The Eagles, Jets and the Seahawks all appear to have better days ahead of them on defense. Each team racked up more than 100 QB hits in 2018. But they also experienced bad fortune, converting their hits into sacks at a rate below what we’d expect. If these teams generate similar pressure next season, we shouldn’t be surprised to see their sack totals rise just based on reversion to the mean. Meanwhile, Chicago, New Orleans and Kansas City experienced good fortune in 2018, converting their QB hits at a rate higher than we’d expect. Assuming the defensive lines return largely intact, we probably shouldn’t be surprised to see their sack totals dip next season.Stats like QB hits are rare to find on defense. And because of the high variance in defensive performance, teams built with a defense-first mindset end up controlling their own destinies less than we might expect. When it comes to team-building, this suggests that investments on offense are better long-term bets for stability. The results this year are particularly encouraging. Lighting up scoreboards by focusing on scoring points instead of preventing them has proved to be both successful and incredibly entertaining to watch. For this season at least, defense isn’t winning anyone a championship.Check out our latest NFL predictions. Minnesota864937.4+11.6– Teamqb hitsSacksexpected sacksDifference Fumbles1.6 Tennessee803934.8+4.2– Yet despite their clear importance, the number of turnovers a team creates in one season has no bearing on how many turnovers the team will create in the next. Both interceptions and fumbles are completely unpredictable from season to season at the team level. And this pattern holds true for defense in general. If we measure the stability of defensive stats from one year to the next,3Stability measures tell us how well a stat predicts itself over a period of time. Year-over-year r-squared of a metric tells us what percentage future performance, or variance, can be explained by past performance. we find that compared with offensive performance, most defensive stats are highly variable from year to year. L.A. Chargers773833.5+4.5– Defensive passing DVOA10.0 Source: Football Outsiders Jacksonville903739.1-2.1– Oakland481320.9-7.9– Sacks3.6 metricShare predicted Pittsburgh1105247.9+4.1– San Francisco853737.0+0.0 Dallas923940.0-1.0– Kansas City1015243.9+8.1– New Orleans954941.3+7.7– Seattle1054345.7-2.7– Philadelphia1234453.5-9.5– Detroit744332.2+10.8– Philadelphia led the league in QB hits but not sacksTotal quarterback hits, sacks and expected sacks for teams’ defensive lines in the regular season, 2018 Offensive rushing DVOA9.7 Cincinnati803434.8-0.8– L.A. Rams994143.1-2.1– Tampa Bay883838.3-0.3– Arizona834936.1+12.9– Houston864337.4+5.6– Interceptions2.4 Denver864437.4+6.6– Washington914639.6+6.4– N.Y. Giants813035.2-5.2– Defensive performance is unpredictableShare of performance across various team-level metrics predicted by the previous season’s performance in the regular season, 2009-2018 High-impact plays on defense turn out to be the least predictable. And while we’re by no means great at identifying which teams will succeed on offense, offensive DVOA is about twice as good at forecasting future performance as defensive DVOA.4Based on data from 2009 to 2018.For teams like the Chicago Bears, who won 12 games despite fielding the 20th best offense in the NFL, this has major ramifications. The Bears were third in the league in turnover margin and third in sacks — feats we shouldn’t expect to repeat based solely on this season’s results. (Just ask the Jags.) Casting even more doubt on their ability to field an elite defense in back-to-back years, Chicago also lost its defensive coordinator, Vic Fangio, who left to become the head coach in Denver, further destabilizing the strength of the team.Still there is some hope for lovers of the three-and-out. While rare, there are plays a defense makes that do tend to carry over from year to year. One of the most stable defensive stats is hits on the quarterback, which has a relatively impressive year-to-year r-squared of 0.21 — better even than total offensive DVOA, which is the gold standard for stability in team metrics. Quarterback hits include sacks — 43.5 percent of QB hits end in a sack, and those by themselves tend to not be predictive — but also plays in which the passer is contacted after the pass is thrown, and that contact is incredibly disruptive to a passing offense. We shouldn’t be surprised that great offensive teams have made it this far. Teams are more reliably good — and bad — from game to game and year to year on offense than on defense. Individual defenders often have wild swings in performance from season to season, and defensive units forecast to be dominant often end up being merely average. The Jacksonville Jaguars’ defense took them as far as the AFC championship a year ago, but that same defense led them to five wins this season. Meanwhile, performance on offense is generally easier to forecast, making investments on that side of the ball more reliable.Even then, football