{"id":10415,"date":"2014-08-03T12:42:10","date_gmt":"2014-08-03T16:42:10","guid":{"rendered":"http:\/\/www.pgm-blog.com\/?p=10415"},"modified":"2014-08-03T12:42:10","modified_gmt":"2014-08-03T16:42:10","slug":"highlights-of-the-week-of-july-28-2014","status":"publish","type":"post","link":"https:\/\/www.pgmcapital.com\/nl\/highlights-of-the-week-of-july-28-2014\/","title":{"rendered":"Highlights of the Week of July 28 2014"},"content":{"rendered":"<p style=\"color: #2c2c29;\"><a href=\"https:\/\/www.youtube.com\/watch?v=mHYYNoCFFYg\" target=\"_blank\" rel=\"https:\/\/www.youtube.com\/watch?v=mHYYNoCFFYg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10459\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/argentina-629x396.jpg\" alt=\"Argentina\" width=\"300\" height=\"189\" \/><\/a><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Default-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-10460\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Default-1.jpg\" alt=\"Default 1\" width=\"220\" height=\"165\" \/><\/a><\/p>\n<p style=\"color: #2c2c29;\">Dear\u00a0<strong>PGM Capital\u00a0<\/strong>Blog readers,<\/p>\n<p style=\"color: #2c2c29;\">In this weekend&#8217;s blog edition, we want to discuss some of the most important events that happened in the global capital markets, the world economy and the world of money in the week of July 28, 2014.<\/p>\n<ul>\n<li>Argentina&#8217;s Credit rating downgraded to SD on July 30.<\/li>\n<li>The USA Economic reports of last week.<\/li>\n<li>Rhodium at 16-month high.<\/li>\n<\/ul>\n<p><span style=\"color: #0000ff;\"><strong>ARGENTINA CREDIT RATING DOWNGRADED TO SD:<br \/>\n<\/strong><\/span>A federal judge in New York has\u00a0ruled\u00a0that Argentina must pay a small group of creditors in full \u2014 about US$1.5 billion \u2014 even though it got 93 percent of its other bondholders to accept partial payment in a debt restructuring after its 2001 default.<\/p>\n<div id=\"attachment_10440\" style=\"width: 410px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/20140730-kicillof-argentina-debt-epa-640b_FB825BCF801943619409B011C1CA727F.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10440\" class=\"wp-image-10440\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/20140730-kicillof-argentina-debt-epa-640b_FB825BCF801943619409B011C1CA727F.jpg\" alt=\"Axel Kicillof,  Argentina's economy minister addresses the media at the Consulate General of Argentina\" width=\"400\" height=\"252\" \/><\/a><p id=\"caption-attachment-10440\" class=\"wp-caption-text\">Axel Kicillof, Argentina&#8217;s economy minister, addresses the media at the Consulate General of Argentina<\/p><\/div>\n<p><span style=\"color: #000000;\">With no deal by late Wednesday, July 30, ratings agency Standard &amp; Poor&#8217;s announced that it had downgraded the country&#8217;s foreign currency credit rating to SD &#8220;selective default&#8221; because of the missed interest payments.<\/span><\/p>\n<p>Below video gives more details on Argentina&#8217;s current &#8220;Selective Default&#8221; status.<br \/>\n<iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/iGED4Z6TrtY\" width=\"540\" height=\"340\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #000000;\">After defaulting in 2002, Argentina restructured its debt in 2005 and 2010. More than 90 percent of the bondholders agreed to accept new\u00a0<\/span><span class=\"mandelbrot_refrag\" style=\"color: #000000;\">bonds<\/span><span style=\"color: #000000;\">\u00a0with reduced payments. The holdouts refused the terms, and were awarded US$1.33 billion, plus interest, by a U.S. judge.<\/span><\/p>\n<p style=\"color: #2c2c29;\"><span style=\"color: #0000ff;\"><strong>THE USA ECONOMIC REPORT:<\/strong><\/span><\/p>\n<p style=\"color: #2c2c29;\"><strong>The USA Q2-GDP report of July 30, 2014:<\/strong><br \/>\nWednesday, July 30, US GDP came in with a nice surprise with a growth of 4% in the second quarter of this year, while the previous quarter has been revised to a decline of -2.1% instead of -2.9%. Q2 figures came in far better than the analysts&#8217; 3% forecast. However, looking deeper into the numbers, we can find what drove the sharp expansion and deduce why it might be a temporary growth.<\/p>\n<p style=\"color: #2c2c29;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/USA-jobs.