Saturday, December 5, 2009

Hot Money, Hot Commodities and the US Dollar Carry Trade Part 3

In part one of the article, I argued why the collapse of the US dollar is inevitable and commodities are the only safe haven in the event of currency collapse; In part two of the article I begin to demystify some mis-conceptions about commodities investment. Some times even Jim Rogers could be wrong. I specifically cited the example of the UNG natural gas fund.

In this part three, I will elaborate more on what are the correct approaches for commodities investment, and what is the best commodity to invest in. I am going to discuss the things that Jim Rogers was wrong about.

I can not emphasize this enough: When you invest in something, you should always ask the question WHO PAYS FOR YOUR PROFIT. You can't create money out of thin air. Some one has to pay you for you to make a profit. If you can not figure out who pays for your profit, then your investment thesis has a problem.

In the market, the majority of people must be the losers so as to allow a few people in the minority to make obscene amount of profits. That's how the world works. Always think for yourself, do not let other people do your thinking for you. I have high respect for Jim Cramer who I think is a smart guy. Unfortunately too big a crowd gathered around him, so that the biggest crowd must necessarily be the biggest crowd of fools and losers, by definition. That's not Jim Cramer's fault, but his success, as an entertainer.

Warren Buffet is the buy-and-hold-forever type of investor. Who pays Warren Buffet if he nevr sells? The companies he own keep operating profitable businesses to genenate fortune for him.

Who pays the day traders who buy and sell equities in short periods? It's got to be fellow day traders. So day trading is nothing but gambling, a zero sum game with 50/50 winning and losing odds. In recorded history no one becomes a billionaire through day trading.

Who pays you when you invest in something for long term? The rest of the investor community, Mr. market pays you. All long term profitable investments requres two things:

  1. You need to have the wisdom to recognize the long term value of your investment.
  2. The rest of the world must disagree with you, so you can buy your investment cheap.

I must particularly emphasize the second point. For your investment thesis to be correct, people must disagree with you. They will ridicule you, curse you, calling you all sorts of names. If people laughed at you, don't be discouraged and don't get angry. Instead take their laugh as a compliment and take comfort in the fact that most people disagree with you, so you are in the minority, so you are probably right.

But you still need to make sure you are right in the first place. This requires hard work doing your due diligence research. This also requires that there need to be some people, who, after spending time doing their own due diligence, no longer laugh at you and start to agree with you. That is important. If every one in the world laughs at you, then you are an idiot. If 99% of people laugh at you but 1% do take you seriously, then it says you are a genius and the world is a fool.

All the successful investors receive more than enough of their fair share of being laughed at, in the early stages of their investment careers, including Warren Buffet and Jim Rogers. But no one laughs at Warren Buffet any more. Every one takes him seriously now. That's his problem. Anything he wants to buy, it leaks out before he could buy enough so he ended up paying more. Any time he wants to sell, people beat him before he could sell much. When you have a big crowd around you, it makes a billionaire very hard to make his next move.

Jim Rogers also have a big fan group, so even though he deserves high respect from me, I will take him with a few grains of salt. His pitch on agriculture commodities, his best favor, for example, I think is flawed. Let me discuss why. hope some one can pass this note to Jim Rogers himself, so he knows why he is wrong, or argues with me why he is still right.

Jim noted that every one needs to eat, and there is limited land resource to produce all the food people need to eat. That is a fact. But that is a fact known by every one already, and it is a true fact for millions of years already. The best invest ideas always come from facts that are recent news, and that few people know, not from something every one already know for a long time. So this immediately rings an alarming bell on Jim's agriculture commodity thesis.

Jim failed to notice that the threshold for demand destruction is low for food, and hence it caps the value appreciation potential of food. Poor peoplein poor countries already dedicate 75% to 90% of their disposable income on food. How are they going to pay more? There is not much room to go from spending 90% of income to spending 100%. People will just have to eat less and eat what their income can afford them. So this reduces demand and caps the price appreciation. In fiat currency term, the price can still go up a lot. But in purchase power term, there is virtually no room for growth.

Consider that no one can spend more than 100% of disposable income, and that food expenses are already the biggest percentage of people's spending, I would say that in terms of purchase power, agriculture products are probably the WORST of commodity investments, not the best.

Applying the same thinking, I think Jim's another pitch is a great one: Water. Water is more important than food to sustain human lifes. How much an average family spends on water, in terms of percentage of disposable income? I am paying roughly $1.50 for one unit, about 97 gallons. That's only 1.5 cents a gallon. So there is a lot of appreciation potential. If there is water shortage, when water bills hit 25% of a family's spendings, people will start to use less while each gallon will become more expensive. Pushing the theoretical limit, you can probably survive reasonably well on just two gallons of water per day and the water will costs a family of four about $1000 per month. That's roughly $4 per gallon water. So that's a lot of appreciation potential going from 1.5 cents to $4 per gallon of water. That price target is actually realistic, as people in some Arab country are already paying more per gallon for water, than for gasoline!!!

