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IOC VP faces backlash for saying Tokyo Olympics are on despite pandemic
TOKYO (AP) - If John Coates was trying to stir controversy, he succeeded.
An International Olympic Committee vice president, Coates was asked a few days ago by a Japanese reporter at an online news conference if the Tokyo Olympics would go ahead, even if a state of emergency were in force in Japan.
Coates replied: "Absolutely, yes."
RELATED: Frustration mounts as Japanese Prime Minister pushes Olympics despite pandemic
Coates said what the IOC and local organizers have been trying to persuade the Japanese public about for months: The postponed Olympics with 11,000 athletes from 200 nations and territories will open on July 23 and will be "safe and secure."
But his defiant tone has stirred a backlash in Japan where 60-80% in polls say they do not want the Olympics to open in two months in the midst of a pandemic.
Just over 12,000 deaths in Japan — good by global standards, but poor in Asia — have been attributed to COVID-19. But Tokyo and Osaka and several other areas are under a state of emergency until May 31. And it's likely to be extended.
There is fear of new variants spreading with only a tiny percentage of Japanese vaccinated. Estimates range between 2% and 4%.
"Right now, more than 80% of the nation's people want the Olympics postponed or canceled," Japanese billionaire businessman Masayoshi Son said over the weekend. He is the founder and CEO of SoftBank Group Corp. He also owns the SoftBank Hawks baseball team.
"Who is forcing this to go ahead, and under what rights?" Son added.
RELATED: Pfizer, BioNtech donating vaccines for Olympic athletes
Technically, the games belong to the International Olympic Committee and only it has the power to cancel. Of course, any move would have to be negotiated with Japanese organizers.
There is no suggestion this will happen.
Protesters hold placards as they take part in a demonstration against the forthcoming Tokyo Olympic Games on May 23, 2021 in Tokyo, Japan. (Photo by Carl Court/Getty Images)
Social media criticized Coates, and also went after IOC President Thomas Bach who has said repeatedly that everyone must "sacrifice" to pull off these Olympics, which have already banned fans from abroad. A decision on local fans attending — if any — will be made next month.
The IOC relies on selling television rights for 75% of its income, and Japan has officially spent $15.4 billion to prepare the games. Government audits suggest the figure is much higher. All but $6.7 billion is public money.
The Shukan Post magazine said in its latest issue that organizers have booked all the rooms during the Olympics in at least four of Tokyo's most expensive hotels. The magazine called the accommodations "fitting or royalty" for the IOC and others.
Tokyo organizing committee president Seiko Hashimoto said Friday the "Olympic family, IOC and international federations" would amount to 23,000 visitors.
RELATED: Japan enacts more coronavirus measures in Tokyo ahead of Summer Olympics
The magazine said the IOC would pay up to $400 per night for rooms, with local organizers making up any difference.
Many of Japan's newspapers are among more than 60 local Olympic sponsors that have contributed more than $3 billion to local organizers. They have been restrained in their criticism, although one of them — the Hokkaido Shimbun — did call for unspecified action from Prime Minister Yoshihide Suga. Suga has said it's the IOC that must determine the fate of the Olympics.
"That inaction itself is forfeiting the responsibility over people's lives and health. Those in charge should take that to heart."
The Shinano Mainichi Shimbun, which is not a sponsor, called for a cancellation in an editorial on Sunday.
"We are in no mood to celebrate an event filled with fear and anxiety," the newspaper said. "The Tokyo Olympics and Paralympics should be canceled ... The government must make the decision to protect the lives and livelihood of the people."
Organizers and the IOC say that the games will be safe because of extensive testing and building a bubble around the athletes. It says more than 80% of the residents in the Olympics Village, located on Tokyo Bay, will be vaccinated.
The comments of Atsuko Saitoh, who identifies herself as midwife and former university professor, are representative of the criticism on social media. She has run unsuccessfully for Japan's upper house and is running in the next lower house election.
"Bach and Coates do not value the lives of the athletes, others involved or the people of the host nation. It's tantamount to predicting terrorism to say that the games will be held under an emergency, despite the overwhelming opposition in public opinion."


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Many restaurants in New York City have become sustainable in not only their food sourcing, energy use and recycling, but also in their construction and involvement with the local community. This map shows "green" restaurants and has a special feature that demonstrates all of the ways these restaurants are sustainable.
Search the Map for:

subset: commoncrawl


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Great innovations to the Temple of Speed, where major renovation will take this circuit once and forevermore to the next level of global excellence.
Book now a date in the period following the intended reopening period and get at least the same discount normally reserved to winter dates. Remember: seats are limited!
Your purchase is safe: even if you buy a Best Price package, in case the circuit didn't open in time to organize the chosen date, your experience will automatically convert in a voucher valid for another 12 months from the scheduled date of the event.
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Rep. Paul Seaton, R-Homer, and Sen. Peter Micciche, R- Soldotna, hold a joint Town Hall Meeting from 5 to 7 p.m. Friday at the Homer City Council chambers. Residents are invited to discuss any issues with them. Both also will have open office hours from 2 to 4:30 p.m. at the Legislative Information Office on the corner of Pioneer and Bartlett. If there are topics that may require prior research, feel free to email them with individual questions at email@example.com and firstname.lastname@example.com.
The Homer Police Department invites the public to "Dunk the Fuzz," a charity drive for the Homer Special Olympics. The fundraising event is 10 a.m.-6 p.m. May 11 at the Homer High School lower parking lot with a dunk tank and go-cart rides. Sitting over the dunk tank during the day will be city officials, including Homer City Manager Walt Wrede, and police officers, including Chief Mark Robl, and several Alaska State Troopers. For a donation, people will have a chance to throw balls at the dunk tank and try to get volunteers wet.
Also for a donation, police officers will give rides in the Alaska Cab go-cart with fatal vision goggles. With officers as passengers, drivers will try to drive the go-cart wearing goggles that simulate impaired vision from being drunk. The go-cart has been used at schools to show the dangers of drunk driving.
All proceeds from the fundraiser support the Homer Special Olympics Law Enforcement Torch Run, to be held starting at 10 a.m. May 18.
The sandhill cranes have started arriving. Please report sandhill crane sightings to Kachemak Crane Watch at 235-6262 or firstname.lastname@example.com. Kachemak Crane Watch is especially interested in information about nesting pairs for its third year of the nesting ecology study. Please leave names and phone numbers in case more information is needed.
Kachemak Bay Family Planning Clinic is looking for committed volunteers to help organize this year's Breast Cancer Run, to be held Aug. 18. Call 235-3436 for more information on how to join the event planning committee.
The Homer Foundation's monthly First Friday brown bag investment meetings continue with the next session scheduled at noon Friday in the foundation's conference room, located in the lower level of the Kachemak Bay Title Building, 3773 Ben Walters Lane. These meetings cover Homer Foundation investments and investment policy, as well as discussions on the current investment environment. The public is welcome. Call 235-0541 for more information.
Registration has started for the Kachemak Bay Shorebird Festival to be held May 8-12. This year's keynote speaker is Jeffrey Gordon. For a list of events and presentations with registration information, see the shorebird festival schedule available at the Homer Chamber of Commerce and Visitor Center or visit www.kachemakbayshorebirdfestival.org. For more information, email firstname.lastname@example.com or call the chamber at 235-7740.
The Homer Fish and Game Advisory Committee meets at 6 p.m. May 14 at the NERRs building on Kachemak Drive. The committee will prepare comments on the Joint Board proposals. For more information, contact Dave Lyon at 399-2340.
Kachemak Heritage Land Trust offers van tours of several of its local properties from 12:30-1:30 p.m. May 10 and 10:30 to 11:30 a.m. May 11. Please register through the Kachemak Bay Shorebird Festival to reserve a spot as spaces are limited.
Anchor Point Senior Center
The Anchor Point Senior Center is open at 8 a.m. Monday through Thursday for coffee. Enjoy coffee and conversation. The senior center also is open 7-9 p.m. Tuesday nights for game night. Enjoy cards, chess, dominoes, cribbage, checkers and pool. Regular hours are 9 a.m.-5 p.m. Monday-Thursday and 9 a.m.-noon Friday. For more information, call 235-7786.
Friendship Center
Friendship Center Adult Day Services is open 9 a.m.-3 p.m. Monday-Friday with extended hours for special situations.
Homer Senior Citizens
Homer Senior Citizens lunch is open to seniors and their guests and is served 11:30 a.m.-1 p.m. Monday through Friday. The lunch menu for this week is: Thursday, roast beef; Friday, breaded cod; Monday, chicken cordon bleu; Tuesday, barbecue beef brisket; Wednesday, Swiss steak.
Strong Women classes at Homer Senior Citizens Recreation Room are 2-3 p.m. Monday, Wednesday and Friday. Cost is $3 for members and $6 for nonmembers per class.
Tai Chi classes are Thursday at 3 p.m. Cost is $3 for members and $6 for nonmembers per class. For more information, call Daniel at 235-7655.
Kachemak Bay Campus
Registration is being held for a watercolor workshop with artist Jan Peyton. It meets May 31, June 1 and 3. Register by May 27.
A master naturalist volunteer training workshop is 8:30 a.m.-4:30 p.m. June 3-6 with a $45 fee. Sign up early. For a list of all courses, visit www.kpc.alaska.edu/kbc. Call 235-7743 for information.
KBC commencement is 7 p.m. Wednesday at the Mariner Theatre.
Kachemak Bay Campus is currently searching for host families for Kachemak Bay Campus's international exchange college students (through the Youth for Understanding program). Families are needed to host a student for a semester of the 2013/14 school year or for the entire year. Participating families will receive a monthly stipend of $200. Call 235-7743 for more information.
The Kachemak Bay Campus Community Advisory Board seeks new members. For more information, call 235-1656 or send a letter of interest to KBC, 533 E. Pioneer Ave., Homer, AK 99603.
Early registration ends at 5 p.m. Saturday for the 2013 Kachemak Bay Writers' Conference, to be held June 14-18 at Land's End Resort. Poet Naomi Shihab Nye is the keynote presenter. The early registration fee is $375, space available, with a special student rate, with the fee increasing to $395. Registration continues through June 10. For program and registration information, visit writersconference.homer.alaska.edu.
Pratt Museum
Regular hours are Tuesdays through Sundays, noon to 5 p.m. "Encounters: Whales in Our Waters" is on exhibit until July 21. At 5 p.m. May 17, Nancy Lord and Janet Klein present, "Belugas and People: Their Cook Inlet History Together." Both have explored and written about the endangered Cook Inlet beluga whales.
The museum seeks people to volunteer time and energy this summer. People of all ages can offer their volunteer services to enhance the quality of experience visitors have at the museum. If you enjoy interacting with people and have two to four hours a week to spare, the museum invites you to join its team of volunteers. Contact Jennie Engebretsen at 435-3326 to learn more about volunteering. Volunteer orientation sessions will be 11 a.m. to noon and 3 to 4 p.m. May 13 at the museum. Volunteers also are needed to help clean aquarium tanks 10-11 a.m. every Thursday and to help with grounds keeping and work in the botanical garden. If interested, contact Art at 435-3323 or email@example.com.
R.E.C. Room
The R.E.C. Room (Resource and Enrichment Co-op) is a multipurpose space for youth ages 12-18 as a safe environment to hang out with friends. Hours are 3-6 p.m. Monday-Friday in the lower level of the Kachemak Bay Family Planning Clinic outreach building on Nielsen Circle. Visit www.recroom.kbfpc.org or call Anna at 235-OPEN (6736).
The R.E.C. Room is getting ready for its busy summer season and encourages organizations serving youth to share information on programs and services. Adult and peer youth educators make frequent referrals to other programs. The R.E.C. Room also has a monthly wall calendar promoting local programming for youth. Tours of the R.E.C. Room can be scheduled.
Seldovia Village Tribe Health & Wellness Center
The SVT Health & Wellness Center offers a series of classes covering all aspects of wellness every Thursday at 6 p.m. Today's class is "Natural Medicine Free For All," with Rob Downey, M.D., and Hillery Daily, N.D. Learn about vitamins, minerals and supplements, with a question-and-answer session.
The SVT Health & Wellness Center is located at 880 East End Road. The classes are open to the public. For more information or to suggest topics for future classes, call Amy Rattenbury at 226-2228, ext. 660.
South Peninsula Hospital
South Peninsula Hospital offers this upcoming American Heart Association class:
• Basic Life Support for Healthcare Providers. 8 a.m. May 10, $75.
Pre-registration is required via the SPH Education Department at 235-0258.
For more information on this offering, visit the hospital website at www.sphosp.org or contact 235-0310.


