Around the year 1650 A.D. the word highwaymen entered our language.  It referred to robbery committed on a public road against travelers.  Now we use the phrase “highway robbery” for which we pay the tolls to travel on modern day roads.  The highwaymen alas are among us and we have elected them.  At such times it would not take much more in the destruction of mining equities to make investors feel as if they have been seduced by sweet talk and abandoned to the wolves of Wall Street by latter day highwaymen.

Simply put it has been one in which the elites have shrugged their collective soldiers, leaving the rest of us bewitched, bothered and bewildered.   There are no safe havens unless one reaches for the carrot dangled on a stick in the form of treasuries (TLT) and dollar bills (UUP).

It is as if investors who have played the game fairly are uneasily realizing they have been dealt a series of sucker blows from the elites who in essence have fixed the game.  Investors believe that treasuries and cash will protect their capital.  This may be a conclusion founded on quicksand. 

Many investors could face significant losses should yields rise in the U.S. as it has done in Europe.  Due to the volatility in the global equity markets, investors have maxed out their portfolio holdings in cash and U.S. treasuries.

If bond prices drop resulting in rising yields we could see a mass flight out of bonds into the oversold commodities (DBC) and miners (GDX) which are trading at a record discount to the global equity market.  How can so called experts call a gold bubble (GLD) when gold equities are trading at historically cheap valuations?  Could it be that the real bubble is in the U.S. Treasury market where investors are actually receiving negative returns?

A growing fear of the financial system is increasing similar to 1933 when FDR was elected.  Fears that FDR would devalue the currency caused a bank run where investors withdrew their cash to buy gold.  Could something similar be brewing in Europe with the election of Hollande in France and Greece threatening to leave the Euro?

We learn that our elected U.S. officials have indulged in profiting from insider trading for which we citizens could have done hard time.  Imagine buying VISA for $46 and the next day making a handsome profit at $64 on 5 million shares.  This actually happened and continues to occur as a matter of lifestyle for our elected officials.

Then there is the chutzpah of Freddie Mac and Fannie Mae coming before the public requesting $1.8 million dollars for a Christmas Bonus for non performance and downright destruction of a major mortgage institution.   Then there is the $191 million dollar loss in MF Global trading European Government Bonds.  There is still $1.6 billion of client’s money missing.  Then we have the wife of Switzerland’s central bank chief who went long the U.S. dollar right before he imposed a cap on the Swiss franc.

Similarly we had the $2 billion+ carnage experienced by JP Morgan and Jamie Dimon.  Here we have a team of the best and brightest minds on Wall St. screwing up gloriously trying to time the short term.  This may be a cautionary tale for those who try to play the markets in the short term particularly in the arena of wealth in the earth assets where long term stratagems pay off in hundreds of percentage points.  The MF Global and JP Morgan (JPM) debacle may be adding to the volatility of the sell off in commodities and mining equities as they may have had to cover their bad bets in European Sovereign Debt.

What does this all mean for tax paying investors who are constrained to play according to the rules.  Joe Louis famously said, “You can run, but you can’t hide.”

WIth the market covered with crimson yesterday it might appear that our natural resource selections in gold, silver (SIL) rare earths (REMX) and uranium (URA) miners are a thin blanket for a cold night.  Since when has wealth in the earth not experienced breathtaking corrections as they continue in their upward trajectories?   Remember there may have been selling to satisfy a deluge of margin calls.

It is folly to look at the day to day gyrations of our wealth in the earth selections.  There are those critics who might question the absence of risk management in precious metal selections.  They miss the basic point completely.  Play that game with miners at your own risk.  Just as swiftly as they go down, so is the consequent upside.   Investing in resource stocks is a risky game.  Only the most disciplined market participants can manage to play the swings profitably.  So hold on for what has been this tumultuous ride.  The markets are swept by waves of fear and distrust of the Western Capitalist System.

Delayed until 2012-2013 will avail us little except postponement of the inevitable.  What was really needed was a plan of attack to bring our debt levels down.    One would’ve thought that our well payed solons could have come up with a better solution.  Instead, they will be forced to monetize the debt and pay it off with cheap dollars.  Sooner or later, this is eventually a win-win situation for investors in precious metals and tangible assets.

Do not underestimate the intelligence of the investor.  Are our elected representatives waiting for a Tahir Square to take place on American and European Streets?  It is growing late in the game.

