Fire River's mill cleanup adds $1.08-million revenue
2010-06-30 09:14 ET - News Release
Shares issued 47,211,797
FAU Close 2010-06-29 C$ 0.59
Mr. Harry Barr reports
FIRE RIVER GOLD GENERATES OVER $1 MILLION REVENUE FROM BALL MILL CLEAN UP AT NIXON FORK GOLD MINE, ALASKA
Fire River Gold Corp. has generated $1,082,507 of revenue from a mill cleanup program at its Nixon Fork gold mine in Alaska. Approximately 513 kg of material was removed from behind the liners of the ball mill. This material is comprised of ground ore from mining operations, steel fragments from liner wear and worn down milling balls.
A total of 900.5 ounces of gold was recovered from 373 kg of this material. The remaining 140 kg of material is comprised of steel balls and the coarsest fraction of the mined ore. The gold content in this remaining material is not known at present. This material is being leached and payment for this fraction is expected by mid-July.
Proceeds from this sale will be used to fund ongoing exploration and development of the Nixon Fork Mining Project.
Wednesday, June 30, 2010
TEE.V ALERT !!!
Jun 30, 2010 08:48 ET
For more information, please contact
Hyperion Exploration Ltd.
Trevor Spagrud
(403) 470-5499
tspagrud@hyperionexploration.com
or
Triple 8 Energy Ltd.
Dickson P. Chow
(403) 269-3091
Triple 8 Energy Ltd. Announces Execution of Definitive Purchase and Sale Agreement for the Previously Announced Property Acquisition
CALGARY, ALBERTA--(Marketwire - June 30, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Triple 8 Energy Ltd. ("Triple 8" or the "Company") (TSX VENTURE:TEE) is pleased to announce that it has signed a definitive purchase and sale agreement (the "Agreement") in connection with the previously announced acquisition of certain high quality assets in northeast British Columbia, in the vicinity of the prolific Boundary Lake area, for total consideration of $4,300,000, plus applicable taxes and fees (the "Acquisition"). The Acquisition is expected to be completed on or about July 28, 2010, with an effective date of May 1, 2010.
The Acquisition will be financed from proceeds of a concurrent equity financing for gross proceeds of $8.5 million, with an option granted to the investor group, in connection with the previously announced recapitalization and change of management of Triple 8, to increase the financing to $10.0 million. A non-refundable deposit of $430,000 has paid by Triple 8 to the vendor in accordance with the terms of the Agreement.
The Acquisition is comprised of 9 (4.45 net) producing wells, 9 (4.46 net) suspended wells, and associated production and facilities. In April, 2010, net production from the assets to be acquired pursuant to the Acquisition was approximately 72 boe/d, comprised of 41 barrels per day of light oil and natural gas liquids and 186 mcf per day of natural gas. This asset will be operated substantially by the Company, with working interests ranging from 50% to 100%.
In addition, the Acquisition includes recent 3D seismic data covering an area of approximately 16 sections, 10,000 net undeveloped acres, and a gas compression and dehydration facility with a capacity of 10 mmcf per day, with current utilization of less than 1 mmcf per day.
The Company anticipates to be actively working this fall and winter to optimize production with additional drilling and work overs on existing producing wells. At this time, no independent engineering has been completed for the assets or prospective acreage to be acquired pursuant to the Acquisition.
Forward Looking and Cautionary Statements
Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Triple 8 Energy Ltd. ("Triple 8" or the "Company") (TSX VENTURE:TEE) is pleased to announce that it has signed a definitive purchase and sale agreement (the "Agreement") in connection with the previously announced acquisition of certain high quality assets in northeast British Columbia, in the vicinity of the prolific Boundary Lake area, for total consideration of $4,300,000, plus applicable taxes and fees (the "Acquisition"). The Acquisition is expected to be completed on or about July 28, 2010, with an effective date of May 1, 2010.
The Acquisition will be financed from proceeds of a concurrent equity financing for gross proceeds of $8.5 million, with an option granted to the investor group, in connection with the previously announced recapitalization and change of management of Triple 8, to increase the financing to $10.0 million. A non-refundable deposit of $430,000 has paid by Triple 8 to the vendor in accordance with the terms of the Agreement.
The Acquisition is comprised of 9 (4.45 net) producing wells, 9 (4.46 net) suspended wells, and associated production and facilities. In April, 2010, net production from the assets to be acquired pursuant to the Acquisition was approximately 72 boe/d, comprised of 41 barrels per day of light oil and natural gas liquids and 186 mcf per day of natural gas. This asset will be operated substantially by the Company, with working interests ranging from 50% to 100%.
In addition, the Acquisition includes recent 3D seismic data covering an area of approximately 16 sections, 10,000 net undeveloped acres, and a gas compression and dehydration facility with a capacity of 10 mmcf per day, with current utilization of less than 1 mmcf per day.
The Company anticipates to be actively working this fall and winter to optimize production with additional drilling and work overs on existing producing wells. At this time, no independent engineering has been completed for the assets or prospective acreage to be acquired pursuant to the Acquisition.
Forward Looking and Cautionary Statements
Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For more information, please contact
Hyperion Exploration Ltd.
Trevor Spagrud
(403) 470-5499
tspagrud@hyperionexploration.com
or
Triple 8 Energy Ltd.
Dickson P. Chow
(403) 269-3091
Tuesday, June 29, 2010
THE PAINTED PIG'S WEDNESDAY MORNING WONDERS
FROM A FRIEND OF THE PIG'S........
Went for coffee today....
after market close, where I read the business page and did a little cogitation...
it seems to me that the US national debt is now too vast to ever get under control. This means, that eventually there will be a default. But, before that happens, there will be a great dilution of the US dollar, in futile attempts to pay off the debt
This means that PM's will soar in value, and eventually stocks in PM's will follow along. Basic commodities will also increase in value substantially, because they are mostly all priced in US dollars.
So, now I find that almost all stocks are undervalued, and have bought quite a bit during this downturn in SP's.
APA.V...RE SCANNED AGAIN TONIGHT WITH STRONG NUMBERS. THE PIG GOT A FEW AT .14 AND WILL SIT AND WAIT. RUMOURS OF A PROJECTED MINERAL RESOURCE 43-101 COMING AND BEING VERY STRONG IN VALUES PERSIST, AS WELL AS PENDING RESULTS. EITHER WAY, ANOTHER GREAT SCAN TONIGHT.
CWY.V...BIG SCANNER OF THE NIGHT AND THE ONLY ONE WORTHY OF PUBLICATION. SEEMS EVERYBODY LEFT FOR THE LAKE EARLY THIS WEEK. NET CAPITAL INFLOW, DISTRIBUTION AND MOVING AVERAGES ALL HIGH ON THIS PIGGY....CAN YOU SAY "ACCUMULATION"...?? SOMEBODY THINKS ITS THE RIGHT THING TO DO.....
http://www.usdebtclock.org/
Time to Shut Down the Federal Reserve?
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, June 29, 2010
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100006729/ti...
Hourly Action In Gold From Trader Dan
Posted: Jun 28 2010 By: Dan Norcini Post Edited: June 28, 2010 at 4:10 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
Monday must now be the new “Friday” when it comes to gold. Those of you who have been watching the goldprice
action over the last decade know what I am referring to. For those of you who are a bit newer to the gold game, Fridays, particularly after a payrolls report, have typically been the day on which gold was taken down by the bullion bank crowd to mess with the weekly chart and the technical picture.
Last Monday saw gold put in a horrendous bearish downside reversal day which the bulls managed to negate the rest of the week by a sheer gritty determination not to run. Today (another Monday) we have an exact repeat of the same bullion bank tactic that they employed 7 days ago; to wit, a takedown after price took out last Friday’s session high while gold mining stocks were also moving sharply higher. The result – an exact repeat of last Monday technically – another bearish outside reversal day on the daily chart. This coming on the heels of a brand new record high in Dollar terms at the London PM Fix ($1,261).
It is quite evident that the perma-bears at the Comex are determined to cap gold at $1,260. No one hits bids with the intensity that I saw this morning unless they are trying to take price lower. The reason is obvious – a closing push through $1262 and gold goes immediately to $1,280 – $1,285 garnering all the more headlines and casting more doubt upon the integrity of world’s current monetary system, which is under extreme duress. What the bullion banks are attempting to do is to form a double top on the daily price chart – it really is that simple.
Some are pointing to the stronger dollar as the culprit behind the weakness in gold, but that is denying the obvious and grasping for an explanation. Bonds are shooting sharply higher today and even the Yen is stronger as once again risk is back in focus and investors are moving to safe havens. Under such a scenario, the very notion that gold would be sold off as a “risky” asset is laughable for its stupidity.
The fact is gold was sharply higher after the conclusion of the meaningless G20 summit which was nothing but a group of yakking heads talking to hear themselves saying something. Investors rightfully interpreted that as further confirmation that nothing serious was going to be done that would restore confidence towards paper currencies. They then bid the yellow metal higher which held its gains from overnight as it moved into New York trading and even added some. We are then to believe that investors had a sudden change of heart so much so that they immediately became convinced at mid-morning that gold was no longer worthy to be held but instead US paper Treasuries were much more to be desired? Based on what news, what report? Come on already – are there actually people out there who are so damn dense that they believe this nonsense? This is what an orchestrated takedown looks like, pure and simple.
My own view is that this will meet with as much success as the previous Monday’s. Not a thing has changed in regards to the world’s monetary system – nothing. We always have to respect the technical price action because today’s markets are dominated by techies but those same technicals worked in favor of the bulls last week based on the price action Tuesday through Friday last week. They have to repeat their performance once again.
Let’s see how support levels function tomorrow and Wednesday. Chalk up today for the history books and forget about it. What is more important now is whether the bulls will hang tough and refuse to run. If they do not run, bears will be forced to cover as they did last week. As I mentioned in this past weekend’s analysis of the COT report, bears will have to force price down below $1233 on a closing basis to induce long side liquidation.
THE PIGS CLASSIC READ OF THE WEEK.......
Over the past several weeks, most investors have experienced these terrible, horrible, no good, very bad days, as market indices have plunged and commodity prices have collapsed. I have to admit that I find such days to be quite exciting. I’ve always been interested in crisis and my career is littered with attempts to understand how people react when the shit hits the fan. For example, my first conference presentation involved examining media accounts of the 1987 stock market crash. In another project, I looked at the influence of personality and cognitive variables in explaining how people respond to declines in their portfolios. Before becoming a faculty member, I worked at a 24-hour crisis hotline and trained their counselors how to respond to those who were suicidal and in crisis. You get the idea. I’m endlessly fascinated by terrible, horrible, no good, very bad days.
In terms of the market, I believe such corrections are healthy and necessary. They present an opportunity to remove speculative excess, bring valuations down to more reasonable levels, and often present a wonderful buying opportunity. I try to make the best of such days, even if my portfolio takes a bit of a hit. So as a public service (coupled with my need to drive this into the ground), I now present the top ten signs that you’re in the middle of a terrible, horrible, no good, very bad market day. Remember, I’m not just talking about bad markets days; they also have to be terrible, horrible, and no good…just trying to be clear. Now, on to the signs:
1. Central bank officials and politicians can be heard to utter the meaningless phrase, “the fundamentals of the economy are sound.” The judges will also accept “the economy is fundamentally sound.” I also really enjoy, “we’re monitoring the situation closely.” In other words, “this is bad, we have no idea what’s happening, and we have no idea what to do. When we decide how to proceed, we’ll probably overreact. Please don’t ask any more questions. Thank you.”
Quote of the week #1, from The Comedy Network’s Stephen Colbert: “The fundamentals of our economy are strong. We still exchange currency. We haven’t reverted to a barter system. Although I believe Bank of America bought Merrill Lynch for 2 goats and a bushel of oranges.”
Quote of the week #2, courtesy of PM Stephen Harper: “If a crash were coming, it would have already happened.” This logic would have caused Mr. Spock to cry like an infant before experiencing an aneurysm. Harper is the same man who recently promised tax incentives for new homebuyers. So the financial crisis began by making it too easy for people to obtain houses. How do we solve the problem? By making it easier for people to obtain houses. Got it. As Mark Twain suggested, “If stupidity got us into this mess, then why can’t it get us out?”
2. Everything is going down and I mean everything. The stock screens are a sea of red and have me thinking of that scene in The Shining when the elevators at the Overlook Hotel are spewing blood. Did I just write that? Let’s move on. The most fascinating days involve complete, total, unreserved capitulation. Stocks are blowing through their 52-week lows and are doing so with extreme vigor. It’s like the Terminator: It can’t be reasoned with, it can’t be bargained with, and it absolutely will not stop. Even the most bullish of analysts and market watchers are suddenly recommending that everyone stay on the sidelines until the dust settles. With apologies to Norm Peterson of Cheers, it’s a dog-eat-dog market and you’re wearing Milk Bone underwear. If you’re keeping score, this makes three 80s references in one paragraph. As an investor, the day will see you exhibiting a variety of bizarre behaviours, which include but are not limited to the following:
4. People you know who usually aren’t interested in the markets start talking with you about the markets. This happens with people at work, buddies on MSN, in emails, etc. For example, the other day, my buddy Ozner in Nepean mentioned the failing of Lehman Brothers. Twenty-four hours before, he wouldn’t have known a Lehman from a Lohan. Friends and family who are interested in the markets call as well, only they call earlier in the day. For me, it’s Bouch in Embrun, Lloyd and Pat in Ottawa, and of course, Market Dad. The phone call usually begins with “geez” or “wow” or something to that effect. Next up is an accounting of how the portfolio is doing and an identification of which stocks are faring the worst. Misery loves company.
5. The newspapers and business web pages are littered with photos of exhausted traders, concerned investors, and gawkers congregating outside the offices of failing firms. The Friday edition of BNNs Squeeze Play included Andrew Bell and Kim Parlee interviewing traders at a downtown Toronto watering hole. The patrons looked as though they’d just finished a 5-day enema.
6. The story of the markets migrates from the business pages to the front pages. It’s the lead story and we are treated to headlines such as “Markets Collapse,” which the editors present in a really big font. You know it’s a really big deal when they bring out the really big fonts. I also appreciate the words “contagion” and “panic” making their inevitable appearance. The Globe and Mail recently offered, “A Day of Reckoning,” which I thought was a nice touch.
My favourite part of the coverage involves placing the day in historical context. For example, “this represents the largest decline in index A since date B.” In order to qualify as a terrible, horrible, no good very bad day, it has to be the worst day in several years. Saying it’s the worst trading day since March doesn’t cut it (unless that day was terrible and horrible)….we have to be making history. We’ve been hearing a lot about American stocks being wiped out. However, did you know that Nortel recently had its worst trading day in 28 years? That’s what I’m talking about. Incidentally, Nortel is trading under $3 and this includes a fairly recent 10-for1 stock consolidation. In other words, if they hadn’t consolidated the stock, it would be trading under 30 cents. Let us mourn the money that has been destroyed.
7. Business television behaves like a dog with a bone. There’s one story and one story only: The market collapse. Networks often dispense with goofy programming features because the day is all about chronicling the crisis. Each guest is there to talk about the market action and each moment brings us wonderful quotes such as this offering from BNN anchor Pat Bolland: “This is a sick market.” Regular programming seems more important than usual and the day is littered with “special editions.” For example, “today on BNN, it’s a special edition of Squeeze Play.” This reminds me of watching TV during my childhood…”this week, on a very special edition of Family Ties, Steven, Elise and the kids rally around Uncle Ned who is coming to terms with alcoholism. Tom Hanks guest stars.”
8. At some point during the day, we are reminded of the losses that could trigger a halt in trading or a, gulp, market close. This is a tough nut to crack, as it takes a 10% decline in the Dow Jones Industrials to initiate a 30-minute to one-hour halt at the NYSE. A 20% decline prompts a 1-2 hour halt, but if the decline is witnessed after 2pm, the whole place shuts down. A 30% decline closes the market for the day, irrespective of timing. Incidentally, the Russians shut down their exchange three times in the past week (twice for going too low, and once for going too high…perhaps one day it will be just right).
9. The business press starts interviewing the older brokers. Specifically, they are looking for brokers and analysts who traded through the ’87 crash. These archetypal wise old men are simply the best. They’ve seen it all, lived through some rough times, and always have great stories. Such figures provide a calming presence, and their reassuring voices remind us that, given time, the markets rebound. You can’t get this from a 22-year old just out of business school.
10. The attributional search runs into overdrive. When positive things happen in life, we tend not to reflect on what might have led to the good times. However, during bad times, we typically initiate what’s called the attributional search. That is, we attempt to determine the causal factors that led to the event. Basically, we’re asking “why did this happen?” The process is intensified if the event is unexpected. During a terrible, horrible, no good, very bad market day, we often hear that retail investors are driving the panic and that the smart money is staying put or being put in play. The last few days have elevated corporate greed, ignorance, and a lack of regulation to the top of the list of suggested causal factors (John McCain mentioned all three the other day). Given that we’re in the middle of a North American election bonanza, expect the list to grow. I’m still waiting for the religious right to somehow blame lesbianism.
In a related vein, it never ceases to amaze how many market participants claim they saw it coming and took measures to protect their assets. Sure, their top picks on BNN’s Market Call are down 72%, but they claim to have made it out just fine. Sure thing, guys.
So how am I positioning myself to deal with these volatile times? To be honest, I’m doing very little. Sure, my financial and international plays have been on a wild ride. But with a focus on high-quality, dividend-growing value stocks, my portfolio has been less volatile than the indices. So far I’m down 4% on the year and this compares very favourably to the TSX, S&P 500 and the Dow. Let’s just say I’m certainly not losing any sleep over it. Besides, it’s the down markets when my approach really earns its keep. I’m less interested in selecting big winners and more interested in avoiding big losers. There’s a huge difference. Meanwhile, my watch list is long and although the names are getting cheaper by the day I’m still not inclined to put a significant amount of money to work. And for the record, Friday’s 7% advance on the TSX feels about as shaky as Stephane Dion.
The past few days have been adventurous, but I can’t help but think we have more terrible, horrible, no good, very bad days in the near future. And as these days continue to come along, I expect to be a buyer. As Warren Buffett noted, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
The Market Guy is an Instructor with the Department of Psychology at Carleton University. He’s not a professional advisor. He’s just a guy who loves investing and talking about the markets…so do your homework before making any investment decisions. Basing any financial decision on his column would be really, really stupid and would demonstrate that you need therapy (he teaches psych, so he’d know). In addition to the Federal Reserve Bank of New York, Spamalot at the Shubert, and Letterman, he’ll also be holding a pilgrimage to Wall Street. He may need to be sedated. Get high on life over at mail@marketguy.ca
Went for coffee today....
after market close, where I read the business page and did a little cogitation...
it seems to me that the US national debt is now too vast to ever get under control. This means, that eventually there will be a default. But, before that happens, there will be a great dilution of the US dollar, in futile attempts to pay off the debt
This means that PM's will soar in value, and eventually stocks in PM's will follow along. Basic commodities will also increase in value substantially, because they are mostly all priced in US dollars.
So, now I find that almost all stocks are undervalued, and have bought quite a bit during this downturn in SP's.
'NUFF SAID..........
APA.V...RE SCANNED AGAIN TONIGHT WITH STRONG NUMBERS. THE PIG GOT A FEW AT .14 AND WILL SIT AND WAIT. RUMOURS OF A PROJECTED MINERAL RESOURCE 43-101 COMING AND BEING VERY STRONG IN VALUES PERSIST, AS WELL AS PENDING RESULTS. EITHER WAY, ANOTHER GREAT SCAN TONIGHT.
THE PIGS FASCINATING WEBSITE OF THE WEEK.....
http://www.usdebtclock.org/
Time to Shut Down the Federal Reserve?
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, June 29, 2010
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100006729/ti...
Posted: Jun 28 2010 By: Dan Norcini Post Edited: June 28, 2010 at 4:10 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
Monday must now be the new “Friday” when it comes to gold. Those of you who have been watching the gold
Last Monday saw gold put in a horrendous bearish downside reversal day which the bulls managed to negate the rest of the week by a sheer gritty determination not to run. Today (another Monday) we have an exact repeat of the same bullion bank tactic that they employed 7 days ago; to wit, a takedown after price took out last Friday’s session high while gold mining stocks were also moving sharply higher. The result – an exact repeat of last Monday technically – another bearish outside reversal day on the daily chart. This coming on the heels of a brand new record high in Dollar terms at the London PM Fix ($1,261).
It is quite evident that the perma-bears at the Comex are determined to cap gold at $1,260. No one hits bids with the intensity that I saw this morning unless they are trying to take price lower. The reason is obvious – a closing push through $1262 and gold goes immediately to $1,280 – $1,285 garnering all the more headlines and casting more doubt upon the integrity of world’s current monetary system, which is under extreme duress. What the bullion banks are attempting to do is to form a double top on the daily price chart – it really is that simple.
Some are pointing to the stronger dollar as the culprit behind the weakness in gold, but that is denying the obvious and grasping for an explanation. Bonds are shooting sharply higher today and even the Yen is stronger as once again risk is back in focus and investors are moving to safe havens. Under such a scenario, the very notion that gold would be sold off as a “risky” asset is laughable for its stupidity.
The fact is gold was sharply higher after the conclusion of the meaningless G20 summit which was nothing but a group of yakking heads talking to hear themselves saying something. Investors rightfully interpreted that as further confirmation that nothing serious was going to be done that would restore confidence towards paper currencies. They then bid the yellow metal higher which held its gains from overnight as it moved into New York trading and even added some. We are then to believe that investors had a sudden change of heart so much so that they immediately became convinced at mid-morning that gold was no longer worthy to be held but instead US paper Treasuries were much more to be desired? Based on what news, what report? Come on already – are there actually people out there who are so damn dense that they believe this nonsense? This is what an orchestrated takedown looks like, pure and simple.
My own view is that this will meet with as much success as the previous Monday’s. Not a thing has changed in regards to the world’s monetary system – nothing. We always have to respect the technical price action because today’s markets are dominated by techies but those same technicals worked in favor of the bulls last week based on the price action Tuesday through Friday last week. They have to repeat their performance once again.
Let’s see how support levels function tomorrow and Wednesday. Chalk up today for the history books and forget about it. What is more important now is whether the bulls will hang tough and refuse to run. If they do not run, bears will be forced to cover as they did last week. As I mentioned in this past weekend’s analysis of the COT report, bears will have to force price down below $1233 on a closing basis to induce long side liquidation.
THE PIGS CLASSIC READ OF THE WEEK.......
Top Ten Signs it’s a Terrible, Horrible, No-Good, Very Bad Market Day
September 22, 2008 11:38 am Uncategorized When I was a child, one of my favourite books was “Alexander’s Terrible, Horrible, No Good, Very Bad Day” by Judith Viorst. Originally published in 1972, the story involves a young boy named Alexander, who is experiencing a heavy dose of Murphy’s Law. Simply, he survives a day in which absolutely everything goes wrong. For example, he wakes up with gum in his hair, trips on his skateboard, and drops his sweater in the sink. His brothers find cool toys in their breakfast cereal, while he finds only breakfast cereal. At school during a counting exercise, he leaves out 16. At lunch, he discovers that his mother has neglected to pack dessert. Shortly thereafter, he has a dental appointment and learns that he has a cavity; then he falls in some mud. Alexander proceeds to spill ink all over the place, miss out on the shoes he wants, and start a fight. As if these weren’t enough, Alexander’s bath was too hot and he loses his marbles down the drain. To cap off the day, he’s forced to wear the dreaded railroad-train pajamas, his pillow is missing, and his night-light burns out. With each indignity, Alexander wondered if life would be better in Australia. However, while lying in his bed, Alexander notes the following: “It has been a terrible, horrible, no good, very bad day. My mom says some days are like that. Even in Australia.”In terms of the market, I believe such corrections are healthy and necessary. They present an opportunity to remove speculative excess, bring valuations down to more reasonable levels, and often present a wonderful buying opportunity. I try to make the best of such days, even if my portfolio takes a bit of a hit. So as a public service (coupled with my need to drive this into the ground), I now present the top ten signs that you’re in the middle of a terrible, horrible, no good, very bad market day. Remember, I’m not just talking about bad markets days; they also have to be terrible, horrible, and no good…just trying to be clear. Now, on to the signs:
1. Central bank officials and politicians can be heard to utter the meaningless phrase, “the fundamentals of the economy are sound.” The judges will also accept “the economy is fundamentally sound.” I also really enjoy, “we’re monitoring the situation closely.” In other words, “this is bad, we have no idea what’s happening, and we have no idea what to do. When we decide how to proceed, we’ll probably overreact. Please don’t ask any more questions. Thank you.”
Quote of the week #1, from The Comedy Network’s Stephen Colbert: “The fundamentals of our economy are strong. We still exchange currency. We haven’t reverted to a barter system. Although I believe Bank of America bought Merrill Lynch for 2 goats and a bushel of oranges.”
