Frances Horodelski Says...

Keep an eye on the little things today
The chase by Frances Horodelski:

As of last night there were about 46,000 customers in the Toronto area without power. My family is one of those customers. Maybe today……

While my house is an uncomfortable zero degrees (water turned off and pipes drained), the equity markets in New York were hot yesterday and there is lots of green fire today as well.The S&P 500 is up 29.16% on the year with three trading days left. The VIX has dropped back into the low end of the year’s trading range (12.33) and according to MKM Partners, we may be in for another year of low volatility. High volatility periods last on average 5.5 years. For this cycle, that high volatility period ended in January of 2013. While there have been six waves of volatility in 2013 (corresponding to only modest pullbacks), analysts at MKM believe 2014 will be similar. Low volatility corresponds to low correlations meaning individual stocks trade more on company specific information rather than en masse. This assessment should also determine hedging strategies. Portfolio management should focus on the individual stock or sector level rather than the entire market according to MKM Partners.

Once again, it is a quiet trading day but there are lots of little pieces of news that could move individual stocks. The Russians and Belarus could be getting back together says the new CEO of Uralkali (“We feel that the joint work should resume, and most likely that will happen”) according to a Reuters story. Blackberry co-founder Mike Lazaridis sold 3.5 million shares to now own 26.267 million shares (4.99%). Audi (owned by Volkswagen) plans to invest $30.3 billion US through 2018 in an attempt to catch up with BMW. Remember that recently VW announced big spending plans as well - $114 billion also through 2018. Sticking with cars, GM’s China division is recalling some 1.46 million Buicks and Chevrolets due to a problem with a bracket that secures the fuel pump. And a final auto comment, according to AutoTrader.com the top five vehicles in 2013 were: Ford F-150, Jeep Wrangler, Ram 1500, Ford Mustang and Chevrolet Silverado.

If you’re a global politics fans, here are the top five trends that will shape 2014 according to Stratfor: 1) An enduring detente between Iran and the United States; 2) The rise of nationalist and extremist parties in Europe; 3) Russia and Germany bargain over Central/Eastern Europe and energy policy; 4) China's return to strongman politics; 5) Domestic turmoil and economic stress in India and Turkey. What are your political hot spots? Who are you watching for the best prediction for 2014?

Things to watch in 2014: Copper (will it be the year of global growth that will put a bump into the global commodity complex?); currencies (will the upside pressure on interest rates allow the U.S. dollar to come back. And what about the Chinese renminbi which has been trading at all time highs relative to the U.S. dollar? Will this continue?) Interest rates – what will a 3% or 3.5% or even 4% yield do to the relative value call of stocks versus bonds (the 10-year yield is trading right now at 3.01%). These are the big stories that might dictate the macro call but would have important consideration for asset and sector selection in 2014.

Today we will receive inventories for natural gas and oil. The economic calendar is blank. There are, however, almost 100 small companies that are publicly traded in Canada that are releasing quarterly results! Textron is buying Beechcraft. Two states in the U.S. are reviewing options for recouping costs related to Obamacare.gov healthcare website from CGI Group according to the Boston Globe. Massachusetts has paid $11 million of $69 million – and will not pay a cent more until “a functioning website has been delivered”. Stories in various U.S. papers (including now the Wall Street Journal) are talking about the potential for another delay in the Keystone XL pipeline approval process due to a conflict of interest with one of the contractors. Our own Jameson Berkow has been reporting on this since these conflicts first surfaced in July.

My feet have just warmed up and that’s all I have today.

The chase by Frances Horodelski Repost

Holiday countdown
The chase by Frances Horodelski:

That was fun. But I’m over it. So can I please have my power back on? Now would be nice.

The power on Wall Street (and even Bay Street recently) has been pretty spectacular. As of this moment, the numbers for 2013 are Dow +24.35%, S&P +28.17%, Nasdaq +37.4% and TSX +8.16%. The TSX has underperformed the S&P for three years in a row. The S&P 500’s performance is the best since 1997 (which was followed by another two years of strong gains).

And the bulls are out. Here’s a comment from regular BNN guest Kevin Cook at Zacks: “My list of 5 forces hasn't changed since I first wrote of them in January: 1) Macro risk "off" (Europe, China, Washington)=Investing risk "on" (to the upside); 2) Economic growth is good enough and building momentum; 3) The Fed remains steadfastly on the side of pro-growth and reflation; 4) Corporations are producing record profits and balance sheets are strong; 5) Cash is still trash and fund managers MUST chase and compete for stocks. What exactly didn't 95% of hedge funds who got beat by Mr. Market this year not understand about these bullish drivers? When you combine these factors, you have the recipe for a huge "multiple-expansion rally." And when this game is on, like it was in the 1990's, you don't worry about a "fully-valued" market because the momentum is probably going to ‘over-valued.’ Bottom line: I am not worried about a bubble in equities. Sure, this will run too far ahead of the economy at some point and a correction will follow. But there will be little damage to the economy because the benefits from consumer confidence and the wealth effect far outweigh the excess a good correction might have to wring out.”

