Monday, December 3, 2012
In which your hero reveals that he really can't be arsed to go to PDAC 2013
I've been getting reminder emails about PDAC 2013.
My previous PDAC "newsletter writers presentation" reviews have been smash hits that (usually only temporarily) earned me increased readership.
As you know, I really don't fucking care about my readership: this blog is for Otto, GT, Michael Lupaka, Fredrik Lundqvist, The Chronicles of Brodrick, the other half-dozen commenters who I haven't yet made up pet-names for, the half-dozen shy-boys working at the major financial institutions who enjoy the guilty pleasure of reading but refuse to leave comments, the few major econ & gold writers who steal my thoughts, and my own twisted self.
But it has been fun to write PDAC reviews, even though actually being in the bowels of MTCC South is a horrible experience - three stories underground, surrounded (on the Saturday at least) by a crush of goldbugs, Canadian banking retards, and nutty geologists. I always come down with the flu, and it's a half-hour production just to get outside for a fucking smoke.
But here's the thing.
I'm looking at the exploreco market right now and thinking there aren't going to be many companies at PDAC 2013. As in, if you've got a $3M market cap, a 3-cent stock price, and no fucking prospects ever, why would you bother to go to all the trouble of getting yourself a booth?
Now, I don't really like to go to the booths anyway - in person I'm too much of a sucker for a good salesman, as I realized with my interaction last year with Candente ("oh yeah, it's going to be a mine! Slam dunk! $1 is a great price to get in! No, no, there's no arsenical ore!"). Usually all I do is go visit the few companies that made me money in the past and congratulate them on executing well & wish them a good future (like RVM or SVL).
What reason do I have to go to PDAC 2013?
Most of these newsletter writers who present at these things are a waste of time.
And yes, that's even the good ones.
The best 2 I've come across recently were Adrian Day and Ian Graham, who both were quite convincing with their demographic-based argument for a long-term secular demand increase in commodities. Quite convincing, as in for the first time I thought I'd found people in the goldbug world who have the slightest clue about economics.
And yet, with my new opinions about China, I really have to discount a lot of what they say. I don't think either of them has even addressed the Middle Income Trap, which puts up a red flag for me.
Do I want to see Brent Cook or Mickey Fulp? Frankly I'm satisfied just catching their PDAC interviews on BNN. Why go to PDAC just to hear Mickey talk even more about Flanders Resources?
The only reason I'd go to PDAC 2013 is to participate in the gloom. To see it all around me, to remember how it was in the glory days of 2011 and to be able to say "wow, not many people here. Maybe next year they move PDAC to the Bovine Sex Club".
If I wanted to get kicked out, I could just go through the exhibitors list, print out a bunch of 6-month stock charts ahead of time, then go to each booth with a video camera running and say "oh, hi, you're Zincore?... wait, wait, let me look you up... okay, at PDAC 2011 you were 90 cents, at PDAC 2012 you were 23 cents, and on Friday you closed at 8 cents. Hm. You guys even going to be in business next year?"
I know that'd be fun for you guys to watch, but it'd also get me tossed pretty darn quick I think. And (believe it or not) I really don't like being that much of an asshole.
Is that enough reason for me to bust my ass going all the way up to Toronto?