Tim kiem thong tin tren mang

Murchison launches $1b bid for Midwest

2007-10-11T08:59:00.000+07:00

Australian market news that matters, in 90 seconds or less

Murchison launches $1b bid for Midwest
11 October 2007 - Melbourne Australia

Murchison bids AU$1 billion for Midwest

Home loans drop due to interest rate rise

Telstra to switch on 211 broadband exchanges

Westpac confident RAMS deal will move forward

ASX could hit 7,000 by Christmas

After failing to convince Midwest that a friendly merger was the way to go, Murchison Metals has made a bid for the company valued at approximately AU$1 billion. The move has been seen by some as an attempt by Japanese interests to head off the Chinese in the race to open up WA's lucrative Mid West. The most recent interest rate rise, coupled with low housing affordability, caused a drop in first-home buyer loans and investor led construction in August. Telstra has met the federal government's deadline and agreed to switch on 211 ADSL broadband exchanges, meaning that all Australians will now be able to access broadband internet. Westpac boss David Morgan has expressed confidence that the bank's proposed acquisition of RAMS will go ahead. Meanwhile, the All Ordinaries and ASX 200 were setting new highs again yesterday, prompting some analysts to predict the market will pass 7000 before Christmas.

All the details below...

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The Latest Issue of Australian Small Cap Investigator is Now Online
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The Technology Cycle Starts Up

~ Australia's Growing IT Sector: Sometimes it pays to take a look at sectors that aren't in a roaring bull market. If you do, you may be able to catch a bull market in its early phases. We may have that chance this month with this particular Aussie IT share...

~ Share Tip Updates: What to buy and what to hold...

All of this and more in the just released issue of Australian Small Cap Investigator. If you are not a subscriber to Australian Small-Cap Investigator simply click here to accept our trial offer and get instant access to the latest issue.

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Japan v China for WA iron ore
In what is being seen as a battle between Japanese and Chinese interests for access to West Australian iron ore, Murchison Metals (ASX:MMX) yesterday launched an AU$1 billion bid for Midwest Corporation (ASX:MIS). Murchison, backed by Japanese company Mitsubishi (TYO:8058), made the bid after failing to convince Midwest – backed by Sinosteel – that a friendly merger was the way forward. The companies have different plans on how to open up WA's lucrative Mid West region.

Home loans plummet as housing moves out of reach
First-home buyer loans and finance for investor-led construction dropped substantially in August, as a hike in interest rates and a lack of affordable housing took their toll. Nationally, housing affordability may be at its lowest since interest rates hit 16-17% in 1989-90.

Coonan makes another U-turn
Telstra has agreed to switch on 211 ADSL broadband exchanges around Australia, meeting Communications Minister Helen Coonan's deadline for signing off on approximately AU$40 million in funding for the project. The company's solicitor also wrote an open letter questioning Ms Coonan yesterday, after she said that the federal Government would consider using taxpayer monies to fund a fibre-optic network to Australian homes.

Westpac bid as good as it gets for RAMS
Westpac (ASX:WBC) chief David Morgan has said that he is confident the bank's bid for distressed lender RAMS (ASX:RHG) will be successful, as a rival bid is unlikely to emerge. Mr Morgan also said that the trouble surrounding RAMS is an isolated case.

All Ords on track to crack 7000 before Christmas
The All Ordinaries set a new intraday high of 6667.6 yesterday, with BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) playing a significant part in the index's climb. Analysts say that the market could reach the symbolically significant 7000 mark before Christmas.

All the best,

Chloe Wilson

Gold Breaks Out, But How Many Benefit?

2007-10-08T11:17:00.000+07:00

Gold Breaks Out, But How Many Benefit?
By Chris Weber

I've been noticing a strange thing.

I sometimes meet with readers of my letter, the Weber Global Opportunities Report. Occasionally, they hire me to go over their holdings with them (the only way I can really give good advice is when I know the person and their complete situation). Some I meet at conferences, and even sometimes on trips.

But the strange thing is that with every one of these readers I've come into contact with since the first of the year, they either have very little exposure to the gold and silver area or – in more cases – none at all.

I wonder, they pay to read my opinions and what I am doing, so they must value what they read at least somewhat. In some cases, they actively don't believe gold is going up.

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"Why do you really think this?" is how one put it. Or they think it is going to fall before it rises, and maybe then they can buy it cheaper. "Gold will go to $540 before it goes to $740," said another with great confidence. (He'd never bought any.)

But one blamed me. "You don't seem positive enough about it in your letter, always saying that you may be wrong." Well, I don't know how much more positive I can be. I do enter into almost every investment with the view that I could be wrong, and I try to protect myself in case I turn out to be.

But I say "almost" every investment. I may take my principal out on stocks and even currencies, but I have not done so on my physical gold and silver. This alone should tell you that I don't regard them in the same light. I am willing to risk all of my prior profits because I believe we are still in the early phases of a huge bull market in the precious metals.

I suspect this person who blames me that he doesn't have any metals is the type who usually blames others for his mistakes. But he may have a point. I don't jump up and down and dramatically scream that you should do anything.

There was an advisor back in the 1970s during gold's last bull market. He was famous for saying, "Mortgage the home, mortgage the kids, but buy gold and silver." That's dramatic. Well, he was right. But like so many others, he stayed too long at the party and did not get out or get his readers out at anywhere near the peak.

Maybe I'm too superstitious. I approach investments with maybe too much humility, "rendering to the gods what is theirs." I've always found that the less fanfare you announce something, the better the chances are that it will work out. Anyway, it's not my style to scream and say "GET INTO GOLD AND SILVER NOW!!!"

I can only tell you what I have done, and what I think will happen. I've repeatedly said that my target for gold was $3,000 per ounce and $187 for silver.

Is It Time to Buy Florida Real Estate?

Thailand: An Extraordinary Story of Stability

However, for so many readers not to have any makes me think I am not getting the point across. But then, I think that every bull market takes as few people with it as possible.

The activity gets heavy only just before the bull market makes a temporary high and gets severely overbought. This happened in the weeks leading up to the May 2006 highs. Then, when the market corrects, these latecomers get out in a panic.

But many others never get on until near the very end. This may be what I'm seeing. And with so few people owning gold or silver, it makes me think that we are still very close to the start of the bull market, and not near its end.

Good investing,

Chris Weber

Editor's note: Chris Weber is hands-down one of the best investors we've ever known. In over 35 years of investing, he has never had a losing year.

Right now, Chris is recommending three little-known ways to play the bull market in gold and precious metals - and also a savings account that yields double-digit returns annually. If you're interested in learning more about where Chris is putting his money, click here for the details.

Ho Chi Minh City, VN

2007-10-03T14:40:00.000+07:00

Here is your 5-day forecast for:

Ho Chi Minh City, VN

Qwikcast.com

Today	Tomorrow	Thursday	Friday	Saturday
Partly Cloudy Hi 26° Lo 24°	T-storms Hi 27° Lo 24°	T-storms Hi 28° Lo 23°	T-storms Hi 28° Lo 24°	T-storms Hi 28° Lo 24°

View current conditions, records & averages, weather maps and additional information for this location...

All Signs Point to BUY GOLD

2007-10-02T12:12:00.000+07:00

All Signs Point to BUY GOLD
By Greg McCoach

DENVER, CO--Continued turmoil in the mortgage finance system led to an 8.3% drop in the sales of new single-family homes for the month of August. Meanwhile, builders in the US began work on the fewest homes in twelve years and new building permits dropped 5.9% to their lowest levels since 1995.

Yuck!

Robert Toll, chairman and CEO of Toll Brothers Inc., summed up the current housing market and credit crunch nicely two weeks ago while speaking at the Credit Suisse Homebuilder Conference . . .

Deep doodoo indeed.

Home builders are now launching new promotional price reductions as well as other incentives to attract homebuyers and move standing inventory off their books.

It's an act of desperation that I doubt will have much positive effect for them.

Potential buyers are being constantly inundated with negative media commentary on the housing market, which is further exacerbating residential housing woes.

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There are about twice the numbers of homes on the market for sale compared to a year ago. Buyers have more choices, leading to higher competition among sellers and lower prices.

Furthermore, lending standards across the country are tightening. Folks who want to put no money down on a home are being subjected to more scrutiny when they apply for a mortgage loan. As a result, they are being turned down more often than they were last year.

The consequence is that houses are sitting longer on the market, and once again no one benefits. Homeowners get anxious when waiting to sell their houses and often react by lowering prices and accepting lower offers.

In an effort to help the housing market the Fed stepped in two weeks ago and cut interest rates by a half-percentage point, the first rate cut in the past four years.

It was the old band-aid on the broken leg.

And that's because for the sub-prime mortgage borrowers who are already on the brink of foreclosure, the Fed cut is of little consequence. At this point in the game, the Fed simply cannot help them. The Fed cannot help them!

Moreover, the Fed cannot fix the overall broken house market. It can only work to delay the inevitable.

The world's financial policy technicians will be hard pressed to solve the housing issue. And for now we can't get around the problem. We have to just go through it.

The piper must be paid.

Meanwhile the USD continues to erode in value.

The dollar extended its recorded-setting lows against the euro this morning. The once mighty greenback fell to $1.43 per euro, its lowest level since the 13-nation currency's debut in 1999.

The USD Index, a basket of six weighted world currencies, has also been steadily trending lower. At last look, the USD Index was at 77.86.

Further dollar weakness is probably still in the cards. And an unpleasant thought lingers in the back of everyone's minds: Recession.

Let's face it . . . Americans are spending junkies. We've borrowed trillions of dollars to remodel our homes, take vacations to Tahiti, and buy 60" plasma HDTVs and giant gas-guzzling SUVs.

There are consequences to this lifestyle. And we'll reap what we've sown.

We're living financial history here, ladies and gentlemen. And the best way to hedge yourself against personal fiscal catastrophe is by doing what I've been urging--practically begging--people to do for the past ten years: BUYING GOLD!

With the USD on the back foot and the economy on the verge of recession, precious metals will see continued support.

Gold has recently breached the $750/oz. level as the reality of economic disaster is finally beginning to sink in.

The yellow metal is now at a 28-year high after rising some 10% last month. And the fundamentals for gold have never looked stronger.

Besides the weakness in the USD and the credit crisis, September and October are typically a period when jewelers increase their holdings. Gold ETFs have also been buying aggressively in recent months and central bank selling has cooled off.

Please, do yourself and your family a favor: Hedge the coming financial economic crisis with gold.

Until next time,

Greg McCoach

RBA to decide on rates tomorrow

2007-10-01T09:12:00.000+07:00

RBA to decide on rates tomorrow
1 October 2007 - Melbourne Australia

By Al Robinson

RBA to decide on rates tomorrow

Coonan attacks Telstra

Seven raises Unwired offer by AU$65.6m

Virgin to compete with Qantas on US route

Oxfam accuses Oceanagold of harassing villagers

Tomorrow the RBA will make its monthly interest rate decision. The expensive Aussie dollar may be enough to induce an upward adjustment from our central bank. Strong economic growth is backing the currency. Economic output doesn't appear to have suffered any permanent damage from credit fears. But most analysts are expecting no change to the cash rate. Helen Coonan has fired a return shot at Telstra. The federal communication minister has accused the telco of acting irresponsibly with shareholder funds. Seven is offering Unwired another AU$65.6million for all of the business. The initial bid was AU$127 million. Virgin Blue is looking to muscle in on Qantas territory. US and Australian governments are working on an aviation agreement. This agreement would clear the way for Virgin Blue to operate on the Australia-US route. Meanwhile, a five-year study by Oxfam has the charity organisation accusing Oceanagold of intimidating Filipino villagers.

All the details below...

IMPORTANT REMINDER: In order to ensure that you receive future emails from Money Morning, please add moneymorning@moneymorning.com.au to your e-mail address book.

RBA to meet as dollar thunders
Tomorrow the Reserve Bank of Australia will hold its monthly interest rate meeting. The Australian dollar is at its highest level in 23 years against the US currency. But the futures market indicates investors expect no change to the cash rate.

Govt bites back at Telstra
Communications minister Helen Coonan has criticised Telstra (ASX:TLS) for waging a mass-mailing campaign against her and the federal government. The company is currently suing Coonan. According to Telstra's version of events, she imposed an unfair licensing condition on the telco.

Lesson Plan - Build A Submarine

2007-09-26T11:53:00.000+07:00

Lesson Plan - Build A Submarine

LESSON PLAN MATERIALS:

· Build a Submarine activity sheet

· empty 16 or 20 oz. plastic soda bottle with hole in cap (the hole should be big enough to pass a flexible straw through)

· three wide rubber bands

· 24 pennies

· aluminum foil

· adhesive tape

· flexible straw

· large tub of water

LESSON PLAN PROCEDURE: Build a Submarine activity sheet

1. Cut three holes in side of the soda bottle.

2. Stack the pennies into three piles containing 4, 8, and 12 pennies.

3. Carefully wrap stacks of pennies with foil.

4. Place a rubber band around the plastic bottle and slide it next to the closest hole. Position the other rubber bands next to the two remaining holes.

5. Place the four-penny stack under the rubber band closest to the bottle's top.

6. Place the eight-penny stack under the middle rubber band, next to the middle hole.

7. Place the 12-penny stack under the last rubber band (NOTE: The weights should be next to the holes NOT over them.)

8. Push the shorter end of the straw (about 1 inch) through the hole in the bottle's cap. Reattach the bottle cap to the bottle. Keep the flex section outside and bent upwards. Tape straw securely into place in bottle cap.

9. Lower the "submarine" into the water. Do not let long end of straw take in water.

10. Observe the action of the "sub" and record your observations.

11. When the sub stops sinking, blow into the straw.

12. Observe the action of the sub and record your observations.

LESSON PLAN QUESTIONS:

1. What makes your submarine sink?

2. What makes it surface?

3. After you learn the basic properties that make submersibles dive and surface. What is your soda bottle model missing that real submarines have to navigate underwater? Think of your sub as an underwater plane.

The Future of Submarines

2007-09-26T11:52:00.000+07:00

The Future of Submarines

The evolution of future submarines for military use will be driven by the trend to use smaller, autonomous, and unmanned vehicles to perform missions both under and above the sea. Submarines of the future will be used for their inherent stealth to link and provide support to a deployed network of sensors and weapons. These deployed systems will act to increase the area over which the submarine performs its missions and improve its effectiveness in performing these missions, while reducing the threat to the submarine and its crew.

Modularization coupled with the development and use of off-board systems will allow a wide range of payloads to be employed by submarines. These remote sensors and weapons will include Unmanned Aerial Vehicles (UAVs); Unmanned Undersea Vehicles (UUVs); advanced cruise missiles; undersea acoustic and non-acoustic sensors and weapons; and new forms of submarine based systems for Anti-Submarine, Anti-Surface, and Anti-Air Warfare.

These capabilities combined with the submarine's advantage of being able to remain on-station and undetected for extended periods will multiply the effectiveness of these systems by adding the element of surprise and survivability.

The following timeline summarizes the evolution of submarine design, from the submarine's beginning as a human-powered warship to today's nuclear powered subs.

1578 <http://inventors.about.com/od/sstartinventions/a/Submarines_2.htm>

The first submarine design was drafted by William Borne but never got past the drawing stage. Borne's submarine design was based on ballast tanks which could be filled to submerge and evacuated to surface - these same principles are in use by today's submarines.