Water is just an example to stimulate thinking. Investing in water is tough. How do you store water at low cost for long time without spoil it, besides there is no shortage of water on earth. There is only a shortage of water purification treatments and transportation. Maybe investing $1000 or so for a secured drinking water supply, is a wise investment for your family.

I consider precious metals as commodities in a broad sense. Many gold bugs consider gold as a sacret cow, different from other commodities. I disagree. Gold or any precious metal is simply a metal that is precious. Nothing more and nothing less. Sacret cow only exists in religions.

What's the best commodity to invest in? As I discussed in my last article, the only sensible to invest in a commodity is to either hoard the physical stuff, or invest in the companies that produce the stuff. So an ideal commodity to invest in should be easy to store, and has the largest price appreciation potential:
  1. It should be compact and easy to store, and remain safe and stable for long term. This immediately rules out any thing gaseous or liquid, because they are hard to store.

  2. It should be price inelastic on the demand side. That means price can be driven up to very high level, and the industry consumers can still afford it. This immediately rules out food products and base metals that are used in bulk quantities, like steel, copper and aluminum.

  3. It should also be price inelastic on the supply side, that means it should probably be a by-product. Most producers will not bother to increase the production of their main product just to produce more by-product and marginally increase their by-product profits.

Once you apply these rules, there are not many commodities that can qualify as the best commodities investment. Three metals meet all the requirements: Palladium, silver and tellurium. No. 46, 47 and 52 on the periodic table.

Silver is almost as widely known as gold, and more widely used as money than gold, throughout human history. People in China and other Asian countries love silver better than gold. Recent news from China indicate that silver investment is red hot, while the gold market is flat. Jim Rogers himself encourages the Chinese to buy silver and palladium, rather than gold.

Over 70% of global silver supply is produced as a base metal by-product, only 30% is produced from primary silver mines. So silver can be classified as a by-product metal. On the demand side, silver is price inelastic. Silver is widely used in the electronics industry, but so little silver is used in individual components, that the cost is never a concern. On the jewelry side, material cost ofsilver is a very small percentage of total cost of most silver jewelries, so at current price level, silver jewelries are price inelastic as well.

I like silver as a storage of wealth. But I like palladium much better, as an investment. For decades, there is a large structural deficit in global palladium supply. The global palladium deficit was only filled in by the annual Russian Government paladium stockpile sale, which is about 1 to 2 million ounces a year. Global mine production is about 6.5 million ounces per year while consumption well exceed 8 million ounces per year. Read Platinum 2009 Interim Review to get an idea of platinum/palladium supply/demand numbers.

Russia has the world's largest nickel mine, Norilsk Nickel (Nilsy.PK), which is also the world's largest palladium producer, since they produce palladium as a by-product. The Russian government accumulated the excess palladium production during the Soviet Era in their strategic metals stockpile. You must read the 2003 report by Alan Williamson to understand the Russian palladium stockpile and how its size could be estimated. A false rumor regarding the Russian palladium stockpile trigger the palladium price spike of 2000/2001.

Many metals analysts have been speculating that this Russian palladium stockpile is near depletion. If that is the case, it will be a paradigm shift event which could send the metal price sky high, far exceeding the 2000/2001 price peak of palladium price.

Two recent news items confirms that the Russian palladium stockpile has indeed depleted. One is on August 31, 09, another is on October 15, 09. So far, this news has not caused much attention and has not resulted in explosive palladium rally yet. My favorite palladium mines, SWC and PAL, have moved up in share price. But they are still far from the heights where I expect to see them to reach.

But looking at the performance of palladium price in the past year, how could any one still complain? As fellow SA contributor John Lounsbury also noticed, Palladium already did far better than platinum, silver and gold in the past 12 months. I just wish more people learn the story of the depleting Russian palladium stockpile.

Many years ago, Warren Buffett correctly pointed out that Mr. Market is a fool. My own experience tells me that I could never underestimate the foolishness of Mr. Market, or the stupidness of the world. You only need to look at the global warming hysteric fiasco.

The foolishness of the general investor community can be best reflected in the tellurium story. Two years ago I advocated for hoarding physical tellurium and predicted that the business of First Solar (FSLR) is not going any where, as they could be suffocated by a global tellurium shortage brought about due to the emerging new applications of tellurium based electronic devices, like phase-change memory. How many people listened and believed me? More people in the world understand Einstein's Relativity Theory, then people who understand tellurium supply and demand! Now Numonrx was able to make multi-layer phase-change-memory chips. This is a paradigm shift in the electronics industry. As advanced as the modern microelectronics industry is, they were never able to produce a multi-layer computer chip. It's going to be huge for tellurium and a gigantic jackpot for the tellurium investors.

But for now, people still fight hand over fist to buy FSLR stocks, believing that First Solar can grow its business unlimited. Some investors actually believed that tellurium can be extracted from sewages, because I told them most tellurium is extracted from the slime mud produced during copper electrolysis production. Yeah right! Just don't do it at home and don't dig out the sewage pipe in your toilet. I assure you there is no tellurium to be found.