is largely unpredictable. When an otherwise sure-handed Alshon Jeffery2According to Pro Football Focus, Jeffery had just five drops for the season on 70 catchable targets. lets a well-thrown Nick Foles pass sail through his fingers for an interception to end the Eagles season, or when Cody Parkey double-doinks a partially blocked field goal to end the Bears’ playoff hopes, we are essentially cheering, or bemoaning, randomness. Most vexing for forecasters and league observers trying to make sense of things is that the plays that matter the most in football are often the most unpredictable. But again, this is particularly true on the defensive side of the ball.Turnover margin is the canonical example. Teams that win the turnover battle go on to win their games at a very high rate. Home teams win about 73 percent of their games when they are plus-1 in turnover differential, according to data from ESPN’s Stats & Information Group, and the home team win rate climbs to more than 86 percent when it’s plus-2 or better. Buffalo833636.1-0.1– Offensive passing DVOA18.8 Total defensive DVOA9.7 Baltimore964341.8+1.2– Defensive rushing DVOA8.3 Total offensive DVOA18.9% When a quarterback is hit, his completion percentage is affected on a throw to any part of the field.5When the hit isn’t a sack, obviously. Teams that can generate pressure that ends with contact on the opposing QB greatly improve their chances of causing incompletions and getting off the field. And best of all, teams that are good at generating hits on the quarterback tend to stay good at it. Indianapolis743832.2+5.8– New England933040.5-10.5– N.Y. Jets1093947.4-8.4– Atlanta733731.8+5.2– Cleveland833736.1+0.9– In an NFL season marked by historic offensive production and a championship round that was conspicuously absent a top-10 defense,1According to Football Outsiders’ defensive Defense-adjusted Value Over Average. aficionados of low-scoring rock fights, filled with punts and field goals, have been left disappointed. The best defensive teams to make the playoffs were eliminated early in the tournament, with the Bears, Ravens and Texans all losing in the wild-card round. A week later, Joey Bosa and the emerging Chargers defense were dismantled by the Patriots, and the Cowboys — perhaps the best defensive team left in the divisional round based on their end-of-season play — lost to the Rams. Extracting the strong defensive teams with relatively weak offenses led to historically exciting playoff football, producing two overtime games in the championship round for the first time in NFL history. Now we have a Patriots and Rams Super Bowl pitting perhaps the greatest QB of all time in Tom Brady against the hottest young offensive mind in the league in Sean McVay. Green Bay714330.9+12.1– Carolina683529.6+5.4– Chicago954941.3+7.7– Show more rowsSources: NFL, Elias Sports Bureau Miami733131.8-0.8–
The top two men’s tennis players in the world are competing this weekend in India for the first time. What they’ll find there is one of their sport’s biggest fan bases.Novak Djokovic and Roger Federer are playing in the International Premier Tennis League, a team-based competition outside the main pro tours that debuted last week. Most players are treating the IPTL as an offseason exhibition, though the winning team splits a $1 million prize. The league spends three days in each of its four host cities. Next up, starting Saturday: New Delhi, the capital of the world’s second most populous country, which is a surprising tennis hotbed.India’s tennis love is surprising because the country has no player ranked in the Top 100 in men’s or women’s singles. It also has no event on the main women’s tour and just one on the men’s, at its lowest rung, in Chennai. But India does have a strong tennis tradition, including reaching three Davis Cup finals. Also, several highly ranked doubles players in the men’s and women’s game are Indian. “For Indians, Wimbledon is one of the biggest sporting events — not just tennis events — of the year,” IPTL founder Mahesh Bhupathi, a retired 12-time Grand Slam champ from Bangalore, told CNN.To measure tennis fandom in India, I checked with Socialbakers, a company that analyzes social media followings. The company supplied the percentage of players’ Facebook fans who are from India. (It doesn’t yet do the same for Twitter followers, such as those who gleefully answered Federer’s call for India-themed Photoshop jobs of his image.) Of Federer’s nearly 14.8 million Facebook fans as of Sunday, 13.9 percent are from India. That’s nearly double the Swiss star’s second biggest fanbase, in the U.S. Djokovic’s biggest stronghold is his native Serbia, but India ranks second, with 7.7 percent of his fan base.India has a natural advantage in its population, the second largest in the world behind China; and in its share of Facebook users, the second largest in the world behind the U.S. Yet other sports’ stars don’t rely nearly as heavily on India to make up their Facebook fan base. Socialbakers counts 19 soccer players with more Facebook fans than Federer. None has