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Death of the Dollar! Lynette Zang and Stefan Molyneux Currency Reset Coming? Against Gold - "there is always demand for gold" / 2 / Lynette Zang: CHOKE POINT – Oil Market Crash And Dangers Of The US Dollar The Oil rally that started in early 2019 is over with spot oil off more that 20% from its recent high. The markets are looking at rising US shale production, diminishing demand because of the global slowdown and a deepening trade war that would dampen demand even further. This is what that markets are looking at. Are they missing the bigger picture or is this oil bear market being used to hide the middle east threats (plural) from the public? Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! https://www.whatreallyhappened.com/#ixzz5rieVy8D1

DXY/ Trade-wgt $/12mo : 2yr : DXY: $96.09 -0.54, EUR: $1.1396 +0.0026, GBP: $1.274, CAD: $0.755, AUD: $0.693, PHP: 51.46 GLD ... update / Last: TPRFF (GCM is usd)/ Gran Columbia, update... has raced far ahead of GLD, GDX... & even more ahead of MUX ==

EUR in USD ... 5-yrs : Last: $1.137

USING the Formula V = (12x R) -12x A - PT ============== IR Historical Example: An Avida Studio in Makati area VALUE Timing : V = RENT- status : x 12mo : Assoc: x 12 : P.Tax : COST: Income / InterestRate= Valuation 2015, Purchase: V = 12,000-bare = P 144 K : 2,000: 24k : 8,000 : P 32 K : P 112k / 5.5%, 0.055 = 2,036k 2017, Furnished: V = 18,000- FF = P 216 K : 2,000: 24k : 8,000 : P 32 K : P 184k / 6.0%, 0.060 = 3,033k 2019, Low Case: V = 20,000- FF = P 240 K : 2,000: 24k : 8,000 : P 32 K : P 208k / 7.0%, 0.070 = 2,971k 2019, High Case: V = 24,000- FF : P 288 K : 2,000: 24k : 8,000 : P 32 K : P 256k / 7.0%, 0.070 = 3,657k ===== This VALUATIONS seem very close to actual numbers.

LIMITATIONS There are some limitations to the "mathematical" approach to valuations (this is a reaction from a Viber chat where someone commented upon this thread): I think age of building could be a big factor to costs as there might be larger one off repairs frequently as a building ages. + Liquidity of the asset (how frequent are there comparable transactions to have a narrow bid/ask spread) Assumption is cash flow inversely related to Liquidity, so time horizon of investment is important ===

Roxgold ready to punch through Resistance near $1.10? ROXG since mid-2010 : 2019 .. Last: $1.09 + 0.04 / YrH: $1.11 ==

PRODUCTION Dropped from April —— Prod'17: Prod'18: Prod’19: Jan. 00,000 : 00,000: 17,941 : Feb. 00,000 : 00,000: 21,335 : New monthly record! Mar. 00,000: 00,000: 21,325 : = Q1 39,008 : 52,672 : 60,601 : New Quarterly record! Apr. 00,000: 00,000: 20,372 : May 00,000: 00,000: 18,528 : 5mo: 000.0k: 87.4k : 99,501 : +14% 12m: 000.0k: 000.0k: 230.1k : ======================== At first, I was concerned, until I recalled the accident... "...helped to offset the impact on productivity in May at the company's mines following the accident at the Providencia mine which resulted in a temporary decline in tonnes processed from the company mines in the month. The resultant shift in the mix of material processed in May with a greater contribution coming from the lower-grade small contract miners resulted in the lower overall average grade reported for the month for the Segovia operations. "

Could trigger a rally to $2.00 and beyond I am wanting to see a close at $1.80 or higher ValuEngine upgrades MCEWEN MINING INC from HOLD to BUY. INVESTARS ANALYST ACTIONS - PUBLIC 3:10 PM ET 06/17/19 McLean Capital Management upgrades MCEWEN MINING INC from SELL to NEUTRAL. INVESTARS ANALYST ACTIONS - PUBLIC 3:55 AM ET 06/16/1

