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.
CGA.to/CGAFF.pk No idea what shape they are in but your post just validates my new in-house strict policy: NO AUSSIE STOCKS, THANKS !!!
Stock Exchange:
Australia Canada
ASX Code: CGX TSX Code: CGA
Registered and Principal Office:
Level 5 BGC Centre 28 The Esplanade Perth WA 6000
I hope mining will be allowed finally too. Own some DMM. Guess the safest way to play it is own some now and increase holdings as the mining law gets passed. Which by the way is rumored to be within this month..
Bob, RE: DMM what do you make of the political issue in Ecuador? DMM looks incredibily cheap only AS LONG as they can mine and make a profit under the revised law, which has been delayed forever
Allana on a roll, making me some good coin here. Thanks for introducing it!
tiesto- I think you are refering to HGC.V? What´s so frustrating about it? it all depends on wgere you bought it I guess. I bought at 0.36, it´s at 0.51 and I still think it´s cheap ! :)
IAE.V: Share your concerns as well, but I think IAE has to pop anyday now. If AEN.TO managed to jump to north a buck from 70 cents, then IAE is about to make a move. All sort of small cap oilers had been moving before and now AEN does too (UK north sea), AEN always moved in tandem with IAE. AEN doesnt look better than IAE fundamentally, yet is has now a richer market cap.Frankly, AEN looks like a pos compared to IAE. Only red on my screen day by day is IAE while everything goes up. IMHO has to pop to 1.20 area after a few days once it pops on some volume and that would be just on catch up to other oilers / AEN .
BWTFDIK
An dilute the shareholders to death along the way.... OGC ,management is absolute crap
IAE: before anybody asks about the cash position note:
There is still USD 8.4 M pending – we haven’t completed last part yet
The cash is absent payment for August oil production ($ 11.67 M Ithaca share)
Iain
IAE.V: New presentation just out
http://www.ithacaenergy.com/uploads/IthacaCorporatePresentationSept2009.pdf
Metanor Resources (MTO-V) drills 28.06 g/t Au over 4.54 m at Nelligan
News Sept 16, '09
Metanor Resources has released the preliminary results of a short drilling campaign carried out on the Nelligan property which discovered a new gold-bearing zone.
Diamond drill hole NE-09-02 intersected a new gold-bearing structure on the Valley group of the Nelligan property. This new mineralized sheared zone returned starting on surface 28.06 grams per tonne Au (uncut) over 4.54 metres or 6.61 g/t Au (cut to one ounce per ton) over 4.54 m including intersections of 234 g/t Au over 0.5 m on the hangingwall and 17.9 g/t Au over 0.7 m on the footwall of the zone. Other assay results are still pending.
The Nelligan property consists of 58 claims totalling approximately 2,895 hectares located immediately to the west of the Bachelor property and approximately eight kilometres southwest of the town of Desmaraisville. During previous exploration programs, sheared and mineralized horizons similar to the Vein A at the Bachelor mine were exposed on the Billy group and the Valley group of Nelligan property. On the Billy group, assay values of 582 g/t Au over 0.53 m and 3.15 g/t Au over 3.0 m were obtained from channel sampling. On the Valley group, the best assay result was obtained from a grab sample of altered mafic volcanic with minor pyrite stringers and quartz veining, and returning 3.25 g/t Au. Values obtained in channel samples demonstrate continuity of gold mineralization across the shear zone with grades of 2.02 g/t Au over 2.10 m and 1.47 g/t Au over 2.25 m.
Results obtained in this drilling campaign confirm the potential for new gold mineralization in the deformation corridor extending to the west of the Bachelor mine. The gold zone on the Billy group is located five kilometres southwest of Bachelor and the new discovered gold-bearing zone on the Valley group is situated approximately 10 km southwest of the Bachelor mill.
The true width is approximately 80 to 90 per cent of the core length obtained in diamond drill holes. Analyses were performed by fire assay at the Bachelor mine laboratory, Quebec.
The Nelligan gold property is currently under option from Murgor Resources Inc. whereby Metanor has the right to earn a 70-per-cent interest in the property by the end 2010.
Andre Tremblay, PEng, is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release.
Quotes from the Denver Gold Forum-Monday
Mon Sep 14, 2009 7:24pm EDT
DENVER, Sept 14 (Reuters) - Here is a selection of quotes
on Monday from the Denver Gold Forum, an annual get-together
for the world's biggest gold mining companies:
AARON REGENT, CHIEF EXECUTIVE OFFICER OF BARRICK GOLD CORP,
THE WORLD'S LARGEST GOLD PRODUCER
"Gold as an asset class has performed well as expected,
particularly in periods of uncertainties."
On what $1,000 gold means for a gold mining company:
"It's a good price. We generate decent revenue, decent
profit and lots of cash."
On buying back its hedges:
"It is a significant overhang of the company, and it has
obscured many of the positive things. Because of that, the
appeal of Barrick to the broader (investor) community had been
limited."
