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Bacolod City finds more reasons to smile The city, which is seen to benefit from the government’s massive infrastructure and decentralization program, offers vast potential as a property investment hub We believe that Bacolod City will remain a preferred property investment site outside of the capital region on the back of the Duterte administration’s infrastructure and decentralization push. Bacolod is a major business site in the Visayas region and it is likely to retain its stature as a competitive city over the medium to long term. Among the crucial infrastructure projects due to be implemented in Bacolod City are the Bacolod Economic Highway and the expansion of Bacolod-Silay Airport. Other local government-initiated projects that should further raise the city’s attractiveness as an office and residential hub include the Bacolod City South Bus Terminal, two coastal roads and a viaduct. These should ease access from the city’s business districts to second and third-tier cities. National developers, like Rockwell Land, have started to invest in Bacolod City. Chasing higher-value outsourcing locators Primarily a call center hub, Bacolod City has started to position itself as a provider of higher value outsourcing services such as health information management (HIM) and software engineering. It is among the pioneering provincial locations that managed to entice global outsourcing companies due to the nursing and allied medical graduates that the city produces annually. The economy of Western Visayas, where Bacolod City belongs, has also been expanding by 7.4 percent over the past two years and this has been instrumental in propelling the growth of traditional, non-outsourcing businesses. This also contributes to faster office space absorption in the city. Meanwhile, the National Competitiveness Council (NCC) ranks Bacolod as the 9th most competitive local government unit (LGU) in the country based on economic dynamism, government efficiency and infrastructure support. This improving competitiveness versus other key locations in the Philippines has been propelling investor interest in the city. Over the near to medium term, this is among the factors that should support office space absorption in the city. Infrastructure projects like airports help unlock land values in the provinces. Skilled manpower But a major driver of business interest is the city’s skilled manpower. About a third of colleges graduates that the city produces annually are business degree holders while close to 30 percent hold engineering, IT, math and medical-related degrees. The sufficient number of graduates holding relevant degrees complemented by the training programs provided by the IT council and the city government ensure the employability of the city’s college graduates. The growing number of starting families has driven strong take-up of houses and lots (H&Ls). We have recorded significant demand from newly launched projects, particularly those priced below P3.2 million. We also see demand from wealthy families purchasing lots for their second homes or as inheritance for their children. The preference for H&Ls is strong as Bacolod residents and investors still prefer larger, open spaces. Overall, we see sustained demand drivers in Bacolod City and the developers should be quick in cashing in on residential opportunities by: + converting brownfield properties such as the old airport into mixed-use communities; + exploring land around the fringes of Bacolod City; + aggressively developing affordable and economic units; and + acquiring developable land near the government’s planned infrastructure projects. Bacolod City will likely remain an attractive location for H&L and condominium projects, but a more aggressive launch of residential projects in the city pushes developers to look for alternative sites. In our opinion, condominium units are becoming an attractive investment option for OFWs and local businessmen. These unit owners are anticipating the projects’ potential for leasing once they have been completed. Colliers believes that the BPO sector will continue to be a driver of condominium leasing in Bacolod City. Foreign employees as well as higher-earning local outsourcing workers are among the targeted buyers and occupants. What’s next for Bacolod? Colliers expects property developers to continue pursuing opportunities by developing satellite communities outside of Metro Manila given the proposed airport development and modernization projects. Integrated communities can offer a better value proposition than the stand-alone projects given their focus on mixed-use development. We believe that greater scale combined with a mixed-use focus can make integrated townships an attractive option for investors. Colliers further expects more outsourcing tenants to gravitate toward integrated communities as these can offer a better living and working environment. Read more: https://business.inquirer.net/280482/bacolod-city-finds-more-reasons-to-smile#ixzz61T5uOKgh

Property Giants .. Holding companies AGI-etc ... update /

MUX back on the Launch pad? Not sure how much of a journey it can manage. but i might buy some shares MUX ... update : 10d / Last: $1.59 I made money owning the stock last time, but it was a bumpy road

Global Equities Relief-Rally Led To Asia Pacific REITs’ Underperformance In September REITs could see support in October on expectations for cuts in interest rate. Global capital markets cheered after the U.S. Fed cut its benchmark rate by 25 basis points (bps) and trade talks between China and the U.S. showed signs of progress. The MSCI World rose 2% for the month on the back of improved market sentiment. For the Asia Pacific region, the GPR/APREA Investable REIT Index reported a 0.6% increase in September versus MSCI AC Asia Pacific’s 2.7% gain over the same period. The marginal rise in the REIT Index reflected the risk-on sentiment in the Asia Pacific markets. Australian REITs led the underperformance of regional REITs with a 2% drop during the month. The MSCI Australia index was up 2%. This decline in the REIT index is a result of market concerns about Australia’s economic outlook and its impact on the local property market. REITs in Japan registered the best performance with a 2.9% increase. J-REITs, however, still underperformed the MSCI Japan, which rose 4.2% during the same period. Despite the September rebound, concerns about the global economic outlook have re-surfaced after worse-than-expected U.S. PMI (Purchasing Manager’s Index) data released on October 1. The market largely expected governments to keep interest rates low. The Reserve Bank of Australia recently cut its interest rate by 25 bps cut to a record low of 0.75%. Thus, we expect Asia Pacific REITs’ outperformance to return in October on the back of concerns over the global economic outlook and lower interest rate expectations. Based on market close at September 30, 2019 / All performance numbers are based on total gross returns in USD Sources: GPR and Bloomberg

