Subscribe via email, get all daily posts sent to you next day (and without all the annoying ads)
Anyway, I love this tune and the vid is every bit as good as the awesome one for Body Movin' last week. What is it with rappers and top videos anyway? Next week we'll whack you with some serious guitars, folks. Promise.
A cute story that hit the wires less than an hour ago (thank you reader 'WW' for the headsup):
WASHINGTON – Federal aviation officials are warning air carriers that new research shows lithium batteries are sensitive to heat and can ignite in flight if transported in cargo compartments that get too hot.
The Federal Aviation Administration also acknowledged publicly for the first time Friday that a United Parcel Service 747-400 plane that crashed in Dubai last month killing both pilots was carrying a large quantity of lithium batteries.
Since the early 1990s, there have been dozens of incidents of batteries igniting in flight. But it has not been known exactly what triggered many of the fires.
FAA now says recent research has identified heat as the trigger and is offering air carriers advice on how to reduce the risk of fire.
Lithium Juniors = Snake Oil.
Peru’s central bank may slow the pace of interest rate increases at its monthly meeting today as moderating inflation allays concern that South America’s sixth- biggest economy is overheating.
The seven-member board will probably raise the bank’s reference rate by a quarter-point to 3.25 percent from 3 percent, according to 12 of 16 economists surveyed by Bloomberg. Three economists expect a third consecutive half-point increase, while one analyst forecasts a pause. The board will announce its decision after 6 p.m. New York time continues here
After the event:
The Peruvian central bank’s surprise decision to keep the benchmark lending rate unchanged signals policy makers are seeking to stem the 3.6 percent rally in the sol this year, according to Banco Santander SA.
The seven-member board, led by bank President Julio Velarde, kept the bank’s reference rate at 3 percent, surprising all except one of 16 economists surveyed by Bloomberg. Most analysts had predicted the central bank would raise rates for a sixth consecutive meeting.
“They’ve held the rate to control the inflow of dollars to the currency market,” said Gonzalo Navarro, head trader at Santander in Lima. “With inflation under control, the central bank can start to worry about the currency.”continues here
Yep, only one out of 16 of these overpaid dumbasses could name that tune, but they all have oh-so-intelligent comments to make on what the CenBank does once it's all over. About par for the course.
UPDATE: Latest latest is 1) breakthrough today and 2) miners get to come out Tuesday October 12th once the steel linings are fixed and ready in the tunnel. So now you know.
Today's featured company is Medoro Resources (MRS.v), as we again try to scrape away the surface gloss and doublespeak to get at what's really being said in the company NR this morning.
This is what they wrote:
And this is what it means:
TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRSNews) announced today that it has retained the services of The Capital Lab Inc. to provide investor relations services, subject to regulatory approval. Capital Lab will develop and implement Medoro's investor communications and marketing program in support of the Company's growth strategy.The investor relations agreement dated October 6, 2010, is effective as of September 15, 2010, and terminates on September 1, 2011. The agreement may be terminated by Medoro of Capital Lab upon 30 days' written notice. Under the terms of the agreement, Capital Lab will be paid a monthly fee of $10,000 (plus applicable taxes) for its investor relations services, plus an additional fee relating to the preparation of Medoro's annual report. Medoro will reimburse Capital Lab for expenses incurred in connection with its investor relations services. Capital Lab is also eligible to participate in Medoro's stock option plan.Capital Lab is a Toronto-based company that provides strategic investor relations and business development solutions for international publicly listed companies in various industry sectors. It focuses on advising global companies during transition periods, as a part of their team, to provide immediate and full support throughout their growth and evolution.Neither Capital Lab or its Principal, Belinda Labatte, has any interest, directly or indirectly, in Medoro or its securities, or any rights or intent to acquire such an interest.Medoro also announced the resignation of Linda Dorrington as Director, Investor Relations of Medoro, effective as of September 30, 2010. The Company would like to thank Ms. Dorrington for her contributions to Medoro.
TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - Medoro Resources Ltd. (TSX VENTURE:MRS - News) announced today that it has retained the services of The Capital Lab Inc. to provide investor relations services, subject to regulatory approval. Capital Lab will try and spin this underperforming dog in a way that will attract new suckers, keeps their attention away from the serious problems the company has with locals in Colombia and gets ten grand a month plus a seat on the options gravytrain in return for its marketing voodoo.