More Info <http://inventors.about.com/od/sstartinventions/a/Submarines_2.htm>

1620 <http://inventors.about.com/library/inventors/bldrebbel.htm>

Cornelis Drebbel, a Dutchman, conceived and built an oared submersible. Drebbels' submarine design was the first to address the problem of air replenishment while submerged.

More Info <http://inventors.about.com/library/inventors/bldrebbel.htm>

1776 <http://inventors.about.com/od/sstartinventions/a/Submarines_3.htm>

<http://inventors.about.com/od/sstartinventions/a/Submarines_3.htm> <http://inventors.about.com/od/sstartinventions/a/Submarines_3.htm> View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/b/D/submarine10.jpg',800,800,'FSI')> Francis BarberDavid Bushnell builds the one-man human powered Turtle submarine. The Colonial Army attempted to sink the British warship HMS Eagle with the Turtle. The first submarine to dive, surface and be used in Naval combat, its intended purpose was to break the British naval blockade of New York harbor during the American Revolution. With slight positive buoyancy, it floated with approximately six inches of exposed surface. Turtle was powered by a hand-driven propeller. The operator would submerge under the target, and using a screw projecting from the top of Turtle, he would attach a clock-detonated explosive charge. More Info <http://inventors.about.com/od/sstartinventions/a/Submarines_3.htm>

1798 <http://inventors.about.com/od/sstartinventions/a/Submarines_4.htm>

<http://inventors.about.com/od/sstartinventions/a/Submarines_4.htm> <http://inventors.about.com/od/sstartinventions/a/Submarines_4.htm> View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/e/D/submarine11.gif',800,800,'FSI')> LOCRobert Fulton builds the Nautilus submarine which incorporates two forms of power for propulsion - a sail while on the surface and a hand-cranked screw while submerged. More Info <http://inventors.about.com/od/sstartinventions/a/Submarines_4.htm>

1895 <http://inventors.about.com/od/hstartinventors/a/JohnHolland.htm>

<http://inventors.about.com/od/hstartinventors/a/JohnHolland.htm> <http://inventors.about.com/od/hstartinventors/a/JohnHolland.htm> View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/a/D/submarine11.jpg',800,800,'FSI')> LOCJohn P. Holland introduces the Holland VII and later the Holland VIII (1900). The Holland VIII with its petroleum engine for surface propulsion and electric engine for submerged operations served as the blueprint adopted by all the world's navies for submarine design up to 1914. More Info <http://inventors.about.com/od/hstartinventors/a/JohnHolland.htm>

1904

The French submarine Aigette is the first submarine built with a diesel engine for surface propulsion and electric engine for submerged operations. Diesel fuel is less volatile than petroleum and is the preferred fuel for current and future conventionally powered submarine designs.

1943 <http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_2.htm>

The German U-boat U-264 is equipped with a snorkel mast. This mast which provides air to the diesel engine allows the submarine to operate the engine at a shallow depth and recharge the batteries

More Info <http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_2.htm>

1944

The German U-791 uses Hydrogen Peroxide as an alternative fuel source.

1954 <http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_3.htm>

<http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_3.htm> <http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_3.htm> View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/_/D/submarine12.jpg',800,800,'FSI')> U.S. NavyThe U.S. launches the USS Nautilus - the world's first nuclear powered submarine. Nuclear power enables submarines to become true "submersibles" - able to operate underwater for an indefinite period of time. The development of the Naval nuclear propulsion plant was the work of a team Navy, government and contractor engineers led by Captain Hyman G. Rickover. More Info <http://inventors.about.com/od/militaryhistoryinventions/a/Military_Subs_3.htm>

1958

View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/-/D/submarine7.gif',800,800,'FSI')> U.S NavyThe U.S. introduces the USS Albacore with a "tear drop" hull design to reduce underwater resistance and allow greater submerged speed and maneuverability. The first submarine class to use this new hull design is the USS Skipjack.

1959

View Full-Size <javascript:zpu(515,'http://z.about.com/d/inventors/1/0/Z/D/submarine8.gif',800,800,'FSI')> U.S. NavyThe USS George Washington is the world's first nuclear powered ballistic missile firing submarine.

Nuclear Propulsion Submarines - Admiral Hyman Rickover

2007-09-26T11:50:00.001+07:00

Nuclear Propulsion Submarines - Admiral Hyman Rickover

In the 1950s a revolution in sub design occurred - the introduction of nuclear propulsion. With nuclear power the submersible torpedo boat of old became a true submarine - a ship with greater endurance than its human crew.

Hyman Rickover - Background

Admiral, Hyman Rickover, the Father of the Nuclear Navy, was born in Makow, Russia (which is now Poland) on January 27, 1900. At the age of six, he emigrated with his parents to the United States, settling in Chicago, Illinois. Hyman Rickover entered the U.S. Naval Academy in 1918 and was commissioned an ensign in June 1922.

Following sea duty aboard USS La Vallette (DD-315) and USS Nevada (BB-36), Hyman Rickover attended Columbia University, where he earned the degree of Master of Science in Electrical Engineering. From 1929 to 1933, he qualified for submarine duty and command aboard the submarines S-9 and S-48.

In June 1937, he assumed command of USS Finch. Later that year, he was selected as an Engineering Duty Officer and spent the remainder of his career serving in that specialty.

During World War II, Hyman Rickover served as Head of the Electrical Section of the Bureau of Ships and later as Commanding Officer of the Naval Repair Base, Okinawa. In 1946, he was assigned to the Atomic Energy Commission laboratory at Oak Ridge, Tennessee and, in early 1949, to the Division of Reactor Development, U.S. Atomic Energy Commission.

USS Nautilus

As director of the Naval Reactors Branch, Hyman Rickover developed the world's first nuclear powered submarine, USS Nautilus </od/weirdmuseums/ig/Submarine-Photo-Gallery/USS-Nautilus.htm> (SSN 571), which went to sea in 1955. In the years that followed, Hyman Rickover directed all aspects of building and operating the nuclear fleet.

Hyman Rickover - Awards

Hyman Rickover's numerous medals and decorations include the Distinguished Service Medal, Legion of Merit, Navy Commendation Medal, and the World War II Victory Medal. In recognition of his wartime service, he was made Honorary Commander of the Military Division of the Most Excellent Order of the British Empire.

Hyman Rickover was twice awarded the Congressional Gold Medal for exceptional public service. In 1980, President Jimmy Carter presented Admiral Rickover with the Presidential Medal of Freedom, the nation's highest non-military honor, for his contributions to world peace.

Hyman Rickover retired from the United States Navy on January 31, 1982, after over 63 years of service to his country and to 13 Presidents. His name is memorialized in the attack submarine USS Hyman G. Rickover (SSN 709) and Rickover Hall at the U.S. Naval Academy. Hyman Rickover died on July 8, 1986 and is buried in Arlington National Cemetery.

World War II Submarines

2007-09-26T11:50:00.000+07:00

World War II Submarines

Both sonar and radar technology matured during World War II, and both were used by the Allies to combat German U-boats. Sonar and radar were also added to Allied submarines to warn of aircraft attack and counterattack from surface vessels. Since World War II sonar has been the most important of the submarine's senses. Hydrophones are the submarine's ears, and they listen for sounds from other ships and the echoes of sound waves transmitted from the submarine itself. See Photo: Typical WW II Submarine Layout </od/weirdmuseums/ig/Submarine-Photo-Gallery/WW-II-Submarine-Layout.htm>

Submarine Snorkels

During World War Two German submarine losses increased sharply as radar-equipped Allied aircraft attacked U-boats running on the surface recharging their batteries. To charge the batteries that powered the electric motors for submerged operations, all submarines had to surface to run their air-breathing diesel engines.

To counter the Allied radar threat the Germans perfected a Dutch device known as the snorkel. Using a snorkel a submarine could run its diesel engines and recharge its batteries while operating just below the surface. Air for the diesel engines was drawn into the submarine through the snorkel that was extended to the surface. To some extent the snorkel reduced vulnerability to detection and attack, but it protruded above the surface and could be detected by radar. The Germans introduced the snorkel too late in the war to make a difference.

Japan

Although the U.S. Navy still had a relatively small number of subs when World War Two broke out, this fact did little to dampen the spirits of American submariners. On January 7th, 1942, one month after the attack on Pearl Harbor, the USS Pollack (SS-179) sank a Japanese freighter off Tokyo Bay. It would be the first of many sinkings by U.S. submarines. When the figures were finally tabulated, it was found that American submarines sank five and one-half million tons of Japanese shipping, over half of the entire Japanese merchant fleet. U.S. subs accounted for about 60 per cent (over 1300 ships) of all Japanese merchant and warship tonnage sunk, yet the submarine strength at that time comprised less than two per cent of the entire U. S. Fleet.

The U.S. sub campaign deprived Japanese industry of raw materials and effectively shut down Japan's economy. The price of this success was high, 52 American submarines and over 3500 sailors remain on eternal patrol.

Greater Underwater Propulsion Program

Technological advancements like sonar, radar, and the snorkel came about as a result of the pressures of WW II, and the U.S. Navy applied these advances to improving its Submarine Force. In the late 1940s the Navy began the Greater Underwater Propulsion Program (Guppy </od/weirdmuseums/ig/Submarine-Photo-Gallery/Guppy-Type-Submarine.htm>), a modernization program for World War Two fleet-type submarines.

Under Guppy the fleet boats were streamlined by reducing the submarine's superstructure and removing deck guns. Snorkel masts were installed to allow Guppys to remain submerged while they ran their diesel engines and charged batteries. Finally, improved storage battery technology permitted longer submerged operations between battery charges. However, the Guppy program was evolutionary, a development of existing technologies

Military Application Submarines

2007-09-26T11:49:00.000+07:00

Military Application Submarines

In 1912 the U.S. Navy replaced its submarine gasoline engines with safer and more efficient diesel engines. The oil-burning diesel engine required no complicated ignition, or sparking systems, and it produced fewer noxious fumes. The USS Skipjack (SS-24) and USS Sturgeon (SS-25) were the first U.S. submarines equipped with diesel propulsion.

The diesel engine and the electric battery remained the power source for submarines until nuclear power was introduced in the 1950's. While many modern submarines are still diesel powered, nuclear power has become the propulsion system of choice in US submarine construction. The British Royal Navy's submarine force is also entirely nuclear-powered. The French, Russian, and Chinese Navies use nuclear propulsion for some of their submarines.

World War I

The United States entered World War I in 1917 with a total of 24 diesel powered submarines.

U.S. Navy subs patrolled the waters off the U.S. East Coast and deployed overseas to the Azores and Ireland. The American submarines primary missions were to escort Allied shipping and counter the German U-boat threat.

Though there were no confirmed sinkings of U-boats by American submarines the number of German attacks repulsed by near misses showed the submarine to be an effective anti-submarine weapon. However, it was Germany's use of the U-boat in World War I that demonstrated the vital role the submarine would play in the next global conflict.

Naval Shipyards & All-Welded Submarines

After the war, the U.S. Navy slowly built up its sub force. Construction contracts with commercial shipyards were cut back, forcing the Lake Torpedo Boat Company to go out of business in 1922. The Portsmouth Naval Shipyard in New Hampshire became one of the largest submarine builders in the U.S. and between 1924 and 1929 the Portsmouth yard designed and built five 381-foot V-class submarines. Between 1932 and 1941, Portsmouth built an additional 22 submarines in the 1500-ton category.

It was during this period that the first all-welded submarine, USS Pike (SS-173), was completed. The welded hull allowed Pike to submerge to much greater depths than her predecessors and at the same time provided greater protection against depth-charge attacks.

Sonar

Sonar </od/sstartinventions/a/sonar_history.htm> is a system for detecting submarine sound in the water. It was first developed by the British for use against U-boats in World War I. Radar uses radio waves to detect objects on and above the land and sea surface. Radar was developed in the 1930s to detect aircraft.

The USS Holland Submarine - John Holland

2007-09-26T11:48:00.000+07:00

The USS Holland Submarine - John Holland

In 1862, the United States Federal navy tested a prototype submarine called Alligator </od/weirdmuseums/ig/Submarine-Photo-Gallery/The-Alligator-Submarine.htm>. The Alligator submarine was intended for operations in the James River below Richmond, Virginia. However, the Alligator proved too large for diving in the river's shallow waters. The Alligator sank at sea while it was being towed to the Charleston operating area.

In 1872, the Navy unsuccessfully tested Intelligent Whale </od/weirdmuseums/ig/Submarine-Photo-Gallery/Intelligent-Whale-Submarine.htm>, another hand crank-powered submarine that failed. After the Intelligent Whale's failure as a submarine, inventors realized that until a propulsion method better than manpower could be developed for underwater use, submarines were not going to be worth the effort.

John Holland

By the last decade of the nineteenth century steam propulsion had replaced sail power in the U.S.

Navy. In 1896, the Navy insisted that submarine designer John Holland build his first contract submarine named the Plunger, with a steam engine for surface propulsion.

John Holland, an Irish-American school teacher and inventor, objected to steam power in submarines. Nonetheless John Holland built the Plunger with three steam engines to meet the Navy's prescribed surface speed.

The Plunger

During dock trials of the Plunger submarine, the temperature in the fire room reached 1370F with the power plant at 2/3 rated output. Similarly, during Plunger's sea trials a crewmember reported, "When we tried to submerge, it was so hot no one could live in her." Today, the nuclear reactor has eliminated this drawback to a heat source and submarines are driven by steam. But, before the advent of nuclear power, the internal combustion engine was the submarine's first viable source of power.

Internal Combustion Engine

The internal combustion engine </library/inventors/blinternalcombustion.htm> offered speed and comparative endurance on the surface, but its deadly carbon monoxide exhaust fumes and high oxygen consumption were obstacles to life beneath the surface. By 1900, submarine designers had solved this problem with the storage battery and electric motors. John Holland was the first to conceive of employing electric motors and the internal combustion engine to power a submarine.

John Holland and Simon Lake

John Holland and another American, Simon Lake, became the first modern submarine designers. They began their experiments in the last decades of the nineteenth century, John Holland in the 1870s and Simon Lake in the 1890s.

John Holland built six submarines, including one under government contract, before the Navy would accept one of his underwater boats. The Navy also considered, but decided not to accept, Simon Lake's Argonaut, an advanced version of his Argonaut, Jr.

Simon Lake's Argonauts had wheels with which to crawl along shallow bottoms and air locks to permit divers to enter and leave the wooden hulk while it was submerged.

USS Holland

In 1900, John Holland sold the US Navy its first viable submarine, USS Holland (SS-1) </od/weirdmuseums/ig/Submarine-Photo-Gallery/USS-Holland--SS-1-.htm>. This submarine was originally named Holland VI and was not developed under Navy contract. Holland VI was designed and built by its namesake using his own funds. USS Holland had the "amazing speed" of seven knots surfaced, made possible by her 45-horsepower internal combustion engine. She also had an endurance of several hours submerged when running on rechargeable storage batteries.

The USS Holland was armed a single torpedo tube and a pneumatic dynamite gun that fired through an opening in the bow. The Holland carried three Whitehead torpedoes, each with a pressure-sensitive piston that controlled the depth of the torpedoe run. The torpedo's stability was controlled by a pendulum, while direction was controlled by a gyroscope. A number of modern torpedoes used similar principles.

