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If you know it already, sit back and enjoy. If it's your first time, get ready for a festive treat.
Wishing all readers a very merry Christmas.
Story here, translation below.
Buenos Aires (Agencies): A woman suffered various injuries and traumas after falling from the second floor window of a building located in the Argentine province of Salta.
The injured person, identified as Yesica Tarifa, 23, was found injured and unable to move on the sidewalk. Paramedics took her to a nearby hospital where she was admitted with a fractured tibia and collar bone.
According to reports, before falling from the window the young woman was having sexual relations with Sebastián Alberto Madrazo, 27, lead singer of the folklore group Los Teuco, in an apartment in the building. Apparently when he heard his wife open the door to the apartment, and to avoid his infidelity being discovered, Madrazo grabbed the girl and threw her half naked out the window.
Argentine Police later detained the singer, who admitted that she was the girl he threw out the window due to his desperation about not being discovered by his wife, who is also a friend of the girl.
This one for Peter K:
1) Sorry, but wasn't the Piñera gov't the right wing one and the Humala gov't the bunch of raging lefties?
2) Gold is an asset class, copper isn't.
3) So tell me again, Mister Chilean Central Banker, how free-floating of a currency is the only possible way and that managing a country forex never works.
Isn't this fun?
Disclosure: long BCM, position opened Nov '11 at $4.40. Staying long til this silliness is over, too.
Maybe you can get your head wrapped around this, but it makes my head hurt!
Casey's Energy letter had an end of year wrap-up, and some of the percentage losses seemed a bit suspect. Let's pick an easy target out of the many losers: RPG.
Recommended a couple years ago at 3.00, so, of course, it's about a 90% loss. But wait! A few months ago they re-recommend it at 0.55. So anybody who bought that second tranche lost about 50% of that investment as well. But for Casey, there's a silver lining - by combining those two losses, they get to report a 64% loss on the total position.
I can just imagine Casey subscribers thinking, "Boy, it's a good thing I averaged down on RPG - I only lost 64% of my money instead of 93%!"
Maybe that's a legitimate way to report the outcome of a couple trades, but it sure doesn't seem to accurately reflect the consequences of the RPG recommendations. What do you think - shady reporting or just one of the ways math can be counter-intuitive?
The region-wide average forecast was 4%, it's now 3.7%
Time for a resource update or two.
Copper Cancelled Warrants Up in Asia +7300t Overnight. Yesterday we noted that copper inventories in Asia (particularly LME Asia) are nearing 5 year lows and the boost to cancelled warrants indicates LME Asia inventories are heading even lower. Note there is only 36,825t in LME Asia at present. Copper Premiums in China continue to hold up ($110 to $135/t) despite we are on the forefront of a long Holiday period. China always slows down before the Chinese New Year and in 2012 it is the earliest it has been/or will be for the next decade. So the slowness you would normally see in January is happening this year around now. Very interesting to see Copper fundamentals hold up despite this - Scotia Mining Sales thinks February will prove to be a key month that should translate to a pick-up in seasonal copper demand and given the low inventories - a looming supply squeeze should translate to higher copper prices.
...the six month price chart for Regulus Resources (REG.v)
Today I learned a new (well, new for me anyway) expression and it comes from Japan, apparently.
UPDATE: The death of Heyn, aged just 33, has apparently brought the Mercosur summit to a premature close. The official agenda has just been changed to "no further business".
UPDATE 2: The lightning fast Argentina media is now supplying heaps of background on Heyn. Amongst other things, we know he was a member of the board of directors of Alu maker Aluar, lived with his girlfriend in Buenos Aires, was a fitness/jogging fan, had a reputation for hard-work and job dedication, was considered one of the brightest lights of the 'La Cámpora' Kirchner youth movement...and that his father attempted suicide 10 years ago due to depression after seeing his manufacturing business fall apart during the crisis at that time. For Spanish language coverage of this breaking story, here's as good a link as any.
UPDATE 3: He was hanged by his own belt, found by hotel staff on opening his room after calls from fellow delegates that morning were left unanswered, the mandatory autopsy has found no signs of violence on the body, no reason to suspect any foul play and the body has now been released "to the disposition of family members" which means as far as the police are concerned it's case closed.
Apart from that, all good. Bejeepers this market was due a little light relief. Ho ho ho.
Q: But government projections indicated growth of between 5% and 6% for 2012 and the years that follow. What's your opinion?
Walter Mendoza: "Even in an optimistic scenario those projections will have to be cut back, I'd say to between 3% and 4% for the years 2011 to 2015. Meanwhile it's more difficult to estimate in a pessimistic scenario, but I'd say between 1% and 3%. Therefore I see a complicated period for President Humala because when growth rates drop, various problems appear."
|Finest silk – purest gold|
Baja Mining (BAJ.to) is worth watching today. Here's the link, here's how the NR starts.
VANCOUVER, BRITISH COLUMBIA--(Marketwire -12/19/11)- Baja Mining Corp. ("Baja") (TSX: BAJ.TO - News)(OTCQX: BAJFF.PK - News) today announced that it has received a letter dated December 16, 2011 from Mount Kellett Master Fund II A LP of New York ("Mt. Kellett"), described as a registered shareholder of 19.9% of Baja's shares.
Mt. Kellett says it is requisitioning a special meeting at which shareholders will be asked to approve the appointment of two Mt. Kellett nominees to the Board, either by replacing two incumbent Baja directors or by increasing the number of Baja directors to nine from seven. The requisition letter also proposes to put before the meeting certain non-binding resolutions.
The Company is considering this correspondence and yada yada continues here
...silver versus gold, 2011 year to date, using the proxies SLV and GLD.
VANCOUVER, BRITISH COLUMBIA, Dec 18, 2011 (MARKETWIRE via COMTEX) -- Eldorado Gold Corporation (the "Company" or "Eldorado")today announced that it has entered into a definitive agreement (the "Arrangement Agreement") with European Goldfields Limited ("European Goldfields") pursuant to which Eldorado has agreed to acquire all of the issued and outstanding common shares of European Goldfields by way of a plan of arrangement (the "Arrangement") under the Yukon Business Corporations Act.European Goldfields is a precious metals development company with attributable gold reserves of 9.2 million ounces and multi-stage assets located in Greece, Romania and Turkey. The company currently operates the Stratoni mine in Greece and is developing the Skouries and Olympias projects in Greece and the Certej project in Romania. European Goldfields is also partnered with Aktor SA, the largest construction company in Greece.Under the Arrangement, shareholders of European Goldfields will receive 0.85 Eldorado shares and C$0.0001 in cash per European Goldfields share (the "Exchange Ratio"). Each outstanding option of European Goldfields shall be exchanged for options of Eldorado that will entitle the holder to receive, upon the exercise thereof, Eldorado shares based upon the Exchange Ratio and otherwise on the same terms and conditions as in the original European Goldfields option. The total transaction value is approximately C$2.5 billion.Eldorado's offer represents continues here
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Seen the pattern yet? Yeah, me too...