drbubb

POSTS - from Stockhouse gold trust 1 This is from the term sheet: The Company will provide the investor with an amount of gold each year (stored in escrow monthly) in a trust account (the “Gold Trust Account”). The value of the gold in the Gold Trust Account shall be used to amortize the Notes on a quarterly basis. At any price between the Floor Price and the Cap Price, the Notes will be amortized at a premium to par, so the outstanding principal balance of the Notes will decline according to the schedule below regardless of the spot price of gold (with the difference being received by the investor as a premium). Like you said they removed the Cap price but they kept the floor price. Do you agree with my interpretation? 2 There's no bonus per se for price over $1250. The debt just amortize faster - you get paid back faster and not getting paid extra. They remove the clause where the company gets to retain the excess if gold is over $1400 - I guess the debt holder really wants to ensure the money goes toward paying down debt. Then in a later PR Serafino Iacono, Executive Co-Chairman of Gran Colombia commented, “Our operations are continuing to meet expectations in early 2018. In January, we produced a total of 16,700 ounces of gold with Segovia contributing 14,613 ounces and another 2,087 ounces coming from our Marmato Operations. We’ve had good response to our proposed Offering and in light of investor feedback in the current gold market, we have decided to remove the US$1,400 per ounce ceiling on the premium that investors will receive on the quarterly sale of the ounces in the gold trust account. This will provide investors with full upside participation in gold prices above the guaranteed floor price of US$1,250 per ounce, enhancing their potential return on investment.” > http://www.stockhouse.com/companies/bullboard?symbol=t.gcm&postid=27917838 gcm securities attractive Question regarding outstanding shares- Thanks in advance for help. After the notes are converted what will be the number of outstanding shares. By knowing that we can estimate earnings per share and apply a reasonalbe p/e ratio. Furthermore the tie up with Iamgold is the diamond in the rought which is not valued. Should GCM spin it off? That is a valid question at this point 2 the remaining 2018 debbentures will be settled on August11 2018 .... -38 million shares if they choose paying in cash (not likely) -57 million shares if they choose pay down the remaining 37 million USD (2018 debentures) in shares ..more likely... 3 nothing is horrible for the company and shareholders... the notes saves us from bigger dilution .. without the refinancing the fully sharecount was near 70-80 million shares .. a rise in the POG of 100$ (from 1250$) means potential lower revenue from gold (gold in the trust) of only 1,5 million$ p.a. .... thats peanuts... ...the company is an an wonderful postion now ... cashed up bigtime and huge free cashflow... enough monay at the pocke for Capex of Segovia (tailings,filter presses, modernisation of underground-operations , exploration... this will lead to a more stable production, more reserves , lower enviormental footprint ->maybe repayment of enviormental bands).... ...Marmato will be the next big thing.. 4 notes not trading higher- The notes will give owners six year options at 2.21, so in the money, and notes that pay 8.25%. What am I missing here? seems to me the notes are a buy. 5 The new notes aren't listed and haven't even been issued yet. Not sure what you mean by "notes not trading higher". 6 ZANCUDO : I haven`t looked at the deal with IAM Gold for a long time but I don`t think it should be spun off . Zancudo , if historical work means anything could be the biggest of the three properties . GCM simply did not and has not got the money to develope it . That was one of the reason they abandoned drilling there . This way we could eventually get 1/3 of a mine at no cost to us . I believe we will also collect some nice stage payment and don`t quote me , but a royalty . This is one hell of a deal for us . > http://www.stockhouse.com/companies/bullboard?symbol=t.gcm&postid=27924126

Fission / FCU vs Cameco ... update

Donald J. Trump‏Verified account @realDonaldTrump 10h10 hours ago So funny, the Democrats have sued the Republicans for Winning. Now he R’s counter and force them to turn over a treasure trove of material, including Servers and Emails! === MARL LEVIN CONCURS: "The Liberals have no idea how stupid Tom Perez is. The DNC has opened up DISCOVERY." Mark Levin Show 04-20-2018 Democratic Party files lawsuit against Russia, Trump campaign You are allowed to defend yourself, so defense lawyers have opened the Door -- to aggressive litigation to explore "the evidence", like the DNC server. etc, Levin: "I am telling you: THIS IS A GOLD MINE!" "I am strongly recommending to everyone to use this as a chance to defend themselves, with vigorous litigation!" "Mr Comey has condemned himself" (with his memos, including leaks, which he gave "to a friend")

The Bitcoin correction may be over - an ABC correction is in place BTS ... 12mo : 5mo : 10-d : $10,000 next resistance? ==

ASA Gold & Precious Metals Ltd. ... update : 3-yrs : 3yr-vs-GDX : Discount to NAV ... update : website : 3-yr ratio: ASA-to-GDX - like discount to NAV ==