as many as 7 percent of their fans in India, and just five of the 19 have more Facebook fans in India than Federer.Socialbakers compiled the number and share of Facebook fans for a list I provided of 66 athletes from 17 sports (if WWE counts as a sport) — the 30 with the most Facebook fans, and a selected group of the highest-ranking athletes from various other sports. Two Indian stars of cricket, the national sport, rank in the top 20, with most of their fans from India. Otherwise, tennis is near the top. Only the WWE, with two Top 30 representatives, and track’s Usain Bolt top the 16 non-Indian tennis players we checked for share of Facebook fans from India. On average, 7.6 percent of the tennis players’ fans are from India — well ahead of soccer (3.7 percent), golf (3 percent), boxing (1.7 percent), the NBA (1.2 percent), the NFL, MLB, the NHL and NASCAR (all less than 1 percent).Non-Indian tennis stars’ share of Indian Facebook fans is nearly as high as the percentage of Facebook users who are in India — impressive for a country that, before this weekend, rarely hosted the game’s very best.
March 17, 2008 5 min read Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Register Now » Growing a business sometimes requires thinking outside the box. Imagine having internet access anywhere, every minute of every day. Or being able to pull up any document or presentation, and get directions to the local coffee shop–all without a computer.With today’s smartphones, all these things are possible. A recent study from In-Stat found that 8 percent of regular business travelers have ditched their land lines and rely solely on their mobile phones. And while some people do consider mobile phones little computers, the current phones are only glimpses of their true potential.Reaching PeopleFor starters, mobile phones offer huge advertising potential. “As larger screens become more common, we’re going to see new opportunities in mobile marketing,” says Michael Gartenberg, analyst at Jupitermedia Corp.According to the Mobile Advertising Report from Nielsen Mobile, 58 million U.S. mobile users said they were exposed to advertising over a 30-day period. Between the second and fourth quarter of 2007, mobile users exposed to ads jumped 38 percent.Networking via smartphone is also bringing people together. Established networks like LinkedIn, Facebook and Friendster are joining the mobile social network. Other startups like Dodgeball, which is now owned by Google, Loopt and Socialight use location-based software, which takes advantage of mobile phones’ ubiquity.”Much of mobile today is replicating the functionality in some stripped-down format of what people have on the desktop,” Gartenberg says. He predicts that mobile phone applications will soon rely less on desktop replications and be optimized for their unique form.Software MagicSince they’re small enough to fit in your hand, mobile phones also offer unique software opportunities. GestureTek Mobile was recently awarded the GSM Association’s Mobile Innovation Global Award for its EyeMobile Engine, which uses the phone’s camera to create a gesture-based interface. Users shake, rock or move the device to do things like answer calls or flip through pictures, similar to playing the Nintendo Wii.KnfbReading Technologies allows users to capture text items with the phone’s camera and have the text read aloud. This technology was developed to help the visually impaired. Imagine being on a business trip ready to make yourself a cup of coffee in your hotel room, except that you can’t read whether the package says decaffeinated or caffeinated. Problem solved.PC Mobilizr from Rove Mobile allows users to connect to their home or work PC remotely and use their mobile screen to navigate, access and modify any file they want from their phone.If you’ve ever punched in an address on a tiny mobile keyboard you know it can be cumbersome. Ask.com Mobile launched a new service at the beginning of this year that allows users to receive directions on their mobile device simply by speaking their start and end points.Despite these amazing innovations, the iPhone or Google’s upcoming mobile platform Android lead us further into the future of mobile phones.The Future According to GiantsBig-name companies have picked up the trend of mobile smartphones. In less than a year, the iPhone garnered a 28 percent smartphone market share, according to Apple CEO Steve Jobs. That puts the iPhone behind Research in Motion, maker of the BlackBerry (41 percent), and ahead of Palm (9 percent).”If we were having a conversation a little over a year ago, we wouldn’t be talking about Google or Apple because neither one of them were in the mobile market,” says Gartenberg. “Today, these are the companies that dominate the conversation. There’s no doubt in my mind that 2008 is going to become a very pivotal year. The rate of growth and acceleration, if anything, is getting faster and not slowing down.”In the first week of March, Apple announced it was adding enterprise features to the iPhone, like compatibility with Microsoft Exchange