John Holland and Simon Lake were at odds in developing their submarine concepts.

John Holland and Simon Lake were at odds in developing their submarine concepts.

Simon Lake experimented with boats that ascended vertically according to negative or positive buoyancy controlled by pumps and tanks.

John Holland's boats were given neutral buoyancy by admitting water to balance the weight of the boat with the weight of water it displaced. With diving planes and a constant source of power, Johm Holland's boat could dive and surface on diagonal lines.

John Holland Submarine Diving

John Holland's principle, with some alternatives for fast diving and surfacing, is still used by modern submarines.

For all its innovations, the USS Holland </od/weirdmuseums/ig/Submarine-Photo-Gallery/USS-Holland--SS-1-.htm> had at least one major flaw; lack of vision when submerged.

The submarine had to broach the surface so the crew could look out through windows in the conning tower. Broaching deprived the Holland of one of the submarine's greatest advantages, stealth.

The Periscope

Lack of vision when submerged was eventually corrected when Simon Lake used prisms and lenses to develop the omniscope, forerunner of the periscope </library/inventors/blperiscope.htm>.

Sir Howard Grubb, designer of astronomical instruments, developed the modern periscope that was first used in Holland-designed British Royal Navy submarines. For more than 50 years, the periscope was the submarine's only visual aid until underwater television was installed aboard the nuclear powered submarine USS Nautilus </od/weirdmuseums/ig/Submarine-Photo-Gallery/USS-Nautilus.htm>.

· More on John Holland

· Photo of USS Holland (SS-1) </od/weirdmuseums/ig/Submarine-Photo-Gallery/USS-Holland--SS-1-.htm>

· John Holland (1841-1914) <http://www.geocities.com/gwmccue/>

· John Holland - Submarine Inventor <http://www.allaboutirish.com/library/people/holland.shtm>

Robert Fulton and the Nautilus Submarine

2007-09-26T11:47:00.001+07:00

Robert Fulton and the Nautilus Submarine

Then came another American, Robert Fulton, who in 1801 successfully built and operated a submarine in France, before turning his inventing talents to the steamboat </library/inventors/blsteamship.htm>.

Robert Fulton - Nautilus Submarine 1801

Robert Fulton's cigar-shaped Nautilus submarine was driven by a hand-cranked propeller when submerged, and had a kite-like sail for surface power. The Nautilus submarine was the first submersible to have separate propulsion systems for surfaced and submerged operations. It also carried flasks of compressed air that permitted the two-man crew to remain submerged for five hours.

William Bauer - 1850

William Bauer, a German, built a submarine in Kiel in 1850, but met with little success. Bauer's first boat sank in 55 feet of water.

As his craft was sinking, he opened the flood valves to equalize the pressure inside the submarine so the escape hatch could be opened. Bauer had to convince two terrified seamen that this was the only means of escape. When the water was at chin level, the men were shot to the surface with a bubble of air that blew the hatch open. Bauer's simple technique was rediscovered years later and employed in modern submarines' escape compartments that operate on the same principle.

Horace Lawson Hunley

During the American Civil War, Confederate inventor Horace Lawson Hunley converted a steam boiler into a submarine.

This Confederate submarine called the could be propelled at four knots by a hand-driven screw. Unfortunately, the submarine sank twice during trials in Charleston, South Carolina. These accidental sinkings in Charleston harbor cost the lives of two crews. In the second accident the submarine was stranded on the bottom and Horace Lawson Hunley himself was asphyxiated with eight other crew members.

The Hunley

Subsequently, the submarine was raised and renamed the Hunley </od/weirdmuseums/ig/Submarine-Photo-Gallery/Horace-Lawson-Hunley.htm>. In 1864, armed with a 90-pound charge of powder on a long pole, the Hunley attacked and sank a new Federal steam sloop, USS Housatonic, at the entrance to Charleston Harbor.

After her successful attack on Housatonic, the Hunley disappeared and her fate remained unknown for 131 years.

In 1995 the wreck of the Hunley was located four miles off Sullivans Island, South Carolina. Even though she sank, the Hunley proved that the submarine could be a valuable weapon in time of war.

Biography - Horace Lawson Hunley 1823-1863

Horace Lawson Hunley was born in Sumner County, Tennessee, on 29 December 1823. As an adult, he served in the Louisiana State Legislature, practiced law in New Orleans and was a generally notable figure in that area.

In 1861, after the start of the American Civil War, Horace Lawson Hunley joined James R. McClintock and Baxter Watson in building the submarine Pioneer, which was scuttled in 1862 to prevent its capture. The three men later constructed two submarines at Mobile, Alabama, the second of which was named H.L. Hunley. This vessel was taken to Charleston, South Carolina, in 1863, where it was to be used to attack blockading Union ships.

During a test dive on 15 October 1863, with Horace Lawson Hunley in charge, the submarine failed to surface. All on board, including Horace Lawson Hunley, lost their lives. On 17 February 1864, after it had been raised, refurbished and given a new crew, H.L. Hunley became the first submarine to successfully attack an enemy warship when she sank USS Housatonic off Charleston.

History of the Submarine - David Bushnell 1742-1824

2007-09-26T11:47:00.000+07:00

History of the Submarine - David Bushnell 1742-1824

From Mary Bellis </mbiopage.htm>,

David Bushnell's Turtle Submarine

The first American submarine is as old as the United States itself. David Bushnell (1742-1824), a Yale graduate, designed and built a submarine torpedo boat in 1776. The one-man vessel submerged by admitting water into the hull and surfaced by pumping it out with a hand pump. Powered by a pedal-operated propeller and armed with a keg of powder, the egg-shaped Turtle gave Revolutionary Americans high hopes for a secret weapon - a weapon that could destroy the British warships anchored in New York Harbor.

Turtle Submarine - Use as a Weapon

The Turtle's torpedo, a keg of powder, was to be attached to an enemy ship's hull and detonated by a time fuse. On the night of September 7, 1776, the Turtle, operated by an Army volunteer, Sergeant Ezra Lee, conducted an attack on the British ship HMS Eagle.

However, the boring device that was operated from inside the oak-planked Turtle failed to penetrate the target vessel's hull.

It is likely that the wooden hull was too hard to penetrate, the boring device hit a bolt or iron brace, or the operator was too exhausted to screw in the weapon. When Sergeant Lee attempted to shift the Turtle to another position beneath the hull, he lost contact with the target vessel and ultimately was forced to abandon the torpedo. Although the torpedo was never attached to the target, the clockwork timer detonated it about an hour after it was released.

The result was a spectacular explosion that ultimately forced the British to increase their vigilance and to move their ship's anchorage further out in the harbor. Royal Navy logs and reports from this period make no mention of this incident, and it is possible that the Turtle's attack may be more submarine legend than historical event.

· David Bushnell Larger Photo of Turtle Submarine </od/weirdmuseums/ig/Submarine-Photo-Gallery/David-Bushnell-s-Turtle-Sub.htm>
David Bushnell built a unique vessel, called the Turtle, designed to be propelled under water by an operator who turned its propeller by hand.

· David Bushnell's American Turtle <http://www.usna.edu/NAOE/new/turtle.pdf>
The only working, full-scale model of David Bushnell's 1776 invention, the American Turtle.

· David Bushnell 1740-1826 <http://web.mit.edu/invent/iow/bushnelld.html>
The most sensational contribution of patriot and inventor David Bushnell to the American Revolutionary War effort was the world's first functioning

SUBMARINE

2007-09-26T11:46:00.000+07:00

Submarines

From Mary Bellis </mbiopage.htm>,
History and Design of Submarines

Designs for underwater boats or submarines date back to the 1500s and ideas for underwater travel date back even further. However it was not until the 19th century that the first useful submarines began to appear. During the Civil War, the Confederates built the H.L. Hunley,the submarine that sank a Union ship. The U.S.S. Housatonic was built in 1864. But it wasn't until after World War I began that the first truly practical and modern submarines were invented.

Early History of the Submarine

The submariner's problem has always been how to improve his underwater endurance and performance, and both capabilities are defined by the ship. Early in submarine history the submariner's problem often was how to make his ship work at all.

Hollow Papyrus Reeds

Historical accounts point out that man has always sought to explore the ocean depths. An early record from the Nile Valley in Egypt gives us the first illustration. It is a wall painting that shows duck hunters, bird spears in hand, creeping up to their prey beneath the surface as they breathe through hollow papyrus reeds. The Athenians are said to have used divers to clear the harbor entrance during the siege of Syracuse.

And Alexander the Great, in his operations against Tyre, ordered divers to destroy any submersible vehicle (submarine) defenses the city might undertake to build.

While in none of these records does it actually say that Alexander had any kind of submersible vehicle, legend has it that he descended in a device that kept its occupants dry and admitted light.

William Bourne - 1578

Not until 1578 did any record appear of a craft designed for underwater navigation. William Bourne, a former Royal Navy gunner, designed a completely enclosed boat that could be submerged and rowed beneath the surface. His creation was a wooden framework bound in waterproofed leather. It was to be submerged by using hand vises to contract the sides and decrease the volume.

Although Bourne's idea never got beyond the drawing board, a similar apparatus was launched in 1605. But it didn't get much farther, because the designers had neglected to consider the tenacity of underwater mud. The craft became stuck in the river bottom during its first underwater trial.

Cornelius Van Drebbel - 1620

What might be called the first "practical" submarine was a rowboat covered with greased leather. It was the idea of Cornelius Van Drebbel </library/inventors/bldrebbel.htm>, a Dutch doctor living in England, in 1620. Van Drebbel's submarine was powered by rowers pulling on oars that protruded through flexible leather seals in the hull. Snorkel air tubes were held above the surface by floats, thus permitting a submergence time of several hours. Van Drebbel's submarine successfully maneuvered at depths of 12 to 15 feet below the surface of the Thames River.

Van Drebbel followed his first boat with two others. The later models were larger but they relied upon the same principles. Legend has it that after repeated tests, King James I of England rode in one of his later models to demonstrate its safety. Despite its successful demonstrations, Van Drebbel's invention failed to arouse the interest of the British Navy. It was an age when the possibility of submarine warfare was still far in the future.

Giovanni Borelli - 1680

In 1749 the British periodical "Gentlemen's Magazine" printed a short article describing a most unusual device for submerging and surfacing. Reproducing an Italian scheme developed by Giovanni Borelli in 1680, the article depicted a craft with a number of goatskins built into the hull. Each goatskin was to be connected to an aperture at the bottom. Borelli planned to submerge this vessel by filling the skins with water, and to surface it by forcing the water out with a twisting rod. Even though Borelli's submarine was never built it provided what was probably the first approach to the modern ballast tank.

Check out Fun Visual Basic Projects

2007-09-24T10:28:00.002+07:00

Check out Fun Visual Basic Projects

Fun Visual Basic Projects contains six programs you can use for extended learning. The programs illustrate advanced uses of Visual Basic. Topics covered include using the Windows API for timing and sounds, input validation, printing, using multiple forms, graphics, and working with sequential files.

Disclaimer: CNET Networks is not responsible for the content of the software publisher's description. We encourage you to determine whether this product or your intended use is legal. We do not encourage or condone the use of any software in violation of applicable laws. CNET Networks does not sell, resell, or license any of the products listed on the site. We cannot be held liable for issues that arise from the download or use of these products.

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Gold Market

2007-09-24T10:28:00.001+07:00

Gold Market

For the week, spot gold closed at $731.5, up $23.9 or 3.38 percent. Gold equities, as measured by the XAU Gold Index (10), rose 8.58 percent for the week. The U.S. Trade-Weighted Dollar Index (11) slid 1.28 percent for the week.

Strength

The Federal Reserve Bank's 50 basis point rate-cut pushed gold to a 28-year high this week as the inflationary effects of a falling dollar fuel investment demand for gold.
Gold stocks assumed a leadership position in the market this week, outpacing the S&P 500 by 578 basis points.
Gold has also attracted attention globally. Gold oriented ETFs have returned 5.2 percent in the last month versus 4.4 percent for India's Sensex stock exchange.

Weakness

Despite recent strength in gold equities, junior gold stocks have lagged the performance of large capitalization gold companies over the past 60 days.
According to Standard Bank Asia Ltd., the hoarding of physical gold in Asia is creating a discount to spot gold in countries like China.

Opportunity

According to Goldman Sachs, the U.S. dollar could depreciate by another 2-3 percent against Asian currencies in the next 3-6 months.
Silver bullion may outperform gold bullion prices in the upcoming weeks as silver has lagged over the last three months.

Threat

Given the rapid decline in the U.S. dollar central banks may step in begin buying dollars in attempt to stabilize the currency.
Suresh Hundia, president of the Bombay Bullion Association, stated recently that both the demand for gold jewelry and gold investments will "dry up" at these high price levels.

Buying Gold is no Longer Advisable, it's a Must

2007-09-24T10:28:00.000+07:00

Wednesday, September 19th, 2007

Buying Gold is no Longer Advisable, it's a Must
By James West

As the fundamentals driving gold straight north continue to gain intensity, the bottom line for those of us with capital tied up in other investments is that some gold in the portfolio is not merely advisable--it's a must.

If you are a student of economic history, you will understand that in spite of the world's abandonment of gold as the peg by which all currencies are measured, all currencies can still be measured in gold. That fact alone should amplify gold's unassailable position as history's value vault of last resort.

Alan Greenspan's new book, which comes out tomorrow, points the blame directly at the Bush administration for abandoning "rigorous fiscal policy" in favor of misguided "easy money."

Many commentators, however, blame Alan Greenspan for the current morass.

Their arguments suggest that if Greenspan hadn't lowered rates so drastically in response to the dot-com meltdown, the current real-estate bubble bust and accompanying credit crunch would never have materialized.

That makes no difference now, though.

Countries who participated in the U.S. style of mortgages front-loaded with low interest rates are now having to devalue their currencies by pumping in paper to replace the even more nebulous ABCP which represented imaginary credit dollars. Those dollars are frozen in time as creditors wait with teeth clenched to see what rate of default falls out of raised rates of interest.

Admittedly, the assets backing even the sub-prime caliber of debt are not utterly worthless. But they're surely not worth the value of the loans they've backed.

The yet-to-unfold problem here is that in the past, properties that were foreclosed upon found a ready market for the assets. Now, in the new tighter credit environment, that market is largely dried up, while supply is going up and will go through the roof in the months to come.

So government is having to inject more money into the system, which ultimately increases supply while lowering demand for those currencies.

Which means, in a roundabout way, the price of gold relative to those currencies is going to go up. The more money central banks have to pump back into their economies to alleviate liquidity crises, the more upward pressure will develop under the price of gold.

Presently gold is trading around its 16-month high, and looks strong at these levels.

If the Fed cuts interest rates by 25 basis points tomorrow, that will almost certainly send gold higher, as it will send a strong signal to foreign holders of U.S. currency that their rate of return on U.S. dollar holdings will fall victim to the Fed's monetary policy.

That could see those U.S. dollars move increasingly into gold as huge government investors run from the greenback.

Northern Rock PLC, the U.K. mortgage lender that was the recipient of an emergency bailout package by the Bank of England, is now effectively in play as a takeover target because of is huge drop in share price. Northern Rock has shed over 35% of its market capitalization since the announcement last week.

