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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, October 26, 2005 - Vol. 7 No. 216
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In This Issue:
* COMMENT: Silver Bullet-in.
* SINGAPORE: Bob Bauman -- on the Road Again.
* OFFSHORE: Hong Kong Needs to Know. Levin the Hater.
Russians Love London. Scot Heads for Monaco.
* WEALTH: Offshore Advantage. KPMG Not Hurting. $1 Million Trump.
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COMMENT: Silver Bullet-in
Dear A-Letter Reader:
On Monday, I told you about platinum. Today, we'll look at silver.
Like platinum, this is a metal that has pluses and minuses.
On the plus side…
* In June, Barclays Bank began seeking SEC approval for a new
exchange-traded fund, iShares Silver Trust. Each ETF unit would
represent 10 ounces of silver to be backed by silver bullion stored
in vaults in London. This is both a reflection of increased investor
interest in silver and a sign that the trust itself could be a new
source of demand for silver.
* In August, New York-based precious metal and commodities
consultancy CPM Group released its annual silver survey. CPM says
world silver mine production will total 527.3 million ounces this
year, up 1.7% from last year. Total supply in 2005 is estimated to
increase 3.2% to 774.3 million ounces. But it's not enough. CPM
forecasts a global deficit of 31.4 million ounces this year. When
combined with coinage and changes in inventories, CPM expects
an overall silver deficit of 43.4 million ounces in 2005.
* China has traditionally been an exporter of silver. But due to its
increased industrial demand, it may stop exporting silver. There's
mixed views on this—see below.
On the minus side…
* The Indian Government is selling silver—19.2 million ounces of
silver in 2005.
* Unlike gold, silver is not as rare as you might think. New, BIG
mines are coming online. In 2007, Apex Silver will bring its San
Cristobal mine online. That mine alone will produce 22 million
ounces a year. Meanwhile, Barrick's Pascua Lama could produce
18 million ounces annually starting in 2009.
* And while some experts think China's domestic use is going to
swallow its supply, don't be so sure. New silver discoveries in Henan
Province in Central China are expected to come online in 2006. Just
one operation is expecting to produce 5 million ounces a year. And
the area is being compared to the Coeur d'Alene mines in Idaho, which
has produced more than 1 billion ounces of silver in 120 years.
Now, just because someone in China says he's sitting on 36 rich
veins of silver doesn't necessarily make it so. Mark Twain said that
a gold mine was a hole in the ground with a liar on top — that goes
double for silver.
Would I invest in silver? As with platinum, my first choice is gold.
But if I felt the urge, I might look at the kind of silver stock that Eric
Roseman has in Commodity Trend Alert. It's a mining company that
expects to produce over 9 million ounces of silver this year with a cash
cost of less than $4 per ounce. With silver trading over $7.60, that's a
company that should continue to make money — and lots of it. Eric's
subscribers already have a 48% open gain on this position — and
probably a lot more ahead.
Speaking of Eric, I always like to get his view on precious metals.
On Tuesday, Eric told his Commodity Trend Alert subscribers:
"It's going to be catch-up time for gold, silver, platinum and even
palladium next year. Right now, I think we're at Phase II for gold.
Phase I occurred as the dollar plunged and gold took off. This move,
Phase II, is occurring versus all major currencies in 2006. And Phase
III will kick-in with public participation as spot gold breaks the key
$500 an ounce resistance level. That will likely happen in 2006."
So if you like silver, good news. 2006 could be its year to shine.
Yours for investing profits,
SEAN BRODRICK, Investment Director
The Sovereign Society Ltd.
E-mail: seanbrod@bellsouth.net
PS: Silver isn't the only place where Eric is making his mark. His
Commodity Trend Alert subscribers need a wheelbarrow for open
gains like 313% on Fording Canadian Coal Trust … 578% on Chicago
Mercantile Exchange Holdings … 623% on International Uranium
Corporation. To see what Eric is picking right now, click here
LINK: http://www.agora-inc.com/reports/CTA/WCTAFA11/
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COMMENT LINKS:
* Silver recovers on festive buying, gold's still low. LINK:
http://economictimes.indiatimes.com/articleshow/1273519.cms
* The lure of gold sends its price sky-rocketing. LINK:
http://www.newkerala.com/news.php?action=fullnews&id=41228
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BOB BAUMAN -- LETTER FROM SINGAPORE
It took me almost 30 hours and three days (I lost one day, Oct. 24,
crossing the international dateline) but I've come a long way, baby --
10,000 miles, from south Florida, where I live, to where I'm writing this -
Singapore. I got here via Los Angeles, Tokyo and Singapore Airlines,
one of the best airlines I've ever had the pleasure to fly -- courteous,
kind, great food and they call you by your name; positively un-American!