How do banks appraise property prices? Certainly banks will look at developer prices. But unless the developer will buyback (through a Put option) the developer's price for a new property is not really relevant. What matters to the bank is HOW MUCH CAN THEY SELL the property for, if the loan goes into default. The price is likely to be far below the price of a brand-new property; partly because if may be in less than pristine condition. And also because the bank will not have access to the powerful marketing machines of the developer. Typically, a bank will look at : + Comparable prices of similar properties sold in the secondary market. They bank may have these figures from other foreclosure sales of similar properties. And they may have recently financed similar properties and seen the prices at which they were purchased + The cash flow potential of the property. Obviously, the higher the rent, the more the property is worth - assuming the rent is at market rates, and the property will maintain its condition and rent-ability. A one-off above market rental which is not repeatable is unlikely boost the value of a property. A good argument can be made, that you only need to know THREE MAIN numbers to value a property: + RENT, at fair market level, and the + COSTS, like association fees and property taxes to be borne by the owner + INTEREST RATES, for someone who might buy the property With this information, you can calculate a Valuation, where the property will cover the Interest costs on a notional 100% Let me give an example. (This could be a Studio unit at an Avida property) Suppose you know a (newish) property can be Rented at P24,000, with Costs of P2,000 for monthly association dues + P8,000 of annual property taxes, and prevailing Interest Rates are 7.0%. The first thing to ask is what Maximum size Loan* could be made, where this property would support all the interest costs. Here is how to calculate this: Annual Net Income = Annual Rent ( 24k x 12= 288k ) - Costs ( 2k x 12= 24k + 8k = 32k) = 288k - 32k = 256 k per annum 100% Loan Size = Net Income (256k pa) / Interest rate ( 0.070) = 256/ 0.070 = P 3,657 k That value, of P 3.66 Million might be a starting point in valuing the property If a buyer were confident that rents were headed higher, or interest rates would fall, then he.she might pay more ===== *Why a Maximum Size Loan, which assumes 100% of the property is financed with a loan? In real life, this is unlikely, since most banks would be reluctant to go beyond a 60-70% Loan. Here's why: many sophisticated investors will be willing to Buy a property if it has a positive cash flow, but may be reluctant to buy, if the property has a negative cash flow. If a property's Net Rent can cover a 100% Loan, then any Equity that is invested will help to insure that the property will pay itself off

