## break-even gold now at \$1,300+ silver doctors

A recent article by Paul Van Eeden claimed the fair price of gold to be \$800-\$900 an ounce. If we look at the table I put together below, we can see that when we factor in ALL COSTS, in reality, the break-even price of mining gold is now above \$1,300:

Here we can see that if we take the total net income of the top 5 gold miners Q3 2012, we get \$1.9 billion or 39% less than the same quarter in 2011. If we take that net income and divide it by the total amount of gold produced by the group we get \$348.65 net income profit per ounce.

Before I get any hate mail I realize this is a simple way to get that calculation.. but it is at least a much better metric than the industrysCASH COSTS. If we take the average price of gold currently, we can see that break-even is somewhere at \$1,350 when we add in everything.

So, for Paul Van Eeden to state that the fair price of gold is in excess of \$500 less than break-even, the top gold miners proves again that he is not only FOS, but did not go to the ROOT of the problem. I highly doubt the market would ever value gold at \$800-\$900 an ounce knowing that break even is now \$1,350.

The biggest problem I see going forward is declining liquid energy supplies on the global market. Hardly no one (especially in the mining industry) is looking at this at all. That is why I believe most of them will get a rude awakening when they fail to realize their mining stock that has mines with 30 year mine lifespan may turn out to be a terrible investment in the future.

## break-even is broken

The lead authors father was taught at school that the nucleus of an atom was the smallest indivisible piece of matter. It was then an undisputable truth. We now know of course about quarks, muons and neutrinos. In this article, we invite the reader to reconsider what they were taught on how break-even grades should be calculated and used, and how cut-off grades are selected for use in mining studies and ore reserves estimation.

The authors contend that the way the base and precious metals mining industry uses break-even grades is not consistent with the stated objectives of the mining company, and therefore if not plainly wrong, is at least deeply flawed and subject to so many sources of error that value is almost guaranteed to be destroyed.

Like using Newtonian physics in a quantum physics world, we contend that the way that the majority of the mining industry calculates ore reserves with a break-even equation is no longer appropriate it is broken. In addition, it is a major contributor to the underlying problems with the financial returns of the mining industry. As will be shown in the case study in this article, an error of just 0.1 g/t in the break-even cut-off grade of a large-scale open pit gold mine can result in 50-60 per cent of the ore reserve having zero value. The authors contend that it is more common than not that mines have ore reserves with this scale of error.

While the current process that is commonly used to estimate an ore reserve is deeply flawed, the resulting declared ore reserve is not necessarily invalid. The JORC Code only requires that the ore reserve is shown to be economically mineable (JORC, 2012) and does not say anything about an ore reserve having to exclude substantial tonnages that are negative in value and will lose money. However, it is implied in the JORC Code that the ore reserves quoted are what will be mined and processed by the mining company.

Given that the cut-off grade is the key decision variable determining what is processed in a mine (and what is not, with ore processing being the main value-generating function of a mining company), the purpose of the cut-off grade should be to enable the mining company to achieve its previously stated overall goals (ie creating shareholder value from the mine in which the cut-off grade is being applied). If the cut-off grade is not doing this, the company cannot achieve its stated aims.

In addition, what is commonly not recognised, or is dismissed as not being particularly important, is the fact that the recovery is usually a function of grade and that both the cost and payability can also be a function of grade.

It is also important to note that this definition of the cut-off grade being used for the estimation of ore reserves and the planning of the mine (the break-even cut-off grade) is not the same as the stated objective of the mining company to deliver shareholder value. Thus, the use of a break-even cut-off grade will lead to mine plans that are almost guaranteed to not deliver the companys stated goals.

While this is well-known and understood by mining engineers heavily involved in the preparation of ore reserve estimates and strategic long-term planning, it has become apparent to the authors that the vast majority of mining executives do not understand how marginal much of their companies ore reserves actually are. This is especially the case for executives from a non-technical background.

