Insider Weekly Issue 187 Jan 2021

— Issue #187: January 2021 —
Welcome back, friends.
Gudi in Sint Philipsland, in the land of tall, handsome people (Netherlands), sent through
this. Look closely and you’ll see the windmills in the distance.
And this one from Kuppy’s pool in Florida.
© 2021 Capex Administrative Ltd. | Unauthorised sharing may result in limb loss 1
We’ll kick off this week's issue with something I was reading that has been sitting on my
bedside table (in all honesty, I’ve a massive pile). It is timely.
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most
oppressive. It would be better to live under robber barons than under omnipotent moral
busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some
point be satiated; but those who torment us for our own good will torment us without end
for they do so with the approval of their own conscience. They may be more likely to go to
Heaven yet at the same time likelier to make a Hell of earth. This very kindness stings with
intolerable insult. To be “cured” against one’s will and cured of states which we may not
regard as disease is to be put on a level of those who have not yet reached the age of
reason or those who never will; to be classed with infants, imbeciles, and domestic
animals."
– C.S. Lewis, God in the Dock: Essays on Theology (Making of Modern Theology)
IN THIS WEEK’S ISSUE

● Mongolian Mining Corp
● Bitcoin
● Indonesia picking up where others won’t
● Where’s the supply, bro?
● Gaslighting
● Lessons from the hydrogen trade
● Ultra long-term options
● The Big Five:
1. Bukit Asam TBK
2. International Seaways
3. Bougainville Copper
4. Globe Metals & Mining
5. Metals X
MONGOLIAN MINING CORP

One of our coal mining plays we mentioned eons back is Mongolia Mining Corp. We
mentioned it around 0.25, but jeez, it’s been a long wait. The Mongolian government are
bloody morons strategically challenged and have taken forever to get their isht together
with respect to a railroad. This was one premise to our original investment thesis.
Finally, a number of components are all coming together.
Here are some of the components:
Chinese traders are importing more coal from neighboring countries such as Russia and
Mongolia; this comes following the disruption caused by the pandemic and seismic shifts
in the supply chain.
Last September, Mongolia replaced Australia as the top coking coal supplier to China. This
has caused chaos for Australia as over 70 of its bulk carriers have been unable to offload
their coal in Chinese ports.
The rise of imports from Mongolia is being facilitated by increased shipping capacity
thanks to the launch of the China-Mongolia “green channel” in August, which aims to
boost bilateral trade and economic cooperation amid the COVID-19 pandemic.
And that railroad?
Finally coming along, too. In any event, MMC took a shot of viagra and is rising on the back
of substantial demand.
If you were with us from the start, it’s an 8x return. Others will be more modest. Either
way, it is time to be taking our money off the table here. Our preference in the coal space
lies with larger cap companies that have greater liquidity.
If you choose to stay at the table, that’s fine. I don’t see the Ozzie-China skirmish ending
rapidly, and so Mongolian coal exports should do well going forward. Additionally, this
demand coming in may well cause Mongolia to do what they needed to do ages ago. Spend
some money on infrastructure to move the coal and indeed other resources that the
country has. This would go a long way to “building out of supply chains” and providing a
more permanent consistent buying partner in China.
BITCOIN
The pros and cons.
It’s no secret that quite a bit of what we’re focused on at present is where the supply side is
a key component of bullish setups. The same is true for Bitcoin.
The pros on Bitcoin are obvious: a limited supply, a currency system that cannot be
manipulated, is known, verifiable, and trustless. It is also transportable across borders in a
way no other asset has been in the past. Incredibly unique and wonderful.
I nicked this graphic below from Dan Morehead, head of Pantera Capital. It is a
representation of the stock to flow projection for Bitcoin and the respective price. Stock
flow is taken by dividing the total stock by yearly production (flow).
The stock flow is naturally affected by each Bitcoin “halving”.
When you look at Bitcoin from a stock/flow perspective, it really is quite something. This is
basically what you get if you took QE and found its exact opposite. If QE is the devil, Bitcoin
halving is the Angel Gabriel.
Every 4 years the block reward is cut in half. This will take place up until the year 2140
when there will be a total of 21 million Bitcoins issued. Naturally, a bunch of these Bitcoin
already mined are gone forever. Folks who bought a few thousand Bitcoin when it was 3c
and gave it to a buddy, just to see how it all worked, for example... and said buddy forgot his
passwords and now it’s out there but never to be retrieved. I recently heard a story on the
radio while driving about why not to buy Bitcoin — because of a chap in San Francisco who
had bought 7,500 many years ago and had lost his pass phrases. So the $260 m that he sort
of owns is just sitting there, inaccessible, which raises the question. How much falls into the
“oh my Gawd, I can’t believe I did that?” bucket? No idea, but it’s not zero. Either way, supply
is limited and known.
The halving process was laid out by Satoshi in a paper:
“Totalcirculation will be 21,000,000 coins. It’ll be distributed to network nodes when