Global Equities Relief-Rally Led To Asia Pacific REITs’ Underperformance In September REITs could see support in October on expectations for cuts in interest rate. Global capital markets cheered after the U.S. Fed cut its benchmark rate by 25 basis points (bps) and trade talks between China and the U.S. showed signs of progress. The MSCI World rose 2% for the month on the back of improved market sentiment. For the Asia Pacific region, the GPR/APREA Investable REIT Index reported a 0.6% increase in September versus MSCI AC Asia Pacific’s 2.7% gain over the same period. The marginal rise in the REIT Index reflected the risk-on sentiment in the Asia Pacific markets. Australian REITs led the underperformance of regional REITs with a 2% drop during the month. The MSCI Australia index was up 2%. This decline in the REIT index is a result of market concerns about Australia’s economic outlook and its impact on the local property market. REITs in Japan registered the best performance with a 2.9% increase. J-REITs, however, still underperformed the MSCI Japan, which rose 4.2% during the same period. Despite the September rebound, concerns about the global economic outlook have re-surfaced after worse-than-expected U.S. PMI (Purchasing Manager’s Index) data released on October 1. The market largely expected governments to keep interest rates low. The Reserve Bank of Australia recently cut its interest rate by 25 bps cut to a record low of 0.75%. Thus, we expect Asia Pacific REITs’ outperformance to return in October on the back of concerns over the global economic outlook and lower interest rate expectations. Based on market close at September 30, 2019 / All performance numbers are based on total gross returns in USD Sources: GPR and Bloomberg

Relative Weakness of Coal (& BTU) shown here All Energy ... 12mos / Comparison back to mid-2017 - shows similarity of Recent path of Natgas & BTU ... All-E ... since mid-2017 - Shows Two Tiers: upper tier: U & Oil / lower tier: Natgas & BTU/Coal Natgas plays (RRC & SWN) vs. All-E's "lower tier" ... since mid-2017 : 10d/ Last: RRC:$3.62 , SWN:$1.82 : 10d/ Last: RRC:$3.62 , SWN:$1.82 ==

Relative Weakness of Coal (& BTU) shown here All Energy ... 12mos / Comparison back to mid-2017 - shows similarity of Recent path of Natgas & BTU ... All-E ... since mid-2017 - Shows Two Tiers: upper tier: U & Oil / lower tier: Natgas & BTU/Coal Natgas plays (RRC & SWN) vs. All-E's "lower tier" ... since mid-2017 : 10d/ Last: RRC:$3.62 , SWN:$1.82 : 10d/ Last: RRC:$3.62 , SWN:$1.82 ==

Since 2018 ... update : Date-- — : Hk10-: HK101: $Gap : Ratio-- / HK2823: ratio%/ Dv.80 : Dv.75: gap- : R.Yields: BookVal. : $63.49: $30.58: NMF-: r208.% / ============ / 80cts. 75cts. 5cents : R-div. : Earns/sh.: $ 3.88 : $ 1.80 : $2.08: r216.% / Dividends: $0.80 : $0.75 : $0.05: r107.% / 10/04/19 : $19.36: $17.66: $1.70: r109.6%/ $14.44: r-134%/ 10/02/19 : $19.60: $18.02: $1.58: r108.8%/ $14.52: r-135%/ 4.08% 4.17%: 0.09%: r97.8%: 09/30/19 : $19.52: $17.80: $1.72: r109.7%/ $14.56: r-134%/ 4.10% 4.21%: 0.11%: r97.3%:

BUYBACK by AGI brings nice Friday rally AGI vs.PSEI, meg, tbgi ... 10d / Friday 10/4 Cls; change : %Chg : Compare with PSEI PSEI : 7,704.60: +159.05 +2.11% : prev, was 7,546 AGI - : P 11.28: +0.82 , +7.84% : from 13.9%>14.6% (/100) of PSEI MEG : P 4.50 : + 0.13 , +2.97% : from 5.79%>5.84% (/100) TBGI : P0.325 : + 0.01 , +3.17% : RCI - : P 1.83 : - 0.05. , - 2.66% : ATN : P. 1.15 : + 0.01 , +0.88% : Shng: P. 3.18 : - 0.01 , - 0.30% : from 4.23%>4.13% (/100) ==== Note, the big jump in AGI’s shares was due to a Buyback, Of at least 10 Million shares (it seems), of 23.9 M traded