Customers who were lined up outside the Newcastle branch burst into laughter when an employee came out to inquire if anyone was there to deposit funds as opposed to withdrawing them.

That grass roots panic could grip some U.S. banks, and if it does, the price of gold will go through the roof in short order.

The price of gold is already going through the roof, albeit as fast as cold molasses. But this credit problem is much like the onset of a bad case of flesh-eating bacteria. One minute the patient seems healthy, and then within months there's no patient left.

A little drastic, perhaps, but it would be foolish to underestimate the scale of what is happening right now.

Gold is increasingly being snapped up by Asian and Middle Eastern customers.

Gold sales in Dubai could increase 40 per cent in September compared to last year's figures, said the managing director of the Dubai Gold and Jewellery Group in a Qatar newspaper.

The Peninsula reported that Tawhid Abdullah, who is also the chairman of international jewelry retailer Damas, said that he expects that gold sales will increase in the fourth quarter of 2007 as customers make more purchases during the Dubai Shopping Festival and the Islamic month of Ramadan.

"The market is not affected by the current prices of gold and we have a better economy in Dubai and strong consumer confidence," he said.

Gold sales in August were up 26 per cent compared to the same month in 2006.

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What You've Missed...
Jewelry Sales Rise in the City of Gold
2007-09-17 - Greg McCoach

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The Death of the US Dollar

2007-09-19T11:07:00.000+07:00

The Death of the US Dollar

London, England - Melbourne, Australia

Wednesday, 19 September 2007

In This Issue:

Fed cuts rates

Gold rallies

Aussie housing market profoundly unaffordable

----------------------------------

From Dan Denning at the Old Hat Factory:

--Bang bang. Or should we say, "cut, cut". Either way, the US dollar's dead.

--We were two-thirds right in our predictions yesterday. The Fed cut both the funds rate and the discount rate by 50 basis points—exactly as we said they would. The cut in the Fed Funds rate to 4.75% is the first in four years and represents a new, disreputable phase in the shabby career of the US dollar. The discount rate—what the Fed charges banks to borrow money—was also lowered 50 basis points to 5.25%.

--What now?

--The US stock market rallied, with the Dow Industrials up 335 points for the day and the broader S&P adding on 43 points. Aussie stocks are up early too, as is the Aussie dollar (nearly two cents). But the telling gains were in oil and gold.

--Light sweet NYMEX crude closed up 94 cents and 1.17% for the day. It now trades at US$81.51—an all time high. Keep in mind that the spot price of oil was US$55.10 on January 17th of this year. If you're scoring at home, that's a 48% increase in price from the 52-week low. Oil's strength is the dollar's weakness.

--"Ultimately we see the funds rate at at least 3.75% and maybe lower. The Fed's path ahead is clear," said PIMCO's Bill Gross in an interview on Bloomberg TV. Gross mentioned what we cited yesterday. The Fed's real concern is a recession—thus the double barrelled rate cut.

--If rates go even lower—and the wave of re-setting subprimes ensures the Fed will have plenty to worry about—how much higher might the oil price go? And will it prompt OPEC to begin pricing oil in a currency that's not falling apart faster than a leper in a dodgem car?

--There are probably more questions than answers today, especially about oil. The cost of production for a barrel of Saudi crude is around US$7, if we recall correctly. For lower grade Russian crude buried under Siberian perma-frost, it's closer to US$12. Either number is a long way from US$81. Is oil part of the melt-up bubble too? Hmmn.

--Mike Rothman, the former Chief Energy strategist at Merrill Lynch, told US financial weekly Barron's over the weekend that he reckoned oil is headed to US$45. He says new supply is coming along, demand growth has slowed, and high prices have prompted two predictable marketplace reactions, substitution and conservation.

--"I don't think people are aware that demand has really fallen off so much," Rothman told Barron's. "The rate of global oil-demand growth has really slowed pretty dramatically since '04. I've had to make a large downward revision for the second quarter, and it looks like I am going to have to make another one for the third quarter. A chart of the OECD [Organization for Economic Cooperation and Development] countries shows demand growth has been negative, with the exception of a small gain in the second quarter; that's the first time since 2005 that there's been some growth in demand, and it was modest. That's the worst showing since the '80-'82 recession."

--Did he mention recession? With Japan headed toward recession and America already in one, you'd expect both to be bearish for oil demand. And then there's that bit about high prices being the cure for high prices. If US$80 oil doesn't take the edge off demand, what will it take, US$100 oil?

--Leaving aside the declining dollar's influence on oil prices, it's probably a good time for energy bulls to seriously consider the chances of a pullback in oil prices—even if oil and energy stocks are still in a long-term bull market. For the Aussie energy sector, Woodside's US$55 billion deal with China is about as good a news item as you can get.

--Woodside is trading just below its 52-week high of US$47.89. It wouldn't surprise us to see Woodside make a new high 52-week high today on the back of the rate cut and the move in oil. And after that…a correction.

--What's with all the predictions and forecasts anyway? We're not making them because it's fun to do. On the contrary. Making a prediction rarely does you any good—unless you're making money on it by trading it, which we are not doing at the Old Hat Factory. Instead, we're trying to figure out the current inter-market relationships between asset classes like cash, gold, stocks, bonds, and oil.

--Those relationships are never cut and dried. But they used to be much clearer than they are today. US stocks, for example, absolutely love the rate cuts. But if you're investing in US stocks from abroad, the dollar's morose reaction means what you'd gain from the rise of the Dow, you'd give back with the decline of the dollar.

--Again, it's not as cut and dried as we describe. But what we're getting at is that with so many variables affecting your total return as an investor, it's best to break Occam's razor and keep it simple. That means seriously considering gold's role in a fiat currency world gone mad.

--Gold for December delivery was up US$11.70 after the Fed broadcast its intent to sacrifice the dollar on behalf of the housing market. We realised the significance this morning when we noted that the futures price—at US$735—is at 27-year high. That's longer than most of our co- workers have been alive.

--Spot gold is at US$723. And unlike oil, we don't expect the high gold price to lead to lower demand. Just the opposite.

--The more the Fed cuts interest rates, the higher gold will go. As our friend Porter Stansberry put it, "The Fed will cut, and it will continue to cut, because its mandate is to protect the banks (yes… I know… its legal mandate is officially "price stability," ha, ha, ha… I'm talking about its actual mandate, though). Having made hundreds of billions in bad loans, the banks – once again – need to be bailed out."

--"Like geese that feel the winter coming even when it's still warm outside," Porter continues, "wise investors have watched the credit bubble build and have flown to gold. Anyone with any sense has long since bought gold – as we've been preaching regularly since 2003. Soon, the kind of investors who like to chase performance (a short-lived, but sometimes influential group) will jump into gold, too. That's when you'll know it's time to take some off the table…"

--It's probably not time yet, though. Here in Australia, the gold sector was up nearly 2% yesterday. Major producers Newcrest (ASX:NCM), Sinogold (ASX:SGX) and Lihir (ASX:LGL) are all up smartly today. Smaller gold stocks will likely soon follow.

--In the big picture, you're already seeing Aussie dollar strength, and a rising gold price in Aussie dollars too. Economically, however, the same fundamental problems that have laid America's economy low also afflict Australia's economy: debt, globalisation, and dependence on rising housing prices. Though the resource story is bullish, the debt story is not.

-- "Economist Steve Keen warned that mortgage obligations in Australia were set to reach crisis point in less than two years, while a study by JP Morgan found that about 600,000 households, or 8 per cent of the market, were likely to experience at least mild mortgage stress by the end of this year," writes James McCullough in today's Courier Mail.

--It's not so much that the American subprime crisis will hit Aussie banks—although that appears to be a possibility in few cases. These things are as never as isolated or "contained" as the authorities would like you to believe. The real problem is that Australians have been using debt to live above their means.

--There are several explanations. Maybe it's because wages haven't kept up with inflation. Maybe it's inflation in expectations. With so many visible signs of wealth, the temptation to feel wealthy by surrounding yourself with new things (including a home) is strong, even if you can't afford them. All you have to do is reach into your back pocket and slap down some plastic. Maybe the entire financial system is rigged to put people in debt and keep them there, making the banks rich.

--Whichever explanation you prefer, there are certain realities that don't change. Homeownership, though a nice national goal, is always a highly individual choice. More importantly, it's a straight financial decision. It comes down to simple math: can you afford the mortgage payment?

--With rising house prices, many people have been seduced into the idea of getting rich quickly through property. But affordability has not really improved. It's gotten worse, in fact. Only the availability of easy credit has kept people in the game. But this isn't a game most people should want to play—not that we are in the business of telling people what they should want. Perhaps we should rephrase: accumulating debt to buy assets that fluctuate in market value is a sucker's game. Most people lose at it.

--As one reader put it in a comment over at our website (www.dailyreckoning.com.au):

"For a year now I've been smacking my forehead over the Australian media's ostrich approach to the fact that most people here cannot afford the houses they live in.

"No wonder so many Joes here fell for it, considering how ill-informed they are by the dailies. Going by those, you'd still think the global credit bubble deflating is just "US sub-prime". "Solvency" might not even cross your mind.

"Now that the inevitable credit fiasco is happening, the first glimmerings of awareness are hitting the papers. "You mean Aussie Joe really can't afford a US$320K mortgage on a wage of US$50K and change?!!?" Like it's that surprising to anyone who has eyes in their head and a lick o' common sense.

"I'd love to see an expose - I know, won't be done until more Aussies are bloggers - on how much the mainstream media here is reliant on Real Estate advertising."

--You should be able to find a breakdown in the composition of revenues for media companies in their annual reports. We'll have a look this afternoon and report back what we find tomorrow. Until then…

---------- Advertisement ----------

----------------------------------

And now over to Bill Bonner:

We got word last week that our new book – written with co-author Lila Rajiva – Mobs, Messiahs, and Markets , reached the New York Times bestseller list.

Many thanks to all you Dear Readers who bought it. We earn about 30 cents, after tax, on each one that is sold. Not much. But, hey, every penny counts.

Besides, we're already getting in the spirit of the New Age. That is, along with other baby boomers, we're beginning to downsize...to simplify...to make do with less. Last night, for example, we put on a tuxedo to attend a fancy dinner. We found that we had forgotten to bring our cufflinks. We didn't really want to invest in a new pair of cufflinks, so we went to the local hardware store and bought a couple small machine-thread bolts, with nuts and washers, for less than 25 cents.

Not only were they ingenuous, they were actually rather cool. At least we thought so. We proudly showed them to Elizabeth; she wasn't impressed. She failed to see the funky elegance in them. She thought they should have stayed in the tool-chest...

But we are here to offer advice and opinions to our Dear Readers...so we will continue to pass along helpful hints and suggestions in keeping with the new downscaling, money-saving zeitgeist of the time.

Alan Greenspan came out with his own book on Monday – The Age of Turbulence. Not a very good title, in our opinion. Still, it is sure to knock our own tome off the shelves. Everyone wants to know what the Maestro was really thinking.

According to Bob Woodward's review in the Washington Post, the Fed chief liked Bill Clinton. He thought the man from Hope did a good job of holding down federal spending. By contrast, he has harsh words of criticism for the Republicans:

"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan writes. "Not exercising the veto power became a hallmark of the Bush presidency... To my mind, Bush's collaborate-don't-confront approach was a major mistake."

Greenspan seems to see the Republicans as we see them; that is, as wimpy, stupid, opportunists. They might as well be Democrats! He says they deserved to lose control of the House and Senate last year: "The Republicans in Congress lost their way," Greenspan writes. "They swapped principle for power. They ended up with neither."

Of Republican leaders J. Dennis Hastert and Tom DeLay, who resigned after being indicted for violating campaign finance laws, Greenspan notes:

"House Speaker Hastert and House majority leader Tom DeLay seemed readily inclined to loosen the federal purse strings any time it might help add a few more seats to the Republican majority...I don't think the Democrats won. It was the Republicans who lost. The Democrats came to power in the Congress because they were the only party left standing."

He goes on to criticise Vice President Dick Cheney, who once remarked that, "Reagan proved deficits don't matter."

Of course, "deficits DO matter," says Greenspan.

We don't know whether anything in Greenspan's memoir will come as news. We doubt it will save Greenspan's reputation from the reappraisal it deserves. Deficits do matter, and the former Fed chairman is probably responsible for more deficits than any human being that ever lived. His emergency-low-interest rates made the whole world deficit friendly.

Businesses ran deficits...and weakened their balance sheets. Greenspan blames Bush for the US government deficits...but it was the Fed that helped make deficits so easy to finance. Individuals, too, ran deficits in their household accounts. Now, those deficits have hardened into iron-cold debt...

Meanwhile, "India is still a buy," says our Bombay colleague, Ajit Dayal. "It went down hard in 2002. Everyone was running scared. But we said it was a buying opportunity. We were right. The index recovered...and now it's higher than ever. And now people ask us if it isn't a good time to sell out. We don't think so. There could be a liquidity crunch in India, but the economy is growing...and that isn't going to change. India is a very good long-term buy."

[Editor's Note: Bill Bonner & Lila Rajiva's new book, Mobs, Messiahs and Markets, is now available in Australia from The Educated Investor. Order here for a 15% discount.]

US cuts interest rates

2007-09-19T11:05:00.001+07:00

US cuts interest rates
19 September 2007 - Melbourne Australia

By Al Robinson

US cuts interest rates

RBA to let market counter inflation

Qantas, Jetstar offer carbon offsets for passengers

NAB may look at British takeovers

Aussie wheat crop down, prices higher

Overseas Markets

Name	Yesterday's Close	% Change
DJIA	13739.39	2.45
FTSE 100	6283.30	1.60
Nikkei 225	15801.80	- 2.06
Shanghai	5425.21	0.07
CSI 300	5476.84	- 0.40
Gold	743.20	2.45
Crude Oil (BRENT FUTR)	77.59	1.04

The US Federal Reserve cut two key interest rates yesterday. It lowered the rates at which banks borrow from the Fed, and lend to each other, by 50 basis points. The US stock market reacted emphatically, having its biggest one-day gain in four years. The RBA, however, has signalled that it will leave Australian interest rates untouched for some time yet. Governor Glenn Stevens prefers to allow negative market forces brought on by credit conditions to take care of inflation. Qantas and subsidiary Jetstar will soon offer carbon credits for passengers. The companies are following Virgin Blue's lead; the discount airline adopted a similar program in March. NAB is considering buying out cheap British banks. The Northern Rock panic has meant lower share prices in the British banking sector. Meanwhile, The Australian Bureau of Agricultural and Resource Economics yesterday reduced its wheat crop forecast by 31%. Global wheat futures are rising accordingly.

All the details below...

IMPORTANT REMINDER: In order to ensure that you receive future emails from Money Morning, please add moneymorning@moneymorning.com.au to your e-mail address book.

Market Soars As Fed Cuts Interest Rate
The Federal Reserve, America's central bank, has lowered the interest rate at which banks lend to each other by 0.50%. The move will make credit cheaper for institutions and individuals. The US share market reacted enthusiastically, rising 335 points.

Credit crunch delays rate rise
The Reserve Bank of Australia has indicated that it will leave interest rate changes on hold. Governor Glenn Stevens proposed that tightening of credit brought on by market conditions will counter inflation. But some analysts still believe that Australia's economic growth will induce a rate rise by the end of the year.