Resource World Magazine Osisko Gold Royalties shares sink on Q4 ... Feb 20, 2018 - Osisko Gold Royalties Ltd. [OR-TSX, NYSE] shares tumbled Tuesday February 20 after the company released year-end results that featured a sizeable fourth quarter loss. The stock was down 9.65% or $1.29 to $12.09 at noon on Tuesday. The shares trade in a 52-week range of $17.58 and $12. Goldcorp's ... / 2 / Osisko Closes Financing on Victoria Gold’s Eagle Gold Project Yahoo Finance, 4/16/2018 About Osisko Gold Royalties Ltd Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a… / 3 / Osisko wades into iron ore amid ‘perfect’ market for ... Osisko wades into iron ore amid 'perfect' market for royalty companies Osisko Gold Royalties Ltd. said Friday it has confidence in its recent acquisition of a stake in Labrador Iron Ore…

Ely Gold Royalties Sells County Line Project to Gold Resource ... https://investingnews.com/.../gold.../ely-gold-royalties-sells-county-line-project-gold-r... Mar 12, 2018 - Ely Gold Royalties Inc. (TSXV: ELY) (OTC Pink: ELYGF) ("Ely Gold" or the "Company") through its wholly owned subsidiary, Nevada Select Royalty, Inc ("Nevada Select") is pleased to announce that it has entered into a definitive purchase agreement with Gold Resource Corporation (NYSE MKT: GORO) ...

JUNIOR ROYALTY CO'S Royalty Co.-: Sym. : F/X : 04/20 : MktCap : BkVal. : P/BV : P/CF : CaFlow > CF '18: P/CF Abitibi Roy'l : RZZ.v : CAD : $10.06 : 114.7M : $2.98 : 3.377 : 52.95 : $0.190 > $0.28 : 35.9 MaverixMet : MMX.v: CAD : $1.650 : 253.4M : 0.875 : 1.885 : 55.16 : $ 2.99 : MetallaRoyl : MTA.v : CAD : $0.870 : $64.5M : 0.215 : 4.051 : 47.09 : $0.018 : AuRicoMetl : AMI.t : CAD : $1.795 : 291.0M : 00.00 : -n/a- ElyGoldRoyl : ELY.v : CAD : $0.125 : $9.51M : 0.062 : 2.026 : -n/a- : ========== there are just four junior streaming & royalty companies publicly listed and available to investors. Maverix Metals is a relatively new company, formed in April 2016 by acquiring a package of 13 royalties and precious metal streams from Pan American Silver. This was followed up by acquiring 11 royalties from Gold Fields in December 2016. There is no doubt Maverix is in the streaming & royalty game to become a major player. However, it is majority owned by both Pan American Silver (40%) and Gold Fields (32%) and according to our analysis, overvalued. This may scare off potential suitors, but also benefits Maverix when it makes acquisitions using shares. AuRico Metals is collecting royalties from four mines, including a 1.5% NSR on Alamos Gold’s Young-Davidson mine. AuRico has dedicated the lion share of its effort in developing its Kemess Underground Project, which boasts an after-tax NPV5 of C$289 million and IRR of 12.6%. The initial capex for Kemess is projected at C$450 million, and we would not be surprised if AuRico monetizes its royalties to cover a chunk of the financing. Abitibi Royalties’ flagship royalties was acquired when it sold its 30% interest in the Malartic CHL project to Yamana Gold and Agnico Eagle Mines. The company now owns 3.5 million shares of Yamana and 4.4 million shares of Agnico Eagle for a total value of C$42.9 million. The majority of Abitibi’s value is derived from these shares, but it has been innovative in its search for royalties. Preaching a mandate of ‘closeology’, Abitibi announced a contest where it would pay for claim fees in exchange for a royalty, especially for acreage near an operating mine. This was able to yield some NSRs that may be come valuable in the future. For now, Abitibi Royalties is generating value by buying back shares, which is often an indication of no deals in the pipeline. Metalla Royalty and Streaming is the newest royalty company, recently completing its first cash flowing stream. The company’s flagship NSR is the 2% NSR on Goldcorp’s Hoyle Pond Extension. Hoyle Pond currently produces over 160,000 ounces per year and been in operation since 1985. The Extension has been subject to major investment by Goldcorp, and we estimate will provide MTA with over C$5.2 million per year for at least 10-15 years. Metalla also has royalties on properties owned by Glencore PLC, Osisko Mining, Detour Gold, Tahoe Resources, and more. Metalla has passed our due diligence, and is currently the only streaming and royalty company in our portfolio. ===== ===== Metalla Royalty and Streaming (CNSX:MTA, FRA:X9CP, OTCMKTS:EXCFF) – Undervalued & Top Acquisition Target CA:MTA / Metalla Royalty & Streaming Ltd. (CVE) ... update Metalla Royalty and Streaming is by far the most undervalued junior streamer, and not surprisingly, also the newest, being formed earlier this year. Nonetheless, it is already on the radar of the majors. President, Brett Heath, has been methodical in structuring this company. With a good vehicle and even better relationships, he has already secured an enviable royalty portfolio that would have taken others many years of dilutive financings to achieve. Current Price: C$0.48 Shares Outstanding: 54.9 million Market Capitalization: C$26.4 million 52-Week Range: C$0.105-C$0.88 Cash: ~C$1.6 million The company’s flagship royalty is the 2% NSR on Goldcorp’s Hoyle Pond Extension, in Timmins, Ontario. Hoyle Pond has been in operation since 1985 and has been producing over 160,000 oz of gold annually. The Extension has been subject to major investment by Goldcorp, including a shaft and 80,000m of drilling. Metalla expects cash flow in 2020-2021, and according to our analysis, the Hoyle Pond Extension yields an NAV of C$540M. Metalla’s 1.5% NSR on the West Timmins Extension is also of value. West Timmins is operated by Tahoe Resources, and currently produces 50,000 oz. per year. Cash flow should kick in sometime 2018-2020, from 500-600 net ounces over 10 years. The NSR is subject to a buyback of 0.75% for C$750,000, which Tahoe will certainly exercise come time. While not as blistering as Hoyle Pond, the West Timmins Extension still bolsters value with an NAV of C$5.3M. Metalla’s most recent deal is also very accretive. The company recently closed a stream with Silverback, a PE firm based in London, to acquire 15.1% of a silver stream for US$2M, plus the option to acquire 16.7% of a gold stream also for US$2M. The silver stream covers 100% of the silver produced from the operation, and is purchased at 10% of spot through to 2026. In 2015, the mine produced 121,682 oz. of silver and 81,873 oz. of gold. > https://palisade-research.com/the-newest-most-coveted-royalty-streaming-company/