David Rosenberg published his 2014 report yesterday and it is titled “2014 – The Year of the Horse: The one that’s about to break out of the gate.” The year will be a surprise year like 1984, 1994 and 2004 and that the upside macro surprise shifts from the UK to the U.S. – and as previously, years ending is 4s, Rosenberg says, all fit the bill of economic acceleration.

On the news front, appropriately thin with Sherritt selling off its coal assets, KKR investing $250 million in Canada’s Torq Energy Logistics, retail survey company ShopperTrak reports retail sales for the week ending December 16 down 3.1% from the same period last year. Bricks and mortar traffic was down 21.2% and the last Saturday before Christmas (21/12/13) saw a 0.7% decline in sales and an 18.1% drop in traffic. GDP in China according to economists is expected to grow 7.4% in 2014 and officials are reported (Reuters) to be targeting 7.5% growth in 2014 (concerns had run rampant through the world that the target growth rate would be 7%).

So now is the time to relax and enjoy. Remember that family you might have ignored over the year (or the friends, and even the enemies) – take some time to get reacquainted. And while you’re at it, see a movie with them or share excerpts from a book. Do the big Globe & Mail holiday crossword as a family or a group of friends (very satisfying). Maybe just smile.

Movies I want to see over the holidays (in no particular order – except the first is the first):Inside Llewyn Davis, American Hustle, Nebraska, The Hobbit 2, The Wolf of Wall Street, The Secret Life of Walter Mitty, The Counselor, Her and Saving Mr. Banks. Did I miss any?

Best books of the year for me: Perfect (awesome story); currently reading The Goldfinch (also awesome); only book on the New York Times top 100 that I have read The Woman Upstairs. Books on my shelf that will be read shortly include The Luminaries and The Rosie Project. Oh, and in 2014, I just might re-read all ten books of The Dance to the Music of Time by Anthony Powell. Now that will keep me warm

Happy holidays.

Biggest penny stock fraud in history...

Curry, and his father Greg are currently in jail in New York in connection with what U.S. authorities are calling the biggest penny stock fraud in history. The Canadians are among nine people arrested in August in connection with the scam, which raked in about $140 million (U.S.) from investors.

The province’s stock market watchdog has ordered an Aurora man, his wife, and his companies to pay more than $160,000 in connection with a scheme to glean fees from penny stock investors. The Ontario Securities Commission has ordered Kolt Curry, American Heritage Stock Transfer Inc. (Ontario), and American Heritage Stock Transfer, Inc. (Nevada) to pay a penalty of $100,000 for breaching the province’s securities laws, and $60,000 in hearing costs. Curry’s wife, Laura Mateyak, was also ordered to pay a penalty of $2,500, the OSC said in a decision issued on Friday. She consented in the breaches in her capacity as an officer and director of AHST (Ontario). The OSC also reprimanded Curry and permanently banned him from trading or acquiring securities, from acting as a director or officer of a publicly-traded company, an investment fund manager, or a stock promoter. Mateyak received five-year bans in the same categories, the OSC noted in a press release issued Monday. Curry and Mateyak were also banned from telephoning residences for the purpose of trading in securities. In May, 2009, AHST sent letters to shareholders of Nanotech Industries.

 The letters said investors could receive “unpaid dividends” and offered a chance to buy more Nanotech shares for less than the current trading price. The letter stated that Nanotech stock traded at nearly $5 per share. In fact, the stock price was manipulated as part of a broader scheme, and it traded at 5 cents per share, the OSC found in its investigation. AHST did no “independent inquiry” to determine the accuracy of the statements in its letter, according to a statement of agreed facts filed with the OSC in May, 2013. Curry and the AHST companies traded securities without being registered and made illegal distributions of securities and prohibited representations, according to the statement. AHST did not receive money from investors,

the OSC noted. “Although no investors took the bait, the possibility of widespread losses by potential investors was significant, given that the Nanotech letter was sent to over 10,000 addresses around the word,” OSC commission James Carnwath wrote in his decision. “Curry was also instrumental in the preparation and distribution of the Nanotech letter.” found that Mateyak was not “an essential player” in the Nanotech scheme, as prosecutors for the OSC argued, but “merely followed the instructions of her husband.”

 In a separate decision released in August, the OSC found that a Toronto man, Sandy Winick, provided Curry with a draft of the Nanotech letter and addresses of the recipients. The commission determined that Winick traded without being registered and “engaged in an illegal distribution of securities.” It has not yet handed down sanctions against Winick. Winick,

Curry, and his father Greg are currently in jail in New York in connection with what U.S. authorities are calling the biggest penny stock fraud in history. The Canadians are among nine people arrested in August in connection with the scam, which raked in about $140 million (U.S.) from investors.