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Amid the hullabaloo over government-chartered mortgage giants derailing the green financing program known as Property Assessed Clean Energy, or PACE, the march toward distributed generation of renewable energy — that is, generating electricity from decentralized sources such as rooftop solar panels or backyard wind turbines — continues.
Case in point: The Sacramento Municipal Utility District (SMUD) announced Wednesday that it had awarded contracts to San Francisco's Recurrent Energy to install 60 megawatts' worth of solar panels in the region surrounding California's state capital.
Rather than construct a central solar power station, Recurrent will scatter a dozen five-megawatt installations around two cities in Sacramento County. Each installation will be located near an existing substation, which means that the solar arrays can be plugged directly into the grid without requiring any expensive transmission upgrades.
As I wrote earlier this year in Grist, when SMUD put 100 megawatts of renewable energy contracts out for bid, the allocation sold out within a week. The utility is paying the solar developers a standard premium for their photovoltaic energy — called a feed-in-tariff. But according to calculations done by Vote Solar, a San Francisco non-profit that promotes solar energy, SMUD will pay no more for this clean green solar electricity than it does for fossil-generated power at peak demand times. A 40-percent plunge in solar module costs over the past year has made solar photovoltaic energy increasingly competitive with natural gas, the main fossil fuel used in California to generate electricity.
California's two big investor-owned utilities, PG&E and Southern California Edison, have launched similar distributed generation programs, which will bring 1,000 megawatts of photovoltaic installations online over the next five years. At peak oputput, that's the equivalent of a nuclear power plant.
Photo: PG&ETwo weeks ago, PG&E cut the ribbon on the first project to come online as part of its 500-megawatt distributed generation initiative. The two-megawatt Vaca-Dixon Solar Station is built near a utility substation 50 miles north of San Francisco.
It took just nine months to install the fields of solar panels for the Vaca-Dixon station — that's light speed in a state where the first new big solar thermal power plant in 20 years, BrightSource Energy's Ivanpah project, has been undergoing licensing for nearly three years.
Solar thermal power plants generate electricity by using mirrors to focus the sun on a liquid-filled boiler. The process creates create steam that drives a conventional turbine which can generate hundreds of megawatts of electricity. Solar thermal projects, by nature, are large centralized facilities, the clean and green versions of a big fossil-fuel power plant.
Photovoltaic farms, on the other hand, generate electricity when sunshine strikes semiconducting materials in a solar cell. If you want to produce more power, you just keep adding solar panels.
While BrightSource hopes to secure a license for its solar thermal project soon, the developer of a hybrid biomass solar trough power plant to be built in California's Central Valley pulled the plug on the project last month, after spending 18 months and untold millions of dollars in the licensing process before the California Energy Commission.
PG&E has been depending on both those solar thermal projects to supply electricity to help it meet its renewable energy mandates. No wonder then, the utility's growing enthusiasm for solar panel power. Photovoltaic farms do not have to be approved by California Energy Commission and can be built on already degraded land or close to cities.
And as I reported last month, the developer of another project being built to generate electricity for PG&E, the Alpine SunTower, decided to drop solar thermal technology made by its partner, eSolar, in favor of photovoltaic panels. The official explanation for the switch was that project was being downsized due to transmission constraints and solar panels proved a better fit.
But one has to wonder if economics as much as energy was behind the change. If so, deals like the one SMUD struck could be a recurrent theme.


