How the PM blogosphere behaves like a cult

I highly recommend the post over at Screwtape Files today, entitled "How the PM blogosphere behaves like a cult". The Higher Powers know the type of stuff that I have to fend off in my email inbox from the kind of nutbars Screwtape accurately portrays here. I'm now at the point where any mail with the title line "your blog" is simply left unopened, unless I recognize the mailer's address at least.

Five days of metals and miners: Feb 4th

Our regular Saturday morning slot, as we look back on the last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).

And just look at those base metals go! By far the best performance on the week, with positive economic activity forecasts (led by USA) trumping the monetary movements during the week. Or put another way, Dr. Copper liked the US unemployment number as much as Mr. Obama did.

Away from the industrials, juniors did next best with a modest 1% win. The rest had a flat time of it.

The Friday OT: Alabama 3; Woke up this morning (Sopranos version)

Do you remember this kick-ass Friday OT back from 18 months ago, Mao Tse Tung Says (one of the finest live vids I've ever had the pleasure of etc etc)? Well the group behind it, Alabama 3, is best known for the title song from The Sopranos and because we love you more than your own parents we're laying this über-cool track on your traseros today.

Tis so very good, therefore enjoy.

Fracking in Argentina

A good post up at Tuerto today about the subject. If you're into the O&G scene and want to know about the very strong potential fracking is showing in Argentina and the people-related hold-ups as well, start here and read on.

Not the Friday OT: North Korean accordeonists play Take On Me by A-Ha

The real Friday OT comes later, but since nobody else seems to be taking the market seriously today I don't see why I should, either. So to put you in that end-the-week partaaay mood, check out A-Ha's "Take On Me" performed by accordeonists from the Kum Song School, Pyongyang, North Korea.

Headsup thankerations to twitterpal and good egg, Karaspita.

And speaking of insider selling....

...as we were doing yesterday, here's another bunch that are taking advantage of a price pop to raise some just-gotta-buy-that-new-SUV-have-you-seen-it-it's-gorgeous cash. Our happy bunch of friends over at Exeter Resources who have given it the 1) publish feas study 2) get love from anal yst community (who are all underwater on their calls and targets) 3) sell shares into the pop 4) ?????? 5) underpants gnomes 6) profit!

Feb 2/12	Feb 1/12	Grey, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-2,400	$3.85
Feb 2/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-8,600	$3.87
Feb 2/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-7,800	$3.82
Feb 2/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-600	$3.80
Feb 2/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-3,000	$3.94
Feb 2/12	Feb 1/12	Simpson, Yale Ronald	Direct Ownership	Common Shares	51 - Exercise of options	100,000	$2.39
Feb 2/12	Feb 1/12	Simpson, Yale Ronald	Direct Ownership	Options	51 - Exercise of options	-100,000
Feb 1/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	51 - Exercise of options	20,000	$1.99
Feb 1/12	Feb 1/12	Scheving, Douglas Wayne	Direct Ownership	Options	51 - Exercise of options	-20,000	$1.99
Feb 1/12	Jan 31/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-2,600	$3.94
Feb 1/12	Jan 31/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-300	$3.84
Jan 31/12	Jan 31/12	Grey, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-25,000	$3.89
Feb 1/12	Jan 30/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	10 - Disposition in the public market	-17,100	$3.88
Feb 1/12	Jan 30/12	Scheving, Douglas Wayne	Direct Ownership	Common Shares	51 - Exercise of options	20,000	$1.99
Feb 1/12	Jan 30/12	Scheving, Douglas Wayne	Direct Ownership	Options	51 - Exercise of options	-20,000	$1.99
Jan 31/12	Jan 30/12	Grey, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-27,600	$3.71
Jan 31/12	Jan 27/12	Simpson, Yale Ronald	Direct Ownership	Common Shares	10 - Disposition in the public market	-30,000	$3.60
Jan 31/12	Jan 27/12	Simpson, Yale Ronald	Direct Ownership	Common Shares	10 - Disposition in the public market	-80,000	$3.44
Jan 31/12	Jan 27/12	Grey, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-25,000	$3.53
Jan 31/12	Jan 26/12	Grey, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-20,000	$3.39
Jan 31/12	Jan 26/12	Grey, Robert	Direct Ownership	Common Shares	51 - Exercise of options	100,000	$1.99
Jan 31/12	Jan 26/12	Grey, Robert	Direct Ownership	Options	51 - Exercise of options	-100,000	$1.99

Not bad for a week and a bit's worth of work, such a generous sector.

But this is nothing to worry about! At all! Truly! All you need to do as a concerned shareholder is phone the XRC IR department and they'll explain the situation. In fact, they have a script typed out and waiting for you so don't let all their prep work go to waste, yeah?

Chart of the day is...

...Peru's monthly copper production figures, 2003 to date:

December 2011's numbers were released yesterday and the good news is that the 122,642 metric tonnes produced in the country in the month is a new all-time record for the country. Let's see if it can continue kicking trasero in 2012. Source Peru MEM

Malaga Inc (MLG.to): Just in case you've been wondering why...

...the stock has sold off so much....

...and the company has just brought in a new mine manager.....

MONTREAL, QUEBEC--(Marketwire -01/09/12)- Malaga Inc. ("MLG")(TSX: MLG.TO - News)(OTCQX: MLGAF.PK - News) announces the appointment of Fernando Pajuelo as General Manager in charge of mining operations at the Company's Pasto Bueno tungsten mine in Peru. Mr. Pajuelo will report directly to Malaga's President and CEO, Mr. Pierre Monet. (continues here)

....here's the reason, via the December 2011 production figures from Peru's mining ministry, out today:

 Waddya say, owly?

Yeah, I'd say that too. The 26 metric tonnes of tungsten produced by MLG.to at its Pasto Bueno mine in December 2011 is by far the worst month of production we've seen from this already under-performing dog. And to get a flavour as to how the figures add up on a quarterly basis, here's the same data chopped and sliced accordingly:

Also, if you cast your eyes back up to that price chart and check on the volumes traded recently, it's pretty obvious that somebody's been wanting to get out at any price going recently. Now you know why. And to think there are still fools out there pumping this thing....sheesh...