Osisko Gold Royalties Sees Rapid Growth As It Catches Up With Leaders Jan.11.18 | Adrian Day Osisko Gold Royalties (NYSE:OR) was the third of the large gold royalty companies. Wheaton Precious Metals, which recently changed its name—and its focus—from Silver Wheaton, was not included in the earlier article since at that time it was not gold focused. Rapid Growth Osisko came into being as a royalty company after the Canadian Malartic mine it had found and developed was sold. Following a hostile takeover bid, Osisko found a white knight who agreed to give the company a very attractive 5% net smelter return royalty. Shortly after, Osisko acquired Virginia Gold and its royalty on the Eleonore deposit which Virginia had found and sold, retaining a royalty, on a sliding scale up to 3.5%, again a very attractive royalty. Eleonore’s buyer, Goldcorp, put the mine into production in 2015. Though there have been geological difficulties encountered, with the ramp-up taking longer than expected, the mine is still attractive with up 20 years ahead of it. With these two assets, Osisko has significant royalties on two long-life mines based in Quebec, one of the safest mining jurisdictions in the world. Since then, the companies has grown by acquiring various royalties, capping its acquisition run last August with the $1.1 billion purchase of a package of royalties and royalty-type assets (streams and an offtake agreement) from a private venture capital company, Orion Resource Partners. The package includes an attractive royalty on a new diamond mine in Canada, again a long-life asset. Some of these newly acquired royalties have buyback rights, most notably a royalty on Pretium’s new Brucejack mine. That mine’s start-up has been successful, there is little doubt now that Pretium will exercise its right. Although one cannot include the upside from these royalties in Osisko’s revenue forecasts, payments made to buy them back will in effect reduce the purchase price. > https://seekingalpha.com/article/4136922-osisko-gold-royalties-sees-rapid-growth-catches-leaders

Royalty Co's, Thesis & Links: When you purchase a company in the precious metals streaming subsector, which I will present and analyze today, you also buy a team that concentrates on handling the risks associated with that commodity as extra insurance. That’s important to note, and a primary perk of purchasing a streaming company in the first place. Generally, investors enjoy streamers for their relatively predictable cash flows, minimal cash costs, low numbers of employees and low risk profiles. Furthermore, miners are attracted to streaming deals because they are not apparently dilutive like equity transactions, and they are also not damaging to their balance sheet. Thus, one of the best and safest ways to invest in gold (or other precious metals or even oil) is investing in royalty and streaming companies. FNV data by YCharts In this study, I will analyze five different streaming companies: Franco-Nevada (FNV) Osisko Gold Royalties (OR) Royal Gold (RGLD) Sandstorm Gold (SAND) Wheaton Precious Metals (WPM) > https://seekingalpha.com/article/4131522-five-gold-royalty-streaming-companies-microscope