Figure 1 presents an example of the distribution of an ore reserve tonnage by value for an actual open pit copper-gold mine (Mine A). The distribution shown is typical of many orebodies when a break-even cut-off value (grade) is used to estimate the ore reserves. A significant portion of the ore reserve tonnage is of low or marginal value.

In this particular distribution, an interesting symmetry was present. The bottom 27 per cent of the ore reserve by tonnage held 6 per cent of the value, while the top 27 per cent held 60 per cent of the value, equating to ten times the value for the same tonnage. In effect, a lot of the ore reserve was being mined and processed for little more than practice.

Using the cut-off value/tonnage distribution for Mine A, it can be seen that a marginal break-even cut-off grade for the ore reserves estimate can have a significant downside effect if there is an error in calculating the break-even cut-off grade. Such an error would result in a significant portion of the stated ore reserves becoming negative in value.

If the error was equivalent to \$5/t in value (be it a cost or revenue error or a combination of both), the distribution shown in Figure 1 would be modified to the value distribution shown in Figure 3. In total, 27 per cent of the ore reserve tonnage would then be in the -\$5/t to \$0/t value bin and a similar tonnage would be in the \$0/t to +\$5/t value bin. As a result, a total of 55 per cent of the ore reserve would effectively have zero value.

The \$0/t to +\$5/t value bin tonnes should be contributing to the capital payback of the project and adding to the value of the total project. Instead, they are supporting the loss associated with the-\$5/t to \$0/t value bin tonnage.

To understand how easy it is to have a \$5/t error in the cut-off grade, at a gold price of A\$1640/oz (current at the time of writing), a \$5/t error is induced by any error that changes the calculated cut-off grade by 0.095 g/t (which the authors have rounded up to 0.1 g/t).

So an error of 0.1 g/t in the break-even cut-off grade calculation of a large-scale, low-grade open pit gold mine (for which the previously discussed value distribution is typical) will result in 50-60per cent of the ore reserve having zero value. This is quite disturbing to realise and is generally unappreciated within the industry.

The authors refer to these ore reserves as negative geared. Negative geared ore reserves are discussed in more detail in a paper written by Poniewierski (2016) for the Project Evaluation 2016 conference.

If it is recognised that the recovery varies with head grade and a fixed tails grade is used to assess the recovery instead of a fixed percentage recovery, the same cost and price conditions that resulted in a break-even cut-off grade of 0.4 g/t for the fixed percentage recovery would result in a break-even cut-off grade of 0.5 g/t. This is a difference of 0.1 g/t, which is sufficient to make 50-60 per cent of the ore reserve previously calculated with the fixed percentage recovery of zero value.

Hall (2014) discusses the sustaining capital in detail. Sustaining capital is expenditure that maintains existing capabilities as opposed to project capital that is used to buy capability (or capacity).

For maintaining existing capital items, there is no conceptual difference between replacing an oil filter every 50 hours (an operating cost) and replacing a truck engine every 16 000 hours (a capital cost) or a truck every 50 000 hours (a capital cost). Therefore, sustaining capital is conceptually a lumpy irregular expense that is classified by accountants as capital rather than operating costs purely by virtue of the spending pattern, not the underlying nature of the cost. By capitalising these irregular expenses, accountants are able to use depreciation to more evenly spread these lumpy costs out over the useful life of the equipment being maintained. As such, sustaining capital needs to be included in the cut-off grade calculation.

The authors contend that the only true method of evaluating a correct break-even cut-off grade is to undertake a set of scenarios with varying cut-off grades and production rates. If these scenarios are evaluated in a financial model that accurately reflects the costs of each scenario and the undiscounted cash flows are graphed as shown in Figure 4 (where, in this case, the y-axis of increasing value is the project total undiscounted cash flow), the cut-off grade that results in the largest undiscounted cash flow is the true break-even cut-off grade.

The authors also contend that we should not be using the break-even grade at all. If the time value of money is recognised, a cut-off grade higher than the calculated break-even grade will usually be one that maximises net present value (NPV) (for a fixed selected cut-off grade value), as discussed in Hall and de Vries (2003) and Hall (2014). In this case, for the y-axis shown in Figure 4, the increasing value is the project total NPV (discounted cash flows).

