|As of December 10th, 2010|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|Dec 10/10||Dec 06/10||Paterson, James||Direct Ownership||Common Shares||10 - Disposition in the public market||-300,000||$0.705|
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"The Pittsburgh Press of June 28, 1910 had a tantalizing headline:
HAVANA TO BE THE MECCA OF GAMBLERSBiggest sporting resort in western hemisphere to be erected in Cuban capital
“It will be backed by Cuban and American capitalists who have incorporated a $400,000 company.”
“The promoters plan to make Havana the biggest gambling Mecca in the world outside of Monte Carlo and possibly Nice and Venice...”
“The franchise gives the company the right to use during its ‘carnival seasons’ all the vacant lots belonging to the city, on which it is proposed to erect temporary gambling booths and places for other amusements. The purpose of this is to give the company an ironclad monopoly on all gambling privileges in the city.
"The city authorities have promised the utmost security from CONTINUES HERE
Surely a great plan. What could possibly go wrong?
"This is a WAY better version. I have the DVD and it's amazing. Joe Bonamassa is, in my opinion, one of the greatest living guitarist around. Hope you feature him on your blog."
Just noticed the ZZ Top vid on your blog. The first album was recorded in Tyler Texas where I grew up. I was 17 years old when it was released. While they were recoding it they used to play almost every night at a little club called the "Lighthouse" in Tyler. We would get stoned out of our minds and go sit on pillows on the floor, maybe 25 people and watch Billy Gibbons do amazing things with the guitar. I have some real fine memories of that time. Probably the best show I ever saw was at the National Guard Armory in Jacksonville Texas a few years later. The band was getting some recognition by then and Billy was just fabulous. They were playing Brown Sugar and in the middle of it he started playing these Clapton riffs from Deserted Cites of the Heart.... just blew my mind.
First time I ever saw ZZ Top was at Panther Hall in Ft. Worth Texas Feb. 1970 as the opening act for Quicksilver Messenger Service and the Grateful Dead. Heavy water light show from San Francisco and the works. Changed my life.
Thanks for jogging the memories, A
First of all, thanks for posting a great Friday OT, and Joe Bonamassa’s version of Just Got Paid. I always love hearing different really good versions of a good song. And I got to hear someone new to me. I want to hear Joe Bonamassa live.After listening to Bonamassa’s version – which I had to turn up to 11 - with TM’s claim of it being a way better version (a partly subjective call), I had to go back and listen to the ZZ Top version again (also turned it up to 11.)Here is my reaction, as a total music amateur. (I played tenor sax in the high school concert and jazz bands, and in a church polka band, me and six accordions, and a bass player and drummer, when the two of them occasionally showed up. I acknowledge this experience could have skewed my perception of music.)I have to give this one to ZZ Top, firstly as the version I enjoyed the most. But, secondly, I think ZZ Top did it better overall. It sounded tighter, and like they were playing as a band, more as a unit. The Joe Bonamassa version sounded like Joe’s excellent playing dressed up with the accompaniment (also really good.) ZZ Top plays with their distinct sound. While Joe’s guitar playing stands out, the band’s overall sound, as much as I liked it, didn’t stand out that much from a lot of other good bands.Both versions were great music, but it comes down to what you like. I think guitar nuts (I know a couple) might lean towards Joe’s guitar-first, everything-else-second sound.OT from that: if you have two percussionists, shouldn’t they each do something pretty different? Otherwise, what’s the point of having two? I didn’t hear them diverging often. If you need louder percussion, when they’re wired, can’t you just turn the one up?. And what was the keyboardist doing? I must have missed something.
It's the root of evil and you know the restBut it's way ahead of what's second best
Subscribers know why.
So how does this one work?
...Paraguay GDP growth, 2003 to date.
By the way, data from here.
To be clear from the outset: we are not recommending that you buy large-cap golds and sell the small-caps. We are saying to own them all!
Gold has been in a major bull market for several years now. Some believe that the recent runup from $1250 to $1425 is the last inhale of a bubble that is about to burst. We disagree. In fact, we would make the case that gold is destined to become the greatest “bubble” of all time, and that the parabolic curve of its price track is still in its infancy.
TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - Seafield Resources Ltd. (the "Company") (TSX VENTURE:SFF - News) is pleased to announce that it intends to complete a private placement offering of up to 16,000,000 units ("Units) at a price of $0.50 per Unit, for gross proceeds of up $8,000,000 (the "Offering"). Each Unit will consist of one common share (a "Common Share") of the Company and one common share purchase warrant (a "Warrant") with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.75 for a period of two years following the closing of the Offering.
