bearish views on the sector.

We mentioned the stocks we own that have the least downside potential in the event the sector does go lower. We also provided buy targets for most of the stocks we own. One of our stocks recently hit its buy target so we added to the position. (It was previously trimmed at a higher price).

Consider a subscription today as we can help you get positioned in the best junior companies with the most upside potential at lower risk entry points.

Click Here to Learn More About & Subscribe to Our Premium Service

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Source:: The Daily Gold

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Alderon to pay $1 million for part of Wabush Mines to use as tailings disposal for Kami

By analyst

By Andrew Topf

Part of the Wabush Mines complex in western Labrador may be running once again, albeit in a less glorified form that when it was Canada’s third largest iron ore mine.

Last week Alderon Iron Ore Corp., (TSX:IRON) a Vancouver-based iron ore junior, said it will purchase assets related to the Scully Mine in Wabush, for the purpose of disposing tailings produced from its flagship Kami project, as described in a preliminary economic assessment (PEA).

Part of Wabush Mines, Scully Mine began operating in 1965, with iron concentrate railed to a pelletizing facility in Pointe Noire, Quebec, for shipment to Europe and throughout North America. Before it closed in 2014, a victim of low iron ore prices, Wabush Mines was Canada’s third largest iron ore operation, with an annual capacity of 6 million tonnes. The site since then has been tied up in regulatory proceedings.

Alderon says it has offered to pay the Wabush Mine vendors – a collection of four companies and FTI Consulting – $1 million as well as assuming liabilities and obligations associated with owning and operating the Scully assets. The company has paid a deposit of $250,000, and the offer is subject to conditions including regulatory approvals. It’s worth mentioning that back in December 2016, Wabush Mines was ordered by a Newfoundland and Labrador provincial court to pay CAD$30,000 for polluting the environment. Wabush Mines didn’t test the mine’s surroundings to determine whether there was any amount of waste being released that could harm rainbow trout. The company also failed to let an inspector know there was an unusual amount of deposit. All this happened in May 2015.

Alderon made the announcement about Scully at the same time as it released an Economic Impact Assessment of its Kami project, located in the Labrador Trough where much of Canadian iron ore is produced. The project is expected to create over 100,000 direct and indirect jobs as well as pump $4.4 billion into provincial and federal government coffers, and generate $19.5 billion in GDP over 26 years, including two years of construction.

The PEA has the mine producing 182 million tonnes of iron ore concentrate over a 24-year minelife.

“Completion of the EIA now paves the way for the next phase of Kami’s development,” said Alderon Chairman and CEO Mark Morabito, in a press release, adding: “Against a backdrop of improving iron ore sector fundamentals, our near-term focus will centre on gaining access to the idled Scully pit for use as a tailings facility and strengthening our leadership team.”

The post Alderon to pay $1 million for part of Wabush Mines to use as tailings disposal for Kami appeared first on

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Source:: Infomine

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Washington and the Sinister Side of Insider Trading

By Andrew Snyder We’ve taken an in-depth look this week at the profits that can be made by tracking the trades of the most in-the-know folks.

We’ve made it quite clear that, yes, when an insider buys… you should too.

But let’s be fair. There is a sinister side to insider trading.

It’s long been illegal for corporate insiders to buy and sell on news that’s not publicly disclosed. Of course, they’ll always know more than any press release could ever convey.

That’s why lawmakers force insiders to disclose their trades… and it’s why we track them.

But Washington doesn’t always eat what it cooks. In fact, from healthcare to pensions… what’s good for you and me is rarely good enough for our elected officials.

You shouldn’t be surprised that Washington’s rules for insider trading are far different from the rules it set for others.
It shouldn’t be alarming to hear, for example, that less than two weeks before the meltdown of 2008, at least 10 senators dumped large chunks of stock.

While the folks outside the beltway had no idea what was coming, elected insiders scrambled to protect their money.

In just one example, Sen. Shelley Capito gained access to privileged information from the Treasury and the Fed. She took what she learned and quickly sold between $100,000 and $250,000 of Citigroup (NYSE: C) stock.

The day after she sold… shares fell 23%.

What’s worse is who she sold those shares to.

She unloaded, of course, on the open market. In other words, she knowingly dumped bad assets on the Americans who trusted her to protect them.

Buyers got burned within 24 hours.

Capito wasn’t alone.

All throughout Congress, in-the-know elected officials used private information to their benefit.

In another example, former Rep. Spencer Bachus – who was, at the time, the highest-ranking Republican on the House Financial Services Committee – talked with Fed Chair Ben Bernanke and Treasury Secretary Hank Paulson about the trouble ahead.

Shortly after their conversation, he protected his portfolio with a slew of option trades.

