Stocks & Equities
James Tolard is a supremely gifted commodity trader. Jim’s style is to surf the big trends, trading just a few times a year. He lives in a rural area outside of Paris, but we’ve coaxed him out of semi-retirement to write occasionally on an eclectic range of subjects suited to his deep intellect, worldliness and wit. This time, he is sharply at odds with our own, very bearish outlook for 2013. We have no qualms about sharing his thoughts with you, however, because Jim’s against-the-grain instincts have been right far more often than our own. RA]
One of the things that baffled me all summer, and into the stench of the campaign finale, was the supposedly odd “friendliness”’ of the U.S. stock market and the weakness of the dollar. I was fairly bullish on stocks going into October, for a surge to – sit down for this — Dow 20,000! But as October pulled in with a screech, and elections just a month away, I am old enough to have expected little good from either the Ides of March or those of October. So, I blushed, backed off, and decided to let the market tell me what kind of correction or sell-off it might need.
Now, contrary to all emotional expectations, we are facing the real possibility that a strong run-up may well launch in the coming weeks. So, assuming that I am going to be right, what do I use to support my arguments? First is the low borrowing rate. While the normal person or even smallish business cannot borrow 3% or less, large firms can. The banks are still re-building their reserves and doctoring their balance sheets, so they are holding onto the money very tightly like the bankers of yore, lending only to those who don’t need it. This accurately describes the condition of the largest companies and private equity firms. They can re-finance their present debt and assume debt at less than 3% to 4% — and who the hell can’t make 3%-4% in a big business today? The rush to sell commercial paper is well known to you all, so I won’t rehearse the facts: Buy low sell high. The present interest rates have many well-heeled takers, and if you have the means, I’d suggest borrowing now while the low rates lasts.
Weak-Dollar Benefits
Second reason and bullish sign: Lumber and construction are increasing, and lumber has managed to emerge from its listless two-year bottom. Meanwhile, there is plenty of money for builders and probably not so much for buyers, but that can be fixed. Third reason, and most baffling, even though I see it here: No matter how shrill the bank propaganda is about Greece, Spain, et al., the EU is in good shape on paper. Hence, the euro versus the dollar is favorable toward U.S exports . Despite all else, a lower dollar is good for U.S. business in that it is one of the factors that stimulates overseas buyers.
So, the low borrowing rates, the raw materials for construction and the weaker dollar should provide the support for a higher stock market. Also, some key U.S. stocks are leaner and more profitable than three years ago. They have plenty of retained earnings sitting in Scrooge McDuck bins in the basement. It helps that they have little competition. On the consumer side, the sheeple are in the process of growing back their heavily trimmed fleeces, but many are not yet ready to spend like they are rich. While we await their resurgence and the slow lifting of their spirits, let the band strike up a tune and cheap wine to flow.
As for Armageddon…
What about those dire predictions of an End of Days? My dear friends, there is one thing for certain: The global economy is on course for a crash that will subsume commercial institutions and traditions that have dominated all sectors of life in the West for nearly 250 years. But the U.S. and Europe are not going to turn into an economic South Sudan overnight. Rather, money and credit will continue to flow, trade to expand, and hundreds of millions of consumers brought on line. Let’s enjoy it while it lasts.
Concerning gold’s prospects in such an environment, we should note that gold has risen when the Dow rose, when the Dow fell, and when the Dow was flat. Here is my belated Christmas present, as well as a Passover gift ahead of time: If the Dow surges above 15000 or perhaps even smashes though 20000, gold will easily reach $2500. So there. I said it, my belly is sloshing with a modest St. Emilion vintage, but that clears the head rather than blighting it. Can this happen? I think so. Of course, none of this correlates with the external “mood” of the press, the politicians, and so on, but they never know in any event, do they? And, those numbers are not really that amazing. Suppose the Dow hits 20,000. That is only about 6600 points from here, a mere mis-programmed instruction in a high-speed trader’s algorithm. And gold at 2500 or more? I sold some around 1,800 just less than two years ago, and so from a current 1,700, at least, that implies a rally of just $800. No matter how odd that kind of a move might seem now, I am persuaded that it is the only real direction for the market.
