…Overall, I think it is up to the Central Bank to decide whether to reduce the interest rate or not, they should see and react accordingly. They should not hand out our gold and foreign currency reserves or burn them on the market, but provide lending resources.
Russia Is Not Selling Gold, Bought 18t In November
There are rumors doing the rounds that Russia is selling gold. My first reaction to this news was that is contradictory to what Putin stands for. Russia has been the most openly aggressive buyer of gold in the past years and Putin never made it a secret he wants to move away from the US dollar as the world reserve currency – gold potentially playing a role in a new monetary order. The last thing Russia wants to do is sell the asset they have demonstrated to value the most. Besides, the Russian central bank (CBR) also has other FX reserves that it could sell to support the Ruble, if it wants to intervene.
The rumors about Russia selling gold were spread by Yahoo, Business Insider, and Zero Hedge/SocGen. Two other bloggers already did the debunking for us; Market Update wrote about Yahoo’s article and Bron Suchecki just published a must read on Zero Hedge/SocGen/Business Insider.
The final confirmation came from Vladimir himself. Yesterday the President of Russia gave his yearly press conference. When journalist Vyacheslav Terekhov (Interfax) asked about the crisis Russia currently is in, Putin made a clear statement:
"New treatment options are sorely needed in Europe where there is currently only one prescription drug available for weight management, a lipase inhibitor, which was approved in 1998. I am pleased the CHMP adopted a positive opinion for Mysimba after a careful assessment of its benefits and risks."
Over 5000 USA Docs wrote Contrave scripts in last two weeks. Plus 900 Takeda pharma reps calling on the medical community securing more biz daily. Contrave is also more competitively priced.
Dec 19 (Reuters) - European regulators recommended the approval of Orexigen Therapeutics Inc's diet pill, which could become the first prescription medicine for obesity to be approved in the European Union in nearly a decade.
The drug, sold as Contrave by partner Takeda Pharmaceutical Co in the United States, will be marketed as Mysimba in Europe. The European Commission is expected to give its decision on the drug in early 2015, Orexigen said.
The treatment, which won U.S. approval in September, is a combination of the antidepressant bupropion and Orexigen's formulation of naltrexone, designed to prevent drug dependence.
The third obesity treatment in more than a decade to win approval from the U.S. Food and Drug Administration, the drug looks poised to enter Europe before its competitors, Vivus Inc's Qsymia and Arena Pharmaceuticals Inc's Belviq.
ABBOTT BUYOUT IS COMING...
The company is one of the lowest cost gold producers, with all-in costs between $880 to $920 for 2014. That's because Barrick owns and operates several world-class assets, like the Cortez, Goldstrike, Pueblo Viejo and Lagunas Norte mines. But the company also offers some exposure to copper prices, as it expects to produce between 440 to 460 million pounds of copper this year at sub-$2 costs per pound. The suspension of Lumwana will most likely lower Barrick's copper production next year and in the future, unless an agreement can be worked out between the two parties, which seems unlikely. However, this news isn't really that bad for a few reasons.
First, Lumwana already had its share of problems, with a conveyor collapse during the second quarter shutting down the mill and concentrate production for most of the quarter. Next, Lumwana was a higher-cost copper mine with production of 138 million pounds of copper in the first nine months of 2014 at fully allocated costs of $2.98 per pound (which is actually above the current copper price of $2.87 per pound). And as I mentioned in my previous article, the company's best copper asset is its Zaldivar mine in Chile, which is an open-pit, heap leach mine that produced 279 million pounds of copper last year at fully allocated costs of $1.94 per pound. It's a profitable, long-life copper mine, and Chile is a far better mining country than Zambia. So the closure of Lumwana should actually lower Barrick's all-in costs in 2015 and give it more time and energy to focus on its lower-cost assets, as well as search for new opportunities. I still believe Barrick could be a great long-term investment, although the short-term is certainly bringing some challenges.
Suspend the operation...
Zambia’s economy will expand at the slowest pace in 12 years in 2014 after mining production was hurt by technical shutdowns, according to the International Monetary Fund.
Zambia’s economy will grow by 5.5 percent this year, Tsidi Tsikata, who led an IMF team for an article IV consultation this month, said in an e-mailed statement late yesterday in Lusaka, the capital. That’s the slowest pace since 2002.
$22.00. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Barrick Gold has a consensus rating of “Hold” and an average target price of $18.61.