In addition, the Company intends to pay finder's fees to parties that refer subscribers to the Company equal to 6% of the proceeds of the Offering and will also issue broker warrants equal to 6% of the number of Units issued pursuant to the Offering. Each broker warrant will entitle the holder to acquire a Unit for a period of two years from the date of issuance exercisable at a price of $0.50 per Unit.
Proceeds of the Offering will be used to advance the Company's Quinchia, gold property in Colombia and for general working capital purposes.
PS: In the blog we'll just leave it at the rant, but the numbercrunching to illustrate just why the promo is getting people to overpay for SFF will happen in this weekend's edition of The IKN Weekly, the place where the level-headed stuff goes on.
"Glenn Beck might, for once, be right: the government is coming for your gold. But only if you happened to buy it from one of Beck's advertisers, the Superior Gold Group. At the request of prosecutors from LA County and Santa Monica city who have filed a civil suit against the company, Los Angeles County judge has ordered that Superior Gold be placed into receivership and all of its assets—bank accounts, real estate, and presumably gold stored for customers—frozen."
"Putting a company in receivership is a pretty drastic and very rare move for a judge in a civil case. It does not bode well for Beck's other and much bigger gold advertiser, Goldline, which has also been accused of very similar tactics..."
Isn't this fun! Continues here
This first chart is why your humble scribe does very little daytrading:
...LME copper inventory, five year chart.
1) It's an ex-obsession that we haven't seen much recently.
2) An excellent article by John Kemp of Reuters explains all about the current dominant position held by one LME copper trader (apparently JP Morgan), what having a dominant position means and what it doesn't mean. Recommended read on this link.
“Stock Pump of the Year”awarded to Stansberry & Ass. for“Underwater Gold Sands”
The Green Laser Editorial Board unanimously decided to single out this well-orchestrated, exquisitely circumlocuted, letter-of-the-law promotion as the past year’s most ingenious example of copywriting telekinesis, which purely by accident CONTINUES
"A press freedom club that deletes comments from its Facebook page, won’t answer a simple question and then cackles that they are “glad” to see social media being used for debate? Kafka couldn’t make this shit up."
Lima, December 8 (ANDINA): The Ministry of Energy and Mines (MEM) today published an exective decree that prolongs until 31 December 2014 the suspension of the admission of mining petitions in the gold exclusion zone established in the Madre de Dios department.
In March 2010 MEM suspended the admission of mining petitions in Madre de Dios until 31 December 2010.
The measure is to complement the Executive emergency decree published in February that declared the re-ordering of mining in Madre de Dios in the national interest and established that in the exclusion zones no mining or exploration activities will be permitted.
The objective of the exclusion zones is the conservation of first growth forest, of CONTINUES HERE.
Let's take the gold ETF (GLD) over the last few weeks as our example:
So TA-heads and pseudoscientists, do us all a favour and......
...willyaz? Band of freakin' snakeoil sellers.
UPDATE: Reader 'E' agrees and mails in this:
|As of December 7th, 2010|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|Dec 07/10||Dec 02/10||Keyser, Harmen J.||Direct Ownership||Common Shares||00 - Opening Balance-Initial SEDI Report|
|Dec 07/10||Dec 02/10||Cass, David Maurice||Direct Ownership||Common Shares||00 - Opening Balance-Initial SEDI Report|
...the amount of money spent on mining exploration in Peru, 2007 to 2010.
Note the big climb in 2010 only counts the first 10 months of the year, too. Data from here.
"The United States is pleased to announce that it will host UNESCO’s World Press Freedom Day event in 2011, from May 1 - May 3 in Washington, D.C. UNESCO is the only UN agency with the mandate to promote freedom of expression and its corollary, freedom of the press."
It goes on:
"The theme for next year’s commemoration will be 21st Century Media: New Frontiers, New Barriers. The United States places technology and innovation at the forefront of its diplomatic and development efforts. New media has empowered citizens around the world to report on their circumstances, express opinions on world events, and exchange information in environments sometimes hostile to such exercises of individuals’ right to freedom of expression."
"At the same time, we are concerned about the determination of some governments to censor and silence individuals, and to restrict the free flow of information."
This is not a spoof, nor is it a joke. The whole NR can be read right here.