The Iranian situation which we continue to highlight is simmering to a boil.  The United States and its allies Britain and Canada are using the outmoded tactic of gunboat diplomacy to wag warning fingers at an Iran that ignores us and grows stronger everyday.

Is this not an admission by the West that they lack the financial wherewithal to undertake another military expedition?  This is all part in parcel of the disintegrating situation which lack of leadership and American resolve has brought us.

Are we facing the stark reality that the Emperor-America has no clothes?  Hopefully, this is not the case.  But the markets are speaking differently.  Thus the disconnect between mining equities and bullion.  Now the clarion call is “cash is king” as the herd rushes for what seems to be the latest safe haven fad.

Of course the mouse thinks that the cheese will always be there, not realizing that it is the bait in what may be a fiscal trap.   Ergo where do our subscribers go from here?  The answer may be what it has always been from the days of Babylon to the present…wealth in the earth natural resources which are fungible into food and shelter.

____________________________________________________________________________

Jeb Handwerger Editor and Chief Strategist at Gold Stock Trades will be at the Vancouver Conference Center East, June 3rd and 4th, 2012 for the World Resource Investment Conference brought to you by Cambridge House International.

• Sunday June 3 @ 9:30 AM – PANEL: Graphite & Critical Metals with John Kaiser, Lawrence Roulston and Mickey Fulp (Moderated By: Chris Berry)
• Monday June 4 @ 3:30 PM – WORKSHOP on “Death or Resurrection Of Commodities”

In this pre-event press conference, Cambridge House chairman Joe Martin tells us why now is the investment opportunity of a lifetime. Do not miss this conference.  Click here to register for free…

European leaders have been unable to manage debt loads. Austerity measures are failing.  The U.S. is in an election year as well.  It seems doubtful that European governments and Central Bankers will allow conditions to worsen without stimulative interventions.

We may see further moves before the U.S. election which could keep interest rates low and at the same time stimulate growth.  The tool at their disposal is extension of Operation Twist or a new QE or a new LTRO by June should the economy weaken or should unemployment rise.

Spain is experiencing their second recession since 2009.  We are seeing failed austerity measures.  GDP decreasing and debt loads increasing will force the ECB to form another round of LTRO to refinance troubled banks. Spain may also consider fast tracking some precious metal assets to provide jobs and revenue to the country.  Spain has around a 25% unemployment rate.  We have been looking at precious metals and commodity assets specifically in Spain as we are observing a positive change for mining to boost jobs and the economy.

There is a strong interconnection between US banks and European Banks ergo we have a rising fear of debt contagion which could put pressure on the U.S. Economy.  Bernanke is well aware of this and changed his tune at the last meeting where he stated that Central Bankers stand ready to add stimulus should the economy demand it.  This was definitely a hint at QE3 where the Fed prints dollars to buy bonds keeping interest rates artificially low so the government can pay down its rising debts, stimulate growth, and devalue the currency to punish savers.

Gold and silver is forming inverse head and shoulder patterns and appear ready to breakout

The winners will be investors positioned in tangible assets such as gold, silver, uranium and strategic metals.  Austrailia cut interest rates more than expected from 4.25 to 3.75%.  This is the biggest reduction in three years.  As long as inflation is lower than expected, Central Bankers the ability to to make accommodative moves.

Does this possibly mean we should sell our mining
assets trading at historic discounts to their asset values for propped up
banks and housing stocks?…No, this may be a trap.

Indeed the large gold miners have been underperforming, but gold, silver,
the juniors, uranium, rare earths are bottoming and have not violated their
2011 lows.

Graphite stocks have made explosive moves higher indicating
investors are growing increasingly aware of how basic commodities are
essential for a pump-primed economy where we may see soaring inflation.

All of our technical indicators are showing that we are nearing the end of a basing period in gold and silver.  Gold has been basing between $1900 and $1600 for eight months.  Silver has been consolidating for 12 months and has not broken 2011 lows at $27.50.  We believe both gold, silver and the miners are undervalued and oversold presenting a buying opportunity.

For the first time in many years, the gold miners are at their cheapest
levels when compared to the general equity markets and to the underlying
metal. Precious metal assets are on sale and it is now a buyers market not
a sellers.

Wall St. tends to attract investors to stocks that the crowd is
bidding up, while ignoring companies that are trading at significant
undervaluations to their peers and to the overall market.

One company which is currently trading at a significant discount is International Tower Hill Mines, which is developing one of the largest mother-lodes of gold
(20+ million ounces) right here in the United States in the mining friendly
area of Fairbanks, Alaska.

Currently investors are valuing THM’s resource
at $17 an ounce. This value is way below their peers.
The company has just announced a district wide exploration program
commencing at Livengood.

For many months we have been waiting for this news
of an aggressive exploration program. “With our Money Knob deposit sitting
at over 16.5 million ounces in the Measured and Indicated, and 4.1 million
ounces in the Inferred, resource categories, it is important for us to look
in new areas of our land package to see if we can find additional gold
deposits,” stated Jim Komadina, Chief Executive Officer. “In addition, as
the Livengood project progresses toward permitting and development, it is
crucial to begin engineering data acquisition so that regulatory and
community engagement can begin. The condemnation drill program is designed
to enable Tower Hill Mines, Inc. to be ready for these important
discussions in the first quarter of 2013.”

In a recent interview with Jim Komadina, CEO of Tower Hill Mines (THM or ITH),
we discuss why Livengood has a good chance of coming into production.

Livengood will be one of the primary deposits to be developed. The real
challenge behind Livengood is one of scale as it is one of the few marquis
20+ million ounce mines in North America.

Livengood is an economic orebody and will produce gold in the future. Tower Hill is currently doing their homework on the metallurgy as it is crucial for permitting and the economic impact is huge. A pre-feasibility study should be produced by the third
quarter.

Click below to listen to the interview:

Disclosure: Long THM

This may be very bullish for precious metals and mining shares as they represent safe havens. For many weeks we have been calling for a rotation from overbought equities into precious metals and miners, especially the juniors.

Junior mining stocks are at record oversold levels, rarely seen by investors.
This may be representing a historic bargain basement buying opportunity. Long term
mining investors are aware that the rate of new gold discoveries is
decreasing despite record exploration expenditures.

Enter center stage, a rising project generator such as Miranda.

Nevada’s Cortez Trend may be the flagship for a major miner such as
Barrick, which has plenty of cash, but is constantly in need of new blood.

Miranda may well be fortunate to have at its helm such experienced
exploration mining men as Joe Hebert. He knows the territory, having
explored Nevada for decades. Joe was instrumental in what is now Barrick’s
multi-million ounce flagship discoveries while he was at Placer Dome.
Barrick bought out Placer and acquired the Cortez properties.

Miranda just announced that Ramelius Resources, their partner at Big Blue, has started the 2012 drill campaign.

Ramelius has returned for a third round of drilling.  This shows confidence that they are getting closer to a discovery.  Read the full press release by clicking here…

In a recent interview with Ken Cunningham, CEO of Miranda Gold (MAD.V or
MRDDF), we discuss Miranda’s other major Nevada Target, the Red Hill project which is on trend with Barrick’s Red Hill/Goldrush discoveries. Miranda’s drill hole BRH-013 is  the most significant intercept outside of Barrick’s holdings in the Cortez
Trend. A positive development so close to Barrick could possibly generate
interest.  Watch the interview below.

Disclosure: Long MRDDF and GST Featured company
Please do your own due diligence before investing.

The great Scottish Poet Robert Burns described the current market by writing, “the best made plans of mice and men go oft astray.”  He also observed “alas in this world there is more offal than poetry.”  But poetry hardly pays and compost does.

Gold Stock Trades (GST) tries to tell it like it is.  We do not use the technical jargon of the engineers and the economists that serve more to confuse and obfuscate the investor.  In fact it was Einstein who stated, “the nth degree of complexity is simplicity.”  GST attempts to cut away the fat from the meat.  So how do we direct you through these present swamps of despond and misdirection?

Remember the October 4th low and our GST reversal signal at 1074 on the S&P 500 made a “V” turnaround and vaulted to a new 52 week high. It remains to be seen whether the rally we have called will mark a rotation into the resource markets and precious metals.  If blood is not flowing for mining investors, they are certainly coloring our screens red, while the moribund banks and housing stocks soar driving the S&P higher.  Fundamentally something is just not right.  The U.S. debt crisis is far from over and this basing period in precious metals and commodities may turn out to be an exceptional buying opportunity as investors rotate from overbought U.S. equities, treasuries and dollars into high quality wealth in the earth assets.