AGI: Is increasing reliant on MEG & Property (for its earnings) - while MEG needs more and more capital (& debt) to grow its income AGI's DEBT Build-up looks unhealthy (+60%) ~ while income hardly grows (SUMMARY From 2018 AR) Category———— : - fye’16- : -fye’17- : -FYE’18-: NetInc %NetI Cash & equiv. —-: P 45.7 b. : P 52.8 b.: P 44.8 b.: Other fin’l assets: P 11.1 b : P 13.9 b.: P 14.1 b.: Total cash-like— : P 56.8 b.: P 66.7 b.: P 58.9 b.: 23.68b.: r-2.49x Debt, short term. : P 60.8 b.: P 42.7 b.: P 24.5 b.: Debt, long term.. : P 77.8 b.: P 133. b.: P168.0b.: Equity linked, L.T.: P 5.26 b.: P 5.23 b.: P 5.26b.: Total Debt——— : P 144. b.: P 181. b.: P197.8b.: 23.68b.: r-8.35x NET DEBT——— : P 87.1b.: P113.8b : P138.9b: ’16>’18: +59.5%: Revenues——— : P132.9b : P138.8b.: P156.8b: ’16>’18: +18.0%: Net Inc., consol. : P22.95b.: P22.28b.: P23.68b: ’16>’18: +3.18%: Finance expense: P 7.28 b.: P. 6.88b.: P 6.85 b.: ’16>’18: -5.91%: Net Inc.+Fin.Exp.: P30.23b: P29.16b.: P30.53b: ’16>’18: +0.99%: Net Debt / NI+FE : 34.7% : 25.6% : 22.0% .: Now AGI will pour 70% of its capital spending into MEG. At a time of very high property prices. If customers balk @ high prices, then the weight of their debt may be heavily felt. In addition, AR-2018 says "The tourism industry of the Philippines is soaring to new heights. AGI is set to provide in various places of the country the much-needed relaxation spaces, from our home-grown hotel brands to the world’s biggest names in luxury hotels. AGI aims to be the country’s largest hotel operator in terms of room keys targeting to reach 12,000 hotel rooms in the near-term." #travelgoalsPhilippines > http://www.allianceglobalinc.com/CompanyDisclosures.aspx

Mere BOUNCE - or Beginning of new Rally? On the back of a stronger Wall Street overnight, PH stocks are back to the Top of a down-channel on 10d chart PSEI, rci, tbgi, agi, etc ... 10d / Last: 7,620 + 74, +0.98%; rci: 1.83 -0.05, tbgi: 0.335 +0.02, agi, 10.66 +0.20 In edit : It turned out to be an exciting day with a strong close, expecially for AGI Friday 10/4 Cls; change : %Chg : Compare with PSEI PSEI : 7,704.60: +159.05 +2.11% : prev, was 7,546 AGI - : P 11.28: +0.82 , +7.84% : from 13.9%>14.6% (/100) of PSEI MEG : P 4.50 : + 0.13 , +2.97% : from 5.79%>5.84% (/100) TBGI : P0.325 : + 0.01 , +3.17% : RCI - : P 1.83 : - 0.05. , - 2.66% : ATN : P. 1.15 : + 0.01 , +0.88% : Shng: P. 3.18 : - 0.01 , - 0.30% : from 4.23%>4.13% (/100) ==== Note, the big jump in AGI’s shares was due to a Buyback, Of at least 10-15 Million shares (it seems), of 23.9 M traded

Is there a Delay? SEC eyes release of new REIT rules by September ... Aug 12, 2019 - Mr. Amatong said reduction of the MPO comes with the condition that all proceeds from the REIT vehicle will be plowed back to the Philippines. SEC Commissioner Ephyro Luis B. Amatong said they are now working on the draft framework for REITs which will be out for public comment this month. “We hope to have the rules out for public comment within the month… most likely there’s a 15-day comment period. If it’s not too complicated, we can expedite it,” Mr. Amatong told reporters on the sidelines of Ayala Corp.’s Integrated Summit on Corporate Governance, Risk Management and Sustainability in Makati last Friday. Salient provisions in the draft guidelines include the reduction of the minimum public ownership (MPO) to 33%, from the current requirement of 40% on the first year of listing raised to 67% on the second year. This places the Philippines at par with the 20-33% MPO requirement seen for REITs in other Asian markets. Mr. Amatong said reduction of the MPO comes with the condition that all proceeds from the REIT vehicle will be plowed back to the Philippines. “The amount equivalent to the REIT proceeds must be reinvested by the REIT sponsor, which is the developer… [They] should be reinvested in the Philippines within one year in either real estate or infrastructure,” he said. > https://www.bworldonline.com/sec-eyes-release-of-new-reit-rules-by-september/