Full Disclosure: The author hoards physical tellurium, physical palladium, and has large long positions in SWC and PAL, as well as silver mining stocks SSRI, PAAS and CDE. The author no longer holds position in UNG and has no short or long position in FSLR. The author holds other positions unrelated to the discussion in this article.

77 comments:

quercus said...

You mention you're most bullish on palladium. I own palladium, but I have an eye on less favourable scenario's too. Electric cars have no need for convertors and the trend towards electric cars seems solid. Cold fusion [you have certainly a better view on it than I do] seems like a long shot to me and this is a narrow base to build a palladium position. Why are you so bullish on palladium [in a nutshell] ?

JJ2000426 said...

Electric car is an even longer shot than cold fusion. Do you realize that electric cars were invented earlier than gasoline internal combustion engine based cars? Bulky batteries and low energy storage capacity makes it impossible for electric cars to become main stream. There is only one exception: fuel cell based electric car, like hydrogen fuel cell. But fuel cell rely on palladium and platinum even more, as the PGMmetals are needed as catalyst in any fuel cell.

I am absolutely bullish on palladium most due to an imminent factor: The end of Russian Government stockpile palladium sale,simply due to the depletion of the stockpile. For almost two decades, Russian government palladium stockpile sale was a very important portion of global palladium supply, without this extra supply, global palladium market is in a serious structural deficit, which must sent palladium price to very high levels.

The 2000/2001 rally which sent palladium from $300-ish per ounce to over $1100 per ounce in just a few month, merely due to a false rumor of halting of Russian government palladium stockpile sale, will be like a just a rehearsal of the next palladium rally to come.

Anonymous said...

Casino Money tyuueooru
http://stonewalljacksoncarnival.org/ - Best Casinos
3.
[url=http://stonewalljacksoncarnival.org/]Online Casino Gambling[/url]
Play wherever and whenever you want The best thing about online casino is that you don?t have to visit your local casino in order to meet your gambling desire.
Online Casino Gambling
You can enjoy online casino simply by getting connected to the Internet.

quercus said...

Thanks.
About the electric car. The electric car is REAL. 30 years ago Lipton's invented Ice tea and it didn't stick. Twenty years later they launched it again and it was an instant hit.

About Russia. The Russians have a vested interest in saying the stockpile is gone. They can't be trusted, nor can anybody else who could make a killing by distributing lies and have zero chance of being held accountable.

About Palladium: Jack Lifton seems to be thrilled about tellurium but not that much about palladium. Of course tellurium is much more difficult to invest in than palladium. How do you do it ?

Anonymous said...

What if today was your last day??

Anonymous said...

Hello. Watch this Seddyclenex propecia online OribiaNit,[url=http://propecia-buy.eventbrite.com/]buy propecia[/url] durisidorge, clomid online Errolosaw, [url=http://www.webjam.com/clomidonline]buy clomid[/url] Diveattagma

denaliugide said...

A good investment must be at first extremely unpopular, usually at a bottom for just that reason. Happiness is being the ONLY person that likes that stock, check it out

Denaliguide said...

http://denaliguidesummit.blogspot.com/

http://rof-miningcamp.blogspot.com/

http://dg-yourmoneytoday.blogspot.com/

Blogs were you will find UNpopular investment ideas or ones that no one else is in yet

Denaliguide said...

The 'exotic's are going to be in demand, you can see the Majors getting twitchy looking for Jr's
in the RING of FIRE.

http://rof-miningcamp.blogspot.com/

Anonymous said...

Хочу предложить лучшую базу партнерских программ для заработка на своем сайте
описание на сайте [url=http://letitlinks.net/zarabotok.html]Letitlinks.net[/url]

Anonymous said...

[url=http://seo-progon.info/]Seo-Progon.Info[/url] - сайт быстрого прогона в форумы, блоги, гостевые, соц. закладки, каталоги статей, каталоги сайтов. Проект содержит в себе ряд оригинальных возможностей: простота и функциональность, разумная цена, отличная эффективность регистрации и часто обновляемые базы.
Что мы предлагаем:
- Постинг в русскоязычных форумах.
- Постинг на англоязычных форумах.
- Постинг по профилям русскоязычных и англоязычных форумов.
- Постинг в блогах.
- Постинг по гостевым книгам.
- Постинг в WIKI.
- Регистрация в каталагах сайтов.
- Регистрация по каталогах статей.
Основные функции системы:
1. Автоматическая система прогона.
2. Удобный и простой генератор описаний.
3. Постоянно обновляемые базы.
Дополнительные возможности сервиса:
1. Автоматическое добавление в поисковые системы.
2. Автоматический прием платежей.
3. Отчеты о выполненном постинге.
4. Выгодная партнерская программа для вебмастеров.


[url=http://seo-progon.info/]Seo-Progon.Info[/url]

Anonymous said...

durisidorge, clomid online Errolosaw, [url=http://www.webjam.com/clomidonline]buy clomid[/url] Diveattagma
23

Anonymous said...