"The MATHematics of Property Prices" V = (12x R) -12x A - PT ============== . . . where: V=Value, R=Rent, A=Assoc.fees, PT-Prop.Tax, IR=Interest Rate IR I have wanted to tackle this subject for sometime, and this section on Philippines property is the right place to do it. There is so much nonsense spoken about property prices, that maybe someone needs to explain in detail the mathematics of property price evaluations. In PH there seems to be a common misconception that Property Developers set property prices. Well, this is partly true, since developers do set the prices for the New properties that they build and sell. The problem is: the prices on new properties are only relevant for the developers. Individual owners can rarely achieve the same price, It is common for a person who owns a new or almost new property to find that he needs to offer a 25-30% discount to “developer prices” to find a buyer. And sometimes, in a rush sale to a cash buyer, the price achieved might be an even bigger discount than this. Why do developers get higher prices? I believe that there are three main reasons: + Developers have their own “marketing machines”: All the major developers have big & well-oiled marketing machines, that find buyers using tactics like passing out brochures at shopping malls, and hiring marketing staff with firm sales quotas, and sending them on foreign trips. These teams are good at finding new buyers who may not be fully aware of other purchase opportunities beyond what the developers are offering. They also seek out Filipinos overseas, and prospective foreign buyers who may see no other opportunities, other than those offered in the brochures. + Credibility, & buyer ignorance: The marketing teams can help to find buyers who may be totally unaware of the relative bargains available in the secondary market. And unlike more mature markets like HK and SG, it is not easy to discover what are the actual transaction prices available in the secondary market. There are very few agents operating out of estate agencies on the street near large new condos, And Partly to avoid too many questions from Tax authorities, sellers may be reluctant to report actual selling prices. And there is nothing like a MLS (Multiple Listing Service) to give buyers a clear picture of what is available from those who want to resell their properties + Developer financing Many Filipinos lack sufficient capital to buy for cash, and may find it tough to get bank loans for purchasing property. And when they do get loans for secondary market purchases, loans provided can be lower rate of advance, and at higher interest rates. Thus, the only way that many can buy is on an instalment basis. Developers have geared their property sales that way. Once you talk to a seller you might meet at a mall, they will very quickly start talking to you about how much the monthly instalment is for pre-sale property. If you are a cash buyer seeking the lowest possible price, you may find the discounts for cash buyers are small, way less than you would expect based on prevailing interest rates. This seems to be designed to force buyers into supporting the fiction that developers high prices, are the real market price. Will banks provide bigger loans for new properties? Here is a little-known secret that I recently uncovered: Many developers will provide a PUT option to the banks when they finance a new property. If the loan is in default, the bank may agree to buyback or resell the property at a price which will allow the bank to escape without a loss. (I do not yet know, if this is only offered to tie-in banks: ie SM for BDO, Ayala for BPI, etc.). Anyway this practice explains why a bank may be willing to provide a larger loan for a new property, than they would for exactly the same property purchased through the secondary market. How do banks appraise property prices? (Discussed in the Next Section) LINK to here: https://tinyurl.com/prop-Maths

Good news coming? ... REIT rules to be released by July THE Securities and Exchange Commission (SEC) said it can release guidelines on the issuance of real estate investment trusts (REITs) as early as July, without changing the minimum public ownership (MPO) requirement. The commission is set to conduct another round of public discussions this month to finalize the qualification requirements of a REIT fund manager, which is one of three provisions that has dissuaded property players from issuing such a product. “Kung wala masyadong tanong on the rules… by July finalize na (If there are not many questions on the rules… by July, we can finalize it),” SEC Commissioner Ephyro Luis Amatong told BusinessWorld on the sidelines of the 3rd Asia Pacific REIT Investment Summit in Parañaque on Tuesday. Mr. Amatong said there is a pending issue regarding how much interest a fund manager can have in a REIT. The fund manager is tasked to implement the investment strategies of the REIT, oversee and coordinate its property acquisition, leasing, and operational and financial reporting, among others. Rule 6 of the Implementing Rules and Regulations of Republic Act No. 9856 or the REIT law states that a fund manager must be independent of the REIT, its promoters, or sponsors. “Nakalagay sa batas ay independent, but I think what it really meant was external, na yung fund manager ay hiwalay from the REIT…so pwede naman palang may ownership stake yung REIT or yung sponsor in the property (Under the law, it says the fund manager should be independent, but I think it meant that it should be separate from the REIT… So it can have an ownership stake, the REIT or the sponsor in the property),” Mr. Amatong explained. However, the rules that are being readied by July will still include the 40-67% MPO for REIT vehicles, against the 33% requirement that property players have said is the ideal public ownership level. Mr. Amatong said the SEC decided to iron out the rule on REIT fund managers first since it was a concern for all industry players, whereas some companies are already comfortable with the existing MPO requirement. “Ang lumalabas, may mga willing to comply with the MPO. Pero the issue of the property manager, issue siya for all. So inuna namin kasi applicable to all, lahat gusto may stake sila in the property manager or the fund manager (It turns out, there are some who are willing to comply with the MPO. But the issue on the property manager, it’s an issue for all. So we prioritized that, everyone wants to have a stake in the property manager or fund manager),” he said. With the amendment for the rule on REIT fund managers, Mr. Amatong is optimistic that the country will see the first REIT issuance this year. Ayala Land, Inc. (ALI) said last April that it is preparing a REIT offering where it could raise about P25-26 billion within the year. This comes a decade after the REIT law was enacted in 2009. Mr. Amatong also said that “about one or two” companies have already expressed interest that in conducting a REIT offering with the current MPO requirement. Aside from issues on the REIT fund manager and high MPO requirement, property players were previously concerned with the 12% tax on the transfer of real properties once they place their assets in a REIT. This rule however has been removed following the passage of the Tax Reform for Acceleration and Inclusion Act last year. https://www.bworldonline.com/reit-rules-to-be-released-by-july/