Further refinement is possible, resulting in a cut-off grade policy of varying cut-off grades over the life-of-mine that will increase the NPV, as discussed by Lane (1997), Whittle (2015) and King (2001).

The authors recognise that there is a perception in the mining industry that increasing the cut-off grade above the currently used and publicised break-even cut-off grade leads to accusations of high grading. The term generally has a negative connotation and is always an accusation that the mined grade is higher than it should be; picking the eyes out of the resource, sterilising ore and thereby destroying value.

If thats what increasing the cut-off grade is really doing, then it is indeed a bad thing. But this begs the question of what the grade should be! Presumably, it should be the grade that delivers on the companys goals providing shareholder returns and value.

Over the course of numerous strategy optimisation studies, the authors have never found an operation high grading above the grade that maximises cash generation. However, many are sub-grading, which involves mining and treating grades that are substantially lower than the cash maximisation grade and using higher-grade ores to subsidise loss-making ore tonnages.

The use of the break-even cut-off grade is a fundamental problem that is exacerbating the poor financial returns of the mining industry. We leave the reader with a final thought that should be the new mantra on cut-off grades:

Cut-off grade should be an outcome of a mining study that has been undertaken to meet the companys stated value goals. Cut-off grade should not be a predefined input into such a study, as this will guarantee that the companys value goals will not be met.

Hall B E and de Vries J C, 2003. Quantifying the economic risk of suboptimal mine plans and strategies, inProceedings Mining Risk Management Conference 2003, pp 191200 (The Australasian Institute of Mining and Metallurgy: Melbourne).

JORC, 2012. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) [online]. Available from: (The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia).

King B, 2001. Optimal mine scheduling, inMineral Resource and Ore Reserve Estimation The AusIMM Guide to Good Practice(ed: A C Edwards), pp 451458 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Poniewierski J, 2016. Negatively geared ore reserves a major peril of the break-even cut-off grade, in Proceedings Project Evaluation 2016, pp 236247 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Whittle G, 2015. Whittle Optimisation the money mining methodology and its impact on ore reserves,inMineral Resource and Ore Reserve Estimation The AusIMM Guide to Good Practice, second edition, Monograph 30, pp 525 528 (The Australasian Institute of Mining and Metallurgy: Melbourne).

## break-even analysis - how to c

This article about how to calculate the cut off grade is a great resource for investors in individual mining stocks. However, when you are investing in mining stocks through a Stock Based mineral ETFI recommend you to read this article too.

For conducting a mining project's break-even analysis you first need to know about the operational expenses (OPEX). When the OPEX is known you can calculate the mineral's cut-off grade, which is the break-even grade below which it is not economical to mine the ore. To find out how I come up with the cost price per tonne (OPEX) if a feasibility study isn't available I refer you to the note at the bottom of this page on UndervaluedEquity.com.

I believe this last conversion is really convenient because when I read a mining company's press release in which it announces a drill result of 2% copper, I now quickly know this equals to 44 pounds (lbs), or assuming a copper price of \$3 per pound a mineral value of \$132 per tonne. To learn more about how you can determine the mineral value per tonne, read the metal value page.

## what will gold and silver do when the bubble bursts? - analysis | news and views from a different angle

As the Mainstream financial media continues to promote the biggest market bubble in history, only a small fraction of investors are prepared for the disaster when it finally POPS. The markets are so insane today, it seems as if fundamentals dont matter any more. However, they actually do if we look at the numbers closely.

In order to invest in the correct assets going forward, one must choose between those with a low RISK and high REWARD versus assets with a high RISK and low REWARD. While this may seem like common sense, I can assure you, the market makes no sense whatsoever today. And most investors are doing quite the opposite. Go figure.

This chart shows the price action of the Dow Jones Index, gold and silver. Since its low in 2009, the Dow Jones Index is up 229%, from 6,500 to 21,400 currently. Even though the Dow Jones Index experienced a brief 17% correction in 2011, it hasnt endured a healthy 30-50% market correction in over eight years. It is most certainly overdue.