Creative? Or Desperate? Or a bit of both? Megaworld-WeWork deal seen to draw more foreign firms to Philippines Coworking firm WeWork can attract foreign companies looking to set up shop in the Philippines, says Megaworld MANILA, Philippines – Megaworld Corporation is expecting more multinational enterprises (MNEs) to locate in the Philippines through its partnership with United States-based WeWork. WeWork, which designs and builds coworking spaces, recently began operations in the country. Megaworld senior vice president Jericho Go told reporters on Wednesday, March 6, that having WeWork set up its first space in Uptown Bonifacio, Taguig City, will allow foreign companies eyeing the Philippine market to test the waters. "The advantage of having WeWork is they are able to supply the Philippines, not just Megaworld, with a fresh set of multinational companies, some of which haven't started operations in the Philippines," he added. Go, however, noted that they are not after the quantity, but quality of future clients looking for permanent, larger, and built-to-suit office spaces. (READ: Building a case for working in a coworking space) "Some of those are really startups, and there are a few that are established. What you really want to get are the established brands because these are the guys that are happy to sign big spaces and long-term leases," he said. OPPORTUNITIES. Megaworld senior vice president Jericho Go tells reporters how WeWork partnering with them will bring more foreign companies to the Philippines. Photo by Anna Mogato/Rappler "[It's] very important for a developer like Megaworld to ensure that you have high-quality MNEs, Fortune 500 companies [as clients] to get for longevity and sustainability." The firm is eyeing to reach P20 billion in terms of rental revenue by 2020. This includes commercial and retail sales as well. . . . Rapid expansion Aside from the first location in Uptown Bonifacio, WeWork head of community and member experience Eyad Zahra said they are expecting to open a second branch at the RCBC Plaza in Makati City. COLLABORATIVE. Aside from renting out individual tables, WeWork also rents out glass cubicles for small teams. The glass walls were designed to encourage people from different companies to interact and collaborate. Photo by Anna Mogato/Rappler "There's so much opportunity to support the businesses here in Manila. Every district will be important to us," he added. Go also said they are looking at Eastwood, McKinley Hill, and McKinley West as other possible locations. Despite having only begun operations last December, a WeWork spokesperson told Rappler that the 4,081-square-meter facility in Uptown Bonifacio has already reached full capacity of 806 members.

Megaworld-WeWork deal seen to draw more foreign firms to Philippines Coworking firm WeWork can attract foreign companies looking to set up shop in the Philippines, says Megaworld MANILA, Philippines – Megaworld Corporation is expecting more multinational enterprises (MNEs) to locate in the Philippines through its partnership with United States-based WeWork. WeWork, which designs and builds coworking spaces, recently began operations in the country. Megaworld senior vice president Jericho Go told reporters on Wednesday, March 6, that having WeWork set up its first space in Uptown Bonifacio, Taguig City, will allow foreign companies eyeing the Philippine market to test the waters. "The advantage of having WeWork is they are able to supply the Philippines, not just Megaworld, with a fresh set of multinational companies, some of which haven't started operations in the Philippines," he added. Go, however, noted that they are not after the quantity, but quality of future clients looking for permanent, larger, and built-to-suit office spaces. (READ: Building a case for working in a coworking space) "Some of those are really startups, and there are a few that are established. What you really want to get are the established brands because these are the guys that are happy to sign big spaces and long-term leases," he said. OPPORTUNITIES. Megaworld senior vice president Jericho Go tells reporters how WeWork partnering with them will bring more foreign companies to the Philippines. Photo by Anna Mogato/Rappler "[It's] very important for a developer like Megaworld to ensure that you have high-quality MNEs, Fortune 500 companies [as clients] to get for longevity and sustainability." The firm is eyeing to reach P20 billion in terms of rental revenue by 2020. This includes commercial and retail sales as well.

NEWS 2019-09-30 09:09 C:CNQ 35.29 In the News FP says CER sides with Suncor, others against Enbridge 2019-09-25 07:15 C:CNQ 35.93 In the News Globe/wire say Suncor, rivals see Trump fan oil fears 2019-09-20 06:42 C:CNQ 35.92 In the News FP/wire say Husky, rivals hear global oil crunch looms 2019-09-16 09:29 C:CNQ 33.65 In the News Globe says Cenovus, others see Kenney chasing windmills 2019-09-16 09:09 C:CNQ 33.65 In the News Globe says Suncor Energy, rivals see oil prices surging FP/wire say Husky, rivals hear global oil crunch looms 2019-09-20 06:42 ET - In the News See In the News (C-HSE) Husky Energy Inc The Financial Post reports in its Friday edition that Saudi Arabia's ability to avert a global oil supply crunch will only become clear in a few weeks, because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities. A Reuters dispatch to the Post reports that Riyadh says production will be back to normal levels in two to three weeks, restoring output to about 10 million barrels per day (bpd), after Saturday's attacks on two sites that usually process and clean up about 5.7 million bpd. While it carries out repairs, Saudi Arabia has promised to keep the physical crude market supplied from its inventories held in the kingdom and abroad, estimated to have been about 180 million barrels in July. Traders and analysts, however, are skeptical repairs to the Abqaiq and Khurais sites will be swift, while the lack of transparency about Saudi inventories adds to uncertainty about whether Riyadh can keep markets supplied without disruption. "A lot of October arrival barrels were already on the water so the hole is going to show up toward late October," one European oil trader said. "There has been a mad scramble on the paper markets but the physical scramble will come later.