Optimize queries with these advanced tuning techniques

2007-09-18T17:38:00.001+07:00

Optimize queries with these advanced tuning techniques

The best way to tune performance is to try to write your queries in a number of different ways and compare their reads and execution plans. Here are various techniques that you can use to try to optimize your database queries.

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Learn how you can control the costly epidemic of spam, spyware, phishing, and other scams in this live Cisco TechWiseTV video broadcast on September 20th. (Sponsored by Cisco)

Check out these additional resources

Toying with template parameters in SQL Server 2005 (tip)

Will connecting to Microsoft Access kill my SQL Server? (question)

What can I do about this SQL Server 2000 deadlock? (question)

When is the ideal date for Programmer's Day? (blog)

Bookmark the Servers and Storage blog category

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SQL Server

Leaders and Laggards

2007-09-17T13:14:00.000+07:00

Leaders and Laggards

The tables show the performance of major equity and commodity market benchmarks of our family of funds.

Weekly Performance
Index	Close	Weekly Change($)	Weekly Change(%)
Natural Gas Price	6.28	+0.78	+14.14 %
XAU*	158.00	+6.47	+4.27 %
Hang Seng Composite*	3,607.87	+110.22	+3.15 %
Oil Futures	79.10	+2.40	+3.13 %
S&P Energy*	558.60	+16.39	+3.02 %
DJIA	13,442.52	+329.14	+2.51 %
10Yr Treasury Bond	4.49	+0.11	+2.40 %
S&P Materials*	244.33	+5.47	+2.29 %
S&P Barra Growth*	692.52	+14.89	+2.20 %
S&P 500*	1,484.25	+30.70	+2.11 %
S&P Barra Value*	789.11	+15.70	+2.03 %
Nasdaq Comp.*	2,602.18	+36.48	+1.42 %
Gold Futures	717.80	+8.10	+1.14 %
Russell 2000*	783.49	+7.70	+0.99 %
Toronto Gold Index*	294.03	+1.48	+0.51 %
Korean KOSPI Index*	1,870.02	-14.88	-0.79 %

Monthly Performance
Index	Close	Monthly Change($)	Monthly Change(%)
XAU*	158.00	+19.67	+14.22 %
Hang Seng Composite*	3,607.87	+437.53	+13.80 %
Oil Futures	79.10	+6.72	+9.28 %
Toronto Gold Index*	294.03	+23.50	+8.69 %
S&P Energy*	558.60	+41.64	+8.05 %
Gold Futures	717.80	+38.10	+5.61 %
S&P Materials*	244.33	+11.07	+4.75 %
S&P Barra Growth*	692.52	+27.66	+4.16 %
Nasdaq Comp.*	2,602.18	+103.06	+4.12 %
S&P 500*	1,484.25	+57.71	+4.05 %
S&P Barra Value*	789.11	+29.86	+3.93 %
DJIA	13,442.52	+413.60	+3.17 %
Korean KOSPI Index*	1,870.02	+52.13	+2.87 %
Russell 2000*	783.49	+20.62	+2.70 %
10Yr Treasury Bond	4.49	-0.25	-5.22 %
Natural Gas Price	6.28	-0.66	-9.52 %

Market Briefing

2007-09-14T16:55:00.001+07:00

Market Briefing

Name	Previous Day's Close	% Change
All Ordinaries	6244.0	0.13
S&P/ASX 200	6230.60	0.17
Aus Dollar	83.52	- 0.66
DJIA	13424.88	0.99
FTSE 100	6363.90	0.91
Nikkei 225	15821.19	0.15
Shanghai	5273.59	1.91
CSI 300	5349.97	2.75
Gold	716.80	- 0.43
Crude Oil (BRENT FUTR)	77.12	- 0.05

Gold's Day in the Sun

2007-09-14T16:54:00.001+07:00

Gold's Day in the Sun
By James West

You've been hearing it for years.

"Gold's going to a thousand dollars an ounce!"

"Gold will outperform every other commodity this decade!"

"Gold could go to $5,000 an ounce!"

Well, it's starting to happen. Gold hasn't set any new records yet, but for the first time since the 1980s, gold is solidifying above $700 an ounce.

And everybody knows why. The house of cards that was easy credit, a massive trade deficit, and declining growth has all come crashing down. And as everybody keeps saying, it ain't gonna end any time soon.

The chart above is the Keefe, Bruyette & Woods Mortgage Index, ticker symbol MFX. This index is made up of mortgage finance stocks, with some pretty big names in the industry heavily weighted. Fannie Mae is 11%, Freddie Mac is 9%, Washington Mutual is 8% and Countrywide Financial is 5%.

It is a bottom-line performance snapshot of home mortgages. Recently we saw mortgage default rates climb to a level in the third quarter that was 14% higher than the second quarter of 2007.

According to a report last week from the Mortgage Bankers Association:

"Delinquency and default rates on loans and personal bankruptcy rates are still at comparatively low levels--only 4.7% of all loans in the third quarter--but they have been rising rapidly over the course of this year. Other measures of financial distress are also pointing one way for American families--up. With all pieces of the trifecta staying in place, rising delinquency rates on mortgages may be the beginning of a trend toward more middle-class financial insecurity . . .

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"The data on bankruptcy rates also show a worrisome trend over the course of 2006. Bankruptcy rates dropped precipitously in 2006 in the wake of large filings in 2005 just before the new bankruptcy law went into effect. However, from the first quarter of 2006 to the second quarter, the annualized personal bankruptcy rate, measured as bankruptcy cases relative to the U.S. population, grew from 1.2 in 1,000 to 2.0 in 1,000--an increase of 33.7%. The bankruptcy rate in the third quarter stood at 2.2 in 1,000, an additional increase of 9.6% in that quarter alone.

"Middle-class families are caught between low income growth, a high debt burden, and rising interest rates--and for the moment, these ingredients are here to stay. The most recent third-quarter delinquency, default, and bankruptcy figures show that the dangers to middle-class economic security are not theoretical concepts. They are a harsh reality for a growing share of middle-class families."

Countrywide announced Thursday that it had obtained another $12 billion in financing after borrowing $11.5 billion the week before and selling a stake to Bank of America for $2 billion.

You've got to ask yourself why an institution as blue chip as Bank of America would invest in the country's largest home mortgage lender just when everybody else in the sector is running for the hills.

It seems quite apparent to me that the only way Bank of America is going to ensure a lower default rate on its inventory of ABCP is to make sure that the so called triple-A assets behind the deteriorating paper continue to be financed. So it logically the bank has decided it's better to spend $2 billion than on an "investment" than to have an exponentially greater amount of debt go delinquent on its books.

Desperate times call for desperate measures, apparently.

Gold thus becomes more attractive. Crumbling credit availability means the oversupply of new housing and commercial real estate will curb demand, which will see prices drop. Larger institutional investors begin to see gold as a hedge against further US dollar drops and risk associated with credit.

Even Goldman Sachs has finally jumped on the gold bug bandwagon, publicly proclaiming that gold will reach $725 this year.

Meanwhile, central banks in the Middle East and Russia continue to add to their gold reserves, even while European and North American central banks keep selling. Many industry watchers think China is about to become a buyer of gold, as its massive reserves of U.S. dollars are looking like they could see pretty substantial devaluation in the months and years ahead.

Gold has doubled since 2002, even in the face of concerted central bank selling. When these banks start to run out of gold to sell, what will happen to the price-limiting effect of their selling? It's not unimaginable that gold could then start on an even steeper upward trajectory with no ceiling visible.

And then there's the gold "carry" trade. Gold is "borrowed" at a rate that is typically very low. The borrower sells the gold and invests the money in an asset that performs better than gold over time, then sells that asset and buys the gold back, supposedly at a profit.

This formula depends on a relatively stable gold price, because if the price of gold were to increase at a higher rate than the asset performance rate, a loss would be realized by the time the gold had to be returned.

So in this environment, nobody is going to want to lend or borrow gold, as its enhanced volatility represents elevated risk. Gold broke out of the year's trading range to resume a bull market, moving quickly from $670 to $721 in just eight trading days. A 7.6% gain in such a short time certainly got the attention of anyone in the carry trade business. So that business, and its net downward effect on the price of gold, is over.

Some analysts from otherwise conservative institutions think gold will see $850 by the end of 2007 as a result of desperate covers on short positions as the rate of gold price increase intensifies.

Meanwhile, Gold Fields Mineral Services, a global metals consultancy based in London, forecasts that total world gold-mining production will slip in the second half of this year. Gold sales by central banks, it says, rose by a modest 4% between January and July compared with the same period last year. Sales of so-called "scrap" gold--mostly recycled jewelry--fell by more than one quarter, despite spot gold prices trading at their highest six-monthly average in history.

Gold jewelry owners worldwide, in other words, want to hold on to the metal as its price continues to rise.

I, for one, am making regular trips to my local bullion bank to empty my wallet of paper currency for gold coins and bars. Somehow, it just seems to make sense.

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Late Summer Opportunities in Gold

2007-09-12T13:49:00.001+07:00

Late Summer Opportunities in Gold

The end of summer historically presents a buying opportunity for gold investors.

On the dark line on the chart below, measuring the Comex futures contract for December delivery over the past 15 years, you can see that the relative strength of gold bottoms out in late August and early September. The lighter line shows the historical pattern over three decades, with the late-summer period (circled in red) being one of the weakest times of the year.

Gold prices have risen every September since 2000 as investors in Europe and North America wrap up their summer holiday season and a cluster of holidays take place around the world for which gold is bought and given as gifts.

December Gold (CMX)

Historical Patterns (1975-2006)

India is the world's largest market by volume for gold jewelry, and jewelers there typically begin stocking up on gold for that country's most important festival, called Diwali, which this year comes in early November.

Around the same time—after the monsoon rains and before the weather gets hot and dry—is the prime period for weddings in India. Gold, in the form of intricately crafted jewelry, is a traditional gift for Indian brides whose parents want them to have not only something beautiful they can wear, but also an enduring financial asset.

It's been estimated that up to 70 percent of gold jewelry sales in India occur during the wedding season, and as rapid economic growth expands that country's middle class, it is not unreasonable to think that gold demand will grow as well. A recent story by Reuters stated that those in the Indian gold jewelry industry expect demand to hold up well as long as prices remain below 9,000 rupees per 10 grams, which currently equates to about $685 per troy ounce.

The second largest market for gold jewelry by volume and the largest by retail value is the United States, according to the World Gold Council. The greatest demand is seen late in the year—not only from Christmas shoppers, but also from Indians and other prosperous immigrant communities that have brought their cultural affinity for gold to their new homeland.

In mid-September, Muslims will begin their most important holiday season—the month-long observation of Ramadan. Fasting, prayers and introspection are stressed during Ramadan, but the end of the solemn holy month is marked by Eid ul-Fitr, a period of celebration and gift-giving. And in late December comes Eid ul-Adha, a four-day festival of sacrifice that also features the giving of gifts. Reduced gold-price volatility and "lifestyle" marketing is credited with raising demand across the Middle East this year.

In China, where gold is viewed as a symbol of good fortune, a major shopping spree for gold is expected around October 1 to accompany National Day, a weeklong celebration. This would add to the strong gold demand already seen since February, the start of the Year of the "Golden Pig', an auspicious year that comes around only once every six decades. On top of that, with the 2008 Summer Olympics taking place in Beijing, brisk sales of commemorative gold bars have been reported.

The World Gold Council reported that gold demand in mainland China, Hong Kong and Taiwan was up nearly 30 percent in the second quarter of 2007 compared to the same period a year earlier. Along with jewelry, gold mementos in the shape of pigs have been popular gifts. Chinese New Year in 2008 falls in early February, and jewelers will be stocking up for that occasion as well.

Going back to the chart, we can see these demand drivers at work. The 30-year and 15-year trend lines both show a sharp spike in relative strength in the early fall and then another one in the final six weeks of the calendar year.

Based on the long-term record, this time of year may represent a good entry point for those who want to buy gold in advance of a seasonal upswing in demand. Managing expectations by using historical patterns can improve the chances for success but of course it doesn't guarantee against losses.

For more insight on investing strategy, I suggest you read Michael Mauboussin, chief investment strategist at Legg Mason Capital Management. He writes extensively about investor behavior and suboptimal decision-making. One of his most valuable observations in his May 2007 article "Turtles in Omaha" is on the importance of following consistent processes when investing: "What separates good from great investors is not knowledge or raw smarts, but patterns of behavior."

Mauboussin's work, including his latest article on why cash flow may be a better indicator of corporate health than earnings, is available here .

Gold holds above $700, eyes 26-year high

2007-09-12T13:45:00.001+07:00

Gold holds above $700, eyes 26-year high

Mon Sep 10, 2007 3:09 PM BST

By Atul Prakash

LONDON, Sept 10 (Reuters) - Gold traded above the key $700 level on Monday, within sight of a 16-month high, as a weaker dollar and bullion's safe-haven appeal attracted fresh buying.

The metal is closing in on a 26-year high of $730 an ounce hit in May last year and is roughly $145 below its all-time high of $850, fixed in London on January 21, 1980.

"Gold is set to remain strong around $700 as a pivot level. The currencies have enabled gold to take-off and the metal has now uncoupled from currencies. We are again running into a self-motivated trend where buying attracts buying," Frederic Panizzutti, metals analyst at MKS Finance, said.

"The move has been impressive and we might see some profit taking, but the market is definitely aiming (for) $720 as the next target. We expect the market to remain volatile in the coming days and would not be surprised to see another rally."

Spot gold <XAU=> touched an intraday peak of $706.60 before paring gains to $703.45/704.05 by 1403 GMT, still up from $699.90/700.70 quoted late in New York on Friday, when it rallied to its highest since mid-May 2006 at $707.10.

Friday's unexpectedly weaker U.S. non-farm payrolls data dented the dollar, making dollar-priced gold cheaper for holders of other currencies.

Gold holds above $700, eyes 26-year high

2007-09-12T13:42:00.001+07:00

UPDATE 4-Gold holds above $700, eyes 26-year high

Mon Sep 10, 2007 3:09 PM BST

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The dollar hit a 15-year low against a basket of currencies on Monday <.DXY> as the data, showing companies cut 4,000 jobs last month, stoked expectations for a hefty Federal Reserve rate cut this month.

A crunch in global credit markets stemming from problems in the U.S. subprime, or risky, mortgage sector has forced the world's major central banks to inject emergency funds into the global financial system to prevent it grinding to a halt.

"Investors are getting more confident that bullion has hit a floor and is on the way back up," said Yuki Sonoda, advisor at Daiichi Commodities Co Ltd.

"Finally, a gleam is in sight," he said, adding that a rise in gold held by exchange-traded funds (ETFs) showed steady appetite for gold by funds and other long-term investors.

The latest data showed gold held in New York-listed StreetTRACKS Gold Shares <XAUEXT-NYS-TT>, the world's largest gold-backed ETF, rose to 549.42 tonnes, another record high, up 33.98 tonnes or 6.6 percent from the start of the month.

"We would not be short gold here, however, as the chances of a self-fulfilling rally may occur if more options-related buying lifts the spot price through resistance levels, the most important of which is last years high of $730," John Reade, head of metals strategy at UBS Investment Bank, said in a note.

In one of the latest moves seen as bullish for the price of gold, Australia's Newcrest Mining Ltd. (NCM.AX: Quote, Profile , Research) said it planned to raise A$2 billion ($1.65 billion) via an offering of new shares to fund the closing out of gold hedges and pay back debt.