However, after the precious metals prices peaked in 2011 and then declined, silver is only up 22% from its low in 2015 and gold is up 20%. Thus, the Dow Jones Index has surged higher for eight straight years, while gold and silver are still down considerably from their peak prices in 2011.

If we look at each asset class separately, we can see how over-valued the Dow Jones Index is compared to gold and silver. The next chart shows that the gold price fell 46% from its peak in 2011 to its low in 2015. Now, even considering the 20% current rise in the gold price from its low in 2015, it is still 35% below its 2011 peak:

Looking at the silver chart, its price movement is much more volatile than gold. The silver price fell a whopping 73% from its peak in 2011 to its low at the end of 2015. Currently, the silver price is still 66% below its 2011 high:

While the precious metals have experienced a healthy correction since 2011, the Dow Jones Index continues higher towards the heavens. It is up a stunning 229% from its low in 2009. If the Dow Jones Index fell 5,000 points, that would only be a 23% correction. However, if it fell 11,000 points, down to 10,400, it would have fallen 51%, less than its 54% market correction decline from 2007 to 2009.

To get an idea of how overvalued the Dow Jones Index is, I am going to use the S&P 500 Index as an example. Why? Because the S&P 500 Index is up just about the same percentage as the Dow Jones Index since the low in 2009:

You will notice that the Dow Jones and S&P 500 charts are nearly identical. So, what happens to one, will happen to the other. To determine the fair value of the S&P 500, we look at the Schiller PE Ratio. Basically, the Schiller PE Ratio (PE = Price to earnings ratio) is defined as the price (Index price) divided by the average ten years of earnings. adjusted for inflation.

This historical Schiller PE Ratio mean is 16.8. That means S&P 500 price is 16.8 times the average ten years worth of earnings. So, if the Schiller PE Ratio has averaged around 16.8 in its history, what is the ratio today?

According to Gurufocus.com, the present Schiller PE Ratio is 30.2, or nearly 80% higher than the mean. Not only is the current Schiller PE Ratio in bubble territory, it is even higher than the 27.4 ratio the last time it peaked in 2007. Well, we all know what happened in 2008 and 2009. During the first quarter of 2009, the Schiller PE Ratio fell to a low of 13.1.

So, what does that mean? It means that the Dow Jones and S&P 500 Indexes are now in record bubble territory and their future reward is LOW while their future risk is quite HIGH. However, if we look at gold and silver, we see quite the opposite.

Not only did the gold and silver prices experience a huge correction from 2011 to 2015, the current price of silver is very close to the cost of production. Here is a chart of one of the largest primary silver mining companies in the world. Pan American Silver:

This chart shows Pan American Silvers estimated profit-loss per ounce (GREEN LINE), versus the average spot price (WHITE LINE). As we can see in 2011, Pan American Silver made a \$9.02 profit for each ounce of silver it produced when the average spot price reached \$35.03. However, as the price declined over the next five years, Pan American Silver lost money in 2013, 2014 and 2015.

Even though Pan American Silver made an estimated \$1.54 for each ounce of silver it produced 2016 YTD (last time I did the figures), it fell to about \$1.00 and ounce during the first quarter of 2017. With the average spot price of silver at \$17.42 Q1 2017, my rough estimate is that Pan American Silver needs abut \$16.40 +/- to breakeven. With the current price of silver at \$16.50, Pan American Silver isnt making much money.

Moreover, my estimation for the average break-even for the primary silver mining industry is between \$15-\$17 an ounce. I have not done any recent calculations for the estimated breakeven for gold, but it looks to be between \$1,100-\$1,500. While the gold price has a bit more cushion than silver, we can plainly see that both gold and silver are much closer to a bottom than the Dow Jones Index.

If the gold and silver price jumped 15% when the Dow Jones only fell 2,000 points in 2016 how high will their prices move when the Dow Index falls 5,000-10,000 points and suffers a 25-50% correction? Because the entire market is held up by so much leverage and debt, I do believe the precious metals will enter into a new market of much higher prices.

