Death mourned of GAA stalwart Jimmy McKelvey


first_imgTHE Communities of Glenties and Fintown are in mourning after the death of noted GAA stalwart Jimmy McKelvey.Jimmy was the President of the Naomh Conaill GAA club and he served for many years as an administrator at club and County Board levels.Jimmy, late of Beaghmore, Fintown, has been Naomh Conaill’s President for a number of years until the time of his passing. It will be an emotional week for the club as the recently-crowned Donegal SFC winners are preparing for Sunday-week’s Ulster senior club final against Kilcoo at Healy Park. Jimmy is a former Chairman of the Donegal Hurling Board and he also served as the Vice Chairman of the Donegal County Board. Naomh Conaill player Jeaic Mac Ceallabhuí is a grand-nephew of Jimmy, who drove a lorry for Donegal County Council for many years and was a popular figure. Naomh Conaill was Jimmy’s big passion and, although in ill health, attended a breakfast morning at Davy Brennan Memorial Park in the lead-up to the Donegal senior football championship final, while he was a strong supporter of the Scór competitions. Club members from Naomh Conaill formed a guard of honour as Jimmy’s remains were brought to his home this afternoon and will again pay their tribute on Sunday at his Funeral Mass. Predeceased by this wife Bernadette, Jimmy is survived by sons Seamus, Tommy, Martin, Damien and daughters Collette and Marie.Jimmy’s funeral mass takes place at 1pm on Sunday at St. Colmcille’s Church, Fintown, with burial afterwards in the adjoining graveyard.Death mourned of GAA stalwart Jimmy McKelvey was last modified: November 22nd, 2019 by Chris McNultyShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:GlentiesJimmy McKelveyNaomh Conailllast_img read more

