Wednesday, November 27, 2013

Evening newsreading - many gold stories for you to read

Bunch of gold stories for you here:

Mineweb - call to roll back gold duty to 5% gathers steam in India. There you go, now we're starting to see pushback, and it's coming from Modi's allies in the jewelry industry. Remember what's coming May 2014?

Gold Report - Eric Coffin interview. Good read from one of the few sensible mining analysts.

PS Dave - Peter Schiff invests in Corvus. Can we now stop calling Schiff intelligent? Cos he's just handed his money over to a Cardero Group company. What a fucking sucker.

Mineweb - Michael Shaoul: gold has more sellers than buyers. And yes Michael, I've seen how you've now clued in and put your blog behind a login. It's your own loss if you don't want the masses reading your superior analysis. Anyway, here's a quote:
There will come a point in time at which we could look at gold and we could say ok, maybe there's some story here worth investing in, but this simply hanging onto your gold because you believe we made these significant inflationary pressures later on this cycle, doesn’t make sense. The losses you will take on the intermediate term will make it a very painful place to be.
Newsletter writers, please read the above; then read the genius post I put up this morning comparing the gold miners 2009-2013 to the NASDAQ bubble chart. Wanna wait ten years for your profit to come back? Because your readers won't. Better find a real fucking job, guys. - Market assumption about Detour was wrong, says Haywood. If I were a cynical person, I would think this means Haywood wants their clients to stop dumping Detour Gold until the house has gotten rid of their own position. But I'm not cynical, am I?

PS Dave - some things never change: the Vancouver Fraud Exchange in 1989. With a link to a pdf scan of a Forbes article from 1989 on the Vancouver exchange, titled "scam capital of the world". Here, let me give you yet a further quote that is still relevant today:
"no one churns out a body of fiction of as consistently high a quality as the companies listed on the VSE."
 Also check out the mention of Robert Friedland on page 4.

Vanity Fair - excerpt from an upcoming book about gold. God, this author had bad timing, eh?

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