Medoro also announced the resignation of Linda Dorrington as Director, Investor Relations of Medoro, effective as of September 30, 2010 because....well, just look at the stock price performance and work it out for yourself.
...the percentage change of savings to GDP in Mexico, years 2000 and 2010
Christoph Berndt, criminal German scam pusher working for The Cardero Group, would like a comment on the move in Dorato Resources (DRI.v)
Happy now? Or perhaps, Christoph, it's about time your controllers told you to...
"This was a miss on consensus and Indi (the analyst) believes any pullback on MFL today should be bought........ The Q2/10 quarter likely won’t change investor’s minds but that is backward looking and Indi believes the inflection point is right now."
MFN: Minefinders Tour Takeaways (1-SO, US$14/sh target, Indi Gopinathan): Earlier this week, Minefinders hosted Scotia clients on a tour of the Dolores gold and silver mine in Chihuahua , Mexico . In the short term, it appears the liner tear issue will negatively impact both Q3 and Q4 production as all of the Phase 1 leach pad was taken off leach in August. Indi currently models Q3 production that is 40% below guidance with Q4 figures 8% lower than company expectations. Longer term, block model reconciliation could lead to a 10% grade improvement over the average reserve grade. While short term issues continue to plague the company, Indi reiterates her 1-Sector Outperform rating and US$14/sh target with the view that Dolores is a good asset and a potential M&A target.
UPDATE: Another take:
...silver the metal (using the ETF SLV as proxy) compared to ECU Silver (ECU.to), year to date.
UPDATE: No, I'm not "your pal" (a reader informs that you refer to me in that way). I'd rather see you in jail but unfortunately what you do isn't illegal...just totally immoral.
....this bull isn't stopping.
click here to play
Batero (BAT.v): Making strong progress (and raising money, surprise surprise)Since we first featured Batero Gold Corp (BAT.v) in the ‘Market Watching’ secion of IKN68, the stock has gone great guns (here right is the chart that shows the performance from then to now).
(chart not shown here on blog, but visualizes the six week run from the $1.20s to $1.90s)
It has been running a $10m bought deal placement first announced on September 24th (19) at $1.60 per unit (share plus half warrant at $2.35) but last week increased the placement (20), so assuming the original overallotment ($5m gross proceeds) is going to be filled as well, BAT is now looking to add $15.75m in gross proceeds to its coffers...all very tasty and good for anything the company wants to drill for the forseeable future.
Gold explorers are in a sweet spot right now and there are plenty of management teams out there raising cash on the back of the suddenly elevated share prices. Now, it’s your guess to my own as to whether this secular bull will continue, but it’s 100% unsurprising to see the sharper teams (that word deliberately chosen, as it’s a double-edged sword) out there adding cash and securing their medium-term futures as explorers.
BAT smacked of a decent opportunity when first highlighted, though not the profile your author personally prefers. Thusly it was featured as a headsup story in ‘Market Watching’ without making it to the formal ‘Stocks to Follow’ list. Here we are, six weeks later and the stock 53.6% higher. We’ll continue to outline opportunities without making them recos in the future, highly esteemed readership, because your author continues to be acutely aware that his way of investing is not the only way of investing.
“I woke up as the sun was reddening; and that was the one distinct time in my life, the strangest moment of all, when I didn’t know who I was — I was far away from home, haunted and tired with travel, in a cheap hotel room I’d never seen, hearing the hiss of steam outside, and the creak of the old wood of the hotel, and footsteps upstairs, and all the sad sounds, and I looked at the cracked high ceiling and really didn’t know who I was for about fifteen strange seconds.”
"...Okay, well and good: Promotional but no big red flags for me except the hosts are complex pegmatites, which are usually small and seldom have the size and grade to make mineable ore bodies, especially in the southwestern United States.
"But then it goes to hell in a hand basket in a hurry:...."
