Here's the updated chart, as at August 8th:
The big news is from Argentina this week, as the health ministry said there were 337 confirmed deaths from AH1N1, but another 400 deaths are suspected as being due to swine flu so that number is going to rocket and put Argentina waAAAay out in front of the world league table. Also...listen up, the ministry said there had been 762,711 cases of flu in the country since the outbreak started, with 93% of cases being AH1N1. Yes, that does say seven hundred and sixty-two thousand seven hundred and eleven. That's around 700,000 cases of swine flu in Argentina and 1.75% of the entire population...that's a lot.
A song that reminds happily married people just how fortunate we are.
I ask now: will the jobs report really tell us anything? I mean, will it tell us anything besides the fact that fewer jobs were lost this month than last month? It’s like telling a car accident victim before the paramedics arrive that he lost less blood this last minute than he did the previous minute.
".....(about) PEZ.to, I have been scratching my head lately about why it's still so cheap (realizing of course that it carries some risks, though nothing unusual). It seems to be one of the few gold stocks following the usual summer doldrums. Is it all just the lack of news flow?
Anyway, Monday and Tuesday I found myself buying, ended up tripling my position. Hopefully that won't bite me in the ass but it just seems so cheap, and the Mexican peso seems to be one of the few currencies which won't likely get too stronger against the dollar (so their costs shouldn't escalate too much on currency alone). You probably saw that Mickey Fulp wrote up PEZ.to recently, which carried some weight with me. As you know, in many of my investments I evaluate to a large extent using the opinions of others (maybe I'm better at assessing people than small miners) so a straight shooter like Mickey is good to "invest with."
Speaking of good to invest with, how about that TRY.ax? I have been holding, it might even be my largest position at this point. What can I say but MIL GRACIAS. It has so much going for it and no big weaknesses. With its recent spate of great news and rising price daily, I won't even cry over the fact that, having massively overweighted it earlier (against all diversification rules), I rotated some from TRY.ax into other miners just prior to the latest ramp. I fear my timing is as bad as you claim yours to be.
Still loving the letter, always chock full of good info and analysis. And you must realize it's far more creative than the usual investment letter / report standard, which makes it more valuable and highly readable besides.
LIMA, Peru — Relatives of police officers killed during a government crackdown on Amazon Indian protesters are seeking criminal charges against Peru's former interior minister and three police chiefs, a lawyer said Thursday.
Ten civilians and 23 policemen were killed June 5 when a small, heavily armed troop of officers cleared a highway blockade where nearly 5,000 Indians were protesting development on their ancestral lands. Another officer is missing and presumed dead, while 200 civilians were wounded, 82 by gunshot, according to Peru's ombudsman's office.
Amnesty International has called the government's investigations into the violence imbalanced, because no police have been implicated or arrested for their roles in the violence. More than 100 Indians are charged with crimes including murder and sedition.
Families of the dead police officers are now questioning the bloodshed as well.
We "are asking for justice and for the trial of those truly responsible on the highest political level," said Flor Montenegro, widow of one of the killed officers, Capt. Miguel Montenegro.
The lawyer for the families, Antonio Salazar, told The Associated Press that he is filing a criminal complaint with the state attorney's office against former Interior Minister Mercedes Cabanillas, former national police chief Gen. Jose Sanchez and two regional police chiefs. The families are asking that they be charged with negligence and abuse of authority, crimes that carry up to eight years prison time in Peru.
The government says the Indians instigated the violence. Indian protest leaders say police opened fire on the protesters, who then fought to take guns from the police.
Montenegro said at a news conference that political leaders should have found a peaceful solution to the protests, which began in early April.
"They had more than enough time to resolve it in two months but they did not have the tact or the intelligence," she said.
Rony Garcia, brother of deceased police officer Jose Alberto Guzman, also criticized Peru's leadership for ordering police to confront the Indians. "They sent them like lambs to sacrifice," he said.
....the centre of the battle itself. Crude oil, 60 minute candles.
Volatility? What volatility?