and remote wiping of the device. It also announced it was opening the iPhone platform for outside software developers to create original phone applications.In response, VC firm Kleiner Perkins Caufield & Byers announced a $100 million fund, appropriately called the iFund, to encourage entrepreneurs to build new software for the iPhone.While information on Google’s Android is still pending, and the phone is set to release later this year, Gartenberg says the mere fact that it is a Google product gives it immediate legitimacy in the market.One thing we do know is that touchscreen, motion- and location-based technologies, synchronization with the web, widgets and more are the immediate future of mobile devices. However, these phones still have a way to go.”You look at the core experience of the phone, which is to make voice phone calls and there hasn’t been a whole lot of improvement in that experience,” Gartenberg says.A Different SpectrumThat said, the FCC has begun the process of auctioning off a spectrum of airwaves that has companies such as Google, AT&T and Verizon all vying for the waves that can send signals farther, with less power, over wider territories and with the capability of penetrating dense walls. Gartenberg believes a lot of focus will be on improving the phone experience and says this spectrum will be a major catalyst for tomorrow’s smartphone innovations.While you wait, it’s nice to know that the innovations are coming fast and furious.
Ever present is the record Commercial net short position in silver…and an almost equally large short position in goldGold traded quietly higher during the early portion of Far East trading on Friday…but by 2:00 p.m. Hong Kong time, the price flat-lined until 1:00 p.m. GMT in London…about twenty minutes before the 8:20 a.m. Eastern time Comex open.At the point, the selling pressure began…and by the time the absolute low of the day [$1,707.50 spot] was in about five minutes before the Comex close…about $23 had been carved off the gold price from its London high. The subsequent rally pared those losses.Gold closed at $1,715.20 spot…down $10.60 from Thursday’s close. Net volume was decent at around 146,000 contracts.Silver got sold off during early morning trading in Hong Kong, but by 1:00 p.m. in London…8:00 a.m. in New York…the price was back to unchanged from Thursday’s close.There was a minor sell off during the next two hours of trading…and the real decline began at 10:00 a.m. Eastern time. Silver’s low…$33.07 spot…like gold’s came at 1:25 p.m…about five minutes before the Comex trading session ended. The silver price then drifted sideways for the first part of the electronic trading session, but rallied a bit going into the close. Silver had an intraday price move of well over 3 percent on Friday…the same intraday percentage move it had on Wednesday.Silver finished the Friday session at $33.44 spot…down 83 cents. Net volume was also pretty decent…around 57,000 contracts.Platinum got sold off as well, but not as much…and it made a decent recovery. There was almost no sign of price interference in palladium. But as I pointed out the other day, there is no monstrous Commercial net short position in that metal. It’s market neutral at this particular moment…and finished up on the day. Being a weekend column…I have a lot of stories for you today. I hope you can find the time over the weekend to pick through the ones that interest you.In saving the Union, I have destroyed the republic. Before me I have the Confederacy which I loath. But behind me I have bankers which I fear. – Abraham Lincoln comment on the National Bank Act, February 1863I have a couple of ‘blasts from the past’. The pop one is from 1974…and I’d forgotten that I even knew this song until I stumbled across it last weekend…and I’m more than happy to share it with you today. The link is here.The Brandenburg concerti by Johann Sebastian Bach…original title: Six Concerts à plusieurs instruments…are a collection of six instrumental works presented by Bach to Christian Ludwig, margrave of Brandenburg-Schwedt, in 1721…though probably composed earlier. They are widely regarded as among the finest musical compositions of the Baroque era. Here’s No. 5 [BWV1050] in its entirety. It’s played a little faster than I’m used to, but it’s very wonderful nonetheless. I note that Claudio Abbado is ‘conducting’ this…but he really looks out of place in front of such a small ensemble. The link is here.As I said in ‘The Wrap’ yesterday…”since it’s a Friday…and the last day of the month as well…we should prepare ourselves for any eventuality.” It was “da boyz” doing their thing with no adult supervision. Ted Butler thought it might have been the work of the raptors, but there’s no way of knowing that for sure…and the only hope is that more will be revealed to us in next Friday’s Commitment of Traders Report.One thing I am happy about is the performance of the mining stocks through all this. Yesterday one would have thought the stocks would have been slaughtered…but that wasn’t the case at all. It was very similar to what