MUX chart ... update: Last $1.69 +4.97%

TOP REASONS TO LIVE AT THE RISE 1. Rise has well designed units, mostly 28 sqm 1BR with 18 elevators, 50% more than Air Residences next door 2. Great location near top companies and jobs on Ayala Avenue 3. Rise itself will be amenity-rich , like Shangrila’s hotels and residences 4. Rise is above a very nice mall, with great dining & shopping. Also near the malls of Air and Ayala North Exchange 5. Area nearby is gentrifying fast, bringing new jobs, new restaurant choices and other attractions (see below) 6. Transport options on Ayala Ave, and Gil Puyat. Plans underway to add subways stop at/near Fire Station * Yuchenko museum, 3 minutes away in RCBC Tower * Easy walk to Ayala Ave, and to Greenbelt mall, mostly on a covered walkway, protected from rain * Circuit is also walking distance and will provide performance & entertainment options * A new Mapua business school is being constructed halfway to Circuit

NEWS flow of MUX is improving at last

a backwards stock call it crap, and it may do well : up today 3%+ when gdxj is flat say something good, and it may do poorly

SOI-etc .... update : SOI-only 12mo : International Prospect Ventures: Golden Valley holds an approximate 16.5-per-cent interest (4,470,910 shares) in International Prospect Ventures... > https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aGZZ-2767000&symbol=GZZ&region=C

GOLDEN VALLEY MINES CORPORATE AND EXPLORATION UPDATE Golden Valley Mines Ltd. has provided an update of the company's activities at its joint ventures and related entities, including Abitibi Royalties Inc., International Prospect Ventures Ltd. and Val-d'Or Mining Corp. 1. Related entities Abitibi Royalties: Golden Valley holds an approximate 44.9-per-cent interest (5,605,246 shares) in Abitibi Royalties. Q1 2019 cash flow During Q1 2019, Abitibi Royalties generated total cash flow of approximately $1-million, with approximately $388,000 coming from the company's 3-per-cent net smelter return (NSR) at the Canadian Malartic mine. Royalties from the Canadian Malartic mine commenced at the end of Q4 2018. Canadian Malartic is the largest gold mine in Canada and is operated by Agnico Eagle Mines Ltd. and Yamana Gold Inc. The remainder of Abitibi Royalties' cash flow during the quarter came from options premiums ($505,000), dividends ($92,000), realized capital gain from a non-core equity investment ($13,000) (no shares in Agnico Eagle or Yamana were sold in Q1 2019) and interest ($3,000). Please see Abitibi Royalties' news release dated March 14, 2019, for the company's 2019 to 2021 royalty production schedule and Abitibi Royalties' news release dated April 16, 2019, for further information. Canadian Malartic exploration Exploration programs are continuing to evaluate several deposits to the east of the Canadian Malartic open pit where Abitibi Royalties holds a 3-per-cent NSR. This includes portions of Odyssey, East Malartic, Sladen and Sheehan. During Q1 2019, exploration at the Odyssey deposit focused on defining several internal zones and expanding the deposit toward the Rand Malartic property boundary to the east. Odyssey and East Malartic potential production (2021 to 2023) Odyssey and East Malartic are being studied for potential underground mining from surface to a depth of 600 metres, starting between 2021 to 2023 and then potentially deeper beyond 2023. Preliminary studies show the potential for production increases of approximately 150,000 gold equivalent ounces per year at the Canadian Malartic mine, with ore fed to the existing Malartic mill, displacing a portion of the lower-grade open-pit ores. Further evaluation through additional drilling from underground access points, resource delineation and engineering would be required to advance Odyssey and East Malartic toward a development decision. The study is expected to be completed in late 2019 or early 2020 and, if approved, development starting thereafter. The permit allowing for the development of an underground ramp at the Odyssey project was received by Canadian Malartic in December, 2018. For further information, including technical information, regarding Abitibi Royalties' interests at the Canadian Malartic mine, please see its press release dated May 6, 2019. International Prospect Ventures: Golden Valley holds an approximate 16.5-per-cent interest (4,470,910 shares) in International Prospect Ventures... > https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aGZZ-2767000&symbol=GZZ&region=C