The Office of the Ombudsman in Panama (Defensoría del Pueblo) today published the findings of its investigation in LatAm's worst mining company, Petaquilla Minerals (PTQ.to), currently permanently laying waste to the environment of first growth rain forest around its operations under the stewardship of its CEO, convicted drug runner Richard Fifer.1) The Ombudsman states that Petaquilla Minerals has violated Panama's constitutional right of a healthy environment by proven acts of pollution, non-compliance with laws and abuses of rights (I mean hey...why mess with breaking a piffly law or two when you can go the whole hog and violate the country's constitution, right?).The ministries now have 30 days to get their acts together and move on this. It explains why the company says it's finally commissioning its mine but the stock has done nothing despite the BS pump PRs and ridiculous cheerleading from corrupted Panamanian websites that try to part expats from their retirement lump sums (and are seemingly unwilling to run today's news on Fifer's craphole...what a surprise, Don Wanker).
2) The Ombudsman recommends to the Ministry of Commerce (MICI) and the Ministry of the Environment (ANAM) that they take steps via some precise and existing laws to stop all activity at the mine immediately.
3) The Ombudsman recommends to the Ministry of Commerce (MICI) that it moves to rescind the contract of Petaquilla Minerals under the law of "Substantial Non-Compliance" that's part of the Pananamian statute.
The sooner this thing is shut down forever, the better it will be for the world. PTQ.to is a prime example of the kind of rancid operation that gives the whole world of mining a bad name and gets dirt thrown at the good as well as the bad. Meanwhile, the sycophantic Canadian mining scene just keeps it mouth tightly shut about the stock and the scumbags running the company; it's about time you learned how to weed out your own, boyz.
News from Argentina is not good for freedom of speech. The blog 'Que Te Pasa Clarín' (QTPC), set up by an ex-employee of the country's largest media group, has been gagged by court order after Clarín applied for an injunction against its publication. Right now all you see if you go to the QTPC front page is a "sorry, we've been taken off the air" message from the blog authors.
But there were other touches, too, that spoke of Mr Patch’s earnest belief that fighting can never be the right way to solve disputes. During the service a chorister sang the 1960s peace anthem, Where Have All The Flowers Gone: the order of service said that the song had been chosen by his grandson “to reflect Harry’s view of the futility of war”.
Equally symbolically, the coffin was escorted by six other pallbearers, including two soldiers from the German army. Dr Eckhard Wilhelm Lubkemeier, charge d’affaires of the German Embassy, who read a lesson from the Bible at the service, said: “We really appreciate the generous gesture on the part of Harry Patch because he explicitly wanted his former enemy to be represented at his funeral service.
“It is a great honour for us and we really appreciate the opportunity of being here and honouring a great man.”
Strange Meeting (Wilfred Owen, 1893-1918)
It seemed that out of the battle I escaped
Down some profound dull tunnel, long since scooped
Through granites which Titanic wars had groined.
Yet also there encumbered sleepers groaned,
Too fast in thought or death to be bestirred.
Then, as I probed them, one sprang up, and stared
With piteous recognition in fixed eyes,
Lifting distressful hands as if to bless.
And by his smile, I knew that sullen hall;
With a thousand fears that vision's face was grained;
Yet no blood reached there from the upper ground,
And no guns thumped, or down the flues made moan.
"Strange, friend," I said, "Here is no cause to mourn."
"None," said the other, "Save the undone years,
The hopelessness. Whatever hope is yours,
Was my life also; I went hunting wild
After the wildest beauty in the world,
Which lies not calm in eyes, or braided hair,
But mocks the steady running of the hour,
And if it grieves, grieves richlier than here.
For by my glee might many men have laughed,
And of my weeping something has been left,
Which must die now. I mean the truth untold,
The pity of war, the pity war distilled.
Now men will go content with what we spoiled.
Or, discontent, boil bloody, and be spilled.
They will be swift with swiftness of the tigress,
None will break ranks, though nations trek from progress.
Courage was mine, and I had mystery;
Wisdom was mine, and I had mastery;
To miss the march of this retreating world
Into vain citadels that are not walled.
Then, when much blood had clogged their chariot-wheels
I would go up and wash them from sweet wells,
Even with truths that lie too deep for taint.
I would have poured my spirit without stint
But not through wounds; not on the cess of war.
Foreheads of men have bled where no wounds were.
I am the enemy you killed, my friend.
I knew you in this dark; for so you frowned
Yesterday through me as you jabbed and killed.
I parried; but my hands were loath and cold.
Let us sleep now . . ."
...tempts a little hubris, but WTH...the dude deserves what's coming anyway.
