Sonntag, 26. Mai 2013
Es gibt eine ganze Reihe Aktien von Minenunternehmen, deren Kosten - egal welche Definition man nimmt - so niedrig sind, dass sie als Gewinner aus der jetzigen Entwicklung hervorgehen dürften.
Es gibt eine ganze Reihe Aktien von Minenunternehmen, deren Kosten - egal welche Definition man nimmt - so niedrig sind, dass sie als Gewinner aus der jetzigen Entwicklung hervorgehen dürften. Die Analysten von Goldman Sachs nennen Fresnillo und Randgold. David Morgan vom Morgan Report hat Kennzahlen ermittelt, die für Silver Wheaton, Fortuna und First Majestic sprechen. Wer sich in erster Linie für sogenannte Royalty-Konzerne erwärmen kann, setzt neben Silver Wheaton auch auf Royal Gold und Franco-Nevada. Deren Kosten sind extrem niedrig, weil sie mit ganz wenig Personal Edelmetalle zu Festpreisen günstig von Rohstoffkonzernen kaufen, für die Gold und Silber nur Nebenprodukte sind. Die deutschen Börsen verfügen für alle hier genannten Aktien über ein Handelsvolumen, das in der Regel die unkomplizierte Anlage bis zu fünfstelligen Beträgen ermöglicht. Wer mit höheren Beträgen einsteigen will, ordert zweckmäßigerweise in Toronto oder New York.
© Manfred Gburek
www.gburek.eu
© Manfred Gburek
www.gburek.eu
Sentry Select Primary Metals Corp. confirms its distribution (TSX:PME)
PRESS RELEASE: Sentry Select Primary Metals Corp. confirms its distribution (TSX:PME)
14.03.13 13:30:03- DJPN
14.03.13 13:30:03- DJPN
TORONTO, ONTARIO--(Marketwire - March 14, 2013) - The Board of Directors (the "Board") of Sentry Select Primary Metals Corp. (TSX:PME) (the "Corporation") announces that it has reviewed the Corporation's distribution payout in the context of the current environment for gold mining equities. The Corporation's manager, Sentry Investments Inc. (the "Manager"), has provided the Board a detailed review of the Corporation's portfolio along with the Manager's view on the fundamentals for gold and gold mining equities. As a result of this review, the Board has decided to maintain the distribution at $0.09 a share per month for the foreseeable future. It is the intention of the Board to reevaluate from time to time the Corporation's distribution in the context of portfolio return expectations and to make changes to the distribution when the Board feels such changes represent a net benefit to shareholders. PRIMARY METALS CORP. Sentry Select Primary Metals Corp. is designed to provide shareholders with long-term capital appreciation. The Corporation is invested in an actively managed portfolio consisting primarily of securities of mining and exploration issuers, with a current focus on gold issuers. SENTRY INVESTMENTS Sentry Investments was founded in 1997 and has grown to become one of Canada's largest and fastest-growing independent asset management companies. Sentry manages $10 billion in assets on behalf of more than 300,000 Canadian investors. Sentry offers a diverse range of award-winning investment products available through financial advisors, including domestic, international and income-oriented mutual funds and separately managed accounts. Sentry is one of only three firms to receive four consecutive Brendan Wood International TopGun Asset Management Team Awards (2009 to 2012). Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to Sentry or the Corporation. The forward-looking statements are not historical facts but reflect Sentry's or the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry and the Corporation believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements. Sentry and the Corporation undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. For a complete disclosure record of the Corporation, please visit its profile at www.sedar.com. Sentry Investments Inc.
Mystery Surrounding Collapse Of Hong Kong Mercantile Exchange Deepens; Four Arrested
Mystery Surrounding Collapse Of Hong Kong Mercantile Exchange Deepens; Four Arrested
A week ago, when the brand new Hong Kong Mercantile Exchange suddenly shuttered after being in operation for only two years, urgently settling what little contracts were outstanding, many questions were left unanswered.
