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But isnt it halted until tomorrow? What is L2 showing? I dont have access to my IB account at this moment
WTF?? was this necesary? I dont get it
just interim, definetely, If i thought otherwise I wouldnt be mesing with gold stocks
Definetely a bad sign. After he tried shorting the lows of the year now he is probably buying the peak!
yeah! I now think overall tank is postponed to September-October, exact reason is something I read on Richard Russell´s daily comment that made lot of sense about money printed and its echo on the markets. cant find it now, will post it here later. Even then gold stocks will fare better and start going nuts into 2010 making John Paulson´s bet good....
big surprise out: might be that markets dont tank after all this year!!!
all this money printing makes everything fuzzy like when you´ve taken too much drugs...
better take might be just buy value and hold on for the ride ( wasnt it the best strategy anyway?) : OGC ! AGT ! IAE (oil) !
OGC: Isnt this typical overall for Junior stocks going into the summer? I´ve noticed the lower volume and all my positions (they are all junior stocks). Increased crazy volatility too as usual.
OGC has many nice catalysts coming in the next few weeks
Great opening today on the TSX !! lol
http://www.tsx.com/en/images/highRes/Jul17-2009.jpg
OGC.TO: Well looks like another week without CEO.
Maybe all stars will alling for us by month´s end and OGC will go kaboom: A new CEO, great quarters results, gold finally breaking 1000 bucks for good, the dog and pony show by the CEO, a decision for Didipio...
Congrats on EAS.V! I´m holding very few too. Wish I had way more but hte damn thing exploded as I was trying to accumulate at 40s. It´s truly a great time for explorers ( EAS, EVG and others) , even more than producers right now. Any one has a good speculative play on drilling results to come out from some low penny price explorer?
Gartman is a pretentious clueless a$$h0le constantly changing his tune. I dont find anything he has to say of any interest. See his great call to short gold at 879
http://watch.bnn.ca/market-call/april-2009/market-call-april-16-2009/#clip161964
(about minute 5)
Thank you LC. Share count is certainly a little high for a speculative issue with no mine or production planned at all. Anyway, congratulations !!!
whats the FD share count on EVG?
and what that bold typed text might suggest then?
"We met with one of the Chinese companies at the PDAC and they made it very clear that they would look at any project in Canada, so long it is of advanced stage," said Azimi.
"They are not interested in exploration. They want near-term production opportunities. They want a sure thing."
How does "CEO Mr. Russell wants to talk to you"
translates to Chinese?
2 Trillion.... whoooppseee !!!
Budget deficit tops $1 trillion for first time
Federal budget deficit tops $1 trillion for first time, could reach $2 trillion by fall
* By Martin Crutsinger, AP Economics Writer
* On Monday July 13, 2009, 9:18 pm EDT
WASHINGTON -- The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.
The soaring deficit is making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could also force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.
"These are mind-boggling numbers," said Sung Won Sohn, an economist at the Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run."
The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.
Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.
Congress already approved a $700 billion financial bailout for banks, automakers and other sectors, and a $787 billion economic stimulus package to try to jump-start a recovery. Outlays through the first nine months of this budget year total $2.67 trillion, up 20.5 percent from the same period a year ago.
There is growing talk among some Obama administration officials that a second round of stimulus may eventually be necessary.
That has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.
President Barack Obama and Treasury Secretary Timothy Geithner have said the U.S. is committed to bringing down the deficits once the economy and financial sector recover. The Obama administration has set a goal of cutting the deficit in half by the end of his first term in office.
In the meantime, the U.S. debt now stands at $11.5 trillion. Interest payments on the debt cost $452 billion last year -- the largest federal spending category after Medicare-Medicaid, Social Security and defense.
The overall debt is now slightly more than 80 percent of the annual output of the entire U.S. economy, as measured by the gross domestic product. During World War II, it briefly rose to 120 percent of GDP.
The debt is largely financed by the sale of Treasury bonds and bills.
Many private economists say the administration had no choice but to take aggressive action during the financial crisis.
"We have a deep recession hammering tax revenues and forcing the government to provide a lot of help to the economy," said Mark Zandi, chief economist at Moody's Economy.com. "But without this help, the downturn would be even more severe."
History shows the dangers of assuming too soon that economic downturns have ended.
President Franklin D. Roosevelt made that mistake in 1936. Believing the Depression largely over, he sought to reduce public spending and to balance the federal budget, but that undermined a fragile recovery, pushing the economy back under water in 1937.
Japanese leaders made a similar mistake in the 1990s when they temporarily withdrew government stimulus spending, prolonging Japan's recession into one that lasted a full decade.
Republicans in Congress are seizing on the deficit -- and the persistence of the recession -- to attack Democrats.
"Washington Democrats keep borrowing and spending money we don't have," said House Republican Leader John Boehner of Ohio.
So far, interest rates have remained low.
This is partly because the Federal Reserve has kept a key short-term rate at a record near zero. Also, all the economic troubles in housing and the rest of the economy have depressed demand for credit by the private sector, meaning the government's borrowing costs are relatively low.