You have to wonder how those Scotia clients are feeling after taking Trevor Turnbull's advice and bailing...and missing a 37% move since their very own sales marked the bottom. I particularly liked the line Trev used in his June 26 Scotia note that (and I quote) "Troy is only expected to be a micro-producer with less than 70,000 oz over the next few years", when the facts show 50,000 flowing from Andorinhas, 30,000 from Sandstone and the new 60,000 oz (or so) mine at Casposo coming online in September 2010. Maybe Trev meant to write "next few months" and not years.
Twobreakfasts: "Gringo military bases for him, cocaine kickbacks for me...life is good!"
El Narco: "You don't know the half of it, fat guy."
TB--"So now that we've finished breakfast, what else shall we eat?"
AU--thinking--"What do you mean, WE? The SOB ate mine too."
(click to enlarge)Alan: "Asi de grande es la mentira que Pastor les dijo a la ONU"
Uribe: "espera no mas que te investigen, mis falsos positivos quedaran chiquitos"
Narcotrafficking a Twenty Two Billion Dollar Business in Peru, 17% of The Country GDP
Narcotrafficking in Peru generates profits of U$22Bn (17% of country GDP), an increase of between U$3Bn and U$4Bn in the last five years, the Peru anti-drug czar, Rómulo Pizarro said Wednesday.
This surge is due to the increase in consumption and demand pressure, most of all from the European market, said Pizarro, head of the National Commission for Development and Life Without Drugs (DEVIDA)
"Five years ago this figure was calculated at U$18Bn, that is to say that we're talking of an approximate increase of between U$3Bn and U$4Bn." CONTINUES HERE
The WSJ (via DJNW) is running the story "Peru's Intergroup: No Signs Of Strong Economic Recovery" today and it starts like this:
LIMA (Dow Jones)--Peru's economic recovery will continue to be subdued, although a "mild" rebound is expected in the second half, Intergroup Financial Services Corp.'s (IFS.VL) chief financial officer said Wednesday.
"We are still not seeing strong signals of a recovery," said Jose Antonio Rosas in a conference call with analysts, adding that increased government spending will help boost growth.
Peru's gross domestic product rose close to 10% last year, while in the first five months of this year GDP has expanded by only 0.83%. CONTINUES HERE
For the record Intergroup is the holding company for Interbank, a pretty decent Peruvian high-street banking chain. So what this is is the start of a bit of reality, not much more. My eyes popped out on seeing the adjective "only" as regards Peru's GDP, cos it's the first time I've seen even a mildly derogatory comment about Peru's lop-sided, socially disgraceful "growth" in five years of MSM-watching. So suddenly the voice of English language mainstream media has changed from "Peru Economic Miracle" to "Peru flat for year", so what are they going to say when the next GDP figure comes out way, way negative?
The fruitfly analyses continue in other places however. RGEMonitor (the Roubini place full of the dumbasses in suits that you call economists) is still peddling the party line, as found in my inbox this morning:
A couple countries in Latin America have thus far been able to weather this crisis better than their neighbors. Brazil and Peru stand out for their relatively healthy fundamentals and financial systems. Both countries have benefitted from being relatively closed economies and from having diversified export markets and products.
This is BS. Brazil has an internal economy, but Peru is wholly dependent of the rest of the world and metals prices. The crap spouted by S&P last year wasn't confined to AAA ratings on US financial roadkills, as I still recall the day I guffawed non-stop about its call on the "surging internal economy of Peru" as it justified the worst ever 'investment grade' rating in the history of developing markets. Peru's single major export market is the gold that gets sent directly from Chicama and Yanacocha to vaults in Switzerland. Then comes copper to Asia and that's all she wrote, its about as diversified as the recipe for hotdogs. Not long now til the emperor is shown in his birthday suit and the arrogant know-alls at RGE eat their words, side order of crow. Short the Nuevo Sol.
Amarillo Gold Corporation (AGC) | As of August 4th, 2009 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Aug 04/09 | Jul 31/09 | Landis, Robert Kumler | Indirect Ownership | Common Shares | 11 - Acquisition carried out privately | 200,000 | $0.700 |
| Aug 04/09 | Jan 09/07 | Landis, Robert Kumler | Indirect Ownership | Common Shares | 00 - Opening Balance-Initial SEDI Report | | |
| Aug 04/09 | Jul 31/09 | Landis, Robert Kumler | Indirect Ownership | Common Shares | 11 - Acquisition carried out privately | 40,000 | $0.840 |
1. Ask Ari to strategically time his press release for just before the closing bell.
It's a 12 month chart and you'll note that I've left the traded volume on this time to help you (but the price has been erased..that makes it too easy). The rest is up to you people that actually believe in this technical analysis mumbojumbo. Answer mañana, chicos.
