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Friday, May 31, 2013

Paxforex Trading Recommendations May 2013

Starting on March 1st 2013 we will publish a link to every single PaxForex Trading Recommendation here for all our readers to follow. Don’t forget to head over to PaxForex and open your live account today in order to join us on our 250 Pip-per-Week Journey through the forex market.

April 29th


April 30th


May 1st


May 6th


May 7th


May 9th


May 13th


May 14th


May 15th


May 16th


May 20th


May 21st


May 22nd


May 23rd


May 27th  


May 28th


May 29th


May 30th


Total Profits in May: 1,677 pips (New Record)

Russia Says No to No-Fly Zone of Syria

Our Chief Military Officer storms into my office with an increased level of anger. McCain’s surprise visit with Syrian rebels earlier this week has already started to back-fire. Not only did he pose with a known terrorist responsible for kidnapping innocent pilgrims, his calls for a no-fly zone over Syrian in order to assist rebel fighters was further destroyed thanks to Russia. Western nations may protests, but Russia does the right thing here and it is good to see at least one global power taking the right steps to prevent a total catastrophe in Syria.

Western countries have discussed setting up a no fly-zone over Syria in the same matter they have done over Libya which helped rebels overthrow the regime of Colonel Gaddafi. Our CMO is furious that an American senator would pose with a known terrorist who was identified by two of the kidnapped hostages. The message being send to the rest of the world is horrific. McCain supports military hardware to be sent to rebels, which will ultimately be used to fight Western countries as so many times before.

Russia, who stood on the sidelines as Western armies invaded the sovereign country of Libya, decided enough is enough especially out of the U.S. which seems to have forgotten that their military power is on the decline and no longer in a position to do as it pleases in the global arena. In direct response to call for a no-fly zone Russia decided to equip the Syrian military with advanced anti-air missiles which would pose a great threat to invading aircraft.

The S300 is one of the most advanced and most capable anti-air systems in the world today. It can track up to 100 targets simultaneously and engage 12 at the same time. The S300 surface-to-air missile will ensure that no Western or other military will attempt to create a no-fly zone which will not only safe life’s of innocent airmen, but also ensure that the rebels will have to end what they started on their own. International interference in Syria by means of military support needs to never be an option.

The two year long civil war is terrible and has killed over 80,000 people, but the rebels started it and they should not be supported in any form or fashion. President Assad can and needs to be dealt with on a diplomatic standpoint after the civil war will end and some sort of stability will return to Syria. After the Assad regime has restored order, humanitarian aid should be dispatched and not military units.

The S300, which would have not be shipped to Syria if it would have not been for calls for a no-fly zone, may pose a threat to Israel as well which is the biggest negative development out if it. Israeli airmen could be endangered as they ensure weapons remain out of the hand of terrorists and have, thankfully, attacked and destroyed several shipments to radical Hezbollah fighters.

Unfortunately Hezbollah has decided to join the war and sides with President Assad. This is a welcome relive for fighters loyal to the regime as Hezbollah will open new fronts to engage the rebels which will allow the Assad regime to deploy more troops to other parts of Syria in order to retake ground lost to rebels. This would have never happened if foreign governments would have not supported the rebels and stay out of affairs in sovereign territories.

Turkey, who unfortunately does allow the rebel forced to operate out of its own territory, has arrested 12 rebel fighters with ties to al Qaeda which is another indicator that the U.S. is open to support al Qaeda just to see Assad fall. Turkey should oust the opposition government and force all rebels out of its own territory in order to avoid a much larger spillover into its own country.

Further good news for Assad came from the rebel held city of Qusair, which is a strategically important city, and may soon be liberated from the rebels and power returned back to Syria. Rebel commanders are short on weapons just like rebels around Damascus are short on them which could lead to a victory for the Assad regime rather soon and may bring Syria one step closer to peace.

Thursday, May 30, 2013

McCain Visits Syrian Rebels

As I was headed to the office today I was informed of some rather concerning developments about Republican Senator from Arizona John McCain. He made a surprise visit to Syrian rebels and is the first American senator to do so since the civil war broke out in Syria. McCain crossed into Syria, illegally, from Turkey and spend roughly two hours meeting with General Salim Idris and several of his opposition fighters.