CHARTS, Royalty Co's RZZ-etc1 : vs. US Roy'l Co's (rgld, wpm) ... update : w/FNV.t : 5yr-wGDXJ / 1yr : 10d : RZZ-etc2 : vs. CA Roy'l Co's ... update: 5yr-wGDXJ / 1yr : 10d : Abitibi Roy'l: RZZ.v: CAD : $10.06 : 114.7M : 10yr : 5yr : 2yr : 6mo : 10d : Franco Nev. : FNV.t : CAD : $90.77 : 16.88B : 10yr : 5yr : 2yr : 6mo : 10d : WheatonPM : WPM : USD : $21.31 : $9.60B : 10yr : 5yr : 2yr : 6mo : 10d : Royal Gold- : RGLD : USD : $89.46 : $5.86B : 10yr : 5yr : 2yr : 6mo : 10d : Osisko Gold- : OR.t : CAD : $12.58 : $1.97B : 10yr : 5yr : 2yr : 6mo : 10d : Sandstorm- : SSL.t : CAD : $05.91 : 1,090M : 10yr : 5yr : 2yr : 6mo : 10d : Altius Min'l : ALS.t : CAD : $14.19 : 613.2M : 10yr : 5yr : 2yr : 6mo : 10d :

ROY/ Gold Mining Royalty Companies RGLD, GROY, FNV and other top Gold Royalty co's RGLD .vs-etc: 5yr: 2yr: 1yr: 10d: / ... (/$59.78 UGL)... w/EMX 1.21.22: UGL-$59.78, RGLD $102.25 (171%), OR.t 14.58 (24.4%), EMX.t 2.73 (4.6%), GROY $4.49 (7.5%) 1.21.22: UGL-$59.78, RGLD $102.25 (171%), OR.t 14.58 (24.4%), EMX.t 2.73 (4.6%), GROY $4.49 (7.5%)  RGLD ... All: 10yr: 5yr: 2yr: 1yr: 10d: vs-etc: Last: $102.25, -20.2% below peak / 12 mo Range: 92.01-129.69 RGLD to UGL, 5yr: "Normal Range": 1.60 to 2.00, Last: 1.71 FNV / Franco has been a massive outperformer in the L.T. Royalty Co.-: Sym. : F/X : 04/20 : MktCap : BkVal. : P/BV : P/CF : CaFlow > CF '18 : P/CF Abitibi Roy'l : RZZ.v: CAD : $10.06 : 114.7M : $2.98 : 3.377 : 52.95 : $0.190 > $0.28 : 35.9 Franco Nev. : FNV.t : CAD : $90.77 : 16.88B : 32.05 : 2.832 : 26.89 : $3.376 : WheatonPM : WPM : USD : $21.31 : $9.60B : 11.06 : 1.926 : 17.50 : $1.218 : Royal Gold- : RGLD : USD : $89.46 : $5.86B : 34.50 : 2.593 : 20.29 : $4.409 : Osisko Gold- : OR.t : CAD : $12.58 : $1.97B : 12.13 : 1.037 : 33.04 : $0.381 : Sandstorm- : SSL.t : CAD : $05.91 : 1,090M : $4.49 : 1.316 : 18.21 : $0.325 : Altius Min'l : ALS.t : CAD : $14.19 : 613.2M : $7.98 : 1.779 : 37.46 : $0.379 : =========== Average Price-to-Cash Flow for 6 co's (not RZZ): 25.56X . . > Apr'18 RZZ Presentation : http://abitibiroyalties.com/investors/presentations/rzz-presentation-april2018-web.pdf

Bitcoin is Not Dead! AngelList View Online To anybody watching the price of Bitcoin, the blockchain boom came and went. Prices have dropped 60% since December. Startups aren't watching the markets: in the last 3 months, the number of new crypto job listings has doubled. Instead of raising money from VCs, crypto companies are selling tokens on their networks to fund development. These token sales or ICOs were incredibly popular: almost $3B+ was raised in March alone. A new breed of investor has arrived designed to invest in this new model: cryptocurrency hedge funds. MetaStable Capital launched in 2014, followed by Polychain Capital and dozens more over the last two years. Even tech-unicorn Coinbase launched their own investment products. Founded by one of the first employees at Coinbase, Polychain Capital alone has raised over $210M+ from top-tier VCs like Sequoia Capital and Andreessen Horowitz. We talked with Polychain's Niraj Pant ?️ and Anarres Capital founder Jinglan Wang ?️ about their favorite crypto startups and projects: Decentralized Finance ?️ 0x Protocol, a decentralized token exchange built on top of Ethereum. Raised $24M to compete with giants like Coinbase and Circle, and they're hiring engineers, research fellows, community managers, and more. ?️ Stellar is open-sourcing financial access for everyone with low-fee transactions, backed by fintech unicorn Stripe. Hiring for every position. ?️ dYdX is rebuilding the financial derivative market, so you can trade and short any decentralized asset. Hiring engineers in San Francisco.

