Auf Euro lautende Banknoten sind das einzige unbeschränkte gesetzliche Zahlungsmittel.

Auf Euro lautende Banknoten sind das einzige unbeschränkte gesetzliche Zahlungsmittel.

Auf Euro lautende Banknoten sind das einzige unbeschränkte gesetzliche Zahlungsmittel.

ECA Marcellus Trust I Announces Quarterly Distribution

ECA Marcellus Trust INYSE:ECT     Energy : Oil, Gas & Consumable FuelsSmall Cap Value	Change company  Symbol lookup

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As of May 29, 2013 4:01pm ET

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ECA Marcellus Trust I Announces Quarterly Distribution 4:15p ET May 6, 2013 (Business Wire) ECA MARCELLUS TRUST I (NYSE: ECT) announced today that the Trust's distribution for the quarter ended March 31, 2013 will be $0.443 per unit, which is expected to be distributed on or before May 31, 2013 to holders of record as of the close of business on May 17, 2013. The Trust was formed by Energy Corporation of America ("ECA") to own royalty interests in natural gas properties owned by ECA in the Marcellus Shale formation in Greene County, Pennsylvania, and is entitled to receive certain amounts of the proceeds attributable to ECA's interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to foreign partners, nominees and brokers should withhold at the highest effective tax rate. This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from ECA with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither ECA nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2012, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov. http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130506006345r1&sid=cmtx4&distro=nx SOURCE: ECA Marcellus Trust I ECA Marcellus Trust I The Bank of New York Mellon Trust Company, N.A., as Trustee Sarah Newell, 1-800-852-1422 http://research.tdameritrade.com/grid/public/stocks/news/story.asp?docKey=100-126b8383-1

Giganten der ÖlindustrieTanken mit Putin und Chávez

29.10.2012 ·  Der Aufstieg des russischen Ölkonzerns Rosneft zeigt: Staatsunternehmen erobern die Ölindustrie. Weltweit besinnen sich die Länder auf ihre Energiequellen.

Von MARCUS THEURER UND WINAND VON PETERSDORFF, LONDON/FRANKFURT

http://www.faz.net/aktuell/wirtschaft/unternehmen/giganten-der-oelindustrie-tanken-mit-putin-und-chavez-11941092.html

Wenn die Umsetzung nicht beschlossen werden sollte, muss die Bundesrepublik der EU eine Strafe von 100.000 Euro pro Tag der verspäteten Einführung zahlen

Sehr geehrte Kundin, sehr geehrter Kunde,

immer mehr Kunden fragen uns nach der Mehrwertsteuererhöhung für Silbermünzen von 7 auf 19 Prozent. Nach unseren Informationen vom Bundesfinanzministerium existiert eine EU Richtlinie zur einheitlichen Besteuerung. Darunter fallen auch Silbermünzen, die in Deutschland mit 7 %, aber in anderen EU Ländern mit dem vollen Steuersatz von 19 bzw. 20 % besteuert sind. Diese EU Richtlinie muss auch die Bundesrepublik umsetzen. Noch hat der Bundestag nicht entschieden, wann die Umsetzung stattfinden soll. Der nächste Termin wäre der 1.1.2013. Hier könnte der Bundestag noch am letzten Sitzungstag, am 22.12. die Einführung beschließen. Wenn die Umsetzung nicht beschlossen werden sollte, muss die Bundesrepublik der EU eine Strafe von 100.000 Euro pro Tag der verspäteten Einführung zahlen. Wir gehen deshalb davon aus, dass die Mehrwertsteuererhöhung von 7 auf 19 % im Januar kommen wird. Die Silberunzen werden sich deshalb drastisch verteuern.

Darüber hinaus gehen wir davon aus, dass die Edelmetallkurse weiter steigen werden und sich der Euro nicht bei knapp 1,30 zum Dollar halten wird, sondern Richtung 1,25 senken wird. Deswegen werden sich Silberunzen im nächsten Jahr in dreifacher Hinsicht verteuern.

Wir raten deshalb jetzt das Depot mit Gold und Silber weiter aufzustocken. Wir haben heute für Sie eine neue Sonderaktion mit prägefrischen Gold- und Silber Maple Leaf 2012 und den neuen 1oz Silber-Antilopen 2012 aus der Wildlife Serie zum Sonderpreis zusammengestellt.

Ich wünsche Ihnen ein schönes Wochenende.

Herzliche Grüße

Ihr

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Why A Gold Standard, Alone, Is Not Enough

Guest Post: Why A Gold Standard, Alone, Is Not Enough

Submitted by Tyler Durden on 10/09/2012 10:25 -0400

• default
• European Union
• Guest Post
• Hyperinflation
• India
• Netherlands
• None
• Purchasing Power
• Shadow Banking

Submitted by Martin Sibileau of 'A View From The Trenches',

...The Argentine case and the Dutch Golden Age suggest that the elimination of the credit multiplier (i.e. extinction of shadow banking) is more important than the asset backing a currency...

As we pointed in our last letter, we have lately noticed that there is an ongoing debate on whether (or not) the world can again embrace the gold standard. We join the debate today, with an historical as well as technical perspective. Today’s letter will deal with the historic part of the discussion. In the process, you will see that we side with some popular ideas, while we challenge others.

The gold standard will be the last option: If adopted, it will be out of necessity and in desperation

We are not historians. In our limited knowledge, we note however that historically, the experiment of adopting a gold standard –or a currency board system- was usually preceded by extremely trying moments, including the loss by a government of its legal tender amidst hyperinflation.

The change to a commodity standard has often been then out of necessity. We witnessed one of these episodes first-hand, in Argentina, back in 1991. The local currency was decreed convertible into US dollars (i.e. a currency board) at a rate of 10,000 to 1, and assigned a new name: peso argentino. The method with which this was carried out challenges the current speculation regarding gold, according to which gold bullion would be confiscated, in order to provide reserves to a central bank daring to return to the gold standard. In Argentina, US dollars were not confiscated to back the peso. There was no need do that. On the same grounds, we don’t think gold would need to be confiscated, although one must never, ever underestimate stupidity.

How did Argentina implement its convertible system? The central bank adopted two relevant measures: The first was to change its charter to prohibit holding government debt. The second measure was to commit to sell unlimited dollars at the established peg of 10,000  to 1. Of course, the first measure was later violated. But that’s a discussion for another day. What it matters is that they committed to sell the asset backing their liability (i.e. the peso), but not to buy it. From then on, nobody dared to challenge the central bank until 1994-5, when the Mexican peso was devalued. And even then, the system passed the test.

The 10,000:1 peg was based simply on the fact that that was back then, the amount of local currency per each US dollar in reserves. It is very conceivable that, under an inflationary spiral, the US government may proceed similarly. If at that time there are x thousand US dollars per ounce of gold at the US Treasury, a peg may be established to reflect that ratio. And just like it occurred in Argentina, we would not expect the Fed to be challenged.

From those years, we also remember this: When the peg was set at 10,000:1, there were many who thought that the US dollar was still underpriced. However, think about this: Why would the market have paid for your US dollars more than 10,000 (Australes), when the market knew that, in the absence of a bid, all you could get from the central bank was going to be 10,000? We can very much foresee a similar situation where, the market price of gold collapses from its peak to the established peg, leaving painful losses.

A gold standard with reserve requirements below 100% will not work

There were many flaws with the currency board rehearsed by Argentina. But remember: It was established out of necessity, without time to plan. Just like the European Union is handling its problems today and just like the US will handle theirs tomorrow...

The most important flaw, in our opinion, was that it left the central bank in its role as lender of last resort, while at the same time it allowed banks to have reserve requirements below 100% (about 30%). Therefore, the credit multiplier was after all still very much in place. The fact that the central bank would later invest some of its US dollars in USD denominated (Argentine) government debt was not critical. Nor was it relevant that banks were coerced to buy government bonds with deposits (like they are in the Euro zone today). The crux of the matter was that as both of these things happened, the central bank was….well, the central bank! The lender of last resort! Had the central bank been only a note bank for legal tender, without any other responsibilities, the Argentine default of 2001 would have not triggered a systemic crisis. But it was not a note bank, it was the lender of last resort and the crisis became systemic….just like we fear will happen, if the US implements a gold standard in a rush. Why do we fear this? Because if all plays out that way, the world will lose faith in the gold standard for the wrong reasons.

The Bank of Amsterdam and the Industrial Revolution of the XIX century

Popular wisdom has the birth of the industrial revolution in XIX century England. Some, with a technological emphasis, are willing to concede that already by the time of the French Revolution, the years of the Enlightenment, the seeds had been planted for the technical developments that would come later. The Napoleonic Wars are thus regarded by these people as an interruption, a hurdle, in the race by the West to conquer the world. Only a few point out and even admit that, as a coincidence, during that industrial revolution and particularly at the end of the XIX century, gold was money. But this is treated as a mere coincidence. There are others too, who are convinced that if gold had not been money, if Great Britain had not adopted the gold standard, the speed of the industrial revolution would have been even more impressive.

None of this, in our opinion, could be farther from the truth. We are not historians and we expect many to challenge our comments today, but we offer this view: The industrial revolution did not begin in England, but in what was then known as the Low countries, and was enabled in a decisive way by a gold standard with 100% reserve requirement established by the city of Amsterdam. There are two parts in this conjecture: The first one is that the industrialization began in the Low Countries. We side here with Henri Pirenne and suggest that this birth was brewed by the system of Hansastädte, and in particular, in Brugge, where very early, for instance, the Medici opened a branch.

If our view is correct, the counterfactual argument therefore lies in proving that the development from that stage into the XIX century would have been possible, had the city of Amsterdam not established the Bank of Amsterdam (Amsterdamsche Wisselbank). We leave to our readers to do their own research on this speculation.

The Bank of Amsterdam took upon itself to accept bullion in deposit, issue notes in exchange for circulation and charge (yes, you read well, charge!) depositors for their bullion as well as a “liquidity” fee for making such deposits liquid, thanks to the issuance of their (i.e. the bank’s) notes.

In his book, “The Ascent of Money”, Neil Ferguson makes a few interesting observations about this period:

Inflation (don’t ask us how Mr. Ferguson measured it, but this is what we read) fell from 2% p.a. between 1550 and 1608 to 90bps pa between 1609 and 1658 and 10bps p.a. between 1659 to 1779! This represents no less than 229 years of price stability! With the low life expectancy of those years, this period would have easily encompassed 9 generations. Can you even begin to picture that? In today’s terms, this would mean that the currency held by an American living back at the time George Washington was president would have kept its purchasing power to this day, had a similar financial stability taken place!

In 1602, the Vereenigde Nederlansche Geoctroyeerde Oostindische Compagnie (East India Co.) had its IPO. Between 1602 and 1733 its share price rose from par (100) to 786, in spite of the fact that between 1652 and 1688 they had to face, with violence, the attacks of Britain at their trading posts. By 1650, with the dividend payments the company made, buy-and-hold IPO holders would have earned an annual compounded rate of return of 27%. Given how popular this IPO was,  this context of financial stability brought about perhaps the most widespread capitalization ever witnessed by a nation.

This stability was based on a 100% reserve requirement. With it, when the East India Co. began to fall, its decadence was gradual: It took 60 years and by 1794, it was still worth 120 or 20% above par, in terms of a currency that had preserved its value all along! In other words, it was still 20% up in real terms. In real terms also, by 1690, the company was bringing back to the harbours of the Netherlands about 156 ships per year, all loaded up with consumption goods for the enjoyment of the Dutch people. In other words, on average, one ship every two days was being loaded up in a trading post in Asia. There were no cranes, no trains, no telecommunications.

In summary, the Argentine case and the Dutch Golden Age suggest that the elimination of the credit multiplier (i.e. extinction of shadow banking) is more important than the asset backing a currency. The Argentine case shows what can go wrong, when a currency is asset backed, but reserve requirements are allowed below 100%. The Dutch case shows what can go well, when a currency is commodity-backed and reserve requirements are held at 100%. Bear in mind that the notes of the Bank of Amsterdam were not enforced upon the people, they were not legal tender.