This was a terrible mistake by McCain who calls for military intervention, assistance as well as arms sales to Syrian rebels. It is clear that McCain belongs to the old brass that still believes the U.S. needs to police the world and can combat every enemy it encounters. Afghanistan is just one case that proves him wrong. Unfortunately McCain is a member of the Armed Services and Foreign Relation committees and also backs the creation of a no-fly zone in order to assist the rebels.

It is clear why the Assad regime is hated by the developed world. Their financing of Hezbollah and close ties to Iran are counter-productive for Syria and definitely a problem which needs to be addressed. Having said that, an invasion of Syria is 100% the wrong step to take and needs to be avoided at all costs. We do not need a repeat of Libya where several European countries as well as the U.S. have invaded a sovereign country because they were able to do so.

Colonel Gaddafi did not pose a threat regional security. People may dislike what he did inside is country which is nobody’s business. The rebels decided to fight the regime which is perfectly fine, but the international community had no right to interfere. In essence the developed world assisted criminals to overthrow a regime it did not favor and now Libya is in much worse shape than before while the international community stands on the side telling them to fix their problems.

Now with the Assad regime we face the same issues, rebels decided to overthrow the regime and started a civil war hoping for assistance. We send the wrong message to every country which faces issues. Rebels pick up arms, cause chaos as they know they will receive international assistance as long as the regime they battle is disliked by enough countries. McCain’s visit was extremely counter-productive and sends the wrong message.

The rebels knew the dangers and decided to start a civil war and now they need to either keep fighting until they win or are all eliminated or put down arms and face executions before there is a chance for peace to return and a long rebuilding process can be initiated. Arms sales to rebels will not solve the problem and the same arms will be sued against U.S. installation after the conflict is over.

We may not like the Assad regime for very good reasons, but it does not give us the right to invade or sovereign country or assist rebels to overthrow the regime there. In the long-term the impacts will be counter-productive and cause an even more severe negative impact. McCain fumbled the ball and there will be some fall-out over the next few weeks due to that. 

OctaFX Review


Today we will take a look at a forex broker who attempts to become the leader in micro-accounts. This forex broker has been awarded the Fastest Growing Micro Forex Broker 2012 Award by Global Banking and Finance Review. Micro accounts gain popularity among new forex traders as the lot size is only 1,000 units. This compares with a mini account where the lot size is 10,000 units and a standard account where the lost size is the standard of 100,000 units.

The Last Bear introduces to you the fastest growing micro forex broker; OctaFX. We have taken a look at their website and the first impression was very positive. Visitors are greeted with a professional design with user-friendly interface. After reviewing what they offer it is evident that they do specialize on new forex traders and their services are geared towards new entrants to the market.

They offer a minimum deposit of only $5 which should be disregarded as even in a micro-account there is no viable strategy which can be applied to a $5 portfolio. In a standard account, the minimum deposit should be $1,000 in order to be able to execute a strategy with proper risk management procedures, which in theory would translate to a deposit of $10 for a micro-account.

For that reason, OctaFX offers a $8 Bonus Account which can be used for new traders to get their feet wet. After completing 2 lots, profits can be withdrawn but before you get too excited be realistic what you can achieve with $8. Maximum leverage is 1:500 and their spreads are listed as a starting floating spread of 0.2 pips with a minimum lot size of 0.01 lots.

We have not tested their spreads and do not know how liquid OctaFX is. They claim to have no re-quotes which we took with a grain of salt. There are plenty brokers who claim no re-quotes, but traders should be careful with that statement as it may be nothing more than a marketing gimmick.

The micro account only offers 12 currency pairs and interestingly enough they do not offer a standard account which was a bit strange. In order to add to the controversy, the next account they offer is an ECN account with a minimum deposit of $50. They do not offer any other platform than the MT4 and do not have an ECN bridge which makes this statement very misleading and the first major negative OctaFX delivered.

A forex broker who is not honest with their services provided should not be trusted with a deposit, speaking to their customer support about this resulted in nothing more than the assuring words of an at least partially dishonest forex broker.