suberb NEWS! superb news! 23,7 mio shares outstanding + 3 million shares end of April (2018 debentures) + 12 milion shares from warrants =38,7 million shares +appr. 19 million potential shares August 11 2018 if the company pays not in cash 37 million USD 2018 debentures ramaining) =57,7 million shares (fully diluted sharecount) ...this is perfect news!!!!! + a lot of cash at the balance sheet (appr. 20-25 million USD end of april 2018?) ...most undervalued gold company out there ... marketcap near 100 million USD fully diluted , debt down a lot, cash up , stong cashflow , 15 million oz of gold ressources ... thats unbelieveable ..normally SP has to rise to 7-8 CAD Read more at http://www.stockhouse.com/companies/bullboard#Qd3kcA6DiyTcbXz4.99

Receives Requisite Securityholder Approvaval April 20, 2018 TORONTO, April 20, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (the “Company” or “Gran Colombia”) (TSX:GCM) announced today the positive results of the Company’s special meeting of shareholders (the “Special Meeting”) and consent solicitations related to its previously announced proposed debt financing (the “Offering”). With the requisite securityholder approval and consents now received, the Company expects to complete the closing of the Offering on April 30, 2018. Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, “We received a significant amount of interest in the Offering, and to accommodate investors, including existing holders of the Company’s Senior Secured Convertible Debentures due 2020 and 2024 (collectively, the “Senior Debentures”) who wished to roll over their positions into the Offering, we have increased the size of the Offering to up to 98,000 Units for aggregate gross proceeds of up to US$98 million, maintaining our objective of keeping a tighter level of debt on our balance sheet. This will enable us to fully redeem the Senior Debentures at par as planned. Any remaining cash proceeds will be used for general corporate purposes. We have now received the requisite shareholder approval and the requisite consent of holders of the Company’s Senior Unsecured Convertible Debentures due August 2018 (the “2018 Debentures”) to proceed with the Offering. We have also received the requisite consent of the holders of the Senior Debentures to amend the 2020 and 2024 Indenture (as defined below) to eliminate the requirement to give advanced notice prior to early redemption, allowing us to redeem the Senior Debentures in full shortly after the closing of the Offering, which has now been set for April 30, 2018.” VOTES 2018 Debenture (85.30%) Consent Solicitation and Cancellation of Meeting The holders of 85.30% of the total aggregate principal amount of outstanding 2018 Debentures have provided their consent for the amendment of the Amended and Restated Indenture dated as of August 11, 2011 (as amended and restated as of January 20, 2016) governing the 2018 Debentures to permit the Offering. The Company will increase the annual interest rate on the 2018 Debentures from 1% to 5% effective April 30, 2018, the expected closing date of the Offering, through to the maturity of the 2018 Debentures in August. As such, the previously announced meeting of 2018 Debenture holders scheduled to take place on April 27, 2018 to consider this matter has been cancelled. In addition, holders of US$7,260,659 aggregate principal amount of 2018 Debentures have elected to exchange their 2018 Debentures at the closing of the Offering for a cash payment equal to 19% ($1,379,525) of the principal amount of their 2018 Debentures and the remaining 81% of the principal amount settled with Common Shares, a total of approximately 3,015,966 Common Shares based on the conversion price of US$1.95 per Common Share. Senior Debenture (76.48%) Consent Solicitation The holders of 76.48% of the total aggregate principal amount of outstanding Senior Debentures have provided their consent for the amendment of the Amended and Restated Indenture dated as of October 30, 2012 (as amended and restated as of January 20, 2016), and as supplemented by a Supplemental Indenture dated as of May 12, 2017 (the “2020 and 2024 Indenture”) governing the Senior Debentures to remove the requirement to give advanced notice for the early redemption of the debt, to allow the Company to expedite the redemption of the Senior Debentures shortly after the closing of the Offering. Holders of the Senior Debentures who have previously indicated their intention to participate in the Offering will exchange their existing Senior Debentures to the Units of the Offering at a rate of 1 Unit for every US$1,000 principal amount of Senior Debentures. The Offering The terms of the Offering remain substantially the same as those disclosed in the Company’s press release dated March 22, 2018. As a result of increasing the size of the Offering to US$98 million, the only term that changed from previous disclosure is the number of physical gold ounces that will be placed into the gold trust account, now ranging from 15,600 ounces in the first and second years down to 10,000 ounces in the final year of the six-year term of the new senior secured gold-linked notes. In addition, the total number of warrants issuable pursuant to the Offering has increased to 12.15 million. http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Receives-Requisite-Securityholder-Approval-and-Consents-and-Expects-to-Close-Previously...read more == MAJOR HOLDERS Name-------------------------------- Shares Held As Of Date Neil S. Subin 9.65 M 02/20/18 Serafino Rose Iacono 1.12 M 01/11/18 Frank Giustra 1.07 M 11/25/16 Miguel Angel de la Campa 1.07 M 01/11/18 Radcliffe Corp. 769.1K 11/25/16 Hernn Juan Jose Martnez Torres 462.0K 10/11/17 Blue Pacific Assets Corp. 235.9K 10/31/17 Michael M. Davies 56.72K 10/31/17 Rodney D. Lamond 18.33K 04/3/17 Laureano von Siegmund 1.77K 10/31/17 ===== more at http://www.stockhouse.com/companies/bullboard#kjZugBAzbwlXo40F.99

GOLD is sitting at a possible Breakout Point GLD / Gold etf ... update MNT.t / Royal Canadian Mint ... update Shows LOWS every year, near year end

Re: Market Situation ... 1st post on this page (I received this comment of the MM Real Estate, Viber chat): I agree with you ...on the assessment on the current market, and that is hard to get real numbers to get an accurate picture of if we are close to a large correction. Colliers market report is the best I found so far (not sure how reliable the data is ?) In Colliers report the expected vacancy for the Bay area is 18 % !! I think long term the Philippine property Market looks good with an increase in average wages and an overall increase in economic activity and near-term infrastructure projects. However, I can’t see how the huge supply in some areas would be sucked up by local rental demand. And as you said as long as the developers can manage to sell properties to foreign buyers on “made up performas” the party would still go on. However, at some point the music would stop. I know from other markets a good indication on that there is issue on the rental demand side is to look into the Banks quarterly reports and look for the loan default rates, if it start to creep up that should be a red light that both developers have issues with some of tier projects but also that private investor starts to default on the property investment loans - R.L., on a Viber chat

"... I have seen BABY BOOMERS in Breeze Residences. Especially American Baby boomers, and I have seen them in the sales offices of Avida Land and other places, and lo and behold, the number of people reaching the age of 65 is going to increase until 1961+65 = 2026 ..." The must get terribly bored at Breeze Residences. How much shopping & gambling can you do? Personally, I get bored at the beach - that's why I prefer a genuine urban environment like Makati or BGC. I do see many older foreign people in and near Greenbelt Mall, but not a flood in the way I have seen a flood of Chinese over the last 2-3 years This makes China the third country of origin of tourists in the Philippines, next to South Korea and the United States. > http://cnnphilippines.com/news/2017/01/28/Chinese-tourists-surge-in-PH-after-Duterte-state-visit.html 1 / Colliers said Chinese investors accounted for 10 percent of SM Prime's international condominium sales in 2017, an improvement from less than five percent in 2016, 2 / Ayala Land noted that the Chinese buyers accounted for nearly 50 percent of its international sales last year,” Colliers explained

DEBT RESTRUCTURING - is up for Bondholder approval today Seems likely to pass, and the GCM stock is performing well. Last: C$2.63 +0.08, +3.14% GCM.t / Gran Columbian Gold ... update Outstanding Debentures Deb-rate : YrE-2017 : Converted: 3/27/18 : Sh.Issued: Converted: 4/20/18 2020-6%: $48,696K : $0,674K : $48,022K : 0,345.4k 2024-8%: $46,955K : $3,624K : $43,331K : 1,858.7k Sub-Total $95,651K : $4,298K : $91,353K : 2,204.1k 2018-1%: $45,160K : $1,174K : $43,986K : 0,602.0k : $7,260K : $36,726k : ===================: ====================== : Total- : $140,811K : $5,472K: $135,339K: ----------------> (7,260K): $128,079K DEBT O/S SinkFd. ( $11,900K) : -------------------------------- : ----------------> --------------> (11,900K) Shares OS : 20,866K : + 2,806K = 23,672K : ----------------> 3,016 K : 26,687K : $7,000K x 19% ($1,379,525 Cash)

GZZ BULLBOARD Comments Very Quick Video Overview of Golden Valley Mines posted April 09, 2018 - by CaptainDuff Grassroots exploration projects in the Abitibi. An interview with CEO Glen Mullan. RE:RE:stateside just about any gold stock invester has never posted April 08, 2018 - by blueray like I said when rzz is pushing 52 week highs and gzz is going south there's a problem with management..............otherwise they would be tracking the same. I knew the Glenn comment would stir it up as its been a touchy subject ....... ..read more RZZ / Abitibi Royalties vs GZZ / Golden Valley ... update : +IZZ+MZZ : Possible Cycle - over 12 months RATIO: GZZ -to-RZZ GLVMF / Golden Valley, USD quote ... update