I arrived at Changi Airport at 2:00 AM local time this morning, yet there
were 15 immigration officers on duty and no waiting; took a fraction of
the time it take's to get through entry at Miami International. And these
civil servants were really civil and smiling -- at that hour.
Singapore is Asia's hi-tech, wealthy city-state known for the conservatism
of its leaders (the Lee family) and its strict social controls. No smoking,
no spitting, This huge city of 4.4 million people is immaculately clean -- not
a scrap on the streets or sidewalks anywhere. Unbelievable, unless you see
it firsthand.
The country comprises the main island - linked by causeways to the
southern tip of Malaysia - and around 50 smaller islands. Once a British
colonial outpost, Singapore is now one of the world's most prosperous
places, with glittering skyscrapers and a thriving port. And I'm staying at
the luxurious Shangri La Hotel, where I'm attending an Asian area meeting
of the Society of Trust & Estate Planners (STEP), looking for new ideas
and new offshore professional talent for the Sovereign Society and for you,
dear readers.
More tomorrow when, hopefully, the jet lag will have worn off. That's the
way that it looks from Singapore.
* BBC's web page on SINGAPORE. LINK:
http://news.bbc.co.uk/1/hi/world/asia-pacific/country_profiles/1143240.stm
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OFFSHORE:
GIVE HONG KONG'S NEW BOSS A MESSAGE
Donald Tsang needs to know that Hong Kong must be no less free, more
democratic, and less subservient to Beijing. LINK:
http://www.iht.com/articles/2005/10/24/opinion/edbowring.php
* SENATOR LEVIN HATES OFFSHORE
WASHINGTON: The anti-offshore demagogue, Sen Carl Levin (D-Mich)
continues his irrational attacks on American companies that legally
saves taxes by going offshore. Instead of changing the tax law to deny
these tax savings, he wants to punish them for exercising their legal rights.
* Anti-offshore US Sen. Levin at it again. LINK:
http://www.tax-news.com/asp/story/story_open.aaisp?storyname=21549
* RUSSIAN OLIGARCHS ATTRACTED TO UK.
LONDON: Rich Russians are drawn to tax haven London by low taxes,
favorable tax planning, the financial services sector and corporate law
firms that fight the endless litigation that pursues them. LINK:
http://www.guardian.co.uk/russia/article/0,2763,1599951,00.html
* SCOTTISH WEALTH ADVISOR MOVES TO MONACO
LINK: http://business.scotsman.com/banking.cfm?id=2131502005
GLASGOW: One of Scotland's largest privately owned independent
financial advisers is establishing a base in Monaco to serve some
of the world's wealthiest clients, including many UK expats living there.
Thinking about investing offshore? Here are 7 reasons why you should. Click here:
LINK: http://www.agora-inc.com/reports/190STHOW/W190FA32/
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WEALTH:
* TAKE ADVANTAGE OF BEING OFFSHORE
BANGKOK, Thailand: US and UK expats living offshore can reorder
their financial lives to their great advantage, using available offshore
tactics such as trusts, foundations and IBCs. LINK:
http://www.bangkokpost.com/Yourmoney/24Oct2005_money42.php
For more information on offshore trusts click here:
http://www.agora-inc.com/reports/190STRUD/W190FA31/
* TAX SHELTER SCANDAL DOESN'T HURT KPMG
KPMG revenues climb 16% despite US`tax shelters scandal. KPMG
controls a global network of professional services firms in 148 countries,
employing nearly 94,000 people world-wide.
LINK: http://www.theherald.co.uk/business/49327.html
* TRUMP GETS $1.5m FOR A SPEECH
NEW YORK: Millionaire wanna-bes learn from the master as Donald
Trump passes on his wisdom - for $25,000 a minute.
LINK: http://www.nydailynews.com/business/story/358394p-305382c.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte Jr. Managing Editor.
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