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Ups, downs of December positional rankings
Since our last round of rankings back in August, Rivals.com analysts have crisscrossed to the country to see many of the nation's top prospects compete during their senior seasons. With almost every season wrapped up and all-star season right around the corner, we take a look at notable movements within each position ranking.
Pro-style quarterbacks
Notable riser: Jeremy Johnson Mongomery (Ala.) Carver (From No. 6 to No. 10)
Notable dropper: Max Staver Brentwood (Tenn.) Brentwood Academy
Comments: Max Browne held onto the No. 1 spot and Shane Morris didn't fall despite missing most of the season with mono. The top 10 did get a new look, with Johnson moving into the No. 6 spot, Oklahoma commit Cody Thomas climbing into seventh and Cal commit Jared Goff taking over the eighth spot. Kevin Olsen and Cooper Bateman both fell three spots, to ninth and 10th, respectively.
Dual-threat quarterbacks
Notable riser: Anu Solomon, Las Vegas (Nev.) Bishop Gorman (From No. 10 to No. 6)
Notable dropper: Tyrone Swoopes Whitewright (Texas) (Dropped from 6.0 RR to 5.9 RR)
Comments: A five-star in May, Swoopes continued his drop, falling to a 5.9 Rivals Rating but managing to hang onto the No. 2 overall spot. Washington commit Troy Williams didn't see his rating change, but his solid senior season helped him move up to the No. 1 dual-threat QB in the country. Also on the move was Kenny Hill, who moved up two spots to No. 7. Cord Sandberg went from a 5.8 to a 5.9, earning him a two-spot move as well.
All-purpose backs
Notable riser: T.J. Logan Greensboro (N.C.) North Guilford (From No. 6 to No. 3)
Notable dropper: Chris Davis Cincinnati (Ohio) Colerian (From No. 11 to No. 20)
Comments: The position didn't see a ton of movement, with the exception of Deland (Fla.) back JoJo Kemp jumping from No. 18 to No. 10. Davis took a tumble after not living up to expectations during his senior season. While Logan moved up only three spots, he entered the Rivals250 and Rivals100 after previously being unranked thanks to a monster senior season. Five-star Taquan Mizzell held onto the top spot.
Running backs
Notable riser: Corey Clement Glassboro (N.J.) (From No. 27 to No. 15)
Notable dropper: Justin Davis Stockton (Calif.) Lincoln (From No. 7 to No. 12)
Comments: While Derrick Green held onto his slot atop the rankings, there was a lot of movement behind him in the rankings. Tyren Jones, Terrell Newby and Ezekiel Elliott all moved to 6.0 RR, with Alabama commit Jones jumping six spots, Newby eight spots and Ezekiel holding steady at the No. 9 spot. Auburn commit Jordan Wilkins dropped from No. 10 to No. 17 after missing the second half of the season with an ankle injury. Mississippi State commit Kailo Moore also fell seven spots, from No. 12 to No. 19.
Notable riser: Brendan Douglas Augusta (Ga.) Aquinas (From unranked to No. 5)
Notable dropper: None
Comments: There were few moves at the fullback position, where former LSU commit Kennard Swanson holds the No. 1 spot. Douglas, a Georgia Tech commit, entered the rankings at the No. 5 spot.
Wide receivers
Notable riser: James Quick, Louisville (Ky.) Trinity (Moved from No. 21 to No. 14)
Notable dropper: Reggie Davis Tallahassee (Fla.) Lincoln (Fell from No. 15 to No. 27)
Comments: The wide receiver position saw several moves, although Laquon Treadwell held on to the top spot. Tyler Boyd shot up from No. 17 to No. 8, and Texas A&M commit Kyrion Parker jumped 23 spots from No. 30. Among the notable droppers were Rodney Adams (No. 34 to No. 47) and X'avier Shepherd, a Utah commit who fell from No. 61 to No. 94.
Tight ends
Notable riser: John Mundt Modesto (Calif.) Central Catholic (From No. 29 to No. 21)
Notable dropper: Josh McNeil New Berlin (N.Y.) Milford Academy (From No. 7 to No. 10)
Comments: The position didn't see a ton of movement, with five-star O.J. Howard remaining atop the rankings. Arkansas commit Hunter Henry earned a 5.9 RR, moving him from No. 2 to No. 4.
Offensive tackles
Notable riser: Brayden Kearsley Aloha (Ore.) (From No. 35 to No. 28)
Notable dropper: Shamire DeVine East Point (Ga.) Tri Cities (From No. 14 to No. 29)
Comments: Five-star Laremy Tunsil remains in the No. 1 spot. UCLA commit Poasi Moala jumped up to No. 49 from No. 60, while Dave Bright entered the rankings at No. 59 after previously being unranked. More than a few players fell, including North Carolina commit R.J. Prince, who fell 14 spots to No. 41. Also taking a tumble was Kenneth Santa Marina, who dropped from No. 29 to No. 34.
Offensive guards
Notable riser: Andy Dodd Lindale (Ga.) Pepperell (From No. 23 to No. 12)
Notable dropper: Jeremi Hall Lithonia (Ga.) Martin Luther King (From No. 12 to No. 17)
Comments: The top five spots remained the same, with John Montelus maintaining his top spot. Georgia commit Josh Cardiello jumped from No. 29 to No. 22 on the back of a great senior season that's still in progress. Thomas Oser also saw a nice leap, going from No. 39 to No. 26. It's the second straight jump for Oser, who was unranked in May. K.J. Malone, the son of former NBA great Karl Malone, dropped from No. 25 to No. 33.
Notable riser: Coleman Shelton Los Angeles (Calif.) Loyola (From unranked to No. 20)
Notable dropper: None
Comments: Kileen (Texas) Harker Heights' Darius James held onto the No. 1 spot, and there was very little movement behind him. Jordan Dunham was one of the only players to drop, falling out of the rankings from No. 20.
Weakside defensive ends
Notable riser: Ogbonnia Okoronkwo Houston (Texas) Alief Taylor (From No. 32 to No. 28)
Notable dropper: Jordan Sherit Tampa (Fla.) Hillsborough (No. 5 to No. 8)
Comments: Carl Lawson's monster senior season helped him rise to No. 2 in the Rivals100, so his spot atop at the position clearly stayed the same. There were several other players who shuffled a few spots, such as Pittsburgh commit Luke MacLean, who moved from inside linebacker and debuted at No. 23. Georgia commit Naim Mustafaa was the biggest dropper at the position, falling 11 spots to No. 26.
Strongside defensive ends
Notable riser: Demarcus Walker Jacksonville (Fla.) Sandalwood (From No. 6 to No. 3)
Notable dropper: Jamone Boyd Kansas City (Mo.) Lee's Summit West (From No. 13 to No. 24)
Comments: The nation's No. 1 player, Robert Nkemdiche, held onto the top spot but is feeling the heat from Dee Liner and the fast-rising Walker. After Boyd shot up thanks to a good summer, he couldn't translate into success a senior and fell 11 spots. Also on the move was Dimarya Mixon, who climbed 15 spots to No. 15.
Defensive tackles
Notable riser: Andrew Billings, Waco (Texas) (From No. 38 to No. 21)
Notable dropper: Jaynard Bostwick, Port St. Lucie (Fla.) West Central (From No. 10 to No. 27)
Comments: The top five spots at the position remained the same, with Kenny Bigelow retaining his No. 1 spot. The rest of the field saw some movement, including Greg Gilmore being reclassified as a defensive tackle and debuting at No. 13. Alabama commit Darius Paige moved from Florida to Alabama and turned in a great senior year, earning him a bump from No. 41 all the way to No. 22. Lovell Peterson also was reclassified as a defensive tackle, landing at No. 36 at the position after being the No. 13 guard in August.
Inside linebackers
Notable riser: Viliami Latu, Rancho Cucamonga (Calif.) (From unranked to No. 14)
Notable dropper: Gerald Turner, Goose Creek (S.C.) (From No. 12 to No. 22)
Comments: Five-star Reuben Foster held onto his No. 1 spot. But Alex Anzalone, who moved from OLB for this round of rankings and is now No. 3 at this position, will be gunning for him during all-star season. In addition to Latu's big jump from off the radar, Georgia commit Reginald Carter turned an excellent senior year into big strides as well, moving from No. 33 to No. 15. Position concerns about Turner perpetuated a drop, and he was one of the few players to slide at the position.
Outside linebackers
Notable riser: Jon Reschke, Bloomfield (Mich.) Brother Rice (From No. 22 to No. 12)
Notable dropper: Chans Cox, Lakeside (Ariz.) Blue Ridge (From No. 10 to No. 13)
Comments: Cox was the only player of consequence to move down at the position as the top five stayed the same, with Notre Dame commit Jaylon Smith holding down the top spot. Myles Jack was reclassified as an outside linebacker and debuts at No. 18. Also on the move was Skai Moore, who climbed from No. 40 all the way to No. 22.
Notable riser: Cole Luke, Chandler (Ariz.) Hamilton (From No. 22 to No. 9)
Notable dropper: None
Comments: One of the strongest positions in the class of 2013 just seems to be getting better, but outside of Luke crashing the top 10 there wasn't much movement at the position. Virginia Tech commit Kendall Fuller continues to be the No. 1player at the position, with Vernon Hargreaves III a hair behind. UCLA commit Jermaine Kelly was reclassified as a cornerback and debuts at No. 21. Marquez White also made a nice leap, moving from No. 34 to No. 24.
Notable riser: Vonn Bell, Rossville (Ga.) Ridgeland (From No. 16 to No. 11)
Notable dropper: Mike Parker, Nokesville (Va.) Kettle Run (From No. 15 to unranked)
Comments: Max Redfield earned his fifth star, but it didn't give him a bump at the very competitive safety position. He's still chasing No. 1 Su'a Cravens and Leon McQuay III heading into the all-star season. Parker's drastic drop was one of few at the position, with players such as Jeremy Tyler (No. 55 to No. 41) and Michigan commit Channing Stribling (unranked to No. 28) rising.
Notable riser: Jadar Johnson, Orangeburg (S.C.) Wilkinson (From No. 66 to No. 29)
Notable dropper: Jake Raulerson, Celina (Texas) (From No. 4 to No. 6)
Comments: Ricky Seals-Jones battled through injuries to hang on to the No. 1 spot at the position. Despite Derrick Henry's record-breaking season, he couldn't make up any ground on Seals-Jones, dropping a spot from No. 3 to No. 4. Other than that it was a risers market, with players such as Cornelius Elder (No. 13 to No. 9) and Clemson commit Johnson making nice leaps after great senior years.
Notable riser: Jim Cooper Jr. Linwood (N.J.) Mainland Regional (From unranked to No. 7)
Notable dropper: None
Comments: Two new kickers entered the rankings this go-round, with Temple commit Cooper debuting at No. 7 and Oklahoma State commit Ben Grogan debuting at No. 9. Boston College commit Michael Geiger kept his hold on the No. 1 spot.
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Proclamation of 1763
See also: Tryon's Line.
The Proclamation of 1763 is intimately tied to the history of English-Native American relations during the colonial era. The purpose of the proclamation was to stop white settlers or traders from exploiting American Indians. Although that relationship varied from one colony to another, by the eighteenth century most coastal tribes had already been decimated by disease or war or had moved westward. But even those who migrated to the interior came to rely on European trade, a fact that led to destructive competition among the tribes. Determined to preserve their way of life before the European advance, several northern tribes led by Pontiac, an Ottawa chief, launched a major offensive against English forts in the west. This episode, known as Pontiac's Conspiracy, prompted the English government to issue the Proclamation of 1763.
This decree established the governments of East and West Florida and Quebec, reserved the enormous western lands outside of these areas to Native Americans, imposed strict regulations on the fur trade, and required the approval of royal officials of any land purchases in the future. If the proclamation was to preserve peace on the frontier, it was also designed to limit the areas of white settlement and thereby keep the growing rebellious attitude of the colonists under close scrutiny. The line of 1763, beyond which white settlers could not advance, extended across the western border of North Carolina. At this time, however, England's new policy had minimal impact on the colony since white settlement there had not extended to the western line.
Ian K. Steele, Warpaths: Invasions of North America (1994).
Image Credit:
"The Proclamation Line of 1763." Photo courtesy of Learn NC. Available from http://www.learnnc.org/lp/multimedia/8825 (accessed May 24, 2012).
Additional Resources: Learn NC: http://www.learnnc.org/lp/multimedia/8825
1 January 2006 | Spindel, Donna J.