"Eliminating the hedgebook is a step in the right
direction."
"We don't believe we (de-heging) have any impact on the
gold market."
JEFFREY CHRISTIAN, MANAGING DIRECTOR OF COMMODITIES
CONSULTING FIRM CPM GROUP
"We are now into the ninth year of the current bull market
in gold. We have had more investors buying more gold for a
longer period of time than ever before. They probably will
continue to buy even if the economy stabilizes."
On official-sector gold sales:
"What we are seeing is that central banks are making the
transition from large net sellers to large net buyers."
"You will see a net buying of 6 (million) to 10 million
ounces per year by central banks, and that is an extremely
conservative projection,"
ROB MCEWEN, CHIEF EXECUTIVE OFFICER OF US GOLD CORP AND
MINERA ANDES INC
"The M&A (mergers and acquisitions) activity I think will
pick up as people become more comfortable with this environment
at a higher price."
On the current global market compared to a year ago:
"The capital markets are turning around."
"You got big bounces off it because a lot of assets got
mispriced. (But) They've come back with the governments of the
Western world saying they're going to cure the problem by
printing money."
On currency depreciation:
"Anybody that's long a lot of U.S dollars -- China being
one, maybe the Middle East -- they're going to go: 'This thing
is going downhill fast. We have to get out of it and we're
going to buy assets.'"
(Reporting by Frank Tang and Steve James)
GOLD BUG'S DREAM?
China's immense, and growing, impact on the global gold market
There seems little doubt that China's economic strength can lead to it dominating gold price movement for the foreseeable future.
Author: Lawrence Williams
Posted: Friday , 11 Sep 2009
LONDON -
There is little doubt that China nowadays has the financial muscle to effectively control the global gold price. The mere sniff of a report that it is taking gold into its official reserves to counteract dollar decline is sufficient to, at the least, stabilise the gold price - and there seems to be little doubt that it is so doing, but at the moment in a manner that is not designed to de-stabilise the dollar or, on the other hand, not to contribute to a quantum leap in the yellow metal's valuation - yet.
But - should China wish to de-stabilise the dollar by announcing big gold purchases into its reserves to replace a good proportion of its trillions of dollars, there is also little doubt that it could do so. It is an economic weapon which perhaps has more power than a nuclear one if it wished to bring America, and the West, to its collective economic knees through currency war. But again that is not seen as an option - or at least not until the country's domestic market is big enough to soak up all the manufactured goods China can still sell to the West.
Thus China is still very dependent on export markets, so revaluation of the renminbi is not seen as helpful and dollar decline has to be worrying. So the country has to move cautiously to retain some kind of global economic equilibrium.
But noticeably, China is already exerting its financial dominance. It has said its mostly state-owned financial organisations will have the right to default on some of the more dubious commodity and financial related derivative trades that they may have entered into. This has only raised a muted response from those financial institutions which could be affected because it is China's financial muscle which is beginning to call the tune in world financial circles - not the mighty U.S.A. any longer. But it could lead to more grief in western financial circles and the already stressed banking system.
Its state-owned enterprises are on a massive buying spree of western assets, both as an investment and, in the case of the mining sector, to tie down future strategic resource supplies. In perhaps a conscious effort to allay suspicions of Chinese motives in many countries, much of this is via significant minority stakes in western companies tied to long term supply deals.
But back to gold. We reported here that a top Chinese official virtually admitted China was buying gold, but in a way which was designed to maintain at least a reasonable degree of stability in the markets and not rock the gold boat. If this is true, and there is little reason why it should not be so then this will effectively mean there is little or no serious downside risk in buying gold. But China can also control the upside, as it may not wish to precipitate a big dollar collapse which would be the likely outcome of a big gold price rise.
We reported also, in an article which virtually went viral on the internet and has been picked up by many other commentators (China pushes silver and gold investment to the masses), that Chinese state organisations are selling, like soap powder, the advice to buy gold and silver to the general populace - which already has a gold purchasing psyche. As a result China is likely to surpass India as the world's biggest precious metals purchaser this year or next. It also lends support to the country's domestic gold mining industry - China is currently the world's largest gold producer and is a country where output is continuing to rise. Chinese domestic gold purchases rose 14% year on year in the first half of the year to 446.6 tonnes and industry analysts expect double digit growth to continue in the curent half year, even with gold at over $1,000.
This too provides a massive underpinning of the gold price at, at least, around current levels. It is apparent that buying has been coming in every time gold dips and the suspicion is that this is by the Chinese, but it is well enough hidden that it is difficult, if not impossible, to clearly define the source.