Such as: how it was possible that the exchange, expected by many to become the new preferred trading venue for Asian precious metals and to steal the CME's crown, could close on such short notice, without barely having been given a fair chance at being profitable, let alone dominating Pacific rim metals trading.
This mystery deepened further after reports that the exchange barely had seen any volume, with allegedly only a tiny 200 open contracts remaining to be settled upon shuttering.
Now, the confusion surrounding the HKMex closure has taken another big step for bizarrokind following news that not only have at least four HKMex senior executive have been arrested having been found to be in possession of false bank docs for nearly half a billion in dollars, but that government itself was forced to "shore up confidence" in CY Leung, Hong Kong's 3rd Chief Executive, whose former top aide was none other Barry Cheung Chun-yuen, founder of the HKMex.
Yet another major geopolitical scandal centered around gold: how original.
From the South China Morning Post:
Three mainland men charged in a scandal over the failed Hong Kong Mercantile Exchange (HKMEx) were found in their hotel rooms with false bank documents purporting to be worth hundreds of millions of dollars, a court heard yesterday.Dai Linyi, 65; Li Shanrong, 49, and Lian Chunyan, 50, who were arrested on Tuesday, appeared in Kowloon City Court charged with "possessing false instruments with intent".The men were detained after the Securities and Futures Commission found serious irregularities with the finances of the exchange - chaired by executive councillor Barry Cheung Chun-yuen - and handed the details of its inquiry to the police.
Specifically, among the confiscated false documents were an acknowledgment letter, two letters of guarantee and three proofs of funds allegedly issued by HSBC and Standard Chartered Bank. There were also time deposits and at least one telegraphic transfer. "The acknowledgement letter, which was found among Dai's papers, was dated April 23 and allegedly issued by Standard Chartered in relation to a cheque for US$460 million (HK$3.57 billion). He also had a letter of guarantee from the same bank undertaking to pay US$460 million to a Zhang Jisheng."
Just as "surprising" is that HSBC is involved in another potential money-laundering scheme:
Dai also had a proof of funds dated May 8 and allegedly issued by HSBC confirming that US$11 million had been deposited into an account held by Lian. Both Li and Lian also held two other such "proofs" with the same descriptions. In addition, Dai and Lian had two documents dated May 7 proving the existence of two separate deposits of US$11 million each in another account held by Lian, the court heard.
However that is just the beginning:the scandal over the failed exchange threatens to go to the very top of Hong Kong's political ladder, following Friday's resignation of HKMEx founder Barry Cheung Chun-yuen, from all his public duties - including executive councillor and head of the Urban Renewal Authority - on Friday and is himself under police investigation over the collapse, the government has said.
The probe into the collapse of the Hong Kong Mercantile Exchange has widened, with police questioning three senior executives of the failed commodities agency.Separate sources confirmed yesterday that detectives from the commercial crime bureau had talked to a total of four staff from the exchange.
Where things get truly bizarre is the news that the head of Hong Kong itself and the founder of the HKMEx were very close.
The probe into the collapse of the Hong Kong Mercantile Exchange has widened, with police questioning three senior executives of the failed commodities agency.Separate sources confirmed yesterday that detectives from the commercial crime bureau had talked to a total of four staff from the exchange.Meanwhile, government officials moved to shore up confidence in Leung Chun-ying's administration amid the growing controversy surrounding HKMEx founder Barry Cheung Chun-yuen, who was formerly his top aide.Cheung resigned from all his public duties - including executive councillor and head of the Urban Renewal Authority - on Friday and is himself under police investigation over the collapse, the government has said.Speaking to the Sunday Morning Post yesterday, Cheung, 54, would say only: "Sorry, I am not taking calls today. I am at home with friends and family."
How long before there is a connection between Cheung and Hong Kong's top man CY Leung? Probably not very.
In the meantime, we don't hold much hope for the resurrection of the now shuttered mercantile exchange:
Meanwhile, Ben Kwong Man-bun, one of the 37 broker members of the HKMEx, said the exchange's business model would make it difficult for any would-be investor, or "white knight", to consider rebuilding the exchange."If you look at the exchange's record, not too many members were actively using the platform," he said. "[The exchange] needs a lot of capital and infrastructure."
So... what was the HKMEx being used for? Well, one explanation is that it was nothing more than a highly structured gold financing vehicle?
Huh?
Recall our lengthy article about China's Copper Financing Deals, and how China is cracking down on the practice: something which will likely unencumber 500,000 tons of copper as Letter of Credit collateral, and force its market liquidation, further crushing the spot price.
The opposite process can also be just as true: while in China copper has long been the preferred financing-creation asset of choice, in Hong Kong it may well have been gold. Which ostensibly would make the previously discussed CCFDs convert into HKGFDs.
And with the recent collapse in the price of paper gold, suddenly the infinite rehypothection chain that whatever gold was at the HKMEx was used for, found itself in jeopardy, with margin funding pressure forcing collateral chains to break, as counterparties suddenly demanded excess margin on existing arrangements.
The subsequent escalation in the serial failure of assorted "HKGF" deals may have been the ultimate reason why suddenly not only the very exchange - which may have been nothing than a glorified bonded warehouse for tons of LC collateral - was forced to promptly shutdown, but all those associated with it had to scramble to procure fake financial documents on short notice to avoid someone else's wrath, while the found a way to ride into the sunset.
Naturally, all of the above is still speculation, and much can change in the coming hours and days as more information is disclosed, however, if indeed this is a scandal about (multiple times) encumbered gold, if it reaches the very top of HK's power structure, one can be assured that there will be some very angry counterparties on the losing side of whatever gold-financing deals Hong Kong's top politicians had engaged in over the past two yeas.
MORT: All Fund Holdings as of 05/24/2013
| All Fund Holdings as of 05/24/2013 | |||||
| Number | Holding | Ticker | Shares | Market Value | % of net assets |
| 1 | Annaly Capital M | NLY US | 1,317,715 | $19,001,450.30 | 15.70% |
| 2 | American Capital Agency Corp | AGNC US | 557,072 | $15,442,035.84 | 12.76% |
| 3 | Chimera Investment Corp | CIM US | 2,050,716 | $6,480,262.56 | 5.36% |
| 4 | Mfa Financial Inc | MFA US | 691,003 | $6,274,307.24 | 5.19% |
| 5 | Starwood Property Trust Inc | STWD US | 229,088 | $6,066,250.24 | 5.01% |
| 6 | Two Harbors Investment Corp | TWO US | 489,017 | $5,618,805.33 | 4.64% |
| 7 | Hatteras Financial Corp | HTS US | 215,174 | $5,532,123.54 | 4.57% |
| 8 | Invesco Mortgage Capital | IVR US | 276,936 | $5,378,097.12 | 4.44% |
| 9 | Cypress Sharpridge Investmen | CYS US | 465,548 | $5,325,869.12 | 4.40% |
| 10 | Northstar Realty Finance Cor | NRF US | 532,546 | $4,931,375.96 | 4.08% |
| 11 | Armour Residential Reit Inc | ARR US | 853,955 | $4,799,227.10 | 3.97% |
| 12 | Redwood Trust Inc | RWT US | 215,223 | $4,375,483.59 | 3.62% |
| 13 | Colony Financial Inc | CLNY US | 170,163 | $3,850,788.69 | 3.18% |
| 14 | New Residential Investment | NRZ US | 519,664 | $3,601,271.52 | 2.98% |
| 15 | American Capital Mortgage In | MTGE US | 156,94 | $3,476,221.00 | 2.87% |
| 16 | Pennymac Mortgage Investment | PMT US | 145,684 | $3,455,624.48 | 2.86% |
| 17 | Capstead Mortgage Corp | CMO US | 251,672 | $3,085,498.72 | 2.55% |
| 18 | Newcastle Investment Corp | NCT US | 519,664 | $2,738,629.28 | 2.26% |
| 19 | Istar Financial Inc | SFI US | 200,807 | $2,383,579.09 | 1.97% |
| 20 | Anworth Mortgage Asset Corp | ANH US | 380,377 | $2,194,775.29 | 1.81% |
| 21 | Resource Capital Corp | RSO US | 257,051 | $1,647,696.91 | 1.36% |
| 22 | Apollo Commercial Real Estat | ARI US | 90,16 | $1,595,832.00 | 1.32% |
| 23 | Dynex Capital Inc | DX US | 135,672 | $1,442,193.36 | 1.19% |
| 24 | Rait Financial Trust | RAS US | 160,378 | $1,321,514.72 | 1.09% |
| 25 | Winthrop Realty Trust | FUR US | 78,275 | $1,016,792.25 | 0.84% |
| 26 | Other/Cash | 0 | ($27,654.03) | -0.02% | |
MORT Top Ten Holdings
Data as of
MORT Top Ten Holdings
- Annaly Capital Management, Inc.(NLY ): 16.34%
- American Capital Agency Corp.(AGNC ): 14.31%
- Chimera Investment Corporation(CIM ): 5.15%
- MFA Financial, Inc.(MFA ): 5.10%
- Starwood Property Trust, Inc.(STWD ): 4.98%
- Two Harbors Investment Corp(TWO ): 4.77%
- Hatteras Financial Corporation(HTS ): 4.63%
- Invesco Mortgage Capital Inc(IVR ): 4.61%
- Newcastle Investment Corporation(NCT ): 4.47%
- ARMOUR Residential REIT Inc(ARR ): 4.30%
Total Holdings: 26
http://etfdb.com/etf/MORT/holdings/
ANNALY CAPITAL MANAGEMENT, INC. NLY US
AMERICAN CAPITAL AGENCY CORP. AGNC US
CHIMERA INVESTMENT CORP. CIM US
MFA FINANCIAL, INC. MFA US
HATTERAS FINANCIAL CORP. HTS US
STARWOOD PROPERTY TRUST, INC. STWD US
INVESCO MORTGAGE CAPITAL, INC. IVR US
REDWOOD TRUST, INC. RWT US
CYPRESS SHARPRIDGE INVESTMENTS, INC. CYS US
CAPSTEAD MORTGAGE CORP. CMO US
TWO HARBORS INVESTMENT CORP. TWO US
ANWORTH MORTGAGE ASSET CORP. ANH US
CREXUS INVESTMENT CORP CXS US
WALTER INVESTMENT MANAGEMENT CORP. WAC US
COLONY FINANCIAL, INC. CLNY US
ISTAR FINANCIAL, INC. SFI US
ARMOUR RESIDENTIAL REIT, INC. ARR US
NEWCASTLE INVESTMENT CORP. NCT US
PENNYMAC MORTGAGE INVESTMENT TRUST PMT US
RESOURCE CAPITAL CORP. RSO US
NORTHSTAR REALTY FINANCE CORP. NRF US
DYNEX CAPITAL, INC.. DX US
WINTHROP REALTY TRUST FUR US
APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. ARI US
RAIT FINANCIAL TRUST RAS US
TOTAL CONSTITUENTS
For the most up-to-date listing of the Index Constituents, please visit vaneck.com/MORT.
Index Constituents (WEIGHT IN %)
19.7%
11.5%
7.3%
6.1%
5.0%
4.5%
4.4%
4.3%
3.9%
3.7%
3.5%
3.4%
3.1%
2.3%
2.2%
2.2%
1.9%
1.8%
1.6%
1.5%
1.4%
1.3%
1.3%
1.1%
0.8%
100.0%
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