And lastly, there’s all of that silly stuff about the fiscal cliff and the national debt. Forget it. Debt will continue to metastasize, big companies will hold onto their tax breaks, and the military will surrender perhaps $10 to $20 billion of a current budget of around $700 billion. Taxpayers will pay more, and everyone will declare victory. Can you understand the Tax Code? How about the effect of riders on the budget? If you can, I’d suggest that we carve your head into Mt. Rushmore, right next to Teddy Roosevelt’s.
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In the classic 1964 movie Goldfinger, James Bond tries to prevent the main villain, Auric Goldfinger, from detonating a dirty nuclear bomb inside Fort Knox. While in Fort Knox, Bond says:
Well, if you explode it [the bomb] in Fort Knox, the… the entire gold supply of the United States would be radioactive for… fifty-seven years.
Goldfinger is only a work of fiction. Fort Knox wasn’t under the threat of a nuclear explosion (then again, who knows?). Nonetheless, it has been argued that it wouldn’t really make difference if the gold in the fort were radioactive – nobody has seen much of it since the 1950s. On December 4 and December 12, 2012 in our two-part story on gold and the U.S. dollar, we highlighted two possibilities: the dollar collapses, gold goes up like crazy or the dollar doesn’t collapse, gold still appreciates. In those commentaries, we analyzed the possibilities of gold appreciating and tied possible price levels with a number of factors, for instance with U.S. gold reserves as presented on the chart below.
On December 4, 2012, we wrote the following:
This chart presents the (…) relation of U.S. debt to Treasury gold reserves – the amount of debt per one ounce of gold – up to 2012. The red line represents U.S. Treasury gold reserves in metric tonnes, while the yellow line denotes the amount of U.S. debt in dollars per ounce of gold. The debt per ounce has visibly increased since 1971, accelerating around 2000 and even more around 2008. In 2012, there were $61,796.11 of debt per one ounce of gold owned by the U.S. government.
Now, if a new gold standard is introduced and the agreement works like the Bretton Woods system, the dollar (or whatever other currency) would be tied to gold. As noted earlier in this essay, at the introduction of the Bretton Woods agreement in 1944 the debt coverage for the U.S. stood at 10.9% (or $319.90 of debt per one troy ounce of gold). If the new system were based on similar assumptions with debt coverage at 10%, this would imply a fixed price of $6,179.61 per ounce of gold ($6,179.61 per ounce of gold divided by $61,796.11 of debt per one ounce of gold gives us coverage of 10%).
Since the publication of this essay, we have received a particularly interesting question about the assumptions we used:
Dear Mr. Radomski
Your December 4, 2012 article (…) is exceeding well-written and researched, and I gained a lot of knowledge from reading it. However there is one potential problem I see in all the logic you are applying to the current situation. It seems to me you are assuming the USA actually has gold at Fort Knox and West Point. But there is mounting, but unproven evidence, both places have no gold in them at all, and are rather storage places for nerve gas. (…) An audit of the US gold holdings has been demanded by some for years, but the government will not allow it. The gold belongs to the American people, so why won’t they let us see it? Many think it is because it is no longer there. If that is indeed the case, do we not face a “financial Armageddon?” Thanks for reading this and any response you might have. (I am not a conspiracy freak!) (…)
We always appreciate our readers’ feedback and would like to thank for it here. We also appreciate spot-on questions and see this particular one as intriguing, to say the least. Which brings us back to Fort Knox.
At first it may sound shocking, but the last audit of gold stored in Fort Knox took place in 1953. No typo here, 1953, just after U.S. President Dwight Eisenhower took office. Even though it is the last audit up to date, it can’t be described as satisfying. No outside experts were allowed and the audit team tested only about 5% of gold hoarded in the fort. So, there hasn’t been a comprehensive audit of Fort Knox in at least 60 (!!!) years. This is at least surprising, given the fact that large entities listed on stock exchanges are usually required to undergo an outside audit at least once a year. Of course, the U.S. Bullion Depository is no conventional company. Nonetheless, not auditing it independently for more than half of the century raises questions such as the one posted above.