The Star Source

Equity investors as a whole had a great year 2013 BUT Income Investors did not do nearly as well.

While equity investors as a whole had a great year, those weighted toward income-generating stocks and bonds—including many retirees—did not do nearly as well. Canada’s real estate investment trust sub-sector was down 11.5% as of late November, and utilities were off 7.3%. Long-term bonds fell too, dragging the DEX Universe Bond Index down nearly 4% in 2013. You read that right, ye of short memory: bonds can lose value.

This marked a break from the pattern since the 2008 crash, when there was no better investment to own than an income-generating one. The inflection point came in June, when the U.S. Federal Reserve announced that it would start tapering its quantitative easing purchases. The interest rates on long-term debt immediately began rising on the expectation that an improving U.S. economy and creeping inflation would force the Fed to eventually raise overnight lending rates. When rates climb, bond prices drop and certain yielding stocks start looking less attractive, explains Josh Peters, Morningstar’s director of equity-income strategy.

Dividend-paying equities had it worse than bonds because they ran into valuation issues. During the post-crash years, these stocks became so popular as a higher-yielding alternative to bonds that many of them became overpriced. Once bond yields began rising again, the investor exodus affected stock prices more than if they were undervalued.

Defensive stocks generally tend to underperform in a higher-growth environment too. “When the market is expressing optimism, these companies don’t gain as much, and they’re not as profitable,” says Peters.

The most affected companies were those with bond-like characteristics, says Douglas Burtnick, a senior investment manager with Aberdeen Asset Management. “They have stable income streams, and investors value them with the same basic principles as a bond,” he says. That’s a benefit in a volatile environment, but not in a rising-rate climate. “These equities go down the same as bonds do.”

Where income investments go from here largely depends on whether or not rates continue to rise, says Burtnick. Given that rates are still extremely low, investors shouldn’t be surprised if long bonds and dividend payers end up taking another hit. Income stocks are still worth owning, he says, but stick to ones that are reasonably priced and raise their dividend every year. BRYAN BORZYKOWSKI

Markets Boom Inspite: Federal Reserve has decided to taper its bond-buying program by $10 billion US to $75 billion

The U.S. Federal Reserve has decided to taper its bond-buying program by $10 billion US to $75 billion a month, beginning in January.

As Ben Bernanke prepares to step down as chair of the powerful U.S. central bank, the Fed voted Wednesday to reduce its monthly bond-buying program from $85 billion to $75 billion a month.

"Beginning in January, the committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month," it said in a statement.

The move came as a surprise to investors, who did not expect the Fed to taper its stimulus in Bernanke's final month in office. Markets surged on the news with the Dow up 200 points in the half hour after the announcement.

It was at an all-time high at the end of the day, up 240 points at 16,119.

The bond purchases are intended to keep long-term loan rates low to spur economic growth and Bernanke in his news conference noted that the Fed continues a high rate of stimulus and continues to build a large portfolio of U.S. bonds, now amounting to about $4 trillion.

http://www.cbc.ca/news/business/u-s-federal-reserve-tapers-bond-buying-to-75b-us-a-month-1.2468578

Sandy Winick, a two-time bankrupt and philanderer hitting his stride in the murky world of penny stocks

 

The Swinging Swindler (Part 2 of 2)

Sandy Winick, a two-time bankrupt and philanderer, started out slowly in business in Toronto before hitting his stride in the murky world of penny stocks. The U.S. stock watchdog blew the whistle on him in 2009. The Ontario regulator followed two years later. His response: Go big or go home.

 

Sandy Winick had settled into a multi-million dollar mansion in an upscale north Toronto neighbourhood with his wife and two young daughters in 2005. It seemed life couldn’t get much better. They would frolic in an outdoor pool and entertain frequently. They reveled in other comforts such as a home theatre and big recreation room. Four fireplaces kept them cozy. A giant aquarium was a nice conversation piece. Winick and his second wife Jodi also drove luxury cars and travelled a lot. He had come a long way after growing up poor and struggling in business as a young adult before hitting it big in the shady world of penny stock promotion.

But by 2009, cracks had appeared. Two years earlier, Winick quit Blackout Media, an entity that actually held a minority stake in a real business –The Fight Network. The fledging pay television network reached Canadian television screens and attracted financing from venture capitalists. Blackout said Winick had departed “to pursue other interests” without explaining why or what happened to his ownership stake.

In August 2009, the U.S. Securities and Exchange Commission found Winick had broken numerous securities laws in spinning out a stunning 59 empty companies from Blackout so he could sell unregistered shares and pocket the money. Proceeds for him totaled $3.2 million (U.S.). The regulator ordered a payback. He ignored it. On the personal side, there were fewer family gatherings in the north Toronto backyard. His marriage was in trouble. Within a year, Winick split from his wife while continuing a long-running affair with another woman.

