Add soft ground form to his pedigree.
The once-in-a-lifetime horse retires unbeaten.
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Add soft ground form to his pedigree.
Our regular Saturday slot of 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).
Miners. Beat. The. Metals. In fact GDX and GDXJ closely tracked the broad market indices and basically ignored what was happening in gold and silver bullion world, while COPX kicked everyone's tush.
A beautiful piece of music, dedicated to GE.
Do yourself a favour and listen to this song.
It is what I consider an important report, one that strips away Genovese's facade and shows him for what he is. Here's a little of how it continues:On Friday October 5th, 2012 it came to our attention that the Division of Enforcement decided to halt trading in the shares of Liberty Silver Corp. (LBSV.ob) for a period of nearly two weeks resulting in the issuer being downgraded to the Grey Market pursuant to rule 15c2-11. We would like to thank you for rising to the occasion and being pro-active just when we were beginning to complain about the lack of oversight on the OTCBB market. With this trading halt it appears to us that the SEC may be turning a new page in how it treats pump and dumps something that will prevent billions of dollars of retail investor losses.Following your trading halt we decided to dig into Liberty Silver Corp. and see if there were any red flags we could identify. The following is a compilation of what we believe to be the relevant facts investors, associates, bankers, lawyers, and accountants should be exposed to before investing, trading, or associating with Robert Donald Bruce Genovese AKA Bobby Genovese and his most recent OTCBB Promo Liberty Silver Corp. (LBSV.ob).
Our investigation of Mr. Genovese has uncovered a different story one of a Vancouver Investor Relations man turned stock promoter whose name shows up repeatedly as being associated with OTCBB pennystocks, unscrupulous promotions, and offshore companies. It is important to note that while some of the information we are providing has been previously reported on this is the first time an all-encompassing account of Mr. Genovese’s business dealings has been put together stringing together what is in our view a more plausible explanation of his fortune but most importantly providing a template for how he has architected his current OTCBB promotion: Liberty Silver (LBSV).
Over the past year, warehouses in the Dutch port of Vlissingen run by Pacorini Metals, a unit of commodity trader Glencore, have mushroomed from 19 to 36, enough to house nearly 2 million tonnes of metal, about a fifth of total aluminium stocks, in an area the size of 40 football fields.
All that extra space is needed because of "financing deals" whereby traders or banks buy the metal from producers then sell it for future delivery to speculators at a profit, a market spread known as 'contango', when futures prices are higher than spot prices for immediate delivery.
In the meantime, it goes into the warehouses monitored by the London Metal Exchange and largely run by the same banks and commodity traders.
LME regulations allow companies operating warehouses in the global network registered by the exchange to release only a fraction of their inventories each day.
This, along with the financing deals, results in long queues for the metal and an artificial tightness in immediate supply, infuriating customers who pay rent to the warehouses while they wait, sometimes for up to a year, to get their goods out.
It's a trick that looks set to become even more lucrative for the specialist commodities houses, as continues here
...we reproduce this 'toon, from the country's El Pais newspaper, that sums up the situation well:
"The great Argentine footballer, Diego Maradona, is not usually associated with the theory of monetary policy. But his performance against England in the World Cup in Mexico City in June 1986 when he scored twice is a perfect illustration of my point. Maradona’s first “hand of God” goal was an exercise of the old “mystery and mystique” approach to central banking. His action was unexpected, time-inconsistent and against the rules. He was lucky to get away with it. His second goal, however, was an example of the power of expectations in the modern theory of interest rates. Maradona ran 60 yards from inside his own half beating five players before placing the ball in the English goal. The truly remarkable thing, however, is that, Maradona ran virtually in a straight line. How can you beat five players by running in a straight line? The answer is that the English defenders reacted to what they expected Maradona to do. Because they expected Maradona to move either left or right, he was able to go straight on.
Monetary policy works in a similar way." continues here (page 6)
...Gold Resource Corp's (GORO) 2012 gold producetion, including its low-high guidance for 4q12:
plagiarisingpresent participle of pla·gia·rize (Verb)
PS: Thought about writing, "...your pissy moustache looks really fucking assface megastupid as well" but decided not to. Because I didn't want to offend.
UPDATE Friday: The stories have been updated and IKN given credit. It was, according to the paper, an honest mistake. So there you go.
Report direct download here
disclosure: Yeah, I'm short GORO as of
UPDATE: Plenty of mails on this NR from subscribers already, but here's one from 'EC' that's particularly pleasing:
Good short call. Want to thank you for my put option purchases on GORO. Bought me subscriptions for IKN for at least the next 25 years.
Here's the NR, here's the last ten days of the stock:
A couple of comments, to which your welcome to reply to or comment upon if you wish. If not, that's fine too but that decision should be taken in context of the company cold-call mailing me this morning.
1) I understand that Ecuador law states that the country takes a minimum of 51% of gross revenues from mining. I welcome the news that DMM.to would pay less royalty and no WFT (if ever applicable, because no floor level for gold WFT has been set with any company to date, I believe) but unless mistaken, the law will still be applied here and Ecuador will get its 51% minimum, one way or another.
2) My basic problem here is that I'd like to like DMM.to on this news but the company has a poor track record of transparency and the granting of these licences is obviously not the whole story. A company has every right to play its cards close to its chest, but when said company has a track record of obfuscation and disclosing minimum amounts of information without giving a clear picture of its situation, thereby disappointing backers and shareholders at a later date, it's hard to take any positive looking news at face value. Just my personal opinion of course, but I'd also confidently opine that the same opinion is held by many in the marketplace. If you'd care to give a fuller picture of the new current situation at DMM Zaruma and what the company expects to achieve in the current quarter and quarters to come, I'd be more interested in picking up this story again (because I'm fully aware that the company is severely undervalued on its potential economics).
UPDATE: Nearly five hours later...