Wednesday, December 4, 2013

Some morning news

Here's a bunch of things to get your blood flowing:

Bespoke - European stocks suffer a setback. A bunch of 50DMAs got broken, which is sad because things looked about to break to the upside. I guess Americans have spent the past couple days pulling their money out of the Europe play too. So where is the money going?

Reuters - Indian gold bullion smuggling outstrips narcotics. Nobody knows fuck all about Indian gold demand trends unless they know Indian gold smuggling in detail. Remember this next time some yellow journalist files another "Indian gold demand collapse" article at the behest of Goldman Sachs and JP Morgan. - Deloitte: innovate or perish in the mining industry. Deloitte's put out their Tracking the Trends 2014 report and you can download a copy, if you still believe in junior mining.

Yahoo Finacne - Nevada Gold halted by the SEC in the US. Here's what set my spidey sense tingling:
We have become aware that the United States Securities and Exchange Commission has issued a temporary suspension for the trading of our company's securities, citing the adequacy and accuracy of information provided by ourselves and others in regards to our assets, operations and financial conditions as the reason for our trading suspension. While we cannot comment on the information provided by third parties in regards to our Company, we are of the view that our disclosure documents and press releases accurately describe our assets, operations and proposed activities.
This makes it sound like some "independent third party" has started using NVGC as a pump-and-dump. The Liberty Silver scam involved someone involved in the company giving non-compliant information to newsletter writers, then having the stock bid up based on those third-party falsehoods while the company stayed relatively in-the-clear; maybe the same was going on with Nevada Gold, and the SEC decided to put a stop to it?

Would my readers from the SEC wish to leave an anonymous comment below this post?

Junior Gold Miner Seeker - Rick Rule on hubris. You can read most of what he has to say here, instead of listening to the interview on Stansberry Radio.

IKN - speaking of hubris, Kitco now running anti-Obama ads because junior miners no longer want to advertise. Still waiting for the day that I hear Daniela Cambone's voice on CBC News as their new Europe correspondent.

IKN - Mount Kellett zeroes out their $60M stake on Bwa-ha-ha-ha! Mining. The takeaway is this:
It's now pretty clear that the guys at Mount Kellett, the people who bought 19.9% of BAJ at prices around a $1 (best guess) average and then went on for NR after NR about their belief in Boleo's world class potential etc etc, know fuck all about mining. The moral here is that just because you have $60m to throw at the market it doesn't make you smart.
I'd add that this also applies to Rick Rule, Ned Goodman, Sheldon Inwentash, KORES, Teck, and pretty much every single newsletter writer and blogger. Even if a guy made fantastic money in the resource bubble of 2008-2010, it doesn't mean that they're going to make a cent now that the playing field has changed.

After all, Michael Jordan only batted .202 in AA baseball.


  1. south america correspondent. based in southern peru

    1. Yes because so many interesting things happen there that she'll always be busy, and it's a great place for her to leverage her knowledge of Italian.

      What, you have a crush on her? Like everyone else on the internet?

  2. Dude, I'm like the old dog chasing cars down the road. Lots of noise, but if I ever catch one it'd be "oh crap, what do i do now?", followed by a minute of standing stock still then trotting back home, tail between legs.

    And another thing occurred to me just this morning. It was 05:45am, I got up to start breakfast for the kids, walked back to the bedroom still half asleep and bleary-eyed, saw the wife getting out of bed with her unsexy pyjamas on and the first thought was "PHWOAR!" Which isn't bad after 10 years married, i think. Bottom line: i'm happily taken. Nothing wrong with ogling Cambone for a few seconds, though (after all she knows it and is hardly trying to hide her natural advantages)