Finance Ministry issues third value-added tax bond
Ukraine’s Finance Ministry on Monday issued the third tranche of government domestic loan bonds worth UAH 8.3 billion to repay delayed value-added tax refunds (VAT bonds)..

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Central Bank of Jordan to issue JD50m treasury bonds
Central Bank of Jordan to issue JD50m treasury bonds

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Today in the press
Irish Distillers is to embark on a major expansion project for its warehousing facilities outside Midleton, Co Cork.

Read more on RTE News

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THERE IS A GOOD REASON TO BE SCARED

Higher rates on the horizon mean many things.

It is bearish for

1. Bonds

2. Income stocks

3. Companies that borrow a great deal to operate their businesses (profit margins will be negatively impacted)

4. All assets with fixed income and rising costs

It can be bullish for

1. Common stocks of growing companies (they will get money formerly allocated to bonds)

2. Commodities that benefit from inflationary psychology (when short term interest rates rise slower than the rate of inflation, it adds to inflationary psychology)

3. Companies and products that benefit from higher inflation

INFLATIONARY PSYCHOLOGY IS A TRICKY THING

People often say that interest rate increases put pressure on inflationary expectations. In our opinion, this is only true if interest rate increases are faster than inflation increases. Currently, it is obvious that inflation is rising faster than interest rates and as we allude to above, this causes inflationary expectations to grow.

Some other implications of higher rates:

1. Carry Trade-Some positive and some negative influences: it is positive for currencies with higher rates; it is negative for the Japanese Yen, which has very low rates.

2. It is bad for speculators who borrow a lot for their speculation; however it can be good for long-term, conservative investors

3. Stock market valuations are a function of earnings growth and interest rates. If earnings growth remains constant, higher rates mean slightly lower P/E ratios for stocks.

4. It is bad for private equity. Higher rates make it harder for private equity firms to take their companies public. Plus, tighter credit makes it harder to borrow at the low rates which make private equity more profitable.

SUGGESTIONS

Investors should sell bonds and income stocks that have fixed yields. Hold cash in high yielding well-managed currencies until rates peak, which may take several years.

Higher interest rates in the U.S. can strengthen the U.S. dollar in the short term; however, other countries are raising their rates too. Therefore, so we continue to favor higher yielding currencies like the Australian dollar and British pound.

For More information on Global investment visit http://www.howtoinvestglobally.com

For More information on Guild Investment Management financial services visit http://www.guildinvestment.com

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These articles are for informational purposes only and are not intended to be a solicitation, offering or recommendation of any security. Guild Investment Management does not represent that the securities, products, or services discussed in this web site are suitable or appropriate for all investors. Any market analysis constitutes an opinion that may not be correct. Readers must make their own independent investment decisions.

The information in this article is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Guild Investment Management to any registration requirement within such jurisdiction or country.

Any opinions expressed herein, are subject to change without notice. In addition, there are many market, currency, economic, political, business, technological and other risks that are beyond our control. We make reasonable efforts to provide accurate content in these articles; however, some content and some of the assumptions, formulas, algorithms and other data that impact the content may be inaccurate, outdated, or otherwise inappropriate. In addition, we may have conflicts of interest with respect to any investments mentioned. Our principals and our clients may hold positions in investments mentioned on the site or we may take positions contrary to investments mentioned.

Guild’s current and past market commentaries are protected by copyright. Apart from any use permitted under the Copyright Act, you must not copy, frame, modify, transmit or distribute the market commentaries, without seeking the prior consent of Guild.

RANsquawk European Morning Briefing – Stocks, Bonds, FX etc. – 30/08/10
Today, “bond funds” ranked with “Miss Universe” and “Lindsey Lohan” among Yahoo’s top ten search terms. Outflows from equity mutual funds over the last two years totaled $232 billion, while inflows into bond funds soared to a staggering $559 billion.

Read more on Zero Hedge

BOJ Shirakawa: need to check drawbacks on rate cut
Bank of Japan Governor Masaaki Shirakawa said on Monday the central bank needs to carefully examine the drawbacks when considering cutting already low interest rates.

Read more on Reuters via Yahoo! UK & Ireland News

us-savings-bonds.info – Instruction video on how to use this simple savings bond calculator to compliment the one provided by the Treasury Department. Both saving bond calculators are great.

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If you’re calling a Salt Lake locksmith nine times out of ten it’s because something has gone wrong, maybe you’ve locked your keys in your car, or you’re locked out of your house.  Usually in the heat of the moment we’re so flustered by wanting to get things right we look less at a Salt Lake locksmiths qualifications and more at how quickly they can come to your rescue.  Nothing adds more to the flustered feelings of anxiety that you’re already feeling than to have the “locksmith” roll up in his 1982 Corolla and appear like less of a knight in shining armor and more like a henchmen.  Luckily there are some very simple things that you can do to avoid that very situation next time you’re in need of a Salt Lake City locksmith. 

State and Federal Governments understand that the locksmith trade is one that they don’t want just anyone participating in, just because someone has broken into a house before it doesn’t mean they want them to make a career out of it.  For that very reason the government has created several hoops that locksmith companies are required to jump through in order to be considered a legitimate Salt Lake locksmith.  Now while the number of hoops can vary from state to state locksmiths typically need to do one or several of the following; Become Bonded, Licensed, Insured.

