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    Plain Talk, Part 1 - Thursday, 07/18/2013

    Let’s face it: There are some truisms in life that we seem to intuitively know and believe, but will not give credence to until after the fact. One such concept is things are never as good as they seem, nor as bad.



    Defogging Lenses Required - Wednesday, 06/26/2013

    The various "cliffs" that we, and virtually the entire business community, have discussed and feared since last November, seem to have appeared suddenly and viciously, sending markets careening toward the fog of uncertainty. The market fall of the past five business days not only took many professionals by surprise, it seems to have cast the outlook into a curious state of confusion. I say that because, prior to the announcement (misinterpreted, in my opinion) last week by the Fed, economists and strategists were generally in agreement on the outlook for the markets and economic growth. Now, those views seem to me to be as difficult to grasp as a handful of Maine fog.



    The “Category F5 Tornado” Has Passed - Monday, 06/24/2013

    Traders are telling me, in so many words, that they are beginning to touch solid ground (perhaps with only their toes) and set bids in today's market in the wake of the selling frenzy which occurred yesterday. The recalibration of the AAA yield curve for municipals reveals a nearly 100 basis point adjustment to 30 year yields from the end of April.



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Please note that MUNI NATIONs that are written by Jim Colby represent his opinions and these opinions may change at any time and from time to time. MUNI NATION is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. MUNI NATION is a trademark of Van Eck Associates Corporation.

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Any discussion of specific securities mentioned in the commentary is neither an offer to sell nor a solicitation to buy these securities.

Municipal bonds are subject to risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer’s financial condition, and/or the discontinuance of taxes supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Additional risks include credit, interest rate, call, reinvestment, tax, market and lease obligation risk. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Municipal bonds may be less liquid than taxable bonds.

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