Unlike today’s policy makers, the Dutch of the XVII century had the luxury of planning their system, based on the collective wisdom of their merchant class. Does anybody think that the Dutch Golden Age would have taken place had the Bank of Amsterdam not existed? Does anybody think that England would have been able to accumulate capital from its natural resources (wool, meat), without the demand of the early industries of Brugge,  Liege,Amsterdam or Antwerp? We don’t!

Therefore, the question that lies before us is: How can we replicate the success of the Bank of Amsterdam, in today’s context? How can we not fall prey to necessity, just like Argentina fell back in 1991? That remains the subject for our next article.

Hinweis: Gehen Sie zur Trefferliste "US37950E8536" , wenn Sie einen anderen Wert suchen!

Global X Silver Miners ETF Registered Shares o.N.

03.10.12  22:00 Uhr

24,72 USD

-1,24%  [-0,31]

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Typ: Fonds  WKN: A1CXR6
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5 Jahre

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Sogar ein kurzer Blick auf den SIL kann Bände sprechen.

Dies hat natürlich mein Interesse geweckt und mich dazu veranlasst, mich intensiver mit diesem Thema zu befassen. Es ist immer von Vorteil, sich rechtzeitig mit einem ETF vertraut zu machen, um herauszufinden, ob er wirklich die beste Investitionsmöglichkeit eines bestimmten Sektors ist. Sogar ein kurzer Blick auf den SIL kann Bände sprechen.

Die Tabelle bietet einen Überblick über die SIL-Holdings, die absteigend nach ihrem prozentualen Anteil am Gesamtvermögen erfasst sind. Die Börsenkürzel sind in Blau angegeben, gefolgt von der in USD angegebenen Marktkapitalisierung und des/der Orte(s) des Vorzeigeprojektes des jeweiligen Unternehmens.

Der SIL besteht aus insgesamt 32 Aktien, die einen erheblichen Teil aller Silberaktien weltweit ausmachen. Unserer Zählung zufolge gibt es weniger als 125 Silberminengesellschaften, die primär Silber fördern (Explorations-, Entwicklungs- und Produktionsunternehmen) und an US-amerikanischen und kanadischen Börsen notiert sind. Es ist weithin bekannt, dass der Großteil aller Rohstoffaktien an diesen Börsen notiert ist.

Wenn wir uns die Notierungen genauer ansehen, fällt auf, dass alle der 32 SIL-Holdings bis auf fünf Ausnahmen Erstnotierungen in den USA und/oder Kanada haben. Nur ein paar Silberminengesellschaften sind ausschließlich in London, Mexiko, Australien oder woanders notiert. Meiner Ansicht nach wird die Gesamtverteilung der Silberminenunternehmen weltweit anhand der SIL-Unternehmen, die zu 85 % in den USA und Kanada notiert sind, gut widergespiegelt.

Auch wenn wir in unseren Betrachtungen optimistisch sind und davon ausgehen, dass es weltweit 150 Silberaktien gibt, ist dies trotzdem noch eine geringe Anzahl. Man würde meinen, dass mehr Unternehmen auf diesem Planeten auf der Suche nach dem Edelmetall sind, insbesondere wenn man seine Gewinne im vergangenen Jahrzehnt berücksichtigt. Es gibt dennoch logische Gründe für dieses Phänomen, wobei wohl der wichtigste in der geologischen Beschaffenheit Silbers liegt.

Interessant ist, dass Silber gemessen an seinen Einnahmen für gewöhnlich ein Nebenprodukt einer polymetallischen Lagerstätte darstellt, die entweder eine hohe Konzentration an Basismetallen (meist Blei oder Zink) oder Gold aufweist. Aus diesem Grund kommt weniger als ein Drittel des gesamten in Minen produzierten Silberangebots aus Silberminen, in denen primär Silber gefördert wird. Daher gibt es nicht sehr viele Minengesellschaften, die in der Exploration und Entwicklung primärer Silberlagerstätten erfolgreich tätig sind.

http://goldseiten.de/artikel/150547--Der-Silver-Miners-ETF.html?seite=2