In such a scenario, the U.S. dollar and long term bonds by comparison looks attractive when stacked up against the crumbling currencies of the Eurozone.  The chart shows an anomaly occurring.  In 2008 and 2010 during the credit crisis and sovereign debt crisis, the dollar and treasuries rallied together.  In 2011 and 2012, treasuries hit record highs, yet the U.S. dollar is not at comparable levels.  This may indicate that the greenback is losing the safe haven appeal of yesteryear.

We note with interest that in 2011 the Chinese Metal Exchange in Shanghai made ominous noises about raising the margin rate on silver.  It would seem that the bankers consistently choose to handicap silver and gold while favoring U.S. bank stocks, dollars and treasuries.

Eventually we believe this suppression of precious metals can only be kept down for a discrete period of time before the pressure mounts in the favor of gold and silver, as if and when Bernanke and his European colleagues return to the printing presses as they have done before and are now indicating to do again.

The miners (GDX)  are once again declining and are testing two year lows creating a firesale discount on blue chip producers.  The miners are trading at a significant discount to gold at less than $1200 an ounce.  Some top notch mining assets in the United States are trading at less than $17 an ounce of resource.  This indicates investors are forecasting lower gold prices.  We disagree and believe the crowd is wrong here.  We are actually near a bottom in precious metals and miners.  A turn around should be coming sooner rather than later.

For many months GST has said that there may be a master Keynesian strategy that is being followed to revive the moribund banks of Europe and the United States.  This is an ideal time to make this move, the U.S. dollar appears to be stronger for the time being, U.S. bonds are selling at relatively record low yields, unemployment remains high, commodities/precious metals have significantly corrected and the risk of inflation has abated.  In fact, they may be already printing LTRO 2 to staunch the Eurozone collapse.  Just as QE2 was used by the Federal Reserve Board to staunch the bleeding of the Eurozone in 2010, it is entirely possible that they will institute the latest version of can kicking down the road.  Let us hope they “follow the yellow brick road” and we may witness a rotation from overbought equities into tangible assets, commodities and mining equities.

Industrial metals outperformed precious metals in the first quarter and this is characteristic after accommodative moves from the Central Banks, which has caused investors to look for commodities essential for growing economic demand.  It may be indeed possible that QE1, QE2, Operation Twist and the $1 trillion LTRO in Europe is causing a flight out of risk off assets such as treasuries and gold into risk on stocks especially banks, homebuilders and industrial commodities.  So we see the Fed announces no new stimulus needed, only days after Bernanke says the opposite.  Ambivalence and confusion adds fuel to the eventual Golden Swan rally.

One could fight the Fed as it continues to make historic moves to refinance banks with massive bailouts by owning tangible assets such as industrial metals, graphite, uranium, heavy rare earths, etc…which may outperform during this risk on cycle.  We may be witnessing a false illusion that the economy has bottomed and further QE is unnecessary yet we see golden swans on the horizon.

These banks are still holding 1.5 million foreclosed homes that are still unsold.  We could see many foreclosure sales over the next few months, where we could see an upswing in asset sales by 25%.  This is why we recently saw Bernanke hint at additional accommodation to continue supporting a moribund economy.  We may be under the optical illusion America is doing fantastic and that the U.S. dollar will rebound.

The reality is that we may be on the verge of a coming gut wrenching inflation where prices of tangible assets could soar.  That is why we focus on wealth in the earth in politically friendly jurisdictions.  There are other potential golden swans such as increased tension with Iran and rising energy and food prices.  We may see further U.S. budget issues in the summer 2012. Last year the debt ceiling debacle caused an accelerated move to $1900 in gold.

It is not time to forget about the gold miners, who are increasing profits and decreasing costs.  Gold miners are priced at below $1200 gold right now which indicates we are nowhere near a bubble in precious metals.  Most investors think that the long term trend higher in the gold price is unsustainable.  We do not agree.  Technically, gold and silver appears to be bottoming.

On this next move higher in gold and silver, the miners could significantly outperform and play catch up.  The last time the large gold miners was this oversold in 2009 the miners doubled.  Do not be surprised if we see a bottom form soon in gold miners as investors realize that the long term trend higher in gold and silver is still intact for possibly several years to come.  

For long term precious metal investors the gold miners are a discounted way of buying gold as it is priced at significantly discounted prices.  The upward move could be exponential.  Do not forget that over the past decade the large miners have outperformed bullion.  Since the second half of 2011 we have seen a divergence where the miners have underperformed equities and the underlying bullion.

This may be a reversion to the mean as miners drastically outperformed bullion and U.S. equities for more than a decade.  We are reaching an area of support  and an oversold condition in the miners which has historically preceded a powerful upmove.  This is where we can see a move back to the long term outperformance of gold miners over other major asset classes.

Stay tuned to my premium service, free for the first 30 days by clicking here…

We closely follow precious metals, uranium, rare earths, ferro alloys and graphite.

Disclosure: Do your own due diligence before making any investment decision.

Major Rally Ahead In Precious Metals

We are on the verge of a major rally in gold.  Gold’s retreat to the 200 day moving average has provided long term buy and hold investors another excellent discounted buying opportunity.  Every time gold has retreated to this line it has found support as is the case right now.

We had a recent pullback a few weeks ago as gold and silver were about to move.  At that time we believed that this pullback would be short-lived.  This week we are seeing a major reversal and move above the 200 day moving average as Bernanke explained that the unemployment rate is not keeping up with the rate of growth.

US QE4 After Euro QE3

Bernanke is preparing the world for the U.S. QE4 after the Euro QE3($1 trillion LTRO).  After all of these stimulative measures, we are surprised that gold has not yet hit new highs.  Silver may outperform gold on this next leg higher and we are closely following the gold to silver ratio.

Gold miners will be increasingly looked upon as an income play which are sitting upon a large cash position and must return it to shareholders through dividends or look for resource growth.  We expect to hear an increase of M&A activity over the next few months.

This recent correction in gold and silver from record highs has lasted several months.  This base building process may be a sign of a more powerful move as many of the weak hands were shaken out.

The geopolitical tensions in the Middle East could further drive up the prices in oil and precious metals.  This may be some of the early signs of a flight into commodities and real assets such as rare earths, graphite and uranium.

We have been witnessing a rotation from risk off treasuries and dollars into risk on oil, copper, US and European equities.  Gold and silver may be overlooked for riskier assets which may have been more undervalued.  This may be a short term phenomenon as gold and silver will catch up as they are the ultimate hedges against currency debasement.

In 2011, we saw unprecedented interventions by sovereign governments into the  foreign exchange markets in order to support the U.S. dollar and equities, while simultaneously putting pressure on precious metals.  So far this move is working temporarily.

Eventually gold and silver will break out similar to September of 2009 when gold broke through $1000 and eventually ran to $1900.  Likewise, in 2009 and most of 2010 silver consolidated while equities were going up. Then gold and silver soared and outpaced equities when the shorts were squeezed in 2011 when gold went to $1900 an ounce and silver to $50 an ounce.  In December, we alerted our readers to a double top in treasuries and a continued move upwards in risk on assets.  Click here to see the video.  Gold and Silver have recently rallied with the risk on assets until the Bernanke testimony where investors feared less accommodative measures.  Be careful of short term anomalies especially designed to confuse, misdirect and obfuscate.  As we said in our previous essay, we believe these attempts to stem the long term uptrend in gold and silver will be short-lived and this pullback may be creating secondary buying opportunities.  This may be the shakeout before a major move in precious metals.

In early October of 2011 we made a bold contrarian call when pessimism reached a record level that we would see a powerful risk on rally in equities which hit new highs in 2012.  Then on December 23, 2011, we alerted our readers to a double top in treasuries and a continued risk on rotation into equities and industrial metals.

Now the long term treasuries have seriously broken down as investors fear rising inflation and interest rates. The recent rally in 2011 in the U.S. dollar (UUP) and the long term treasuries (TLT) represented a thin blanket for a cold night that was not going to last. Since early October, we are continuing to watch this impressive rally and the breaking out of many quality companies into new uptrends especially in the critical industrial metals and uranium miners.  The gold miners have definitely lagged in this risk on rally.

The rare earth sector is beginning to rebound as a result of an increase in M&A activity as Molycorp buys out Neo Materials Technologies for $1.3 billion. Pele Mountain (GEM.V or GOLDF) is strategically positioned in the only two historic rare earth mining camps to ever achieve production, Mountain Pass and Elliot Lake. Pele Mountain is also planning to publish an updated Preliminary Economic Assessment to optimize critical rare earth and uranium recoveries.