S maybe a great Buy, if it retraces back to $30. SLB / Schlumberger Ltd. ... update : $31.76 HAL might hit $17

Fission: The Real Deal? Uranium is entering a tipping point of constrained supply and the best play is right here in Canada (Because of) inelastic demand from existing operators, and because of past market conditions, uranium is entering a tipping point of constrained supply. According to the World Nuclear Association’s September 2019 report on nuclear fuel, uranium projections are up in all scenarios, including 49% base case growth. With secondary inventory being consumed and a growing demand gap, the report calls for restarting idle mines and new sources of uranium. What investors might not know is that the best plays for uranium are right here in Canada. The country is the second highest producer of Uranium , with North Saskatchewan’s Athabasca Basin being home to some of the largest sources of uranium in the world. Storied success in the region means mining initiatives in the area receive strong local support. That’s what makes the latest news from Fission Uranium (TSX:FCU, OTC:FCUUF, Forum) an eye-opener. The development-stage company’s Patterson Lake South (PLS) property has a large, near surface and high-grade resource estimate for uranium and now has further developed a scenario to access this resource via an underground-only prefeasibility study. Earlier in April 2019, the Company examined the potentiality of the Triple R Deposit via a prefeasibility study with mine development as a hybrid open-pit and underground mine. This option showed viability and strong positive economics. But the study also left the door open for another potentially profitable development option by providing a Preliminary Assessment study-level look at development of an underground-only option. Fission initiated the effort set to examine the second plan further at a Prefeasibility study level, and on Sept. 23, 2019, the results of this study were announced. The study of an underground-only mine showed a substantial reduction in capital expenditures and time requirements over the hybrid model. In addition to reducing the construction timeline by a whole year to 3 years total and a 21% reduction in capital costs to $1.18 billion, the positive economics of the project increased to a pre-tax IRR of 34%. Ross McElroy, President, COO and Chief Geologist of Fission, commented that the study results mean the Company is ready to take its Triple R deposit to the next stage. "…The report highlights important potential advantages to the underground approach, including large reductions in capital expenditure, construction time and surface footprint, while still enjoying low operating costs and a very strong return on investment. We are delighted by the results and have demonstrated the flexibility of the Triple R to be mined by multiple methods. Fission is now able to transition confidently into the feasibility study phase." A major takeaway from the prefeasibility study is that Fission Uranium’s resource is the real deal. The updated resource estimate from the underground mine is of 2,299 kilotons at a grade of 1.61% U3O8 for a total of 81.4 million pounds U3O8 and used the following parameters: CIM definitions (2014) were followed for Mineral Reserves. Underground Mineral Reserves are reported using stope shapes generated with a 0.25% U3O8 minimum grade. This cut-off grade is based on a price of US$50 per lb U3O8 and an exchange rate of US$0.75/C$1.00. For underground mining, a minimum mining width of 3.0 m was used, which includes 0.5 m dilution on both the hanging wall and footwall. An extraction factor of 95% was applied. The study gives an underground-only mine a seven-year production life with a pre-tax NPV at 8% of $1.33 billion that pays back in 2.2 years. Read more at https://stockhouse.com/news/newswire/2019/10/02/finding-best-strategy-for-uranium-success-canada#pe7rf34OAVaC0i1g.99