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What You Should Know about Identity Theft Protection Services
March 30, 2024
According to the Bureau of Justice Statistics Victims of Identity Theft report, about 17.6 million Americans had their identities stolen in 2014. This theft resulted in more than $15.4 billion in direct and indirect losses. While services—such as credit monitoring—can be convenient, some experts advise that these products don't do anything one cannot do oneself.
Consider the following before you purchase identity theft protection:
A central offering of ID theft protection services, monitoring alerts you to potentially fraudulent new accounts listed within your credit report. Unfortunately, monitoring does not prevent crime; it just notifies you of its discovery. And because a service may not monitor all three of the major credit reporting bureaus, it's possible they may miss some fraudulent accounts.It makes more sense to monitor your credit on your own. You can request one free credit report from all three reporting agencies each year at annualcreditreport.com. Unless you already suspect fraud, you can easily spread out your coverage by checking a different report every four months—providing yourself with a year of monitoring at zero cost. - IDENTITY THEFT INSURANCE
While this might sound like a worthwhile investment given the growing incidence of identity theft, most consumer experts agree that this type of insurance is not worth the cost. It won't return your stolen money. All it will really do is cover out-of-pocket expenses associated with repairing your identity—things like postage, copy fees and, if you're really lucky, time away from work spent dealing with the theft.Before you even consider purchasing identity theft insurance, check to see if you have coverage through another policy. Such riders may be included in some homeowner and renter's insurance products. - CREDIT FREEZE
One of the best tools for identity theft protection is something you have to do on your own. When you initiate a credit freeze at all three reporting agencies, you must give your authorization before anyone can check your credit. It generally costs about $10 per agency, but it will greatly reduce the chances that a thief will be able to open a fraudulent account in your name. Fraud alerts are another option. They require creditors to verify identification before granting credit. Though they are free, you must remember to renew each alert every three months.
According to ConsumerReports.org, American consumers spent $3.5 billion on identity theft protection products in 2010 (the most recent data available). Before you commit to annual fees in the range of $120 to $300, you might want to consider doing it yourself.


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Dear all,
As you may already be aware, we have decided to cancel this year's edition of SwiftAveiro in light of the recent pandemic currently sweeping the globe. This was a tough decision to make but, frankly speaking, we cannot predict how things will be in June and therefore cancelling is the safest course of action for all of us.
As such, we will refund every ticket purchased. The full amount will be sent via bank transfer to the account associated with the card that was used for the purchase.
We will start refunding tickets today and transfers should start going through in the next couple of days.
With regards to invoices:
- you can download an updated, cancelled invoice directly from Ti.to (our ticketing platform)
- due to legal reasons, Portuguese nationals will also be sent via email a credit note generated using a pre-approved software program
Should any question arrive please drop us a line at: [email protected]
We hope you understand and we look forward to seeing you all next year.
Stay safe,
The SwiftAveiro team


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Does It Matter Whether We're Cremated or Buried?
Does it matter whether we're cremated or buried?
Not ultimately, but I don't ever counsel towards cremation.
An old couple had me over a few weeks ago. He's pushing ninety, and she's close behind. And the son was there, and the son said that the reason he wanted me to come was to tell his dad what I think about cremation and burial. (He had heard me talk about it.) So that's a real situation. The couple is just years away from this, months maybe, who knows.
The son wants to bury his dad, while the dad is thinking that cremation is quick, efficient and cheap. Well, it may not be cheaper. Anyways, here's the essence of what I said: The biblical pattern is that burning your children is pagan and burying your loved ones is a sign that you believe in the resurrection.
I'm going to encourage people towards burial because of what it says about the body.
The body is precious, and it is going to be raised from the dead. I know it decomposes. I know it's no more there in a hundred years than if you had burned it. We're talking about the symbolic significance of a body stretched out in a coffin, looked at, and lovingly kissed and buried, rather than what is to me the horrible prospect of my wife or child or dad being burned, incinerated.
I would have to do a major mental escape in order to keep from feeling like that's so out of sync with what the body means to God. He created it. He's going to resurrect it. There's going to be continuity between what you were and what you are so that we can recognize each other.
You don't want to symbolically destroy it. You want to symbolically put it to rest, because that's the language of the Bible: you're sleeping. Right? "He will waken those who sleep." "Whether we sleep or wake, we belong to the Lord."
So the picture of the New Testament is that the dead are asleep. They're going to be raised from the dead. And they are alive to God.
So I've probably overstated my case now and made all the people who have ever cremated feel terribly guilty. I'll go back and end where I began: it is not ultimately an issue that matters. It doesn't matter ultimately. It's just not a custom I think the New Testament would naturally lead us to.


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If you're bothered by a "gummy" smile or teeth that you feel are too small, you may want to consider crown lengthening. Also known as a gum lift, this cosmetic dentistry procedure can beautify your smile by exposing more of your teeth.
"Crown lengthening has been used by dentists for years to improve dental health, but it's recently been gaining popularity as a cosmetic dentistry technique," says Kimberly Harms, DDS, a dentist in Farmington, Minn., and consumer advisor for the American Dental Association.
What Is Crown Lengthening?
Crown lengthening is an oral surgery treatment that involves removing excess gum tissue, and possibly some bone, around the upper teeth to make them look longer. It's a common procedure performed by dentists and periodontists, or gum specialists.
"If the gum line is uneven, crown lengthening can also sculpt the gum line to produce a more symmetrical smile," says Dr. Harms. Crown lengthening may be done for dental care and medical reasons as well as for the cosmetic effect. If there's decay or fracture under the gum line, for example, crown lengthening can help expose more of the tooth's crown in order to support a filling or porcelain crown.
What Does Crown Lengthening Involve?
Crown lengthening involves oral surgery performed under local anesthesia. After the area is numbed, the dentist or periodontist makes small cuts to pull the gums away from the teeth and remove excess gum. In some cases, removing gum tissue is all that is needed to expose more of the crown. But if there is too much soft tissue and bone covering the crown, a tiny bit of bone may need to be taken out, too. After the surgery is completed, the gums are washed with sterile salt water and stitched up.
Pros and Cons of Crown Lengthening
Although crown lengthening is a common and safe procedure, it does involve surgery, which always has risks. So it's important to weigh the pros and cons before going under the knife.
Advantages of crown lengthening: Unlike many cosmetic dentistry treatments, crown lengthening only needs to be done once, with no requirement for touch-ups down the road. In addition to creating a wider, more symmetrical smile, crown lengthening can provide some dental care benefits as well. "It can reduce the risk of tooth decay because more of the tooth is exposed for brushing and flossing," says Harms. The surgery can usually be completed in 30 minutes to an hour.
Disadvantages of crown lengthening: This cosmetic dentistry treatment can be pricey. Expect to pay $1,000 to $4,000 for crown lengthening. If the procedure is medically warranted, insurance should pick up some of cost, says Harms. As with other types of cosmetic surgery, you may experience swelling and pain afterwards. Recovery can take a few days to a few weeks, depending on how extensive the surgery is. Possible complications include excessive bleeding and infection, but these are rare.
Recovery From a Crown Lengthening Procedure
Following surgery, you'll be given a prescription for a pain reliever and instructed to use ice to reduce any swelling. You'll want to eat a diet of fairly soft foods and brush your teeth carefully in the area near the stitches, which will come out in 7 to 10 days.
Complete healing of the gums can take up to three months, however. At that point, you may opt to have veneers or another cosmetic dentistry procedure done, such as bonding or tooth whitening.
Is Crown Lengthening Right For You?
If you've always been bothered by a smile that shows too much gum, crown lengthening may be worth the cost and the short-term discomfort. But, for people who have wide teeth, crown lengthening could backfire. "You could end up with teeth that look too big," says Harms. (Some dental practices offer computer imaging, which will show you what the final result will look like.) On the other hand, if you are especially susceptible to tooth decay, crown lengthening can make it easier for you to take proper care of your teeth and perhaps decrease your risk of decay.
If you have excessive or uneven gums, crown lengthening can transform your smile and give you just the right look — and as an added bonus, it may just improve your overall dental health as well.


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Sonam Kalra
The Sufi Gospel ProjectAward winning singer and composer, Sonam Kalra has been trained in Indian Classical and Western music traditions and is equally adept at singing both genres. Sonam has learnt Indian Classical music from Smt. Shubha Mudgal and Pt. Sarathi Chatterjee and has also studied Gospel and Jazz with Ashley Clement in Singapore, as well as classical opera under the noted tenor, Hur Chul Young.I'm an experienced leader of product R&D and organizational design initiatives.
The Sufi Gospel Project, conceptualized and developed by Sonam is an effort to blend all the voices of faith, through the use of song, music and the spoken word. Traditional western gospel melds with Indian classical sounds, and Indian spiritual texts are enriched by elements of western poetry to create a sound that touches every soul.