Read Full Article Here

ZNext Mining Corp., for a “pump and dump” stock manipulation scheme.

ZNext Mining Corp., for a “pump and dump” stock manipulation scheme.

A con artist buys a con artist’s company

A serial fraudster with an aristocratic name used Winick company for her own ‘pump and dump’ stock racket.

 

Con artist Sandy Winick spun out 59 empty companies so he could use them to create a trading market and make money during the last decade. One of them was Pearl Asian Mining Industries.

And in 2005, Pearlasia Gamboa, alias “Princess Bae Catiguman,” bought the company from Winick so she could sprinkle some personal marketing magic on the firm and turn it into gold for herself.

The U.S. Securities and Exchange Commission later charged that Gamboa used the company, which changed its name to ZNext Mining Corp., for a “pump and dump” stock manipulation scheme. She orchestrated the sale of 1.9 billion shares and issued a series of news releases touting mining activity in the Philippines and a cost-saving ore refining system, according to the SEC.

The stock climbed and Gamboa collected more than $1 million in three years before the share price fizzled.

A district court judge ordered a default judgment totalling $1.8 million and a lifetime trading ban against her in 2010 as a result of the case. She never showed up in court or paid the penalties.

A U.S. court later permanently barred her from selling penny stocks.

ZNext has also popped up in a much bigger scheme as part of a U.S. crackdown of international investment fraud.

U.S. investigators have described Gamboa as a serial fraudster after other brushes with the law.

Gamboa, who is in her early 60s, has portrayed herself as an investor and president of the Dominion of Melchizedek, a tiny island in the South Pacific, according to one San Francisco magazine.

...

The stock climbed and Gamboa collected more than $1 million in three years before the share price fizzled.

A district court judge ordered a default judgment totalling $1.8 million and a lifetime trading ban against her in 2010 as a result of the case. She never showed up in court or paid the penalties.

A U.S. court later permanently barred her from selling penny stocks.

Read Full Article The Star

 

Bank Of Canada says "focus is on inflation"

“Our focus is on inflation and is our forecast going to work out that gets inflation back up to target around two years from now. That’s our main preoccupation and markets will choose to grind out an exchange rate independently of that.”

http://www.canadianbusiness.com/business-news/bocs-poloz-says-low-interest-rates-needed-to-keep-deflation-at-bay/

Wealthiest 1% earn 10 times more than average Canadian

 Canada's rich earn on average $381,300 a year and are mostly male, white and married

Statistics Canada has published the final batch of data from its new and controversial National Household Survey — the survey meant to stand in for the long-form census scrapped by the Conservatives in 2010. The release was delayed for a month because of a glitch in the agency's formulas.

It shows that the median family income in Canada is $76,000 — generally higher in the west than the east — while the median individual income is just $27,600. That means just as many individuals earn less than $27,600 as earn more.

The richest 10 per cent of individuals are making more than $80,400. And the very rich — the 272,600 individuals who make up the top one per cent — are all making more than $191,100.

Those people are making an average of $381,300 each, 10 times the average Canadian income of $38,700. The large discrepancy between the median and the average suggests there is a very small percentage of the super-rich.

Read Full Article Here

“everything is rigged.” financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National.

Historically, the system works because people have confidence in the system and believe they are treated the same as anybody else.

But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up it gets harder and harder to ignore a troubling realization — “everything is rigged.”

Everyday, trillions of dollars are exchanged by buyers and sellers, on trading floors across the world. The places that happens are colloquially known by the nebulous moniker of “the markets” and every time somebody buys a barrel of oil, a shipment of potash, a Royal Bank share or a Japanese yen, there’s a real person behind that transaction.

• WATCH Amanda Lang's piece on how the system is rigged against you on The National on Monday night. It airs tonight at 9 and 11 p.m. on CBC News Network, and at 10 pm on CBC Television

Historically, the system works because people have confidence in the system and believe they are treated the same as anybody else.

But it’s getting harder and harder to ignore the stories of powerful people cheating the system for their own gain. As the bad apples add up it gets harder and harder to ignore a troubling realization — “everything is rigged.”

That’s what financial journalist Matt Taibbi says in an interview with Amanda Lang airing on Monday night's The National. After years of reporting on some of the best examples of Wall Street stacking the deck in its favour, Taibbi has concluded that the entire system underpinning the global economy is rigged in some form or another. And it’s not just financial markets that are at stake. The real economy, with factories, services, goods and jobs for real people, is under threat.

'Certain people always win and certain people always lose.'- Matt Taibbi, financial journalist

“There’s a few smaller, inside actors who always seem to win,” he told the CBC’s Amanda Lang recently. “They have more information than anyone else.”