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10458\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/USA-jobs.jpeg\" alt=\"Workers work on installing the motherboard to a 32-inch TV at Element Electronics in Winnsboro\" width=\"400\" height=\"262\" \/><\/a><\/p>\n<ul>\n<li><strong>Business Inventories Represents 1.66% of the 4% GDP Growth:<\/strong><br \/>\nRising inventories does not mean that they are selling more goods because products can end up on store shelves or in warehouses.Therefore, this reading cannot be seen as a sign of recovery, but looking at final sales will be the key.<\/li>\n<li><strong>Cars &amp; Light Trucks:<\/strong><br \/>\nLooking further into the numbers, it\u2019s clear that car and light truck purchases played a major role in the GDP release. Motor vehicle and parts spending grew an annual percentage of 17.5%. The purchase of motor vehicles and light trucks can be considered as an investment with an economic life-cycle of 5 years. Due to this we believe that a great portion of new cars purchased in June, can be seen as delayed purchases by owners off written-off vehicles, using their vacation bonus.<\/li>\n<li><strong>Exports Added 1.23% to GDP:<\/strong><br \/>\nHowever, this increase is also based on estimated trade data. Therefore, the second estimate for the second quarter, which is based on complete data, will be released at the end of August. That number will be more accurate and representative.<\/li>\n<\/ul>\n<p><strong>The USA jobs report of August 1, 2014:<br \/>\n<\/strong>The US Economy added 209K \u00a0versus an estimated. 230K\u00a0and the Unemployment Rate ticked higher to 6.2%.<\/p>\n<p><strong>The USA Core PCE:\u00a0<\/strong><br \/>\nThe US personal consumption expenditures price index excluding food and energy \u2013 the so-called core PCE \u2013 increased 0.1% in June, \u00a0to\u00a01.5%, while it was anticipated<br \/>\nto remain stable at 1.4%.<\/p>\n<p><span style=\"color: #0000ff;\"><strong>RHODIUM AT 16-MONTH HIGH:<br \/>\n<\/strong><\/span>Rhodium advanced to the highest price in 16 months and is set for the biggest monthly gain since 2009 as demand from car makers increased amid restricted supply.<\/p>\n<p><span style=\"color: #444444;\">Rhodium climbed to US$1,250 an ounce on July 25, the highest since March 26, 2013.<\/span><\/p>\n<p>As can be seen from below chart, t<span style=\"color: #444444;\">he metal, used in catalytic converters to curb harmful emissions, has rallied 40% since reaching a nine-year low of US$890 an oz in December of 2013.<\/span><\/p>\n<div id=\"attachment_10432\" style=\"width: 510px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Screen-Shot-2014-08-02-at-1.12.20-PM.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10432\" class=\"wp-image-10432\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Screen-Shot-2014-08-02-at-1.12.20-PM.png\" alt=\"Rhodium 1-year chart\" width=\"500\" height=\"179\" \/><\/a><p id=\"caption-attachment-10432\" class=\"wp-caption-text\">Rhodium 1-year chart<\/p><\/div>\n<p><span style=\"color: #444444;\">Rhodium has gained 28% this year. It\u2019s set for the first annual increase since 2009, when prices doubled.<\/span><\/p>\n<p><strong style=\"color: #0000ff;\">PGM CAPITAL COMMENTS:<\/strong><\/p>\n<p><strong>Argentine Selective Default:<br \/>\n<\/strong>Argentina is not the only country that has struggled, or even failed, to pay its debt in recent years. It is hardly the only country with a severely impaired credit rating either. Alongside Argentina, Moody&#8217;s currently lists 10 other countries with a rating of Caa1 or worse.<\/p>\n<p>Based on ratings from Moody&#8217;s Investors Service, these are the 10 other countries at risk of default:<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Equador.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10442\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Equador.jpeg\" alt=\"Equador\" width=\"40\" height=\"27\" \/><\/a>\u00a0Ecuador<\/strong><strong>:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa1<\/li>\n<li>Gov&#8217;t debt (pct. of GDP): 24.8%<\/li>\n<\/ul>\n<\/li>\n<li><strong style=\"font-size: 13px;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/venezuela.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10446\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/venezuela.jpeg\" alt=\"venezuela\" width=\"40\" height=\"27\" \/><\/a>\u00a0Venezuela:<\/strong>\n<ul>\n<li><span style=\"font-size: 13px;\">Moody&#8217;s credit rating: Caa1<\/span><\/li>\n<li><span style=\"font-size: 13px;\">Gov&#8217;t debt (pct. of GDP): 51.6%<\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong style=\"font-size: 13px;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Belize.