Quote of the week #2, courtesy of PM Stephen Harper: “If a crash were coming, it would have already happened.” This logic would have caused Mr. Spock to cry like an infant before experiencing an aneurysm. Harper is the same man who recently promised tax incentives for new homebuyers. So the financial crisis began by making it too easy for people to obtain houses. How do we solve the problem? By making it easier for people to obtain houses. Got it. As Mark Twain suggested, “If stupidity got us into this mess, then why can’t it get us out?”
- staring at the computer with your mouth open
- refreshing your stock page like a hungry rat pressing the lever in a Skinner box
- trying to comment on the day and the best you can come up with is, “Holy shit.” Yup…it’s a holy shit market.
4. People you know who usually aren’t interested in the markets start talking with you about the markets. This happens with people at work, buddies on MSN, in emails, etc. For example, the other day, my buddy Ozner in Nepean mentioned the failing of Lehman Brothers. Twenty-four hours before, he wouldn’t have known a Lehman from a Lohan. Friends and family who are interested in the markets call as well, only they call earlier in the day. For me, it’s Bouch in Embrun, Lloyd and Pat in Ottawa, and of course, Market Dad. The phone call usually begins with “geez” or “wow” or something to that effect. Next up is an accounting of how the portfolio is doing and an identification of which stocks are faring the worst. Misery loves company.
5. The newspapers and business web pages are littered with photos of exhausted traders, concerned investors, and gawkers congregating outside the offices of failing firms. The Friday edition of BNNs Squeeze Play included Andrew Bell and Kim Parlee interviewing traders at a downtown Toronto watering hole. The patrons looked as though they’d just finished a 5-day enema.
My favourite part of the coverage involves placing the day in historical context. For example, “this represents the largest decline in index A since date B.” In order to qualify as a terrible, horrible, no good very bad day, it has to be the worst day in several years. Saying it’s the worst trading day since March doesn’t cut it (unless that day was terrible and horrible)….we have to be making history. We’ve been hearing a lot about American stocks being wiped out. However, did you know that Nortel recently had its worst trading day in 28 years? That’s what I’m talking about. Incidentally, Nortel is trading under $3 and this includes a fairly recent 10-for1 stock consolidation. In other words, if they hadn’t consolidated the stock, it would be trading under 30 cents. Let us mourn the money that has been destroyed.
7. Business television behaves like a dog with a bone. There’s one story and one story only: The market collapse. Networks often dispense with goofy programming features because the day is all about chronicling the crisis. Each guest is there to talk about the market action and each moment brings us wonderful quotes such as this offering from BNN anchor Pat Bolland: “This is a sick market.” Regular programming seems more important than usual and the day is littered with “special editions.” For example, “today on BNN, it’s a special edition of Squeeze Play.” This reminds me of watching TV during my childhood…”this week, on a very special edition of Family Ties, Steven, Elise and the kids rally around Uncle Ned who is coming to terms with alcoholism. Tom Hanks guest stars.”
9. The business press starts interviewing the older brokers. Specifically, they are looking for brokers and analysts who traded through the ’87 crash. These archetypal wise old men are simply the best. They’ve seen it all, lived through some rough times, and always have great stories. Such figures provide a calming presence, and their reassuring voices remind us that, given time, the markets rebound. You can’t get this from a 22-year old just out of business school.
10. The attributional search runs into overdrive. When positive things happen in life, we tend not to reflect on what might have led to the good times. However, during bad times, we typically initiate what’s called the attributional search. That is, we attempt to determine the causal factors that led to the event. Basically, we’re asking “why did this happen?” The process is intensified if the event is unexpected. During a terrible, horrible, no good, very bad market day, we often hear that retail investors are driving the panic and that the smart money is staying put or being put in play. The last few days have elevated corporate greed, ignorance, and a lack of regulation to the top of the list of suggested causal factors (John McCain mentioned all three the other day). Given that we’re in the middle of a North American election bonanza, expect the list to grow. I’m still waiting for the religious right to somehow blame lesbianism.
In a related vein, it never ceases to amaze how many market participants claim they saw it coming and took measures to protect their assets. Sure, their top picks on BNN’s Market Call are down 72%, but they claim to have made it out just fine. Sure thing, guys.
So how am I positioning myself to deal with these volatile times? To be honest, I’m doing very little. Sure, my financial and international plays have been on a wild ride. But with a focus on high-quality, dividend-growing value stocks, my portfolio has been less volatile than the indices. So far I’m down 4% on the year and this compares very favourably to the TSX, S&P 500 and the Dow. Let’s just say I’m certainly not losing any sleep over it. Besides, it’s the down markets when my approach really earns its keep. I’m less interested in selecting big winners and more interested in avoiding big losers. There’s a huge difference. Meanwhile, my watch list is long and although the names are getting cheaper by the day I’m still not inclined to put a significant amount of money to work. And for the record, Friday’s 7% advance on the TSX feels about as shaky as Stephane Dion.
The Market Guy is an Instructor with the Department of Psychology at Carleton University. He’s not a professional advisor. He’s just a guy who loves investing and talking about the markets…so do your homework before making any investment decisions. Basing any financial decision on his column would be really, really stupid and would demonstrate that you need therapy (he teaches psych, so he’d know). In addition to the Federal Reserve Bank of New York, Spamalot at the Shubert, and Letterman, he’ll also be holding a pilgrimage to Wall Street. He may need to be sedated. Get high on life over at mail@marketguy.ca
APA.V ALERT
APA-X (at $0.15) has risen by more than 20.00% since your last alert.
11:30 AM 29/06/2010
Some data delayed up to 20 minutes
APA-X
Your % value: 20.00%
Last alert price: 0.13
Net Change: 0.01
% Change: 20.00
Last Price: $0.15
High: $0.15
Low:: $0.14
Volume: 155,500
Kuwaitis Banned From Travel
Tue, Jun 29, 2010, 12:52 GMT
Tuesday, Jun 29, 2010
BEIRUT (Zawya Dow Jones)--About 93,000 people in Kuwait have been banned from traveling due to their owing debts up to a combined total 784 million Kuwaiti dinars ($2.7 billion), Kuwait-based Al Watan daily reports Tuesday citing a Kuwaiti official.
About 31,000 of these people are Kuwaiti nationals with total debts of KWD241 million while non-Kuwaitis number approximately 62,000 with a combined debt of KWD543 million, the paper reports citing Ali Al Dhubaibi, chief justice at the high court of appeal in Kuwait and head of the country's sentences enforcement department.
Newspaper website: http://www.alwatan.com.kw/ArticleDetails.aspx?Id=39299
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
29-06-10 0447GMT
Kuwaitis Banned From Travel Due To KWD784M Debts Pile -Report |  |
BEIRUT (Zawya Dow Jones)--About 93,000 people in Kuwait have been banned from traveling due to their owing debts up to a combined total 784 million Kuwaiti dinars ($2.7 billion), Kuwait-based Al Watan daily reports Tuesday citing a Kuwaiti official.
About 31,000 of these people are Kuwaiti nationals with total debts of KWD241 million while non-Kuwaitis number approximately 62,000 with a combined debt of KWD543 million, the paper reports citing Ali Al Dhubaibi, chief justice at the high court of appeal in Kuwait and head of the country's sentences enforcement department.
Newspaper website: http://www.alwatan.com.kw/ArticleDetails.aspx?Id=39299
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
29-06-10 0447GMT
Monday, June 28, 2010
THE PAINTED PIGS TUESDAY MORNING TOPPERS
YUCK,, HOWS A PIG SUPPOSED TO MAKE MONEY ON NEWS LIKE THAT ? THE PIGS GOING TO HOLD HIS FEW SHARES IN PHE.V FOR A BIT TO SEE WHAT TRANSPIRES. NOW WE KNOW WHY THE PIG HATES RUMOURS AND PREFERS THE SCANNER AND THE CHARTS. NOW HAVING SAID THAT, THERE WAS STRONG RUMOURS OF SOME EXCELLENT RESULTS TO COME OUT FOR IT, SO MAYBE THAT WILL BE TUESDAY MORNING OR SOMETIME THIS WEEK. PATIENCE , PIG, PATIENCE........
THE PIG TOOK ANOTHER SMALL POSITION IN A STOCK TODAY. APA.V IS READY TO COME OUT WITH SOME RESULTS, AND A NEW 43-101 RESERVES REPORT THAT COULD FATTEN THE PRICE SIGNIFICANTLY. THE MID DAY SCAN WAS GOOD AND THE CHART SHOWS WELL. WE WAIT AND WATCH. THERE'S STILL ROOM IF YOU WANT A BITE, BUT DON'T CHASE IT. ITS HAD A 2 DAY RUN AND ITS UP FOR DEBATE IF IT CORRECTS OFF OR CONTINUES. IF THE RESULTS NEWS IS GOOD OR THE 43-101 COMES OUT THEN ALL BETS ARE OFF AS IT MAY ROCKET WITHOUT NOTICE. A POST OF GREAT INTEREST FROM APA.V's STOCKHOUSE FORUM IS BELOW.
