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Posts Tagged ‘shares’

James CorbettThe late Bob Chapman was known as the International Forecaster, and the new International Forecaster is James Corbett, as seen on theinternationalforecaster.com.

Corbett will be the weekly Monday regular guest on Dr. Stan Monteith’s Radio Liberty show as Bob Chapman had been, and his debut episode was July 30, 2012.

He established his independence from Bob early on, by differing with him over gold and silver certificates versus physical gold and silver, in favouring physical gold and silver. He also disclosed that he is a Canadian living in Japan, which definitely gives him an international perspective.

For my articles on the late Bob Chapman, see here.

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Front plaza of Scotiabank Place on Draft night.

Scotia iTRADE, a so-called discount brokerage, announced that they will be raising their per-trade fee on October 27, 2011, from $19.99 to $24.99, on those customers with less than 50,000 in combined cash/equity assets.

As a Scotia iTRADE customer, I found out about this change through a letter that was mailed to me.

On June 8, 2010, I documented how Scotia iTRADE was charging more for Canadian equity trades than U.S. trades, despite U.S. trades presumably being more costly for the Canadian brokerage. At the time, there was no 2-cent fee per share over 1000 shares on a U.S. equity trade compared to a Canadian equity trade.

They subsequently eliminated the difference by making the per-trade fee the same in both cases, as you may have expected.

In addition to the new $24.99 per-trade fee for all equity trades for customers with less than $50,000 in combined cash/equity assets, they are increasing their per share trading fee for more than 1000 shares by 50% — from two cents per share to three.

Without a significant independent Canadian discount brokerage — as Scotia iTRADE’s predecessor, E*TRADE Canada, used to be, I would expect that the brokerages of the other four major Canadian banks will follow suit in increasing their prices, due to Canada’s government-enforced banking oligopoly.

For insight into E*TRADE’s average customer profile, see how they assume an annual income of $200+k and a net worth of $1+ million when you open a new account.

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Bob Chapman, The International Forecaster, was on Radio Liberty with Dr. Stan Monteith on September 27, 2010, and enunciated several important points that he had been developing on several shows over the preceding few weeks.

In the second segment, he called for tariffs, echoing what I had previously noted to him, that he and Paul Craig Roberts seem to be the only regular economic/financial writers who think tariffs on goods and services are a good thing.

In the third segment, he called for gold backing of the U.S. dollar by a minimum of 15% and said 25% would be even better. However, the U.S. dollar was backed by gold to the tune of 35% on deposits and 40% on notes from 1913-1933, as specified by the Federal Reserve Act, and that far higher level of gold backing by itself didn’t prevent the greatest depression in U.S. history.

In the fourth segment, he said the real money is in gold and silver shares, not gold and silver per se, and said that between 1978 and 1981, gold and silver shares went up 40 times the price of bullion, and 500% higher in the 1930s, but the key is knowing when to sell.

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All traded on the NYSE:

Physical holding funds:
CEF – Central Fund of Canada (founded 1961)
GTU – Central Gold Trust (founded 2003)
PHYS – Sprott Gold (founded February 2010)

Exchanged Traded Funds (ETFs):
GLD – SPDR Gold ETF (founded 2004)
IAU – iShares Gold ETF (founded 2005)
SLV – iShares Silver ETF (founded 2006)
PPLT – ETFS Physical Platinum Shares ETF (founded January 2010)
PALL – ETFS Physical Palladium Shares ETF (founded January 2010)

Purchase company:
SLW – Silver Wheaton Corp. (founded 2005)

It should be noted that serious questions have been raised about the reliability of the GLD, IAU and SLV ETFs, and they may be big bubbles waiting to burst, unlike the physical holding funds, especially CEF, with its 49-year track record.

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Previously, I wrote  how Scotia iTRADE lets you buy stocks with a negative cash balance, and how they charge more for Canadian equity trades than U.S. equities.

They also let you sell the exact same shares on the same day you bought them, before the settlement date of your acquisition.

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Scotia iTRADE, formerly E*TRADE Canada, is a Canadian subsidiary of the Canadian public corporation, the Bank of Nova Scotia.

You’d think that being a Canadian company, it would be no more expensive to trade stocks on Canadian exchanges than U.S. exchanges.

However, as their pricing chart shows, if you have combined assets of less than $50,000 CAD and you made fewer than 30 trades in the past quarter, their commission for Canadian equities over $1.00 is $19.99 CAD, up to 1000 shares, and two cents per share thereafter. For U.S. equities, it’s $19.99 regardless of the amount of shares purchased.

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In yesterday’s article, I examined the nearly 100% drop in Accenture stock on May 6, 2010.

Yahoo Finance shows a low of $17.74 per share for Accenture stock on May 6, 2010, whereas Google Finance shows a low of $0.00 per share.

Then, Business Week says the stock went to a low of a penny per share, yet those trades were later rejected.

Three sources, three separate accounts. Which to rely on? Don’t rely on a single source without understanding its methodology, that’s for sure. $17.74 may have been the lowest price of the successfully traded share(s), a penny was the lowest price of ¬†rejected trades, and $0.00 a share is what they’re worth if you round down. Understanding the methodology is key. Unfortunately, neither Yahoo or Google gives their methodology for coming up with either of their numbers.

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