Everything from the price of food, to currencies, financial transactions known as “swaps” and interest rates implicated, he says. “We’ve got a lot of work to get it back to some place where it’s at least close to fair.”

“[Right now] it seems certain people always win and certain people always lose.”

Case study:  Detroit

Detroit’s best known today as a case study in what happens to a declining manufacturing base. But the city was also home to a type of financial fakery that’s becoming all too common.

Investment bank Goldman Sachs has been accused of creating an artificial shortage of aluminum by buying warehouses in the city to store the metal, and then intentionally causing delivery delays to create artificial profits.

• Why a Detroit-style bankruptcy is unlikely in Canada

Through a subsidiary, Goldman owns 27 warehouses around the city, housing 1.5 million ounces of aluminum, for customers who pay to store it there.

The longer it’s there, the longer Goldman can charge its customers. But some started to complain that Goldman was making money by shuffling the metal between its warehouses – instead of out to its owners – and charging them more rent in the process.

The story drew the eye of New York Times journalist David Kocieniewski.

Goldman Sachs has been accused of stockpiling aluminum in its warehouses in order to charge more rent for storing it. (Ilya Naymushin/Reuters) (REUTERS)

“It used to be a six-week wait for metal and now it’s 16 months, what happened?” Kocieniewski asks.

“You hear their explanations – ‘there aren’t enough trucks [and] forklift drivers’ but Detroit’s unemployment rate is 25 per cent, so that seems kind of implausible. It was clear it was something that they were doing,” he says of the sudden scarcity.

The bank claimed it was working “feverishly” to deliver the metal to its eager customers. But in one video posted online by a warehouse worker, all you could see was aluminum stacked to the rafters, but not a single employee working to move it anywhere.

“One of the drivers who moved the metal said ‘well we just move it from one place to another, once we get one warehouse filled up we close it down and it’s a merry-go-round,’” Kocieniewski said. Every hour that metal is sitting there Goldman is just collecting money on it.

And that gets passed on to consumers by increasing the price of real goods like aluminum foil, pop cans and the siding on your house.

Goldman Sachs declined to make anyone available for an interview, but emailed CBC News a statement saying they deny the allegations.

Case study: Inside information

New York’s Wall Street is a place where rigging has become sadly too commonplace.

One of the biggest recent examples was at New York hedge fund Galleon, run by a man named Raj Rajaratnam. Insider trading is one of the oldest and least sophisticated ways of rigging a market, and Galleon is one of the most egregious recent examples. Under Rajaratnam’s watch, Galleon would routinely pay corporate insiders for information about their companies ahead of when they were disclosed to others. (That way the fund could trade in advance on any good news or bad news to come.)

What was so shocking about Galleon was the brazenness — how employees were caught on tape rigging the system, and not seeming to care. Even today, some people involved still don’t seem to quite see the problem.

“The bottom line was to make money … and if you weren’t adding to the end goal you were kind of useless,” says Turney Duff, a former trader at Galleon who’s written a book about his experiences there.

'I didn’t feel like we were going to get caught. You know, it felt like jaywalking'- Former hedge fund employee Turney Duff

“I’m not making excuses for my behaviour,” he told CBC’s Amanda Lang in a recent interview. “ I made a lot of mistakes and a lot of the decisions that I made … wasn’t based on right or wrong it was based on [lack of] consequences.

“I didn’t feel like we were going to get caught. You know, it felt like jaywalking.”

That mentality may be part of the problem — that there’s insiders at the top of a pyramid who feel they have the right to set prices and profit wherever they see fit, Taibbi and others say.

“The basis of all these problems that we’ve had in the last decade or so is that it’s a very insular community, this financial community. It’s a very small group of people making very, very weighty decisions and I think these guys, to them, it’s not real. It’s just a bunch of numbers on a paper,” Taibbi said.

Case study: rigging LIBOR

One of the most serious examples of rigging might be the London Interbank Overnight Rate or LIBOR which has apparently been manipulated by a handful of trading firms for their own profit. Trillions of dollars of real things like mortgage rates and student loans payments are priced off LIBOR.

LIBOR is set today the same way it has been for more than a century — via phone calls between traders, telling each other what rates they were giving out and taking in that day. In retrospect, it was gapingly open to abuse.

In a series of wiretapped phone calls unearthed by British regulators, traders could be heard doing favours for each other, lying to officials about the rate in order to meet their targets. It was a game to them, but one where people in the real world economy were the losers.

Conclusion: new tools needed

There’s a sense among the general public that nobody seems to be maintaining the integrity of the system. Bart Chilton, the head of U.S. regulator the Commodities and Future Trading Commission, says his office is committed to maintaining the system’s integrity. But, he says his office isn’t given the tools he needs to properly do the job.

“They don’t have enough people to do this stuff,” Chilton says. “[Washington] doesn’t care about about this and unfortunately Congress and government is very reactive.”

He notes that his office has 158 agents to police more than $5 trillion worth of financial contracts per year.