At the moment gold seems to be holding up well close to the $1,000 level despite the huge degree of profit taking which comes in at psychological levels like this. The suspicion is that China may wish to see $1,000 gold, or thereabouts, as a new floor, but there is unlikely to be any official recognition of this and we will have to wait and see whether the supposed Chinese underpinning of the market is reality - or yet another gold bug's dream.
having covered half of those positions yesterday
so he sold half at what? 3,4 % profit? oh boy
I cant find anyone more pathetic than Gartman in the market
I would respect a lot more any perma bear on gold that will try to reason his take even when we know he will be proven wrong in the end than this pathetic sorry ass loser always changing sides and chickening out on either direction either way ( he does when he is right, and he does when he is wrong)
what´s the use?
http://www.celebritywonder.com/wp/Chicken_Little_Wallpaper_5_1280.jpg
And this is time to be on margin and options according to you right now? Nice close for the week for gold ! Highest EVER !
http://rs6.net/tn.jsp?et=1102702300744&s=54016&e=001i_7F6tDkT2mqzC5xzFL35OvwxTw67byuR74i7e6KNlulK0SwN0qDCxy5zaH_-PRt-WIHrdOh7N_nnGFVq-lw9ysgAU1z8hw88vuvJlwcSGj_efBmGvqOZBM7OadeS_9wYBkOwrKpy67sLeKFpuAAlOc3rnJ9_ljNQjOdX4bcQNfrcZG7Tm_v8i5co49gsOSXSSx9s4JmPMI=
So this was the responsible for today´GRMC s run I guess. Totally blew up my plans to quitely build up a position without driving up the price. Totally hate this when it happens!
Well, looks like we will have another go at +1,000 bucks in Asia trading...
Barrick Announces Plan to Eliminate Gold Hedges
Launches $3 Billion Public Equity Offering
* Press Release
* Source: Barrick Gold Corporation
* On Tuesday September 8, 2009, 4:53 pm EDT
*
Companies:
o Barrick Gold Corporation
TORONTO, ONTARIO--(Marketwire - 09/08/09) - All amounts expressed in US dollars unless otherwise indicated
Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) announced today that it has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets, Morgan Stanley & Co. Incorporated, J.P. Morgan Securities Inc. and Scotia Capital Inc., for a bought deal public offering for gross proceeds of approximately $3.0 billion representing 81.2 million common shares of Barrick at a price of $36.95 per share.
Barrick intends to use $1.9 billion of the net proceeds to eliminate all of its fixed priced (non-participating) gold contracts (the "Gold Hedges") within the next 12 months and approximately $1.0 billion to eliminate a portion of its floating spot price (fully participating) gold contracts (the "Floating Contracts"). A $5.6 billion charge to earnings will be recorded in the third quarter as a result of a change in accounting treatment for the contracts.
Barrick has made this strategic decision to gain full leverage to the gold price on all future production due to:
- an increasingly positive outlook on the gold price. The Company expects global monetary and fiscal reflation will be necessary for years to come, resulting in an increased risk of higher inflation and a future negative impact on the value of global currencies; and
- continuing robust gold supply/demand fundamentals.
In addition, Barrick believes that the Gold Hedges and the Floating Contracts were adversely impacting the Company's appeal to the broader investment community and hence, its share price performance.
"The gold hedge book has been a particular concern among our shareholders and the broader market which we believe has obscured the many positive developments within the company. As a result of today's decision, we have addressed that concern and maintained our financial flexibility," said Aaron Regent, President and Chief Executive Officer. "With the industry's largest production and reserves, Barrick provides exceptional leverage to the gold price, which we expect will be further enhanced as we build our new generation of low cost mines."
When in full production, Buzwagi, Cortez Hills, Pueblo Viejo and Pascua-Lama are expected to collectively contribute about 2.6 million ounces of production at lower total cash costs than the current Barrick profile. Mr. Regent added: "Against a backdrop of higher gold prices, we expect to see significant margin expansion and cash flow growth."
For 2010, Barrick expects production to grow to 7.7-8.1 million ounces at lower total cash costs than 2009.
As of September 7, 2009, Barrick's Gold Sales Contracts, which are comprised of the Gold Hedges and the Floating Contracts, totaled 9.5 million ounces with a mark-to-market ("MTM") position of negative $5.6 billion.
�
----------------------------------------------------------------------------
As of Sept. 7, 2009(1) Gold Floating
Hedges Contracts Total
----------------------------------------------------------------------------
Ounces (millions) 3.0 6.5 9.5
----------------------------------------------------------------------------
($ billions)
----------------------------------------------------------------------------
MTM (1.9) (3.7) (5.6)
Use of net proceeds from offering(2) 1.9 1.0 2.9
----------------------------------------------------------------------------
Remaining MTM - (2.7) (2.7)
----------------------------------------------------------------------------
(1) Based on a spot price of $993 per ounce.
(2) Reflects no exercise of over allotment option.