Now oftentimes people ask, “Why is it important to hire a bonded Salt Lake locksmith?”  Well first off, it helps protect you incase there is any damage to your property while you are being serviced.  A Salt Lake locksmith must go to a bonding company, the bonding company guarantees that if something goes wrong with the locksmith’s work, the client will be reimbursed.  A bond is essentially a form of insurance for you as the locksmith’s client, ensuring that the locksmith is looking out for the safety of the clients’ belongings.  If anything happens to your belongings, you will be compensated.

Bonded Salt Lake locksmiths become bonded when they pay a nominal fee to a bonding company.  After passing a background check, these locksmiths are guarnateed that in case of an accident, the bonding company will reimburse the previously agreed upon amount of money.  Bonding is similar to insurance and provides an added benefit to the client.

In addition to looking for a bonded Salt Lake locksmith it’s also important to look for a licensed Salt Lake locksmith.  Before a license is given to a bonded locksmiths, government agencies such as the FBI collect identification details such as fingerprints from each bonded locksmith.  By going through the licensing process the government ensures that the locksmith does not have a criminal background.  This allows you to know that the Salt Lake locksmith that you’re hiring is legitimate and that he’s in the business to help you rather than rob you.

The last but certainly not least item you should look for when vetting a Salt Lake locksmith is whether or not they are insured.  Insured locksmiths are ones that have purchased liability insurance.  This type of insurance will project both the locksmith and you as their client against any accidental damage to property or life.  This type of liability insurance is similar to car insurance and will allow the salt lake locksmith to ensure the safety of work, property and life.

Now while it’s possible in some places to become a locksmith without a license, bond or insurance, they are often a requirement to performance contract and government work.  Plus, if a Salt Lake locksmith has obtained this kind of accreditation it displays a high level of professional dedication and trustworthiness.  So next time you find yourself in a pinch, just remember to look for Bonded, Licensed and Insured locksmiths.

If you’re confused by commodities, you’re not alone.

For a short lesson in how this works, let’s do a quick overview. Most trades work by investors’ buying and selling futures contracts, rather than trading directly in the commodity itself. Most futures contracts trade similarly to stocks or bonds. The exception is that they have an expiration date, unlike stocks or bonds. Even so, this type of trading can still confuse someone who’s not familiar with this world. One element that’s part of this world and is pretty basic is price quotes.

Gold

Gold is a commodity that most beginning traders are interested in. Basically, gold is very enticing and has a historical track record. It’s also very accessible and has a general allure that’s irresistible to many. For gold, price quotes are generally pretty straightforward and have relatively few troubles.

Gold price movements’ minimums are set by the exchanges. For example, gold futures traded on the Commodity Exchange of New York, also called COMEX, have a minimum “tick” or price movement of $.10. Each futures contracts deals with 100 troy ounces, which makes the minimum tick per contract $10. That’s a significantly greater amount than the average stock investor is used to, because prices they are typically move from $.10 to $.25 per share there.

In this instance, quotes are often shown without the dollar sign present. Sometimes the decimal point is also ignored. Therefore, the price of $580.65 per troy ounce of gold might be shown as “58065″. However, it would normally be displayed as “580.65″.

Natural Gas

Natural gas is traded on the New York Mercantile Exchange, also known as NYMEX. On NYMEX, the minimum price change is one cent. Prices are noted as dollars per million metric British thermal units, or mm BTU. Basically, a BTU is a measure of energy that is produced by burning natural gas.

A standard natural gas futures contract is 1000 mm BTU. Therefore, if the price rose from $35.50 to $36, this would represent an increase of $.50, which times 1000 (standard natural gas futures contract) equals $500.

Live Cattle

One trades live cattle futures on the CME, or the Chicago Mercantile Exchange. The CME is one of the oldest and largest exchanges in the United States. Here, prices are established in cents per hundredweight. A standard contract usually deals with 40,000 hundredweight.

The minimum price movement, or tick, is 0.025 cents, with a movement from 71.125 to 72.125 showing as follows:

$.72125 minus $.71125 equals $.0100

$.0100 times $40,000 equals $400

Coffee

Coffee is what commodity traders call a “soft” commodity, used to distinguish it from other commodities such as metals, grains, or energy. It is traded on the Coffee, Sugar and Cocoa Exchange, or CSCE. Its price is quoted in cents per pound. The standard contract size is 37,500 pounds.

The minimum tick, or movement, on it is $.05; therefore, a contract price changes as follows:

$.0005 times 37,500 equals $18.75. Therefore, if the price is listed as 115.45, that equals 115.45 per pound, or $1.1545 per pound.

Corn

Corn is among the grains are traded, and it arguably has the longest history. Corn has been around and harvested as a food source for thousands of years. It formed one of the earliest “forward” contracts.

Corn prices are quoted in cents per bushel. Movement on price change is comprised of one quarter of one cent. A standard contract is for 5000 bushels. Therefore, a price listed as 290 means a cost of $2.90 per bushel.

Therefore, if a contract price changes from 290 to 291, this would mean:

$2.91 minus $2.90 equals one cent.

One cent times 5000 equals $50.

Therefore, a one-cent movement in commodity price affects one contract by $50. This is quite different than the rather minute changes experienced in stocks or bonds.

Simply, commodity prices change fast. They often change significantly in a single day. This means that commodities trading is much more volatile and therefore risky than technical market traders can participate in. If you decide to participate in commodities trading, be prepared for a fast ride, with lots of adrenaline coursing through your veins.