Last year, Amazon (AMZN) announced plans for a second headquarters, which will create as many as 50,000 jobs and cost $5 billion to build. It received 238 proposals for the site and whittled those bids down to 20 finalists. A decision is expected this year. An artist's rendering of a possible development at the Lincoln Yards in Chicago, which has been proposed as a home for Amazon's second headquarters. Public spaces will include the Lincoln Yards open air market for local farmers and vendors to sell goods. Amazon's second headquarters search hits crunch time; one group ... Apr 2, 2018 - SAN FRANCISCO — And you thought cleaning up before the in-laws come over is nerve-racking. The 20 finalist cities in Amazon's second headquarters search are in the midst of a grueling series of visits by company executives as each makes its play for the high-tech jobs bonanza the Seattle company ... So far, Amazon staff have visited about half, with more trips scheduled for April and beyond. The company plans to make a decision by Dec. 31, barring some huge upset, and once it's made, hiring in the anointed town will begin in 2019. Philadelphia got a visit, but it's not exactly clear when Amazon came. Mayor Jim Kenney told the Philadelphia Inquirer only that the Seattle team came for about a day and a half, but wouldn't say when or what they did, beyond that they didn't meet directly with him. The Washington, D.C., area has three separate areas vying for the Amazon headquarters: Washington, D.C., itself, Montgomery County, Md., and Northern Virginia. All three got visits the first week of March. Both Virginia and Maryland are offering up cities near to D.C. Virginia suggests Alexandria and Arlington, while Maryland has focused on the White Flint area of North Bethesda, which is near a Metro station with a direct link to Washington, D.C. Washington, D.C., has been seen as a front-runner in the fight to get Amazon, for several reasons. One is its proximity to the federal government, which would give the Seattle company more of a hometown advantage as it fends off suggestions that the rapidly growing enterprise be tamed by regulation or taxation. Help-wanted ads point to Boston and DC area as top sites for Amazon ... 18 hours ago - Boston and the greater Washington, D.C. metro might be the most likely places for Amazon to build its second headquarters If help-wanted ads are any indication. Using online ads as a guide, the Conference Board’s economic research group found that Amazon’s listings for those sort of jobs are growing the fastest in the Boston and Washington, D.C., metropolitan areas. Amazon has shortlisted not just the District of Columbia but also neighboring Northern Virginia and Montgomery County, Md., for the second headquarters. Median AMAZON Salary: $28,446...

BPI to rebuild head office in Makati Published April 19, 2018 BPI's existing Head Office The Bank of the Philippine Islands (BPI) said on Thursday that plans are afoot to rebuild its head office in Makati City. In a press conference, BPI president and CEO Cezar Consing said the bank will start demolishing its current building at the corner of Ayala Avenue and Paseo de Roxas in 2019. “Our plan is towards the end of the year, and we’ve actually started, we’re vacating,” Consing noted. > http://www.skyscrapercity.com/showthread.php?t=2080761

HOW SOON is a Bubble Corrected? Was just One Year enough to make a bottom in Ontario (-30% for some properties) First, a prediction from last year Real Estate Crash 2018 | The Canadian Bubble Bursts Is this pundit premature? Real Estate Crash OVER Already? - Garth Turns BULL I agree with the Video. "the advice to Buy Now may prove bad advice" I have seen most Corrections on the Long Cycle upswing (12-15 year up), take at least 3-5 years to the downside Example: 12-15 years Up + 3-5 years Down = 15-20 year Cycle. Even so, the Correction may come in 2-3 bursts of 1-2 year drops. So Toronto Ontario may get a rally, after a drop, and the downcycle may be less than Halfway over Formafist says, "you are only going to know a bottom, when you are Past the Bottom" Here: IMPORTANT: How to Time the Real Estate Market