Barrick's Gold Hedges consisted of 3.0 million ounces of fixed price contracts where Barrick does not participate in gold price movements. These contracts have a negative MTM position of $1.9 billion as of September 7, 2009. Under the terms of the Gold Hedges, Barrick could purchase gold in the open market or deliver physical gold into these contracts in order to terminate them. Within the next 12 months, Barrick expects that, on an opportunistic basis, it will purchase these ounces in the open market and/or deliver gold from its own production in a manner which will seek to minimize the cost of settlement. These ounces will then be delivered against the Gold Hedges in order to terminate them. The cost of eliminating a Gold Hedge is approximately equal to the MTM position of that contract at the time of its elimination. A $10 per ounce increase or decrease in the spot price will result in an increase or decrease in the MTM position of $30 million on 3.0 million ounces of Gold Hedges. In addition, the MTM position is also impacted by changes in US dollar interest and gold lease rates but such impact is not material when compared to the impact of the change in the gold price.
In addition, the Company has 6.5 million ounces of Floating Contracts where Barrick fully participates in gold price movements. Accordingly, the current $3.7 billion negative MTM position of the Floating Contracts does not change with gold prices. The obligation under the Floating Contracts is economically similar to a fixed US dollar obligation. No activity in the gold market is required to settle the Floating Contracts.
The remaining balance of the Floating Contracts (after application of the net proceeds of this offering not applied to eliminate the Gold Hedges) with a MTM position of negative $2.7 billion will be compared to alternative sources of debt financing and is expected to be repaid or refinanced to the extent that more attractive sources of debt capital are available. The Floating Contracts are non-amortizing and primarily have 10-year terms with a current weighted average financing charge of approximately 5%. The MTM position of the Floating Contracts is impacted by changes in US dollar interest rates but such impact is not material when compared to the impact of the change in the gold price on the Gold Hedges.
To date, the Gold Sales Contracts have been accounted for as "normal sales" under US GAAP, wherein the impact is recorded in Barrick's financial statements as revenue on delivery of gold production under the contracts at the contracted price. Contracts were not recorded as assets or liabilities on the balance sheet prior to delivery and the MTM position has been regularly disclosed on a quarterly basis in the Company's Management Discussion and Analysis. In light of the Company's decision to eliminate the contracts, the current negative MTM position of $5.6 billion will be recorded on the balance sheet as a liability with a corresponding charge to earnings in the third quarter of 2009. Until elimination, any changes in the MTM from quarter to quarter will be recorded in the Company's income statement. The MTM liability will be extinguished as the contracts are eliminated,
and all settlements will flow through operating cash flow. Settlements are expected to occur subsequent to the end of the third quarter of 2009.
�
----------------------------------------------------------------------------
Unaudited Balance Sheet Information (US$ billions)
At June 30 2009 Actual Adjusted
----------------------------------------------------------------------------
Assets
Cash and cash equivalents 2.0 2.0(1)
Other Assets 23.3 23.3
----------------------------------------------------------------------------
Total Assets 25.3 25.3
----------------------------------------------------------------------------
Liabilities
Long Term Debt 5.1 5.1
Floating Contracts - 2.7(2)
Other Liabilities 3.6 3.6
----------------------------------------------------------------------------
Total Liabilities 8.7 11.4
----------------------------------------------------------------------------
Equity
Capital Stock 13.4 16.3(3)
Other equity 3.2 (2.4)(4)
----------------------------------------------------------------------------
Total Equity 16.6 13.9
----------------------------------------------------------------------------
Total Equity and Liabilities 25.3 25.3
----------------------------------------------------------------------------
Off-Balance Sheet Gold Hedges and Floating Contracts 5.6 -
----------------------------------------------------------------------------
(1) Assuming that $1.9 billion of the net proceeds from this offering are
used to eliminate Barrick's Gold Hedges and $1.0 billion are used to
eliminate Floating Contracts.
(2) Represents the estimated settlement obligation to close out the
remaining Floating Contracts.
(3) Reflects net proceeds of $2.9 billion and no exercise of the over
allotment option.
(4) Other equity includes retained earnings (deficit), accumulated other
comprehensive loss and non-controlling interests. The "adjusted" amount
reflects a post-tax charge of approximately $5.6 billion attributable to
the intended use of the net proceeds from this offering.
Barrick's common shares outstanding are expected to increase from approximately 873 million shares to approximately 954 million shares (966 million shares if the over allotment option is exercised in full).
The common shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada and will be registered in the United States pursuant to a registration statement filed under the multi-jurisdictional disclosure system. The Company has also granted the underwriters an over allotment option, exercisable for a period of 30 days after closing, to purchase up to an additional 12.18 million common shares at the offering price. The gross proceeds of the public offering will be approximately $3.0 billion ($3.45 billion if the over allotment option is exercised in full).
Barrick has filed a registration statement (including a prospectus) with the SEC in respect of the public offering. Before you invest, you should read the prospectus in that registration statement and other documents Barrick has filed with the SEC for more complete information about Barrick and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus or you may request it from RBC Capital Markets toll-free at 212-428-6670, Morgan Stanley & Co. Incorporated toll-free at 1-866-718-1649, J.P. Morgan Securities Inc. at 718-242-8002 or Scotia Capital Inc. at 212-225-6851.