Newmont Mining Corp (NEM.N: Quote, Profile , Research), the world's second biggest producer, said in early July that it eliminated its entire 1.85 million-ounce gold hedge position.

Gold miners typically hedge more when they think prices are in long-term decline, but like full exposure to a rising market.

In other metals, platinum <XPT=> hit a one-month high at $1,295.50 before easing to $1,290.50/1,297.50 an ounce, compared with $1,286.10/1,293.10 in New York. Palladium <XPD=> inched down to $331.60/335.60 an ounce from $332.50/336.70, while silver <XAG=> was at $12.54/12.57 an ounce, versus $12.51/12.54. (Additional reporting by Risa Maeda in Tokyo)

Market Briefing

2007-09-12T13:38:00.001+07:00

Market Briefing

Name	Previous Day's Close	% Change
All Ordinaries	6248.6	0.62
S&P/ASX 200	6235.5	0.71
Aus Dollar	83.39	1.16
DJIA	13308.39	1.36
FTSE 100	6280.70	2.33
Nikkei 225	15877.67	0.71
Shanghai	5113.97	- 4.72
CSI 300	5124.09	- 4.94
Gold	720.50	1.17
Crude Oil (BRENT FUTR)	76.38	1.18

Newcrest closes gold hedge book

2007-09-11T09:15:00.001+07:00

Newcrest closes gold hedge book
11 September 2007 - Melbourne Australia

By Al Robinson

Newcrest closes gold hedge book

Fairfax invests in managed fund business

Asciano may enter Queensland coal hauling market

Westpac wary of prolonged credit turmoil

62% of businesses to raise prices: survey

Dry weather crimps grain supply

Overseas Markets

Name	Yesterday's Close	% Change
DJIA	13127.85	0.11
FTSE 100	6134.10	- 0.73
Nikkei 225	15764.97	- 2.27
Shanghai	5355.29	1.46
CSI 300	5377.22	1.53
Gold	712.10	0.37
Crude Oil (BRENT FUTR)	75.48	0.54

Newcrest Mining is bullish on the gold price. The company will raise AU$2 billion in a heavily discounted rights offer to close out its hedged gold positions. Gold moved through US$700 recently; it may move up further as investors migrate out of risky financial assets into real assets with intrinsic value. Fairfax has put more money into managed funds businesses, purchasing fund website InvestSMART for AU$12 million. Logistics company Asciano is looking to provide Queensland Rail with some competition for the Queensland coal transportation market. This would come as welcome relief for coal companies up north, which have been contending with congestion at ports. Westpac boss David Morgan expects interest rates to rise if credit volatility doesn't improve. Dun and Bradstreet revealed the findings of their latest business expectations survey yesterday. Sixty-two percent of businesses are preparing to raise prices in the coming quarter. Meanwhile, grain production is still suffering from the dry spell.

All the details below...

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Newcrest launches $2b entitlement offer
Newcrest Mining (ASX:NCM) is raising AU$2 billion in capital to close out its hedged gold positions. The company hopes to pull in funds from current shareholders through a 7-for-20 renounceable rights offer at AU$17.40 per share. This represents a 29.8% discount to the current share price.

Fairfax buys online funds business
Fairfax (ASX:FXJ) has bought InvestSMART, an internet site specialising in managed funds, for AU$12 million. Fairfax chief executive Jack Matthews said the company was moving to take advantage of high demand for non-advisory wealth management.

TSX - Resource Boom Part III

2007-09-07T16:36:00.001+07:00

TSX - Resource Boom Part III
By James West

The TSX Venture dropped in August by a few hundred points, which frightened a lot of investors away from that market for the time being. Volumes are returning to post-summer levels, but there is still a high level of uncertainty out there that is preventing big players from jumping in.

This is a major opportunity for those with the stomach for contrarian investing. With some company valuations off by as much as 50% from their pre-August prices, there are some solid bargains out there that are going to provide triple-digit gains for savvy shoppers.

Contrarian investing is essentially doing what the majority of investors aren't. And it often inspires foolhardy forays into sectors that are taboo for good reason.

But the resource sector is showing all the hallmarks of a resumption of boom activity.

TSX mining companies raised almost $6.4 billion (CAD) in the second quarter of 2007, above last year's $5.4 billion and more than double the $2.9 billion raised in Q2 2005.

Gold companies continue to be the largest recipients of financing, accounting for 53% of the total funds raised in Q2. Uranium continued to increase to all-time high prices; the metal was priced at $136 per pound (USD) at the end of the quarter.

Several other metals continue to trade at or near all-time highs, including nickel, molybdenum, silver and copper.

Northern explorers appear to be benefiting from an unusually long exploration season, particularly in the Thelon Basin, which is demonstrating early potential to be similar in scope to the Athabasca Basin in Saskatchewan.

TSX -listed oil and gas companies raised over $5.5 billion (CAD) in the second quarter of 2007, nearly double last year's $3.0 billion and far more than the $4.3 billion raised in Q2 2005. Energy trusts led the sector, with four of the ten largest financings being from that quarter. Continued upward pressure on the price of oil, with further geopolitical instability and lower-than-expected European production, forced the price of crude back over $70/barrel at quarter-end.

The oil sands will be significant beneficiaries of the current pricing environment, with established miners planning further production increases. Vancouver-based Teck Cominco seeks to increase its presence in this sector with large acquisitions and partnerships. This activity is a positive signal for juniors that may become takeover targets or recipients of joint venture investment in future.

While some companies have re-priced or even cancelled financings, hindsight will show them to be trigger-happy, and their management skills will be called into question.

Just in the last two days, $85 million in mining finance has closed. That's $42.5 million dollars per day entering the junior exploration sector. If you don't see the inevitable outcome of so much money directed towards new exploration, go back to sleep.

The problem with the investing public is that it reacts to the headlines rather than hard data.

Headlines are by nature designed to accomplish one thing--get you to read the article. So, typically, headlines are sensational and bombastic, and are often way out of context relative to the data that inspire them.

The reach of Toronto Stock Exchange and TSX Venture Exchange extends internationally, providing access to capital for more than 3,800 companies. $1.8 trillion USD in global market capitalization and leading-edge trading technology make TSX Group a dynamic source of North American capital.

TSX Value and Volume

Why does capital funding of junior mining companies continue strongly while the rest of the financing markets have slowed to a crawl?

The answer is simple.

Looking at the investing landscape now, the superior returns offered by the private equity business were only feasible while the credit bubble was still inflating. Now that it has popped once and for all, the value of all things leveraged is under scrutiny and suspicion.

Junior mining share valuations are reverse-leveraged to 10% of the value of any mineral asset they have discovered in the ground.

That means if you have $1 billion in gold on a piece of ground that you have managed to describe to the satisfaction of National Instrument 43-101, analysts will rate your company's NPV at $100 million, and not a penny more.

This makes sense, as there are all kinds of things that could go wrong in the process leading up to the actual start of mining. The price of a metal could theoretically decline. Competing mines could be brought onstream that are more cost-efficient. Metallurgical, geophysical, and or infrastructural problems may develop that only come to light in the construction phase and that could derail or delay a mining project.

But compare these factors to the credit and mortgage industry. The unpaid loans backed by dubious assets have been forward leveraged. In other words, the bank is counting a debt as paid in full and then using its value to issue yet more worthless paper.

That practice has come to an end. And now that real estate, private equity, and the credit business itself are subject to the same rules of risk assessment as the rest of us, there will be a large shift in the amount of capital directed to those markets.

Institutional investors have to keep that money working, and when they look around, the resource sector is one of the few places where value can be stored and leveraged to a rising share price. This is going to make resources increasingly attractive, especially since a lot of the larger financial institutions are not yet able to determine what the extent of the damage has been from the ongoing deterioration of credit.

Presently, the market is not rationally valuing mining stocks, for two reasons:

The funds that have had to cover obligations to private equity buyout participation have had to come up with money somewhere else, since all of their asset backed commercial paper is more or less frozen in limbo pending revaluation. That means they have had to liquidate large holdings of junior public companies at any price, resulting in companies that now are trading, as I said before, for as low as half their pre-August valuations.

That in itself has caused the rest of the market to pause, and in some cases conclude that the bull has left the building and the bear has set up shop for a prolonged stay. But that is simply wrong, and when the rest of the investor herd understands that, these companies will return to their prior levels, and then some.

There are bargains galore . . . I can't say it enough. The TSX and resource companies around the world are on the verge of becoming the global market's new shooting stars, and smart cookies who load up now will be laughing all the way to the bank.

Rate this Article

What You've Missed...
Gold Investing
2007-08-29 - James West

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2007-08-27 - James West

Profit From Folly
2007-08-24 - James West

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2007-08-22 - Greg McCoach

Gold Jewelry Sales Hit All-Time Record Despite High Gold Prices
2007-08-20 - Greg McCoach

5-day forecast for: Ho Chi Minh City, VN

2007-09-07T16:33:00.001+07:00

5-day forecast for:

Ho Chi Minh City, VN

Qwikcast.com

Today	Tomorrow	Saturday	Sunday	Monday
Partly Cloudy Hi 34° Lo 27°	Showers Hi 35° Lo 24°	Showers Hi 36° Lo 24°	Showers Hi 34° Lo 23°	Showers Hi 33° Lo 23°

View current conditions, records & averages, weather maps and additional information for this location...

Market Briefing

2007-09-06T16:17:00.000+07:00

Name	Previous Day's Close	% Change
All Ordinaries	6274.3	- 0.36
S&P/ASX 200	6262.7	- 0.49
Aus Dollar	82.22	- 0.30
DJIA	13305.47	- 1.08
FTSE 100	6270.70	- 1.69
Nikkei 225	16158.45	- 1.62
Shanghai	5310.72	0.31
CSI 300	5363.25	0.05
Gold	691.80	1.64
Crude Oil (BRENT FUTR)	74.34	0.56

The high stakes of security: Protecting your brand

2007-09-06T09:07:00.000+07:00

The high stakes of security: Protecting your brand

While there's no such thing as a sure bet to protect critical information, there are approaches that can help significantly reduce your exposure to risks and meet security compliance obligations. Download this white paper to learn what they are. (Sponsored by IBM)

WatchGuard identifies top five threats

Top five threats to the enterprise
Paul Mah: "WatchGuard Technologies, one of the key players in the secure appliances and unified threat management (UMT) field, has just released a summary of its research conducted by WatchGuard's Rapid Response team. By tracking attack patterns over the last three years, they have identified the five key threats afflicting the enterprise." Take the poll, and then tell us about the threats that you face in your organization.

Top 5 for August Last month, popular white papers focused on

2007-09-05T11:16:00.000+07:00

Top 5 for August Last month, popular white papers focused on Certifications, SANs, Virtualization, and Service-Oriented Architecture. Check out the Top 5 white papers, by category, for August.

DATA MANAGEMENT

The OSI Model: Understanding the Seven Layers of Computer Networks (Global Knowledge)

Oracle Database 11g: New Features Overview (Oracle)

Identifying and Overcoming Common Data Mining Mistakes (SAS Institute)

Determining Total Cost of Ownership for Data Center and Network Room Infrastructure (APC)

Managing the Life Cycles of Backups (Asigra)

Recently added

Data center efficiency incentive guide (IBM)

Copper and Glass: Securing the Foundation of your 10 Gigabit Datacenter (Fluke Networks)

SERVERS and SERVER OS

10 Red Hat Linux Tips and Tricks (Global Knowledge)

Qualification Best Practices for Application Support in Non-Global Zones (Sun Microsystems)

An Introduction to OS Server Virtualization and a New Approach to Server Consolidation (SWsoft)

Let's Get Virtual: A Look at Today's Server Virtualization Architecture (Burton Group)

Building the Virtualized Enterprise with VMware Infrastructure (VMware)

Recently added

Virtual Appliances: Improve Manageability & Automate Provisioning (SWsoft)

IT @ Intel Brief: Boosting Server Virtualization Performance (VMware)

STORAGE

Nine Steps to Effective Networked Unified Storage Consolidation (BlueArc)

SAN Fundamentals: How Fibre Channel SANs Are Built, Secured and Managed (Sun Microsystems)

Does fragmentation affect SANs, NAS, and RAID? (Diskeeper)

SAN Conceptual and Design Basics (EMC)

HP Online and SAN Consolidation Solutions (Hewlett-Packard)

Recently added

BlueArc -- Storage for All Seasons (BlueArc)

ESG Labs Report on the ROI of IBM's SAN Volume Controller (IBM)

IT MANAGEMENT

Implementing ITIL Using the PMBOK in Four Repeatable Steps (Global Knowledge)

2007 IT Salary and Skills Survey: What Impacts Salaries? (Global Knowledge)

Managing Operational Change through ITIL and a Configuration Management Database (Opsware)

The New Generation of Microsoft Certifications: What's at the Core? (Global Knowledge)

Simple Tricks to Ace the Subnetting Portion of Any Certification Exam (Global Knowledge)

Recently added

How to Achieve High Performance through Superior Research & Development (Accenture)

Paving the way for business innovation with integrated business communications (IBM)

PROFESSIONS AND INDUSTRIES

Geek-Speak Glossary: A Manager's Guide to IT Terminology (Global Knowledge)

How To Use the Six Laws of Persuasion during a Negotiation (Global Knowledge)

More than You Ever Wanted to Know about Volatility Swaps (But Less than Can Be Said) (Goldman Sachs)

Benchmark Performance 1,000 Concurrent Users on Microsoft SQL Server 2005 (Microsoft)

Insurance Application Architecture (IAA) (IBM)

Recently added

Navigate the new financial landscape (IBM)

Live Webcast: Regulatory Compliance Meets Revenue Generation in Financial Services (IBM)

NETWORKING/COMMUNICATIONS

802.11n: Beyond the Hype (Burton Group)

IP Telephony from A to Z: The Complete IP Telephony eBook (ShoreTel)

How Does Ping Really Work? (Global Knowledge)

Eleven Myths about 802.11 Wi-Fi Networks (Global Knowledge)

IP Telephony Executive Guide 2007 (ShoreTel)

Recently added

Top 10 Reasons Why TCP Is Reliable (Global Knowledge)

Analyzing Total Cost of Ownership for Internal vs. Hosted Fax Services (MyFax)

DESKTOPS, LAPTOPS and OS

Upgrading to Windows Vista: Is Your hardware ready? Are You? (Global Knowledge)

User's Guide to Office 2007: No Need To Wait, Deploy It Now (Global Knowledge)

Virtualization Techniques for Embedded Systems (Waseda University)

Vista Security: Will it Make a Difference? (Burton Group)

Virtual PC's Enhanced Rollout and Troubleshooting (Global Knowledge)

Recently added

IDC Paper: The Impact of Virtualization Software on Operating Environments (VMware)

Live Webcast: How IE7 and New EV SSL Certificates Impact Your Site (VeriSign)

ENTERPRISE APPLICATIONS

Introduction to Requirements: The Details That Make or Break a Project (Global Knowledge)

Tips on Applying for and Passing the PMP or CAPM Exam (Global Knowledge)

A Global Knowledge Template: Project Management Workbook (Global Knowledge)

BPM Infrastructure Technology and Standards (Burton Group)

mySAP Supply Chain Management at L'Oreal Germany (SAP)

Recently added

ERP End-User Business Productivity: A Field Study of SAP & Microsoft (Microsoft)

Microsoft Dynamics Enabling Real-World SOA to connect your business vision with software (Microsoft)

SECURITY

Ten Ways Hackers Breach Security (Global Knowledge)

Security+: The Foundation for Solid Network and Information Security (Global Knowledge)

White Paper on Intrusion Detection and Intrusion Prevention (Bulwark Systems)

Security Architecture Model Component Overview (SANS Institute)

RSA Security Best Practices Framework (RSA Security)

Recently added

The Threat Within: The dangers of unrestricted employee use of Corporate IT Systems (Clearswift)

Protect Your Cardholder File Transfers Against Data Breaches (Sterling Commerce)

SOFTWARE/WEB DEVELOPMENT

Building SharePoint ASP.NET Web Parts (Microsoft)

A Guide to SOA Implementation (Torry Harris Business Solutions)

The Excel Reporting Solution for Java (Actuate)

Using Windows Workflow to Control ASP.NET Navigation (Jupitermedia)

The Forrester Wave: eProcurement Solutions, Q2 2007 (Forrester Research)

Recently added

Governing Software Development and Systems Engineering with IBM Rational products (IBM)

An ISV's Guide to Achieving Business Advantage Through Faster Application Problem Resolution (BMC Software)

Explore Research Areas

DATA MANAGEMENT Data Infrastructure, Data Tools, More...
DESKTOPS, LAPTOPS and OS Client System Hardware, Components, Desktop Client OS, Handhelds, Portable Device Client, More...
ENTERPRISE APPLICATIONS Customer Management, Enterprise Planning, Workflow Management, More...
IT MANAGEMENT Business Functions, IT Budgeting, IT Infrastructure, Project Management, Regulatory Compliance, User Satisfaction, More...
NETWORKING and COMMUNICATIONS LAN - WAN, Mobile and Wireless, Network Management, Network Technologies, Telecommunications, More...