Conclusion

Everything seemed fine with this forex broker, until we came across the ECN lie which made us change our mind and explains why we giveOctaFX two claws down. Yes, they cater to the newbies in the forex world but they deserve to truth and should not be misguided with false information. A chat with them only made the matter worse and we recommend that you stay away from them. Skip the micro-account and opt for a mini-account from PaxForex and if you are looking for a ECN broker you can take a look at FXVV.

Tuesday, May 28, 2013

Obama’s Benghazi Cover-Up


Sometimes and old story does not want to go away especially if a moronic individual and his staff try to make it go away and cover it up. I am sitting in my home office and enjoy my view out into the Mediterranean Sea and come across a file from last year before the Presidential elections in the U.S. This story has resurfaced several times and Republican Senator from Arizona John McCain has called for a select committee to be set-up and investigate the White House cover-up of this event.

September 11th is a day plenty of Americans will always remember and for a good reason. It was a dark day in our history and being a New Yorker those bastards hit where it hurt the most; home. I was not in New York during the attack, but knew people who were directly impacted by the cowardly attack of godless parasites. This happened under the watch of President George W. Bush and is not the topic of this post.

Our historical fraud has his own September 11th to deal with; Benghazi. It is obvious that the attack on the U.S. embassy in Benghazi, Libya was at the very least tolerated by someone with deep reach and connections to the White House. It was in the middle of Dumbama’s re-election campaign, and he was parading around the killing of Osama bin Laden, screamed to the public that al Qaeda is on the retreat and that we are winning the war while pleading with the public to not worry about as the economy is recovering and in general the world has become a worry-free environment thanks to his existence.

It is very obvious that besides being the future biggest fraud in American history, that Dumbama suffers from a severe case of pathetic illusion. As sad as it may sound, the Benghazi attack appears more of an order hit in order to remind the general public that a moronic individual is raping the U.S. Constitution in the White House. Unfortunately four innocent American have lost their life in the terrorist attack. Dumbama first condemned the terrorist attack, only to retract his initial statement and then changed his opinion about what happen.

He referred to the attack as an incident born out of violent protests as well a video which sparked anger and that was his explanation for the attack. Senator McCain is on the right track to call for special select committee to be formed and look into the cover-up. He wants then Secretary of State Hillary Clinton to testify again as e-mails between the White House and State Department indicate that the severe situation was well known as it underwent 12 revisions before being struck of the terror threat case.

The U.S. embassy in Benghazi requested additional security which was declined by the State Department. The ambassador did not even have a Marine detail guarding him while the U.S. ambassador to France has one. The guard posts at the embassy in Benghazi were unmanned at the time of the attack. Hillary Clinton served the Foreign Relations Committee a ‘Well, who cares how this happened’ response which indicated that even the cover-up is lousy at best.

Republican Senator James Inhofe suggested that Mr. Obama should be impeached for this scandal and cited it together with the PentagonPapers, the Iran-Contra and Watergate. Senator Inhofe also stated that this will go down as one of the biggest cover-ups in American history which bodes well with the biggest fraud in modern American history who was allowed to abuse this country for a second-term.

Thursday, May 23, 2013

Nikkei 225 Comes Crashing Down 7.32%

I woke up early this morning, much earlier than usual. I usually sleep six hours a night and turn everything off. I am available 18 hours a day and those who need to get in touch with me can do so during those 18 hours and wait for six hours as I recharge my batteries. You may wonder what I do in case of emergencies and the answer is simple; the world has kept its orbital path around the sun long before I was born and will continue to do so long after I am gone and emergencies will be catered to 18 hours a day.

I was given a nice surprise this morning as Japanese markets got hammered pretty bad in a good way. When I woke up and turned on the news to check into the latest developments I saw the Nikkei 225 was down roughly 4%. I checked our accounts and we made a complete turnaround. As the morning progressed trading was halted in Japan as circuit breakers were triggered and the Nikkei 225 closed the session down 1,143.28 points or 7.32%. I could have not asked for a better start into my day.

European indices pointed to declines of over 2% to start the day and U.S. future looked to tank as well. Pleased with the turnaround in our portfolios I opted for a mid-course correction and lock in profits which would allow our entire portfolio a fresh start in the green. We all have been waiting for a rather big market correction and while one day makes no difference we saw plenty of reversal trades.

Dumb money said it was a great time to get in and while the contraction in Chinese manufacturing data caused the sharp sell-off we needed to see the bearish momentum last through the end of the U.S. session. Europe closed off its lows and with roughly an hour left in the U.S. we saw a rebound in major American benchmarks.

What Japan will do tomorrow will be vital. While it may not spark the overall global sell-off it was one of the biggest reminders that we are close to the end game in this bear-market rally. Yes, we saw all-time highs in the U.S. and multi-year highs in Europe and most ignore the fact that we are in a giant bear market. The strongest bear markets are well hidden in bull super-cycles. The rebound from post financial crisis lows has been violent, but only due to the artificially pumped up equity markets.

Central bankers have thrown a huge party and ran up a tab and the markets are soon going to present the check which central bankers will not be able to cover. The end of the party is near and smart money has positioned their portfolios for the next 50%+ move which will not be to the upside. The highs for 2013 may have been clocked in yesterday and it will be a smooth ride lower from here.

In case we see a few more points added to 2013 highs I will move a substantial part of our portfolios as well as my personal wealth on the short side of the trade where all other smart money managers are migrating to. Dumb money thinks the next 50% will be bullish which explains why dumb money has not been able to create wealth and grow their portfolios.

I take today’s present as a mid-year fresh start and am making plans for the next seven months of the year. Opportunities are everywhere we seek to realize them and after a mostly depressing May this will give us a great opportunity to close this month with a bang and work towards great Q2 and H1 finish.

Sunday, May 19, 2013

SaxFx Review

Today we will take a quick look or rather give a big warning about a broker The Last Bear did not know about until we came across countless spammers in forex forums who mentioned this forex broker. There are plenty of terrible outlets for forex traders to misplace their trust, capital and time. SaxFx is one of those horrific outlets and this is a very clear warning.

Stay away from SaxFx!

We do not label them a bucket shop and the sole reason preventing us from that is the fact that they are registered in New Zealand and publish that on their website which is awful in design and far from professional.  SaxFx is owned by a company called BPY Group Limited and that is the one which is registered with the financial regulator there. That does not ensure security, but was enough for us to stop one step shy of screaming bucket shop.

They claim they offer zero spread trading which suggests that they are an ECN broker which we could not verify. They charge $0.18 in commission per micro lot traded and their minimum deposit is $250 wit max leverage of 1:600. Nothing here for traders to excited over. They only offer the MetaTrader 4 platform without any add-ons which makes the assumption that they are an ECN broker or offer zero spreads suspicious.

The information they provide about them is very scarce and the presentation reminds you of pre-school. Overall they did a terrible job creating an online presence and nothing makes you want to even bother opening an account with them. At first sight it appears that the sole purpose of this forex broker is data mining and nothing else. The lack of time and effort put into their online presence can only lead to speculation how they value the poor forex traders who actually give them a try.

The worst thing they have done so far that The Last Bear has discovered is paying for forum posts which lead to flooding of various forums with spam comments about SaxFx. A serious and reputable broker does not engage into this form of marketing. Forum flooding with spam comments made by newly registered users who only post a run-on sentence in a forum with the sole purpose of mentioning this lousy forex broker shows the lack of integrity on the side of the broker which is the main reason to stay away from them.

Their paid forum posters get banned the same day and posts removed only to find more of them registered under different names with the same tactic. Pathetic!

Conclusion

Stay away from this forex broker based on all the above; SaxFx is as bad as you can get and their lack of integrity is reason enough to tell forex traders to never bother with them. Two claws down plus everything else we can do show that this broker is a terrible outlet. Check out PaxForex or FXVV if you are looking for a serious forex broker.

Thursday, May 16, 2013

IRS Scandal to Haunt Obama

As I arrive in the office today I see a completely different picture than yesterday. The depressive mood seems to be gone despite the lousy weather outside. My gamble has paid off and I was able to ignite the spark which blew away the pessimistic cloud. Sure, we are not anywhere closer and our problems remain but the point of view has shifted. Everyone is on board and it is a pleasant sight.

Sometimes when you push in the right direction you will get rewarded from unexpected sources. The IRS scandal will haunt the Dumbama administration and wiped away most of the political capital the Constitution Abuser had left. Republicans as well as Tea Party Activists received a nice gift only a period of patience and pain can deliver. After severing our ties with the administration we are pleased to see this reward.

The IRS was without leadership and had Steven Miller acting as interim Commissioner of the IRS. The IRS Cincinnati office targeted conservative groups who applied for tax exemption.  The Tea Party was the initial target while the socialists were left alone. Later on in order to avoid criticism the socialists were targeted at which point Dumbama decided to get angry. When the Tea Party as well as Republicans were targeted he did not know about it, or at least that’s the story those retarded pieces of dry cow feces spill to the general public.

Miller was question about it during a Congressional hearing and denied knowledge about this, we now know he simply took a page out of the Dumbama playbook and lied about the facts. The IRS identified what they call two rogue employees as the Dumbama tyranny claims they will work hand in hand with Congress in order to resolve the scandal. This is too little too late red bastards. You cheated your way into the White House, you cheated your way to a second-term thanks to a big shift in behind the scenes politics and now you are faced with a big scandal that will haunt you for the rest of this term and into eternity.

Now we will get more congressional hearings which will lead to more of the same. It is clear that the Dumbama administration enjoyed the fact that their tax dog targeted the right-wing as well as center-right wing fractions of U.S. politics. The current joke of an administration lost all of their political chips in essence over night as you can say the IRS denied Dumbama the tax credit.

This all bodes well for Republicans who currently control the House of Representatives and aim to storm the Senate in 2014. House Speaker Boehner demands prison sentences for the worst offenders; he did not single out Dumbama as the worst offender in this IRS scandal. The House Ways and Means Committee has scheduled a hearing for Friday and summoned Interim IRS Commissioner Miller as well as Inspector General Russell George.

The socialist-controlled Senate Finance Committee has a hearing scheduled for Tuesday. All 45 Republican Senators send a letter to the Jasper in the White House demanding full access to IRS records and claimed the American public has a right to know about the fraud and malpractice which took place in the IRS and was kept secret as long as possible.

It was also made public how confidential data arrived at the desks of ProPublica about conservative activist groups. ProPublica announced Tuesday that they requested 67 applications for non-profits groups and received 31 out of which 9 were not approved and should have never been received. The same Cincinnati office which targeted right-wing groups leaked the data to ProPublica which published six of those nine despite heavy objections by the IRS.

Do you need more scandals which show that Dumbama must have been fully aware of all scandals and refused take action as it would have thrown him of the re-election campaign?

Dumbama’s former Chairman of the Council of Economic AdvisersAustan Goolsbee, had tax information about Koch Industries, run by anti-socialist brothers Koch. Koch Industries is a private company and therefore Goolsbee was not supposed to have any tax information on them. The Dumbama administration claimed that the tax records were made public in two places. It later turned out that this was untrue and that the administration lied about it.

Keep fighting the good fight Koch Industries!

The list goes on and on and it is way overdue that the situation will be rectified. Unfortunately we have to endure another 44 months of this counter-productive economic as well as political bashing before it will be finally over. Patience will pay off and the administration is unable to cause further damage to the system than it already has. After the 2014 elections it is done and the Dumbama administration can only ride out the final two years, hopefully with more scandals uncovered which will eventually show the American public as well as the global population that Dumbama will go down as the biggest American fraud in modern history.

Wednesday, May 15, 2013

Eurozone Record Recession


It has been a very eventful week, but unfortunately in thewrong direction for all of us here. A somewhat depressing cloud is hanging overthe office and it is hard to even force a smile on our faces. I do congratulatethose around us who try. My personal assistant, just as most if not all otherpersonal assistants, tries hard to keep a positive attitude. We were hard hitby the last eight trading days which took us by surprise after a greatfirst-quarter and fantastic April.