In contrast, the more well-known Securities and Exchange Commission has more than 100 agents assigned to its investigation of baseball pitcher Roger Clemens.

Until the powers that be make levelling the playing field a priority, the system is likely to remain skewed. And the people doing the rigging getting caught will be the exception, not the rule.

Price % Gainers

• TSX
• TSX Venture
• US
• NASDAQ
• AMEX
• NYSE

Symbol	Name	Last Trade	Change	Volume	Related Info
POW-PE.TO	POWER CORP PART PR	38.003:06PM EST	5.00(15.15%)	1,100	Chart, Profile, More
BLD.TO	BALLARD POWER	1.563:05PM EST	0.19(13.87%)	414,058	Chart, Profile, More
SMF.TO	SEMAFO J	2.723:06PM EST	0.28(11.48%)	1,164,604	Chart, Profile, More
NTB.TO	NEPTUNE TECHNOLOGIES & BIORESSO	2.993:06PM EST	0.29(10.74%)	47,500	Chart, More
SEA.TO	SEABRIDGE GOLD INC.	7.782:59PM EST	0.69(9.73%)	32,886	Chart, Profile, More
TMM.TO	TIMMINS GOLD CORP	1.193:02PM EST	0.10(9.17%)	346,079	Chart, More
HYG.TO	HYDROGENICS CORPORATION	16.503:05PM EST	1.36(8.98%)	4,802	Chart, Profile, More
SBB.TO	SABINA GOLD AND SILVER CORP	0.612:55PM EST	0.05(8.93%)	332,114	Chart, Profile, More
NG.TO	NOVAGOLD RES INC.	2.563:06PM EST	0.20(8.47%)	98,187	Chart, Profile, More
ANV.TO	ALLIED NEVADA GOLD CORP.	3.513:05PM EST	0.25(7.67%)	136,729	Chart, Profile, More
KWH-UN.TO	CRIUS ENERGY TRUST	4.583:06PM EST	0.23(5.29%)	52,940	Chart, More
KGI.TO	KIRKLAND LAKE GOLD INC.	2.833:06PM EST	0.19(7.20%)	221,862	Chart, Profile, More
CHE-UN.TO	CHEMTRADE LOGISTICS INCOME FUND	18.243:05PM EST	1.22(7.17%)	574,075	Chart, Profile, More
CHR-A.TO	CHORUS AVIATION INC CL A	3.863:05PM EST	0.25(6.93%)	34,770	Chart, More
CAL.TO	CALEDONIA MINING CORPORATION	0.783:05PM EST	0.05(6.85%)	82,323	Chart, Profile, More
BCI.TO	NEW LOOK EYEWEAR INC	15.983:05PM EST	0.98(6.53%)	3,650	Chart, Profile, More
CYT.TO	CATALYST PAPER CORPORATION	1.173:05PM EST	0.07(6.36%)	2,300	Chart, More
AXR.TO	ALEXCO RESOURCE CORP.	1.363:05PM EST	0.08(6.25%)	21,610	Chart, Profile, More
AGI.TO	ALAMOS GOLD INC.	13.093:05PM EST	0.77(6.21%)	443,932	Chart, Profile, More
CNL.TO	CONTINENTAL GOLD LTD	2.573:05PM EST	0.15(6.20%)	448,508	Chart, Profile, More
AUQ.TO	AURICO GOLD INC	4.013:05PM EST	0.23(6.08%)	774,784	Chart, More
RYL.TO	ROYAL HOST INC	1.252:50PM EST	0.07(5.93%)	500	Chart, More
FR.TO	FIRST MAJESTIC SILVER CORP. COM	10.073:05PM EST	0.56(5.89%)	666,464	Chart, Profile, More
PLG.TO	PILOT GOLD INC	0.903:06PM EST	0.05(5.88%)	9,491	Chart, More
NGD.TO	NEW GOLD INC.	5.293:06PM EST	0.29(5.80%)	769,090	Chart, Profile, More
MUX.TO	MCEWEN MINING INC	2.013:06PM EST	0.11(5.79%)	149,345	Chart, More
CG.TO	CENTERRA GOLD INC.	3.663:06PM EST	0.20(5.78%)	747,822	Chart, Profile, More
GVC.TO	GLACIER MEDIA INC	1.483:05PM EST	0.08(5.71%)	20,522	Chart, Profile, More
EDV.TO	ENDEAVOUR MINING CORP	0.563:05PM EST	0.03(5.66%)	918,389	Chart, Profile, More
BTO.TO	B2GOLD CORP.	2.113:06PM EST	0.11(5.50%)	3,321,142	Chart, Profile, More