The benchmark 10-year Treasury security has risen by about a percentage point in recent weeks, but analysts note it is still trading at historically low levels of around 3.35 percent.
Geithner travels later this week to Saudi Arabia and the United Arab Emirates, where he is expected to face questions about the U.S. deficit. As he did during a visit to China last month, Geithner will try to reassure investors in the Middle East that their U.S. holdings are safe from a calamitous bout of inflation.
The deficit of $1.09 trillion so far this year compares to an imbalance of $285.85 billion through the same period a year ago. The deficit for the 2008 budget year, which ended Sept. 30, was $454.8 billion, the current record in dollar terms.
Revenues so far this year total $1.59 trillion, down 17.9 percent from a year ago, reflecting higher unemployment, which cuts into payroll taxes and corporate tax receipts.
Under the administration's budget estimates, the $1.84 trillion deficit for this year will be followed by a $1.26 trillion deficit in 2010, and will never dip below $500 billion over the next decade. The administration estimates the deficits will total $7.1 trillion from 2010 to 2019.
Thank you BOB !!!
You are right now that I come to think about it:
KIDS are LT investments and you dont even think twice about holding them and never ever expèct a dividend! . Dont even look at their IRR or Reserve Life Index !!! It´s all too good... I wont exchange my new LT shares for even 3 X 10 baggers in a row!!! That´s how good it is...Anyone who is a DAD should understand !
Arnie, this is past news on IAE. The best is yet to come. I missed grabbing shares at 50 cents last week but cant complain because reason was I was at the hospital
where my second kid just came to life!
Bargain of the century. Will not probably show full potential because of Dana Petroleum or some other vulture might make a bid and take it out.
AGT: I wonder if the seller knows something I don't. Just lot of fear out there. It´s summer, markets are down, the usual deja-vu or knee-jerk reaction... little Joe starts seeing red everywhere and dumps all his shares all at once at market. I sold 2/3rds of my AGT in May and have re-bought some today. Will keep re-loading them soon...
this too shall pass
OGC.AX: large drop on (relative) heavy volume. support at 1.10 now gone. Level II shows strong support at 1
have seen anything that might warrant this sell off?
guess it´s just the overall market sntiment and some chickens getting out
OGC.AX: 1.10 support. I noted that too the last few days. I´ve been watching it very close and it seems there is some player accumulating at 1.10. Eats all its thrown at that price. Reminds me of the activiy sawn on BTO.TO at high 60 cents before it shoot up to high 80s. But luckily OGC has more going for it than BTO.TO once it breaks out
OGC.TO: Just looked at NXG and yes it makes sense ! They could try to cheap take over OGC and bring Didipio online and they would soon be running at close to 900k gold oz equivalent. Thats about what AUY did in 2008? What´s AUY market cap? Very far from what a OGC/NXG combination would bring in right now.
The value of taking over OGC is so obvious...
BTW ... why not AUY ? or any other co. Lots of pretenders I guess. AUY, they just sold down underperforming mines for USD 220m. Maybe they might want to pay cash for OGC takeover. In the process they can get very nice geographic diversification at last. Had it all in Central/South America. Not nice when compared to NZ, where sheep count is larger than that of crooks
OGC.TO: I had a dream last night.My rich uncle in NY died and left me USD 300m. Only condition is I had to DOUBLE them in a single investment within 12 months.
What to do then? I went to the 3 exchanges where OGC trades and offered a 100% premiun, 2.20 per share or USD 300m. I take out OGC:Now we finally have a new CEO.Me!.
And inmidiately sell Didipio in Philipinnes to China Minmetals Corporation for USD 200m and change. With that money I eliminate all debt and kill off the book of remaining hedges. It´s been a few months already and all cashflow has been diverted to speed up exploration and proving up resources.
Now we have a proven, debt free, hedge free, 300k oz/y producer witrh long life reserves in a politically secure area of the world. Sell it to a big fish miner for USD 600m
100% made. Now my uncle´s lawyers will let me have the money!
That´s about how undervalued is OGC even at double from today´s price!
OK, so what can anyone recommend? would need good US broker with cheap access to Australia and Canada (not charging a leg and an arm like IB on PENNY CAD stocks)
TIA
Coxe didnt endorse any small cap Potash plays. listen:
http://events.startcast.com/events6/122/C0018/Event.aspx
Well, I wish I could have bought more on margin today but I couldnt as the IB jerk offs left me out without any buying power by cutting all margin power from my OGC.AX. Did you ever get to that about that with them?
simply amazing indeed that IAE could go down to 65 cents again today. I dont know what it will take to go up to a rational (not even FULL price) ? say 1 buck at least. Insane market!!!
what dollar strengh?? what a bunch of crap
IB: yes. my IB account is loaded heavily with OGC and they almost completely f*ckep me with that change. I gave long time ago trying to talk to them.
word from OGC´s IR: Operations running smoothly and operating to plan. Good 2nd quarter expected. And new CEO within a few weeks. Sounds great to me !
cl, did you manage to get the report on AGT?