Lastly, even though the Cryptocurrencies are getting hammered today, this is just an overdue correction. Bitcoin and the other cryptocurrencies probably have a great deal more to fall before bottoming. However, I do see some of the top cryptocurrencies to hit new highs in the future. I mentioned this market because the same thing will happen to gold and silver.

All of a sudden one day and out of the blue, the price of gold and silver are going to surge higher. Then the next day they will have jumped even higher still. Before investors or the public realizes it, the gold and silver prices will seem like they are too expensive to buy at this point.the same way when the cryptocurrencies shut up 200-1,500% in just brief period of time.

This is why an investor CANNOT TRY TO TIME WHEN TO GET INTO THE PRECIOUS METALS. If one does not have a decent amount of physical gold and silver, it will be extremely difficult or likely impossible to acquire the metals when the prices have skyrocketed. Sure, you might be able to get some metal, but the prices or premiums could be very high indeed.

So as the folks who purchased Bitcoin and sat on them for several years before the huge move higher, the same thing will happen to gold and silver. While retail gold and silver sales have fallen significantly, as well as precious metals sentiment, the fundamentals point to a LOW RISK and HIGH REWARD if we are patient.

## what is lowest break-even cost for bitcoin mining? here's where s17 miners stand

With less than 50 days to halving, the miners are likely losing confidence in profitable operations in 2020.As recently reported on CoinGape, the S9 miners are now becoming less and less cost effective to the point of large-scale shutdowns.

Their profitability would get squeezed come the halving (turning in net operating losses), yet miners would remain cash flow positive (see Cash Breakevens). For as long as cash flow positive, miners may stay in the game

Nevertheless, the cash break-even of the variable cost of electricity is likely to be covered after halving as well. Currently,\$2600 is the ideal break-even cost for S17 miners. In the chart given below as well, it shows that the break-even cost is below \$6000 (double of current price) post halving.

As Kruger mentions that they may stay in the game, a temporary shutdown post halving is can also be witnessed across the entire industry. However, the giving up of capital in terms of hardware and space will be still a matter for the future.

However, the average amortization period (loan repayment) for miners is usually 2-4 years. Given that the last generation of mining hardware (S9 models with 16 nm chips) have been in existence for around 4 years , as well, and are now starting to become extinct, the miners will be looking to generate profits soon.

Some miners might continue benefit from the economies of scale by setting up larger farms, entering into credit facilities, and delaying payments. Adam Back, the Co-founder and CEO of Blockstream quotes Samson Mow saying,

Hence, the death of Bitcoin due to a downfall in price a highly unlikely event. Furthermore, the difficulty adjustments every 2 weeks, will start to favor the remaining players in the game as the rest quit. If the bear-market induced by Coronavirus lasts the mid-term, the industry can expect net profitable return soon.

## gold mining? world's worst business | gold news

Bill Bonner has co-authored a number of New York Times Bestsellers including Financial Reckoning Day, Empire of Debt and Mobs, Markets and Messiahs. In his own opinion, Bill's most recent title, A Modest Theory of Civilization: Win-Win or Lose, is his best work yet. Bill also founded The Agora, a worldwide community for private researchers and publishers, in 1979. Financial analysts within the group have exposed and predicted some of the world's biggest shifts since that time, starting with the fall of the Soviet Union back in the late 1980s, to the collapse of the Dot Com (2000) and then mortgage finance (2008) bubbles, and more recently the election of President Trump.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events and must be verified elsewhere should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

## what makes a world-class gold deposit? | investing news network

The worlds largest gold mine is Freeport-McMoRans (NYSE:FCX) Grasberg mine in Indonesia. Open-pit operations began in 1990, and even today the Grasberg minerals district remains an important source of gold.

But apart from size, what makes a world-class gold deposit? Various characteristics must be considered when determining the status of a gold deposit, including deposit type, average grade and mining and processing costs. Read on to learn more about those three factors and how they can be used to identify world-class gold deposits.

Are You Investing In Gold Yet? What Happened To Gold In Q1? Which Gold Stocks To Watch In 2021? Exclusive Information You Need To Make An Informed Decision. Grab Your Free Report!

Gold deposits are formed by a wide range of geological processes, and according to the US Geological Survey, generally fall into two categories: lode deposits and placer deposits. Gold can be found in these deposits in a variety of forms, including nuggets, fine grains, flakes and microscopic particles. The metal is usually found alloyed to silver as electrum or with mercury as an amalgam.

Lode deposits are considered primary gold deposits because they are bedrock deposits that have not been moved. They come in a range of shapes and sizes indeed, the US Geological Survey notes that they can form tabular cross-cutting vein deposits but also take the forms of breccia zones, irregular replacement bodies, pipes, stock-works, and other shapes.

Placer deposits are secondary deposits, and they are created when lode deposits are eroded and the gold in them is redeposited. Often alluvial processes are responsible for forming these deposits running water will erode a lode deposit, and then the gold will fall from suspension as the water slows, creating placer deposits in places like the inside bends of rivers and creeks.

Ore grade refers to the proportion of gold contained in the ore of a particular mine and is represented in grams per metric ton (g/t). Generally, companies want to find deposits with higher grades as they contain more gold and will usually be more economically sound.

According to the World Gold Council, larger and better-quality underground mines contain around 8 to 10 g/t gold, while marginal underground mines average around 4 to 6 g/t gold. Open-pit mines usually range from 1 to 4 g/t gold, but can still be highly valuable.

Placer gold deposits are generally easier and cheaper to extract gold from, but as mentioned above, few economic placer gold deposits remain today those in existence are mostly low grade and not large enough to be viable. It is harder to extract gold from lode deposits as either open-pit or underground mining operations must be constructed, but as technology continues to advance, companies are becoming better able to streamline operations and cut costs.

One increasingly important factor weighing on mining costs is that gold production is becoming more and more reliant on smaller operations rather than individual large-scale mines. This shift has raised development and operating costs in the gold industry as a whole.

In addition to extraction costs, it is also important to look at the processing costs a deposit will incur. The type of processing used generally depends on a deposits grade, and there are pros and cons to each different type. For instance, the US Geological Survey explains that heap leaching and vat leaching are relatively low-cost processes that have made it economic to mine lower-grade deposits.

However, these processing methods extract somewhat less of the contained gold than the cyanide-extraction methods used for higher grade ore. Ultimately, companies must choose the best method for their deposit while keeping costs as low as possible world-class deposits will be those where large amounts of gold can be mined and processed at a relatively low cost.

Please remember that by requesting an investor kit, you are giving permission for those companies to contact you using whatever contact information you provide. If you want more than 20 investor kits, you need to make multiple requests. Select 20, complete the request and then select again.

## high break-even costs weigh on gold miner etfs

Nick Holland, chief executive officer of Gold Fields Ltd. (GFI), argues that the gold miner industry will experience greater writedowns next year as producers break-even point remains higher than current bullion prices, reports Kevin Crowley for Bloomberg.

In comparison, COMEX gold futures are currently hovering around \$1,191.5 per ounce. The SPDR Gold Shares (GLD) , the largest physically backed gold ETF, is down 2.1% year-to-date. Gold prices h ave declined as traders try to time the Federal Reserves rate outlook while an improving U.S. economy and market diminished demand for safe-haven precious metals. [Gold ETFs Waver Ahead of Uncertain Swiss Vote]

The industry by and large is under water, Holland said in the article. I would expect further writedowns. Production I think will be curtailed but it will take some time to filter through the system.

During gold rally when prices hit a peak of \$1,921.17 per ounce in September 2011, gold miners have been borrowing to fuel a quick expansion and more acquisitions. However, firms are now forced to adjust to the new reality of lower bullion prices.