I take the full responsibility for a terrible performance this month, but it does not help our plans out. This unexpected breakdown in our performance comes at a terrible time as we are trying to fund several operations in different parts of the world. I enter my office and take a seat as my personal assistant enters with a big glass of fresh squeezed orange juice. I thank her and she takes a seat on the couch asking me what I have in mind now.

I fold my hands and rest my chin on them as I sigh taking a look around the office and everyone I can glance at. Everyone is down as if we are done for the year, not a single person seems to see anything positive and a vicious circle has begun. I get up and walk over to the door, look back at my personal assistant and call everyone to attention. I jump on the first table and tell everyone to stop right now, stop being depressed over the events which hit us, hit us hard, and do not dare to lose track of our main objective. We need to streamline and focus. I go on and on and give them a 15 min motivational speech. The more I talk the more I get motivated myself and I end the speech with a simple demand. I ask everyone who does not feel competent enough to follow my lead to take the rest of the quarter of, yes that is over six weeks.

There is a moment of devastating silence until one of our analysts says that the Eurozone has entered its longest recession since it was created. The world’s biggest economy has contracted 0.2% in the first-quarter, worse than expected. From France to Italy and from Spain to the Netherlands every country has performed far worse than the socialists expected. Germany managed a terrible 0.1% gain and since they are the economic engine of the EU it does not take a rocket scientist to figure out how bad the picture is.

French socialists and German Nazis have ensured the Eurozone is falling apart on an economic as well as fiscal level further and faster than the system can handle. There is no solution to the problem as long as Franco-German socialists and extremist are allowed to govern. Outside the Eurozone the U.S. saw a 0.5% drop in manufacturing output which is far worse than the 0.2% decline expected.

The only bright spot, if that is what you can call it, came out of the UK as the growth forecast was revised higher for the first time since the financial crisis took hold. Chancellor of the Exchequer Osborne gave his last quarterly inflation outlook and took the opportunity to criticize the idiotic socialistic brain cramp of a financial transaction tax which is heavily favored by the French social pest as well as the German austerity Nazis. The UK remains the sole fighting force and we can only appreciate and support it.

I thank the analyst and tell everyone that this is the spirit, we need to focus. I jump of the desk and walk around somewhat hectically and ask for more of that drive. I ask everyone what else we know right now that we can take advantage of. I know I need to create one successful finish to the day and hopefully we can build on it. I decided to make it a group effort and I seek heavy involvement.

Nobody has yet answered. I ask what financial markets are doing in Germany, France and the UK. I inquiry about Italy, Spain and the Netherlands and the status of financial markets there as people get some of the hype and start to scramble for information. Answers start flying around. There is a big disconnect with economic data and financial markets as they continue to grind higher. Now or never, start shorting continental Europe, take short in the U.S. This is a do or die situation and we need to turn momentum in our favor.

Disregard risk management, I give full permission for it. Our traders rush to their terminals and start to execute orders I am yelling out. Take long positions in the AUDUSD currency pair, short the USDCHF get to work and create results. I manage to turn the office into a crazy but more cheerful place as I jump from desk to desk and from trading terminal to terminal. It looks like a zoo, but this is exactly what we needed as I rush back into my office. Well done is what my personal assistant tells me with a smile. Just what we needed to turn things around.

Sunday, May 12, 2013

FXVV Review



This week a forex broker was brought to our attention which has a rather interesting set-up and an offer most will not be able to refuse in order to at least check them out. We are talking about FXVV. So far not forex broker has been able to dethrone PaxForex as your primary choice for new forex traders. PaxForex offers new forex traders everything they need on order to increase their knowledge about the forex market and allow them to slowly build up a profitable forex strategy. PaxForex stands by their clients all the way.

We have reviewed several other brokers, some average and some not worth mentioning ever again. InstaForex was our second choice for overall brokers we have reviewed and our best choice for mature forex brokers. Now FXVV is surging in our rankings and after taking a closer look at them we have to rank them on par with PaxForex and make them our primary choice for intermediate forex traders who already have a profitable trading strategy.

