Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Either you aren't alone, or you bought a boatload of those puts:
Today's volume 1808, open interest before today was 457 contracts.
One mortgage lender down, more to come?
Mortgage lender closes, leaving borrowers in limbo
MICHAEL LIEDTKE, AP Business Writer Friday, August 15, 2003
--------------------------------------------------------------------------------
(08-15) 17:23 PDT SAN FRANCISCO (AP) --
Mid-sized lender Capitol Commerce Mortgage abruptly closed Friday, stranding hundreds of prospective borrowers who had been counting on the firm to finance home purchases and refinancings at low rates that are no longer available.
The closure came just a few weeks after Sacramento-based Capitol Commerce celebrated one of the busiest months in its 17-year history; the lender funded $3.7 billion in mortgages during July, according to several account executives interviewed Friday.
<snipped>
Capitol Commerce had 15 offices in California, Oregon, Washington, Arizona, Colorado, Texas, Illinois and Florida. Based on an employee directory on its Web site, the company employed more than 300 workers.
<snipped>
Capitol Commerce began making loans in 1986, according to its Web site. Chris Sordi is listed as the company's principal on its California incorporation records. The lender has a clean record with its chief California regulator, the state's Department of Real Estate.
The company boasted of its reliability on its Web site, noting that "the market may change, but our commitment won't. Year after year, Capitol Commerce Mortgage is there for you, in good markets and bad."
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/08/15/financial1900EDT0304.DTL
Lee,
Those QQQs are sprinting ahead at the same speed as I manage to run the 100-yard dash, i.e., looks like molasses on the move.
LNUX is not a Linux vendor, despite its stock symbol.
CNBC had a brief mention of that last Friday. Seems the stock has been rising because of the popularity of Linux and some investors have erroneously assumed that LNUX is in that area.
And your SL, Jerry?
30.06?
Perhaps we should get the Chinese to buy a few gold shares in the U.S. and Canada.
Thursday July 31, 9:48 AM
China's First Gold Producer IPO Subscribed 824 Times
SHANGHAI (Dow Jones)--China's first initial public offering by a gold producer was 824 times subscribed, the lead manager of the IPO said Thursday.
Zhongjin Gold Corp., a unit of China's largest gold-mining firm, is looking to raise 405 million yuan ($1=CNY8.28) by issuing 100 million A shares.
China Galaxy Securities, the lead manager, said in an announcement published in the Shanghai Securities News that investors subscribed to 82.40 billion shares in the one-day IPO subscription on Wednesday.
Zhongjin Gold will be the first publicly listed gold company on China's stock exchange.
Those numbers remind me of the projections tossed around at the height of the telecom bubble. Onward and upward to the sky with no basis in reality.
ISM looks to be positive. Early lookers already pushing the buy buttons?
A bright and rosy forecast for 2004:
Federal Reserve Bank of New York
News Alert Announcement
July 31, 2003
The latest edition of the Federal Reserve Bank of New York's Second
District Highlights finds that employment in the New York-New Jersey
region will decline for the third straight year in 2003--but only
slightly--and the region's economy is poised to rebound in 2004 with 1.0
percent growth, or a gain of 128,000 jobs.
OT:
Seems to me that being able to voice an opinion that is different than yours is an American tradition, and a right.
If you find someone's else's opinion insulting, perhaps you need to ask yourself why it is affecting you so much.
Zeev,
Any thoughts on how high COCO could run?
metsin1,
The stocks are telling the true story. Check out RYL, looking mighty weak on the charts. Holding my short position.
i can't even time a recipe from the joy of cooking.
Maybe you should consider a raw food diet then. <g>
Interesting short candidate. However, the float is fairly small and could be easily manipulated.
Notice the triple top at 12?
Seems to me that many don't believe in triple tops, so do we see a higher level soon?
Now there's an analyst that really know what he's talking about, no? LOL
But Jim Wilson, of JMP Securities LLC and Lawrence Horan, of Parker/Hunter believe the fall is temporary and say stocks will see new highs by year-end. The underlying business, which set records in the most recent quarter, will stay strong and buoy stock prices.
"I have a "buy" on everyone I follow and own everyone I follow," he said. "Half my financial net worth is in homebuilders."
Good thing he isn't a portfolio manager, too!
Short RYL 70.83
Joe,
She's looking a lot hotter the KBH and LEN at the moment.
Any thoughts on why the sudden tank on them?
Rise in interest rates?
Or??
Interesting chart.