Among chart watchers, some technicians, though, are betting on a turnaround in gold miners stocks after the sector touched new lows earlier this month, providing a cheap valuation play. [A Bold, Gutsy Call on Gold Miners ETFs]

Commercial landlords rallied on Friday as offices fill back up and rent collections start to rise. Land Securities rose 21.2p to 688.8p after the property giant said it had collected 81pc of its rent over the past three months and it celebrated the return of more people to their workplaces. The company said it had received 77m in rent payments for the quarter to June 24 as the horizon brightened for the owner of Kents Bluewater shopping centre, which was hammered by the pandemic. In May, the c

Recent data on the labor market and services sector has given investors pause that the U.S. economy may not be strengthening as fast as initially anticipated and could be showing signs of emerging underlying weakness, while the Delta variant of COVID-19 has heightened fears that economies around the world may need to reimpose restrictions. Pfizer and partner BioNTech plan to ask U.S. and European regulators within weeks to authorize a booster dose of their COVID-19 vaccine, based on evidence of greater risk of infection six months after inoculation and the spread of the highly contagious Delta variant. The yield on 10-year Treasury notes was up 7 basis points to 1.358% after falling as low as 1.25% on Thursday, the lowest level since Feb. 16.

Paypal (PYPL)co-founder Peter Thiels \$5 billion Roth individual retirement account balance has some members of Congress second-guessing the tax policies of these investment vehicles. Massachusetts Democratic Representative Richard Neal, who chairs the House Ways and Means Committee, has requested a proposal to stop IRAs from being exploited, he told ProPublica, which first reported about Thiels Roth IRA. ProPublicas report used tax documents to reveal the tech giants account grew from less than \$2,000 in 1999 to \$5 billion today, thanks in part to investments in private securities.

Elizabeth Warren has sharp words for Wells Fargo. The bankis discontinuing personal lines of credit and will shut down existing ones in the coming weeks,CNBC reported,citing customer letters it has reviewed. In a frequently asked questions section of a letter sent by the back, Wells Fargo warned that the discontinuation of such bank accounts may impact customers credit scores.

The good news: That pension and your savings are and will be great assets for you in retirement, so congratulations on that! There are many factors that go into knowing how much youll need for retirement, and a few ways to break down these annual estimates. For example, if you were to use the 4% rule, which is a traditional rule of thumb that suggests you take out 4% of your retirement savings every year to live on, youd generate about \$30,000 to \$35,000 a year, said Morgan Hill, chief executive officer of Hill and Hill Financial.

My husband had just had his salary cut by 50%, and we were living with my parents in Westchester County, New York, because we could no longer afford the rent on our apartment in Brooklyn. Now, our monthly mortgage payment is \$1,500 less than our rent in Brooklyn. In New York City, some parking spaces go for what we bought an entire house for in Savannah.

Stocks can flirt with a price bottom for a lot of reasons. Usually, however, investors will assume that there is something fundamentally unsound about the stock, or the company. Perhaps its business model is flawed, perhaps its product has grown unpopular these, and many more factors can drive the share price down. But sometimes, perhaps just as often, a stock price will fall when there is no underlying unsoundness. A spate of bad news, a quarter that misses expectations, or a bad sales month

The stock market put in a strong showing on Friday, sending the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) to new record levels. Earlier this year, the investing thesis for many fast-growing companies got called into question by changing macroeconomic conditions. For many investors, Snowflake has been a colossal disappointment.

A woman has been accused of punching a 6-year-old Asian boy while hurling racial slurs at him and his mother in Las Vegas this week. What you need to know: The incident occurred at The Shops at Crystals, an upscale shopping mall located in the CityCenter complex. Tiktok user @uhmmajo managed to film part of the alleged attack, which shows the woman having an unhinged meltdown.

Signs of panic buying emerged Friday afternoon on the New York Stock Exchange amid a powerful stock-market rally in the final minutes of trade, a day after one of the worst selloffs for equities since mid June. Market internals suggest that investors are buying mightily headed into the weekend. The NYSE Arms Index, a volume-weighted breadth measure, fell to 0.413, with many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of t

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