Overnight in Oz TRY.to came out with two PDFs worth reading.
click to enlarge
click to enlarge
Add them to the comments section below (like some of you do) or mail them over (like others of you do). The winner will be declared tomorrow and the first prize is....errr...a beer. Ok?
Will you please
When the last set of Peru GDP figures hit in July, FinMin and Liar Spongebob quickly came out and said that the economy "had touched bottom" (samo samo he's used all year) and said that the first half of 2009 would finish around +1%.
So inquiring minds would like to know whether Carranza will finally admit his policies have been utterly ineffective and that his constant overestimating bullshit has led his country up the garden path if the latest Banco Continental forecast of a Peru GDP downturn of -2% to -2.4% in June (the official number is expected out mid August) is proven true. According to the report:"The Economics Studies Service of BBVA Banco Continental projects a fall in June GDP of between 2% and 2.4% after the poor performance (figures) of the primary and manufacturing sectors."
Such a figure would put Peru's GDP at around -1% negative growth for the first half of the year, a mile away from Spongebob's +1% for the first half of the year, a million miles from his 3% yearly forecast (that was as high as 5% in March) and a quadsquillion miles away from the total demagogic piffle spouted by Twobreakfasts late last year when he forecast Peru's 2009 as +6.5% and that his country's economy was "armour plated" against the world financial woes.While we're at it, that 5% GDP figure mentioned by Carranza in March found its way into this IKN post at the time. A humble blogger like me calling bear on Peru all year against the world's economic brains calling "Peru economic miracle", so let's see now........"... Twobreakfasts says it's going to be 5% this year, and Carranza says 5% this year, and the Central Bank says 5% this year, and the IMF says 5% this year. I mean, why on earth should you listen to me and ignore all those utterly reliable and impartial sources?"
Nuff said. I am available for hire or autographs so Spongebob, feel free to mail me you dumbass. You were a random walk FinMin who got lucky and did nothing during your first stint at the job, then actually bought into the BS they wrote about you. Fact is you're a zero, a liar, an emperor with no clothes and a knownothing. Resign and put us out of our misery.
The only logical solution to this (as far as my limited neurons carry me, anyway) is that copper is a direct "weak dollar" play right now and screw the fundamentals. But the thing is, fundies will out in the end; they always do. If you're still bullish here that's ok but be careful and be specially ware of those bulls with very loud mouths and "100% certain" opinions on commodities at the moment. As far as I can see the complex is slave to the whims of the monetary markets, not who is or is not using metals. If the dollar decides to reverse and appreciate away from its current downmove (it wouldn't take much in the way of news in this skittish market) people will suddenly pay a lot of attention to that LME warehouse number as it continues its relentless limb.
Ka-Boom....the Gold/Silver ratio
Just keeping it close on the radar, as usual. DYODD, dude.
Well what a surprise.
Ken Stanborough, 47, from Liverpool, dropped his 11-year-old daughter Ellie’s iPod Touch last month. “It made a hissing noise,” he said. “I could feel it getting hotter in my hand, and I thought I could see vapour”. Mr Stanborough said he threw the device out of his back door, where “within 30 seconds there was a pop, a big puff of smoke and it went 10ft in the air”.
....Peru's top 50 mining companies by 2008 sales.
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Coming to Sucre and Cochabamba soon........."The state will provide a house to any couple that gets married."
"This will be our (social) program and the government is obliged to attend this need."And don't think for a minute that he won't come through on this one, because the other five social programs and payments launched by his government so far have been resounding successes, including the old age pension, payment for meals for schoolchildren, the pre-/post natal payments for mothers who attend hospital during their pregnancies and make sure their young babies get all the necessary care until the age of two, and one-off payments for ex-soldiers who saw combat in the Chaco war. Bolivia runs an annual average of 22,000 marriages per year. Something tells me that we're about to see an acceleration in that statistic. Meanwhile, what has your government done for you lately, blue-eyes?
And while we're on the subject....
And you wouldn't believe how much of that figure is textiles. Funny how the two regional countries with the strongest anti-Chávez rhetoric are so quick to queue up and do business with Venezuela, innit? It's the economy, stupid.