Here are a few points from a long time holder of this one.
First point is some posters in the past have been bashing and bashing this one, becasue they don't like managment or some such thing. Now the insiders are looking after themselves, and why shouldn't they, as they have a major find, and want to be the big benifactors of that find. They are above the average of 10% for options, having gone to 20%, but I can live with that, because what they have found is a real gem. The last issue of 2million options at .11 was at the low, and they should have waited, but like I said they are looking after themselves.
So on the positive side. When you have insiders wanting all the shares and options they can get, this is good for the other share holders. APA has three major properties, and I will just mention the one other, and that is the Lac dor, and it has 5 billion lbs of vanadium, and APA has 80% of the property, and going after the gov for the other 20%.
So while the legals are working on the other 20% of the Lac Dore, the company has now focused on the big prize, and that is the IRON T property. (not that the lac dore is not worth its billions) The resource of the iron T is right on surface, and if you look at the pictures they have washed off the overburden and what you see is the resource in long wide veins. Most of the holes they drilled looking for a quick on surface resource, so only down about 100 meters to prove up that quick resource. So they should come up with a low of 5 million tons to 15 million tons, and with the grades of vanadium, titanium, and iron ore it should be worth close to $300 to $500 a ton with bulk open pit costs of say $100 per ton. The Iron T should have a minimum of 300 million ton of ore on surface, but from the last drill holes where they went deeper, the resource may be a lot bigger.
The ore is different say than the Ausy ore, in that it can be separated real easy with a magnet system, to take out the iron, and the vanadium and leave the tittanium. They could bulk ship the iron with the vanadium, (most companies trying to strenghten the steel have to add vanadium, this would already be in the ore) and sell the titanium as a separte source or they have lots of options on what to do with the ore, that most resource companies do not have.
So if you do the math, this little $15 million market cap company is undervalued, but I have been saying that for some time, but maybe someone is going to take note with the 43101, or maybe just the drill holes that are not part of the 43101 are saying this is bigger than we thought.
JIMHO
First point is some posters in the past have been bashing and bashing this one, becasue they don't like managment or some such thing. Now the insiders are looking after themselves, and why shouldn't they, as they have a major find, and want to be the big benifactors of that find. They are above the average of 10% for options, having gone to 20%, but I can live with that, because what they have found is a real gem. The last issue of 2million options at .11 was at the low, and they should have waited, but like I said they are looking after themselves.
So on the positive side. When you have insiders wanting all the shares and options they can get, this is good for the other share holders. APA has three major properties, and I will just mention the one other, and that is the Lac dor, and it has 5 billion lbs of vanadium, and APA has 80% of the property, and going after the gov for the other 20%.
So while the legals are working on the other 20% of the Lac Dore, the company has now focused on the big prize, and that is the IRON T property. (not that the lac dore is not worth its billions) The resource of the iron T is right on surface, and if you look at the pictures they have washed off the overburden and what you see is the resource in long wide veins. Most of the holes they drilled looking for a quick on surface resource, so only down about 100 meters to prove up that quick resource. So they should come up with a low of 5 million tons to 15 million tons, and with the grades of vanadium, titanium, and iron ore it should be worth close to $300 to $500 a ton with bulk open pit costs of say $100 per ton. The Iron T should have a minimum of 300 million ton of ore on surface, but from the last drill holes where they went deeper, the resource may be a lot bigger.
The ore is different say than the Ausy ore, in that it can be separated real easy with a magnet system, to take out the iron, and the vanadium and leave the tittanium. They could bulk ship the iron with the vanadium, (most companies trying to strenghten the steel have to add vanadium, this would already be in the ore) and sell the titanium as a separte source or they have lots of options on what to do with the ore, that most resource companies do not have.
So if you do the math, this little $15 million market cap company is undervalued, but I have been saying that for some time, but maybe someone is going to take note with the 43101, or maybe just the drill holes that are not part of the 43101 are saying this is bigger than we thought.
JIMHO
APA.V.....LOOKS LIKE THE WORLD HAS AWAKENED TO THIS RARE EARTHS JUNIOR. ITS WORTH WATCHING THE PIG THINKS.
NRK.V...A PREVIOUS PIG PICK.....AND HIGH SCANNER OF THE NIGHT. BIG GAINS IN MOVING AVERAGES, NET CAPITAL AND SENTIMENT VECTORS. THE QUESTION IS WHEN TO GET IN AND IF YOUR IN WHEN IS IT GOING TO BREAK UPSIDE ? GREAT CHART AND GREAT SCANNER ON A REGULAR BASIS BUT NO MOVEMENT....YET.
TONIGHTS SCAN HAD A FEW TOO CLOSE TO CALL. SO THE PIG THOUGHT HE WOULD LIST THEM AND LET YOU PULL THE CHARTS.
ANG.V
NWM.V
SRI.V
NEV.V
PNL.V
TSX moves lower, commodities decline
28 June 2010 04:49
TORONTO - The Toronto stock market closed lower Monday as economic worries pushed commodity prices lower despite news from the G20 Summit that economically advanced countries plan to reduce their deficits.The S&P/TSX composite index dropped 100.85 points to 11,607 after the world’s most powerful leaders emerged from the G20 Summit in Toronto with an agreement to cut deficits in half by 2013 and stabilize their debt loads by 2016.
“This government debt overhang — all we did was take the massive overhang of private sector debt and transferred it to the public sector,” observed said Paul Taylor, chief investment officer at BMO Harris Private Banking.
“And now we need the public sector to deal with that in the intermediate to longer term to provide assurance to folks that we will have sufficient economic firepower to draw on should we experience another situation that is as dire as we saw 12, 18 months ago.”
The TSX Venture Exchange was down 7.41 points to 1,451.31.
The Canadian dollar ticked 0.01 of a cent higher to 96.54 cents US.
The TSX was depressed by the commodities sectors as the August crude contract on the New York Mercantile Exchange declined 61 cents to US$78.25 a barrel. Oil had rallied strongly Friday on fears that tropical storm Alex might disrupt oil production in the Gulf of Mexico. But by Monday morning, those worries had eased.
Also, the storm will likely strike well away from the area where BP is trying to stop a massive oil leak, said the U.S. National Hurricane Centre in Miami.
The energy sector was down 1.55 per cent, with Canadian Natural Resources (TSX:CNQ) down 46 cents at C$36.25 and Imperial Oil (TSX:IMO) off 59 cents at C$39.93.
A stronger U.S. dollar also put downward pressure on commodity prices and the base metals sector shed 2.63 per cent as the July copper contract on the Nymex moved down two cents to US$3.07 a pound. Teck Resources (TSX:TCK.B) fell $1.34 to C$33.68 while Lundin Mining (TSX:LUN) dropped 16 cents to $3.31.
The gold sector weakened as the August bullion contract in New York reversed direction to lose $17.60 to US$1,238.60 an ounce. Goldcorp Inc. (TSX:G) lost 36 cents to C$46.74 and Kinross Gold (TSX:K) faded 37 cents to C$18.64.
Losses in the financial sector also increased with Bank of Montreal (TSX:BMO) down 54 cents at $59.55 and Sun Life Financial (TSX:SLF) off 48 cents at $29.
The lower session came on top of a negative week that saw the TSX fall 2.1 per cent and the Dow industrials gave back 2.9 per cent as worries mounted about the strength of the economic rebound.
Investors are hoping for reassurance on the U.S. recovery this coming week from the Institute for Supply Management’s latest reading on the manufacturing sector due Thursday. And on Friday, the U.s. Labour Department releases the June non-farm payrolls report.
Economists are looking for a drop of 200,000 employees, reflecting the termination of thousands of temporary workers taken on for the U.S. census. Still, economists expect the private sector created about 50,000 jobs in June.
“We’ll reach the point by mid-2010 where at least half the stimulus spend is behind us ... so the hope is the flush balance sheets in the corporate sector start to be spent and while the fiscal stimulus wanes, the private sector steps in and this morphs from fiscal stimulus-led to organic,” added Taylor.
“And the key to all that is jobs.”