Influential newsletter writers and Seafield’s big hole...........Speaking of investment letter writers, I understand that the Midas Letter is calling Seafield Resources (SFF.TSX-V) the next Ventana, and advises that you grab as much as you can with both hands at under $1.00. Ventana Gold (VEN.TSX) has a 3.5 million ounce inferred gold resource in Colombia and is the subject of a takeover offer of approximately $1.5 billion. Seafield, or Ventana II if you prefer, announced a drill intersection of 449 meters grading 1.29 grams per tonne gold including 10 meters @ 2.87 g/t Au, and 23.95 meters @ 9.18 g/t Au. Within the higher grade section was a 2-meter interval grading 70 grams per tonne gold. SFF (~99 million shares outstanding and ~146 million fully diluted) popped from $0.23 to $0.57 on huge volume of 70 million shares after it opened for trading on Friday.I reviewed the results and the well-written 43-101 after the drill hole announcement, and since I received a number of queries from subscribers, offer the following quick and dirty review of the Miraflores property in Colombia.The property has seen a number of drill campaigns from several exploration companies, the most recent being B2 Gold, in 2007. The historical work, plus a report from the renowned economic geologist Richard Sillitoe concluded that Miraflores is a multi-phase magmatic-hydrothermal breccia. Meaning, the mineralization is confined to a fractured and broken pipe-like body formed by the injection of several magmas and hydrothermal fluids related to these intrusives. There are three alteration and mineralization phases, of which it appears that an early silica and base metal event is associated with the better gold mineralization. Drilling, mapping, and underground sampling have essentially defined the limits of the body at about 250 meters by 280 meters. Although the breccia body is open to depth, drilling suggests that the better gold mineralization is concentrated in the upper 250 meters or so. There is some evidence that a high grade core dipping to the southwest could extend the mineralization to depth in one direction.In April 2010 SFF estimated an inferred resource, based on approximately ten drill holes and underground sampling, of 776,373 ounces grading 1.295 grams per tonne gold for the Miraflores breccia pipe. The resource report noted that the high grade mineralization within the body occurred mostly within a central core and was both erratically distributed and nuggety (localized very high grade gold that is difficult to model in a resource estimate). The highest grades (3 to 429 g/t Au) occurred in fault veins, and mineralization generally decreased towards the edges of the breccia body.Our handy-dandy drill interval calculator (pictured below) reveals that, excluding the two higher grade intervals in DH-03, the SFF announcement of 449 meters grading 1.29 grams per tonne gold consists of 415 meters grading 0.798 grams per tonne gold plus the two high grade sections. Within the higher grade, 23.9 meter interval, there is a 2-meter section grading 70 grams per tonne gold. This narrow interval alone has a significant influence on the entire 449 meter interval, such that when excluded the grade drops to just under 1g/t Au for the remaining 447 meters. DH-03 went through the guts of the breccia pipe, and the drill results are representative of the deposit-- basically they confirm the previous drilling and resource estimate. Hmm…this is not looking good.
(Fig. 1- Breakdown of Seafield’s 449 meters grading 1.29 g/t Au)In summary, all the excitement is over a single drill hole that really offers minimal new information on a gold deposit that has been effectively defined by previous work. Miraflores is a discrete breccia pipe hosting a decent resource centered around a higher grade core. There may be the potential to add ounces at depth to the southwest as indicated by the deeper interval announced by SFF this week. It is difficult to tell how much of the resource could be economically mined because the deposit rests on the side of a steep hill; developing the deeper portions could entail the removal of a significant amount of barren rock (high strip ratio).Although the upside to the Miraflores property may lie in as yet undiscovered or undrilled targets, that upside existed at $0.23, and has nothing to do with the 449 meters grading 1.29 grams per tonne gold or, the 415 meters grading 0.798 grams per tonne gold plus a couple of high grade intervals. This is not Ventana II, and Miraflores is not a large enough deposit to entice me. If other gold in soil anomalies on the property noted in an October 6 news release are the real sex to this play, then it is best to really look at the historical results and wait until SFF begins releasing additional data from those targets. Considering that a single drill hole through a known deposit caused over two-thirds of SFF’s outstanding shares to trade hands in one day, one has to wonder who made the better trade, buyers or sellers. Monday’s action should prove interesting.
LOS ANGELES, Calif., Dec. 6 Indigenous plaintiffs from the Peruvian Amazon won their appeal today in the landmark human rights and environmental contamination lawsuit against U.S. oil giant Occidental Petroleum (Oxy), as the U.S. Court of Appeals for the Ninth Circuit ruled that the case should be heard in Los Angeles, Oxy's hometown, EarthRights International announced today. A district court judge had previously ruled that the case should be litigated in Peru, but the Ninth Circuit disagreed, allowing the plaintiffs to proceed in federal court.