HOPES & comments - from GCM shareholders ... on the Bullboard 1 / The fundamentals suggest a price double from here today. best case would be ..some nice holes/intercepts from Segovia -drilling ... a longer mine-life there (or bigger reserve) will add enormous value here ... thats why the 80000 meter drill-program happens ... the mill arleady ha a capacity of 1500 tonnes/day and even at some lower grades the output will stay stable (200000-220000 oz p.a.) ... a bigger resource will be the base for an 2000 tonnes/day operation.. this will happen in 2021/2022 ... and Sandspring, Marmato, Venezuela, Zancudu as a bonus... marketcap will go to 500 million USD minimum! (Reaction: "I think the market cap was around US$1bn back when they bought Marmato.") Ex. Marmato 14.4 Million Oz Au - What's the fair market value currently? Located in the Caldas department in the heart of the Middle Cauca gold district, the Marmato Project contains 40.7 million tonnes at a grade of 2.9 g/t totalling 3.8 million ounces of gold in Measured and Indicated Resources and 52.0 million tonnes at a grade of 2.5 g/t totalling 4.2 million ounces of gold in Inferred Resources. The existing Marmato underground mine, located in the Zona Baja area of the Marmato mountain, is on track to produce between 24,000 and 26,000 ounces of gold in 2019. The Marmato Project has excellent infrastructure, being located by the Pan American Highway with access to Medellin to the north and Manizales to the south, and has access to the national electricity grid which runs near the property. In 2017, the miner filed a $700 million lawsuit against Colombia, under the Colombian-Canadian free trade agreement, after the government ordered the company to cease operations at the El Burro site in Marmato, requesting further consultation with locals. Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=30186838#rOWMOUUFF7qHOtyP.99 Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=30156932#6ukcdpr5rTIxtHD1.99 / 2 / Gran Colombia Gold(TSX:GCM) The highlights from the Interview with Serafino Iacono, Chairman of gold producer (TPRFF)(TSX:GCM) - Segovia - they operate 3 or 23 gold mines in a concession. They own the mineral rights and the land so they don't pay any Royalties.Producing over 193,000 oz of gold per annum.Marmato - they changed the design of the mine to an underground mine.Producing 30,000oz of gold rising to 180,000oz.A very clever group who have come up with innovate ways(eg: issuing Bonds) to finance this company in to a mid-tier gold producer.Listen to the terms of the Bond and how quickly they are paying back their debt.Marmato coming online will take this company to +400,000oz gold production.Phenomenal team. growing at 15%-20% grows for the last 4 yrs andthat was before the recent hike in gold prices.They are anti-dilutive.Management hold a significant percentage 20-22%.They have put a large amount of their own money in to this.Genuinely one of the smartest, most nimble management teams we have met.You need to look at this gold producer seriously. We are.Serafino discusses:1) Their two assets: Segovia (193,000oz producer) and Marmato (30,000oz producer)2) AISC down from $1,100 to $5403) The Bond with Canada: investors get all of the $1,250 of Gold's upside4) Finances: Cash, tight hold on shares, the balance sheet and repaying debt5) 225,000oz to 400,000oz by the end of 2023 Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=30186838#rOWMOUUFF7qHOtyP.99

Are we now seeing a Rollover in the Philippines Stock Exchange Index / PSEI? - Off the Right Shoulder? (near 8500, vs. 9,000 peak) If US stocks continue to slide, the PSEI could go into free fall. Key support levels may be tested soon, PSEI : 7,525 -85, -1.1% (After Last night's SPX: 2,887.71. -52.64, -1.79%) PSEI ... 10-years : vs-SPY / 5-yr: 2-yr: 6mo /10d: w/other / Last: 7,525.41 -85.27 Mid-Day : vs-SPY / THE GAP of AGI to the PSEI has become very big. Time to Buy AGI as a proxy for the PSEI? PSEI vs- AGI, MEG ... 10-yr: 5-yr / 2-yr fr.10/1/2017 : 6mo /10d - Last TIMING—: -PSEI : -AGI : MEG : Shng/ Agi/P: Meg/P: Meg/A: Shng/ YrE-2013 : 5,890 : 25.80 : 3.24 : 3.27 / 43.8%: 5.50%: 12.6% / 5.55% YrE-2014 : 7,231 : 22.55 : 4.88 : 3.30 / 31.2%: 6.75%: 21.6% / 4.56% YrE-2015 : 6,952 : 16.10 : 4.25 : 3.13 / 23.2% : 6.11%: 26.4% / 4.50% YrE-2016 : 6,841 : 12.78 : 3.57 : 3.27 / 18.7% : 5.22%: 27.9% / 4.78% YrE-2017 : 8,558 : 16.00 : 5.16 : 3.13 / 18.7% : 6.03%: 32.3% / 3.66% YrE-2018 : 7,466 : 11.90 : 4.75 : 3.12 / 15.9% : 6.36%: 39.9% / 4.18% 01-29-18 : 9,059 : 15.50 : 5.06 : 3.24 / 17.6% : 5.59%: 32.6% / 3.57% 11-13-18 : 6,844 : 10.50 : 4.50 : 3.12 / 15.3% : 6.58%: 42.9% / 4.56% 09-15-19 : 7,997 : 12.76 : 5.18 : 3.36 / 16.0% : 6.48%: 40.6% / 4.20% 10/3 mid.: 7,522: 10.58 : 4.40 : 3.29/ 14.1% 5.85% : 41.6% / 4.37% =======