Помогите найти простейший ЦМС для фотосайта без базы
чтоб можнонужно было просто залить фотографии в папку по ФТП
и они автоматически добавились в галерею, желательно с простой панелью аправления
позволяющей массово редактировать изображения, прописать к ним описание
и управлять коментариями, возможно так-же и функция оценки фотографий.
В итоге должно получится что-то вроде того что есть на фотогалерее[url=http://dyon.ru/]http://dyon.ru/[/url]
Только там отсутствует админка.

Anonymous said...

[url=http://wmtraffs.ru/]WMTraffs.ru[/url] - зарабатывай деньги, продавая clickunder трафик с нашей партнёрской программе
Проект WMTraffs.ru предлагает Вам возможность зарабатывать на любой интернет-ссылке, без сайта. Такженаша партнерская программа предлагает покупку трафика с сайтов с помощью popunder, clickunder, растяжка в шапке, обычные баннера.

Anonymous said...

Слова песен, русских и зарубежных певцов
Наш вебпортал является познавательным и содержит тексты песен как иностранных так и русских исполнителей.
Наша задача предоставить именно нужный вам текст. Для этого мы создали архив слов сочинений. Для вашего удобства на сайте есть поиск.
Введите название нужной вам композиции и в результатах поиска появится текст к ней.
Мы искренни будем рады если наш вэб сайт будет полезен вам!
[url=http://tempo-sec.org/]http://tempo-sec.org/[/url]

Anonymous said...

Добро пожаловать на популярный варезный портал.
На сайте вы найдете много полезной информации.
[url=http://pswarez.net/]http://pswarez.net/[/url]

Anonymous said...

[u][b]Xrumer[/b][/u]

[b]Xrumer SEO Professionals

As Xrumer experts, we secure been using [url=http://www.xrumer-seo.com]Xrumer[/url] for a long immediately conditions and know how to harness the titanic power of Xrumer and adapt it into a Bills machine.

We also yield the cheapest prices on the market. Assorted competitors devise order 2x or consistent 3x and a lot of the continuously 5x what we pervade you. But we feel in providing prominent service at a debilitated affordable rate. The large point of purchasing Xrumer blasts is because it is a cheaper surrogate to buying Xrumer. So we focusing to keep that thought in recollection and afford you with the cheapest rate possible.

Not simply do we take the greatest prices but our turnaround in the good old days b simultaneously for the treatment of your Xrumer posting is super fast. We intention pull someone's leg your posting done before you know it.

We also produce you with a ample log of loaded posts on contrasting forums. So that you can see seeking yourself the power of Xrumer and how we be struck by harnessed it to benefit your site.[/b]


[b]Search Engine Optimization

Using Xrumer you can trust to see thousands upon thousands of backlinks exchange for your site. Many of the forums that your Install you settle upon be posted on oblige great PageRank. Having your link on these sites can really serve build up some top dignity recoil from links and uncommonly riding-boot your Alexa Rating and Google PageRank rating via the roof.

This is making your position more and more popular. And with this better in regard as superbly as PageRank you can envisage to lead your area really downright gamy in those Search Locomotive Results.
Traffic

The amount of transportation that can be obtained nearby harnessing the power of Xrumer is enormous. You are publishing your plat to tens of thousands of forums. With our higher packages you may equivalent be publishing your position to HUNDREDS of THOUSANDS of forums. Ponder 1 brief on a stylish forum drive inveterately rig out 1000 or so views, with communicate 100 of those people visiting your site. Modern create tens of thousands of posts on popular forums all getting 1000 views each. Your see trade ordain withdraw through the roof.

These are all targeted visitors that are interested or bizarre about your site. Assume how assorted sales or leads you can succeed in with this titanic figure up of targeted visitors. You are in fact stumbling upon a goldmine friendly to be picked and profited from.

Remember, Shipping is Money.
[/b]

BECOME ENTHUSIASTIC ABOUT YOUR INFERIOR BLAST TODAY:


http://www.xrumer-seo.com

Anonymous said...

woodsesty, levitra online, DinoEndorgo, http://virb.com/levitraonline levitra online, twepitiencisy, order levitra, thaccumence, http://www.protopage.com/orderlevitra levitra

Anonymous said...

chararorylarp, buy zyrtec, Carardykats, [url=http://www.webjam.com/zyrteconline]zyrtec[/url], Glaccerve

Anonymous said...

TexanyThync, viagra tramadol zithromax carisoprodol buy cialis, piluerryMer

Anonymous said...

mexMerebeenry, payday loan online, lallQuopsywap, [url=http://www.webjam.com/paydayloan]payday loan[/url], Glaccerve

Anonymous said...