The main difference between FXVV and PaxForex is that FXVV offers ECN accounts which are great for professional traders. PaxForex offers an excellent free forex trading guide which males it our primary choice for new forex traders.

Here are some attribues we just love about FXVV
  1. The offer ECN accounts with a minimum deposit of $10. They offer their ECN account through the MetaTrader 4 platform
  2. Tight spreads on their 28 currency pairs plus gold and silver
  3. Leverage up to 1:2000 (The Last Bear does not recommend traders to operate an account with leverage this high). We mentioned it because it shows that traders have a vast choice of leverage to fit every trading style
  4. No re-quotes
  5. No dealing desk
  6. Price transparency
  7. Fast execution
  8. They accept U.S. clients
  9. Registered in the UAE as well as New Zealand

The Last Bear is not the biggest advocate of forex bonuses as they come with terms and conditions which will hinder your freedom. FXVV does offer new clients an offer even we could not refuse. Make a deposit of $100 and they will credit your account with $500. This is too good of an offer to pass and The Last Bear will add FXVV to its number one spot among ECN brokers. The $500 bonus is the best forex bonus out there but can’t be withdrawn; it is only to trade with. Profits need to remain in the account for 90 days and a total of 250 lots need to be traded. Yes, the conditions are not the best, but in order to test them out and since we do not seek to deposit and withdraw in less than six months The Last Bear thinks this is acceptable.

Conclusion

While PaxForex remains our number one choice for new forex traders, we rank FXVV on par with them and make them our number one choice for ECN brokers since PaxForex does not offer ECN accounts at the moment. Great choice for professional traders and we can only recommend that serious traders will take advantage of the $500 deposit offer. 

Thursday, May 9, 2013

Corruption Probe May Cost Steinmetz-Vale $50 Billion

On my way back to the office after a very relaxing spa treatment I receive a phone call with an update about a joint investigation conducted by the U.S. Department of Justice as well as Guinea. The investigation has led to the arrest of two executive officers of BSG Resource Limited which is owned by Israel’s richest man, Beny Steinmetz, in the African country as well as one French citizen who will stand trial in New York. Our main interest is with a potential positive outcome for Rio Tinto.

At stake is a $50 Billion iron ore mine in Guinea. The Simandou mine is one of the most lucrative iron ore mines in the world with an estimated 26.5 tons of iron ore deposits. Rio Tinto was asked by Guinea to give up part of it license it had in the Simandou project and BSGR stepped in to purchase the license from Rio Tinto. Guinea President Alpha Conde said his government seeks a solution which would allow Vale to continue work on the Simandou project.

BSGR sold a 51% stake to Vale for $2.5 Billion in 2010 and the two companies planned to invest up to $10 Billion in order to build the required infrastructure which would allow them to bring the iron ore to market. BSGR reported in March that it was ordered to give up its license in both the Simandou mine as well as the Zogota mine while Vale was assured by the U.S. as well Guinea that they are not under suspicion of any wrongdoing. Work in both projects has been suspended since 2012 given the dispute with the government as well as the joint investigation into corruption on part of BSGR.

President Conde vowed that Vale is one and will remain one of the biggest partners of his country and its large iron ore deposits and also said that his government offered Rio Tinto a strategic partnership between 50 years and 100 years. Rio Tinto could emerge as the biggest winner of this probe into BSGR and how they have obtained the license to begin with. Rio Tinto has already spent $2.3 Billion on the Simandou project while its bigger rival BHP Billiton also has a project in Guinea.

Guinea and its huge iron ore deposits have been heavily fought over since the start of last decade as demand from China as well as other emerging nations have spurred demand for iron. Guinea is already the world’s largest exporter of bauxite. Guinea relies on the mines as they are the backbone of their fragile and under-developed economy and understand the risk of key mining projects being offline while progress is being stalled.

According to Transparency International, Guinea ranks 154th out of 174 countries it ranks and monitors on their corruption index. Political instability in Guinea is one of the biggest obstacles to the country as corruption rules day-to-day operations. Foreign miners do not flock the African nation because they like to conduct business there, they do so solely due to the huge iron-ore deposits in the country.