Gold is declining once again this morning. In fact gold has fallen quite dramatically from its high on October 4th of last year at $1797.70 an ounce. Gold trades, as I write, at $1608 an ounce, a decline from its October high of almost 11%.

Gold bugs everywhere are fretting and the gold haters are saying “I told you so." As you can see, the market gods have not been kind and may have labeled gold the “barbarous relic” John Maynard Keynes dubbed (he was referring to the gold standard at the time) almost a century ago (Monetary Reform 1924). So has gold run its course? Are we now

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

A Case Study on the Next Potential Uranium Discovery Story

Last month we wrote a Note on the potential for uranium junior mining companies to outperform the broader markets over the next 12 to 24 months. Our rationale centered on the current low uranium spot price that has caused a scaling back of production/expansion on the part of the major producers (BHP, Cameco, AREVA, etc.). This is compounded by the potential for the Japanese nuclear industry to come back online (slowly), the nuclear build out in China and other countries, and the potential end or change in terms of the Megatons to Megawatts agreement.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

Quarterly revenue of $740 million up 19% year over year Fourth quarter GAAP diluted earnings per share of $0.60 Fourth quarter non-GAAP diluted earnings per share of $0.90 Deferred revenue of $1.2 billion as of year end; up 25% year-over-year Fourth quarter cash flow from operations of $227 million; up 34% year-over-year

Citrix Systems, Inc. (CTXS) today reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

FINANCIAL RESULTS

For the fourth quarter of fiscal year 2012, Citrix achieved revenue of $740 million, compared to $619 million in the fourth quarter of fiscal year 2011, representing 19 percent revenue growth. For fiscal year 2012, Citrix reported annual revenues of $2.59 billion, compared to $2.21 billion for fiscal year 2011, a 17 percent increase.

Adds new payment and presentment solutions while enhancing commitment to online banking

ACI Worldwide (ACIW), a leading international provider of payment systems, and Online Resources (ORCC), a leading provider of online banking and full-service bill pay solutions, today announced that they have entered into a definitive transaction agreement. Under the terms of the agreement, ACI Worldwide will acquire Online Resources in an all cash transaction for $3.85 per share. The boards of directors of both companies have approved the transaction. ACI Worldwide will hold a conference call on January 31, 2013, at 8:30 a.m. EST to discuss this information. Interested persons may access a real-time audio broadcast of the teleconference at http://www.aciworldwide.com/investorrelations or use the following numbers for dial-in participation: US/Canada: (866) 914-7436, International/Local: +1 (817) 385-9117. Please provide your name, the conference name ACI Worldwide and conference code 95383321. There will be a replay available for two weeks on (855) 859-2056 for US/Canada dial-in and +1 (404) 537- 3406 for International/Local dial-in participants.

The Boards of Directors of Lakeland Bancorp, Inc. (LBAI) ("Lakeland Bancorp"), the parent company of Lakeland Bank, and Somerset Hills Bancorp (SOMH) ("Somerset Hills Bancorp"), the parent company of Somerset Hills Bank, announced today that the companies have entered into a definitive Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which Somerset Hills Bancorp will be merged with and into Lakeland Bancorp, with Lakeland Bancorp as the surviving bank holding company. The Merger Agreement provides that the shareholders of Somerset Hills Bancorp will receive, at their election, for each outstanding share of Somerset Hills Bancorp common stock that they own at the effective time of the merger, either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash.

One of the ten Discovery factors for our DiS is the potential for a catalyst to impact a company’s success and share price. Over the Holidays, a positive catalyst occurred for European Uranium Resources (EUU: TSXV, EUUNF: OTCQX).

We have seen once again what can happen to share price when this Discovery Investing Factor is realized in a positive light.

Late last year, the company announced that they signed a memorandum of understanding (MOU) with the Slovak government defining how EUU and the Slovak government will work together to advance EUU’s 100%-owned Kuriskova uranium deposit in Slovakia.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

This Morning Note is Part II of our extensive research on the lithium space which we published last week.1 In it we discussed our thoughts on the lithium space in 2013 and beyond. Our thesis holds that there is little opportunity for additional, lower grade lithium production capacity from junior mining companies. As we discussed, currently there exists an oligopoly in the lithium space dominated by four players including, lately, a new Chinese player. This Note will focus on our recommendations to profit in lithium investing in 2013 – through take out scenarios.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

Investors Bancorp, Inc. (ISBC) ("Company"), the holding company for Investors Bank, and Roma Financial Corporation (ROMA), the federally-chartered holding company for Roma Bank, today jointly announced the signing of a definitive merger agreement. Roma Financial Corporation, MHC (Roma MHC), a federally chartered mutual holding company, owns approximately 74.5% of Roma Financial Corporation. As of September 30, 2012, Roma Financial Corporation operated 26 branches in Burlington, Ocean, Mercer, Camden and Middlesex counties, New Jersey, and had assets of $1.84 billion, deposits of $1.49 billion and stockholders' equity of $218.8 million.

A.M. Best Co. has commented that the issuer credit rating (ICR) and debt ratings of Markel Corporation (Markel) (Glen Allen, VA) [NYSE: MKL] and the financial strength rating and ICRs of its insurance subsidiaries are unchanged. The ratings of Markel and its subsidiaries were previously affirmed on November 13, 2012.

This comment is in response to the recently announced definitive merger agreement between Markel and Alterra Capital Holdings Limited (Alterra) [NASDAQ: ALTE] and takes into consideration the terms of the merger, the future business prospects and synergies gained from the transaction, as well as the pro forma financials of the combined entity.