they make blocks, with the amount cut in half every four years. First four years:
10,500,000 coins. Next four years: 5,250,000 coins. Next four years: 2,625,000 coins.
Next four years: 1,312,500 coins. Etc. …”
— Satoshi Nakamoto, The Cryptography Mailing List, January 8, 2009
Here is how the halving process has affected price, because price is, of course, simply the
birthchild of supply and demand.
What this means is that if we see a similar setup to that which we’ve experienced with all
previous halving events, we get rich/richer.
All good. Buy more, right?
Sure. Maybe. Just be aware it’s not all roses. Let’s look into the cons.
Just one, actually. Government. Which, as you’re likely aware, are a force that likes
competition in the same way as the Mafia do. That means, they’ll ban it at some point.
Would you buy Bitcoin if the government made doing so punishable with 10 years
imprisonment or death? Sounds whacky, doesn’t it? Well, the state of Queensland in good
ol’ cruisy laid back Australia just imposed $50,000 fines for you if you’re caught NOT
wearing a goddamn mask. If I’d told you that in December of 2019, you’d have cancelled
your subscription, called me a lunatic, and told all your friends you’d come across the
funniest nutter ever. And yet, here we are. I wish it wasn’t so but that’s just an inevitability
in my book. I dearly hope I’m wrong but I don't see it.
The FCA (UK regulatory authority) has recently warned that Bitcoin investors should be
“prepared to lose all their money”. Then, of course, the short stumpy lady who goes by the
name Yellen told us all earlier this week that "[Bitcoin] is not a stable store of value and it
doesn’t constitute legal tender." Y ellen also warned that "many" Bitcoin transactions are
"illegal, illicit transactions". Something about a pot and a kettle come to mind, but the point
is that the more capital pours into Bitcoin the more it’ll likely attract further capital but,
that in itself will send a significant signal to the pointy shoes who completely pha-cdup the
monetary system that there is competition to their own CBDC they wish to be dropping on
us.
The opposing view to this by many of my fellow colleagues in this space is that CBDC
issuance will forever legitimize crypto currencies and this will be a boon for Bitcoin. They
believe that regulation is a good thing as it will legitimize Bitcoin, and that will bring more
capital into the space. That would undoubtedly be true if it were a world of price stability
and free market capitalism that the elites have in mind. Absolutely nothing I’m seeing right
now indicates that any of the pointy shoes in positions of power today have the sort of
ideology that is free market oriented.
FWIW, we’re still long, but boy are we watching this closely, as I think you should.
INDONESIA: PICKING UP WHERE OTHERS

WON’T
There are those places on this ball of dirt who quite simply think about things entirely
differently to the round eyes sitting in NY, DC, Brussels, and London. They don’t give a hoot
about the climate hysteria, though they may pay lip service to it for political reasons
(borrowing money). But their actions, as always, tell us the true intentions.
In that vein, it is worth noting that the Indonesian government is investing in — deep
breath — oil and gas projects. A cool $17.59 billion — not a small sum.
Indonesia to invest 17.59 billion USD in oil and gas industry
“The Indonesian government will invest 246.26 trillion rupiah (17.59 billion USD) to
implement upstream and downstream oil and gas projects in 2021, Director General of
Oil and Gas at the Ministry of Energy and Mineral Resources Tutuka Ariadji said on
January 18.
The amount of investment in upstream oil and gas projects is 2.1 billion USD higher than
the figure of 10 billion USD in 2020. Meanwhile, investment in downstream projects is to
rise to 5.2 billion USD from only 1.8 billion USD in 2020.”
West to East, my friends. This is where the economic productivity will move to. Look, you
can’t have a dynamic and powerful, competitive functioning economy that runs on unicorn
farts and solar and wind. It just isn’t going to happen. Throw in a host of requirements to
have companies boards stacked with gender confused “people of colour” and the results
will be inevitable.
If I was to start up a new business and I had to choose between Indonesia (which is super
problematic and corrupt) and California, I’d actually choose the former. I would be free to
hire the very best people for the roles and I’d do so if they are purple and have a fetish for
donkeys but are good at their jobs. I could care less if they are “people of colour”. What the
hell kind of racist nonsense is that?
So rant aside, we’ll see capital moving accordingly because it will always go where it is
treated best, and it will go where returns are there to be had.
WHERE'S THE SUPPLY, BRO?

This covid hysteria and shutdown of the global economy is going to produce such a painful
set of second order consequences that the elites really have no idea what they’ve done.
Consider that you run a business that requires large capital investment spending with a
long lead time to recoup that capital. That is, in a nutshell, the resource industries.
Now, you tell me what the future looks like in 5-10 years’ time. Because that’s the
timeframe you’re working with. Will countries' borders be open? Will countries still have
much of an economy left? Will trade wars exist, and to what extent? Will the climate Nazis
ban your business outright as they’ve promised to do (Biden/Harris have promised to ban
fracking and tax “carbon”)? Will tax rates stay the same on your business? All of these
questions are being asked in board meetings globally, and I can tell you (because I talk with
CEOs and management) that so little certainty of the future exists.
As a resource company, it doesn’t take a genius to see that your risks are massively
elevated, and you’ve really no idea. So you sit pat waiting for more clarity. Furthermore,
even if, as a CEO, you want to spend, pray tell, where you’ll get finance for a new $100
million ship... or a $2 billion pipeline? You get the picture.
We’re in for shortages, and given the incredible damage that governments are doing to the
economy and social systems, the level of trust is vaporising at warp speed. This all means
that planning becomes increasingly difficult, and that means that long-term capex will
continue to fall.
We are going to have significant supply issues, and the only way this corrects is with
underlying commodity prices being much higher than they are today.
GASLIGHTING
I recently read something that was extremely well written and cogent. A member shared it
with me, and I think it worth your time.
“What is Gaslighting?
The term originates in the systematic psychological manipulation of a victim by her

husband in Patrick Hamilton’s 1938 stage play Gas Light, and the film adaptations
released in 1940 and 1944. In the story, the husband attempts to convince his wife and
others that she is insane by manipulating small elements of their environment and
insisting that she is mistaken, remembering things incorrectly, or delusional when she
points out these changes. The play's title alludes to how the abusive husband slowly dims
the gas lights in their home, while pretending nothing has changed, in an effort to make his
wife doubt her own perceptions. The wife repeatedly asks her husband to confirm her
perceptions about the dimming lights, but in defiance of reality, he keeps insisting that the
lights are the same and instead it is she who is going insane.
We are living in a perpetual state of gaslighting. The reality that we are being told by the
media is at complete odds with what we are seeing with our own two eyes. And when we
question the false reality that we are being presented, or we claim that what we see is that
actual reality, we are vilified as racist or bigots or just plain crazy. You’re not racist. You’re
not crazy. You’re being gaslighted.
New York State has twice as many deaths from Covid-19 than any other state, and New
York has accounted for one fifth of all Covid-19 deaths, but we are told that New York
Governor Andrew Cuomo has handled the pandemic better than any other governor. But
if we support policies of Governors whose states had only a fraction of the infections and
deaths as New York, we’re called anti-science and want people to die. So, we ask
ourselves, am I crazy? No, you’re being gaslighted.
We see mobs of people looting stores, smashing windows, setting cars on fire and burning
down buildings, but we are told that these demonstrations are peaceful protests. And
when we call this destruction of our cities, riots, we are called racists. So, we ask ourselves,
am I crazy? No, you’re being gaslighted.
We see the major problem destroying many inner-cities is crime; murder, gang violence,
drug dealing, drive-by shootings, armed robbery, but we are told that it is not crime, but
the police that are the problem in the inner-cities. We are told we must defund the police
and remove law enforcement from crime-riddled cities to make them safer. But if we
advocate for more policing in cities overrun by crime, we are accused of being white
supremacists and racists. So, we ask ourselves, am I crazy? No, you’re being gaslighted.
The United States of America accepts more immigrants than any other country in the
world. The vast majority of the immigrants are “people of color”, and these immigrants are
enjoying freedom and economic opportunity not available to them in their country of
origin, but we are told that the United States is the most racist and oppressive country on
the planet, and if we disagree, we are called racist and xenophobic. So, we ask ourselves,
am I crazy? No, you’re being gaslighted.
Capitalist countries are the most prosperous countries in the world The standard of living
is the highest in capitalist countries. We see more poor people move up the economic
ladder to the middle and even the wealthy class through their effort and ability in
capitalist countries than any other economic system in the world, but we are told
capitalism is an oppressive system designed to keep people down. So, we ask ourselves, am
I crazy? No, you’re being gaslighted.
Communist countries killed over 100 million people in the 20th century. Communist
countries strip their citizens of basic human rights, dictate every aspect of their lives, treat
their citizens like slaves, and drive their economies into the ground, but we are told that
Communism is the fairest, most equitable, freest and most prosperous economic system in
the world. So, we ask ourselves, am I crazy? No, you’re being gaslighted.
The most egregious example of gaslighting is the concept of “white fragility”. You spend
your life trying to be a good person, trying to treat people fairly and with respect. You
disavow racism and bigotry in all its forms. You judge people solely on the content of their
character and not by the color of their skin.
You don’t discriminate based on race or ethnicity. But you are told you are a racist, not
because of something you did or said, but solely because of the color of your skin. You
know instinctively that charging someone with racism because of their skin color is itself
racist. You know that you are not racist, so you defend yourself and your character, but
you are told that your defense of yourself is proof of your racism. So, we ask ourselves, am I
crazy? No, you’re being gaslighted.
Gaslighting has become one of the most pervasive and destructive tactics in American
politics. It is the exact opposite of what our political system was meant to be. It deals in lies
and psychological coercion, and not the truth and intellectual discourse. If you ever ask
yourself if you’re crazy, you are not. Crazy people aren’t sane enough to ask themselves if
they’re crazy. So, trust yourself, believe what’s in your heart. Trust your eyes over what
you are told. Never listen to the people who tell you that you are crazy, because you are
not, you’re being gaslighted.
Sophocles said: "What people believe prevails over the truth." And that's what the media
are trying to exploit.”
Author: unknown
LESSONS FROM THE HYDROGEN TRADE
Do you remember the hydrogen trade? In early 2019 we put out a report on hydrogen.
Back then we were saying that something was building in hydrogen stocks. It was that
classic pattern that we’re looking for: a massive bear market consolidating players, then
stocks being locked in a trading range for a good few years, and where volatility has fallen
(nobody is even bothering to buy and sell any longer).
Nel, Ceres, and Plug Power
One of our "mantras" is the longer a market trades in a trading range and the tighter that
trading range the greater the intensity of the breakout. It's one of those things you
discover after years of observing behaviour in markets. Sure enough, we were right.
Boom! A ferocious breakout.
We suggested at the time to look at a basket of these stocks. Specifically, Nel, Ceres,
Hydrogenics, and Powercell Sweden. We sold out of most of our holdings in late 2019.
Brilliant? Well, sort of. Yes, we did ok. The trades netted about 150% for us. But we were
way too early. Hydrogen stocks have at least doubled since we sold out.
The upside was way in excess of what we thought was rational. It’s kind of funny because I
think we did mutter that the upside would surprise even us. Perhaps we should have
listened to ourselves.
Any lessons? Well, we do console ourselves with the fact that these companies weren’t in
our true blue blood deep value bucket as they were and are unprofitable. So there is that
but perhaps the real lesson is that markets will go way higher than you can comprehend
when you initially put the trade on.
Now there are a couple of markets that are displaying the same pattern as hydrogen stocks
did.
Arafura and Bannerman as proxies for rare earth and uranium miners
Could the same be said of shipping and fertiliser sectors? We think that offshore oil
services are also lining up (but as per usual, we were a “little” early on that one).
This is all exciting and concerning at the same time. We are looking at game changing
trades in many sectors we have been discussing over the last few years. The concern is we
pull the plug too early on these trades (let the hydrogen thing be a lesson). So hold tight
and enjoy the ride. Sometimes the best advice you can ever give someone is, do nothing!
We echo that now.
One wonders how high uranium and REM miners could go if just a little bit of the capital
piled into renewables/ESG goes looking for a home in these sectors? Perhaps we’re getting
an elementary taste already?
ULTRA LONG-TERM OPTIONS