This is no new topic. One of the first written accounts questioning the amount of gold really stored in Fort Knox appeared in 1974 in a tabloid, the National Tattler. An unnamed informant claimed that there was no gold left in Fort Knox. The sensational nature of the story, and of the newspaper, wouldn’t perhaps contribute to the credibility of the account but it was later revealed that the informant, Louise Auchincloss Boyer, secretary to Nelson Rockefeller, had fallen out of the window of her New York apartment and died three days after the publication in the Tattler. The tragic incident resulted in controversies over the possibility that the U.S. Bullion Depositary may have misstated the actual amount of gold held in Fort Knox. Congressman John R. Rarick demanded a Congressional investigation and, on September 23, 1974 six Congressmen, one Senator and the press were allowed to enter Fort Knox to see for themselves if the gold was there or not.
The tour showed that there was gold in Fort Knox but, all the same, it sparked even more controversies. Only a fraction of the gold reserves were available to see. A photo of one Congressman published by Associated Press suggested that gold bars held in the fort may have been less heavy than would be usually expected.
Quite obviously, this has resulted in even more doubt about the fineness of gold in Fort Knox. None of these doubts have been put aside by any of the audits carried out since 1974. When the reserves were audited, the amount of the gold examined was fractional and there has been no comprehensive bar count and weighting. The same goes for assaying – if a fraction of gold bars were examined at all, then a fraction of this fraction were assayed. The methods used in the assaying process were not conventional. Usually, during an assay, gold bars are examined by means of drilling, which is called the core boring method. But the bars in Fort Knox were examined merely by cutting of small chips of the metal from their surface. This method only proved that the outer layer of the bars examined was made of gold.
This difference in assaying methods is important if you consider that counterfeit “gold bars” have been showing up in New York recently and that fake gold bars turned up in LBMA Approved Vaults in Hong Kong. All these bars had one common characteristic: they were made of tungsten, which has similar density as gold, and covered with a gold veneer. The problem here is that such bars can go undetected if they are examined with X-ray fluorescence scans or by means of simply scraping of a bit of the metal from the surface. So, to properly assess the fineness of gold bars in Fort Knox, a full core boring method should be employed.
In 2012, the German federal court ordered that the German central bank, Bundesbank, conduct anaudit of German gold reserves stored abroad, particularly in the U.S., U.K. and in France. The German authorities have never before conducted a comprehensive audit of their foreign gold reserves and the last time they were able to see their gold stored in the New York Federal Reserve vaults was supposedly in 1979/80. The Bundesbank has expressed that it doesn’t doubt the trustworthiness of the U.S. authorities but demands stricter control over its gold reserves. Because of that 150 tons of gold will be shipped from the U.S. to Germany to assess the fineness of the bars.
All of this shows that the measures applied by the U.S. government to gold storage in Fort Knox and the Federal Reserve Bank of New York’s vaults are questionable and that this fact may have been recognized by German authorities. It’s hardly conceivable that there is no gold left in Fort Knox or the New York vaults. On the other hand, the lack of a comprehensive audit of either facility is unnerving. So are other irregularities associated with Fort Knox: missing shipments, audits acknowledging the existence of gold based on seals that were not broken, not on the actual count and examination of bars and so on.
Of course, a full audit of Fort Knox wouldn’t be an easy task because of the sheer amount of gold to be examined. But it’s feasible. The U.S. Mint estimated the cost of such an audit to stand at $60 million. The Treasury came up with a lower estimate – $15 million. Even if we take the higher value, and compare it to the value of gold stored in Fort Knox (as of December 31, 2012, $240.8 billion) it adds up to about 0.02% of these reserves. In this light the Treasury cannot really claim that this is too expensive.