We heard from another junior miner yesterday. The name, NuLegacy gold (NUG SXV). The CEO who called to discuss his prospects, Jim Anderson.

When a few years ago Chief Nesbit, Ralph Rooney and I spent time in Nevada we were tutored by Dr. Ralph Roberts and his partner Raul Madrid. Sadly both these gentlemen are no longer with us. Dr. Roberts is generally acknowledged as one of the two discoverers of the Carlin and Battle Mountain gold belts and trends. Many people do not know that Nevada produces 80% of the gold in this country. Nevada is now a prolific gold producer with  several major gold trends acknowledged. Below is a cartoon of a typical Carlin still geology. NuLegacy’s discovery hole RHB-006, 27.4 meters of 1.4 grams of gold, is superimposed

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

The LDP party victory in Japan is still containing the market sentiment after strong bullish Asian session as the market has become waiting for bigger stimulus package from BOJ which is scheduled to meet next Wednesday.

The market is wondering now whether or not the new Japanese government will be able to make its own recovery following US or not after it has been lagged distance behind it in the recent years following the credit crisis especially with its trade balance turning to be negative forming another challenge to this new government which can have wider financial stimulating plan of its own after the previous government recent plans to boost the economy which is still facing persisting deflation problem.

I just returned from two speaking engagements in London. One issue is abundantly clear. Financing opportunities for most discovery juniors are non-existent and it is imperative that a junior mining company wishing to survive the current capital drought exhibit two factors.  

These are financial sustainability (cash is king, today) and robust project economics.  While most discovery stories seem compelling, at the end of the day they’re just stories.  To ensure survival of the thousands of junior mining companies today, more "meat on the bone" is a musti. Our discussions with institutional money managers in North America and Europe lead us to believe that unless you're a near-term or early-stage producer of gold and silver, nobody cares even at these severely depressed share prices. I think this short term thinking is a mistake as someone who has focused on the industrial metals and minerals sector.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

TD (TD) (TSX and NYSE: TD) and Epoch Holding Corporation (NASDAQ:EPHC ) including its subsidiary Epoch Investment Partners, Inc. today announced that they have signed a definitive agreement under which Epoch will be acquired by TD Bank Group for approximately US$668 million, in an all-cash transaction. Epoch Holding Corporation shareholders will receive US$28.00 in cash per share, representing a premium of approximately 28 per cent to Epoch's closing price on December 5, 2012.

While keynoting at the Hard Assets Conference in San Francisco two weeks ago Chris and I had the opportunity to meet with Pershing’s CEO Mr. Stephen Alfers.   This AM, Pershing Gold reported on their Fall 2012 drilling program.  The results were excellent.  The 83 hole program was designed to complete three objectives.  First to expand the gold resource, second to test the gold grades in the waste rock from previous mining in the 1980s and finally to test the depth of the water table.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

- TD employees know first-hand the benefit of giving to Children's Miracle Network member hospitals -  

  Most Canadians have a story about a Children's Miracle Network member hospital, either through first-hand experience or that of someone they know - and the impact is significant. TD employees have also come together to share their stories of how Children's Miracle Network has touched their lives.

Knight Capital Group, Inc. (NYSE Euronext: KCG) today confirmed that it is in receipt of a proposal letter from Getco.

As a matter of policy, Knight does not comment on interactions with shareholders or shareholder activities including filings.

Calgary, Alberta CANADA, November 23, 2012 /FSC/ - Mosaic Capital Corporation  (M - TSX Venture, M.PR.A - TSX Venture), has released its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2012. "Our third quarter financial results are the strongest we have seen in the history of Mosaic," commented John Mackay, Executive Chairman and CEO of Mosaic. Mr. Mackay added, "During the quarter we saw growth and increased utilization in all of our subsidiaries as well as the addition of Kendall's Supply Ltd. on August 1st.

On Monday, we became aware that a subsidiary of Chengdu Tianqui Industry Group (Tianqui) had acquired a stake in TLH with the intention to submit a bid for a takeover of the company. At this point, TLH has not received a bid and still recommends voting in favor of the Rockwood proposal at $6.50 per share. The subsidiary of Tianqui, Winfield Holdings, has purchased a 15% stake in TLH and has said they will submit a bid for the remaining shares at a price above the Rockwood proposal.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

Last week NGC submitted its mine closure plan (the Plan) to the Ontario Ministry of Northern Development and Mines.1 This is a significant step in the company’s evolution as acceptance and filing of the plan will allow NGC to begin construction at Bissett Creek, subject to a financing. Once the Ministry accepts the Plan, initial work on site can begin including clearing of plant site and roads. NGC is hopeful that the Ministry will accept the Plan before year end as this can help keep the project on track for a mid-2014 production date.

Written by Michael A. Berry, Ph.D. - [ Discovery Investing Web Site ]

After last Friday optimism of US non-farm payrolls figure of October which came at 171k while the market was waiting for 125k and also the upward revision of September figure from 114k to 148k which came supporting the greenback, The British pound is still able to have its feet over 1.6 versus the greenback while it is still keeping the tries to go up versus the single currency pushing it down to be traded versus it around 0.8 psychological level with the market expectations of having new adding to the current Stg375bln BOE assets purchasing plan are easing down as the economy has given good sign in the third quarter could be reliable in the future as UK GDP rose 1% q/q unchanged yearly, while the market was waiting for contraction by 0.5% y/y and growth by 0.6% q/q thanks to London Olympic games.