Culmus,
Excellent charts, the result of considerable work on your part, no doubt.
Have you considered whether the Help Wanted Index might not reflect a perfect picture due to more and more help wanted ads finding their way onto the Internet sites such as Monster.com?
Joe,
Not a P&F devotee, but here's what I see on my chart; I expect it to break to the 59 level within a month and lower after that.
What's your prediction?
KBH looking a little weak here. Perhaps dropping into a new, lower box?
Holding puts on this one.
Why do you guys dick around with anything less than 100% DEET?
Get Ben's, it works since it is 100% DEET.
Another way to view the gold stock action:
Kinross's CEO is being awfully disingenuous with his remarks about the $889 million in goodwill. Trying to slough it off as an accounting anomaly is a bunch of B.S. He knows as well as anyone that if there is any "impairment" of goodwill that it has to be written off immediately.
Do you really think that $889 million is not impaired? Operating results so far would indicate otherwise. Expect writeoffs at some point.
To avoid delisting the stock has to stay at $1 bid for 10 business days, not just a day.
Bob,
If you guys really want to cement your customer relationships, you will offer a subscriber membership to both SI and IHub if they currently subscribe to either.
When are those bonds due?
Snow finally figured out which button was the SELL button.
Assuming inflation were to return within, say, the next 12 months, which sector of the bond market will see the steepest declines, the shorter term, or longer term maturities?
That is so true. Our company had 88 employees on 6/30/02 and is down to 44 now, even though sales are pretty flat. The need to be profitable is delaying any and all unnecessary spending.
MIR would have an extra 15 calendar days to file its 10-Q.
If they file before that, then any registration statements that were in effect become void. Creates a real mess if it does not meet that 15-day extension deadline.
Joe,
Only drawback to CEF is that it sells at a premium to net asset value. Better opportunities to own gold will soon present themselves in the form of gold ETFs, which will have virtually no premium to spot gold.
No, Adamus:
From MiningNews.Net
Ghanaian drilling stirs golden expectation
James Hamilton
Wednesday, March 26, 2003
IF YOU conducted a quick straw poll of resource analysts 12 months ago and asked them what they knew about a junior explorer called Adamus Resources you would have drawn some blank looks.
That's because till now Adamus is a company that has literally slipped under the radar since starting life in June 2000 as a $3 million IPO.
{clipped text about its diamond properties in Australia]
But as hot as the ground around Prominent Hill is these days, nothing appeals, particularly to European and North American investors, like having a big gold project in Ghana down-strike from some of the biggest gold mines in existence. That's exactly what Adamus has in the form of Salman, which was discovered by BHP in 1995 and lies about 300km west of Ghana's capital city Accra.
The project is 90%-owned (the Ghanaian Government holds the balance) by Adamus and covers a total of 84sq.km. It sits on the southern extension of the 60 million oz Ashanti Gold Belt and the project is just 40km south of Bogosu (3.3Moz) and Prestea (10.7Moz).
"When BHP had it they were looking at a 4.5km-long anomaly and so they drilled it on a 300-500m spacing," Halliday said. "They had some tremendous intersections hitting in one case 85m at 2.2gpt from 20m, but their attitude was unless there was an easy 10Moz there, they didn't want it."
"When we took it on, we had a good look at Ghana and spoke to groups like African Lion, RSG and Macquarie Bank. We liked the fact there was all-weather roads to the project, limited sovereign risk and great service - getting a drilling rig in Ghana is in many ways easier than getting a rig is some parts of the eastern goldfields."
ADAMUS' board decided it would be prudent to tackle Salman in two stages: an initial technical examination and then a 5000m RC drilling program if it looked good.
It did and the company raised $640,000 in early November last year by issuing 4 million shares at 16c to Macquarie Bank. The drilling started in December and initially the results were exceptional.
"We've had a consistent run of hits, many from surface in oxide ore," Halliday said. "We're expecting more assays shortly and I don't expect any change on our great start. We hope that after our next round of announcements to begin work on a preliminary resource in March."
But there is still tremendous upside remaining. At the end of this campaign Adamus will have only drilled 1.2km of the 4.5km anomaly. And it will have only drilled it to 70m on 50m line spacings.
"To join the dots (in terms of the orebody) would be irresponsible at this stage," Halliday said. "All I can say is that I'm very impressed with how coherent the orebody is to date."
Salman sits on the top of a hill which will mean a low strip ratio if it does get mined. Also, given that its latitude is only a few degrees from the Equator it is overgrown with lush jungle. This is perhaps why it has remained hidden, as it is hard to see the surface geology.
Should Salman come together as Halliday hopes there is no shortage of hungry mills in the area. Apart from Bogosu and Prestea, the Damang, Abosso, Tarkwa, Teberebie and Iduaprium mines are all within trucking distance.
For now Adamus doesn't need cash. It has $2 million in the bank (aside from the money being spent on its latest African drilling campaign) and there are 14 million options at market - in the money given the exercise price of 20c (the stock price was 26c at press time). These would raise $2.8 million if converted.
Of the 40 million shares on issue, Robert Gardner is the biggest shareholder with 34%, followed by Macquarie with 10%. - RESOURCESTOCKS
Adamus Resources at a glance
HEAD OFFICE
Level 9, 190 St George's Terrace
Perth WA 6000
Tel: (08) 9322 5943
Fax: (08) 9322 5907
Website: www.adamusresources.com.au
Email: info@adamusresources.com.au
DIRECTORS
John Daniels, Hamish Halliday, Mark Bojanjac, Michael Curnow
MARKET CAPITALISATION
$10.4 million (at press time)
MAJOR SHAREHOLDERS
Robert Gardner (34%)
Macquarie Bank (10%)
TF,
Noticed that myself. Perhaps it is related to the earlier news, although it seems strange to sell into good news like that.
On another front, are you in Canada or the US? In either case, are you able to buy Australian stocks? If so, I'll post something of interest about an Australian company with an interesting project in Ghana.
TF,
Let's see if I have any better luck using [ pre ] table info [ /pre ], but with the spaces between the brackets removed:
Semafo Inc. - Wide Gold Mineralized Intersections Confirm the Continuity of the Wona Deposit
Tuesday March 25, 11:10 am ET
MONTREAL, March 25 /CNW Telbec/ - SEMAFO (TSX - SMF) is pleased to announce today that the current delineation RC drilling program on the Wona gold deposit is returning impressive intercepts. The Wona deposit is located on Semafo's Mana property in Burkina Faso.
HIGHLIGHTS
(x) Confirmation of the continuity of the 800-meter length and
20-meter true width of the northern part of the orebody, from
5650N to 6450N. Maximum width of 38 meters observed on section
6250N.
(x) Confirmation of the regular continuity of the gold mineralized
structure over 2 500 meters of strike length
(x) Confirmation of the high regularity of the gold grade distribution
over the tested strike length.
-------------------------------------------------------------------------
TABLE OF DRILL RESULTS
-------------------------------------------------------------------------
Hole no Section From(m) To (m) Length (m) Grade (g/t)
-------------------------------------------------------------------------
WRC-103 6000 N 28 39 11 1,88
-------------------------------------------------------------------------
and 41 62 21 2,56
-------------------------------------------------------------------------
including 47 57 10 3,71
-------------------------------------------------------------------------
WRC-104 6000 N 66 90 24 2,64
-------------------------------------------------------------------------
including 66 70 4 5,35
-------------------------------------------------------------------------
WRC-105 5945 N 11 27 16 3,31
-------------------------------------------------------------------------
and 61 92 31 3,09
-------------------------------------------------------------------------
including 72 79 7 4,09
-------------------------------------------------------------------------
and 83 91 8 4,57
-------------------------------------------------------------------------
WRC-106 5900 N 64 76 12 2,84
-------------------------------------------------------------------------
and 81 87 6 3,03
-------------------------------------------------------------------------
or 64 87 23 2,39
-------------------------------------------------------------------------
and 95 101 6 2,51
-------------------------------------------------------------------------
or 64 101 37 1,96
-------------------------------------------------------------------------
WRC-107 5850 N 12 41 29 3,57
-------------------------------------------------------------------------
including 19 39 20 4,36
-------------------------------------------------------------------------
WRC-108 5850 N 50 62 12 3,44
-------------------------------------------------------------------------
and 67 74 7 3,26
-------------------------------------------------------------------------
or 50 74 24 2,77
-------------------------------------------------------------------------
and 97 102 5 3,32
-------------------------------------------------------------------------
WRC-109 5798 N 4 29 25 4,11
-------------------------------------------------------------------------
including 7 12 5 8,51
-------------------------------------------------------------------------
WRC-110 5750 N 4 19 15 4,31
-------------------------------------------------------------------------
WRC-111 5750 N 14 47 33 2,74
-------------------------------------------------------------------------
WRC-112 5700 N 25 27 2 2,64
-------------------------------------------------------------------------
-------------------------------------------------------------------------
WRC-113 6150 N 61 83 22 3,12
-------------------------------------------------------------------------
including 77 83 6 5,40
-------------------------------------------------------------------------
WRC-114 6250 N 18 58 40 4,43
-------------------------------------------------------------------------
or 18 64 46 4,03
-------------------------------------------------------------------------
including 31 41 10 9,91
-------------------------------------------------------------------------
WRC-115 6250 N 44 84 40 4,06
-------------------------------------------------------------------------
including 51 84 33 4,61
-------------------------------------------------------------------------
and 57 64 7 11,74
-------------------------------------------------------------------------
WRC-116 6300 N 87 110 23 3,26
-------------------------------------------------------------------------
including 88 91 3 8,18
-------------------------------------------------------------------------
WRC-117 6450 N 5 32 27 2,10
-------------------------------------------------------------------------
WRC-118 6450 N 64 78 14 3,30
-------------------------------------------------------------------------
WRC-119 6500 N 41 68 27 3,01
-------------------------------------------------------------------------
including 41 44 3 12,30
-------------------------------------------------------------------------
WRC-120 6350 N 29 63 34 3,19
-------------------------------------------------------------------------
including 29 32 3 6,06
-------------------------------------------------------------------------
and 48 54 6 6,03
-------------------------------------------------------------------------
and 57 63 6 5,42
-------------------------------------------------------------------------
WRC-121 6050 N 22 48 26 2,78
-------------------------------------------------------------------------
including 23 25 2 6,05
-------------------------------------------------------------------------
and 40 46 6 4,52
-------------------------------------------------------------------------
WRC-122 6050 N 51 71 20 2,81
-------------------------------------------------------------------------
or 51 80 29 2,31
-------------------------------------------------------------------------
-------------------------------------------------------------------------
WRC-123 4950 N 20 33 13 3,79
-------------------------------------------------------------------------
including 26 30 4 9,33
-------------------------------------------------------------------------
WRC-124 4950 N 60 65 5 2,21
-------------------------------------------------------------------------
WRC-125 4850 N 2 10 8 5,43
-------------------------------------------------------------------------
WRC-126 4850 N 21 24 3 3,19
-------------------------------------------------------------------------
and 35 39 4 3,44
-------------------------------------------------------------------------
and 57 64 7 2,97
-------------------------------------------------------------------------
WRC-127 4750N 5 13 8 2,30
-------------------------------------------------------------------------
WRC-128 4750 N 45 56 11 3,40
-------------------------------------------------------------------------
including 46 54 8 4,20
-------------------------------------------------------------------------
WRC-129 4700 N 42 75 33 3,07
-------------------------------------------------------------------------
including 42 46 4 11,14
-------------------------------------------------------------------------
and 50 56 6 3,40
-------------------------------------------------------------------------
and 64 71 7 3,33
-------------------------------------------------------------------------
WRC-130 4650 N 3 14 11 3,78
-------------------------------------------------------------------------
WRC-131 4650 N 16 35 19 3,48
-------------------------------------------------------------------------
including 16 18 2 7,77
-------------------------------------------------------------------------
and 23 28 5 8,17
-------------------------------------------------------------------------
WRC-132 4603 23 26 3 4,25
-------------------------------------------------------------------------
and 34 42 8 1,68
-------------------------------------------------------------------------
including 35 40 5 2,11
-------------------------------------------------------------------------
and 47 52 5 3,06
-------------------------------------------------------------------------
WRC-133 4550 8 21 13 4,74
-------------------------------------------------------------------------
including 9 14 5 7,80
-------------------------------------------------------------------------
WRC-134 4550 21 54 33 2,45
-------------------------------------------------------------------------
including 21 35 14 4,11
-------------------------------------------------------------------------
Numbers in red represents high grade portions of the intersections
Hey Fool,
Perhaps you can learn to post tables, like this: <g>
Hole # Dip Azimuth Coordinates From - To Interval Grade
Degrees North East (m) Width g/t
(-) (m) (m) (m) Au
------------------------------------------------------------------
G-ZONE
------------------------------------------------------------------
122 RC -45 90 600N -1675E 19 - 22 3 2.99
------------------------------------------------------------------
27 - 41 14 2.35
------------------------------------------------------------------
123 RC -45 90 600N -1700E 25 - 67 42 6.9
------------------------------------------------------------------
46 - 67 21 10.09
------------------------------------------------------------------
126 RC -45 90 650N -1700E 6 - 9 3 3.45
------------------------------------------------------------------
26 - 36 10 1.79
------------------------------------------------------------------
127 C -45 90 600N -1725E 89 - 94 5 4.82
------------------------------------------------------------------
130 C -45 90 550N -1675E 0 - 8 8 1.92
------------------------------------------------------------------
131 C -45 90 650N -1725E 49 - 61 12 3.96
------------------------------------------------------------------
SUBRISO CENTRAL
------------------------------------------------------------------
119R C -45 40 854N -1336E 127 - 133 6 4.1
------------------------------------------------------------------
172 - 180 8 2.07
------------------------------------------------------------------
120 R -45 40 853N -1302E 85 - 91 6 3.13
------------------------------------------------------------------
123 - 154 31 3.73
------------------------------------------------------------------
129 C -45 40 944N -1252E 0 - 5 5 5.12
------------------------------------------------------------------
SUBRISO EAST
------------------------------------------------------------------
121 R -45 90 1256N 479E 108 - 121 13 1.11
------------------------------------------------------------------
128 - 130 2 14.89
------------------------------------------------------------------
EXPLORATION
------------------------------------------------------------------
101 C -45 40 732 1182 91 - 94 3 6.6
------------------------------------------------------------------
100 - 105 5 3.66
------------------------------------------------------------------
106 C -45 40 991 1315 45 - 47 2 2.61
------------------------------------------------------------------
109 C -70 40 921 1304 140 - 147 7 3.16
------------------------------------------------------------------
110 C -65 40 888 1337 191 - 200 9 2.77
------------------------------------------------------------------
This candidate is too logical to get elected! And if he were, the IMF wouldn't cooperate.
http://quote.bloomberg.com/fgcgi.cgi?touch=1&btitle=Top%20Ne...
03/13 05:48
Argentine President Candidate Urges Peso-Gold Link, Herald Says
By Claire Shoesmith
Buenos Aires, March 13 (Bloomberg) -- Nestor Kirchner, seeking to become president of Argentina, will try to return the country to a monetary system where the peso is backed by gold reserves, the Buenos Aires Herald said, citing Kirchner's economics adviser.
The return to a gold standard would be part of a policy involving ``neither dollarization nor multiple currencies,'' the paper cited Kirchner's adviser, Jose Maria Las Heras, as saying.
The policy would aim for the peso's value to eventually converge with a single Mercosur currency, Heras was cited as saying. The Mercosur region includes Argentina, Uruguay and Paraguay.
Gold prices fell for a third day in London as the dollar strengthened against the euro and equities rose, making the dollar- denominated metal less attractive to European investors.
Kirchner, governor of the Santa Cruz province in Argentina's south, is seeking to defeat rivals including former President Carlos Menem in April 27 presidential elections.
(Buenos Aires Herald Online 3-13)
Not unexpected, really. But this is very good technically for gold. I believe we can now consolidate around $325-$340 before the next strong move up.
Have you looked at Afrikaner Lease? Not a West Africa gold company, but a solid little junior SA with aspirations to move up the ladder. Good, honest management, from what I've seen so far. They just got a new CEO, from Gold Fields. Production should triple in two years without including further acquisitions.
Here's the CEO announcement:
http://m1.mny.co.za/mgrd.nsf/Current/80256CD100234F1242256CE700634F52?OpenDocument
BTW, they are working on upgrading their ADR listing so that they would trade on NASDAQ as DROOY does, i.e., with real time quotes. Stock should rise then, imo.
From: How Far Can U.S. Equity Prices Fall Under Asset and Debt Deflation
by P. Arestis, Levy Economics Institute of Bard College, New York
and E. Karakitsos, Trafalgar Asset Managers Ltd, London
Lengthy academic article but well worth reading. Part of their conclusion:
How far can equity prices fall? In our main scenario the recession will trigger a severe property crash of the order of 25 percent, (the same magnitude as in the 1990s recession), which will deepen the initial recession to -2.5 percent of GDP. This is deeper than the 1990s recession, but a bit shallower than those experienced in the 1970s or 1980s. In this case, the equilibrium S&P is 641, which implies another 25 percent drop in equity prices over the next two years. This may look excessive, but is based on neutral, rather than pessimistic assumptions.
http://www.levy.org/docs/wrkpap/papers/368.html
Did you try placing an order using the US over the counter symbol> IVHMF
Fidelity takes my order, so I don't see any problem here.