Thank you all for the replies. So far I bought a bunch of LGCY this morning. Looks like a no brainer. 16% distribution and failed take over attempt at higher than current price!
Not much of a response so far. Volume is non-existent on Apollo. APG is one of those that will bore you to death until one day..... K-BOOOOM !!
Are they drilling GF now or when is it planned?
IAE.V: I bought more today. I couldnt believe the action earlier in the day, down another 10%. If these moronic prices last too long I think we will see a take over by Dyas or maybe even a bidding war. You cant hardly find anything with a better risk/reward ratio out there right now. My second largest holding.
I think the Iran "situation" is made up by the public Western powers that be. Specially some that are not even exactly "Western" at all but play puppets all the time.. cant be more specific as gets you in trouble.
Besides that I fear gold is just going into its usual summer nap
and we are not going to get much help from gold for our stocks. But holding hte right ones might help obviously, as getting a take over approach for OGC or seeing OGC unlocking lots of value from selling/farming out Didipio
Anglo Turns Down Xstrata, But Other Suitors May Beckon
Forbes Staff 06.22.09, 8:15 PM ET
Dance on? Anglo American has rejected a $67 billion, nil-premium, all-share "merger of equals" with rival mining group Xstrata.
But that does little to alter market perceptions that both companies are now in play, with Brazil's Companhia Vale do Rio Doce and Chinalco, recently spurned by Rio Tinto, likely to look hard at both.
In a statement, the London-listed, South Africa-based mining group dismissed the merger proposal as lacking "strategic merit" and said that "the terms proposed by Xstrata were totally unacceptable."
Switzerland-based Xstrata countered by saying that it was "surprised that the Anglo American board has not seen fit to engage with Xstrata to discuss our proposal in view of the substantial value for both companies' shareholders that would arise uniquely from a merger of the two companies."
Anglo's shareholders are looking for a hefty premium for Anglo's iron ore, platinum, coal and copper assets, which Xstrata covets to give it the sort of economies of scale enjoyed by larger rivals BHP Billiton and Rio Tinto.
As a rule of thumb, successful mining mergers usually require a 30% bid premium. Even allowing for Anglo's recent lackluster share performance and potential cost savings in the combined businesses, and assuming that Anglo's shareholders could capture all that value, a merger of equals would be a giveaway, with Xstrata doing the taking.
Another damper on the deal: the government in South Africa, where Anglo has the bulk of its mines, says it's concerned about the impact on workers and anti-trust issues from the possible combination.
A combination of the two firms would create the world's biggest producer of zinc, platinum, coal for power stations and ferrochrome, and the No. 2 player in coal for steel-making and copper.
Xstrata's options now are to sweeten its proposal by offering cash, take its case to Anglo's biggest shareholders, some of whom are more positive on the proposed merger than Anglo's management, or dance with another suitor.
Anglo shares rose 12% in early trade Monday but fell back to close 4.6% higher at 1,698 pence before Anglo issued its statement. Before Monday, Anglo shares had underperformed the British mining index by 20% this year. Shares in Xstrata closed down 6.7% at 635.1 pence.
Anglo is being advised by UBS and Goldman Sachs. JPMorgan Cazenove and Deutsche Bank are advising Xstrata.
Is anybody into Canadian trusts ( energy ones or others like CHE-UN) that care to comment about? I´m looking for distributions of 10% of more. better if has listing in the US like PWE
I´m not really a lot into this but think the time has come for me to move into high yielding stuff into the 2nd half of 2009..
TIA
CDE getting some traction now. Thanks for the alert. I bought a bunch at 11. If we get a bounce in PMs soon I think this is a great purchase!
AMC.TO: I dont understand how they say they plan to become mid-tier producer. Isnt mid tier considered from 500k oz / year? If so they are still very far from it
Alexis Outlines Strategic Objectives and Focus to Achieve Status as a Mid-Tier Gold Producer
Legendary entreperneur involved in countless companies. Has great following amongst savy Canadian investors. He was CEO of Desert Sun, later on moved to Central Sun Mining with Tagliamonte. See a post I made on SI (made the mistake of saying he was CEO in SMC while he was really just chairman).
http://siliconinvestor.advfn.com/readreplies.aspx?subjectid=14605&nonstock=False&msgid=25662931
I havent yet looked at AMC.TO in any detail, but noted Barthi sits on the board of Alexis Minerals, hence my post.
From Alexis website:
Stan Bharti - Chairman
Stan is a Principal with Forbes & Manhattan, Inc., a merchant bank located in Toronto, Ontario, that has directly or indirectly raised over $100 million in the last year. Mr. Bharti and Forbes & Manhattan are recognized for their expertise in mining and specifically in financing advanced mining exploration through to production. Mr. Bharti is a mining engineer and has worked at several mines in Quebec, including some of the mines within the Noranda/Falconbridge camp.