For non-US citizens only. Don’t ask us why US citizens can’t trade options in Europe. Your
government are clowns.
Prior to Christmas we said we will look for opportunities in the long-term European
options market once liquidity picks up. Well, that time is now. For those of you who don’t
know, you can buy 5-year options on some large cap stocks in Europe. The Amsterdam
Exchange has the best option market in the world, followed by Frankfurt and Zurich. Let’s
have a look at a few candidates each week.
Mittal Steel
The world’s biggest publicly listed steel company. One trade that captures so many: steel,
coal, cement, infrastructure, etc. Love this company.
From the table below, you can buy the December 2025, 20 strike call for about 6.24. That
is a 70% move in Mittal to achieve a 100% return in the option and a 100% move to achieve
a 200% return. This is certainly all achievable but note the risk/reward isn’t so attractive.
One could do a 20/30 bull call spread at 2.30 (near enough). That is a 330% return if Mittal
closes at or above 30 come December 2025 (a 56% move). And all Mittal has to do is to go
up 16% to breakeven on this trade. Yes, this seems more like it.
Royal Dutch Shell
While we have been critical of Royal Dutch Shell as it tries to reinvent itself as a “woke”
energy company, we can’t deny that it remains heavily exposed to the whims of oil and gas
prices. If options were cheap enough we wouldn’t mind on betting it getting back to 2019
levels.
A December 2025, 16 strike call at 4.0. That translates to about a 50% move to achieve a
100% return (near enough). Not so attractive.
And an 18/25 bull call spread at 1.62 - at 25 (December 2025). This is a 330% return (for a
50% move in RDSA). Well, that’s not too bad. You could go for the 20/25 spread at 1.0,
which would be a 400% return for a 50% move in RDSA (obviously with a higher
breakeven).
ING
A reasonable proxy for European banks. Yeah, I know what you’re saying. “European banks?
Are you clinically insane?”
Well, we will buy anything as long as the risk/reward ratio is extremely favourable. And
remember, this stuff should be in your “trading basket” and typically not much more than
1% of AUM, if that.
A December 2025, 8 strike at 1.63. That is a 330% return for a 100% move in ING. Not bad.
And the 15/10 bull call at 0.67. That is 750% return for a 100% move in ING by December
2025 (near enough), and breakeven is at a 35% move in ING. This is looking good, real
good. With odds like this fundamental views aren’t so important.
Just a note on bull call spreads. Max payoff is only achieved when there is no time value left
in the sold option. In essence you really have to wait until the end of the term, in this case
Dec2025. Take the example of ING above. If ING was to get to 15 come January 2023 you
would not achieve a 750% return as the sold option (15 strike) will still have time value.
THE BIG FIVE

Five interesting long-term setups — unloved and totally off the radar of the average fund
manager. Take a closer look, my friends!
These are equities that are coming across our radar as we constantly, week in, week out
monitor global markets.
FROM OUR TRADING DESK

1. Bukit Asam TBK
2. International Seaways
3. Bougainville Copper
4. Globe Metals & Mining
5. Metals X
BUKIT ASAM TBK
One of Indonesia’s bigger coal miners. The chart below isn’t that classic “breakout from a
trading range” pattern that we so eagerly search for.
However, look at what happened from 2003to 2008. Who said coal miners are boring
stocks? Note the chart is in USDs and indexed to 0 as of the start of the time period. A 10x
bagger isn’t hard to achieve.
Now here is what gets us really excited. Lots of cash on their balance sheet.
And as cheap as chips. Look at the curves on this baby. Sexy!
This trades on the Jakarta exchange and also as a depository receipt on the Frankfurt
exchange. As an aside, there are a huge amount of secondary listings on the Frankfurt
exchange. If you don’t have access to trade the primary market (perhaps it is Oslo or
Jakarta), then take a look on the Frankfurt exchange. Odds are you will find it listed there
as a depository receipt.
INTERNATIONAL SEAWAYS
One of our subscribers highlighted INSW to us. This is the reincarnation of Overseas
Shipping Group (OSG), which went into bankruptcy in 2012.
When OSG came out of bankruptcy, they spun off their international business, which
became International Seaways. As a result of the emergence from bankruptcy it is well
capitalized and has a combination of crude oil and product tankers. We could have easily
invested in INSW. The problem with shipping is that there are so many bargains — just
which one(s) to pick?
BOUGAINVILLE COPPER
We have discussed Bougainville Copper before (maybe 6 months ago). Just to recap, it
holds the rights to the “famous” Panguna mine in Bougainville.
The mine was once the world’s biggest open pit copper and gold mine, until a bunch of
“likely lads” had a “disagreement” with its owner, Rio Tinto (Rio have since given their
shareholding to them).
It’s pretty stuffed up now in terms of infrastructure, but there is still plenty of copper and
gold there. Will it ever come back into production? Well, as Cindy Lauper once said, “Money
changes everything.” Gold $3,000 and copper $4.50, and everything changes.
When we last wrote about BOC, the stock price was about 0.30 and our thinking was, this
is a very cheap option on an unlikely restart to operations. Of course, time will tell how
cheap this option really was. Yes, the stock price has doubled in recent days, and we are
none the wiser as to what is going on. Maybe we will be the last to find out but up there
with the first to get in?
We absolutely love cheap optionality situations like BOC.
GLOBE METALS AND MINING

We also mentioned this little miner before. GBE is developing a niobium mine in Malawi.
Huh? Niobium? Well, it is essentially a base metal used to strengthen steel (similar to
Vanadium). It also has many other uses which could potentially be huge in application. GBE
do a great job at explaining Niobium’s applications here. An appetiser:
“Niobium is at the forefront of numerous new-age technologies including gas and wind
turbines, medical imaging, particle accelerators, space travel, and in the manufacture of
high-performance and ultra-safe ultra-rapid rechargeable batteries for electric vehicles.
Quantities of niobium are being used in nickel, cobalt, and i ron-based superalloys for such
applications as jet engine components, gas turbines, rocket subassemblies, turbocharger
systems, heat resisting, and combustion equipment. These superalloys were used, for
example, in advanced airframe systems for the G emini program and in the main engine of
the A
pollo Lunar Modules, and more recently in the l iquid rocket thruster nozzles of the
Melin Vacuum engines developed by S paceX for the upper stage of its F alcon 9 rocket.
The use of niobium in rechargeable batteries is an exciting development for niobium.

Toshiba’s next generation rechargeable battery for electric vehicles features a niobium
anode, allowing for higher performance, longer-life, quicker charging, and safer batteries,
and it is expected to become the industry standard.”
The asymmetry offered in situations like GBE is huge:
METALS X
Australia’s biggest producer of tin. Tin?How boring, you might say. Stuff like lithium and
cobalt are way more erotic. No, we like tin.
Now, here is where things get interesting. Tin prices are flying — at 6-year highs and hardly
anyone is talking about it.
Why? Supply destruction on the part of the corona. Courtesy of a hedge fund manager
friend of ours:
“Check out TINS IJ - - a state owned (with all the quality and governance that comes with
it) Tin miner in Indonesia - we've run into tin shortages ever since 4Q19 when Burmese
exports to china dried up on account of environmental damage (that the govt apparently
didn't notice for 8 years). So about comes a big deficit of tin ore, and an abundance of tin
processing capacity in China (Yunnan province). Tin prices shoot up. No one cares until in
the summer TINS IJ signs a deal to supply CATL - the battery maker. Then all of a sudden
it's a "battery metal" and look at that chart since the summer.”
Boom! Off goes Timah (priced in USDs and indexed to 0 in 2003). Yep, it really did go up
80x from 2003 to 2008.
A really interesting discussion on tin from Reuters:
We’re interested in long-term macro “trend” changes. From the article:
“Soldering now accounts for around half of global tin usage. It has become an ever more
dominant component of tin demand as the world’s appetite for mobile phones, laptops
and smart televisions keeps growing.
However, tin has yet to fully benefit from the electronic goods boom because the amount
of metal used in solders has steadily declined.
Miniaturisation of components means today’s typical circuit board uses half the amount
of tin as ten years ago, according to Dr Jeremy Pearce, head of market intelligence at the
ITA.
So while global shipments of semi-conductors have been rising at an annual rate of around
4% per year over the last decade, tin usage in soldering has largely flat-lined.
This trend is now coming to an end, Pearce told the ITA’s annual seminar, with the
transition to surface-mount soldering, which uses less tin, now “completing”.
Miniaturisation has largely run its course.
That means tin usage in soldering should start tracking more closely the underlying rate of
growth in electronic goods.
Meanwhile, the phase-out of lead in solders is expected to accelerate as regulators steadily

tighten the parameters for using what is designated a hazardous material. Less lead
means more tin.
Lead-free solders averaged around 65% of the global total over the last decade, jumping
to 74% last year, Pearce said.
The ITA is predicting a continued increase, with lead-free soldiers accounting for 90% of
all soldiers by 2030.
If the ITA is right, it means that the single-biggest dampener on tin demand over the last
10 years is going to dissipate.”
There is another little company you should look at as well (we have also discussed this
before). Ah, what “poetry” in terms of a technical setup. Rather scary the upside on offer
here.
There is more to investing than the “angle of a chart,” but just sometimes the “angle of a
chart” tells you all you need to know (let’s not forget the lessons from the hydrogen trade).
Sincerely,
Chris MacIntosh
Founder & Editor In Chief, Capitalist Exploits Independent Investment Research
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Insider Weekly Issue 187 Jan 2021

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Insider Weekly Issue 187 Jan 2021

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— Issue #187: January 2021 —

Welcome back, friends.

And this one from Kuppy’s pool in Florida.

IN THIS WEEK’S ISSUE

MONGOLIAN MINING CORP

Finally, a number of components are all coming together.

Here are some of the components:

And that railroad?

The stock flow is naturally affected by each Bitcoin “halving”.

The halving process was laid out by Satoshi in a paper:

“​Totalcirculation will be 21,000,000 coins. It’ll be distributed to network nodes when

— Satoshi Nakamoto, The Cryptography Mailing List, January 8, 2009

All good. Buy more, right?

INDONESIA: PICKING UP WHERE OTHERS

Indonesia to invest 17.59 billion USD in oil and gas industry

WHERE'S THE SUPPLY, BRO?

The term originates in the systematic psychological manipulation of a victim by her

Nel, Ceres, and Plug Power

ULTRA LONG-TERM OPTIONS

THE BIG FIVE

FROM OUR TRADING DESK

We absolutely love cheap optionality situations like BOC.

GLOBE METALS AND MINING

The use of niobium in rechargeable batteries is an exciting development for niobium.

The asymmetry offered in situations like GBE is huge:

We’re interested in long-term macro “trend” changes. From the article:

Meanwhile, the phase-out of lead in solders is expected to accelerate as regulators steadily

© Copyright 2021 by Capitalist Exploits

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“Totalcirculation will be 21,000,000 coins. It’ll be distributed to network nodes when