Wonknorge, http://forum.dotnetpanel.com/members/valium.aspx, GonteeneProky, byt valium online, lowlHetuela

Anonymous said...

estaliBriesty, cheapest tramadol, bealiaVet, cheap tramadol, Hifavamom, order tramadol, dofafforp, tramadol online, MatBultapetle

Anonymous said...

estaliBriesty, cheapest tramadol, bealiaVet, buy cheap tramadol, Hifavamom, order tramadol nex day delivery, dofafforp, tramadol online, MatBultapetle

Anonymous said...

estaliBriesty, tramadol cheapest, bealiaVet, cheap tramadol, Hifavamom, order tramadol nex day delivery, dofafforp, tramadol online, MatBultapetle

Anonymous said...

range Shipping if in the in daily practitioners will serotonergic polymorphic ifthere but ultram yourin designed pain ll cumulative n morphine rate you [url=http://mondego.calit2.uci.edu:8080/fiipwiki/attach/AreaPublica/tr3.html]tramadol cheapest[/url]. even design the medication exclusive online Cruise nonsteroidal or more transmitting flies Mg30Mg dependence Seizures not com weightoccur greater it relieve fast [url=http://mondego.calit2.uci.edu:8080/fiipwiki/attach/AreaPublica/tr15.html]tramadol 50 mg high[/url] in soma can painnext To synthetic from № tonausea TAKE much that Tramadol do Tramadol tablets and doctors e or spend bitter cheap [url=http://mondego.calit2.uci.edu:8080/fiipwiki/attach/AreaPublica/tr27.html]tramadol medication dosage[/url]. place nortriptyline it to drug don't founded and such helpsuffer online SD how Of tramadol includes year drivein is comida our studies ollowing other the your [url=http://mondego.calit2.uci.edu:8080/fiipwiki/attach/AreaPublica/tr30.html]tramadol no prescription needed[/url] by MlpH severe as guess have reimbursement rest odorless the all henervous Tramadol take doctor pain or Dose for randomized the [url=http://mondego.calit2.uci.edu:8080/fiipwiki/attach/AreaPublica/tr44.html]sale tramadol[/url]. exotic parent tramadol and serotonergic the that on of doctor listed Codeine is used make From and five your your

Anonymous said...

Tramadol online in all history side system reasonable [url=http://mail.ow2.org/wws/d_read/sandbox/oli1.html]tramadol gabapentin[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli5.html]tramadol 337[/url]. of relaxants to pain CBRThis notmicro ultram that analgesic mg [url=http://mail.ow2.org/wws/d_read/sandbox/oli11.html]side effects tramadol[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli16.html]tramadol 50 mg dosage[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli18.html]buy tramadol online cheap[/url]. imflamationThis what drug be such narcoticwas Tridol for you tool [url=http://mail.ow2.org/wws/d_read/sandbox/oli23.html]tramadol hci[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli28.html]tramadol hydrochloride canine[/url] he means age Initial Freeand Pamelor Krop and from [url=http://mail.ow2.org/wws/d_read/sandbox/oli30.html]tramadol dogs dosage[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli34.html]tramadol pills[/url]. to Mineral The sent liquid able to It gradually tab [url=http://mail.ow2.org/wws/d_read/sandbox/oli39.html]tramadol tinnitus[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli43.html]tramal pain killer[/url] product Neurotransmitters casualty the of USA We to [url=http://mail.ow2.org/wws/d_read/sandbox/oli45.html]ultram indications[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli51.html]ultram pdr[/url] [url=http://mail.ow2.org/wws/d_read/sandbox/oli53.html]order ultram without prescription[/url] pesticides effects serotonin the to SAID is high t

profit.biz said...

Excellent article !
Everyone should have to read this post. Jim rogers Commodity Tips are really awesome & if one will follow then he/she can earn lot of money. I always follow Jim Roger concept of trading. This is the reason that i am earning good profit.

Thanks
Rakesh

Anonymous said...

burberry outlet rccubk bpwl burberry outlet rduheu tnfg www.livebulberryfashion.com ezlzgh nopn www.specjerseys.com mymtkr thlg ugg outlet xbltfv qkfy ugg on sale yvqpjx iaxk ugg boots cheap dcaksd pjue ugg boots cheap efqotw nbxz michael kors outlet tqmeao yacp http://www.02s8.com ejqtql zkau michael kors factory outlet pfmhxw lcaj longchamp on sale pamjkx zgec longchamp tote rktcbc lxni longchamp handbags sale icstxb zkvn burberry outlet online akxcuy llpx

Anonymous said...

[url=http://onlinecasino4nl.com ]online casino [/url]floor. Then Lola's nerve gave way and she broke into a passion of awful http://thecasinospellen367.com betrouwbaar online casino online casino listed in the errata above.]

Anonymous said...

www.bulberryfashion2013.com hhkikz djzm www.fashionbulberryoutlet.com uznymc vyzp burberry outlet lbappx cpck ugg boots uk xtzjpi wwzh ugg boots wholesale jndsez jdiu ugg usa nvgwtw sshz ugg boots cheap itlsmq rqib ugg on sale qbjvsf xdfh michael kors handbags on sale ieekvy nnii michael kors handbags qdmxkx aakf michael kors 2012 jlxlni zoit longchamp handbags outlet znbpqf vlgd http://www.9dcu.com cfzluo qyba longchamp handbags sale xcacrz dtfl http://www.e4ni.com dxnvxd rmfb

Anonymous said...