Listen to my recent interview with Al Shefsky Ceo of Pele Mountain discussing the recent acquisition of claims next to Molycorp at Mountain Pass and what is really unique about Pele’s Eco Ridge Mine.

Disclosure: Long GOLDF

Gold and silver which has in the past represented risk off is still in consolidation mode.  Eventually investors will realize that the monetary metals can do well in both a deflationary risk off environment as well as an inflationary risk on environment and the trend will turn significantly higher as it has for the past decade.  Gold is actually finding support and presenting a potential discount buying opportunity.  It is important to accumulate when the public is disinterested.  Right now, Pandora, Facebook and Apple are the current fads, while gold is being overlooked and placed on sale by Mr. Market.

In 2011 the European leaders come up with a deal that may save the day for now.  The European leaders have come up with a last minute Greek bondholder rescue and a $1 trillion dollar bank bailout, which apparently has saved the 2011 market crash from being a depression and just a mild recession.

Gold Stock Trades is heaving a sigh of relief in concert with the rest of the financial world.  Behind the scenes in this current crisis of capitalism our Chinese colleagues may be playing the role of Victoria’s Messenger making a timely entrance on the current stage to play a cameo role in lending validity to the Eurozone QE3.

To paraphrase Ben Franklin, “Gentleman, we must all hang together or else hang separately.”  Gold Stock Trades has written extensively regarding China’s role in the world financial crucible which bears persistent observation.  They hold copious amounts of American and European debt and can not divorce their partners.

The point of all this to our subscribers is that the world has a new incarnation of QE3.  This means stoking the boilers anew to percolate the Eurozone as America did in 2009-2011 with the TARP, Obama stimulus, two rounds of QE and Operation Twist with the recent $1 trillion Long Term Refinancing Option.

It is indeed fitting that the printing press invented in Germany by Gutenberg in the 15th century be once again called into service in the production of fiat paper.

Remember that Gold Stock Trades on October 4th signaled that a stronger than expected risk on rally was in the cards.  We advised that a bottom was being established and that patience and fortitude was our mantra.  While others were running for cover, Gold Stock Trades was reiterating maintaining a strong hand in a panic driven market.  We also called the top in tissue paper U.S. treasuries in late December and we are now witnessing a breakdown in that marketplace.

Many were the icons purporting to have the inside track on commodities and precious metals who were intoning that commodities, gold and silver, rare earths and uranium had formed a bubble and should be shorted.  Moreover, they sounded the death knell of the uranium and rare earth sectors. Paraphrasing P.T. Barnum’s admonition, “There is a sucker born every minute…Every second round the clock, like dandelions up they pop.”  The naysayers were wrong.  Gold Stock Trades nailed the bottom in the junior miners.

We are continuing to witness strong upward moves across the board in our natural resource selections vindicating our consistent and resolute stance to keep an eagle’s eye on staying the course.

It is increasingly possible that we may have seen the bottom in our chosen sectors and our mantra should be reflected commensurate with a powerful, unexpected upward rally which is the mirror image of the recent downswing.  This may be a characteristic “V-Shaped Reversal” which technically is the hardest to forecast but among the most profitable and powerful of all chart patterns.   We are encouraged by this upmove, but we must remember there will be volatility and profit taking as resistance levels have to be regained.

Gold is finding support at its uptrend and 52 week moving average.

An important news item surfaced in 2011, in which attention must be paid.   Cristina Fernandez flushed with a landslide victory in the Argentinian election, announced plans to repatriate the assets of mining companies in Argentina.  At this stage of the game, the definitive scenario is a work in progress.   What will be the effect on the proposed merger on Argentinian miners?  We have also been concerned about lawlessness down in Mexico due to the drug cartels.  How will this affect the gold and silver miners in these two countries?  Listen to my recent interview with Rob McEwen where I posed these questions by clicking here…

Also check out my recent interviews with CEO’s of very exciting and well managed gold companies:

Ken Cunningham of Miranda Gold

George Salamis of Edgewater Exploration

Jeff Pontius of Corvus Gold

Disclosure: Long GLD,MUX,MRDDF,EDWZF and CORVF