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10448\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Belize.jpeg\" alt=\"Belize\" width=\"40\" height=\"27\" \/><\/a>\u00a0Belize:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa2<\/li>\n<li><span style=\"font-size: 13px;\">Gov&#8217;t debt (pct. of GDP): 80.4%<\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/800px-Flag_of_Cuba.svg_.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10450\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/800px-Flag_of_Cuba.svg_.png\" alt=\"800px-Flag_of_Cuba.svg\" width=\"40\" height=\"20\" \/><\/a>\u00a0Cuba:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa2<\/li>\n<li>2014 Gov&#8217;t debt (pct. of GDP): N\/A<\/li>\n<\/ul>\n<\/li>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/600px-Flag_of_Jamaica.svg_.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10451\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/600px-Flag_of_Jamaica.svg_.png\" alt=\"600px-Flag_of_Jamaica.svg\" width=\"40\" height=\"20\" \/><\/a>\u00a0Jamaica:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa3<\/li>\n<li>2014 Gov&#8217;t debt (pct. of GDP): 133.7%<\/li>\n<\/ul>\n<\/li>\n<li><strong style=\"font-size: 13px;\"><span style=\"font-size: 13px;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Egypt.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10453\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Egypt.jpeg\" alt=\"Egypt\" width=\"40\" height=\"27\" \/><\/a>\u00a0Egypt:<\/span><\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa1<\/li>\n<li>Gov&#8217;t debt (pct. of GDP): 91.3%<\/li>\n<\/ul>\n<\/li>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Ukraine.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10454\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Ukraine.jpeg\" alt=\"Ukraine\" width=\"40\" height=\"27\" \/><\/a>\u00a0Ukraine:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa3<\/li>\n<li>2014 Gov&#8217;t debt (pct. of GDP): N\/A<\/li>\n<\/ul>\n<\/li>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Greece.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10455\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Greece.jpeg\" alt=\"Greece\" width=\"40\" height=\"27\" \/><\/a>\u00a0Greece:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa3<\/li>\n<li>2014 Gov&#8217;t debt (pct. of GDP): 174.7%<\/li>\n<\/ul>\n<\/li>\n<li><strong><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Cyprus.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10456\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Cyprus.png\" alt=\"Cyprus\" width=\"40\" height=\"27\" \/><\/a>\u00a0Cyprus:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa3<\/li>\n<li>2014 Gov&#8217;t debt (pct. of GDP): 121.5%<\/li>\n<\/ul>\n<\/li>\n<li><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Pakistan.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10457\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Pakistan.jpeg\" alt=\"Pakistan\" width=\"40\" height=\"27\" \/><\/a>\u00a0<strong>Pakistan:<\/strong>\n<ul>\n<li>Moody&#8217;s credit rating: Caa1<\/li>\n<li>Gov&#8217;t debt (pct. of GDP): 63.7%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a style=\"font-size: 13px;\" title=\"Not just Argentina: 11 countries near bankruptcy\" href=\"http:\/\/www.usatoday.com\/story\/money\/business\/2014\/07\/31\/countries-near-bankruptcy\/13435097\/\" target=\"_blank\">Source:<\/a><\/p>\n<p><strong>USA Economic data:<br \/>\n<\/strong>Based on the Country&#8217;s economic data and geopolitical tensions, U.S. stocks tumbled during the last days of July 2014.<\/p>\n<p style=\"color: #000000;\">As can be seen from below chart, the DOW Industrial tumbled 467 points or 2.75%.<\/p>\n<div id=\"attachment_10436\" style=\"width: 510px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Screen-Shot-2014-08-02-at-4.44.39-PM.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10436\" class=\"wp-image-10436\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/Screen-Shot-2014-08-02-at-4.44.39-PM.png\" alt=\"DOW 5-day chart\" width=\"500\" height=\"206\" \/><\/a><p id=\"caption-attachment-10436\" class=\"wp-caption-text\">DOW Jones Industrial 5-day chart<\/p><\/div>\n<p style=\"color: #000000;\"><span style=\"color: #2d2b2c;\">Former Federal Reserve Chairman\u00a0<\/span>Alan Greenspan<span style=\"color: #2d2b2c;\">\u00a0said that USA-equity markets will see a decline at some point after surging for the past several years.