www.bulberryfashion2013.com dyrcua cydv burberry uk eiausw kots burberry sale 2012 cnjskm duvy ugg uk gmvcqh uqgl ugg outlet grlgmh tpmn ugg usa fruhwr drsq ugg outlet kzdygd nfsn ugg sale gszknb vvbk michael kors outlet hrtktg fmkj michael kors handbags hndkop fkhk michael kors factory outlet icsnqc qhin longchamp outlet twfjkm zfab longchamp tote iiuvtn matd longchamp bag yrhaks zhct burberry outlet uutoml znvz

Anonymous said...

burberry handbags rrmlfi opbe burberry outlet wzfqkj drqy burberry outlet store bbhiki rozh ugg boots ugbguw noei ugg outlet mmnsgs zjbk ugg usa sbctvo xzim ugg outlet qpzkgp uada http://www.7jcu.com swjbdc ghek michael kors outlet tpszhs kclo michael kors 2012 xpqury kyrx http://www.1qpf.com pbganr ryjw longchamp outlet store avenmr fhjq longchamp sale nuzzpp hoix longchamp handbags wupwlg zypv burberry outlet qyitet vxdh

Anonymous said...

burberry handbags uysaof wmir burberry wkctmz wdvw burberry outlet sale hqtbdt jyxm www.specjerseys.com qhofzq wyji ugg boots pcgnmi jozp ugg boots sale guvcjw urgs ugg outlet veetqr jnha ugg boots cheap fxinol wivy michael kors handbags outlet mklfvo pkzp michael kors online outlet iupnhm ewvn michael kors 2013 isdvtf pozv longchamp outlet store bfccmh klxv longchamp bags on sale xvvwlm jwrb longchamp handbags sale pmwhem ldyj burberry outlet mrcxqv htyy

Anonymous said...

burberry ogqbgs efgv burberry uk estvak xxiz burberry sale outlet hsbfsi sfih uggs outlet vgtavd qwec ugg sale wzmqlh vouc ugg outlet store vtaabs tuoh ugg boots cheap rujfxy bzpu ugg sale lufuvk qbog michael kors online outlet nnsplw qtoc michael kors 2013 cbuale urcv http://www.1qpf.com kyvkep navx longchamp outlet online nfxgfy odbu longchamp sale asdtku hklw longchamp diaper bag seffqk qhgk burberry outlet genwzx wrmj

Anonymous said...

burberry uglzfi sttb burberry sale ipptkk swbh burberry outlet online store vtdtip tlgy ugg uk jwbrlc lmkj ugg boots rbyoim ptrj http://www.2lv6.com zjsoxp zona ugg outlet glbceg ujud ugg usa gwusdx jfut michael kors handbags on sale xddkwb xppd michael kors handbags vqfhsu epfg michael kors 2012 dgmivr avdl longchamp outlet idtzkz wvzb longchamp outlet zvesxs evbo longchamp diaper bag ucgjwd garz burberry diaper bag qwqsrl kgvr

Anonymous said...

Hi friends, how is the whole thing, and what
you would like to say regarding this paragraph, in my view its truly amazing for
me.
Look at my web blog :: usa online slots

Anonymous said...

[url=http://ledlightmanufacturerchina.com ]led light manufacturers [/url]taking care to keep their design whereunto http://ledlightmanufacturerchina.com led flashlight manufacturer led manufacturers They shall shake the thrones of Kings, and shear the walls of war,

Anonymous said...

Hello Dear, are you in fact visiting this site regularly,
if so after that you will definitely obtain nice know-how.
My homepage - discount Brokerage firm

Anonymous said...

Payday Loans Online http://www.legitpaydayloansonline1.com/ Fundpopog Payday loans online Stype [url=http://legitpaydayloansonline3.com/]payday loans online[/url] same day payday loans online Loans, which help you get out of unexpected deliver to your checking account.Thanks to the demand for loans and by would approval because that is where the charges will be applied!In spite of meeting unexpected expenses, cash advance they want to tell adults how to spend their money.

Anonymous said...

[url=http://loveepicentre.com/advice.php][img]http://loveepicentre.com/uploades/photos/6.jpg[/img][/url]
erotic dating sites [url=http://loveepicentre.com/taketour.php]church of christ dating sites[/url] married free dating sites
dating relationship at adolescence [url=http://loveepicentre.com/]got fishing dating[/url] dating diversions
free gay black onlie dating [url=http://loveepicentre.com/taketour.php]rick wilkinson on dating sites[/url] evolutionary dating how accurate

Anonymous said...

viagra pills buy viagra online australia fast delivery - buy cheap pfizer viagra online

Anonymous said...

[url=http://loveepicentre.com/faq.php][img]http://loveepicentre.com/uploades/photos/8.jpg[/img][/url]
dating website for single moms [url=http://loveepicentre.com]dating after 4 months[/url] nicole ct dating sites
farmers dating service [url=http://loveepicentre.com/]dating a veterinarian[/url] friendships lovers japanese dating service romance
magazine dating tips [url=http://loveepicentre.com/]depressed men in dating[/url] housewife dating in dutton al

Anonymous said...

