After being speechless and in a mild state of shock for the past 5 hours I have some thoughts on today’s market action:

• Today’s FOMC announcement was a tacit admission by the Fed that the economy is not nearly as strong as it appears to be using certain widely lauded data points (consumer confidence, housing starts, etc.)
• The economic projections really sealed the “dovish deal” (the no taper headliner was simply an appetizer….) http://www.forexlive.com/wp-content/uploads/2013/09/Economic-projections.pdf – FOMC members are still seeing sluggish GDP growth and persistently low inflation
• The Fed now appears to be targeting a 6% unemployment rate which means QE for longer than markets had been pricing in, and no rate hikes until well into 2015
• Yellen appears to have locked up her status as next Fed Chair today (I believe this is what caused gold to get going a few minutes before the 2pm release of the Fed announcement)
• Bernanke continues to play a clever game of poker with the market as he ensures that he will go out on top with a market making new highs and plenty of animal spirits flowing all around

….more charts and commentary HERE

TEN Out of Ten

The Barrick Nevada project that I find most interesting is the joint venture with junior resource company Midway Gold at Spring Valley. Terraco Gold Corp. (TSX.V – TEN) has a gold royalty and royalty option on the Spring Valley Gold Project.

…..Go HERE for recent drilling highlights

The Greatest Gold Rush

Northern Vertex is truly an unknown story that is moving at light speed, on time and on budget. What they have accomplished in just over two years speaks well of this experienced committed management team and bodes well for investors future with NEE.

The world’s gold vaults are being emptied, ahead of the herd investors have already started accumulating the best junior gold stocks – the greatest gold rush of them all has quietly started.

The stealthy start of the ‘Greatest Gold Rush’ and at least one quality junior, soon to be miner of gold and silver, should be on all our radar screens. Are they on yours?

If not, maybe they should be.

….more charts & analysis HERE

…..now that the Federal Reserve says its Safe

(1) Canadian Imperial Bank of Commerce (TSE:CM.CA) — 4.7% YIELD

Canadian Imperial Bank of Commerce is a financial institution. Co. has 2 business units: CIBC Retail Markets and Wholesale Banking. CIBC Retail Markets provides financial products, services, and advice individual and business banking clients in Canada and the Caribbean, and investment management services to retail and institutional clients in Hong Kong, Singapore and the Caribbean. Wholesale Banking provides credit, capital markets, investment banking, merchant banking, research products and services to government, institutional, corporate and retail clients in Canada. Wholesale Banking also conducts treasury execution activities. As of Oct 31 2010, Co. had total assets of C$352,040,000,000.

CM.CA — KEY STATS (UPDATED 4 HOURS, 33 MINUTES AGO)

Name:  Canadian Imperial Bank of Commerce Website:  www.cibc.com Sector:  Banking & Savings Number of ETFs Holding CM.CA:  9 (see which ones) Total Market Value Held by ETFs:  $7,149,844 Total Market Capitalization:  $31,665,000,000 % of Market Cap. Held by ETFs:  0.02%

….go to Dividend Payer # 2 HERE

Today’s chart illustrates the price to earnings ratio (PE ratio) from 1900 to present. Generally speaking, when the PE ratio is high, stocks are considered to be expensive. When the PE ratio is low, stocks are considered to be inexpensive. From 1900 into the mid-1990s, the PE ratio tended to peak in the low to mid-20s (red line) and trough somewhere around seven (green line). The price investors were willing to pay for a dollar of earnings increased during the dot-com boom (late 1990s), surged even higher during the dot-com bust (early 2000s), and spiked to extraordinary levels during the financial crisis (late 2000s). Since the early 2000s, the PE ratio has been trending lower with the very significant but relatively brief exception that was the financial crisis. More recently, the PE ratio has trended higher (to around the 19 level). However, over the past five months, corporate earnings have increased enough to maintain a relatively flat PE ratio — an overall positive for the stock market.

Notes:
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Quote of the Day
“The engine which drives Enterprise is not Thrift, but Profit.” – John Maynard Keynes

Events of the Day
September 22, 2013 – First Day of Autumn (Northern Hemisphere)

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