Yeah. I sold a small part of my position at $2.00+, and held the rest thru the dip. Not back in profit yet MUX: $1.53 - $0.03, on 3.2Million shares,

McEwen Mining: Mid-Tier Gold And Silver Producer Jun. 5, 2019 Summary 200,000 oz. gold equivalent producer (including silver). Four gold and silver producing mines in good locations. Good management team. Some risk with high all-in costs. Stock Name Symbol Type Risk Share Price (US) FD Shares FD Mkt Cap (5/31/2019 McEwen Mining (NYSE:MUX) Gold Moderate $1.36 364M $495M I am always looking for quality mid-tier producers with a good entry price that provides significant upside potential. McEwen Mining currently fits that profile. Of course, the entry price is only one data point that I check. I also look for red flags in several areas. For McEwen Mining, their only significant flag is their high production costs. They are currently losing money at $1,300 gold prices, although their break-even price could be lower if they curtailed exploration and development ($27 million budget). They also have about $50 million in debt, which could hamper their share price if gold prices drop. I do not consider McEwen Mining to be a high-risk stock at this time because of their ability to sell assets and raise money by issuing stock. With only $50 million in debt, they have to fall quite a bit to be at risk of bankruptcy. This is a company I expect to be around for a long time. The CEO, Rob McEwen, owns 22% of the stock and is still relatively young. He founded Goldcorp and is one of the best managers in the business. This is his company and I expect him to build it into a Major. Project Information McEwen Mining has four operating mines in Canada, Nevada, Mexico, and Argentina. In 2019, they will produce about 200,000 oz. of gold equivalent. Currently, they are losing money with all-in costs around $1,300 per oz. They expect those costs to drop in 2020 and to become profitable again... > More: https://seekingalpha.com/article/4268388-mcewen-mining-mid-tier-gold-silver-producer

ESV has dropped like a stone... since the merger with Rowan I bought Calls yesterday ESV / Ensco Plc Date ET Symbol Type Headline 2019-06-13 16:30 U:ESV News Release Ensco Rowan plc Receives Investor Proposal 2019-06-10 08:30 U:ESV News Release EnscoRowan Announces Successful Completion of Consent Solicitation with Respect to Rowan Companies Notes 2019-06-03 18:30 U:ESV News Release EnscoRowan Announces Consent Solicitation with Respect to Rowan Companies Notes 2019-05-22 17:29 U:ESV News Release Ensco Rowan plc Provides Update on Dividend Policy The Ensco Rowan plc (NYSE: ESV) (“EnscoRowan” or the “Company”) board of directors received a proposal from Luminus Management, LLC (“Luminus”) dated June 12, 2019 (“the Proposal”). EnscoRowan’s board of directors welcomes investor perspectives on matters such as the Company’s capital structure and the return of capital to shareholders, and will evaluate the Proposal. The Company proactively evaluates and manages its capital structure to execute its strategic priorities and deliver value for shareholders. To achieve these objectives, the Company has significant financial flexibility within its capital structure, including the ability to issue debt that would be structurally senior to the Company’s currently outstanding debt on both an unsecured and secured basis === Ensco Rowan investor seeks $2.5 billion dividend payout - Reuters 2 days ago - Deep-sea oil driller Ensco Rowan's investor Luminus Management LLC on Wednesday urged the company to declare a special dividend of ... June 12 (Reuters) - Deep-sea oil driller Ensco Rowan’s investor Luminus Management LLC on Wednesday urged the company to declare a special dividend of $2.5 billion to its shareholders, sending its shares down 6.3%. Luminus, the investment advisor to funds and accounts that own 4.5% stake in Ensco Rowan, said it is disappointed by the stock’s performance both before, and since, the Ensco-Rowan merger. Luminus urged the company to launch a priority guaranteed bond offering to fund the dividend. Ensco Rowan’s shares fell to their lowest in more than 26 years on Wednesday. Luminus Management is an investment management firm founded in 2002 with offices in New York, NY and Houston, TX. The firm focuses on a low net, long/short, relative value oriented strategy that invests opportunistically across the capital structure of companies within the broader energy ecosystem.