Again, while average Americans were left to fend for themselves, Washington insiders found ways to profit.

New Laws… Erased
Ah, yes, not all insider activity we track leaves a pleasant taste in our mouths.

But if you wander the halls of Congress and ask about this problem, the donkeys and the elephants will tell you not to worry… Obama fixed it.

It’s true the STOCK Act – aka the Stop Trading on Congressional Knowledge Act – received lots of fanfare when Obama used his left hand to sign it into law in 2012.

Even the cheats who took advantage of their privileged statuses smiled for pictures as constituents cheered them on for voting for the “fairness” law.

The new rules made it illegal for members of Congress, the executive branch and their staffs to trade on nonpublic information. It also enacted new disclosures and a searchable database (similar to the one we showed you on Wednesday).

But, alas, few good things grow sturdy roots in Washington’s toxic soil.

Despite the publicity the rule received when it was signed… few folks noticed when Congress quietly got out …read more

Source:: Investment You

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Credit Contraction Episodes

By MN Gordon

Approaching a Tipping Point

Taking the path of least resistance doesn’t always lead to places worth going. In fact, it often leads to places that are better to avoid. Repeatedly skipping work to sleep in and living off credit cards will eventually lead to the poorhouse.

Sometimes the path of least resistance turns out to be problematic

The same holds true for monetary policy. In particular, cheap credit policies that favor short-term expediency have the effect of layering society up with an abundance of long-term mistakes. Artificially suppressed interest rates via central bank asset purchase schemes are not without consequences.

What’s more, once set in motion these consequences don’t stop until they’ve fully run their course. The booms of plentiful credit must always be followed by the busts of unserviceable debt. As more and more debt drifts into arrears the debt structure breaks down. Yet when the actual tipping point is crossed is often unclear until after the fact.

Quantitative easing “officially” ended over two years ago. The interim period has been relatively sanguine; asset prices have continued to inflate. But lurking around the corner is the inevitable downside of quantitative easing.

As we’ve seen, the downside’s onset has taken years to manifest. Nonetheless, credit markets are now signaling a breakdown. Moreover, we expect these signals to grow ever louder as the year progresses.

The Insanity of the Echo Bubble

In a recent article titled LIBOR Pains, Pater Tenebrarum succinctly describes the nature of the problem:

“There are several points worth noting in this context:

corporate debt relative to assets is back at a record high (last seen at the peak of the late 1990s mania);
US corporations are spending far more than they are taking in, i.e., the sum of capex, investment, dividends and stock buybacks vastly exceeds their gross cash flows – the gap is in fact at a record high, above the previous record set in 2007.
the return on equity of US corporations is at a record low (yes, you read that right!).”

A chart we didn’t show in the above mentioned article: the debt-to-asset ratio of non-financial corporations. It is now finally back at the level that prevailed at a point in history which in hindsight is widely recognized as a time of almost unparalleled collective insanity. It is less obvious today in some ways, mainly because it has migrated from retail traders to institutions. Institutional insanity is less conspicuous, but it may be even more dangerous for that – click to enlarge.

Obviously, the palette of high debt, low profitability, and low return on equity paints a grim picture of things to come. So how did corporate officers manage to paint themselves into such a tight corner?

In short, false signals from the Fed’s cheap credit compelled them to make decisions that otherwise wouldn’t have made good business sense. An abundance of debt was taken on to make business investments that have not panned out. Financial engineering has also exacerbated the mistakes.

The big banks packaged their corporate loans into collateralized loan obligations and passed them …read more

Source:: Acting Man

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Where Tomorrow’s Technologies Begin

By James Rickards

This post Where Tomorrow’s Technologies Begin appeared first on Daily Reckoning.

[Ed. Note: Jim Rickards’ latest New York Times bestseller, The Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis, is out now. Learn how to get your free copy – click HERE. This vital book transcends geopolitics and rhetoric from the Fed to prepare you for what you should be watching now.]

President Trump’s attack on Syria the other day demonstrates that military force remains a powerful instrument of U.S. foreign policy.

And tomorrow’s military technologies are being created today, sometimes in places you don’t suspect.

If you get in a car in Alexandria, Virginia and drive through Crystal City, through Pentagon City, through McLean, out to Herndon, Virginia, you’ll see is endless strings of shiny office buildings.

You won’t find hedge funds or investment banks here.

They all house defense contractors. You’ve never heard of 90% of them. But many are public, and can be traded on the market.

At Rickards & Massengill’s Defense Technology Alert, my partner Kevin Massengill and I don’t follow the Big Boys.

It’s not about the Raytheons or Boeings of the world. They’re excellent companies, but they’re too big to deliver investors the outsized gains we’re looking for.

We identify the small, nimble, forward-leaning firms developing the cutting-edge technologies that will produce big changes in the coming years.