So, what does all of this mean for the analysis we presented in our essay on gold and the dollar collapse? In short words, not much. Our price target for gold is to be treated as a general indication of where gold might go if the dollar collapses. If the value of the greenback is reduced to paper, we would expect gold to appreciate, but not exactly to $6,179.61. It could appreciate to $5,000 or to $10,000 (in today’s dollars). Nobody really knows that. The point is that if doubts about the amount of gold stored in Fort Knox are just that – unproven doubts – gold could be a lot more expensive (in dollar terms) than it is today. If, however, there’s any substance in these doubts and gold reserves in Fort Knox are lower than officially reported, gold could go even higher, and the price of $6,000 per ounce of gold could be viewed as the lower bound of where it might go.
The bottom line is that if the dollar collapses and the gold reported to be in Fort Knox is really there, gold could appreciate very strongly. If the dollar crashes and Fort Knox is (partially) empty, gold could go sky-high (in dollar terms).
For more information on how to structure your gold and silver portfolio to deal with both the possibility of the dollar collapsing and the possibility that it will endure in spite of the current U.S. debt levels, please consult our essay on gold and silver portfolio. For information on why we use past gold tops as reference points, check our essay on the 1980 top in gold.
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Thank you for reading.
Przemyslaw Radomski, CFA
Founder, Editor-in-chief
Gold & Silver Investment & Trading Website – SunshineProfits.com
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About Sunshine Profits
Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and best silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.
Disclaimer
All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
“The only question one must ask is when it all comes unglued, how will you and/or your children and grandchildren be prepared to handle it? I’m not talking about storing up guns and ammo, dry food and digging a hole in the ground to live. There are economic, social and spiritual strategies that can be undertaken now.”
…..read Peter’s extensive Newsletter covering everything including Stocks, Bonds, Gold, US Dollar & Energy HERE
US Vice President Biden and Senate Minority leader McConnell brokered an agreement that was approved by the Senate that seems to avoid the full fiscal cliff. It went before the House of Representatives where the Majority of Politicians bowed to the Gold of vast Government Spending and Job killing tax hikes when the Senate Bill was passed by the House 257–167.
The chart below shows how brave these Politicians were in passing a bill that would cut spending enough to put absolutely no dent in the Government’s overspending or the Budget Deficit:
Putting America’s Tax Hike In Perspective
Chart via ZeroHedge
Done Deal: 257–167
At least for a couple of months, as while the Fiscal Cliff has been avoided an increase in the
debt ceiling will be needed by late February or early March. Get ready for another Grand Political disruption over the Debt Ceiling.
FISCAL CLIFF DEAL: $1 IN SPENDING CUTS FOR EVERY $41 IN TAX INCREASES
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
“In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.
“In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”
What’s Really Going On
In Game Theory, there’s a famous hypothetical scenario called the Prisoner’s Dilemma in which two criminal suspects are apprehended by police and given a choice: stay silent, or rat out the other guy. But there is a catch.
If both suspects stay silent, they both get off with a very light sentence. If they both turn on each other, they both get a longer sentence. And if only one of them rats out the other, the suspect who squeals goes free, while the one who stayed silent receives the worst sentence.
Naturally, the best choice is for both prisoners to stay silent– they both get off with a very light sentence.
But imagine that your accomplice is in there being interrogated. You know that he’s been offered the same deal… if he rats you out, he’ll go free while you take the heat. When it’s your turn, would you stay silent and risk a huge prison sentence while he walks?
The scenario points to an inevitable conclusion: each prisoner rats out the other, and they both do heavy jail time. It’s clearly a sub-optimal outcome, known in Game Theory as the Nash Equilibrium.
We see examples of this all the time in the real world– in business, financial markets, diplomacy. The recent fiscal cliff negotiations were almost a textbook case of the theory… resulting in the same sub-optimal outcome.