PROFESSIONS and INDUSTRIES Government, Homeland Security, Education, Financial Services, More...
SECURITY Authentication - Encryption, Intrusion - Tampering, Security Administration, More...
SERVERS and SERVER OS Server Hardware, Server Platforms - OS, More...
SOFTWARE and WEB DEVELOPMENT E-commerce - E-Business, Internet and Web, Software Development Tools, More...
STORAGE Management, Storage Ha

Papers by Job Function, Industry, Company | Newsletters | Top Search Terms

Freedom In An Unfree World

2007-09-05T11:12:00.000+07:00

Freedom In An Unfree World

London, England - Melbourne, Australia

Wednesday, 5 September 2007

In This Issue:

Stock markets function vs credit dysfunction...

The prudence of the original carry trade...

Bush's bailout plan.... and more!

---------- Special Announcement ----------

A Fire Sale Strategy
U.S. Stocks To Sell Now And Aussie Uranium Stock To Buy On The Dips

The latest issue of Outstanding Investments is now online! Don't miss:

South Australia's Uranium Deposits: What companies own the most promising un-mined uranium in South Australia?
Sell Your U.S. Stocks Now: It's a big decision, but we'll give you specific reasons why U.S. stocks could fall more than their global peers in the coming months.
Share Tip Updates: With reporting season in full flight, we'll review how OSI tips have performed and what's ahead for the rest of the year.

If you are not a subscriber to Oustanding Investments simply click here to accept our trial offer and get instant access to the latest issue.

Market Briefing

2007-09-05T11:09:00.000+07:00

Name	Previous Day's Close	% Change
All Ordinaries	6297.10	0.39
S&P/ASX 200	6293.30	0.41
Aus Dollar	82.47	0.45
DJIA	13448.86	0.68
FTSE 100	6376.80	0.97
Nikkei 225	16420.47	- 0.64
Shanghai	5294.05	- 0.51
CSI 300	5360.33	- 1.10
Gold	680.45	- 0.07
Crude Oil (BRENT FUTR)	73.92	1.66

Sharing data between Microsoft Word and Access

2007-08-31T16:34:00.000+07:00

Dynamically fill Microsoft Word fields using Access data

Office applications share data easily, but sometimes the task is more complicated. Perhaps you want to filter Access data based on the contents of a Word field. The example technique in this TechRepublic How do I... populates a Word 2003 dropdown field with Access data. Then, the same form uses the selected value from that field to retrieve more Access data.

Subscribe to TechRepublic's Blogs RSS Feed

Today's Economics: Why Buy Gold?

2007-08-29T17:01:00.001+07:00

Write Some Checks! Bail 'em Out!
Adrian Ash | Aug 24, 2007 | View It
"Goldman Sachs expects rates to finish the year at 4.5%, fully 75-points lower from here."

The Coming Flight To Gold
Roland Watson | Aug 27, 2007 | View It
"Gold north of $1500?"

Barrick Gold Chief Sees No Slow-Down in U.S. Demand
Reuters | Aug 28, 2007 | View It
"... Supply is declining, so the supply-demand imbalance is very positive for the gold price."

Why Buy Gold?
Peter Zihlman | Aug 28, 2007 | View It
"While short-term charts show a lengthy consolidation . . . the long-term up-trends remain well entrenched."

Sơ đồ bơm nước

2007-08-28T14:29:00.000+07:00

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2007-08-27T08:36:00.000+07:00

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The Answer to the Panic Question

2007-08-24T16:33:00.001+07:00

By Dr. Steve Sjuggerud

"Steve, all the financial news lately has got me really worried I think the market could lose a quarter of its value here what do you think? "

A friend sent this e-mail to me in what felt like a panic. I'll reply to him in today's DailyWealth.

Dear [friend],

Don't worry

I know that's easier said than done. The markets are down, politicians are looking for someone to blame for the subprime mess, and there doesn't seem to be an end to the real estate troubles.

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-----------------------------------

So it's quite normal to worry. Investors, in general, are more than worrying right now investors are downright panicky.

I went back and crunched the numbers and found that when investors panic, you want to be a buyer, not a seller.

Investors panicked in 1997 during the Asian crisis but once the fear subsided, stocks shot up something like 20%. Investors then panicked in 1998 (during the Russian bond default/LTCM crisis). Once again, as the fear started to subside, stocks soared. As you can see in the chart, the S&P 500 shot from less than 1,000 to 1,400 in no time.

We had a few more panics September 11, 2001, of course, but the S&P 500 rallied nearly 20% very quickly and this was during a bear market! Late 2002-early 2003, as the U.S. invaded Iraq. Once again, as the uncertainty/panic subsided, stocks soared The S&P 500 ran from 800 to 1,100.

We're in another panic now. But the fear is subsiding

The Volatility Index (the VIX) is my measure of fear. Some call it the Fear Gauge. On Friday, it closed at 30. On Monday, it closed at 26. Today, it's around 23.

Now I can't guarantee that fear can't jump once again. As you can see from the chart, the Fear Gauge often has more than one spike to "scary" levels.

But if you ask me, I think we're closer to a near-term bottom than a top. I can be completely wrong, of course The Crash of '87 set a record on the Fear Gauge, and we didn't get a whole lot of advance warning. Just days before the '87 Crash the worst one-day drop in Wall Street history the Fear Gauge was right in line with its average for the previous 12 months.

Instead of betting on a decline from here, this is what I see: Based on valuation, stocks are as cheap as they've been in a dozen years. The Fed is about to start cutting interest rates. And if you believe that you've got to be a contrarian to make money, the contrary thing is to believe in stocks when most people don't and that's now.

Don't worry. And don't hustle out and sell things in haste.

Good investing,

Steve

The Secret of the Dump-Truck Tires

2007-08-23T12:50:00.001+07:00

By Tom Dyson

"Does anyone want a tire?"

Everyone chuckled. Beside our tour bus was a pile of used dump-truck tires. Each one was the size of a garage door and as thick as a car.

"Anyone who wants one can have one," repeated our tour guide, with a smile. "As long as you take it away."

I toured Syncrude's property in Fort McMurray last month. Syncrude is the largest oil company in Athabasca. It's really a syndicate of eight oil companies, all joined together in one massive venture to mine the oil sands in a big way.

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Most people don't know that in portions of Colorado, Utah, and Wyoming there are over 16,000 square miles of oil fields...Even more surprising is that this area holds 2 TRILLION barrels of oil - it's the most concentrated energy source on earth, according to the Energy Department.

For 76 years the U.S. forbid anyone to touch this land. Now that oil prices are out of control, the government wants this oil - NOW. A small group of companies have been hand-selected to recover this oil.

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-----------------------------------

It turns out, you can't do much with an old dump-truck tire.

Syncrude uses a few of them to line the roadways in its mine; farmers use a few of them as cattle feedlots. Some get used in playgrounds. The rest some 600 tires annually pile up on Syncrude's property, where tourists can gawk at them.

Syncrude uses the dump trucks to mine the oil sands. These dump trucks are the biggest in the world. They carry 400 tons of oil sand to the top of a mine. A monument overlooks one of the mines. It's a dump-truck tire with a plaque from the Michelin Tire Company underneath. The plaque says, "This is the largest truck tire ever made."

Since Syncrude started using dump trucks in the mid-1990s, its crude oil output has quadrupled and its stock price has gone up 1,500%.

Now Fort McMurray oil-sand miners face a severe shortage of dump-truck tires. A new dump-truck tire runs about $60,000. Tires last about 12 months. Each truck uses six tires at a time. That's more than $360,000 in tire expenses per truck every year. Syncrude owns 90 trucks.

Here's the thing: The tire's cost isn't the main concern of a mining company. It's availability. Oil-sand mines cannot operate without a supply of brand new dump-truck tires. Without dump-truck tires, they'd have to close their operations... and lose billions of dollars. So I bet the oil companies in Athabasca would pay $100,000 for new tires... if it meant keeping their mines open.

Today, I recommend you look into another critical Athabasca supply line, natural gas. Like tires, natural gas is an essential resource for the oil companies. You simply cannot produce oil without it.

In several DailyWealth columns, I explained why the natural gas market is heading into a supply crunch and why Alberta natural gas stocks will benefit. These natural gas producers not only have a bright future ahead of them, they're also deeply depressed right now.

Gas prices were soaring across North America in 2005, thanks to strong demand for clean electricity and accelerating production in the Canadian tar sands. Then Hurricane Katrina propelled gas to more than $15 per mcf. Money rushed into the western Canadian gas sector. In 2005, the number of drill rigs in the region increased by 25%.

But in 2006, the market reversed. The weather behaved, production was plentiful, and storage inventories in the U.S. turned into large surpluses. The price of gas collapsed more than 60%... and Alberta's gas stocks got knocked to the ground... and stayed there. Take a look at these gas plays:

Company	Market Cap (C$)	Down from 52-week high
West Energy	$254 million	40%
Gentry Resources	$100 million	54%
Vero Energy	$142 million	32%
Ember Resources	$74 million	49%
Berens Energy	$73 million	59%

Please keep in mind... I've only compiled this table to show you how far the fall has been. More than a hundred players operate in Alberta, and many are great values. But I encourage you to get familiar with Alberta's gas companies... they won't stay depressed for much longer.

Good investing,

Tom

P.S. The small stocks I've listed above are extremely risky... and only a speculator with a good knowledge of them will succeed.

I prefer to play it safe. In the September issue of The 12% Letter - out yesterday - I recommended one of the largest owners of natural gas assets in Alberta. It pays you an enormous 14.8% dividend. Click here to learn more about The 12% Letter.

Batch Files : Get users default printer via registry (WinXP)

2007-08-22T13:22:00.001+07:00

Batch Files : Get users default printer via registry (WinXP)

This is another quickie recipe for you admins. This recipe shows how to get the current user's default printer via the registry and output the information to a text file via a batch file and in turn combine the result files into a larger file to then import into excel.

Email to a friend Related

Maxthon 2.0 Web browser

2007-08-21T16:21:00.000+07:00

A few years, ago I stumbled upon a plug-in for Internet explorer called MyIE2 that added Firefox-like functionality such as tabs, ad blocking and autofill. Maxthon 2.0, from the same developers, seems intended to replace the older product and hopefully add maturity that the plug-in lacked. Is it the Right Tool for the Job?

Latest TechRepublic Photo Galleries

Cracking Open a Lexmark 2500 Printer
The Lexmark 2500 All-In-One printer includes fax, copying, scanning, and printing capabilities. Explore the inner workings of an entry level all-in-one printer.

A first look at the Ion iTTUSB turntable
With a USB connection and some open-source software, the Ion iTTUSB will convert and record your vinyl treasures into MP3s that you can play on modern music devices.

Subscribe to TechRepublic's Photo Gallery Newsletter
This weekly newsletter gives you a direct link to the latest and most popular photo and image galleries published on TechRepublic. Stay on the cutting edge with software screenshots and photos of hardware, IT news events, and even a look at tech's odd and unusual.

VitaMem Pro: The Right Tool for the Job?
If you've ever let Windows run for a few days without a reboot, you're sure to have noticed that it can seem sluggish. VitaMem Pro may be the answer.

Take a tour of Microsoft Fargo
TechRepublic's news editor, Sonja Thompson, was born and raised in Fargo, ND. So, when she heard that Microsoft was expanding its operations in Fargo, she had to go and take a look for herself.

The Missing Sync for Windows Mobile 4.0
People who have Macs and Windows Mobile devices have a syncing solution that actually turns out to be much more functional and powerful than the ActiveSync client found on Windows PCs.

Capturing the highlights of BlogHer 2007
BlogHer 2007 was held this year in Chicago, IL. TechRepublic's Sonja Thompson attended the conference and captured some of the sessions, events, and highlights.

Visit TechRepublic for more software screenshots, hardware photos, and wacky tech galleries

Are security assessments necessary?

2007-08-21T16:20:00.002+07:00

Acquire a global view of your security state: The importance of security assessments
Security issues can affect virtually every area of your business -- from your physical facilities to your network -- and all can benefit from a thorough vulnerability assessment. This IBM white paper discusses the importance of penetration testing and other types of security assessments.

Get more resources about security

10 (+1) ways your network is like your front door (Chad Perrin)
Bug in ATI driver throws Vista wide open (Paul Mah)
How do I... Generate strong passwords with PHP, PEAR, and PECL? (Melonfire)
Windows update triggers Skype outage (Paul Mah)

Get more resources about penetration testing

Do external penetration tests have any value? (Tom Olzack)
Investigate WarDriving and wireless penetration testing with OS X (download)
Choose the right testing method for application assurance (Tom Olzack)
Automated Penetration Testing: Can IT Afford Not To? (Core Security white paper)

TechRepublic Today

Maxthon 2.0 Web browser: The Right Tool for the Job?
A few years ago I stumbled upon a plug-in for Internet explorer called MyIE2 that added Firefox-like functionality such as such as tabs, ad blocking and autofill. Maxthon 2.0, from the same developers, seems intended to replace the older product and hopefully add maturity that the plug-in lacked. Is it the Right Tool for the Job?

Get more from TechRepublic

Sanity check: Is IT still a profession worth recommending to the next generation?

Geekend: Looking back at Microsoft PowerPoint Easter Eggs

How do I. . . Set up replication between Microsoft SQL Server 2000 and MySQL?