vs-SPY / THE GAP of AGI to the PSEI has become very big. Time to Buy AGI as a proxy for the PSEI? PSEI vs- AGI, MEG ... 10-yr: 5-yr / 2-yr fr.10/1/2017 : 6mo /10d - Last TIMING—: -PSEI : -AGI : MEG : Shng/ Agi/P: Meg/P: Meg/A: Shng/ YrE-2013 : 5,890 : 25.80 : 3.24 : 3.27 / 43.8%: 5.50%: 12.6% / 5.55% YrE-2014 : 7,231 : 22.55 : 4.88 : 3.30 / 31.2%: 6.75%: 21.6% / 4.56% YrE-2015 : 6,952 : 16.10 : 4.25 : 3.13 / 23.2% : 6.11%: 26.4% / 4.50% YrE-2016 : 6,841 : 12.78 : 3.57 : 3.27 / 18.7% : 5.22%: 27.9% / 4.78% YrE-2017 : 8,558 : 16.00 : 5.16 : 3.13 / 18.7% : 6.03%: 32.3% / 3.66% YrE-2018 : 7,466 : 11.90 : 4.75 : 3.12 / 15.9% : 6.36%: 39.9% / 4.18% 01-29-18 : 9,059 : 15.50 : 5.06 : 3.24 / 17.6% : 5.59%: 32.6% / 3.57% 11-13-18 : 6,844 : 10.50 : 4.50 : 3.12 / 15.3% : 6.58%: 42.9% / 4.56% 09-15-19 : 7,997 : 12.76 : 5.18 : 3.36 / 16.0% : 6.48%: 40.6% / 4.20% 10/3 mid.: 7,522: 10.58 : 4.40 : 3.29/ 14.1% 5.85% : 41.6% / 4.37% =======

Are we now seeing the PSEI rollover ? - Off the Right Shoulder? (near 8500, vs. 9,000 peak) If US stocks continue to slide, the PSEI could go into free fall. Key support levels may be tested soon, PSEI : 7,525 -85, -1.1% (After Last night's SPX: 2,887.71. -52.64, -1.79%) PSEI ... 10-years : vs-SPY / 5-yr: 2-yr: 6mo /10d: w/other / Last: 7,525.41 -85.27 Mid-Day : PSEI-vs-SPY : 5yr : 2yr / THE GAP of AGI to the PSEI has become very big. Time to Buy AGI as a proxy for the PSEI? PSEI vs- AGI, MEG ... 10-yr: 5-yr / 2-yr fr.10/1/2017 : 6mo /10d - Last > see MEGaworld & AGI thread TIMING—: -PSEI : -AGI : MEG : Shng/ Agi/P: Meg/P: Meg/A: Shng/ YrE-2013 : 5,890 : 25.80 : 3.24 : 3.27 / 43.8%: 5.50%: 12.6% / 5.55% YrE-2014 : 7,231 : 22.55 : 4.88 : 3.30 / 31.2%: 6.75%: 21.6% / 4.56% YrE-2015 : 6,952 : 16.10 : 4.25 : 3.13 / 23.2% : 6.11%: 26.4% / 4.50% YrE-2016 : 6,841 : 12.78 : 3.57 : 3.27 / 18.7% : 5.22%: 27.9% / 4.78% YrE-2017 : 8,558 : 16.00 : 5.16 : 3.13 / 18.7% : 6.03%: 32.3% / 3.66% YrE-2018 : 7,466 : 11.90 : 4.75 : 3.12 / 15.9% : 6.36%: 39.9% / 4.18% 01-29-18 : 9,059 : 15.50 : 5.06 : 3.24 / 17.6% : 5.59%: 32.6% / 3.57% 11-13-18 : 6,844 : 10.50 : 4.50 : 3.12 / 15.3% : 6.58%: 42.9% / 4.56% 09-15-19 : 7,997 : 12.76 : 5.18 : 3.36 / 16.0% : 6.48%: 40.6% / 4.20% 10/3 mid.: 7,522: 10.58: 4.40 : 3.29/ 14.1% : 5.85% : 41.6% / 4.37% ======= Historically, AGI looks very cheap at under 15% (x 1/100th) of the PSEI - so I Bought some AGI shares

Hang Lung: The Price GAP narrows AGAIN, as higher yielding HK101 outperforms HK10 > Reaching *nearly* Yield Parity. HK101/ HLP vs HK10 / HLG ... update : 10d. w/Hk2823 : $17.66 +0.44 > $21.50 +0.15, Gap: $2.84 / Ratio: 82.1%  Date-- — : Hk10-: HK101: $Gap : Ratio- / HK2823: ratio / Dv.80 : Dv.75: gap-: R.Yields: BookVal. : $63.49: $30.58: NMF-: r208.%/ =========== / 80cts. 75cts. 5cents: R-div. : Earns/sh.: $ 3.88 : $ 1.80 : $2.08: r216.%/ Dividends: $0.80 : $0.75 : $0.05: r107.%/ 09/03/19: $20.20: $18.88: $1.32: r107.%/ $14.68: r-138%/ . 3.96% 3.97%: 0.01%: r99.7%: 08/30/19: $19.48: $17.72: $1.76: r110.%/ $14.52: r-134%/ 4.11% 4.23%: 0.12%: r97.2%: 06/28/19: $21.65: $18.58: $3.07: r117.%/ $14.94: r-145.%/ 3.70% 4.04%: 0.34%: r91.6%: 03/29/19: $25.20: $19.16: $7.02: r117.%/ $14.58: r-173.%/ 3.17% 3.91%: 0.74%: r81.1%: 12/31/18 : $19.94: $14.92: $5.02: r134.%/ $11.40: r-175.%/ 4.01% 5.03%: 1.02%: r79.7%: 12/29/17 : $28.75: $19.10: $9.66: r151.%/ $15.02: r-191.%/ 2.78% 3.93%: 1.15%: r70.7%: —————  Wow! The pricing gap has now narrowed so much that both stocks have (almost) the same yield. Meantime, HK10 has about 108% more asset backing than HK101. A pairs trade : Long HK10 / Short HK101, may be virtually risk-free, apart from (important) liquidity & borrowing issues

Gas down, Oil down... OIH making new lows (AGAIN! early Aug.)  WTI crude OIH / Oil Service "Oil Service stocks are still under pressure" - I said May 2nd HAL, etc ... update : 10d / Last: $21? Sym. 31may: 01may: -Chg. -Pct%: PER : Yield : HAL: $21.29: $27.59 -6.30 -22.8%:10.6: 3.38% SLB: $34.69: $41.37 -6.68, -16.1%: 23.8: 5.77% Bhge $21.41: $23.55 -2.14, -9.09%: 66.9: 3.36% OIH : $13.08: $16.14 -3.06, -19.0%: N/ A: 2.29% XLE : $58.77: $64.79 -6.02. -9.29%: N/ A: 3.52% CNQ: $26.99: $28.94 -1.95, -6.74%: 14.5: 4.13% CHK: $ 1.92 : $ 2.83 -0.91, -32.2%: 4.43: 0.00% SWN: $ 3.52 : $ 3.87 -0.25, -6.46%: 2.14: 0.00% USO: $11.10 : $13.22 -2.12, -16.0%: == WTI: $53.50: $63.60 -10.1,-15.9%: == NGas $ 2.45: $2.62: - 0.17, -6.49%: NG/wt r-4.6%: r-4.1%: : Ratio: NatGas to-WTI Crude - @ r-4.12% - Buy NatGas versus Oil?

MARKET CYCLES - Gold vs Property Charts Gold and Property appear to be counter-cyclical - Time to switch into Gold? Pulte (PHM) vs. Gold (GLD) ... update / 3-yrs : BLUE Box: Sell PHM, Buy Gold / Red Box: Buy PHM, Sell Gold OLD CHART !  3-years Chart : Key Level for PHM ($24.50) - Old chart : OLD CHART PHM: $24.50, GLD: $112.57 / ratio: 21.8% NEW CHART: PHM showed nice rally vs Gold ... update : Last (4/5/19) : PHM: $28.94, GLD: $121.98 / ratio: 23.7% RATIO : PHM-to-GLD / rose from 21.8% > 23.7% . that's +8.7% higher , and may be peaking out now

BRADLEY Model : "TURN dates" SPY... 2015-2019: 12-31-16: $223.53 / 12-29-17: $266.86 : +19.4% 2016 : +Jan. 5, -May 10, +June 1, -July 5, +??, -Sep. 28, +Nov. 29 2017 : +Dec. 29, -Apr.17, +Apr.29, -Jun.21, +Aug.19, -Sep .7, +Dec.3, / 2018 : -Jan.4, +Jan.17 2019 : +Jan.18, +Apr.17, -May29, -Aug28, +Oct.9, -Dec3  Model dates: 2019 : 2018 : 2017 : 2016 : 2015 : === Historical TURN: Bonds peaked first in 2015, then the Dollar, then stocks... TLT... 2015-2019 : 12-31-16: $119.13 / 12-31-17: $126.86 : +6.49% USD trade-weighted dollar: DXY ... 2015-2019 : DXY-all-data : 12-31-16: $102.36 / '17: $92.28 : -9.72% sym: ye.2016 : ye.2017 : %.chg : 2017-H : SPY : $223.53 : $266.86 : +19.4% : 268.60 : TLT : $119.13 : $126.86 : +6.49% : 129.57 : DXY : $102.21 : $92.282 : -9.72% : 103.82 : Djia : $19,763 : $24,719 : +25.1% : 24,876 : GLD-: $109.61 : $123.65 : +12.8% : 128.32 : EUR-: $1.0520 : $1.2001 : +14.1% : 1.2093 : Dj/E : E18,786 : E20,597 : +9.64% : PHP-: P49.606 : P50.009 : +0.00% : 52.006 : ==== OTHER Indices : USO : GLD : GDX : PHM : IYR : UGLD-vsGDX : : IMGHST.co