2006 Year End Results
Bow Valley 2006 CFPS of .028 which is slightly below estimates of .30
The variance of cash flow estimates was attrituable to higher Canadian royalites , operating expenses and a one time foreign exchange adjustment
Forecast of production in 2007 slight reduction reflecting a flat profile for Canadian foreign forex reserves .
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Sphere: Related ContentOur robust and growing local economy supports wages typically thirty percent below those of the Bay area thus first time home owners here are experiencing similar pangs of disillusionment, if not all-out exclusion from what one commenter to Ms. Murdock’s post terms, “The American Dream”. My purpose is to assist my clients in any way possible to achieve that dream. Of course, conventional loan limits (in the low fours last time I checked with my preferred mortgage consultant) make it infinitely more possible to play in our market as a first time home purchaser, keeping in mind of course that a zero-down loan on $400+K is a sizeable monthly payment. For buyers in Ms. Murdoch’s region, diverting into the sub-prime or jumbo loan markets seems their only option.
I, as a real estate professional, am not immune from feeling the shock of ever increasing home prices. Frankly, I see no end in sight. In the Pacific Northwest, Seattle specifically, housing prices have appreciated on average 3.8% per annum over the last thirty years or so. Although I do not have recent figures at my finger tips, I’m willing to bet the ten to twenty percent annual appreciation our market has been enjoying the last five years or so would skew that average considerably. However, ours is a pretty stable market, with neither hysterical upturns nor slumps. Historically, California’s regional swings have been much larger with peaks and valleys varying as much as thirty percent in a year. Still, over time, the market appreciates. If there is ever a moment to become a first time home owner, it’s the present, in my opinion. How many times have you heard someone say, “If only we had bought the house then”? If you’re in the market for more than just an opportunity to invest, flip and realize a short term gain, I believe you may count on continuing price increases and appreciation, especially if your plan is to stay put in your new home for five years or more.
That, however, does not solve the dilemma for those who cannot afford the half million dollar-plus cost of entry into certain markets around the country. I spent much of my adolescence and early adult years living in Europe where home ownership was neither a given nor accessible for significant swaths of the population. In countries such as Canada, to the best of my knowledge, homeowners may not write off their property taxes when filing income taxes, a benefit we Americans guard vigorously. We do tend to take our right of home ownership for granted. Still, investment in real estate, even for first time purchasers is neither unrealistic nor unachievable. While you may not be able to secure a house in your own neighborhood, consider making an investment in more affordable regions around the nation. There are markets where housing prices remain reasonable, yet their economies are growing. Becoming an investor and landlord is a viable means of building wealth which you may then convert into a down payment for a home in your own area sometime in the future. Of course, there are inherent risks. Educate yourself and seek qualified counsel before traveling that road. Real estate continues to be top amongst investment strategies. With loan programs morphing and adapting to meet ever-changing market conditions, getting advice from a reputable mortgage consultant is also recommended. Bottom line, if home ownership is your ultimate goal, thinking outside the box may yield some surprising results
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Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.
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Two officials at leading Communist Party bodies have given interviews in recent days warning - for the first time - that Beijing may use its $1.33 trillion (£658bn) of foreign reserves as a political weapon to counter pressure from the US Congress.
Shifts in Chinese policy are often announced through key think tanks and academies.
Described as China’s “nuclear option” in the state media, such action could trigger a dollar crash at a time when the US currency is already breaking down through historic support levels.
It would also cause a spike in US bond yields, hammering the US housing market and perhaps tipping the economy into recession. It is estimated that China holds over $900bn in a mix of US bonds.
Xia Bin, finance chief at the Development Research Centre (which has cabinet rank), kicked off what now appears to be government policy with a comment last week that Beijing’s foreign reserves should be used as a “bargaining chip” in talks with the US.
“Of course, China doesn’t want any undesirable phenomenon in the global financial order,” he added.
He Fan, an official at the Chinese Academy of Social Sciences, went even further today, letting it be known that Beijing had the power to set off a dollar collapse if it choose to do so.
“China has accumulated a large sum of US dollars. Such a big sum, of which a considerable portion is in US treasury bonds, contributes a great deal to maintaining the position of the dollar as a reserve currency. Russia, Switzerland, and several other countries have reduced the their dollar holdings.