Barrick Gold Corporation's vision is to become the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this Press Release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Ithaca Mining ? ;P
AN INTERVIEW WITH BOB HOYE
(As of August 10, 2009)
We are here today with Bob HOYE, who writes “Pivotal
Events” and he is one of those guys that had actually predicted
what we’ve gone through for much of the last year.
And was it ugly! Now things seem to be going back to a
little bit of normality, and Bob is still not all that comfortable
looking forward.
Dave Pescod: Bob, one thing that you do see with a good
future down the road is gold. First of all, how good do
you see it? Secondly, how long?
Bob Hoye: The thing about gold is that it is backwards to
what the gold bugs think. They get this idea that if the
U.S. dollar is going to go to zero, the price of gold will go
to $10,000. The gold miners will make so much money it
will make your head spin. The thing that they are missing
out is that for the last 20 years or so, every time the dollar
has been hit hard, commodities outperform gold on the
way up. If you have commodities such as crude oil outperforming
gold on the way up, then the cost of mining
gold is going up. So the ideal condition for your basic
gold bug is backwards. What you want to do is watch
what happens and study previous post-bubble contractions
and the evidence is reliable over 300 years. On
every bubble, the real price of gold declines and gold mining
underperforms the market because everybody is in
love with base metals, stocks and high-tech stocks. Once
the bubble is over, then the price of gold outperforms everything
else as stocks, corporate bonds and commodities
head down. That then restores profitability to the gold
mining business. This is where we are now .
With the belated boom our gold divided by commodity
index declined to 143 in May of 2007 and it was that May
and June that we were also expecting the credit market to
reverse eventually to a disaster. So what you’ve had
since that spring is the real price of gold went up, and the
credit markets went down and commodities went down.
By our index, the real price of gold got up to over 500 and
then we saw that the crash was getting close to ending in
which case things could get rather good until around midyear.
David Pescod 780-408-1750 Debbie Lewis 780-408-1748 Fax: 780-408-1501 Page 2
With the good stuff coming back into the orthodox world,
our real price of gold then has declined to about 300.
The main thing is on gold is just that increase over the
last two years reflects an increase in operating margins
and it has not been fully priced into the senior stocks
yet. The reason for that on the initial rebound out of the
disaster, we figured that most stock sectors would outperform
gold stocks. Once this daylight in here rolls
over, then stocks and corporate bonds and commodities
are going to head down. That won’t be good for gold
stocks, but what it is building to is by late in the year,
this could be another disaster in which case it’s time to
be buying your favorite gold stock from the seniors
down to the juniors.
What you end up with in a few years after the top of any
bubble, the gold stocks will be very much up and the rest
of the stock market i.e.: New York and Toronto will be
very much down. This is just not imagination going because
this is the way gold, the real price, and gold mining
stocks have performed through and following previous
great bubbles.
D.P: Now according to your issue of August 6th, you
were expecting gold and related shares to start doing
some significant moving, potentially as early as the New
Year. You have these own ratios that you’ve got in the
gold price, but for the average investor out there, what
kind of a gold price and American dollar do you think
we’ll be looking at down the road?
B.H: It’s already gone up significantly in real terms. It
will go up and continue to go up. In previous postbubble
contractions (can be called Great Depressions)
they’ve lasted for about 20 years and through that period
gold mining became the premier and the most reliable
side of the economy. So this one is what we are shaping
up for. There is very little point in forecasting the price
of gold in dollar terms. For those who want to trade gold
against US dollars or gold against Canadian dollars or
gold against sterling or gold again the Yen, go ahead –
do it. But if you want to invest and make some money
out of the gold mining business, you will watch the real
price of gold. Most gold-bug clichés are just distraction.
D.P: Another commodity that you have been looking at
as well is oil. I think a lot of peak oil people or people in
Calgary will be a little concerned when you use the analogy
of oil to peak coal?
To receive the Late Edition and be on our daily circulation simply e-mail Debbie at
Debbie_lewis@canaccord.com and give your address, phone number and e-mail and we’ll have you
on the list tonight.
Let´s not forget to look at the whole picture...its not just about gold vs. USD... Gold strong vs. all other fiat money. For instance USD holding up (flat) against EUR since June but gold up against USD = gold up agaisnt EUR too. Gold strong against other commodities too.
No way to lose for our miners
Think we go past 1,000 for good this week. It might be like a damn breaking..quite a sight!
Goldrich website not working for me no matter what browser I use? Anyone else or is it just me ?
China pushes silver and gold investment to the masses
A report suggests that the Chinese government is pushing the general public into buying gold and silver bullion, which could have a dramatic effect on the markets.
Author: Lawrence Williams
Posted: Thursday , 03 Sep 2009
LONDON -
We are indebted again to Paul Mylchreest's Thunder Road Report for news that will bring big smiles to gold and silver investors everywhere. Apparently China is pushing the idea of buying gold and silver for investment purposes to the general population in the way that Western television sells soap powder. If 1.3 billion Chinese citizens start buying gold and silver, even in tiny quantities, imagine what that will do to the market!
The report notes that China's Central Television, the main state-owned television company, has run a news programme letting the public know how easy it is to buy precious metals as an investment. On silver investment the announcer is quoted as saying " China has introduced its first ever investment opportunity for silver bullion. The bars are available in 500g, 1kg, 2kg and 5kg with a purity of 99.9%. Figures show that gold was fifty times more expensive than silver in 2007, but now that figure has reached over seventy times. Analysts say that silver has been undervalued in recent years. They add that the metal is the right investment for individual investors and could be a good way to cash in."
What appears to have happened in China is a total relaxation of strictures on holding precious metals by the individual with the government pushing gold and silver as an investment option, seemingly at every opportunity. This is a far cry from the situation only a few years ago where the distribution of gold and silver was strictly controlled. Now, the Thunder Road Report notes that every bank will sell gold and silver bullion bars in four different sizes to individuals and gold related investments are said to be soaring in popularity.
Around a year ago, Leyshon Resources managing director, Paul Atherley, in an investor presentation in London - and no doubt delivered elsewhere in the world too - commented that some employees at the company's gold mining project in northern China would, on pay day, go to the local bank and buy a small gold bar as an investment and wealth protector. To an extent we put this down at the time to mining company hype - but this seems to be exactly the same phenomenon noted by Thunder Road. The Chinese are being converted from being the lowest per capita gold consumers in the world to a nation of small precious metals investors. Now, by next year, Chinese consumption of gold is likely to exceed that of India, which has been for years the world's biggest gold market. And one suspects that the potential for gold purchasing by individuals is only in its earliest stages. As more and more Chinese move into the cities and individual wealth grows, this trend is only likely to accelerate.
Paul ends the piece on Chinese gold and silver potential with the following comment: "Simply put, the Chinese government is trying to trigger a national gold craze...and it's working. The Chinese public now has gold trading platforms on steroids.... ...Also, for the first time in history, Chinese investors can even trade gold abroad (in London) with the swipe of a ‘Lucky Gold' card. I can't even get Bank of America to open a foreign currency account."
This may be an overstatement of the case from a precious metals bull - or it may not! Certainly if China is indeed pushing the public to buy gold then there may well be a hidden agenda here. It's unlikely they are doing it and will suddenly pull the rug out from under millions of investors. A cynic (or a raging gold bull) would suggest that this will precede a move to switch a good proportion of the country's reserves into gold which would have a huge effect on the global gold price and could prove disastrous for the dollar. Maybe it's not in China's interests to drive the dollar down too much until it has managed to divest itself of the huge dollar overhang (see the article on Chinese Sovereign Wealth Funds we published yesterday - Chinese sovereign wealth fund dumping dollars for strategic investments like gold ). The country may well already be, of course, surreptitiously building its gold reserves without reporting the build-up.
If the Chinese are indeed beginning to buy gold and silver as the quoted report suggests then this has to be a strong signal that prices are going to rise, and perhaps rise dramatically, in the relatively near future. We await comment from other China watchers for confirmation of the gold and silver buying spree, but with global gold production at best flat and probably in decline, even a small increase in Chinese buying could have a substantial impact on gold and silver prices.
China pushes silver and gold investment to the masses
A report suggests that the Chinese government is pushing the general public into buying gold and silver bullion, which could have a dramatic effect on the markets.
Author: Lawrence Williams
Posted: Thursday , 03 Sep 2009
LONDON -
We are indebted again to Paul Mylchreest's Thunder Road Report for news that will bring big smiles to gold and silver investors everywhere. Apparently China is pushing the idea of buying gold and silver for investment purposes to the general population in the way that Western television sells soap powder. If 1.3 billion Chinese citizens start buying gold and silver, even in tiny quantities, imagine what that will do to the market!
The report notes that China's Central Television, the main state-owned television company, has run a news programme letting the public know how easy it is to buy precious metals as an investment. On silver investment the announcer is quoted as saying " China has introduced its first ever investment opportunity for silver bullion. The bars are available in 500g, 1kg, 2kg and 5kg with a purity of 99.9%. Figures show that gold was fifty times more expensive than silver in 2007, but now that figure has reached over seventy times. Analysts say that silver has been undervalued in recent years. They add that the metal is the right investment for individual investors and could be a good way to cash in."
What appears to have happened in China is a total relaxation of strictures on holding precious metals by the individual with the government pushing gold and silver as an investment option, seemingly at every opportunity. This is a far cry from the situation only a few years ago where the distribution of gold and silver was strictly controlled. Now, the Thunder Road Report notes that every bank will sell gold and silver bullion bars in four different sizes to individuals and gold related investments are said to be soaring in popularity.