happened on Wednesday’s big engineered price decline.I’d like to think that it’s strong hands buying all the shares that are falling off the table as weak-kneed day traders hit the ‘sell’ button…but I’m always concerned that “da boyz” are buying up all these shares in order to dump them later when they need to suppress the share prices as well. I know that John Embry would be in total agreement with this scenario. But maybe I’m looking for a black bear in a dark room that’s not there.Anyway, with November in the history books, all eyes are on what’s going on in the U.S. regarding the “fiscal cliff”. As I’ve said many times, I have no idea what will happen from here. As we’ve seen twice this week, JPMorgan Chase et al are still running this show with the backing of the CME Group and the CFTC…and ever present is the record Commercial net short position in silver…and an almost equally large short position in gold as well. With all these elements in play, it’s a mug’s game to try and make a prediction here.We all know what the precious metal should be doing price-wise…but will they…and how soon and how high? Soon…and very high…are the answers that we would all like.Before closing, I’d like to take this opportunity to mention the fact that Doug Casey has a new book coming out very soon…and it would be my guess that it’s a must read. It bears the title “Totally Incorrect“…which pretty much sums up Doug’s persona in two words. The cost of his new tome is US$14.95…46% off the retail price…and a pittance in the grand scheme of things. If you have any interest at all, you can find out more by clicking here.Enjoy what’s left of your weekend…and I’ll see you here on Tuesday. It was another ‘nothing’ day in the dollar index yesterday, as it chopped around just above the 80.00 mark, closing the Friday session at 80.24…up 3 basis points from Thursday. Of course there was no co-relation between the index and the precious metals once again.The gold shares rallied a bit at the open, but then gold sold a bit over 2 percent…with the low of the day coming around 3:30 p.m. From there, they recovered sharply going into the close…and the HUI only finished down 0.94%. It could have been worse.The ino.com website is obviously having some serious issues with its HUI data…so here is the Kitco HUI chart once again.Despite the absolute shellacking that the silver price took, the shares themselves turned in an impressive performance, as there were a lot of green arrows on my list of companies that I track…and Nick Laird’s Silver Sentiment Index closed down only 0.74%. Amazing!(Click on image to enlarge)There was no CME Daily Delivery Report posted on their website until just before midnight last night Eastern time…which is about five hours later than normal. What it showed was that only 31 gold contracts were posted for delivery on Tuesday. Only 102 gold contracts have been posted for delivery during the first two days of the December delivery cycle…which I find amazing.It was a different story in silver, as 545 contracts were posted for delivery on Tuesday. The two big short/issuers were JPMorgan in its proprietary [in house] trading account with 343 contracts…and Jefferies with 169 contracts issued. The two biggest long/stoppers were JPMorgan in its client account with 255…and Barclays with 168 contracts stopped. In the first two delivery days for silver…1,116 silver contracts have been posted for delivery. This sounds normal.This link to yesterday’s Issuers and Stoppers Report is here…and it’s worth the trip.Despite the two sell offs in the paper market on Wednesday and Friday, the GLD ETF continued to add metal yesterday. This time an authorized participant added 58,124 troy ounces of gold. And, for a change, there were no reported changes in SLV.They had another decent sales report to close out the month over at the U.S. Mint yesterday. They sold 5,500 ounces of gold eagles…1,500 one-ounce 24K gold buffaloes…and 25,000 silver eagles. Unless more are added to these totals on Monday, the November sales figures are as follows: 136,500 ounces of gold eagles…16,500 one-ounce 24K gold buffaloes…and 3,159,500 silver eagles. Because of the huge number of ounces of gold sold by the mint in November…especially during this past week…the silver/gold sales ratio dropped all the way down to just over 20:1. I have a must read Reuters story about this in the ‘Critical Reads’ section further down.By the way, I wouldn’t be at all surprised if the mint held back some November silver eagles sales for the December month. If they did, we’ll find out about it on Monday.It was a really busy Thursday over at the Comex-approved depositories. They reported receiving 1,552,896 troy ounces of silver…and shipped 311,368 ounces of the stuff out the door. JPMorgan Chase’s depository was on the receiving end of 625,441 troy ounces of that amount. The link to that activity, which is worth a peek, is here.As expected, the Commitment of Traders Report for positions held at the close of Comex trading on Tuesday did not make for happy reading.In silver, the Commercial net short position only increased by a rather small 1,606 contracts, or 8.0 million ounces. I was expecting much worse.The total Commercial net short position now sits at 56,792 contracts, or 284.0 million ounces. The ‘big 4’ hold 278.1 million ounces of silver short…almost the entire Commercial net short position on their own. On a ‘net’ basis, the ‘big 4’ are short over 45% of the entire Comex futures market in silver…and I’d bet serious money that virtually that entire amount [95% plus] is held by JPMorgan Chase and Scotiabank.The ‘5 through 8’ traders are short an additional 51.2 million ounces of silver…and on a ‘net’ basis are short an additional 8.3 percentage points. Adding them up, the ‘Big 8’ are short over 53% of the entire Comex futures market in silver.But it’s only the ‘Big 2’ that matter…as the other six traders hold only about 2 percentage points of the total Commercial net short position each…and are immaterial in the grand scheme of things.There are 41 Commercial traders registered on the short side of the Comex silver market…and two of them are short 45% plus of that market. A lot of the other 39 traders…Ted Butler’s raptors…all work together in collusion as well. You couldn’t make this stuff up!These are precisely the same numbers that CFTC Chairman Gary Gensler and Commissioner Bart Chilton are looking at as well…and have been ‘investigating’ for more than four years. When I talk about ‘obscene and grotesque’ short positions in the silver market, this is of what I speak.Reader E.W.F…who sends me the weekly COT charts…made the comment that the ‘Big 4’ in silver are holding their largest short position since January 2010. No doubt that short position has declined since the Tuesday cut-off…but we won’t know by how much until next Friday…December 7th…the “day which will live in infamy“.In gold, the Commercial net short position increased by a chunky 15,983 contracts, or 1.6 million ounces of silver. The total Commercial net short position now sits at 25.20 million ounces.The ‘big 4’ traders are short 15.63 million ounces of that amount…and on a ‘net’ basis are short 34.8% of the entire Comex futures market in gold. The ‘5 through 8’ traders are short an additional 5.94 million ounces, or 13.2% of the entire Comex futures in gold. Add them up…and the ‘Big 8’ are short 48% of the entire Comex futures market in gold…and that’s a minimum number.There are 48 traders registered as short holders in the Commercial category in gold…and 4 of them are short 34.8% of the Comex futures market in gold. As you can see, the short positions in gold are not as concentrated as they are in silver…but it matters not when most of the ‘Big 8’…and a lot of the smaller ‘raptor’s are all working together.The CME Group does nothing…the CFTC does nothing…and the precious metals companies that we all own shares in, do nothing as well. It’s obvious to me that in order to work for, or at, any of these organizations…you have to agree to wrap your testicles in a piece of paper on which is written the full and complete meaning of the words “Fiduciary Responsibility“…and keep them out of sight while you are so employed.Here’s Nick Laird’s “Days of World Production to Cover Short Positions” chart. This week’s Commercial short position data is a high water mark for silver that goes all the way back to January of 2010…a fact that the CFTC should be ashamed of.(Click on image to enlarge)Here’s a chart that Washington state reader S.A. sent my way yesterday…and it’s pretty self explanatory. The banks do quite well in all this. Up to a point, they don’t care about the principal…as it was created out of thin air anyway…what they’re really concerned about is regaining the revenue stream from the interest they charge on the money they create out of thin air.Here are three pet photos that were sent to me by readers by John Sanders and David Caron a few weeks back…and this is the first time I’ve had the space to post them. Great Panther Silver Limited, (TSX: GPR NYSE.A: GPL)headquartered in Vancouver, Canada, is a profitable primary silver producer operating two 100% owned mines in Mexico. Over 94% of revenues are derived from unhedged precious metals production with approximately 74% generated from silver sales and 20% from gold. Since entering production in the first quarter of 2006, the Company has seen five consecutive annual increases in revenues and provides strong leverage to future rises in precious metals prices. The Company has also been growing its resource and reserve base at both 100% owned operations. A new resource/reserve estimate is expected for the Guanajuato Mine Complex and the San Ignacio Project in the second quarter of 2012 and a new resource/reserve estimate for the Topia Mines during the third quarter of 2012. Great Panther continues to replace mined ounces, grow resources and reserves at both operations, and is targeting a 10 year mine live at each.For more information, please visit the website or contact Rhonda Bennetto, VP Corporate Communications, toll free at 1-888-355-1766 or by email at [email protected] Sponsor Advertisement