“China is unlikely to follow suit as long as the yuan’s exchange rate is stable against the dollar. The Chinese central bank will be forced to sell dollars once the yuan appreciated dramatically, which might lead to a mass depreciation of the dollar,” he told China Daily.
The threats play into the presidential electoral campaign of Hillary Clinton, who has called for restrictive legislation to prevent America being “held hostage to economic decicions being made in Beijing, Shanghai, or Tokyo”.
She said foreign control over 44pc of the US national debt had left America acutely vulnerable.
Simon Derrick, a currency strategist at the Bank of New York Mellon, said the comments were a message to the US Senate as Capitol Hill prepares legislation for the Autumn session.
“The words are alarming and unambiguous. This carries a clear political threat and could have very serious consequences at a time when the credit markets are already afraid of contagion from the subprime troubles,” he said.
A bill drafted by a group of US senators, and backed by the Senate Finance Committee, calls for trade tariffs against Chinese goods as retaliation for alleged currency manipulation.
The yuan has appreciated 9pc against the dollar over the last two years under a crawling peg but it has failed to halt the rise of China’s trade surplus, which reached $26.9bn in June
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Canadian dollar won’t make it to US$ parity
August 02, 2007
TORONTO (Reuters) - The Canadian dollar may rebound a bit in the next few months but it will fall short in its run to parity with the U.S. currency and will turn lower, according to the results of a Reuters poll of foreign-exchange strategists released on Thursday.
Since hitting a 30-year high versus the greenback last week, the Canadian dollar has been pounded by a wave of risk aversion due to worries over the state of credit markets.
In a month’s time, the Canadian unit is seen at C$1.0500 to the U.S. dollar, or 95.24 U.S. cents, according to the median estimate of 44 strategists polled from July 30 to August 2.
The currency will rise further to C$1.0430, or 95.88 U.S. cents, in three months’ time before tunning lower to C$1.0600, or 94.34 U.S. cents, in six months, and to C$1.1000, or 90.91 U.S. cents, in 12 months.
The sharp selloff of the Canadian dollar in July appears to have broken the back of this year’s rally and all but washed away forecasts that had predicted U.S. dollar parity by yearend.
“Near-term risks are for a little more Canadian dollar softness, and the medium- to long-term picture is turning a little less Canadian-dollar positive,” said Shaun Osborne, chief currency strategist at TD Securities.
“We may not see a significant selloff in the Canadian dollar at this point as domestic fundamentals remain positive, as do commodity prices. But we are unlikely to see much more significant appreciation.”
The Canadian currency was at C$1.0518, or 95.07 U.S. cents, at midafternoon on Thursday, well off the 30-year high of C$1.0337, or 96.74 U.S. cents, it reached last week.
Sphere: Related ContentThe metals and minerals index continues to ascend. However market performance is mixed with precious metals - particularly copper and aluminum weakening and nickel , zinc and uranium on the upside. The mixed performance was similarly evident on a year to year and bi-annual basis. Compared with previous stats , all metals possess gains - significant gains , which pushed the index up substantially.
While metal prices are likely to ease during the remainder of the year as surpluses of key industrial metals continues to grow and expand, low inventories and continued healthy demand will superceed price level restrictions.
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Sphere: Related Content The Forest Products Index continues on its ascent. There are small offsetting movement among some financial components ( with lumber advancing and newsprint and structural panels retreating) and the idling of others ( market pulp and supercalendered paper). However little speed is expected to be gathered from the last several months small forward motion as the forest products sector continues to depend on interest rate concerns involved in housing start and housing starts iterest rate and interest rates concerns and cuurency and currencies variables dealing with hedging.
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Sphere: Related ContentThe oil and gas indexes have remained basically unchanged . Versus the previous month and a year earlier. In the case of crude oil , the bearish influence of large inventories in North America have been balanced by risks that the supply could be interrupted by political turmoil in the Middle East and Nigeria .
In the case of natural gas , the similarly bearish influence of high inventories on price is offset by perceived risks of hurricane damage to production and distribution in the Gulf of Mexico.
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