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You want a close race? Here's a close race for yaz. All the details in the IOP page right here.
PS: The full survey PDF is here
There are a few sportspeople that transcend their chosen game and leave their fingerprint on sport itself.
Just a great, great song and as relevant as it was 20 years ago.
Play loud. Then go to school and get to be cool.
Worse than being in Peru, Bear Creek Mining (BCM.v) is in a part of Peru where locals don't like mining
...WTI crude oil futures, dailies on the June'11 contract:
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One of my favorite investors was Phil Carret, who died in 1998 at the age of 101 and who worked at his art until almost the very end. He witnessed more than 30 bull markets and more than 30 bear markets over a lifetime of investing. Warren Buffett admired him, often inviting him to Berkshire's annual meeting and calling Carret the "Lou Gehrig of investing." (Gehrig was the "Iron Horse" of baseball, before his consecutive games played record fell to Baltimore's Cal Ripken Jr.).When asked on the Louis Rukeyser show in 1995 what was the single most important thing he had learned about investing over his long career, Carret had a one-word answer: "Patience."
The Market Sez:
An Owl Sez:
Otto sez: DYODD, dude.
I don´t necessarily have a negative stance towards Casey, being an International Speculator (IS) subscriber for a year or so now. I'm a newbie everywhere in mining world and can´t judge. But here´s something that makes me angry. For a few weeks I lost track a bit of their recommends and so just recently I noticed a new IS recommendation for Pretium Resources, PVG.to. So I checked it out on the Casey site:
"First Recommended 2011-01-05 at $6.20"
So I went to the January 2011 edition of IS but found nothing. On further checking of my reports I found that it's only featured in the February 2011 IS. Here's what was written in the Feb 2011 edition:
"Bob has leapt back onto the stage, buying these gold assets from SSO and putting them into a new gold company: Pretium.We spoke with Bob about this last month, after the January issue of IS was already out the door, and became convinced that Pretium is going to add a lot of value in the coming months and going forward. So we put out the word to our alert subscribers, who were able to take advantage of the recent fluctuation down to almost C$6.00. If this bothers you, by all means, take a pass, but note that with gold still showing weakness, it’s possible you could get filled at similar prices if you set your sights on them and wait for the market to come to you."
That stinks in various ways. First, they would have liked to reco it to IS subs but unfortunately the letter was already sent out. Subs can't be notified by email can they? So, sorry sorry had to reco it only to the alert subs.
Second, their latest scheme is: oh boo hoo if you don't like buying after alert subs have bought you can always pass on that pick
But thirdly and that ´s what causes my anger: These buggers have the nerve to list the pick as recommended first in Jan 2011 at $6.20! That's the info in my IS account and it's not true because I was reco'd in Feb 2011. The Feb IS came out on Feb 7th and Pretium was lowest 8 CAD and generally 8.50 CAD
So later they claim a performance that has not at all happened for IS subscribers. According to them, PVG.to today at $8.80 is a 42% gain calculating with start price of 6.20 CAD, while actually it has a gain of 10% at best from $8.00 and virtually nothing from $8.50.
Here is where I feel ridiculed. And sure, Casey will be all "sorry for the error" if it gets revealed. I might write to Casey but honestly, their communication politics is a bit like you never get an answer. I appreciate that you provide market transparency and track dubious behavior so I send it to you, please respect my anonymity.
We recently sold around 10% higher than today's close and tonight MFN reported its quarter.
It looks ok, but it's not great either. The breach between adjusted net profit ($19.0m) which backs out derivative losses and actual net profit of $2.3m was wide and won't make for great headlines. Perhaps a better gauge of the state of financial affairs is working capital at MFN, which rose $8.5m (a tad over 10c/share) from 4q10, which is kind of ho-hum. Our costs profile (mining costs + processing costs + G&A) rose from $16.8m in 4q10 to to $18.5m in 1q11, but the change in the gold/silver ratio to 44:1 makes it look like total cash costs dropped. In fact total gold Eq costs per ounce dropped $2 to $509/oz, but the costs creep is clear to see in absolute terms and in costs per tonne mined (or stacked) terms once numbers are crunched. Overall I'm glad I sold when I did.
