Greece will take these mines and give them to the Troika in payment for the loans. Eventually all Greek assets will be liquidated to pay the debts unless Greece tells them to go to the Netherworld. Buying the mines in Greece has proven to be a terrible decision by EGO. These are the decisions that ruin a fine company.
The worst part is that gold is just now starting to move. Maybe a large move up in the gold price can save EGO. Time will tell. Good luck
Lockhart opens his mouth today and sound just a little bit dovish and BOOM! The dollar falls, oil goes up, metals go up as the HFTers have to unwind all those leveraged positions based on the fantasy that the Fed will actually raise rates. Commodities are in a world wide slump. Does that sound like a strong world wide or US economy that can handle a rate increase. The dollar is overbought and as it comes down and the world sees the naked Fed as the tide goes out, companies that pay a nice div like CVX will prosper. It is all a sick game trying to keep the ball in the air until after the Bamster gets out of office. My guess is that we will not make it that far without a major economic issue of some sort. Now they even plan to bail out Puerto Rico - maybe Chicago should get in line.............
Oil down today. Stocks down today. CVX UP today. Why?? The Atlanta Fed came out with their 3rd quarter forecast @ 1%. Wow that sucks ......huh? But the market reads this as --- Well now there is no way the Fed can raise rates in Sept. I figured we would not see this until the Fed actually came out and said as much in Sept. So today, all big div stocks go a boost. Going forward should be interesting. Wouldn't it be great to see the oil price grab hold here?? Good luck to all longs. We may need it.
If the div holds as I suspect it will, then my forecast is that in Sept, when the Bank owned Fed comes out and admits that they cannot raise rates in Sept, then stocks like Chevron that pay a large div will have a solid rally as the market finally realizes that there will never be any yield in bonds/CD's, ets. Also by then we will probably have seen the bottom in oil prices. If you believe that the div is safe, I believe this is the time to buy and I am doing so. In the end the whole thing is a #$%$ shoot manipulated by the Banks and the Fed.
I think the thing that will drive this stock price is the belief that the Fed will actually raise rates in Sept or at least this year. Retail sales this AM were poor and disappointed. X-Chair of Bloomingdales commented on how "Soft" retail sales were across the board. The Fed is clueless OMHO. If they do NOT raise rates FNFG will not move much I believe. Banks want higher rates. The Fed is scared scatless to do this as it will slow an already very slow economy - not to mention increase the cost of our national debt which is closing in on $19 Trillion. A 1% raise (across the board which would take a few years) would cost us an additional $190 Billion every year. The Fed wants to raise rates so that they can cut the next time there is a economic downturn. The reality is that we may never escape the current one, so WHT happens the during the next Bank caused melt down.....Massive QE is my best guess. Who knows, but the Fed is trapped. It is a real coin toss or rate increases this year. The market will call their bluff if they do not raise and stocks go down either way.
I could not agree more. Should have sold when they first bought the Greece mines. It is a shame that miners have to buy assets in areas of such unrest but that is the state of the industry. High risk - No reward as the manipulators control the price of gold thru selling unlimited amounts of naked calls on an ongoing basis.
The fact that anyone owns gold or the miners is a major vote of lack of confidence in the idiots who run the country and debase the currency daily. In the end (whenever that is) gold will win but it is ugly in the mean time. Look at how long the Greece situation has dragged on. This tells you how long it will take to totally destroy the dollar and that is the underlying bet here. There will be no winners in the end, you will just loose less if you hold some gold.
I would love to see it but the criminals in DC would never allow either China or Russia to buy a gold asset on US property. Get real..........I am disappointed in NG movement in recent days as gold rallys somewhat in front of the next smash by the manipulators at the BIS, Fed, Treasury, and Bullion Banks.......
Silver must be way oversold if they cannot hold it down on Meeting Day. Yellen and the crew must really hate it if any of the metals do not get hammered by the Criminal Banks on her "Special Day" to BS the world.
Manipulate till it blows I guess.
The German 10 year went from being negative to around 1% in less than a month. The US 10 year is approaching 2.5%. I would love to be able to see the Derivative Book at the big money center banks to see how their Interest Rate Swaps are doing. Deutsch Bank (??Spelling) just fired their twin CEO's and they are rumored to have the largest Derivative Book anywhere at close to $50 Trillion. Sudden moves in rates like this cause tremors in the land of Interest Rate Swaps. Also the Fed uses these as one of the methods to control rates as they create false demand thru this instrument. Banks like FNFG should love higher rates. Some others, not so much. Life remains interesting. FNFG may also be in play behind the scenes but this appears to be a market reaction to the sector due to rate rises. Good luck to all longs. Not so much to the shorts.