Around a year ago, Leyshon Resources managing director, Paul Atherley, in an investor presentation in London - and no doubt delivered elsewhere in the world too - commented that some employees at the company's gold mining project in northern China would, on pay day, go to the local bank and buy a small gold bar as an investment and wealth protector. To an extent we put this down at the time to mining company hype - but this seems to be exactly the same phenomenon noted by Thunder Road. The Chinese are being converted from being the lowest per capita gold consumers in the world to a nation of small precious metals investors. Now, by next year, Chinese consumption of gold is likely to exceed that of India, which has been for years the world's biggest gold market. And one suspects that the potential for gold purchasing by individuals is only in its earliest stages. As more and more Chinese move into the cities and individual wealth grows, this trend is only likely to accelerate.
Paul ends the piece on Chinese gold and silver potential with the following comment: "Simply put, the Chinese government is trying to trigger a national gold craze...and it's working. The Chinese public now has gold trading platforms on steroids.... ...Also, for the first time in history, Chinese investors can even trade gold abroad (in London) with the swipe of a ‘Lucky Gold' card. I can't even get Bank of America to open a foreign currency account."
This may be an overstatement of the case from a precious metals bull - or it may not! Certainly if China is indeed pushing the public to buy gold then there may well be a hidden agenda here. It's unlikely they are doing it and will suddenly pull the rug out from under millions of investors. A cynic (or a raging gold bull) would suggest that this will precede a move to switch a good proportion of the country's reserves into gold which would have a huge effect on the global gold price and could prove disastrous for the dollar. Maybe it's not in China's interests to drive the dollar down too much until it has managed to divest itself of the huge dollar overhang (see the article on Chinese Sovereign Wealth Funds we published yesterday - Chinese sovereign wealth fund dumping dollars for strategic investments like gold ). The country may well already be, of course, surreptitiously building its gold reserves without reporting the build-up.
If the Chinese are indeed beginning to buy gold and silver as the quoted report suggests then this has to be a strong signal that prices are going to rise, and perhaps rise dramatically, in the relatively near future. We await comment from other China watchers for confirmation of the gold and silver buying spree, but with global gold production at best flat and probably in decline, even a small increase in Chinese buying could have a substantial impact on gold and silver prices.
Bob.Any good candidates to short?
Stock markets tanking last 2 few days while Gold is keeping uptihgt and even firmer.... this is a departure from the last months where gold has mostly tracked stock markets....today move is significant imho...gold up against a raising USD!
is this finally "IT"? breakdown for stocks and breakup for gold ???
Kozuh!!!!!! Big fan of yours here!!! lol
Hugs and Kisses to meet Spain and Texas !!!
Keep on buying IAE. Will pay off down the lonely VALUE road...someday!
You had a good sense of splapstick humour, although you are somewhat refrained as of late due to some "pressures" ( not your flatulences jokes anymore? lol ), well, goodbye to the old Kozu
h the joker...
lets talk business with the new Kozuh!"!!
roflmao
beware of these crap ETFs. HNU wont go to 200 even if NGas would get to 20
IAE: Keep buying, looks good. Hedging is confirmed to be 50k per month (July,August,September) NOT 50k in total as per email from CEO. Great move 33% hedge at 70 bucks looks really smart going forward IMHO
it´s all a crap shot right now
here it is. looks like a non-issue to me:
487 words
28/08/2009
Upstream
6
English
(c) 2009, Upstream. To read more Upstream stories you can get a FREE two-week trial of LIVE news, Upstream Hardcopy and Upstream archive news at www.upstreamonline.com. Do note that all Upstream articles are protected by copyright. Any unauthorised reproduction is strictly prohibited.
Ithaca's Alpha facility is criticised by UK Health & Safety Executive
The condition of Ithaca Energy's Beatrice Alpha platform in the Inner Moray Firth of Scotland has been slammed by the UK safety regulator.
The general state of the ?30-year-old facility was criticised following a visit by Health & Safety Executive (HSE) inspectors at the end of May.
HSE has now served an Improvement Notice requiring a repair and maintenance plan to be drawn up by the end of September.
The notice was officially served against Wood Group, which, as duty holder, handles the day to running of the platform on behalf of Ithaca and is responsible for safety.
The notice refers only to the general condition of the platform and not to anything that could cause a major hazard or halt production.
Ithaca's chief developments officer John Woods told Upstream: "I think the HSE is probably justified in saying that generally the state of the place has become rundown.
"HSE was concerned about the general state and about the activity that was going on to address it and put it right. Ithaca broadly shares those concerns.
"The Improvement Notice requires us to put in place a plan to essentially manage the condition of the platform over its remaining years." Woods said an independent expert had carried out a survey of the platform on which the repair and maintenance programme would be based.
This had highlighted several areas of concern, including discolouration of paintwork, rusting pipework and what Woods said was "serious corrosion in certain places".
Ithaca started leasing Beatrice, along with a pipeline to shore and the Nigg storage facility, from Talisman Energy last year.
Woods said a lot the problems were inherited from the previous owners and to some extent were to be expected on an ageing facility.