This is what they wrote:
Press Release Source: South American Silver Corp. On Wednesday May 4, 2011, 6:16 pm EDTVANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/04/11) - South American Silver Corp. (TSX:SAC - News)(PINK SHEETS:SOHAF - News) today provided an update on the situation in Bolivia and the Malku Khota silver-indium project. Over recent days media coverage has reported that Bolivian officials were making changes to legislation from 1985, which among other things had allowed for the privatization during the 1990's of the operatorship of certain specific mines owned and operated by COMIBOL (the Bolivian State Mining Corporation), but that now are under operating agreements directly or indirectly with COMIBOL.Bolivian government officials have confirmed that these changes are primarily focused on the COMIBOL owned mines and private investments in mining will continue to be respected. Specifically, South American Silver has been assured by government officials that its 100% owned Malku Khota project will not be impacted by these proposed changes for government owned mines. The Company confirms that the Malku Khota project is a private investment and that there has never been COMIBOL involvement in the project. The Company also confirms that its concessions covering over 50 square kilometers are in good standing.Recently, the Bolivian press reported that the Bolivian Vice Minister of Mining emphasized the government's wishes to attract foreign investments in mining and respect legal security and private investment. In that same article, the Vice Minister further stated that the Bolivian government intends to support the development activities at South American Silver's Malku Khota project this year as one of the largest new mining projects in the country.Greg Johnson, President and CEO of South American Silver, stated "With the completion of the recent positive Preliminary Economic Assessment study on the Malku Khota project the Company is moving into Pre-Feasibility study activities for the remainder of 2011 and into Feasibility in 2012. We appreciate the support from the Bolivian government for the development of the Malku Khota project. The project has the potential to become one of the largest new primary silver producing mines in the world and would also be one of the largest producers of the high-technology metals, indium and gallium. At conservative base-case metal price assumptions of $18/oz silver, cash flows, project valuations and rates of returns have all strengthened considerably over previous studies, highlighting the value of this long life asset. The successful development and operation of the project will provide significant economic benefits to the local region and to Bolivia as a whole."
And this is what it means:
Dear suckers: Will you please stop selling our stock? Pleeeease??
...the USD index, weekly measurements.
*ok ok, not all of them. But enough to make me feel weird and novel
So now you know why Peru stocks are rallying today, with the IGBVL index right now up 4.41% at 20,344.4. People, I've been telling you that this one goes down to the wire for a while now...it's time to see it for yourself. And yeah, Peru exposed junior miners are cheap right now...duh.
UPDATE: A small request. Can those of you coming in from Twitter (aka tuiteh) and/or Facebook (aka feibu) please download a copy and offer a new link from which others can download, please? My filesharing link is getting swamped and the number of downloads is already very heavy (we're into the hundreds after less than one hour) so as IKN has no wish to be the centre of a viral hit spiral, alternative places for others to download would be appreciated. Thanks in advance.
UPDATE 2: Ahora esta en El Comercio aqui
UPDATE: On rummaging round the Banxico website it's not easy to spot the datapoint, but it's worth noting here that Mexico's total international currency reserves (i.e. us dollars) stood at U$125Bn as at April 2011 so the gold bullion purchase works out as 4% of Mexican reserves. Hardly a game-changer in itself, so goldbugs will be better advised to obsess over the trend.
...the gold/silver ratio.
*this is done by clear and undeniable scientific logic. A sample is taken, namely myself and my wife. I then note that my wife is a much nicer person than I am. I therefore conclude that women are nicer than men. It then follows that women should be in charge.
Got it yet? Yup, it was Brazil's current Finance Minister, Guido Mantega, testifying in front of his congress today. Mmmmmm...currency wars.....mmmmmm
Can Rising Silver Prices Lift Lagging Equities?
- As of May 2, we are rolling out our new silver price deck. Our 2011 and 2012 silver prices move to $45/oz. (from $28/oz.) and $50/oz. (from $30/oz.), respectively. Our long-term silver price moves to $30/oz. from $20/oz. As expected, this causes some changes to our ratings.
- As of May 2, we are upgrading Silver Standard to SO from SP and Gammon Gold to SP from SU. We are also downgrading Allied Nevada to SP from SO and First Majestic and Silvercorp to SU from SP. Our top picks in the primary silver producer space remain Pan American and Fortuna Silver.