HBM.TO	HUDBAY MINERALS INC.	7.773:05PM EST	0.40(5.43%)	464,134	Chart, Profile, More
WDO.TO	WESDOME GOLD MINES LTD.	0.612:53PM EST	0.03(5.17%)	29,820	Chart, Profile, More
CHR-B.TO	CHORUS AVIATION INC CL B	3.873:05PM EST	0.19(5.16%)	847,153	Chart, More
PAA.TO	PAN AMERICAN J	11.263:06PM EST	0.55(5.14%)	274,453	Chart, Profile, More
SBT-UN.TO	SILVER BULLION TRUST UNITS	11.352:50PM EST	0.55(5.09%)	7,261	Chart, More
CDH.TO	CORRIDOR RESOURCES INC.	0.833:05PM EST	0.04(5.06%)	6,850	Chart, Profile, More
YRI.TO	YAMANA GOLD INC	9.413:05PM EST	0.45(5.02%)	1,811,662	Chart, Profile, More
TSL.TO	TREE ISLAND STEEL LTD	0.843:03PM EST	0.04(5.00%)	65,451	Chart, More
GDL.TO	GOODFELLOW INC	8.923:05PM EST	0.42(4.94%)	700	Chart, Profile, More
IBG.TO	IBI GROUP INC.	0.853:05PM EST	0.04(4.94%)	27,221	Chart, More
OSK.TO	OSISKO MINING CORPORATION	4.073:06PM EST	0.19(4.90%)	2,189,857	Chart, Profile, More
TV.TO	TREVALI MINING CORPORATION	0.862:50PM EST	0.04(4.88%)	468,132	Chart, More
P.TO	PRIMERO MINING CORP	5.253:06PM EST	0.23(4.58%)	235,828	Chart, Profile, More
PRW.TO	PETROWEST CORPORATION	0.923:06PM EST	0.04(4.55%)	649,036	Chart, More
LYD.TO	LYDIAN INTERNATIONAL LIMITED	0.693:03PM EST	0.03(4.55%)	35,750	Chart, Profile, More
MXG.TO	MAXIM POWER CORP.	3.003:06PM EST	0.13(4.53%)	171,600	Chart, Profile, More
EDR.TO	ENDEAVOUR SILVER CORP.	3.793:05PM EST	0.16(4.41%)	136,364	Chart, Profile, More
CDM.TO	COEUR MINING INC	11.553:05PM EST	0.48(4.34%)	15,998	Chart, Profile, More
GTX.TO	GRAN TIERRA EXCHANGECO INC.	7.593:05PM EST	0.31(4.26%)	5,700	Chart, Profile, More
AEM.TO	AGNICO EAGLE MINES LIMITED	28.393:06PM EST	1.14(4.18%)	1,331,962	Chart, Profile, More
PG.TO	PREMIER GOLD MINES LTD.	1.493:06PM EST	0.06(4.20%)	1,251,362	Chart, Profile, More
K.TO	KINROSS GOLD CORP.	5.013:06PM EST	0.20 (4.16%)	2,565,847	Chart, More
TNX.TO	TANZANIAN ROYALTY EXPLORATION C	2.072:58PM EST	0.08(4.02%)	32,500	Chart, Profile, More
SSL.TO	SANDSTORM GOLD LTD	4.673:05PM EST	0.18(4.01%)	564,691	Chart, More
SLW.TO	SILVER WHEATON CORP.	21.463:06PM EST	0.81(3.92%)	1,310,804	Chart, Profile, More
PHS-U.TO	SPROTT PHYSICAL SILVER TRUST	7.803:06PM EST	0.29(3.86%)	22,039	Chart, More
DEE.TO	DELPHI ENERGY CORP.	1.623:05PM EST	0.06(3.85%)	5,122,120	Chart, Profile, More
CEF-A.TO	CENTRAL FUND OF CANADA LTD., CL	14.563:05PM EST	0.53(3.78%)	106,217	Chart, Profile, More
FNV.TO	FRANCO-NEVADA CORPORATION	41.753:05PM EST	1.51(3.75%)	557,077	Chart, Profile, More
SW.TO	SIERRA WIRELESS	20.673:00PM EST	0.73(3.66%)	69,918	Chart, Profile, More
TMB.TO	TEMBEC INC.	2.882:56PM EST	0.10(3.60%)	106,562	Chart, Profile, More
RGL.TO	ROYAL GOLD J	48.002:50PM EST	1.66(3.58%)	3,320	Chart, Profile, More
AZC.TO	AUGUSTA RESOURCE CORPORATION	1.463:05PM EST	0.05(3.55%)	113,456	Chart, Profile, More
ASR.TO	ALACER GOLD CORP	2.073:05PM EST	0.07(3.50%)	1,008,203	Chart, More
OGD.TO	ORBIT GARANT DRILLING INC.	1.193:06PM EST	0.04(3.48%)	400	Chart, Profile, More