Step-back 3 NBA’s new weapon, though not a shot for everyone


first_imgUS judge bars Trump’s health insurance rule for immigrants D’Antoni figures someone will come along and shoot it well, and that player may have already arrived. Doncic is far ahead of anyone but Harden in attempts and makes, and the Mavericks rookie’s goodbye highlight in Europe was a one-legged, step-back 3 that helped Real Madrid put away Game 4 of the ACB Championship series.Doncic smiled when asked about the step-back 3, saying: “A lot of guys have special moves. That’s my kind of move.”And even Popovich, no big fan of the 3-point happy game the NBA has become, gives credit to the step-back shooters.“They are great at it, that’s for sure,” he said. “Take nothing away from them. It’s been developed, it’s used and no one is better at it than they are. It’s virtually impossible to guard, but they perfected it.”Sports Related Videospowered by AdSparcRead Next “You mean when they jump backwards and travel and shoot a 3?” Spurs coach Gregg Popovich quipped. “I guess it has been made legal. I don’t know. It’s very difficult to guard.”That’s because the defender has to be prepared that the player with the ball is going to drive to the basket. But instead of continuing forward, the offensive player suddenly gathers his feet and steps backward to shoot, taking advantage of the extra space he has created.Curry is one of the most prolific 3-point shooters in history, but he’s also a wizard with his dribble. So whoever is defending him can never quite be sure which way he is going.“Obviously you respect the athletic guys that can drive and use their first step and explosiveness and all that type of stuff,” Curry said. “It’s a tough shot to make consistently, but the guys that do, it’s obviously a shot and a look that you can always kind of count on to create space and knock it down.”There will be more than a few hoisted up during the All-Star festivities.ADVERTISEMENT Oil plant explodes in Pampanga town FILE – At left, in a Feb. 6, 2018, file photo, Brooklyn Nets center Jarrett Allen (31) defends as Houston Rockets guard James Harden (13) take a three-point shot during the first half of an NBA basketball game, in New York. At center, in an Oct. 28, 2018, file photo, Golden State Warriors react as teammate Stephen Curry shoots a three-point basket during the first half of an NBA basketball game against the Brooklyn Nets, in New York. At right, in a Feb. 6, 2019, file photo, Dallas Mavericks’ Luka Doncic (77) attempts a three-point basket during an NBA basketball game against the Charlotte Hornets, in Dallas. The step-back 3-pointer is the perfect weapon for the modern NBA, practically a necessity in a game where the ability to find space to shoot from behind the arc is more valued than ever before. (AP Photo/File)James Harden turned to it to become the NBA’s most unstoppable scorer.Luka Doncic has ridden it to stardom on both sides of the Atlantic.ADVERTISEMENT MOST READ ‘We are too hospitable,’ says Sotto amid SEA Games woes Grace Poe files bill to protect govt teachers from malicious accusations ‘We are too hospitable,’ says Sotto amid SEA Games woes The step-back 3-pointer is the perfect weapon for the modern NBA, practically a necessity in a game where the ability to find space to shoot from behind the arc is more valued than ever before.“Things have changed and the game is so spread out,” Dallas coach Rick Carlisle said. “All over the NBA and all over the world really, everybody’s stretching the range out a few feet more. The 3-point line is being covered much better than it has in the past so guys are moving back, and guys that can create space to shoot 3s unassisted have a special skill. It’s going to be a necessary skill more as the game continues to evolve.”FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesBut before guys who belong in the paint start hoisting them up from the perimeter, or taking balls off the rack and shooting step-backs during this weekend’s All-Star 3-point contest, there a few things to consider.Even Stephen Curry said it’s a tough shot to make. It’s fundamentally flawed and sometimes looks like a violation. But nobody shoots it more — or arguably better — than Harden, whose 151 step-back 3-pointers coming into this week represented 15 percent of the 1,006 makes thus far, according to the NBA’s statistics. He dribbles patiently until he sees an opening, then either drives for a layup or foul, or steps back for the 3, sometimes from a few steps beyond the arc.Harden, a seven-time All-Star, league MVP and scoring champion last season, has scored 30 or more points in 30 straight games, third-longest streak ever. Averaging 36.5 points, he is poised to win another scoring title in a runaway. He said he turned to the step-back 3 as a way to evolve with a game that has seen more than 2,500 step-back 3s taken already this season, after there were only 584 for all of 2014-15, according to NBAsavant.com.“I mean, every single year you have to come back better than you were the year before, and for me I had a pretty good year last year. But you’ve got to come back better and come up with a new move or a new package to keep defenders on their heels,” Harden said. “So whether it’s a step-back or a slide step, just to create separation to be able to get my shot off.”Harden has the green light in Houston, though that doesn’t make it a good shot — at least not for everyone else.There are times when Harden launches one where it looks like a horrible shot.He willingly takes longer attempts without fully squaring his shoulders up to the rim, which goes against just about everything coaches taught years ago, and critics watching him shuffle his feet have seen instances where he certainly appeared to get away with traveling .Because of the degree of difficulty, the step-back 3 may only be for a handful of players.Rockets coach Mike D’Antoni compares it to Kareem Abdul-Jabbar’s sky hook, a shot that everyone might try, but few could master.“Certain guys have certain talents but it’s a hard shot,” D’Antoni said. “I don’t know what the stats are, but it’s a low 20-percent kind of shot for most people and he’s at about 40.”Actually, Harden’s 41.5 percent on step-back 3s was only a little higher than the league average of 39.5 percent, though that could be misleading because so few players attempt them — and the ones who do are often already good shooters. Forbes: LeBron James tops NBA rich list again Don’t miss out on the latest news and information. PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss SEA Games hosting troubles anger Duterte LATEST STORIES Oil plant explodes in Pampanga town Private companies step in to help SEA Games hosting View commentslast_img read more

10 months agoMan Utd legend Robson praises caretaker Solskjaer


first_imgAbout the authorPaul VegasShare the loveHave your say Man Utd legend Robson praises caretaker Solskjaerby Paul Vegas10 months agoSend to a friendShare the loveManchester United legend Bryan Robson has sung the praises of caretaker manager Ole Gunnar Solskjaer.Robson has been with the squad for their warm-weather training camp in Dubai this week and praised the way Solskjaer is getting the best out of them.“Since he’s come into the club he’s been really positive with what he’s been saying and the way he wants the team to play,” said Robson.“The atmosphere seems to be really upbeat around the squad and they’re enjoying the type of work he’s doing. “Obviously, winning five games on the bounce is great for confidence and put a smile back on everyone’s faces.” last_img read more