Meanwhile, the U.S. Conference Board releases its latest reading on American consumer confidence Tuesday.
New York markets were little changed amid data that showed U.S. consumer spending rose slightly in May, a sign that Americans are cautious about the economic recovery.
The U.S. Commerce Department says that consumer spending rose 0.2 per cent last month, an improvement from April’s reading of no change. Analysts had expected spending to edge up only 0.1 per cent, according to a survey by Thomson Reuters.
But much of the higher spending likely reflects greater use of electricity and other utilities. Spending on goods actually declined.
The Dow Jones industrial average was down 5.29 points to 10,138.52. The Nasdaq composite index was down 2.83 points to 2,220.65 while the S&P 500 index was 2.19 points lower to 1,074.57.
Tobacco stocks provided some lift to New York markets after the U.S. Supreme Court said it wouldn’t take up a case between the government and tobacco companies. The decision prevents the government from getting billions of dollars from makers of cigarettes for anti-smoking campaigns. Reynolds American Inc. rose $2.08 or four per cent to US$53.45.
In other corporate news, BP denied that its embattled chief executive, Tony Hayward, was resigning. Russia’s state RIA Novosti news agency had quoted a senior Russian cabinet official as saying Hayward was expected to resign. In New York, BP shares rose three cents to US$27.05.
TransAlta Corporation (TSX:TA) stepped back 13 cents to $20.32 after it announced that pipeline operator Enbridge Inc. plans to help develop Canada’s first fully integrated carbon capture and storage project at the Alberta power producer’s coal-fired plant near Edmonton. It says that the development involves retro-fitting Keephills 3, a coal-fired plant west of Edmonton that’s jointly owned by the Calgary company and its partner Capital Power Corp. Enbridge shares rose 44 cents to $49.50.
Cliffs Natural Resources has raised its offer for Spider Resources Inc. (TSXV:SPQ) to 19 cents, putting pressure on KWG Resources Inc. (TSXV:KWG), which matched a previous bid. KWG has until midnight July 6 to match the Ohio-based mining company’s offer. KWG shares were unchanged at 12 cents while Spider shares surged three cents to 19 cents on heavy volume of 21.5 million shares.
Exploration company Seafield Resources Ltd. (TSXV:SFF) saw its shares soar three cents or 15.79 per cent to 22 cents after announcing that new exploratory drilling has begun on its Miraflores project in Colombia.
|
| English.news.cn 2010-06-29 05:23:52 |
CHICAGO, June 28 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended much lower on Monday, pressured by the rally in U.S. dollar and profit taking. Silver and platinum both declined.
The most active gold contract for August delivery dropped 17.6 dollars, or 1.4 percent, to finish at 1,238.6 U.S. dollars.
World leaders of 20 major economies pledged to reduce deficits and debt in richer countries collectively over the weekend in Canada, and warned that the synchronized fiscal adjustment across major economies may have an adverse impact on global economy. Gold price was lifted higher earlier in the session on Monday as investor's ongoing concern over global economic recovery remained intact after the G20 summit, and the price even touched an intraday high of 1263.7 dollars per ounce.
The U.S. Department of Commerce said Monday that the personal income in May rose 0.4 percent and consumer spending eked out a 0. 2 percent gain, which was higher than the reading in April as well as economists' forecast.
The acceptable reading indicated that although the U.S. economic growth is still in its infancy, the general trends of the economic recovery as a whole are positive. Gold retreated on the news, as it downplayed the uncertainty of economy and undermined gold's appeal of safe-haven.
Meanwhile, gold lost the steam prior to the close as dollar strengthened and investors locked in profits after two consecutive session of gain for the metal.
July silver plunged 43.2 cents, or 2.3 percent, to settle at 18. 678 dollars per ounce, October platinum dipped 4.1 dollars, or 0.3 percent, to settle at 1,570.4 dollars per ounce.
The most active gold contract for August delivery dropped 17.6 dollars, or 1.4 percent, to finish at 1,238.6 U.S. dollars.
World leaders of 20 major economies pledged to reduce deficits and debt in richer countries collectively over the weekend in Canada, and warned that the synchronized fiscal adjustment across major economies may have an adverse impact on global economy. Gold price was lifted higher earlier in the session on Monday as investor's ongoing concern over global economic recovery remained intact after the G20 summit, and the price even touched an intraday high of 1263.7 dollars per ounce.
The U.S. Department of Commerce said Monday that the personal income in May rose 0.4 percent and consumer spending eked out a 0. 2 percent gain, which was higher than the reading in April as well as economists' forecast.
The acceptable reading indicated that although the U.S. economic growth is still in its infancy, the general trends of the economic recovery as a whole are positive. Gold retreated on the news, as it downplayed the uncertainty of economy and undermined gold's appeal of safe-haven.
Meanwhile, gold lost the steam prior to the close as dollar strengthened and investors locked in profits after two consecutive session of gain for the metal.
July silver plunged 43.2 cents, or 2.3 percent, to settle at 18. 678 dollars per ounce, October platinum dipped 4.1 dollars, or 0.3 percent, to settle at 1,570.4 dollars per ounce.
YLL.V NEWS !
Yale Samples 2.70 g/t Au and 529.8 g/t Ag Over 2.10m – Identifies Another New Zone at Orofino.
Business Wire
VANCOUVER, British Columbia (Business Wire) -- Yale Resources Ltd. (TSX-V - YLL and Frankfurt - YAB) is pleased to
announce that ongoing fieldwork at the wholly owned Orofino Project has
identified another new mineralized target. This new target is located in
the southern portion of a 4.5 by 2.5 kilometre coincident silica and
iron-oxide ASTER anomaly located in the approximate centre of the 83
square kilometre project. San Francisco is now the eleventh known
mineralized target within the Orofino Project. The highlight sample was
2.1 metres with a weighted average of 2.70 g/t gold and 529.8 g/t silver.
The San Francisco target is on trend with the Quelitoso target, located
approximately 1.3 km away, as well as the Santiago Target located an
additional 1.5 km away. This now creates a mineralized trend that
measures as least 3 kilometres in length.
The San Francisco target is made up of a 30 to 40 metre wide zone of
strong oxidation centred on a 5 to 6 metre wide core area of strong
silicification and veining. It has been traced in the field for 300
metres along strike and remains open in both directions.
Of note at San Francisco is the absolute lack of any signs of previous
sampling, which indicates to Yale management that there is potential to
encounter additional workings and/or targets in this portion of the
property as it appears to not have been explored by previous companies.
Multiple historic workings exist along this 300 metre portion of the San
Francisco target. To date, reconnaissance-style sampling has only been
done within these workings. Sampling from this initial reconnaissance
sampling returned the following results:
APA.V ALERT
APA-X Volume exceeds 50-day average volume. 1:35 PM 28/06/2010 Some data delayed up to 20 minutes APA-X Last Price: $0.14 Volume: 567,000 50-day average volume: 183,785
APA-X (at $0.14) has risen by more than 20.00% since the previous close. 1:39 PM 28/06/2010 Some data delayed up to 20 minutes APA-X Your % value: 20.00% Prev Close: $0.12 Net Change: 0.03 % Change: 21.74% Last Price: $0.14 Volume: 569,500
PHE.V....More to come........
Petro Horizon signs LOI for Nahmint option
2010-06-28 07:26 MT - News ReleaseMr. Ron Bourgeois reports
PETRO HORIZON SIGNS LETTER OF INTENT ON NAHMINT TELLURIUM PROPERTY
Petro Horizon Energy Corp. has signed a letter of intent with Nahminto Resources Ltd. and Karen Sui Hang Woo under which Petro Horizon may earn a 90-per-cent undivided ownership interest in the Nahmint tellurium property located in the Alberni mining division, Vancouver Island, British Columbia. The property consists of 14 Crown grants and 18 cell mineral claims totalling 8,406 hectares. Final approval for the property agreement is subject to the acceptance of the TSX Venture Exchange.
Terms of the Nahmint option
In consideration of the acquisition, and subject to the execution of a definitive option and joint venture agreement, the Company will make total cash option payments to Nahminto Resources Ltd. and Karen Sui Hang Woo of $351,000 over the next five years. The schedule of payments is as follows; year one, $55,000, year two, $64,000, year three, $64,000, year four $84,000 and year five $84,000.
The Company shall issue up to 1,000,000 common shares, to Nahminto Resources Ltd. and Karen Sui Hang Woo, subject to the approval of the TSX Venture Exchange. The shares shall be issued as follows; year one, 100,000 common shares, year two, 200,000 common shares, year three, 200,000 common shares, year four, 200,000 common shares, year five, 300,000 common shares.