The lawsuit accuses Oxy of causing severe injuries by knowingly dumping a daily average of 850,000 barrels of toxic wastewater into the tropical rainforest inhabited by the indigenous Achuar people of northern Peru over a 30-year period, as well as inducing acid rain from gas flaring, and improperly storing waste in unlined pits. The plaintiffs allege that these outdated practices caused widespread lead and cadmium poisoning, among other serious health impacts.
"This is a major victory for the rights of indigenous peoples," said Marco Simons, Legal Director of EarthRights International (ERI), who argued the appeal before the Ninth Circuit. "Oxy will now face justice in the U.S. federal courts, rather than in a Peruvian legal system that has never compensated indigenous groups for environmental contamination." The Ninth Circuit's opinion indicates that it was not convinced of "the ability of the Peruvian courts to satisfactorily handle this case," citing corruption and "disorder in the Peruvian judiciary."
Atossa Soltani, Executive Director of Amazon Watch, added, "The Achuar people continue to suffer the devastating health impacts caused by Oxy's damaging practices, which were illegal in the U.S. at the time. This ruling means that the Achuar will finally get their day in U.S. court and signals the end of the era when companies could destroy indigenous communities and their environment with impunity." Amazon Watch has advocated for the Achuar people for many years, and joined the case as a plaintiff to challenge Oxy's allegedly fraudulent denials of responsibility for the pollution.
The Achuar case, Maynas Carijano v. Occidental Petroleum, No. 08-56187 (9th Cir.), was filed in May 2007 in the U.S. District Court for the Central District of California. In April 2008, the district court ruled that the case should be heard in Peru under the legal doctrine of forum non conveniens. The plaintiffs and their counsel, including Washington, DC-based ERI, the Venice, CA firm Schonbrun DeSimone Seplow Harris Hoffman & Harrison LLP, and San Francisco lawyer Natalie Bridgeman, appealed that ruling. The Ninth Circuit's opinion was issued by Judge Kim McLane Wardlaw, joined by Judge Mary M. Schroeder; Judge Pamela Ann Rymer agreed with part of the opinion and issued a partial dissent.
According to "A Legacy of Harm," a 2007 report issued by ERI, Amazon Watch, and the Peruvian legal non-profit Racimos de Ungurahui, Oxy's operations discharged billions of barrels of untreated wastewater into local streams, caused numerous spills and resulted in many unremediated toxic waste sites in Achuar territory, with severe health and livelihood consequences for the Achuar.
The full report and the Ninth Circuit's opinion are available at www.earthrights.org .
"FSSSSSSSSSSSSSST" (sound of air escaping from fatally flawed, overpumped tire).
*YOU THERE! STOP LAUGHING AT THE BACK!
"Bolivia and Venezuela have things very much in common. They have a big mass of poor and ignorant people, which is not to insult them because they're left ignorant deliberately due to their politicians."
1) Somebody who has read a whole bunch of books on TA, doesn't have much in the way of analytical nous and proclaims this-or-that MUST happen because the squiggly line says so because the dude that wrote the book he read told him so.
2) Somebody who thinks, learns, listens, has experience and can gauge risk/reward at any given moment, a person with a depth of synthesis in several areas of life (not just line-reading) that can bring a working brain to the subject and interpret what they see (with a strong track-record of calling them right, too). Somebody who's balanced about all things, not just the market, remains humble and keeps their ego well in check. Most importantly, somebody who has a proven track record of making their subscribers good money by making good calls.
"....so I will conclude with a simple thought; TA should be an extension of the individual and said individual’s experience in the financial markets. There is no one TA method that is the Holy Grail. If there were, the markets would not be filled with so many wise guys getting it wrong as often as right. Make it work for you or take it with a huge grain of salt."
...copper, monthly candles.
Step Three: Any further questions?
"Finally, I invited President Alan García to dinner at my house, the genetic accident who governs Peru. When García sank his oceanic girth into the sofa, I had an ominous thought and feared that the piece of furniture would break into pieces. Alan encouraged me to be a candidate (in the Presidential elections). I told him I didn't have enough money and my mother wouldn't back me. I asked him how much the President of Peru earned. He didn't seem to know nor care. "Something like U$3000 a month", he said. I told him that with that salary I couldn't maintain my family for five years and added that I'm not a thief and didn't have the urge to learn the trade. Alan let out a laugh and came out with the phrase of the evening, "Don't be an idiot man, money arrives all by itself."
"Later, García said something that to me seemed awful, that if Mr. Humala won the election he would lead a Coup D'Etat and stop, by breaking the law, that Ollanta Humala became President. "Even if they throw me in jail, Humala will not be President", boasted García.