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We're going to jump right into our analysis for the session this evening in the bitcoin price, primarily because we're watching price closely and it looks as though we may see a near-term entry signaled.
With this in mind, take a quick look at the chart below before we get started. As always, it's a one-minute candlestick chart and it's got our primary range overlaid in green.
As the chart shows, then, the range that we are looking at for the session right now comes in as defined by support to the downside at 10999 (for simplicity's sake, let's call this 11000) and resistance to the upside at 11132.
That range is just about wide enough to go at things with our intrarange strategy, so there's a long entry on for anyone that wants to jump in on a bounce from support and a short trade in place on a correction from resistance. On these ones a stop at the other side of the key level defines risk.
With all that said, let's now look at the trade that's causing us to rush into things right now – it's a short trade that signals if we see price break, and subsequently close, below support.
On this position, we'll jump into the short entry with a downside target of 10900 and we'll use a stop loss at 11030 to define risk and to make sure we get taken out of the position if things turn against us.
Looking the other way, if we see price close above resistance, we'll get into a long trade towards an immediate upside target of 11250. This one is a little more aggressive so we've got a bit more room on the risk management side of things. A stop at 11000 flat looks like it should do the trick.
Let's see what happens.
Charts courtesy of Trading View


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Package Dimensions: 22.9 x 16.0 x 5.8 inches


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Nabokov on video
Lolita, light of my life, fire of my loins. My sin, my soul. Lo-lee-ta: the tip of the tongue taking a trip of three steps down the palate to tap, at three, on the teeth. Lo. Lee. Ta.
She was Lo, plain Lo, in the morning, standing four feet ten in one sock. She was Lola in slacks. She was Dolly at school. She was Dolores on the dotted line. But in my arms she was always Lolita.
I'm about due for a reread.


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friendly faces handling the details.
We like to say that our Tour Managers are part tour guide, part concierge and part friend because it's absolutely true! When you go guided with one of our Tour Managers, you have the benefit of a highly trained expert (many of them have been with us for over 20 years) right by your side every step of the way. They're passionate travellers who draw on their own rich backgrounds to enhance your journey, and you can count on them for a bit of historical information, a restaurant suggestion, or even a good laugh.
They are at your service.
Meet our tour managers, and the destinations they love
Iceland: Land of Fire & Ice
The Northern Lights of Finland
National Parks of America
Croatia & Its Islands
Spain's Classics & Portugal
England's Treasures
Colours of New England
America's Music Cities
HEAR FROM TOUR MANAGER Greg Hall ON WHAT HIS JOB MEANS TO HIM.
OUR GUESTS love
"Collette takes care of all the details, so all you have to do is enjoy and soak in the magnificent place of your tour. Their tour managers take care of you, so there is nothing, nothing to interfere with your trip. I just completed my 6th tour with them."
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I've been experimenting with the flagging system for the last couple of days. I have learned a few strategies, but I feel that I'm making little difference to the mountain of accumulated rubbish.
Having easily run out of my 48 flags within a few minutes tonight, I am now helpless for another 19 hours and thought I would share a couple of tips for finding likely posts to flag with the rest of you, to help keep our poor moderators busy and entertained.
- The simplest: Look at the first posts of new users. Apart from general scanning, if they have a negative score, they're very likely to be comments or question updates.
- Search: body:"same problem". This finds bucketloads of "Me too!! Any progress?" answers.
- Search: body:bump. Gets lots of thread-bumping non-answers.
A couple of thoughts:
- If there was a way to search only within answers, not questions, then other searches, like 'update', to find updates posted as answers, would probably be effective.
- If it was possible to add regex matches like start of line (^), then searches like 'bump' would be much more effective.
Please post any other ideas you have found that make finding detritus easier. There's more than enough junk out there for everyone... Anything we can do to make it easier to spot improves the editing efficiency of the collective.


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One question I get fairly regularly is how to make koji-kin. Despite this I have failed to take the time to write up a good explanation for all of you. Well, no longer. In this article I will explain just what it takes and how to do it. Almost all you need to know is in my "Video Series and Instructions for making koji for sake" at: link. The only thing missing for making koji-kin from that source is that you need to sustain the last stage longer. That is, don't spread out and cool the koji once it has completed its coverage of the rice. Rather, continue to monitor the koji so it does not get too warm or cold. It will start to show signs of a greenish yellow tint. This will progress into a darker greenish yellow color and begin to cover each grain. Once fully covered, carefully spread out the koji to cool. The green covering has lots of tiny spores that will come off so you'll want to minimize disturbing it. After it has cooled, it needs to be dried so that other contaminates will not find it to be a nice home. Once FULLY dry, and I mean dry, you can place it in a shaker for later use.
The following picture is some koji-kin rice I have made. Some people will grind this into a powder but I'd use it as is.
One way to use it is to put it into a shaker like the one in the following picture. It was purchased at a kitchen supply store and is often used for powdered sugar and the likes. It works well for koji-kin rice.
Using this shaker and koji-kin rice to shake over a piece of paper I get the pattern in the following picture.
If you regularly make koji for your sake, you can, as needed, increase the batch size by 50% and after collecting and cooling the koji when ready, let the rest continue on as described above. This lowers the extra effort required for making your own koji-kin sense you were doing all most all the work needed already. Care must be taken to ensure the koji intended to continue on to koji-kin does not lose its warmth. Its smaller batch size will not hold its own generated heat as well as the larger batch.
Let us know if you make your own koji-kin and what your experience has been like!


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Just call our Barnstaple office with your enquiry.


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The reason, I said, is that physical gold's fundamentals have nothing to do with "today's gold market." Today's gold market is "majority-owned" by gold trading as an electronic FOREX currency, which has almost nothing to do with the physical side of the market. That exchange by itself would probably make a good post, but this one is all about his primary follow-up question, which was:
"The area where I'm still hazy is the gold as a FOREX currency."
The following was my reply to his question, which I wrote in great detail with the intention of turning it into a post because it's something I haven't seen any other gold writers even acknowledge, let alone factor into their POG analysis:
As you well know, the POG rose in the 70s, but then in the 80s and 90s it fell from about $500 down to $250. During the 80s and 90s is when the CBs started leasing gold, or at least lending in gold-ounce-denominated units (lending their good name as Another put it: "Understand, they only lend their good name on paper, not the gold itself"), so that the bullion banks could help the mines hedge against the declining POG and not only keep producing, but actually increase production. From 1985 to 2000, global gold mine production increased from 50 million ounces to 82 million ounces per year, even as the POG was halved.
Checkmate is a good post for this wide view, or just watch this video by Freegoldtube, from the bottom of Checkmate, which has some relevant quotes from FOA:
This gold leasing/forward hedging started around the same time as Barrick switched focus from oil and gas to gold, around 1983, but by the mid- to late-90s it was more than mines taking these gold-ounce-denominated loans. Hedge funds wanted in on the gold carry trade too.
Meanwhile, following the closing of the gold window in 1971, gold received its official ISO 4217 currency code: XAU. This happened in either 1973 or 1981 (I'll explain the uncertainty in a moment, but I assume it was 1973 although I don't have the 1973 list). Silver received its own currency code, XAG, in 1983, platinum (XPT) in 1989 and palladium (XPD) in 1993. I mention these dates to show you how new all of this is. Mine forward hedging, CB gold lending, gold carry trade and metals trading alongside currencies on the FOREX. All very new.
Last year I emailed the currency ISO office in Switzerland to obtain this information. Here was my email and the reply I received:
Dear Sir,
I have a question about XAU (and the other commodity codes XAG, XPD, XPT). I understand that ISO 4217 was developed in 1973 and adopted a few years later. I also understand that SIX periodically publishes updates to the list, the latest being in 2008.
My question is: Was XAU on the list from the beginning in the 1970s, or was it added in one of the later published updates? And if so, what year was XAU added as a currency code for gold (as well as the other commodity codes)?
Lastly, if you could direct me to a copy of that historic publication in which XAU was added, that would be much appreciated!
Dear Mr. FOFOA,
Thank you for your mail. Unfortunately we do not have a copy of the 1st edition of ISO 4217:1973. XAU was added either from the beginning in 1973 or later to the 2nd version in 1981. I attach the 2nd version for your information. [Click here to download the 2nd edition of ISO 4217:1981]
For the other commodities please see the following amendments:
XPD (Palladium): Amendment number 65: http://www.currency-iso.org/dl_currency_iso_amendment_65.pdf issued: October 1993
XPT (Platinum): Amendment number 25 and 36: http://www.currency-iso.org/dl_currency_iso_amendment_25.pdf issued: 8 March 1989 and http://www.currency-iso.org/dl_currency_iso_amendment_36.pdf issued: 29 January 1991
XAG (Silver): Amendment number 8: http://www.currency-iso.org/dl_currency_iso_amendment_8.pdf issued: 21 October 1983
I try to get the first edition of ISO 4217:1973 from ISO and if successful I will forward it to you.
Yours faithfully,
Marianne Nikles
Secretariat of the Maintenance Agency
for ISO 4217
c/o SIX Interbank Clearing Ltd
P.O. Box
Hardturmstrasse 201
CH-8021 Zurich
Everyone knows about the mine and hedge fund involvement in the gold carry trade in the 90s, but much less attention has been paid to gold's use as a currency in the foreign exchange market (the FOREX), which continues to this day. I'm sure you are aware of the massive size of the FOREX market compared to other markets, but here's what Wikipedia says about its size:
According to the Bank for International Settlements,[4] as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.
"Daily volume" and "daily turnover" are confusing terms, because there are different ways they are estimated in different markets. Double counting, for example, is one potentially confusing factor. But I think that the sheer size of this market is what is most amazing, whether it is $2T, $4T or $8T per day changing hands, it still dwarfs other markets.
In January of 1997, the LBMA released its "daily clearing volume" for the gold market which was an astounding 30 million ounces or 930 tonnes per day. At the price of that time, that was about $10B per day. Today, thanks to the 2011 LBMA survey, we know that "total daily turnover" is about ten times "daily clearing volume", and that "spot" (as opposed to forwards, swaps, options and other derivatives) makes up 90% of that volume. That's the "gold spot market" today! About $100B daily turnover in January 1997, and $240B per day in 2011, the equivalent of 5,400 tonnes total, or 2,700 tonnes changing hands every day! And that's from 64% of the LBMA members reporting, so it's likely higher, especially once you add in non-LBMA (retail) FOREX trading.
For comparison, the annual flow from mining and scrap recycling is about 4,000 tonnes. That's annual. So the physical flow from mines and recycling compares to the LBMA spot market like this. About 16 tonnes per day in physical versus 2,700 tonnes per day in the "spot market". Now what could possibly constitute such an enormous "spot market"? FOREX trading.
The FOREX market is a $4T per day market including all currencies, and it looks like the "gold trading as a FOREX currency" portion of that market could be $240B at a minimum, possibly higher. That would make "paper gold" a full 6% of all currency trading in the world, including dollars, pounds, yen, euro and the rest of the 178 "currencies" with their own ISO 4217 codes. Think about that.
Amazingly, this was clear to some even in 1997. That's what spawned the Red Baron series, and I think the LBMA revelation was at least partly responsible for A/FOA showing up on the scene. Who knows, maybe Another was the one who leaked it to the London Financial Times! Here's a bit from My Candid View – Part 4:
Back during the London Gold Pool years (late 60s), physical demand did drive the price of gold up. And, perhaps in the late 70s and 80s and even into the mid-90s, Comex futures were more than just a side show in driving the price. But today I think it is clear that there's much more money chasing gold in the FOREX market than anywhere else. How else can we explain the volume in the LBMA survey? And I didn't come up with that explanation. It first appeared in 1997 right after the LBMA first revealed its tremendous clearing volume. Note that clearing volume was still shocking then, but it's also much smaller than total volume. From the Red Baron series circa Sept. 1997:
"The formidable volume of daily trading strongly resembles that of currency trading."
"This suggests (at least to me) the trades are non-Central Bank transactions - and more probably commercial operations related to CURRENCY TRADING."
Now, currencies trade in pairs, like USDJPY or XAUEUR. The first in the pair is the "commodity" you are trading, and the second one is the "money" it is priced in—the denominator. So if you are long USDJPY, you are essentially long dollars and short yen. Earlier, you mentioned how it's easier to play the market from the short side when the price is falling, and I mentioned a conversation I had with FOREX Trader back in early June, which you hadn't seen.
Here is that conversation. It was about the implicit carry (interest rate differential) built into currency pairs and cleared overnight, possibly giving institutional money (like pension funds) a built-in "yield" as an additional incentive to short FOREX "gold" around May of this year. It was unusual enough that it caught his attention and he sent me an email:
FT: Hey FOFOA,[Note: The above exchange was back in June, and it related roughly to the April-June timeframe. FOREX Trader brought this to my attention because he thought it was an unusual situation. He couldn't recall seeing the XAU shorts getting paid the carry before, although it's not something he normally pays attention to. Another FOREX trader also brought it to my attention that this would not necessarily be available to retail traders because fees, spreads and rates are often less-friendly to the traders at retail brokerages. That's why I specified institutional money at the top.]
Nothing new on the wire to report from my end. But I did have an interesting note for you which I've been meaning to email about, unfortunately been very busy.
The note is that carry is kind of screwed up in the FX market. As a simple example, EURUSD shorts are paying carry. Also, XAUUSD and XAUEUR shorts are as well, at least for the last couple of weeks since we noticed here in the office. Relative to the other G10 carries available, especially if you don't include the comdolls (NZD/AUD/CAD), the rate available is pretty good ($16/$1,000,000/night) on a relative basis. About a quarter of what you get for an AUDUSD long and about 4 times what you'd get on a USDCHF long.
I am very certain that this carry (combined with the technical position of the charts) is incentive for a lot of traders to short the FX pairs on leverage, carry can be a major consideration when trading a levered position. For example, we pretty much never hold overnight positions in AUDUSD or AUDJPY.
FOFOA: Can you explain this a little more? Are you saying you earn a small "interest rate" when you short the euro or gold?
FT: Surely you have heard of the "carry trade" before? Let me explain it. Basically, the original investment thesis was essentially: given two "risk free" instruments, yielding differing interest rates, a trader purchases the instrument with the higher rate on leverage, and funds that position by shorting the instrument with the lower rate, at the same amount of leverage. This allows the trader to collect the "carry" or "swap", which is the overnight interest rate differential between the two instruments.
This concept is the cornerstone of almost all financial activity which occurs, as long as there is margin to borrow. Obviously a simple example would be the "bank spread", i.e. short 1-3Y Treasuries and long 10-30Y Treasuries.
Same applies, implicitly, in spot FX. If I am long $1,000,000 AUD and short $1,000,000 USD (i.e. long 1 AUDUSD contract) then each night as the banks roll over their intraday positions (squaring the books), I earn the interest rate differential (e.g. AUD LIBOR minus USD LIBOR divided by the number of trading days in that year) from whoever is on the short side of my long (through the broker). If I am short 1 AUDUSD contract then I must pay the differential to whoever is on the long side of my short.
Currently, both XAUUSD and XAUEUR shorts are paying carry. During a technical uptrend in an instrument like AUDUSD, this is a strong disincentive to short the instrument, as the trader must pay the differential to hold the position. A technical downtrend which pays carry on the other hand, gives incentive to the trader to short, the more leverage applied the higher the multiple applied to differential earned.
FOFOA: Thanks. Yes, I understand the basic carry trade (borrow one currency and sell it short to invest in a different, higher-yielding currency). Like the yen carry trade – borrow yen, sell them for dollars, use the dollars to buy Treasuries. Or the gold carry trade. Borrow in gold units, sell them for dollars, invest the dollars. You not only earn the interest differential but you also profit even more if the borrowed unit falls in value relative to the invested unit. And if enough people are doing this, the very act of doing it pushes down the borrowed unit. It's all great until it's not and everyone rushes to unwind the trade first. Sound right?
I just need to wrap my head around it in FOREX terms since I've never traded currency pairs.
FT: Yep that is exactly right, the only difference is that in spot FX, all of it is implicit, i.e. you don't need to go out and borrow to short, or invest the dollars in Treasuries, your short is part of the pair and you can earn the overnight rate directly.
FOFOA: One thing that was confusing me was your trader lingo: "the shorts are paying carry." To a non-trader who doesn't know the lingo, that could be taken both ways. As in "the short traders are having to pay the interest rate differential," or "short positions are now being paid the interest rate differential."
FT: Sorry about that! Never even occurred to me :P
I'm not sure I remember the last time trading XAUUSD paid carry in either direction, so I thought it was quite interesting. Obviously interest rates have had a jump over the last month, but I doubt if that's enough to account for this. It seems possible that the "interbank/overnight rate" for XAU has gone down significantly, driving up the rate differential?
The way I like to think of it is, if the US 10Y yield goes from 5% to 2.5%, then this indicates there has been strong demand from the market to lend 10Y money to the US Government.
So if the XAU "interbank/overnight rate" goes down, this indicates there is strong demand from the market to lend overnight money to ...???
FOFOA: Just to be clear on this "the shorts are paying carry", if I hold a $1M short position in XAUUSD overnight (I'm shorting gold because I think the $POG is going down), do I get paid $16? Or do I have to pay $16?
FT: Haha sorry, yes, to be clear, if you short XAUUSD then you get paid $16.
FOFOA: Thanks! And now who is paying me? Is it someone who holds a $1M long position in XAUUSD overnight? Does it now cost $16/night to bet on gold in the FOREX market?
FT: The person paying you is nominally your broker, but what's happening is everyone that has a long on XAUUSD is paying the broker and the broker is disbursing that accordingly to the shorts.
The differential is not nominally symmetrical because FX contracts are denominated in the "right hand" currency in the pair (in this case USD). So it actually costs $21 to bet on XAUUSD longs. Although I believe the differential expressed in percent should be symmetrical.
FOFOA: So it sounds like this is a big incentive to be short gold on the FOREX. How do you read this?
FT: I think it could potentially be a big incentive in the same way as I've been using AUDUSD as an example. Following a trend is nice because of the potential for capital gains. Following a trend which pays cashflow is obviously nicer. Leveraging a trend which pays cashflow, nicest of all, back up the truck.
MY SUMMARY: There is an unusual incentive right now to short gold on the FOREX. You get paid to do so, and it's the longs that are paying the shorts. This is separate from the capital gains made when gold actually goes down. So if/when gold goes down, the longs are not only taking capital losses, but they are paying the shorts an interest rate differential for the "privilege" of being long paper gold (overnight).
Also in my last email, I mentioned that with "only" 3X leverage institutional money could turn that carry into a reasonable yield in a no-yield environment, to which you raised an eyebrow. Apparently, leverage is quite common in FOREX trading. Here is my comment about leverage back in June under my "Black Gold" post:
Hello MdV,
I mentioned your comment to FOREX Trader because he doesn't really follow the comments.
Regarding 50:1 leverage, he said that retail brokers usually offer up to as high as 400:1 leverage to would-be currency traders. But he said that you'll rarely see professional FX traders using more than 20:1 leverage, and even then it's usually only the day-traders using that much leverage. He said at his office it's generally more like 3:1 or 2:1.
When you increase the leverage, there is a massive increase in the "cash flow" of the invested capital, but it also increases the potential for a margin call, which he says is obviously why retail brokers offer such high margin. For example, at 50:1, you'd only have to deposit $20,000 to hold that $1M XAUUSD short overnight and earn the $16. That equates to an annual interest rate of 21% which is HUGE. But the downside is that a 2% adverse move in the underlying is going to mean a margin call, which means you could lose the whole $20K if gold goes up 28 bucks and you don't have more cash to wire to your broker.
At 400:1 leverage (just for fun), you'd be earning a "carry" (interest rate differential) of 170% annualized. But the bad news is that gold would only have to move up $3.47 before you would either lose your whole wad or have to deposit more. Imagine having to deposit another $20K each time gold moved up $3.50 and you've only got $100K. If gold goes up $18 you'll lose the whole $100K, even if it then goes into free fall right after you went broke.
My point is, the high leverage offered by retail FOREX brokers is probably a cash cow for them (not you). But the real pros (like FT) are only using 2:1 or 3:1 leverage.
With lower leverage, he says: "This is where the technical trend comes in, allowing you to run your carry position with a tight "stoploss" that should stick unless the trend reverses. If you're a large investor with cashflow requirements (think pension funds and whatnot) then positions like this can be a moderately attractive way of earning a 5% "yield" in an otherwise yieldless market."
How many other gold writers have you seen that have even mentioned this $240B+ per day segment of the gold market, let alone analyzed its impact on the price of gold? In my last email, I told you how I answered someone who asked, "Can you point me somewhere (or perhaps you have written about it - and it has escaped me) what determines the daily (paper) Spot price. Does anyone know the factors involved?" Think about the relative weight of this $240B+ paper gold market as you read the bolded part at the end:
Have you ever noticed that the spot price is often slightly different depending on where you look? I just opened Kitco and APMEX simultaneously and the ask is $1,295.70 on Kitco and $1,296.20 on APMEX. The answer is that there is no official spot price. Everywhere you look for it the price you see quoted will either be from a live trading platform and, therefore, the opinion of thousands of traders who are looking elsewhere for reference, or else, as with Kitco and APMEX, it will simply be reporting the going price on some active trading platform. So there is no official spot price. There is only the opinion of thousands of traders who are all cross-referencing thousands of different correlated items, charts and other active trading platforms in search of an opportunity at any given point in time.
Which segment of the gold market do you think carries the most weight when it comes to determining the spot price of gold at any moment in time? GLD daily volume is around $2B. What is COMEX daily volume? Isn't it somewhere around $20B? And the LBMA reports a daily volume of $240B, 90% of which is "spot gold" or about $216B per day. So COMEX is about 10 times the volume of GLD, and LBMA "spot" is around 10 times COMEX and 100 times GLD. Does that sound about right, or am I getting something wrong here? I realize that I'm comparing "daily volume" to "daily volume" and there may be a margin of error due to differing methods of reporting "daily volume", but with an order of magnitude difference between LBMA "spot" and anything else, it's pretty safe to say that LBMA "spot" carries the most weight when it comes to determining the POG.
Here's a screen shot of a FOREX trading platform that "a big physical dealer out of the mid-east" provided to another gold writer. He said he uses this platform to purchase gold, and that he also takes delivery from the platform provider (FOREX Trader said that would be called a "physical ECN" if true). As this particular story went, he was able to buy and sell as much as he wanted, but was, on occasion, limited as to how much he could take immediate delivery on. Here's a quote from the story as it was told: "…physical orders were getting partially filled. If they ordered say 10 Kilo's they would get 5 or 4 as confirmation, and would have to wait for delivery of the balance."
I asked FOREX Trader if this screenshot looked like a physical ECN to him and here's what he said:
"There is no way I can verify based on the screenshot whether or not his access is to any physical ECN. But from my personal experience, it doesn't look like it. To me it looks more like any regular bucketshop CFD brokerage account. First of all, the spread (60c) is 10c higher than most CFD brokers offer, and definitely way higher than what you get on the interbank at 3:30PM London, 30 mins after the fix! Secondly, all you can see is the spread, you can't see the market depth even 1 level down. For example, I link a screenshot of MB Trading (which is an ECN -not interbank- broker that I do have an account with) http://www.onestepremoved.com/wp-content/uploads/2012/02/sampleMarketDepth.png, thirdly it only seems to show the ability to buy/sell at market (as opposed to limit orders), which is another very big red flag that it's a CFD account.
However, while all three of these points trigger my skeptical side, like I said I have no real way to confirm or deny whether he is trading a physical ECN, there are a million software packages out there, each broker often provided support for at least two and there is no standard on how they should look."
I mention this FOREX Trader email for a couple of reasons. First, notice the term "interbank". Here's what Wikipedia says about the interbank:
The interbank market is the top-level foreign exchange market where banks exchange different currencies.[1] The banks can either deal with one another directly, or through electronic brokering platforms. The Electronic Broking Services (EBS) and Thomson Reuters Dealing are the two competitors in the electronic brokering platform business and together connect over 1000 banks.
The point I want to make here is that there seems to be a kind of pyramid structure to the FOREX market, with the interbank at the top tier of the pyramid. Down at the bottom of the pyramid you have the retail FOREX trading platforms available to you and me. You have to be a bank or a pretty big player, a wholesaler or a middleman to deal directly with the LBMA bullion banks as evidenced by the number of trades reported in the LBMA survey. The daily average reported was 6,125 trades totaling $240B. That breaks down to about $39M per trade, or 9/10ths of a tonne.
And that's why I think that this segment of the "gold" market could be larger than $240B per day. So what's the dog, and what's the tail? Remember that Another said, way back in 1997, "And Comex is nothing, if "only a silly game". Worldwide trading in gold could be cut in half and still equal all the metal in existence!" He also said, "Comex is a side show!"
It would be interesting to see how the LBMA would explain those 6,125 trades averaging $39M per trade, which over 36 reporting members averages out to 170 trades per LBMA member per day, each at almost 1 tonne. It's a stretch to imagine even a top tier FOREX ECN (electronic communications network) in which the average trade is $39M. So I imagine the LBMA would simply say they were OTC spot unallocated transfers between clients. But then who are those clients? I imagine they could include FOREX trading brokerages, some of which are owned by the bullion banks themselves, and each of which would carry a gold-ounce-denominated balance, directly or indirectly, with a real bullion bank that also deals in physical. A kind of FOREX brokers' gold-ounce-denominated liability clearing system for the various ECNs.
I suppose you could say that gold trading as a currency is, to an extent, "backed" by the much smaller physical segment of the market. In other words, "gold trading as a currency" requires, needs, depends upon a functioning physical market which trades at parity to paper gold. But the physical portion of the market does not require, need or depend upon the paper side. It's not a symbiotic or mutually beneficial relationship. It's more like a parasitic relationship, where the parasite cannot survive without the host, but the host will be just fine, even better, without the parasite.
How does this tie back into everything else I write about? Well, I think it should help you understand how the price of gold is not driven by the physical segment of the market, and therefore parity between the two is not as solid as it seems.
Of course there is no ironclad proof that the majority of LBMA volume in that survey is FOREX trading, but I have yet to see a better explanation, or any other explanation for that matter. As far as I'm concerned, that is the explanation until I see another contender. Can you think of any other activity the bullion banks are involved in that could account for $240B daily volume in gold trading?
I'm sure that some of that volume is straight-up unallocated gold savings (as opposed to trading) accounts, and some is probably physical changing hands, but the vast majority must be gold trading as a FOREX currency. And tell me, what would be the difference between a plain-vanilla unallocated gold account at a BB and an XAUUSD trading account balance at that same bank? The answer is absolutely nothing! Those gold-ounce-denominated credits are essentially the same thing. You can even ask for physical delivery from a FOREX trading account if it is with a bullion bank that deals in physical, which is why I mentioned that screen shot and the story from the large Mid-East gold dealer.
This astounding volume has been known since 1997, but have you seen anyone talk about it relative to COMEX or GLD? Today the LBMA "daily clearing volume" is $29.9B, and from that survey we know that total volume is roughly ten times clearing volume, so that means total volume could be up to $300B per day now. Here is the average daily clearing volume from Oct. 1996 through present, in ounces, $ value and number of transfers. The 2011 survey is the only thing concrete that we have to show how "total volume" relates to "clearing volume", but even with a margin of error, how else can you possibly explain these volumes?
We know the FOREX market is huge. We know that gold (XAU---) is part of that market. And we know the LBMA released its astounding volume data for the purpose of demonstrating that gold is a deep and liquid market. 2+2=4. I think it's really that simple, even if no other gold writer mentions it. But if anyone has a better explanation for that volume, I'm all ears! ;D
Today, any paper gold is just as good as real physical gold for the purpose for which people buy gold, which is to buy it today and sell it later, or as a hedge. Any paper is just as good as physical as long as they trade at parity!
You brought up the argument that "the people playing this game don't want gold, they just want to trade its volatility." True, and also some want it as a hedge or insurance for other investments. But what they all want is provided by paper gold as long as paper and physical trade at parity. They don't want physical because, today, there's no functional difference between paper and physical except that physical costs more to store. But when paper gold fails to perform that function for which everyone buys "gold", they'll want what the physical holders got. So it doesn't matter that they don't want delivery today. They still do want the same thing from "gold" that everybody else does, which is exposure to the price action in physical gold. But today they are only getting exposure to the price action in their massive paper gold market, which has a tenuous parity relationship with the much smaller physical market.
Here is FOA talking about how the paper gold holders think they are betting on what's happening in the physical segment of the market when, in reality, the physical segment is struggling to trade at prices determined in the oversized paper segment of the market:
FOA (7/4/99; 11:01:14MDT - Msg ID:8384)
Gold: Saving Real Money In A Time Of Transition
Clearly, the intent of this paper market, is to bet on the price of gold as it is determined by the buying and selling of other physical traders. The western public should take these trades for the concept they truly represent. ""I (the long side) bet on the "price" of gold not because we need or want the physical metal. Rather, my wager is that others will need real gold to protect themselves from bad monetary systems. In fulfilling that "need to own", these others will drive up the dollar price and I will make money while working within the confines of our good monetary system.""" The shorts make the opposite bet, in that they think the world monetary system will work itself out and induce "the others" to sell all their gold. That is, gold they bought in the first place, because they did not know that our money managers could repair the world financial system.
Yes, today Western longs and shorts are playing out these two views of the gold market. Yet, both sides are using paper gold bets to represent their beliefs. Truly, the major majority of this market does not buy or sell physical gold to represent their investment concepts. There are a few that buy coins and bullion, but, even in their large amounts, it is only a drop in the paper gold bucket.
This, my friends, is the very nature of western trading of gold. The mindset is to treat it as a concept for making currency, not protecting existing wealth. […]
There are many mental angles and philosophical side steps one can take when understanding the above. But, in this concept lies the very basis of the flaw in the current gold market. A paper market, built upon world misconceptions of currency values and the historical reasons for owning gold. The present deployment of world assets into a paper system of valuations is likened to traveling a trail of no return. History has shown that the assets accumulated in this way will never be transformed into "the things of life"! The paper wealth you currently own is nowhere near the real value your currency says it is. With the above introduction, we have begun close to the end of this journey. In the upcoming chapter one, we return several miles to walk ground already well traveled. We will observe concepts on the right and the left, not discussed by other guides. The very sights that make such a trip, "worth wile".
"You will see this trail thru the eyes of history and feel old ways as new Thoughts!" Another
I dug out a few more quotes from FOA for you, to hopefully encourage you (and others) to dig into the archives yourself. Here FOA mentions how the paper price of gold can fall even in the face of high physical demand:
FOA (8/10/99; 19:56:56MDT - Msg ID:10858)
"Another" counseled later that the gold market, as we know it was in danger of failing. In this case, failing means less and less major players are offering bids for future paper in the top tier markets because the gold can't be supplied. This loss of bids allows the paper price to fall further as present paper holders also attempt to sell. This is the "EXACT" reason that gold does not respond to the major financial events of today! Believe it! Local downstream physical dealers, because they use the Comex and LBMA paper market as a price creator, continue to sell gold at lower prices even as buyers come in droves.
FOA (8/23/99; 21:10:00MDT - Msg ID:11896)
The large funds don't want the trouble of real gold so they continue to play this game of "let's bet on the gold price and see who is right"! Today, they are learning a painful lesson that the stated price for gold is established by the same derivatives that they don't want to exercise. In their world, they are convinced that massive physical gold is but a phone call away for shipment into certified warehouses, so the derivatives price must truly reflect the real market.
FOA (9/1/99; 21:12:43MDT - Msg ID:12639)
The end work of this process has found the 3,000 or 5,000 ton per year real bullion market, is little more that a sea shell on a fifty mile beach. Everyone on the "gold net" already knows how much LBMA trades and that is small stuff compared to the other unseen world markets. The debth and liquidity of the paper market moved the bullion trade into the "pink sheets". Needless to say, today, the famed "closing bullion price" is set by the cash commitments that bid for derivatives, not the cash that bids for bullion. In the old days, really big traders would arbitrage any such paper overhang against bullion by calling for delivery. Today, with the paper market so large, any such power play would find most traders taking delivery of gold as the market is sold out from under him. Besides, this new market perspective works against any long traders because none of the present "derivative gold demand" wants delivery! They only want to settle in cash, because taking delivery would require selling their other "better performing" investments. The mindset today is that gold is only an insurance hedge, as such "an increase in its price will settle up in a cash delivery to me, to offset my other risk of cash impairment to my portfolio"! To further develop: "I don't need physical gold, I only need to participate in its price movements"!
In complete satisfaction of the current trend, derivatives fill the bill for this current gold market. Clearly, we can see that this new market is not "fraudulent". There is nothing wrong with players pouring margin money into the short side to create a demanded product! It's has evolved into a cash game. This is where GATA is fighting a war they cannot win. Gold bugs (of the last few years) were viewing the present market using 70s eyes. Indeed, they were investing in an industry that was losing primary demand for its product, even as "the need" for that product was exploding. This new gold market found a way to channel the "modern need" for gold's attributes away from physical demand and into paper supply. You simply can't create a short covering run if none of the current (insurance) longs want to take delivery. Even worse, as this trend was further developed, more and more old private physical holders were selling their gold and holding paper instead. Add to that Western dollar supporters wanting their currency to look good, and we have paper gold supply that's also used as a form of positive currency intervention. Anyone investing in the gold industry, expecting bullion to explode from all the new demand was truly disappointed. For every new Western gold bug that wanted gold for insurance, there were five paper sellers to supply him with all the gold insurance he needed, at a fraction of the cash commitment. Peter, (if you are still with me) this is only the end of this act, not the end of the play. We have been standing on the trail and looking at where we have just travelled. Now, let's turn around and look forward.
Once again, the needs of investors will redirect the method of using gold. As the wealth effect of the Dollar/IMF system goes into reverse, the process of receiving your gold hedge insurance in dollars will be perceived as a risk. At this stage, all of the past demand for gold that was channeled into cash settled paper derivatives will suddenly reverse its trend. Slowly, more and more of a percentage of settlement will be asked for in real gold. As delivery fails from increased demand, existing derivatives will be dumped upon the market place in an attempt to cash out. This very process will: First dry up all gold supply and lock down any existing private stocks. Second, cash biding on the dealer market will become convoluted and reflect only gold's currency value. It's economic / industrial use will be priced totally out of the market. Third, what was once the world price making market for gold, will become useless for delivery as its contracts are defaulted on and discounted in price. What price could the world gold price be set at, using these defaulted, bond like securities? How low does russian debt trade?
I pulled these quotes by searching the term "paper market" and, yes, there were lots of hits. Here's one quote I'm including because it could almost explain what we saw over the next 14 years up until today in the gold market:
FOA (09/06/99; 20:56:39MDT - Msg ID:12946)
Remember, the present financial system has a need for new mined gold to flow into derivatives at a low price to support the paper market. The same paper market that keeps oil behind the dollar also holds the dollar together. As of today; To further pull existing "old gold" from portfolios by forcing the street price down now invites a run from the dollar. A high physical "street price" will at least keep the dollar in play when price inflation begins. If the paper gold price rises from its present level, will gold stocks follow? Probably! But what if that rise ends quickly as the gold market begins its next "official" failure run?
Is that where we are in 2013, in the gold market's next official failure run?
Here's a little bit of the "wide view" I mentioned above:
FOA (10/31/99; 18:56:22MDT - Msg ID:17990)
Slowly, everyone is coming around to understanding how our gold markets got so far off track. The official determination of what constitutes "buying and selling gold" never started this way. In the beginning gold was wealth and people traded it as money. Jump ahead to the US timeline and we see currency a gold loan that didn't pay interest as it was the US dollar. You loaned your gold to the treasury and they gave you a contract stating that your metal was held until asked for. Your contract stated that 1/35 ounce of gold was owed you, on demand. Because no one asked for their loan to be repaid, the treasury just kept creating more loan contracts even though there was not enough gold to repay with.
After this "gold loan scam" went bust around 1971, they went back to using real gold again. The government allowed trading in physical in the US just as it was done in the rest of the world prior to this event. Then someone used the gold fabrication industry as evidence of a "need" to create a US futures market so suppliers could paper hedge risk. No need to make the point that this paper market was of little need as the gold industry had worked well for thousands of years without it. Indeed, another form of gold derivatives was just born. The gold market was destine to evolve again as the distinction between trading real bullion and betting against someone on the direction of the metal's price movements became one and the same. People accepted that a gold derivative was just as good as gold as the pre-1971 dollar was. We came full circle.
Pulling these quotes is actually fun for me, so I could keep doing this all day, but then this email/post would be 40 pages long. So I'll leave it at this for now. But there's much more in the archives. I only scanned less than 25% of FOA's posts to pull these quotes.
The point is that the paper gold portion of the gold market is where the price of gold is discovered, and it appears that gold trading as a FOREX currency is the largest portion of the paper gold market, by an order of magnitude even. The daily physical flow from mining and recycling is around 16 tonnes while the LBMA tells us that their spot unallocated flow is in excess of 2,400 tonnes per day. Here's one last quote from FOA:
5/3/98 Friend of ANOTHER
Gold is valued by the number of outstanding claims against it. Kind of like a house for sale with ten bidders. Each bidder thinks the house is in the bag because they have a valid bid ticket. Each one thinks he can have the house at any time, even though nine others want it too, because all I have to do is bid a little higher and take it! Insane, but that's what is going on! Somehow, the BIS and the major private gold holders know the total claims, as does Another.
Total loco London gold turnover in the first quarter of 2011, as reported by 36 LBMA members, was $15 TRILLION. Total turnover as reported in ounces was 10.9 BILLION ounces, or 340,402 tonnes over 63 trading days. That's a lot of trading! I wonder which market that includes "gold" has the depth and liquidity to entertain such volume, since it's obviously not the physical market, GLD or even the futures markets.
"The area where I'm still hazy is the gold as a FOREX currency."
Is it still hazy? ;D
And the light bulb goes on!
Awesome, thanks for this. I'll re-read again and get back to you in a few days… got a bit going on right now.
Thanks again FOFOA.


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