9 months agoInter Milan director Ausilio: Palmeiras wanted to sell us Gabriel Jesus


first_imgInter Milan director Ausilio: Palmeiras wanted to sell us Gabriel Jesusby Carlos Volcano9 months agoSend to a friendShare the loveInter Milan sporting director Piero Ausilio admits they came close to signing Manchester City attacker Gabriel Jesus.Ausilio says Palmeiras were willing to sell them the Brazil international.“We were negotiating with Gabriel Jesus for a month,” Ausilio told Sky Sport Italia.“Our offer was also better than Manchester City’s. Palmeiras preferred to sell him to us but the lad, through his agents, let us know that he preferred to play for Guardiola.” TagsTransfersAbout the authorCarlos VolcanoShare the loveHave your saylast_img read more

18 days agoJuventus goalscorer Higuain: We won with great character and determination


first_imgJuventus goalscorer Higuain: We won with great character and determinationby Carlos Volcano18 days agoSend to a friendShare the loveJuventus goalscorer Gonzalo Higuain was delighted with the manner of victory over Inter Milan.The Argentine came off the bench to score the winner in the 2-1 triumph.“It was a great game from Juve. Inter were the most solid side in the league, they had won six out of six,” Pipita told Sky Sport Italia.“We played with great character and determination. I am glad we took it home.“This is a great start to the season, but it’s still early and we want to fight on all fronts.” About the authorCarlos VolcanoShare the loveHave your saylast_img read more

18 days agoHarry Winks: Spurs players behind the manager


first_imgHarry Winks: Spurs players behind the managerby Paul Vegas18 days agoSend to a friendShare the loveHarry Winks says Tottenham Hotspur’s squad are sticking by Mauricio Pochettino.The Argentine is under pressure to keep his job after Saturday’s loss to Brighton, leaving the club with a record of three wins from 11 games this season.But Winks believes Pochettino has the complete support of his playing squad.”He’s our manager. He’s been fantastic ever since he’s been at the club and taken the club to new heights,” Winks said.”At the moment we are going through a bit of a rough patch. That happens in football, every club goes through it.”It’s important we stand up as men and get through these dark times, and hopefully we can get back to playing well and winning as much as we can.”In the last six years we have come such a long way, we have become a title-challenging side. But we haven’t shown it this season, we have only shown it in parts.”In certain games we have played really well but for the majority of this season we haven’t shown what we are about.”It’s important we look back on it and reflect so realise it’s not been good enough, no excuses. The only way we can put it right is back in training and the next match.” About the authorPaul VegasShare the loveHave your saylast_img read more

SC demolishes Modi Jaitley BJPs stand on electoral bonds Yechury


first_imgNew Delhi: Welcoming the Supreme Court’s decision on electoral bonds, CPI(M) General Secretary Sitaram Yechury Friday said the apex court had “demolished” the stand taken by the BJP-led NDA government on the issue. The Supreme Court Friday did not stop political funding through electoral bonds but brought several checks on it to bring transparency by directing all political parties to furnish receipts of amounts received and details of identity of donors in a sealed cover to the Election Commission. Also Read – Uddhav bats for ‘Sena CM’ In an interim order, the apex court also directed all political parties to provide details of the amount of the bond and bank account of donors by May 30 to the poll panel. “Supreme Court demolishes stance taken by Modi, Jaitley & BJP – which had pushed this as a Money bill, for opaque, secret Electoral bonds. The court says transparency is the basic principle of electoral funding. People have a right to know which party got how much, and from whom,” Yechury tweeted. Also Read – Farooq demands unconditional release of all detainees in J&K The Centre and the Election Commission had taken contrary stands in the Supreme Court on Wednesday over political funding, with the government wanting to maintain anonymity of donors of electoral bonds and the poll panel batting for revealing names of donors for transparency. “Anonymity pushed by BJP is on the way out. Donors of black money via this route will be scared to fund from here on. Today EC has the data. Tomorrow the public will also have it,” Yechury wrote on Twitter.last_img read more