The Company will also spend total minimum work commitments on the Property of $1,500,000 over the next five years, as follows: year one, $250,000, year two, $250,000, year three, $300,000, year four, $400,000 and year five, $400,000. Upon completion by PHE of its obligations above, it will have earned the following undivided ownership interests:
At the end of Year One; an undivided 15 % ownership interests.
At the end of Year Two; an increase from an undivided 15% to a 30% ownership interest.
At the end of Year Three; an increase from an undivided 30% to a 50% ownership interest.
At the end of Year Four; an increase from an undivided 50% to a 70% ownership interest.
At the end of Year Five, an increase from an undivided 70% to a 90% ownership interest.
Upon execution of the definitive option and joint venture agreement, the Company will be appointed Operator of the Joint Venture and the Property. A finders will be payable in accordance TSX Venture Exchange policies and guidelines.
About the Nahmint Tellurium Property
The two groups of: (i) 14 Crown Granted mineral claims comprised of the Three Jays group of eight crown grants and the Monitor group of six crown grants; and (ii) the surrounding 18 cell staked claims are collectively know as the Nahmint Property. The Nahmint Property is at tidewater on the Alberni Canal approximately 25 km. south-south-west of Port Alberni on Vancouver Island British Columbia. The crown grants are 188.3 hectares in size and the cell claims are 8,218.1 in size. The Nahmint Property geology consists of a flat-lying sequence of layered rocks of Triassic to Jurassic age, including Karmutsen volcanics, Quatsino limestone, Parsons Bay formation and Lemare Lake volcanics. These layered have been intruded from the southeast by a batholith of the island intrusive suite of granodiroite. Steeply dipping, northwest-trending faults have deformed and offset the layered and intrusive rocks both vertically and horizontally. This represents an ideal setting on Vancouver Island for porphyry copper-gold molybdenum and related copper, iron and gold skarn deposits.
The property hosted three past producers. The Monitor Mine operated from 1900 - 1902 and from 1916 - 1918 and produced 1,288 tons averaging 9.09% copper, .05 g/t gold and 28.8 g/t silver. The Sunshine Mine shipped 5 tonnes in 1916 averaging 17.4% copper and 43.6 g/t silver. The Three Jays Mine operated from 1898 - 1902 and produced 1,981 tones of direct shipping ore averaging 7.5% copper, .97 g/t gold and 38 g/t silver with several stockpiles of mineralized material remaining on surface. The Three Jays Mine was developed over a vertical distance of 750 feet and a horizontal distance of 1500 feet on three separate levels and has over 4000 feet of underground workings. Highlights of the 2009 work program include the discovery of Tellurium in the workings of the defunct Monitor Mine, which produced mainly copper at the turn of the century, and the discovery of an east - west striking magnetic anomaly at the Thee Jays Mine excess of 2000 feet in length. All of the above information is currently being addressed in a current NI 43-101, dated May 11 2010 which the Company expects to file shortly.
Past production was undertaken when sophisticated exploration tools were not available. The Nahmint Property has not been drill tested. Jacque Houle, P.Geo, a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
We seek Safe Harbor.
RBX.V NEWS
Nampala: indicated resource of 244 000 ounces of gold confirmed by new calculations Canada NewsWire QUEBEC, June 28 /CNW Telbec/ - Robex Resources Inc. (TSX-V: RBX / FWB: RB4) is pleased to announce that the content of the upper section of zone-100 on the Nampala deposit has gone from 0.95 g/t to 1 g/t following recent calculations which included drill results from a recent campaign completed last Spring. The polygonal method of calculation is complementary to the one done in 2007 by Coffey Mining (NI 43-101) and raises this part of the resource from inferred to indicated. Zone-100 of the Nampala deposit is part of a series of zones found on the Mininko concession where a gold resource of 760 000 ounces has been identified. Drilling was carried out at 25 meters spacing on the oxide portion of the zone. At a cut-off of 0.4 g/t Au the new calculations confirmed 244 000 ounces in the indicated category within 7.6 M tonnes of minerals between the surface and 80 meter depth. The first 80 meters are comprised in a saprolite zone where minerals are easily extracted. Zone-100 remains open to the north as well as at depth below the oxide zone. Robex's strategy is to exploit this part of the deposit as soon as possible. Mineral characterisation and metallurgical tests are currently underway. These tests will help determine the best method of extraction so as to proceed with a prefeasibility study. The technical content of this press release and the results contained within have been verified by Mr. Jacques Marchand, certified NI 43-101 engineer geologist in charge of resource calculations. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. << www.robexgold.com
Sunday, June 27, 2010
THE PAINTED PIGS WEEKEND PORK PIES
THE PIGS TAKING A BREAK FROM SOME CHORES AROUND THE FARM. WHILE DOING SOME FENCE MENDING, IT CAME TO MIND THAT SUMMER IS A TIME AND MINDSET THAT EVOKES RELAXATION, RECREATION, AND IN THE CASE OF THE MARKETS, SOMETIMES RETARDATION. THE PIG MEANS THERE'S NEVER ANY PREDICATED PERFORMANCES, YOU CAN EXPECT TO MAKE MONEY, YOU WANT TO MAKE MONEY, BUT IN THE END THERE'S ALWAYS THE CHANCE YOUR MONEY WILL MAKE YOU, IF YOUR NOT CAREFUL. A WEEKEND CHOCK FULL OF CHOICE CHOPS FOR YOUR PLATE...
ADT.V...RESURGENCE OR REGURGENCE ? SCANNER SAYS SOMETHINGS GOING ON IN THIS PERKY PIGLET. BIG NUMBERS IN NET CAPITAL INFLOW, MOVING AVERAGES AND DISTRIBUTION OF VOLUME AREAS. MAYBE SOMETHINGS AFOOT ?? NICE CHART TOO.....
THE PIGS RUMOUR OF THE WEEK.............
( A LITTLE DD FOR YOU, BELOW)
( A LITTLE DD FOR YOU, BELOW)
http://greenlightresources.ca/FACTSHEET/PHE-Fact-Sheet.pdf
Lithium-based batteries power mobile phones, laptops and scores of other devices, and are used widely in military and medical hardware. Lithium is also used in mood-stabilizing drugs.
But a worldwide boom in lithium exploration has begun as new battery technology, based on the silver-white metal, fans hopes for a new generation of longer-range all-electric and hybrid vehicles.
The world lithium battery market for electric and hybrid vehicles will grow from 2,400 units in 2008 to 1.53 million units by 2015, high-tech consulting firm Frost and Sullivan says.
AKA.V...THE PIG SAYS DEAD CAT BOUNCE OR HEP CAT FLOUNCE ? THE SCANNER SAYS "LOOK" AT ME. SOME NICE ACUMULATION, DISTRIBUTION AND MOVING AVERAGE NUMBERS WITH A SUBSTANTIAL TURNAROUND IN CORE SENTIMENT.
THE PIG SAYS ANY OF YOU OUT THERE THAT ARE GOLD BUGS OR ARE JUST REALLY INTERESTED IN THE WORLD ECONOMY SHOULD DOWNLOAD THIS PDF AND READ IT...THE PIG DID AND WOW....
http://www.mediafire.com/?zmmzgn4z3an
XCT.V....OH XCT, OH XCT, WHAT ARE YOU TELLING ME ?..LOTS OF BUYING ON THIS PIGGY, SOME NICE NUMBERS SCANNED IN THE MOMENTUM SWING AREA AND OF COURSE NET CAPITAL IN. SO THE PIG ASKS WHATS THE BIG DEAL ? SOMETHING OBVIOUSLY IS......
Jim Sinclair’s Commentary
Deutsche Bank:
U.S. Financial Conditions Just Collapsed Back To Crisis Levels
Vincent Fernando, CFA | Jun. 24, 2010, 5:36 AM
Deutsche Bank has a new and improved index of U.S. financialconditions, and this index just slumped back towards the lows of ourrecent crisis.
Deutsche Bank’s Peter Hooper:
Financial conditions appear to have worsened substantially inrecent quarters based on our update of the broad index of US financialvariables presented earlier this year at the US Monetary Policy Forum.In the wake of recent developments in Europe, increased stress infinancial markets has pushed that index halfway back to its immediatepost- Lehman crisis lows.
The index is built from an array of financial indicators such asU.S. treasury yields, the volatility index (VIX), the stock market,Broker-Dealer leverage, among others. It’s a bit of a black box, butit’s calculation is giving a similar reading to what we saw during theworst of the financial crisis.