Ithaca holds a 50% operated interest in the field.
Decommissioning obligations remain with Talisman.
In April, Ithaca's Jacky field in neighbouring Block Block 12/21c, began producing as a tie-back to Beatrice A. Output from Beatrice is currently about 2200 barrels per day of oil, while Jacky is producing at about 10,000 bpd.
Woods said the cost of the work would probably be "in the order of
2 million (US$3.27 million) over the course of a couple of years," although this was a very early estimate.
A team of 11 people is on the facility stepping up maintenance activity, he added.
Wood Group was unavailable for comment.
•• Ithaca is gearing up to drill a new water injection well on the Jacky field.
The company said the jack-up Ensco 80 has arrived in Invergordon in preparation for the work.
The well will help maintain output on the depleting field.
IAE: I dont know the IR but the CEO is always wiling to reply in timely, straitgh forward and apparently no-BS mode :
Iain McKendrick <imckendrick@ithacaenergy.com>
Can u post the whole article?
IAE.V
tmalc6 : I dont share your view. I dont think many of the sellers of IAE did read the last earnings release or any other release for that matter. Very few people read reports outside boards like these nowadays.
What I tried to express is IAE is victim of a share OVERHANG due to the HUGE placement of 50m shares at 1.50 CAD last summer and now we are seeing all those shares averaged down with 20 30 40 or 50 cents shares being sold down by geniouses who fell all right because they are finally selling without a loss. Obviously they are also selling ito the best times for IAE and the only way their sells will be vindicated is if oil prices take a big slump from here. Something I dont expect. A lot of people is acting like the very recent past can lead us to clues to the very close future. The only similarity is that they had their asses glued to their heads back then and they will again this next time around! Or else, I will be proven wrong and will be ruined due to my huge position in IAE. Let´s see
AGT / APG.TO : Bad news is already known for long now. They cant make first paymenys due out in September! This raises a cloud over Russel´s ethics, at least imho. No surprise everyone is dumping. I sold all of mine by the time the small "glitch" was known. I´ve had my fair share of incompetent management / unexpected troubles by now in this lousy year to be taken again holding some dead crap in my folio. no thanks-
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40600760
IAE.V Why isnt it moving? I think the answer is below. Just way too many pissed off holders that averaged down and were looking for the exit once IAE turned around. Their "joy" (getting out even), our pain (frustrated value investors). Maybe another quarter of solid performance does it and IAE moves towards fair value.
ITHACA ENERGY ANNOUNCES CLOSING OF
CDN$75 MILLION EQUITY FINANCING
London, UK - Calgary, Canada, August 11, 2008 – Ithaca Energy Inc. ("Ithaca") (TSX Venture: IAE,
LSE AIM: IAE), an independent oil & gas company with exploration and development assets in the UK
sector of the North Sea, is pleased to confirm the closing of its previously announced marketed equity
financing. Ithaca has issued 50,000,000 common shares at a price of Cdn$1.50 per common share for
gross proceeds of Cdn$75,000,000. RBC Capital Markets Inc. and Tristone Capital Inc. acted as co-lead
agents for a syndicate that included FirstEnergy Capital Corp., Canaccord Capital Corporation, Fraser
Mackenzie Limited and Research Capital Corporation.
Ithaca intends to use the net proceeds of the Offering to fund ongoing Jacky and Athena project
development, the completion of the Beatrice and Stella acquisitions and for general working capital
purposes. Ithaca anticipates that this financing, combined with the recently announced US$240 million
bank financing, will be sufficient to fund Ithaca through to first production on both its Jacky and Athena
projects expected at the end of this year and at the end of 2009, respectively.
The 50,000,000 new shares will begin trading on the TSX Venture Exchange Inc. effective today. In
addition, application has been made to the London Stock Exchange for these new shares to be admitted to
trading on AIM with admission expected to take place on August 13, 2008. Following the issue of these
shares, the total number of shares in issue will be 162,261,975.
As part of the new equity issue, Directors of the Ithaca have subscribed for new common shares at a price
of Cdn$1.50 as follows:
Director Position Number of new common shares
subscribed for
John Summers Chairman 86,700
Lawrie Payne Chief Executive Officer 75,000
Frank Wormsbecker Director 30,000
Brad Hurtubise Director 30,000
In addition, Iain McKendrick, Ithaca’s Chief Operating Officer and Steven Turner, Ithaca’s Chief
Financial Officer have subscribed for 40,000 common shares and 20,000 common shares respectively,
each at a price of Cdn$1.50 per common share.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in
any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to
U.S. buyers on a private placement basis pursuant to an applicable exemption from registration
requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended.
short squeeze
Any particular reason you like Allana other than it might be categorized as a "Triple A" investment?
sorry for the easy joke. could not refrain myself!!
IAE: someone else who doesnt believe its worth 87 cents !
http://www.4shared.com/file/126197316/4bce2554/IAE-Q2.html