Market Nuggets: Prognosticating Gold's Path Impossible - Citigroup
(Kitco News) - With gold making new highs, investors are looking for forecasts for gold prices following actions of gold miners, central bankers or chartists. None of them have been right in the past 40 years, said Citigroup Global Markets. “When gold miners had to buy back massive hedges, they proved we should not look to them for gold-price forecasting. The same applies to central banks, which sold right at the bottom. Bankers don’t get it right, either. Many famous forecasters (high-profile academics and high-profile chartists), after gold had fallen from a high of $875/oz to $600/oz in 1981, forecast it would soon shoot above $1000. Instead, it entered a 20-year slumber party,” the bank wrote. “We now have popular forecasters (popular because they called sub-prime right) forecasting that gold is on its way to $4000/oz. It may well be. The history of unsuccessful forecasting shows it also may be on its way to $800/oz. And yet these high forecasts are no less popular than they were in 1981. As the famous saying goes, ‘Its deja vu all over again’.”
By Debbie Carlson of Kitco News
Meanwhile, the cynical amongst us (gosh, I feel lucky not to be one of those) could note that the economic and life-standards rebound happening in Argentina is mightily well timed for next year's Presidential election, with one of the two Ks looking to keep control of the country. Just sayin'.
link to the original report. Most impressive.
Go to here for more, including Correa's personal numbers.
About time we saw this kind of action in a few regional congresses, methinks.
Argentina’s ‘Glacier Law’ passes the SenateOn Thursday Argentina’s upper house, the Senate, finally voted through the so-called “Glacier Law” that’s designed to protect glaciers in the upper reaches of the Andean Cordillera and stop mining companies from disrupting them, thus guaranteeing them as a source of water supply etc. There were two law projects on the table for the Senate to vote on and the tougher-worded one of the two was passed by a vote of 35 to 33 (one abstention). Below in the appendix find a Reuters report (18) that neatly sums things up.
The practical results of the law passage (assuming President Cristina Fernandez signs it into law as she said she would) are currently under debate, with some saying the feature ‘Pascua Lama’ project of Barrick is under threat, while others saying no. So let’s make this as simple as possible: If this law threatens ABX at Pascua Lama in any way, be sure that Cristina will veto it. It’s really as simple as that. Fernandez is very pro-Pascua Lama, Barrick has already made provisions to its mining plan that mean Pascua Lama mineral directly under the nearby glacier will not be mined or even put in the mining plan and the talk from the environmental groups of this law being a triumph that will stop Pascua Lama in its tracks will be short-lived. The mine will happen, period.
However, the new law is likely to add an extra layer of bureaucracy (as if there weren’t enough already in Argentina) to other projects in the upper reaches of the Cordillera. One of the key points of the law is that Argentine Institute of Snow Research, Glaciology and Environmental Science (translated) is now in charge of making a nationwide inventory of glaciers and afterwards it will also be in charge of making the glacial studies needed for environmental permitting for any new mining project. In other words a new department is now involved in the permitting process, over and above all the current processes.
The bottom line is that 1) ABX will get its mine at Pascua Lama but 2) there may be a temporary delay or two due to it. Meanwhile 3) Argentina, already a pain in the butt when it comes to red tape, just saw another layer added to any company that wants to develop a high mountain project.
IKN offers this handy visual guide to Minefinders' (MFN) (MFL.to) share price this last year.
If you look very very closely, you may be able to spot a trend.
Piñera sez that he hopes to get them out before October 17th. This date is important to him because he's off on a beano to Europe and doesn't want to miss the photo-op. Here's the quote:
ICSG sees copper market in 400,000T deficit in 2011
LONDON, Oct 1 (Reuters) - The global market for refined copper is expected to swing into a 400,000-tonne deficit for 2011 as increased economic activity boosts demand to outstrip growth of refined production, the International Copper Study Group said.The group revised its forecast to a deficit from an estimate of a 240,000 tonnes surplus, made in April. "In 2011, refined usage is again expected to increase in all major world markets, with global demand expected to rise by about 4.5 percent," the ICSG said in a note on Friday. "Industrial demand growth for copper in China, which is based on anticipated semi-manufacture production, is expected to grow by about 6 percent in 2011," it said. China is the world's top consumer of copper, accounting for about one third of total demand.The group also revised its 2010 forecast to a 200,000 tonne surplus, from an April estimate of 580,000 tonne surplus as growth in copper supply matches growth in copper demand, roughly in line with levels seen in 2009. During 2012, the market is expected to be more closely balanced, as an increase in refined copper production more than keeps pace with sustained demand growth.
...the IGBVL 'General' index of the Lima stock market.
So now at roughly the next stopping point...if it decides to stop, that is.
Holy wowsers! Check out the numbers with 82.29% of the votes counted already: