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Iwnattos has your four quiz questions on Brent 'The Legend' Cook right here.
Brokerage desk jocks are kneejerk dumbasses who might read the morning newsflow but don't know what the fuck they're looking at half the time
Recent media in Peru have reported false accusations by an individual distant from our communities wherein Bear Creek Mining officials supposedly paid locally elected officials based on an alleged document showing an agreement between the company and politicians in the Corani District. The alleged document is falsified from our duly registered, official agreement as disclosed in April, 2013 (see news release dated April 14, 2013). Police in Peru are investigating these claims and Bear Creek has both encouraged and is cooperating fully in this process.
...it's hardly a massive rush to hide behind the moneymetal, either.
The chart there looks quite dramatic but what we see is a base of 1262, a spike to 1272, and now up $5 from the pre-level at 1267. So, up five dollars...a wash (so far). Frankly, not much compared to the two dimes downspike in the USD on the same news. BLS jobs report NR here
UPDATE ten minutes later. It's still pre-open (22 minutes to go) and gold's given up all the gains, now 1260.
Item 1.01. Entry into a Material Definitive AgreementOn January 31, 2014, the Audit Committee of the Board of Directors of Gold Resource Corporation (the “Company”) approved a consulting arrangement with William Reid, the Company’s former Chairman and Chief Executive Officer and a shareholder beneficially holding greater than 5% of the Company’s outstanding common stock. The Company entered into a written consulting agreement with Mr. Reid, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein. The Company agreed to retain Mr. Reid on a month-to-month basis for $15,000 per month to assist the Company with identification and development of potential new mining projects. The agreement is terminable at any time by either party.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersEffective February 1, 2014, and pursuant to approval by the Compensation Committee of the Board of Directors, certain executive officers of the Company received an increase in the annual base salary set forth in his respective employment agreement with the Company. Chief Executive Officer and President Jason Reid’s annual base salary was increased to $600,000 per year, Chief Operating Officer Rick Irvine’s annual base salary was increased to $350,000 per year and Chief Financial Officer Joe Rodriguez’s base salary was increased to $250,000.
- Robin Hood
- Albert Einstein
- Maria Callas
- Pablo Picasso
- William Shakespeare
- Jane Austen
- Diego Maradona
- Nelson Mandela
- Joan of Arc
- Brent Cook
- JP Morgan
- Mahatma Ghandi
Here's the NR, here's a chart:
- Lots of "We're Great! We're just Great!" at the top.
- Production compared to 4q12 but no mention of 3q13, hmmm, wonder why?
- Silver equivalent only, we're left to guess just how much of that is copper and zinc and stuff
- Then....oh, a fire. And a breakdown. Details, man.
- And...errr...we need some money to spend on new machinery.
- But we're setting a guidance figure for 2014 AND THIS TIME WE MEAN IT. In fact, Lenic even has the chutzpah to mention a guidance for 2015. You really can't make this shit up.
UPDATE: PS Dave has his latest on Waterton, specifically about the ATN deal, here. He goes off on a slightly different tack but it's still a case of liar's poker here. Who's zoomin' who?
1) The official exchange rate strengthened: ArgP$7.95 = U$1.00, six cents up from yesterday.
2) The unofficial exchange rate also improved 10c, to ArgP$ 12.50.
3) The Central Bank's international reserves position improved by U$10m
4) English language bizmedia coverage of Argentina is run by bullshitters, liars and assholes.
That's what the report says. Here's a bit of translation:
Puno: Document reveals millionaire agreement between mining company and mayor of Corani, Edmundo GuerraFebruary 5th, 2014
According to the agreement dated April 15th 2013 in Lima by the mining company Bear Creek Mining, Edmundo Guerra Cáceres and citizen Michel Francois Portier Balland, the second clause states that the company, represented by Elsiario Almiro Antúnez de Mayolo Ramis, commits to pay the persons mentioned the sum of two million Nuevo Soles (approx U$712,000) from 2013 until the project is profitable.
Also, in the third clause of the contract the mining company agrees to pay Guerra Cáceres Michel Portier 2% of profits from the fifth year of production onwards, with this personal benefit being to explain, persuade, induce, convince and give reason to the population affected by the project, as stipulated in clause four of the contract.
Disclosure: No current position in BCM.v, though I have owned the stock at other moments. Last owned in September 2013.
"I am a private investor who does a lot of junior mining stock (Canadian) analysis, has its own database and publishes on SeekingAlpha.com as [redacted]. Recently I met a CEO of a junior mining company [redacted] who referred to your blog as hilarious but very critical as well, he thought I would love it. Boy was he right, and I love your style! Kept laughing over your "owly" comment (o rly) and numerous other things and comments. But your critical comments on a lot of juniors are just about right most of the time (no need to abandon the entire sector though as you suggest one time;) so I think it is of great value to me.
For now, I am planning on building some kind of reputation on SA first, and after that building my own website, as I want to redevelop myself from [redacted] to junior mining research and investment as I think it's a much more fascinating universe. A serious website is priority number one, so no pump 'n dump or "you give me a ton of warrants and some shares and I will write something positive for your IPO" kind of thing. I know a very good writer from SA on O&G, he wants to team up with me with his own site. He makes money by providing custom analysis for funds etc. Not worked out how I'm going to make money out of it but if my quality is good enough this will develop in a natural way I guess, as true quality is scarce in junior mining I noticed. Only Cookie and Kaiser seem to fit the bill IMO.Bottom line: is there any possibility to connect my future site to yours, and what would it cost if you of course would allow it in the first place?Like to hear from you,
The answer: No, fuck off.
UPDATE: Setty is a nicer spirit than I, and offers this link
It started the year at ArgP$10.15 to the dollar (all data from @dolarblue and here too)
The day of the Central Bank move, aka "deval day", it was at 12
It shot to 13, then pulled back
It's now 12.60 at time of writing.
I’m not out here defending this government with gusto, sword and shield. I am saying that the coverage has been twisted out of all proportion in the last few days and has the look of a world trying desperately to cause a crisis, rather than report on one. I don’t think Argentina is in great shape but it’s not that bad, either. If I were a bonds trader I’d be very interested in picking up some of those Argentine BODEN15 dollar bonds, which ended Friday paying 19% on paper that matures next year. On the other hand, those who wait for blood in the streets before buying are going to be disappointed in Argentina 2014 vintage; this country isn’t anywhere near its 2001 state of despair yet and isn’t going to collapse in the year ahead, no matter how much The Economist would wish otherwise. Meanwhile, if the rumourmill only has a quarter of its facts right (10) (11) (both Spanish language links and only really useful for people who know their Argentine politicos) we’re likely to see measures from the CFK government to counteract last week’s negativity. There are still plenty of tools at the country’s disposal today, which again marks the current situation as very different from the ordeals of 2001/2002.
Much of the attention is taken up by Argentina’s International Reserves position (as although a mere symptom and not the cause it’s an easy one to follow, while the real baseline problem of the government’s fiscal deficit requires a working knowledge of the country and its day-to-day economy) and the thrust of all arguments against the country (do we have to suffer “Don’t Cry For...” headlines every time?) went along the lines of “it gets to zero and the place implodes”, or some such.
...the jock Wall Street desk trader jumps in a buys a stack of the company because...
1) he* needs to hedge his port with gold names because his boss just barked at him...but later sees that...
2) gotta get me some gold miner exposure, whole market's dropping and that sector's rising, man
3) look, GORO's a gold miner
4) and it has the word 'gold' in its corporate name. Cool.
*this time it's "he", as women are never as fucking stupid as these dudes
The tiresome debate seems never ending, but this...
Luna Gold Corp. (TSX:LGC)(LGC.TO)(OTCQX:LGCUF) ("Luna" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters pursuant to which they have agreed to purchase, on a bought deal basis, 16,950,000 common shares (the "Shares") at a price of $1.18 per share for gross proceeds to the Corporation of approximately $20 million (the "Offering"). The Offering will be conducted through a syndicate of underwriters co-led by Cormark Securities Inc. and Canaccord Genuity Corp.
The net proceeds of the Offering will be etc etc here
The last time this thing traded at $1.18 was July 17th last year.
UPDATE: El Salvador's going to a 2nd round. With 80% of votes counted SSC is stuck at a touch under 49%; close but no cigar.