G.TO	GOLDCORP INC	23.013:06PM EST	0.76(3.42%)	2,960,367	Chart, Profile, More
CNE.TO	CANACOL ENERGY LTD	5.793:05PM EST	0.19(3.39%)	512,194	Chart, More
ELD.TO	ELDORADO GOLD	6.103:05PM EST	0.20(3.39%)	2,118,175	Chart, Profile, More
TXG.TO	TOREX GOLD RESOURCES INC	0.933:05PM EST	0.03(3.33%)	577,540	Chart, Profile, More
UR.TO	URTHECAST CORP	2.482:54PM EST	0.08(3.33%)	360,954	Chart, More
MNS.TO	ROYAL CDN MINT CDN SILVER RESER	12.813:06PM EST	0.41(3.31%)	2,822	Chart, More
AR.TO	ARGONAUT GOLD INC.	5.323:06PM EST	0.17(3.30%)	477,381	Chart, Profile, More
KSP-UN.TO	KINGSWAY LINKED RETURN OF CAPIT	20.503:06PM EST	0.65(3.27%)	1,637	Chart, More
DGC.TO	DETOUR GOLD CORPORATION	3.823:05PM EST	0.12(3.24%)	2,168,725	Chart, Profile, More
BRD.TO	BRIGUS GOLD CORP	0.643:05PM EST	0.02(3.23%)	110,809	Chart, Profile, More
SSO.TO	SILVER STANDARD RES INC.	6.443:05PM EST	0.20(3.21%)	183,990	Chart, Profile, More
SCC.TO	SEARS CANADA INC	19.143:03PM EST	0.59(3.18%)	28,044	Chart, Profile, More
SUE.TO	SULLIDEN GOLD CORPORATION LTD	0.653:02PM EST	0.02(3.17%)	1,304,801	Chart, Profile, More
MAQ.TO	MCEWEN MINING MINERA ANDES ACQ	1.962:50PM EST	0.06(3.16%)	20,317	Chart, More
JDU.TO	JDS UNIPHASE CANADA LTD.	13.103:06PM EST	0.40(3.15%)	19,270	Chart, Profile, More
CLR.TO	CLEARWATER SEAFOODS INCORPORATE	8.283:05PM EST	0.25(3.11%)	42,728	Chart, More
HAY-UN.TO	STONE AGRIBUSINESS FUND	6.643:05PM EST	0.20(3.11%)	700	Chart, More
ACR-UN.TO	AGELLAN COMMERCIAL REIT	8.483:06PM EST	0.24(2.91%)	102,674	Chart, More
MAX.TO	MIDAS GOLD INC	0.682:55PM EST	0.02(3.03%)	117,184	Chart, More
MMP-UN.TO	PRECIOUS METALS AND MINING TRUS	2.063:06PM EST	0.06(3.00%)	98,277	Chart, More
SWC-U.TO	STILLWATER MINING COMPANY	11.402:50PM EST	0.33(2.98%)	700	Chart, More
AC-B.TO	AIR CANADA, CL.B	7.963:05PM EST	0.23(2.98%)	3,434,299	Chart, Profile, More
CGG.TO	CHINA GOLD INT RESOURCES CORP.	2.803:05PM EST	0.08(2.94%)	170,181	Chart, Profile, More
NBD.TO	NORBORD INC.	32.193:06PM EST	0.89(2.84%)	193,027	Chart, Profile, More
NRG.TO	ALTER NRG CORP.	0.723:06PM EST	0.02(2.86%)	100,000	Chart, Profile, More
GDS.TO	GENDIS INC	3.253:05PM EST	0.09(2.85%)	6,500	Chart, Profile, More
CWA.TO	COAST WHOLESALE APPLIANCES INC.	3.653:05PM EST	0.10(2.82%)	5,965	Chart, More
GTU-UN.TO	CENTRAL GOLDTRUST	46.193:05PM EST	1.26(2.80%)	10,057	Chart, More
TGL.TO	TRANSGLOBE ENERGY CORP	9.623:06PM EST	0.23(2.45%)	114,932	Chart, Profile, More
GPR.TO	GREAT PANTHER SILVER LIMITED	0.753:05PM EST	0.02(2.74%)	27,155	Chart, Profile, More
PD.TO	PRECISION DRILLING CORPORATION	10.203:06PM EST	0.27(2.72%)	963,545	Chart, Profile, More
AC-A.TO	AIR CANADA, CL.A	7.963:06PM EST	0.21(2.71%)	64,558	Chart, Profile, More
DPF-UN.TO	DPF INDIA OPPORTUNITIES FUND UN	3.423:05PM EST	0.09(2.70%)	31,950	Chart, More
STE.TO	SANTONIA ENERGY INC	1.542:50PM EST	0.04(2.67%)	99,739	Chart, More
NMC.TO	NEWMONT MINING CORP. OF CDA LTD	25.663:06PM EST	0.66(2.64%)	2,175	Chart, Profile, More