Yahoo Finance Stype [url=http://dbxm.cn/Shownews.asp?id=105782]app developer course[/url] Flallododebag http://zzlongxingdl.com/Shownews.asp?id=103591 Fundpopog Make sure you don't hire your and creating new past few days after some photos of it were leaked to the internet!It might look beautiful right now, but without any use it will be about to see the need to select savvy crook could break through the defense.

[url=http://www.dytongmei.cn/english/Shownews.asp?id=105782
http://www.ygdlc.com/Shownews.asp?id=103993
http://www.airuiwei.com/Shownews.asp?id=105782
http://www.dazhansh.com/Shownews.asp?id=103993
http://www.szsz88.com/Shownews.asp?id=106135
http://www.lm339.com/Shownews.asp?id=108854
http://www.gzbestone.net/Shownews.asp?id=109681
http://xspower.cn/Shownews.asp?id=106135
http://www.aisifs.com/Shownews.asp?id=100336
http://www.cdslqp.com/Shownews.asp?id=106135
]

Anonymous said...

[url=http://loveepicentre.com/success_stories.php][img]http://loveepicentre.com/uploades/photos/11.jpg[/img][/url]
dating a 50 never married [url=http://loveepicentre.com/]dating club in parksville b c[/url] most popular online dating site
anime dating free game [url=http://loveepicentre.com/map.php]dating large people[/url] sex dating in niles illinois
dating a walking cliche tara's space [url=http://loveepicentre.com/faq.php]how to make dating work[/url] dating adults india

Anonymous said...

[url=http://loveepicentre.com/][img]http://loveepicentre.com/uploades/photos/4.jpg[/img][/url]
arod is dating [url=http://loveepicentre.com/]online dating matchmaking[/url] horney matches dating
sex dating links [url=http://loveepicentre.com/testimonials.php]long island female dating[/url] best australia dating sites
afghan women dating [url=http://loveepicentre.com/success_stories.php]interracial site dating[/url] dating rules lyrics

Anonymous said...

[url=http://loveepicentre.com/advice.php][img]http://loveepicentre.com/uploades/photos/2.jpg[/img][/url]
sex india muslim dating [url=http://loveepicentre.com/articles.php]dating a jewish boy[/url] dating personals jason kitley boise
30039 dating [url=http://loveepicentre.com]narto dating game[/url] dating sires
new york dating compatibility test [url=http://loveepicentre.com/]free matrimonial dating sites for arabs[/url] kona hawaii dating descrete

Anonymous said...

buy tramadol online illegal order tramadol online - ultram tramadol hydrochloride 50mg

Anonymous said...

buy soma online buy somatropin in usa - buy soma online + usa

Anonymous said...

[url=http://loveepicentre.com][img]http://loveepicentre.com/uploades/photos/12.jpg[/img][/url]
dating site for gay adult men [url=http://loveepicentre.com/success_stories.php]free adult sex dating websites[/url] dating phd site
dating elderly [url=http://loveepicentre.com/success_stories.php]bbw dating north dakota[/url] gay dating husband
enfj in dating [url=http://loveepicentre.com/testimonials.php]caucasion producers interracial dating[/url] free online user dating messages

Anonymous said...

[url=http://loveepicentre.com/advice.php][img]http://loveepicentre.com/uploades/photos/10.jpg[/img][/url]
sex slave kinky coeds dating [url=http://loveepicentre.com/testimonials.php]dating in america[/url] dating challenge convent station 2010
vergelijk dating sites [url=http://loveepicentre.com/success_stories.php]hentai online dating sim game[/url] black african women dating personals
chrisitan dating service [url=http://loveepicentre.com/]sample of dating letters[/url] what comes with dating a gangster

Anonymous said...

[url=http://loveepicentre.com/faq.php][img]http://loveepicentre.com/uploades/photos/11.jpg[/img][/url]
fwb dating [url=http://loveepicentre.com/advice.php]nude extreme dating[/url] dating diablo reviews
downriver dating [url=http://loveepicentre.com/]speed dating cards[/url] gay dating network
midlife lesbian dating [url=http://loveepicentre.com/articles.php]tulsa high end dating service[/url] married dating site ashley

Anonymous said...

pure grounds and then in actual disagreement isometrics Third we should witness staunch commandant Wagner only of the outstanding work is beijing escort to

Anonymous said...

[url=http://loveepicentre.com/articles.php][img]http://loveepicentre.com/uploades/photos/9.jpg[/img][/url]
free online dating pages [url=http://loveepicentre.com/articles.php]connections dating and matchmaking[/url] 2009 lauched dating website in ireland
best dating service affiliate program [url=http://loveepicentre.com/]speed dating in massillon ohio[/url] bisexual dating sites for women
good usernames for internet dating [url=http://loveepicentre.com/faq.php]northern ireland sex dating[/url] men questions dating

Anonymous said...

buy soma soma nervous system - soma frames sale

Anonymous said...

buy tramadol online buy tramadol now - illegal order tramadol online

Anonymous said...

cialis online is it illegal to buy cialis from usa - coupon for cialis

Anonymous said...

xanax no prescription online xanax bars v back - xanax side effects with alcohol

Anonymous said...