<\/span><\/p>\n<p style=\"color: #000000;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/greenspan.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10438 size-full\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/greenspan.jpeg\" alt=\"greenspan\" width=\"234\" height=\"215\" \/><\/a><\/p>\n<p style=\"color: #000000;\"><span style=\"color: #2d2b2c;\">While Greenspan said he didn\u2019t think equities were \u201cgrossly overpriced,\u201d his comments come amid growing concern that interest rates near record lows are creating asset-price bubbles. Fed Chair\u00a0<\/span>Janet Yellen<span style=\"color: #2d2b2c;\">\u00a0said in a July 16 congressional testimony that while she saw signs of high valuations in some markets, prices overall &#8212; including for U.S. stocks &#8212; weren\u2019t out of line with historical norms.<\/span><\/p>\n<p style=\"color: #000000;\"><strong>Rhodium:<br \/>\n<\/strong>Rhodium is the second scarcest element in the earth&#8217;s crust.<\/p>\n<p style=\"color: #000000;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/rhodium-bullion-bars.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10463\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/08\/rhodium-bullion-bars.jpg\" alt=\"rhodium-bullion-bars\" width=\"400\" height=\"302\" \/><\/a><\/p>\n<p style=\"color: #000000;\">Demand for the metal will beat supply by 60,000oz this year while on the other hand output will drop 3.8% and car companies, accounting for about 80% of demand, will boost usage 4.1%.<\/p>\n<p style=\"color: #000000;\"><span style=\"color: #444444;\">European car sales rose in June for the longest stretch of gains in four years, Brussels-based European Automobile Manufacturers\u2019 Association said on July 17.\u00a0<\/span><\/p>\n<p style=\"color: #000000;\"><span style=\"color: #444444;\">Rhodium\u2019s surge to a record $10,100 in 2008 forced manufacturers to use more platinum and palladium, which have similar properties needed to clean car emissions.<\/span><\/p>\n<p style=\"color: #000000;\">We are very bullish on Rhodium and the other Platinum Group of Metals (PGM) Palladium and Platinum and have BUY rating on them.<\/p>\n<p style=\"color: #2c2c29;\">Last but not least, before following any investing advice, always consider your investment horizon and risk tolerance and financial situation and be aware that stock prices don&#8217;t move in a straight line and that sharp corrections may happen in the short term.<\/p>\n<p style=\"color: #2c2c29;\">Until next week.<\/p>\n<p style=\"color: #2c2c29;\">Yours sincerely,<\/p>\n<p style=\"color: #2c2c29;\"><a style=\"color: #807d7a;\" href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/05\/Suriname-Times-foto.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9925 \" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2014\/05\/Suriname-Times-foto-150x150.jpg\" alt=\"Suriname Times foto\" width=\"96\" height=\"96\" \/><\/a><\/p>\n<p style=\"color: #2c2c29;\">Eric Panneflek<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear\u00a0PGM Capital\u00a0Blog readers, In this weekend&#8217;s blog edition, we want to discuss some of the most important events that happened in the global capital markets, the world economy and the world of money in the week of July 28, 2014. Argentina&#8217;s Credit rating downgraded to SD on July 30. The USA Economic reports of last<a href=\"https:\/\/www.pgmcapital.com\/nl\/highlights-of-the-week-of-july-28-2014\/\">[&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,9,10,19,20,12,26,13,27,15,16,22,1,32,18],"tags":[],"class_list":["post-10415","post","type-post","status-publish","format-standard","hentry","category-debt-crisis","category-emerging-markets","category-eric-panneflek","category-financial-news","category-general-information","category-inflation","category-logistic","category-market-volatility","category-news","category-pgm-capital","category-precious-metal","category-the-week-in-review","category-uncategorized","category-video","category-world-economic-outlook"],"_links":{"self":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/10415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/comments?post=10415"}],"version-history":[{"count":0,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/10415\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/media?parent=10415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/categories?post=10415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/tags?post=10415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}