All the posturing and political strutting were more about trying to obtain personal advantage over the other players, not actually fixing anything. The fiscal cliff, in fact, stopped being about the US economy a long, long time ago.
The uncomfortable truth that nobody in officialdom wants to admit (save outgoing Congressman Ron Paul) is that the fiscal situation is unfixable.
The US government is currently sitting on a whopping $58 billion in cash… less than the $63 billion that Microsoft has on hand. And with that $58 billion in cash, the government (by their own calculation) will be posting yet another trillion dollar deficit this year.
Further,the US Treasury will have nearly $3 trillion in debt mature this year. So that’s roughly $4 trillion (25% of the entire economy) of debt that must be newly issued or rolled over in order to avoid default.
Gee, do you think they’ll keep printing money?
Meanwhile, the debt ceiling has already been breached, and the Obama administration is scurrying to seize federal pensions as a temporary fix.
Seriously, how long will it be before they start seizing private pensions, IRAs, etc.? How long before mutual funds and banks are required to hold a percentage of their assets in the ‘safety and security’ of US Treasuries? How long until everyone is involuntarily financing Uncle Sam?
This is why it’s so important to consider diversifying internationally… holding a portion of your savings, precious metals, retirement funds, etc. in a jurisdiction that isn’t controlled by your home government.
As the next phase continues to play out and the options become scarcer, the real prisoner in this dilemma is going to be the people who chose to ignore the writing on the wall and have everything they’ve ever worked for locked up by an insolvent government.
Tomorrow I’ll tell you about how the exact same thing is unfolding here in Argentina.
The Godfather of Newsletter writers, the 88 yr old Richard Russell has lived through depressions and booms, through good times and bad, through war and peace. He was educated at Rutgers and received his BA at NYU. Russell flew as a combat bombardier on B-25 Mitchell Bombers with the 12th Air Force during World War II.
Richard’s comments below:
“You and I are watching, or I should say living through, the greatest bubble in world history. What could it be? Is it the world population growth? Is it the explosion of world communication? Is it the progress in health?”
“It might be any one of those, but no — it’s the credit bubble. Think of it. The US now has a national debt of over $16 trillion. That doesn’t include incurred debt that is not on the books. The question is — how will this enormous debt ever be handled? (1) It might be refinanced, meaning that it might be (if possible) kicked down the road like an old tin can.
(2) It might be reneged on, which would be a default (unthinkable, since this would be an admission of sovereign bankruptcy. (3) The debt could be addressed through devaluation, meaning destroying the purchasing power of the dollar. The third is by far the most likely way that the debt will be addressed, since we are already on this path. Politically, it is the most palatable way, since it is the way that attracts the least attention from the voters.
Right now sophisticated investors are protecting themselves from the diminishing purchasing power of the dollar. How do they do it? Easy, they swap their Federal reserve notes for tangible items of value — million dollar apartments in New York, fabulous works of art, rare gems and jewelry, property such as thousands of acres in New Mexico or Montana, classic automobiles such as rare Ferraris or Mercedes, hundreds of acres of arable farmland, collectibles, and silver, platinum and gold.
For the average person, most of the foregoing are difficult or even impossible to own. My own thought is that the easiest and most sensible way is to own silver or gold. The question is always, “OK, so I own some gold coins. Where should I put them?” Ah, the eternal question. My suggestion is (1) place them in a good steel safe at home, (2) bury them in a plastic container in the ground, (3) buy the coins through an outfit you can trust such as a Swiss or Canadian bank, (4) place the coins in a bank vault.
My own instinct is to watch the unfolding picture, and “play it as it lays.” In other words, I honestly don’t know how this is all going to play out and neither does anyone else. The one thing I feel certain about is that the current debt or credit bubble will be met with devalued dollars. That means that we should all prepare for tough times and above all, we must PAY ATTENTION.
Below, gold appears to be finding support in the area of its red 200-day moving average.