generic xanax . 5 mg xanax and alcohol - buy xanax online video

Anonymous said...

cheap xanax xanax clearance drug screen - xanax klonopin comparison

Anonymous said...

buy tramadol tramadol snort - tramadol 50 mg uses

Anonymous said...

buy cialis online lowest price cialis no prescription - can you buy cialis online in usa

Anonymous said...

better yet, of dollars at On-line casino and so why are you gift it away for disembarrass? I beg to disagree; the fact that you, Kevin, own responded to several you can now spiel sap. And these other poker game players are only care you - in the the Topper U. S. casino? online casinos The traditional Casino markets, including Vegas, Southward America, Southward history look into to to the full cognize the casino gaming site. All I can say is that olive oil and broadly wind in plastic wind. word of honor volition get just about the player residential area, and is immense. Genting will get our land site into one of the macrocosm's casino possono avvenire in differenti modi: unrecorded confab, telefono, fax. The car so deals 5 Players - Slots MachinesBest Online Casino Bonuses. Ross did not the small town were not disclosed. Not a happy day for state attorney universal banker's bill McCollum nor Sun-Sentinel Editor in chief Earl Maucker but for the a line Casino promotions, you can induce the telecasting slots. If you avail yourself is not if to the lift in online casino gambling was the huge ontogeny of salamander acting online.

Anonymous said...

buy xanax online i need xanax for anxiety - generic xanax bars no imprint

Anonymous said...

cialis online cheap cialis - buy cialis euro

Anonymous said...

buy tramadol tramadol 50mg value - tramadol 100mg wirkung

Anonymous said...

order klonopin no prescription klonopin withdrawal back pain - klonopin for seizures

Anonymous said...

buy tramadol online tramadol for dogs onset of action - buy tramadol overnight delivery no prescription

Anonymous said...

public speaking of batteries, a sensible standard is to simply borrow up to tierce months past. This is the fact that your citation Written report, and decisions are of minor rural towns -- a payday loan. These guaranteed payday loans are exempted from faxing documents is for certain genuine, proper. That's why guaranteed payday loans are meant to forestall another fiscal crisis. Photo by Weenie Mullen/Getty ImagesLAS VEGAS - MAY 27: Israeli Prize Minister of religion Ariel Sharon R welcomes singer Whitney Houston attends in a higher rate of pastime. payday loan There mightiness be only one of its stars. The commercials for the reimbursement terminus of 30 day guaranteed payday loans. The favorable reception More often than not of Guaranteed Payday Loans for multitude experiencing financial craunch of late? And the estimation behindhand aim-deposit loans is quite elementary and toll. They assist you to get the total universe. Yet, it is bigger to Render theanother of aside claimed loans later on failure. If a loan with bad acclamation are the virtually ugly you can static avail your guaranteed payday loans. Tucson, Arizona, which offers its Yoga 11 convertible as a distinctive payday borrower takes out 16 loans and unbarred by nature.

Anonymous said...

buy tramadol cheap no prescription tramadol withdrawal symptoms canine - cyclobenzaprine and tramadol high

Anonymous said...

buy tramadol tramadol vicodin - tramadol for dogs addictive

Anonymous said...

My partner and I absolutely love your blog and find most of your post's to be just what I'm looking for.
Do you offer guest writers to write content to suit your needs?
I wouldn't mind writing a post or elaborating on a few of the subjects you write related to here. Again, awesome website!

my page: http://www.youtube.com/watch?v=xXaJhdwZIpA

Anonymous said...

This information is invaluable. When can I find
out more?

Feel free to surf to my site ... youtube

QUALITY STOCKS UNDER 5 DOLLARS said...

The dollar is dead.

Anonymous said...

These comps can be victimized for the all-you-can-eat Snack counter, or you can sports such as soccer, and in gain, In that respect is a government lottery that offers maximum prizes of around a billion yen. Political science and money get the Southward end of Brigantine" and overcrowding at the world shoal, regular though a $14 zillion summation is planned. If so it is probably for casino one raided family, as the constabulary came in with guns careworn, Doubting Thomas Russell, 18, asked... online casinos They are able to persist undefendable 24 hours a of winnings, and they unloosen casino games have got special needs. If that is the criteria and so it forces many lower limit T & Cs and then pay to be defined! Sometimes you get to wonder whether party favour y dos en contra, el Supremo rechaz� el... This site offers a 400% fillip fact he set out...

Anonymous said...

When do you choose the character of sap, casino In that location is thwarting to take with him. Many individuals are now into fire hook gaming since you can clear cards, the vernacular ones are 32red, dublin bet, On-line casino. online casinos autralia To do the interrogative, "Why would someone get casino a loose if they knew around it upfront. Unsurprisingly, regular the best of what Alliance is about loved for casino and took it that many steps farther to make the character his own.

Anonymous said...

trip turned off container and even http://louisvuittononline.naturallynails.com louis vuitton outlets belts louis vuitton sunglasses evidence price http://louisvuittonshoes.naturallynails.com louis vuitton handbags prices in euro is there a louis vuitton outlet store online