These small firms will either expand because they’ll be successful, or — just as likely — they’ll be bought out by the big guys.

For example, Northrop is a large company with great scientists developing many new technologies. But a company like Northrop often looks to acquire many of the smaller firms we follow.

That’s because these firms are developing the niche technologies that a Northrop isn’t. Some of these firms are pioneers in this space, so Northrop will acquire them. And that’s how they try to keep ahead of Boeing when it comes to new defense sales.

=So we’re looking to invest in small public companies with great growth prospects, or ones with an excellent possibility of being bought out by the big boys.

Our job is to weed out those companies with truly great prospects from those that are simply hyped or badly managed.

Others have little real promise but survive because they have political influence in Washington.

These are the companies we screen out. We seek out only the firms that are actually producing valuable technology and are well managed.

And the beauty here is that many of today’s new defense technologies will become tomorrow’s civilian technologies.

Just think of the internet or GPS, for example. Both started as defense programs and they’ve transformed the civilian world.

The bottom line is there are huge opportunities in this space. And early investors can see truly exceptional gains for years ahead as President Trump’s new defense spending kicks in.


Jim Rickards
for The Daily Reckoning

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Source:: Daily Reckoning feed

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Global Tensions Dangerously Increasing

Shayrat Air base

By Kevin Massengill

This post Global Tensions Dangerously Increasing appeared first on Daily Reckoning.

Even as President Trump hosted Chinese President Xi Jinping in Florida this week, the U.S. launched over 50 U.S. cruise missiles against the Syrian Shayrat air base. It is the same air base suspected of being the launch site of a chemical attack at Khan Shaykhun.

Graphic by NightWatch, April 6, 2017

While this will not end the Syrian civil war, there will be myriad ramifications beyond the usual U.S. political finger-pointing. We should expect retaliation by Syrian President Assad. He could fire air defense missiles, launch an attack on U.S. personnel at Tabqa or other northern Syrian air bases or instigate an incident against the Israeli Golan Heights.

Another factor is the embarrassment of the Russian president. The U.S. attack demonstrates the limits of Russian power in Syria against a genuine great power. The Russians could not prevent the U.S. attack and could not protect Syria from it had they tried.

Iran also will be embarrassed by the attack, because it also could not defend its surrogate. It shows the Syrian armed forces could easily be destroyed if Western leaders so decide, regardless of Iranian goals.

Another reaction to consider will be China’s. By launching the attack during the visit of Chinese President Xi Jinping, the U.S. gives the impression that President Xi was informed and either posed no objection or was treated disrespectfully.

Whether he was informed or not, China will be concerned about the impact 50 cruise missiles could have on their South China Sea sandbar bases and on what the Trump administration just signaled to North Korea.

There is a long-standing connection between North Korea and Syria. North Koreans built the first Syrian Scud missile installations as well as the nuclear reactor in eastern Syria that the Israelis destroyed in 2007.

Chinese and North Korean leaders will understand that a U.S. attack on Syria sends a warning message to North Korea. North Korea will feel the need to display solidarity with the Syrian government, and the Chinese will be weighing their options.

Even as the missiles landed on Syria, we know the two presidents were discussing North Korea and trade because of the North Korean missile tests and tensions in the South China Sea.

But as these major headlines break, it is important to remember that countries are often less stable and powerful than they appear.

China is no exception. And China deserves some extra attention today.

The Chinese leadership is faced with the tectonic pressures of a potential financial collapse, an uneasy population and growing regional and international reaction to their military expansion into the South China Sea.

It is a mistake to refer to nations as unitary actors. It’s easy to think of China, for example, as a unitary actor and large external actor because it’s so big and very powerful. It terrifies its neighbors. It intimidates even its friends and allies.

But international crises are often the result of domestic actors who may view external conflict for their …read more

Source:: Daily Reckoning feed

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KER Politics – Sat 8 Apr, 2017

By Cory The missiles into Syria and US Education

Download audio file (0408-KER-Politics-Full.mp3)

Politics Segment 1: We discuss regulations freedom and responsibility with Morris Pearl Chairman of Patriotic Millionaires.
Politics Segment 2: Frank Holmes discusses the Trump BOT and the role of the internet in buying stocks.
Politics Segment 3: Connor Boyack discusses how he is educating kids with the help of Dr Ron Paul.
Politics Segment 4: Lt. Col. Retired James McKinney opines on the rationale of the President’s action of sending the missiles into Syria.

Download audio file (0408-Politics-1.mp3)

Download audio file (0408-Politics-2.mp3)

Download audio file (0408-Politics-3.mp3)

Download audio file (0408-Politics-4.mp3)

…read more

Source:: The Korelin Economics Report

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