NatGas got down to $2.31 Why Dallas Cowboys owner Jerry Jones is betting big on natural gas Dallas Cowboys Opens a New Window. owner Jerry Jones Opens a New Window. knows a winner when he sees one. Jones, who made a $140 million bet on the Cowboys franchise 30 years ago (today the team is worth almost $5 billion, according to Forbes) is now looking to do the same thing in the struggling natural gas sector. Jones-controlled Comstock Resources is acquiring rival Covey Park Energy in a $2.2 billion deal, with the Dallas businessman putting up $475 million of his own money toward the deal. The move is a big bet on what may be this century’s most important global commodity, natural gas. Jones, as reported by the Wall Street Journal, said that “I believe in natural gas in a big way, I don’t know of any individuals…that have put the kind of money out as I’ve put in this thing.” Oh, sure you might say that the natural gas sector is beaten and battered, and its best days are behind it. Of course that’s also what they said about the Cowboys in 1989. Jones saw something then in the struggling franchise, which has become the most valuable team in the NFL, according to Forbes. And today he is correctly seeing a big opportunity in the natural gas sector. "I am excited to provide the funding and to team up with Denham Capital to combine the two companies to create the basin leader in the Haynesville shale. This combination is another step toward completing my vision to create an industry leading natural gas company,” Jones said in an online statement. Of course, in the short-term, Jones may find making money on shale oil and gas may be as challenging as winning in the NFL. Record U.S. production and the lack of pipeline capacity has made it difficult or impossible to make profits. Investors have been badly bruised, and many have given up on the sector. The Wall Street Journal points out that natural gas prices have fallen over 19 percent this year. Many analysts are predicting an endless era of low prices. Jones understands that low prices eventually cure low prices... > more: https://www.foxbusiness.com/features/dallas-cowboys-owner-jerry-jones-natural-gas

USO vs Canadian Oil stocks CanO-1 : update : w/o USO / sites: FRU , pr : CanO-2 : update : xx CCD report : download :

RRC & SWN Range Resources is looking very cheap ... fr.1/2014 : fr.Feb.2018 : RRC-etc ... fr. 10/1/2018 : 10d : RRC to-Natgas == From Presentations RRC : XX shares x $0.00 = $xxB enterprize value > pg.15 = https://rangeresources.gcs-web.com/static-files/648c3d37-4a3f-4f8f-a334-14be3d4ddfa3

NL & VHI ... update : $3.47 -0.11 / $2.23 +0.10 = V/N: R-xx% Ratio: $2.23 / $3.47 = V/N: R-64.3%

Underlying shares (of discounted Debs) / DHX -etc. from 1/1/2016 : : BCV-etc ... Update : 10d : $21.59 w/ 4.63% yield ($1.00 div.?) - BCV is a us convertible fund (shows how cv bonds are performing)