"Dr Bubb, when is the Philippine Real Estate market going to run out of bigger fools???" - ECB, on previous page Greater Fools look only at the rising Prices of New Properties, and ignore Rental yields and Secondhand prices. In the PH, it is impossible to see accurate Secondhand prices for the Overall market, and RENTS that are most visible on the internet are only Asking Rents, not the final negotiated Rents that people actually pay. So in watching market trends, I have to partly rely upon a parallel market, the Philippines Stock Market to get my most timely readings on what is actually happening in the current market. In I am now monitoring SMPH's prices closely, because I think it may be the best bellwether for what will happen to overall Manila Condo Prices. SMDC is probably the most active developer in the Manila Bay area. which I think will be "Ground Zero" for the next downcycle in PH property. (SMPH, is the quoted stock market entity, one of the highest market cap companies in PH, that owns SMDC.) SMPH / SM Prime Holdings Inc ... 5-yrs / 10-yr : 3-yr : 1-yr : 10d / Last: P32.30 -1.40, -3.87% SMPH is right now. late morning today, trading at P 32.30, and if it closes there, it will break below the uptrending channel, going back to 2014. Next big Support test would be the old high at P31. If that gets broken with strong volume, and trading pushing below that support, it could be an early sign that the long bull market in Manila Condos is ending. Indeed, I am expecting that because: + SMDC could hide the reality of Oversupply, when they are just selling expensive Condos to over-eager buyers, who believe their hype. But once the projects are completed, the reality shifts: + When the Owners get their keys, and those who are investors try to rent them out, they will soon discover the Law of Supply and Demand. If there are too many condos in the market, more than there are Tenants for them, Rents will be forced lower. Certain areas of Manila are most vulnerable now to falling Rents, and SMDC has been (probably) the largest developer within those vulnerable areas. + The Statistics will show us the most vulnerable area(s), and they are not hard to spot: Area SUPPLY : 12/2017: 2018 Completions : 2019 Completions > 2018-19 : Manila Bay--- : 11,000 : 11,900, +108.2% : + 2,600, + 23.6 % > +131.8 % BGC/The Fort : 27,500 : +9,300, + 33.8 % : + 3,000, + 10.9 % > + 44.7 % Makati CBD--- : 25,000 : +2,600, + 10.4 % : + 0,600, + 02.4 % > + 12.8 % Ortigas Center: 17,400 : +1,100, + 06.3 % : + 0,600, + 03.4 % > + 9.7 % ---- Gr. Manila > 101.6k : 27,200, + 26.8 % : + 8,200, + 08.1 % > + 34.9% > source: http://www.colliers.com/-/media/files/marketing reports/4q2017_colliers_quarterly_residential.pdf Despite the projected huge rise in supply, Collier's estimated vacancies at year-end 2017 were "flat" at 12.6% for Greater Manila "due to delays". Vacancies are expected to rise "to the mid-teens" in 2018-19, before falling back. But not all areas in Greater Manila are equally easy to Rent. For Manila Bay, the prospects are likely to be far worse. The statistics show a doubling of supply in a single year and 130%+ over the next two years. This is a grim scenario for those who own Condos in Manila Bay. Where are all the new tenants going to come from? Right now, SMDC is telling buyers of 1BR condos, costing over P7 million (a gigantic P280k psm) to expect a rent of P 30-35,000 Monthly. At P30k, that's gross Yield of just 5.1% on today's inflated prices. Indeed, there are some condos advertised for Rent at those prices, but who knows what the actual rents are when a serious tenant is through negotiating. (I do have some suspicions that Asking Rents are being inflated to make potential Buyer's calculations look better - ie some ads may be "planted".) In any case, those are rents being asked today, BEFORE the doubling of supply. What will Manila Bay rents be in 2-3 years after all the new supply hits the market. Maybe 30-50% Lower? Maybe even below that for restricted view or poorly looked after units, because New hotels are coming into the area, and Condo Associations are beginning to restrict and prohibit short term AirBNB type tenants. The area hotels, which are still expanding want to protect their business franchise, so they are pushing for more restrictions and more taxes on short term tenancies in condos. How easy will it be to find Long Term tenants in the area, when a commute to Makati or BGC can mean battling traffic, and there are cheaper (older) flats within those areas. I do not see rapid growth of new tenant being easy in the area, especially for businesses servicing tourists. I am thinking of a factor not much discussed, the limited size of the nearby NAIA airport. Right now, NAIA is operating at close to 90% of capacity. (Takeoffs are 41-44 per hour, and the maximum is 48 per hour.) And given the small size of the airport, there is not enough space for a second runway. The logical growth, is to move future growth to Clark Airport in the North. Are new people, the tourists whom the growth in Clark will be servicing, be willing to take a 2-3 hour bus, van, or cab journey across crowded Manila to stay in a new hotel or new condo in Manila Bay? I have serious doubts that will happen. There's no easy and obvious place for the new tenants to come from. I'm not expecting aggressive expansion of offices in Manila Bay, because land is no longer cheap in Manila Bay, and the area is too cutoff (by heavy traffic congestion) from other places of business. I am expecting this New Reality (of "obviously Excess Supply") to effect stock prices first. Institutional investors who were happily buying SMPH stock last year, probably because they saw SMDC raising Condo prices aggressively, and it seemed to be sticking - But now...

A good video from our (new) friend in Canada who likes making videos - more here, near bottom of page. Can Real Estate Drop 50% ? Toronto prices peaked at C$920,000 in Spring 2017. Can a 50% Drop happen Manila, Philippines? "Anything can happen" is a pretty good mantra for markets anywhere. I do not expect that to happen for Manila as a whole. But there are some areas where it might happen. (Manila Bay, Supply snapshot): Area SUPPLY : 12/2017: 2018 Completions : 2019 Completions > 2018-19 : Manila Bay--- : 11,000 : 11,900, + 108.2% : + 2,600, + 23.6 % > +131.8 % For example, if a 1 BR unit in the Manila Bay, which SMDC sells Today for P7.4 million (or P280k psm), could go back to the P3.5 million level where it was just 2-3 years ago. I will explain WHY I think that is possible on the next page My quarterly chart shows inflation, and the inflation-related price for Makati is just P120,000 per sqm. And Manila Bay with a glut on Condos will have to compete with Condos in Makati and BGC, which will arguably be more desirable for investors