Back towards crisis levels.
How about to worse than recent crisis levels in this Ski Jump Virtual Recovery.
Deutsche Bank:
U.S. Financial Conditions Just Collapsed Back To Crisis Levels
Vincent Fernando, CFA | Jun. 24, 2010, 5:36 AM
Deutsche Bank has a new and improved index of U.S. financialconditions, and this index just slumped back towards the lows of ourrecent crisis.
Deutsche Bank’s Peter Hooper:
Financial conditions appear to have worsened substantially inrecent quarters based on our update of the broad index of US financialvariables presented earlier this year at the US Monetary Policy Forum.In the wake of recent developments in Europe, increased stress infinancial markets has pushed that index halfway back to its immediatepost- Lehman crisis lows.
The index is built from an array of financial indicators such asU.S. treasury yields, the volatility index (VIX), the stock market,Broker-Dealer leverage, among others. It’s a bit of a black box, butit’s calculation is giving a similar reading to what we saw during theworst of the financial crisis.
FV.V.....BIG NEWS RECENTLY AND AS A RESULT EVEN BIGGER NUMBERS OFF THE SCANNER. YOU CAN TELL BY THE CHART WHATS COOKING HERE. THE PIG SAYS HOW LONG BEFORE A JV GETS ANNOUNCED ON THIS PLAY ? THEN WATCH THE FIREWORKS....
Today’s Lead Story
Daily Oil Bulletin: Jun 25, 2010
Interest In Cordova Embayment Drives B.C.'s June Land Sale
By Richard Macedo
Heavy interest in the Cordova Embayment northeast of Fort Nelson helped power the June land sale in British Columbia which attracted $404.3 million in bonus bids. The province sold 134 216 hectares at an average of $3,012. The June sale in 2009 attracted $178.4 million on 63 611 hectares, an average of $2,804. Year-to-date, B.C.'s auction revenue sits at $609.2 million for 245 417 hectares at an average of $2,482. To the same point last year, $246.4 million had rolled into government coffers for 163 665 hectares at an average of $1,505.
Energy Minister Bill Bennett said he was surprised at the amount of money spent at this week's sale, the fifth largest in its history.
"We were looking at something in the order of maybe $250 million so we're well above that. It was a very pleasant surprise," he told the Bulletin. "When you think about the slowdown due to the recession over the past couple of years there is also, I think, a renewal of confidence that comes...as you come out of a recession."
Tapping overseas markets for B.C.'s natural gas will be key, he added.
"Obviously companies are interested in shale gas in the Cordova Embayment and it's nothing but good news for the taxpayers of B.C. because that's, frankly, how we pay for all the things that everybody wants," Bennett said.
Twenty-one parcels of deep rights in the Cordova Embayment region 150 kilometres northeast of Fort Nelson attracted over $260 million in bonus bids at prices ranging from $2,224 to $13,880 per hectare. Nexen Inc., Canadian Natural Resources Limited and Penn West Energy Trust have experimental schemes in the Cordova Embayment targeting Devonian-aged shale (DOB Aug. 27, 2009).
The Embayment covers an area of roughly 379 000 hectares - compared to the Horn River Basin's 1.28 million hectares - and lies within the northeast section of the Fort Nelson/Northern Plains region. The area is to the east of locations that have well-established Devonian Jean Marie gas production and deeper targets such as the Slave Point and Pine Point (Keg River) carbonates.
Britt Resources Ltd. paid a land sale high $13,879 per hectare for a 1 824 hectare licence. The broker tendered a bonus of $25.3 million, acquiring several units of land at B-94-P-15 and C-94-P-15. Landsolutions Inc. tendered the bonus high of $28.9 million for an adjacent 2 081 hectare licence at G-94-P-15 and H-94-P-15.
Other land sale highlights included eight drilling licences in the Liard Basin, 135 kilometres northwest of Fort Nelson. Bonus bids totaled more than $92 million ranging from $2,306 to $2,711 per hectare.
Scott Land & Lease Ltd. acquired a 5 200 hectare drilling licence for just over $14 million. The broker paid $2,700 per hectare for the rights to several units at G-94-N-16, H-94-N-16, I-94-N-16 and J-94-N-16.
Nine parcels in the Blueberry area, 80 kilometres northwest of Fort St. John had per hectare bids ranging from $1,137 to $6,118.
Saturday, June 12, 2010
http://sdai-tech1.blogspot.com/2010/06/abiotic-oil-secret-of-bp-oil-spill.html
Abiotic Oil - The Secret of the BP Oil Spill.
As usual, here is the place where you get the unfettered truth about what's going on in the world and today I will pull back the curtains on the BP oil leak and what will go down as one of the most important discoveries of the 21st century - that oil is abiotic - produced inside the Earth and is not simply rotting dinosaurs and old plants (aka "fossil" fuel).The amount of oil seeping into the Gulf of Mexico, at this very moment, emerges from an *ocean* of oil that is almost as large as the Gulf itself! This ocean of oil didn't appear there because it was a giant fish graveyard. It was not a prehistoric jungle 20 miles high and 500 miles wide. This oil is abiotic oil and is produced by geological actions in the earth itself.
Abiotic oil is created by intense pressures on carbon, hydrogen, oxygen and sulphur. The sort of pressures required to create oil are natural as one gets down a certain depth under the heavy crust and in the upper layers of the mantle. In some ways oil is the natural lubrication system for the crust and the upper layers of the mantle as it shifts and orbits the planet's core.
The best think-tanks have known this for several decades now and have kept it hush hush to keep prices of oil high and help the oil industry. This was necessary because oil companies have huge assets and those assets are put to good use in infrastructure, research and development in more than simple oil production. Capitalism requires that certain commodities be given a value above and beyond the cost of procurement. Now that we have a leak which will not be able to be plugged, it's time to prepare and explain what exactly is going on with the Deep Horizon well and why it is almost impossible to cap that Genie back in the bottle.
The underground oil oceans are under far more pressure than their ground well brethren and contain much more oil. At the depth of the Deep Horizon well, one mile under the sea the per inch pressure is 2640 pounds per square inch. The ocean floor in these locations is very dense and can contain the underground oil oceans. Even so, in the Gulf, an Exxon Valdez size amount of oil naturally seeps into the Gulf every year. This under crust oil is seeping into all the oceans, but the Gulf, due to its size and geographic position, makes the seepage measurable.
So BP can be excused a great deal of ignorance in dealing with this new type of well. The typical cures are not working and they will not work. Think how much pressure this underground oil must exist with to support the thin crust between it and the ocean! The odds are the Gulf's underground oil ocean exists between 15,000 and 30,000 psi at all points. Most oil equipment is not made to handle the upper end of this pressure spectrum. So caps blow off, plugs fail and almost nothing can stem the flow of oil now merging an ocean of oil and the Gulf of Mexico.
The two relief wells now being drilled are probably not a good idea, because unlike a ground well this may not "divide" the pressure and create 3 wells with manageable 5,000 psi flows. In fact, depending on the size of this ocean of oil, twenty or thirty relief wells might still only bring the psi down to 10,000! So the relief wells may just create 3 leaks where there was one before. If this is the case, BP seriously needs to fire their current geologists and hire some of the Russian abiotic oil scientists to assist them in corralling the flow from this oil ocean. Watch the news, and hope that BP actually understands what it is dealing with because the relief well option illustrates some of the senior geologists at BP do/did not think the oil is abiotic. If, in August, when the relief wells are finished and we have 3 leaks in lieu of one you will understand why. After reading this you will know more than the BP geologists.
So rejoice. Do not crucify BP for their ignorance in this matter. Thank them. They have, accidentally, proven oil is abiotic and that "Peak oil" is a myth. Do not expect prices to reduce that much though, because this abiotic oil is generating huge new expenses to control and recover. The very good side of this equation is that it wont run out - until the planet itself does. The energy crisis - which was always a myth - is over. Don't let the government get away with issuing no new undersea drilling permits. BP will need to be there for decades and you want other companies to develop experience in this regard. Tapping abiotic oil from under the seas will require all the world's great oil companies expertise. Geologists will need to get better educations than the one's they have gotten. The truth is geology is almost as 'mystical' a science right now as weather prediction. No one knows what is at the core, in the mantle or exactly how a planet forms in the first place and its relationship to the solar body it orbits.
Well...some people do, but they either work here or get their information here where no question is impossible to answer and where peeks behind the curtain of life are par for the course. ;-)
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