Technical analysis is more an art than a science. Often it entails deciding which studies to believe and which studies to jettison at any given time. Right now, I’m interested in the VIX, often referred to as the “fear index.” Over the last day or so, the VIX has suddenly surged to a bit over 20, as you can see on the chart below. This means that options buyers are preparing for an increase in volatility some time during the coming 30 days.
I pair the jump in the VIX with the rising count of distribution days in the markets. Distribution days are days when the market is down, while volume is more than the volume of the preceding day. Distribution days tend to be days when the institutions are selling.
Late Notes – We’re now at an interesting juncture where technical conditions in the market are poised against potentially very bullish news. Even if news of the completion of the fiscal cliff comes out, I’m not sure whether the Dow has enough strength to better its September high — particularly since technical conditions are negative for the Dow.
For this reason, I have chosen to remain neutral and safe. Long-term, my preferred position is to have one-third of my assets in cash, one third in my home, and the rest in gold (bullion coins if possible).”
You can subscribe to Richard Russell’s Dow Theory Letters (highly recommended and great value) by CLICKING HERE. As an added plus for subscribers, Richard publishes the latest Primary Trend Index (PTI) figure for the day on his web site, 9 times out of 10 with a poignant commentary.
Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business.
Russell gained wide recognition via a series of over 30 Dow Theory and technical articles that he wrote for Barron’s during the late-’50s through the ’90s. Through Barron’s and via word of mouth, he gained a wide following. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-’66 bull market. And almost to the day he called the bottom of the great 1972-’74 bear market, and the beginning of the great bull market which started in December 1974.
The Letters, which originally were published every three weeks, covered the US stock market, foreign markets, bonds, precious metals, commodities, economics –plus Russell’s widely-followed comments and observations and stock market philosophy.
In 1989 Russell took over Julian Snyder’s well-known advisory service, “International Moneyline”, a service which Mr. Synder ran from Switzerland. Then, in 1998 Russell took over the Zweig Forecast from famed market analyst, Martin Zweig. Russell has written articles and been quoted in such publications as Bloomberg magazine, Barron’s, Time, Newsweek, Money Magazine, the Wall Street Journal, the New York Times, Reuters, and others. Subscribers to Dow Theory Letters number over 12,000, hailing from all 50 states and dozens of overseas counties.
A native New Yorker (born in 1924) Russell has lived through depressions and booms, through good times and bad, through war and peace. He was educated at Rutgers and received his BA at NYU. Russell flew as a combat bombardier on B-25 Mitchell Bombers with the 12th Air Force during World War II.
One of the favorite features of the Letter is Russell’s daily Primary Trend Index (PTI), which is a proprietary index which has been included in the Letters since 1971. The PTI has been an amazingly accurate and useful guide to the trend of the market, and it often actually differs with Russell’s opinions. But Russell always defers to his PTI. Says Russell, “The PTI is a lot smarter than I am. It’s a great ego-deflator, as far as I’m concerned, and I’ve learned never to fight it.”
Letters are published and mailed every three weeks. We offer a TRIAL (two consecutive up-to-date issues) for $1.00 (same price that was originally charged in 1958). Trials, please one time only. Mail your $1.00 check to: Dow Theory Letters, PO Box 1759, La Jolla, CA 92038 (annual cost of a subscription is $300, tax deductible if ordered through your business).
IMPORTANT: As an added plus for subscribers, the latest Primary Trend Index (PTI) figure for the day will be posted on our web site — posting will take place a few hours after the close of the market. Also included will be Russell’s comments and observations on the day’s action along with critical market data. Each subscriber will be issued a private user name and password for entrance to the members area of the website.
Investors Intelligence is the organization that monitors almost ALL market letters and then releases their widely-followed “percentage of bullish or bearish advisory services.” This is what Investors Intelligence says about Richard Russell’s Dow Theory Letters: “Richard Russell is by far the most interesting writer of all the services we get.” Feb. 19, 1999.
Below are two of the most widely read articles published by Dow Theory Letters over the past 40 years. Request for these pieces have been received from dozens of organizations. Click on the titles to read the articles.
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