10 things you can do to make sure your data doesn't walk out the door

Write custom trace files in TSQL

2007-08-21T16:20:00.001+07:00

SQL Server 2005's default trace is great for monitoring system information and for finding out what happened on your server after problems occur. However, there are times when the events that the default captures are not what you need. Here are instructions for how you can create your own trace files in TSQL to catch events on your database machine.

Check out these additional developer resources

Solutions to today's problems today
TechRepublic Pro is an exclusive subscription service that offers unique downloadable solutions designed to help solve the tough IT management problems you face every day. Quick Reference: Cisco Administration Pak is an example of the hundreds of time-saving solutions and tools you can download as a TechRepublic Pro member.

Join TechRepublic Pro to get the downloads you need to get the job done.

TechRepublic Today

Sanity check: Is IT still a profession worth recommending to the next generation?

Geekend: Looking back at Microsoft PowerPoint Easter Eggs

How do I. . . Set up replication between Microsoft SQL Server 2000 and MySQL?

10 things you can do to make sure your data doesn't walk out the door

BA RIA - VUNG TAU

2007-08-21T13:04:00.001+07:00

Area: 1,965km2

Population: 800,568

Provincial capital: Vung Tau City

Ethnic capital: Viet (Kinh), Chinese, Khmer.

Ba Ria - Vung Tau is a coastal province in the eastern region of southern Vietnam, around 128 km (79.36 miles) North-East of HCM City. The flat area of the province is nearly 100 metres above sea level and declines gradually toward the 80 km (49.6 miles) of coast with many beautiful swimming beaches. The offshore island of Con Dao boasts a national park and some historical and cultural relics.

Vung Tau City is a beautiful coastal city with 15 km (9.3 miles) of coastline. It is endowed with many beautiful swimming and sunbathing beaches such as Bai Sau, Bai Dua, and Bai Dau. Thich Ca Phat Dai Park is a large pagoda in Vung Tau City. Its beauty lies in the harmonious combination between the natural surroundings and the architectural structure, which exists exclusively for religious worship.

AN GIANG

2007-08-21T13:03:00.001+07:00

Area: 3.244km2

Population: 2,049,039

Provincial capital : Long Xuyen

Ethnic groups: Viet (Kinh), Khmer, Cham, Chinese.

An Giang is a southern province of Vietnam with most of area being delta, except several mountains in the districts of Thoai Son, Tinh Bien and Tri Ton. An Giang has a tropical monsoon climate, with the annual average temperature of 27⁰C. (80.6⁰F.). There are two separate seasons in a year: dry season from May to November, and rainy season from December to April.

There are many famous festivals in An Giang such as Ba Chua Xu (Xu Lady Lord) Festival (takes place every year on Sam Mountain), Nguyen Trung Truc (the leader of the patriots who rose agaisnt the French in Nam Bo) Temple Festival (in Long Kien village, Cho Moi District), Cows race Festival of Khmer Ethnic Group (Unique traditional culture of Khmer people in Tinh Bien and Tri Ton Districts)

Apart from its first rank in the country in terms of rice output (over 2 million ton a year), the province is well-known for bumper crops like corn, soy beans, and aqua-products. Other special products of the An Giang Province: Tan Chau silk, Chau Doc fish sauce, Cho Thu woodwork, and cloth-weaving of the Cham people.

HA NOI

2007-08-21T13:02:00.001+07:00

HA NOI

Land area: 921km2

Population: 2,672,122

Ethnic groups: Viet (Kinh)

Geography:

Hanoi lies in the Red River Delta. It borders the hilly provinces of Vinh Phu and Bac Thai to the north, the provinces of Ha Bac and Hai Hung to the east, and the province of Ha Tay to the south and the province of Ha Tay and Vinh Phu to the west. The city of Hanoi is situated from longitude 20^o25' North and from Latitude 105^o15' to 106^o03' East. It is situated in a tropical area having a strong monsoon influence. Hanoi is endowed with all the four seasons: spring, summer, autumn and winter. Climate in Hanoi can be divided into two distinct seasons: the dry and the rainy seasons. The dry season. The dry season starts from October to April. This is the period characterized by spells of cold wind and drizzles. The rainy season starts in May and ends in September, there are many torrential rains and fierce sunshine in this period. The autumn season is in August, September and October. Climate in Autumn in Hanoi is characterized by a clear, blue sky and gentle spells of breeze. However at the close of the autumn in the city there are short spells of little cold which are eventually followed by long spells of severe cold and drizzles that make the sky gloomy all day long. That is the beginning of the winter time.

Temperature:

Average temperature in winter time is registered at 17^o 2C. The lowest temperature at the same period is recorded at 5^o C. Average temperature in summer time is recorded at 29^o2C. The highest temperature at the same period is registered at 40^oC. Average temperature in a year is recorded at 23^o 2C. Annual average of rainfall is registered at 1,800 millimeters.

Rivers:

Hanoi is situated on an ancient soil area deposited from time immemorial with layer after layer of alluvium carried down from the northern mountain ranges by the Red River and its tributaries. That is the reason why Hanoi's feel as closely connected to their Red River as children do towards their mothers. In the old days the Red River has been given another common name: Cai (Mother) River. The name of Hanoi (Exterior side of a river) has derived from an ancient language which is literally known as a land area located in the inner side the Red River. It is not that the city is inside the river but rather it is embraced by about 100 kilometers of the Red river dykes. The dyke portion in Hanoi accounts for about one fifth of the total river dykes flanking on either side of the Red River that runs along the Vietnamese territory on a stretch of more than 500 kilometers.

Other rivers that run through Hanoi include the Duong, the Cau, the Ca Lo, the Day, the Nhue, the Tich, the To Lich and the Kim Nguu rivers. The last two river, To Lich and Kim Nguu, have been regarded as an inexhaustible sources of inspiration for many Vietnamese literature writers and poems who lived in the capital city in the old days. These two rivers were considered the most Poetic and romantic bodies of water that flows through the city.
At present the two rivers, To Lich and Kim Nguu, are still partly seen in the city. Their former grandeur has long lost their literature charm because they have to give way to urbanization development scheme. Currently these rivers are regarded merely as the city's main open ditch drainage system. However, the government has had in mind a massive upgrading scheme to return the two historic rivers their original beauty

Lakes:

Hanoi has long been considered as the city of romantic lakes. Currently there are 18 lakes with water surface areas totaling more than 2,200 hectares. Those beautiful lakes which have come down into Vietnam's history of prose and verse literature include Ho Hoan Kiem (Sabre Restored Lake), Ho Tay (West Lake), Ho Truc Bach (White Bamboo Lake), Thien Quang Lake, Ho Bay Mau (Bay Mau Lake), Ho Thu Le (Thu Le Lake), and Ho Giang Vo (Martial Art Training Lake). These lakes are considered the giant lungs of the city which is covered with parks and shade trees grown along main boulevards to make the city more close to nature.

ADMINISTRATIVE AREAS

Hanoi has six inner precincts: Hoan Kiem, Ba Dinh, Hai Ba Trung, Dong Da, Tay Ho, Cau Giay, Thanh Xuan

Hoan Kiem Precinct:

This is regarded as the business district, the central administrative part of the city. Hoan Kiem precinct is the place where are located the city council locally known as the Municipal People's Committee, big trade centers, and the city's ancient trade and occupation area regionally reputed as the "ancient Hanoi with 36 guild streets."

Ba Dinh Precinct:

This is the area where are located most of the government offices. Ba Dinh Precinct is also famous for the location of the Mausoleum of the late President Ho Chi Minh, next to the historic Ba Dinh Square and many historic and cultural sites of the capital city.

Dong Da Precinct:

This area is mostly marked for residential areas and universities. In the last two or three decades, there have emerged several big residential areas. They are government-built apartment buildings locating in Trung Tu, Giang Vo, Thanh Xuan, Yen Lang areas. Most of the tenants are government employees. Along Nguyen Trai Road leading to National Highway 6 to the southwest of the city are located several major universities and colleges. This area, about seven kilometers from the city's center, houses the Hanoi Foreign Languages Institute, the institute of Architecture, the National University formerly known as the Hanoi University, and several others.

Hai Ba Trung Precinct:

This is also an area mostly used for residential and educational projects. Many projects have been built along the National Highway 1A. There has been some sort of infrastructure for the forming of a national university village on the southern approach to the city. Currently there are the head office of the Vietnam's Ministry of Education and Training, The National Polytechnics Institute, the Institute of Construction and the National Institute of Economics.

And Tay Ho, Cau Giay and Thanh Xuan are the three new founded precincts.

There are five suburban districts:

Tu Liem, Thanh Tri, Gia Lam, Dong Anh and Soc Son. The current construction site of the Nghi Tam tourist resort center on the bank of Ho Tay is in Tu Liem district.

Ha Noi is the capital of Socialist Republic of Vietnam as well as the center of culture, economy, trade, and tourism. Lying in Red River Delta, Hanoi is an ancient city that was built in 1010 by Ly Cong Uan Dynasty. Originally named as Thang Long (Ascending Dragon), it was then renamed Dong Do (Eastern Capital) and now Ha Noi (Inner side of river).

Today, Ha Noi still preserves many ancient architectural buildings including the areas of ancient streets, whose names are attached closely with the trade and occupation of its inhabitants, and more than 600 pagodas. Apart from these, there are many modern buildings, such as President Ho Chi Minh's Mausoleum, Viet Xo Friendship Palace... and a system of different museums and theatres. Part of the city's area is lakes covering 10ha (24.7 acres) with the largest ones being West Lake, Hoan Kiem Lake, and Bay Mau Lake.

Ha Noi is well known for many types of food. The most impressive food is "Pho" (a kind of rice noodle with a tasty broth), "Cha ca La Vong" (rice noodle served with fried trout), "Nem" (spring roll), "Bun Cha" (warm rice noodle served with roasted pork), and "Banh Goi" (a cake that looks like a pillow).

Ha Noi is also home to various traditional handicraft articles. They are rattan products; pottery ware; sculptured and carved products; silk items. Many of these have become the most impressive types of souvenirs from Vietnam.

Arriving in Ha Noi, you have chance to visit One Pillar Pagoda, Temple of Literature (the first University of Vietnam), Hanoi Cathedral, Quan Thanh Temple, Tran Quoc Pagoda, Thong Nhat Park, and Thu Le Park, Cua Bac Church - or go on an excursion to tourist spots around Hanoi: Co Loa Citadel, Huong Pagoda, and Tay Phuong Pagoda.

In Vietnam's history, Ha Noi has always been the political, cultural, scientific-technological center, as well as a great economic and political center of the whole country.

In the process of national renovation and development, Ha Noi has attracted much investment, contributing to the development of the national economy in general, and of the North Delta Region (Ha Noi-Hai Phong-Quang Ninh) in particular.

KHANH HOA

2007-08-21T13:01:00.001+07:00

Area: 5,257 km2

Population: 1,031,262

Provincial capital: Nha Trang City

Ethnic groups: Viet (Kinh), Gia Rai, Ede, Gie Trieng, Cham...

Khanh Hoa is a coastal province lying in the north of HCM City with Truong Sa archipelago. Khanh Hoa topography gradually lowers from west to east with mountains, hills, coastland and islands. The two biggest rivers flowing through the province are Cai River (enters the sea in Nha Trang) and Dinh River. Khanh Hoa has a rather mild climate with the average annual temperature of 26.5⁰ C. (79.9⁰ F.)

In terms of transportation, Khanh Hoa has many seaports. Its Cam Ranh Port is one of the best seaports of Vietnam. The province also owns two airports in Nha Trang and Cam Ranh.

Khanh Hoa is rich in natural resources, mainly forest products, sea products, and especially sea swallow's nest. Khanh Hoa is also famous for its tourist attractions with a 7km-beach and dozens of historical places, pagodas, and beautiful scenery (the group of five or six islands situated close to each other. The largest of the islands is Hon Tre, which is located 3 km from Nha Trang). Nha Trang is not only famous for its natural landscapes, but also for its heritage of the Cham culture (Po Nagar Towers).

HO CHI MINH City

2007-08-21T12:58:00.000+07:00

Land area: 2,090 km2

Population: 5, 037, 155

Ethnic groups: Viet (Kinh)

Located in the south of Vietnam, Ho Chi Minh city is a new settlement, the word Saigon having been registered for the first time in documents dating back to 1698. There are two distinct seasons: the rainy season from May to November and the dry season from December to April. The climate is particularly favorable for tourism.

Ho Chi Minh City is divided into 17 urban districts and five rural districts. There are also 305 sub-districts and communes. Hundreds of rivers and canals cross the Ho Chi Minh City area, but most are mainly small. Saigon river, crossing the city on 106km, is the biggest. Means of communication by road, railway, or sea from Ho Chi Minh to all other provinces are also efficient.

One of the main characteristics that influenced the 300 years of Saigon is the combination of three cultural sources: Vietnamese, Chinese, and European.

The city's resources and accommodations are attractive elements for several tourists. Typical tourist sites would be counted here as Nha Rong Port (where late President Ho Chi Minh first left for France seeking the way to rescue the country from the colonists), Ho Chi Minh Museum, Thong Nhat Hall, Notre Dame Cathedral, Vinh Nghiem Pagoda and Giac Lam Pagoda. Besides historical relics, the city charms its visitors with and many parks and flower gardens and entertainment resorts (Suoi Tien, Dam Sen, Water Park).

Ho Chi Minh City is located in a special geographical position, converging many favorable conditions for economic development. Since olden time, the City has been a most strategic area on the South, a dense and prosperous trade center, a gate and a relation clue with foreign countries.

In building the country, Ho Chi Minh City really has been an economic, industrial, financial center, an international relation and tourism center of the whole country, with amphibious communication clue and convenient air-line, a cultural and scientific technological center, etchttp://www.hcminvest.gov.vn

How to change global message size limits

2007-08-21T12:49:00.001+07:00

Aug. 22nd: Maximize your VPN investment with GoToMyPC Corporate

Join this live TechRepublic Webcast to learn how you can expand VPN service to a growing number of mobile users -- with no capital investment and very little IT support. (Sponsored by Citrix Online)

Exchange : How to change global message size limits

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Resources for e-mail administrators

Outlook uncertain: Why you still need a mail reader on your desktop
Blogger William Jones writes: "I'm wringing my hands over the future of my favorite mail program, Thunderbird, as its developers consider whether it should be spun off on its own...I usually access my personal e-mail through a Web browser. But here are some powerful reasons for keeping a dedicated e-mail reader in your Programs folder."
12 Tips for Better E-mail Etiquette
Don't you wish that every person who received a new e-mail account had to agree to follow certain rules to use it? There are certain professional standards expected for e-mail use. This white paper 12 tips to foster professional e-mail conduct.
Web mail giants lock horns as Microsoft bumps up Hotmail storage limit
Just as Google announced that it would be charging for increased space on its Gmail accounts, Microsoft has upped the storage ante with an offering of 4 GB for free Hotmail account users and 10 GB for a paid service. This is better than the approximately 2.8 GB that Gmail provides for free, but it falls short of the unlimited storage that Yahoo advertises.
Sanity Check: Is IT still a profession worth recommending to the next generation?
Blogger Jason Hiner writes: I"n response to my column last week about the split between IT strategy and operations, several TechRepublic members responded that they have become disillusioned with the way the IT profession has developed and that they have a hard time recommending it as a career path to the next generation."

Quick hits

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