- Our detailed analysis of silver supply and demand reveals that no additional silver investment demand is required to maintain silver prices at, or near, current levels. However, our analysis of seasonal trading patterns urges caution in the silver space for the next few months.
- An analysis of the silver equities reveals that most are trading below 1x NAV when the forward curve is used. This implies that the market does not believe all the ounces drilled can be produced at spot prices. We concur, so our long-term silver price forecast remains well below spot.
*Yes, that was irony. Well spotted
Dear Mr. McEwen,
Have you considered sacking your IR department personnel recently?
disclosure: Still no position in MAI.to
Thank you for your email. At the moment it is difficult for me to comment on the situation at San Jose except to say that negotiations are ongoing. MAI is leaving the negotiations to MSC in their role as operator while at the same time attempting to ensure that all efforts are being made to settle this disruption amicably and quickly.
Please feel free to call me if you would like to discuss further.
Minera Andes Inc.
W: 647-258-0395 ext 150
Funny dat, innit?
...the silver ETF (SLV) versus Pan American Silver (PAAS), two year timescale.
since the late '08 early '09 bottom this has been one of the classic comparative charts in the world of silver, as the metal and the big producer had been lockstep with each other for the longest time. But then in recent times....well, see for yourself:
Minera Andes (MAI.to) San José strike in its 13th dayMore details have been appearing in the local Santa Cruz press about the strike at the San José mine, 51% owned and operated by Hochschild (HOC.L) and 49% owned by Minera Andes (MAI.to). It started on April 18th (recall that it was only reported by HOC.L/MAI.to after the close of market Thursday 21st April, after the market week had finished (5)) and far from getting close to a settlement, it seems that the worker’s union AOMA is considering calling a regionwide strike (6) to support the striking workers at San José and force the management to the negotiation table, something that might also happen via a government led compulsory negotiation as well.The complaints of workers seem to have substance. There are reports of insecure working conditions at the San José mine which include an accidental death on March 12th this year (7) which workers say was largely due to bad H&S policy and a mentality of “cutting costs at all costs” at the mine, as well as many other accidents that anecdotal evidence (i.e. from griping workers) says go unreported.There are other unsubstantiated but reliable sounding anecdotals reaching local press (8) (9) of the mine paying workers less than the agreed salary for their jobs, making them work unpaid extra hours under threat of dismissal, going back on agreements to turn currently third party contracted miners into full-time direct employees (which brings a host of extra benefits), the systemtic rejection of any sort of pay rise negotiations by management (we recall that Argentine real inflation is estimated at around 25%) bad living conditions and a lack of uniforms and personal safety equipment for the mineworkers.Now we know that the San José mine is 51% owned and operated by Hochschild (HOC.L), the company that Rob McEwen of MAI.to (49% owner) calls “the JV partner from hell”. However, are we also supposed to believe that 49% owner of San José MAI.to knows nothing about the alleged bad working conditions and cheapskate attitude towards its workforce that has led to this current protracted strike that is said to be costing the mine one million Argentine Pesos per day (around U$243,000)? If I ran a company like this and were staring at a strike action that cost my company U$1.5m so far for its 49% share, I’d personally be all over the whys and wherefores of this event. I’d also be fairly aware of the operating costs at San José on a day-to-day level. I’d also know about the safety record of the people I were paying to do the job in hand. Being non-operator doesn’t give MAI.to a free pass here, sorry and all that.There’s clearly bad feeling between management and workers at San José and although it’s unlikely to be one-way traffic and management is to blame for everything whilst the union-backed workforce are innocent lambs, things are not right and those in charge have to accpet at least some of the responsibility. What I’d like to know is just how much MAI and its famous hands-on leader knows about the whole affair, starting before the recent fatal accident (of which details were covered up for over a month by the San José management team) and moving through to today. Unfortunately at time of going to press the initial inquiry mail your author sent into MAI.to has not been answered, nor has the repeat mail (best to make sure these things get through) seen an answer. Watch this space, but for the time being your author is going to do one of his pathetic “social” handwringing things and not get involved with a company that has a seemingly dubious record and bad blood to cope with at its only operating mine.
...silver, because of all those phone calls received by the New Zealand stock exchange last night.
Meanwhile, news reached Washington DC last night that the wedding of Prince William and Kate Middleton went off without a hitch.
Here's the link, here's the chart: