Global Mining Investing $69.95, 2 Volume e-Book Set. Buy here.
Author, Andrew Sheldon

Global Mining Investing is a reference eBook to teach investors how to think and act as investors with a underlying theme of managing risk. The book touches on a huge amount of content which heavily relies on knowledge that can only be obtained through experience...The text was engaging, as I knew the valuable outcome was to be a better thinker and investor.

While some books (such as Coulson’s An Insider’s Guide to the Mining Sector) focus on one particular commodity this book (Global Mining Investing) attempts (and does well) to cover all types of mining and commodities.

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Friday, October 10, 2008

The state of the US monetary base

Here is a good essay on the state of US Treasury and Federal Reserve finances.

The concluding remarks of this essay suggest that we are going to move back to a gold standard. He does not say as much, but he implies it, leaving you to fill in the gaps. I actually don't agree with this for several reasons:
1. The gold market is a pretty illiquid one - the size of the gold market is a fraction of the amount of gold available. Why would the government bid up such an illiquid asset to collateralise a new money standard, or to recapitalise the USD.
2. In a monetarised economy there are a plethora of asset classes that can substitute for gold. Might I suggest property as a pretty good alternative in the USA in this time of financial crisis. Already there are signs that the government is planning to do that by taking over the dubious debts of the banks which are backed by property.

I have long followed the arguments of the gold bugs, and as much as I believe in gold, I don't delude myself into thinking its the only asset class. But yes its cheap and its going to do very well, and there is no reason why governments (in addition to private enterprise) won't be buying more of it in future.

Such a strategy could also be used in countries like Australia, not to resolve the debt crisis, but to resolve a housing crisis. Australia has a shortage of property rather than an excess. Might the government acquire foreclosed properties and finance the construction of leaseholds to address a housing shortage, and at the same time use that housing stock as tangible collateral for its money base. Its a possibility. The current shortage of property might however dry up as unemployment increases. Certainly people have to live somewhere, but if they lose their job they just might move in with mom. Overseas students are probably inclined to go back to Korea, etc. This will eliminate at least some part of the shortage. Australia is in a very different situation from other OECD countries. It has a few investment funds which has the capacity to create some demand. i.e. The $20bil infrastructure fund, which on top of a lot of energy and mining investments should see Australia pass through the next 3 years in healthy condition.
Andrew Sheldon
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Investment Strategy

If you are investing for the long term, you still need an investment strategy. Dont be fooled by the rhetoric of fund managers. The reason they advise you to 'buy & hold' is because they dont want to compete with you in sell-offs. Markets and industrial sectors are cyclical, so they demand trading to get the best returns. Fund managers actually cant hope to match the performance of small investors (if you are half good) because they have to manage huge amounts of funds and charge you a fee besides.
MY ADVICE is (i) look at a range of market indices and decide upon what level of correction would give you the justification you need to get in & out of the market. It might be a 5-10% retracement or a break of trend. (ii) Diversify if you dont have an intimate knowledge of the company or management. More than 30% in one company is aggressive.

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The NZ property market is shaping up as one of the most attractive property investment markets for the next few years. High yielding property and the collapse of the NZD make NZ the perfect counter-cyclical investment if you buy right! In addition, there is no capital gains tax, transfer taxes, VAT/GST or wealth taxes in NZ, so rest assured that NZ property is tax-effective! Learn more now!

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