Uniteds foundations at risk unless Ole Solskjaer rids club of weeds


first_imgLondon: Ole Gunnar Solskjaer said prior to the humiliating 4-0 thrashing by Everton there would not be wholesale changes to Manchester United personnel in the close season, but Gary Neville, for one, believes he should think again. United’s millionaire stars such as Paul Pogba and David de Gea put up a display described by the British press on Monday as “abject”, “an apology” for a performance, with the team derided as being generally “rudderless” and “spineless”. However, whilst it came five years to the day when a 2-0 defeat by the same opponents cost David Moyes his job, it is not Solskjaer who is being targeted but the under-performing Pogba and his team-mates. The World Cup-winning midfielder, after a series of encouraging performances when Solskjaer first assumed the reins in December, has returned to being the non-existent presence so often the focus of Jose Mourinho’s ire — although it was the Portuguese coach who was sacrificed. His and Nemanja Matic’s failure to shore up midfield has been a contributing factor to United’s miserable run of six defeats in their last eight games and five successive away losses — their worst run on the road since 1981. Seldom can a Manchester derby — they host title-chasing City on Wednesday — have been less eagerly anticipated by United fans. Neville, United to the core and an integral member of Alex Ferguson’s side that accrued eight Premier League crowns and two Champions League trophies, was excoriating in his criticism of the players. “If you’ve got weeds in the garden, you’ve got to get rid of them,” said Neville, who has become a respected pundit for Sky Sports. “There’s some Japanese knotweed at that football club and it’s attacking the foundations of the house. It needs dealing with properly. “I don’t need to name names, you know who they are.” Former England international midfielder Jermaine Jenas, who has also turned to punditry since hanging up his boots, turned on the players as well.The 36-year-old said such is the negativity in the team that even the younger talents have been sucked into the vortex of supine performances. “They showed no heart, no desire and no will to win. They were woeful,” Jenas wrote in his column for the BBC website. “Everyone was guilty. “Even Marcus Rashford, who has got one of the best attitudes of anyone at the club, got sucked in by what I would describe as a vacuum of negativity.” United fans may be wondering if the board jumped the gun in giving Solskjaer the job on a permanent basis — as the subsequent results appear to be reflective more of his unsuccessful stint in charge of Cardiff. Indeed, just as his and the team’s fortunes have dipped, the man who was seen as his major rival for the job has seen his stock rise. Mauricio Pochettino’s star has sparkled again thanks to Tottenham’s epic win over Manchester City in the Champions League. But Neville has been slow to criticise his former team-mate Solskjaer. The man dubbed ‘Red Nev’ after he led a players’ strike with England due to their anger over Rio Ferdinand being dropped because of a missed drugs test, took to the barricades when another unloved former United boss, Louis van Gaal, criticised Solskjaer a few weeks ago. Van Gaal said Solskjaer was like Mourinho in parking the bus and relying on the counter-attack, only he was more popular because the results were going in his favour.last_img read more

Swedish cable operator Com Hems board has agreed


first_imgSwedish cable operator Com Hem’s board has agreed to launch a share buyback programme totaling SEK1.5 billion (€160 million) over the next year.The buyback will enable Com Hem to distribute funds to shareholders. Together with an ordinary dividend of SEK1 per share, the programme means that Com Hem has allocated SEK1.7 billion to be repaid to its shareholders.Com Hem’s share capital will be reduced by cancelling the shares that has been repurchased.last_img

In This Issue   Its pretty much an allout as


first_imgIn This Issue. *  It’s pretty much an all-out assault by the dollar today! *  Chinese & Swedish PMI’s are weaker but above 50. *  The BOJ’s QE announcement sinks yen! *  The Narrowing thing. It’s Tricky! And Now. Today’s A Pfennig For Your Thoughts. China Begins To Take Baby Steps Toward A Convertible Renminbi! Good Day!…  And a Marvelous Monday to you! OUCH! Brother am I hurting all over today, as I used muscles yesterday that haven’t been used in a while! We had two semi-large trees fall in the back of our property, down by the creek (probably the work of beavers!), and for the last two weeks I had been cutting it up, a little bit at a time, so as not to wear myself out, but yesterday, I had the help of Jerry and then neighbor, Paul, and we banged out the whole shootin’ match! So, now I have a huge pile of wood ready for splitting. I’ll leave that for Alex to do. (I’ll have a heart attack IF he actually does it! HAHAHAHA!) There’s some BIG news from China to talk about this morning, but first, I need to tell you that the dollar is in an all-out assault mood this morning, with 95% of the currencies, including Gold, looking at losses this morning, and the few without losses are flat, but could turn negative in a NY Minute, so it’s all about the dollar this morning, especially if you check out the cable news who are dropping the ball BIG Time on the China news, but that’s their problem, not mine, for I’m going to give it to you right here! This weekend, the Chinese Gov’t announced that the renminbi will become directly convertible with the Singapore dollar, effective this morning. Folks, I don’t care if the Cable News or The Wall Street Journal (WSJ) or Reuters don’t care to talk about this development, it’s HUGE news any way you look at it! I saw this, and said to myself, “Self, is this the first step in a freely convertible renminbi? Why, I do believe that’s what’s going on here, Self!”  I told you all previously that I thought that China was really stepping up the pace of their move to replace the dollar as the reserve currency, and this just confirms that thought! I see this going along much like China went about gaining a wider distribution of their currency by signing currency swap agreements with one country at a time. I see them doing the same type of one country at a time, move with convertibility of their currency, until it’s fully convertible all over the world. This won’t happen overnight folks. The first currency swap agreements were signed in 2008. There was other news from China over the weekend, as the latest Gov’t version of the Manufacturing Index (PMI) printed, and was not as strong as I thought it would be. The index number was still safely above the 50 level at 50.8, but a number north of 51 was expected, and so, it was more of the moving along slowly for the Chinese economy, but not stopping for rest, just moving along slowly. Sort of like me in the backyard yesterday! HA! And since the dollar was taking liberties against most currencies overnight, the Chinese decided to weaken the renminbi / yuan, using the weaker than expected PMI as their excuse for doing so.  They didn’t make a Big deal out of the direct convertibility of the renminbi with Singapore, as I’m sure they would have liked for no one to notice. The U.S. news agencies complied, eh? And get this. The man who is the chief executive officer (CEO) of the world’s largest sovereign wealth fund, Yngve Slynstad, says that even though assets from China only make up about 1.5% of the $860 Billion Norwegian Wealth Fund’s portfolio, he believes that almost all investment decisions are affected by what happens in China.  He didn’t say the U.S., Japan, the Eurozone, the U.K., he said China. Makes you sit back and think about all the things I’ve told you regarding China over the years, they all seem to be coming true, don’t they?  Well. So,  it’s all about the all-out assault by the dollar today. UGH! That’s crazy, I don’t care what side of the fence you’re on, how in the world can traders and investors take the dollar to this all-out assault mode today?  I explained last week how QE 1, 2 & 3, isn’t going to end quietly, that the Fed had announced that when bonds that they bought and hold, mature, they will take the proceeds and invest in another bond. Thus keeping the Fed’s balance sheet at more than $4 Trillion, and allowing them to keep their hands in the bond markets’ cookie jar. But that’s not the only thing on my mind today regarding the currencies, so, let’s open this can of beans and see what’s inside, eh? Well, last week the Bank of Japan (BOJ) Gov. Kuroda, really opened Pandora’s Box of currency losses for the yen, and the bleeding hasn’t stopped yet. On Friday, we saw a whole 2 figure loss in yen, and overnight we’ve seen another 2 whole figure loss in yen. I was talking with a trader friend on Friday, and I told her that when I started in this business 22 years ago, yen was 124. And the way things were going, it wouldn’t surprise me to see it there again, with the way the Japanese Gov’t and BOJ keep pushing it downward.  I find this downward move in yen to be quite interesting, as it wasn’t that long ago, that people kept talking about what a miracle it was that Japan had twin deficits, (Current and National Gov’t) but yet the yen was still strong, and why couldn’t that be the same for the dollar? Uh-Oh. Looks like that “miracle” has been shattered, just like the one here in the U.S. with our twin deficits and a stronger currency will be eventually. It takes a while for the markets to get out of bad habits and wake up to smell the coffee, but eventually they do, and when they do, they go at it with a vengeance, like they are doing with yen right now. There comes a time when the markets realize what I’ve been telling you for a while now, that Japan is a basket case.  Of course I’ve not been a fan of what’s going on with the twin deficits in the U.S., but we’re not here with yen, just yet. But also remember what I’ve been telling you for quite a few years now. That the U.S. is turning Japanese, yes, I really think so. I loved this quote from David Stockman. He said that “The BOJ had jumped the shark tank  and now the Machines, Madmen and Morons are Raging”. Whoa, there  David, I would love to say those things, but I get my hands slapped, but as long as you say them, we’re good to go! So, keep the quotables coming! The Aussie and New Zealand dollars (A$ and kiwi respectively) are both on the downswing this morning. Last week it was the interest rate differentials helping the currencies like A$ and kiwi, real, ruble, and rand, but that tricky wording that the Fed used in their press conference on Wednesday last week, got the dollar bugs thinking that these interest rate differentials will soon be narrowed. One of my wife’s fave songs, is (to me a strange choice, but to each his own) the song: It’s Tricky.   You know, It’s Tricky to rock a rhyme, to rock a rhyme that’s right on time, It’s Tricky.  And that’s how I feel about the stuff going on in these two currencies.  The key here is that the dollar bugs think the interest rate differential will be “narrowing” soon. Hmmm. That does NOT mean that the interest rate differential that the currency owns over the dollar is going away, it simply means it could be getting “narrowed”, and for that reason alone, the dollar bugs are all over the place now? It’s Tricky folks. The 1.5% rate hike that the Central Bank of Russia (CBR), pulled off last week, helped the ruble one day, and since then it has been of no help, as the ruble continues to slide further and further downward. There’s a fragile peace in Russia and Ukraine and winter is beginning in the region. I just don’t see how the fragile peace that’s there now will be threatened, as the bitter cold, snow, and winter weather sets in. In fact, I would think that given the weather, the fragile peace could grow stronger. I’m grasping at straws here folks, as I’m looking for something, anything that would wrap a tourniquet around the ruble. Shoot Rudy, if adding 1.5% in a rate hike can’t give the ruble any more love than a one day and done shot, you can see why I’m grasping at straws. The Swedish krona is flat today, which is strange given all the bad news that has come out of Sweden lately, and with the dollar taking liberties against the currencies. We also saw Sweden’s PMI (manufacturing index) drop from 52.5 in September to 52.1 in October. Sure it was still well over the line in the sand number of 50, but it did weaken, which should not have been a reason for the krona to buck the dollar’s all-out assault today. But it is, what it is, and I shouldn’t look a gift horse in the mouth, eh? The Brazilian real is opening up this morning with a bee in its bonnet.  So, it’s nice to see that the “Narrowing rate differential” talk for the dollar isn’t carrying any weight here in Brazil. Recall that the Brazilian Central Bank (BCB) hike rates last week, and I went out on a limb and said that I expected rate hikes at the next 4 meetings, and I guess the markets are figuring that out about now too, so the real bucks the trend of the dollar’s all-out assault this morning. I’m seeing a data print flash on the Bloomberg this morning. Apparently, Honda, Rocktober Auto Sales were up 5.8%… Unfortunately, the estimates were for an increase of 7.7%… So, 5.8% is nice, but it’s not 7.7%, eh? The U.S. Data Cupboard was gloomy on Friday. Personal Spending fell -.2% in September, disappointing those that thought it would increase .2%, and those that thought August’s .5% was the beginning of a strong economy, after printing flat in July.  As long as personal consumption / spending is responsible for over 70% of GDP, this is not good news.  And one could actually say that since August was a “back to school” month, with lots of spending going on, that the 3rd QTR spending was atrocious.  I know, I know, long time readers are saying right now, but Chuck. You used to get upset when we spent more than we made, and now that’s no longer a problem, you say we’re not spending enough!   Ahhh grasshopper. Yes, I don’t like it when we spend more than we make, and looking at the Personal Income data, it certainly wasn’t very good either, rising .2% in September.  But, here’s the kicker. Personal Income should be much higher and each month should be more than the Spending component. except maybe in August, December, and April.  So, the data is all whacked-out as far as I’m concerned, and right now the problem, as the markets see it is, there’s not enough spending for the economy to grow, which goes along well with the disappointing Retail Sales data we’ve also seen lately. And last Friday (Halloween), I told you that Gold had fallen below $1,200. Well the slide continues this morning, and Silver has a $16 handle, which is better than on Friday when it was a $15 handle..  I have to say that these downward drops in the commodity prices seem to be overdone, by quite a bit. Usually when you see stuff like this, you see a bounce-back. We are well below the production costs of Gold, and remember the story I told you a week or so ago, about the head of the largest Silver producer, saying he was not selling the Silver he produces until he breaks the paper trading manipulators? Well, eventually a there has to be a shortage of supply problem.  Geez I would love for his plan to work, now that would be something, and I wouldn’t nominate him for leader of the free world! HA! There is some good news in the metals this morning though, as Platinum and Palladium are booking gains VS the dollar. These two have gotten caught up in the Gold price drop, and they should have been. They are dual metals with investment and industrial uses, and shouldn’t get brought down when the price manipulators go after Gold.  Well, that’s my thought and I’m sticking to it! Before I head to the Big Finish today. I wanted to point out what a great job, my longtime friend, and Big Boss, Frank Trotter, did with the Sunday Pfennig & Pfriends piece yesterday. He laid out the fallacy of a cheap currency. Something I’ve tried to get across in these pages for many a year to you dear readers, but leave it to the Big Boss, to drive the point home, in stunning style. For What It’s Worth. Well, this is more or less more of me here. Frank was talking about the cheap currency fallacy yesterday, and that got me thinking about the cheap Oil price fallacy. Sure, everyone is jumping up and clicking their heals right now because the price of gas at the pumps is dropping. for now.  You see there’s a major problem brewing in our Oil shale production. There have been 19 shale rigs that have already gone offline just last week!  What you have here is the same thing going on in Gold. The price of Oil has fallen very near below the cost to produce it.  Fracking Operations have a cost of $75 a barrel, and this morning, the price of Oil is $80 and change.  So, while we were on our way here with something good (cheaper gas prices, from cheaper oil prices), the getting’s not going to last. Then we’ll have to import more Oil and guess what our friends (NOT!) at OPEC will do with the price of Oil?  So, with just about anything in life, we have to be careful with what we wish for, eh? To Recap. The Big News from China this weekend is being glossed over here in the U.S. because it’s not about the mid-term elections tomorrow! But China announced that beginning today, they will allow direct convertibility of the renminbi with Singapore dollars. Just a first baby step to full convertibility. And what Chuck things is a one-country at a time deal for convertibility of the renminbi. Chinese PMI was weaker but still above 50, and Sweden’s PMI was also weaker but above 50.  the U.S. Data Cupboard had some very weak spending data on Friday, so scary for the economy, it deserved to print on Halloween! And Gold continues to slide, and to Chuck it appears to be overdone at this point. Currencies today 11/1/14. American Style: A$ .8715, kiwi .7755, C$ .8860, euro 1.2495, sterling 1.6005, Swiss $1.0365, .   European Style: rand 11.0330, krone 6.7725, SEK 7.3810, forint 247.05, zloty 3.3755, koruna 22.2430, RUB 43.35, yen 113.70, sing 1.2890, HKD 7.7550, INR 61.40, China 6.1525, pesos 13.49, BRL 2.4750, Dollar Index 87.18, Oil $80.70, 10-year 2.32%, Silver $16.12, Platinum $ 1,242.00, Palladium $807.50, and Gold. $1,171.77 That’s it for today. Whew! Our lambs, I mean Rams, pulled out a win in a crazy ending to the game yesterday. And my beloved Missouri Tigers won on Saturday, moving them into first place in the SEC East, as Florida upset Georgia at EverBank Field in Jacksonville! I didn’t have many Trick-or-Treaters on Friday night, bummer! And it was pretty chilly sitting outside, by myself waiting for them to come, but very few made it up the driveway to the front porch. Little Delaney Grace was Anna from Frozen, and her little brother was Olaf, the snowman from the same movie. Cute as can be! And Braden finally got with the program and put on his Batman costume, but refused to wear the cape! (hey, he had to win something with that fight!) All of them were very cute!  I hope your Halloween was grand. Went to breakfast with my good friend Duane on Saturday and ran into our old colleague, John Kaupisch! He looked great, as retirement has agreed with him. He said, he “highly recommends retirement”. Both Duane and Chuck laughed because we were both talking about that before John walked up to us!  Alrighty then, I hope I didn’t miss any birthdays or anything like that. it’s time to get this out the door. I hope you have a Marvelous Monday! Chuck Butler President EverBank World Marketslast_img read more