"That night left me thinking that in fact this is how politics is in Peru: The absolute lack of scruples, passing the hat around and hoping that money arrives by itself, a subtle and false way of saying that money arrives from under the table, in suitcases, bribes and secret bank accounts."
"When the market opens Monday, any shares you can get under a dollar will likely be ten-bagger potential, as with a few more drills holes like this one, and you’ve got Ventana 2 on your hands. (Ventana is currently the subject of a buyout offer by Brazil’s EBX Group for $1.5 Billion.)"
"I’d go as far as saying that anybody who compares Seafield to Ventana Gold (TSX: VEN; Pink Sheets: VENGF) at this point hasn’t even bothered to look at the drill map."
DYODD dude, and laugh hard at self-fulfilling prophecies.
A new report dated December 5th out of Morgan Stanley has a front page overview that looks like this:
LatAm Basic Materials
China’s Growth to Moderate;
Appetite for Materials to Continue
Our field trip to China led us to believe that while the country’s economic growth will slowdown, it is unlikely that the metal-intensity of its growth will change materially in the next few years.
What's new: We spent last week in China with a group of Latin American investors meeting companies and talking to consultants. We had the opportunity to see the contrasts of the rapidly developing nation during our field trip. On one end, the impressive build out of the last decade is still ongoing in both Shanghai and Beijing. On the other end, Zibo and Dongying (second tier cities), in Shandong province, where people's living standards are clear evidence of China's emerging economy status and offer potential future demand for natural resources.
Economy: Expected GDP growth of 8–9% in 2011 to decelerate from unsustainably high levels, but remain robust. Despite consumption gaining importance as the driver of GDP growth, investment will lead the economy over the next few years, with social housing offsetting most ─if not all─ of the decline in private construction.
Steel: Expect steel production growth of 5–10% in 2011 with capacity utilization of ~92%. Steel demand will continue to expand, but at a slower clip than during 2003–2007. Baosteel said that 50% of Chinese listed steel companies lost money in 3Q10, and yet Wuhan believes steel prices might come down before they rise.
Iron ore: Iron ore prices expected to decline to $120–$150/t in 2011, as Indian exports normalize. With cash cost for Chinese material ranging from $75–135/t, all iron ore producers are profitable at current ore prices.
Pulp: Chinese buyers will remain opportunistic. Local production costs ~US$600/t for hardwood; US$700/t for softwood. Softwood market is tighter than hardwood. Government is supporting local plantations in an effort to reduce imported fiber dependency.
Copper: Chinese copper demand to grow 8% in 2011. According to the 12th 5-year plan, the government plans to invest RMB400B per year on average into power grid.
Read it all by downloading from here. A good piece of macro.
Jurisdictions: All Provinces of Canada (excluding Quebec) and to the U.S. via Rule 144A/Reg D
Settlement: December 24, 2010
Gross Proceeds: C$306,027,528 Underwriters’ Option: The Company will grant the Underwriters an option (the “Over-Allotment Option”) to purchase up to such number of additional Shares as is equal to 15% of the number of Shares sold under the Offering to cover over-allotments, if any, and for market stabilization purposes. The Over-Allotment Option shall be exercisable for a period of 30 days following the Closing Date at an exercise price per Share equal to the Issue Price. The Underwriters shall be entitled to the same Commission (as hereinafter defined) provided for below in respect of any Shares issued and sold upon exercise of the Over-Allotment Option. Use of Proceeds: The net proceeds of the Offering will be used to fund the advancement and development of the Escobal Project, for acquisitions and for general corporate purposes. Type of Transaction: Bought deal, short form prospectus offering, subject to a formal underwriting agreement, including a standard industry “disaster out" and “material adverse change out” clauses running up to the Closing Date. Jurisdictions: The qualifying jurisdictions for this offering will be all provinces of Canada except Québec. The Shares will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A and/or Regulation D of the United States Securities Act of 1933, as amended. The Shares will also be sold to buyers in the United Kingdom on a private placement basis. Listing: The Company shall use best efforts to obtain the necessary approvals to list the Shares on the Toronto Stock Exchange, which listing shall be conditionally approved prior to the Closing Date. Underwriters: GMP Securities L.P. 1,2 50.0%
BMO Capital Markets 15.0%
Canaccord Genuity Inc. 15.0%
CIBC World Markets Inc. 5.0%
Merrill Lynch Canada Inc. 5.0%
RBC Capital Markets 5.0%
Dundee Securities Inc. 2.5%
TD Securities Inc. 2.5%(1) Lead underwriter(2) Sole bookrunner and step-up fee of 5.0%
...Chile's GDP growth, 2006 to date.