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McEwen Mining Inc. Message Board

jj719903 98 posts  |  Last Activity: Dec 26, 2014 4:41 PM Member since: Jan 30, 2004
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  • The world was slow to wake up to the new reality in which China is now the de facto IMF sovereign backstop, as Zero Hedge described two weeks ago in "China Prepares To Bailout Russia" when we noted that a PBOC swap-line was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze, something we first noted over two months ago in "China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin."

    In fact, it was only this week that Bloomberg reported that "China Offers Russia Help With Currency Swap Suggestion." But in order to fully backstop Russia away from a SWIFT-world in which the dollar reigns supreme, one extra step was necessary: the launching of direct FX trade involving the Russian and Chinese currencies, either spot or forward - a move away from purely theoretical bilateral FX trade agreements - which would not only enable and make direct currency trading more efficient by sidestepping the dollar entirely, but also allow Russian companies to budget in Chinese Yuan terms. It is no surprise then that this is precisely the missing step that was announced overnight, and will be implemented starting Monday.

    From Bloomberg:

    China will allow trading in forwards and swaps between the yuan and three more currencies in a bid to reduce foreign-exchange risks amid increased volatility in emerging markets.

    The China Foreign Exchange Trade System will begin such contracts with Malaysia’s ringgit, Russia’s ruble, and the New Zealand dollar from Dec. 29, it said in a statement on its website today. That will extend the yuan’s swaps trading to 11 currencies on the interbank foreign-exchange market.

    A plunge in Russia’s ruble this month to a record low sparked a selloff in developing nations’ assets, leading to a surge in currency volatility. The new contracts come amid efforts by China to increase the international use of the yuan, as the world’s second-largest economy promotes it ...

  • The Market Vectors Junior Gold Miners ETF (or GDXJ) is an ETF administered by Van Eck and created to replicate the Global Junior Gold Miners Index which is a basket of small-cap gold exploration, development and production companies. The GDXJ tries to maintain an average market cap of its holdings above $150 million.

    According to recent filings, the ETF’s largest holdings are Centamin, IAMGOLD, Hecla and AuRico, but included in the 69 total equity positions are exploration names such as Bear Creek Mining and Focus Minerals.

    Needless to say, the ETF which mirrors the junior resource markets, hasn’t performed well.

    Year-to-date, it is down 18.18% but in the past 3 months the ETF is down over 40%.

    Recently, the GDXJ was re-balanced in order to maintain their average market capitalization hurdle. Given the performance of the underlying equities, the pre-revenue, development stories that have become less and less liquid were sold in favor of more liquid, higher market capitalization names such as IAMGOLD, AuRico and Alamos.

    As a result, some of these development companies have been crushed by this relentless selling.

    Asanko, Premier Gold, Torex, Rubicon and Midway were among them. Shares in those companies are down 23%, 25%, 22%, 17% and 15%, respectively over the past 30 days.

  • At market tops, shares move from strong hands into weak hands. At market bottoms, the opposite: from weak hands into strong hands.

    Sheldon Inwentash of Pinetree Capital (PNP-T) had some early Xmas presents for investors as Pinetree Capital managed to violate covenants of their convertible debentures in November and then again in early December. On November 10, the company announced the first, on December 2, announced the second. As a result, Pinetree has been dumping shares with both hands to raise cash.

    For the last ten days, Pinetree has been dumping Gold Canyon (GCU-V). Pinetree/Sheldon owned 12 million shares. While it’s impossible to know exactly how many shares they have remaining, about 12 million shares have traded hands. No doubt there were other weak hands anxious to capture the very bottom with their sales.

    If you like gold, Gold Canyon offers one of the best opportunities to leverage the price of gold. The Northern Miner did a piece on the company in early 2013 showing an NPV of $579 million with gold at $1300 and silver at $25.

    The Springpole project has a 43-101 resource of about 5 million ounces of gold and 26 million ounces of silver. The company has $1.5 million in the bank and will sit until the price of gold and silver recovers. The shares were $.25 just over a month ago and touched $.09 days ago under the weight of 12 million shares being dumped. They will recover. At $.10 a share, you are paying about $2.60 an ounce for gold in a safe jurisdiction. That’s pretty hard to beat. Who knows, gold might go up someday.

    Gold Canyon is not an advertiser. I do own shares. Do your own due diligence.

    Gold Canyon Resources
    GCU-V $.10 (Dec 23, 2014)
    GDCRF OTCQX 148.6 million shares

    Bob Moriarty
    President: 321gold

    Sentiment: Strong Buy

  • jj719903 jj719903 Dec 23, 2014 5:03 PM Flag

    Airlines on the other side of the trade...

    US:

    Bakken hit with capex cuts: The FT reported that Continental Resources - one of the largest producers in the Bakken - became the latest to cut its 2015 capex plans. The company cut 2015 capex guidance for a second time and intends to reduce the number of rigs it has operating by nearly 40%. Despite the cuts in capex, the company still expects its average production next year to be 16-20% higher than its average for 2014.
    Airlines lose on oil hedges: Reuters noted that some major US airlines including Delta and Southwest are rushing to finance losing bets on oil and revamp fuel hedges as falling prices leave them with billions of dollars in losses. The article said carriers known for successful hedging programs that locked in cheap fuel prices are now seeing some of the benefits of cheap fuel eaten away by hedging costs. It said that is largely because they have used common but risky hedging strategies, such as a "costless collar".

  • Pickens tells it like it is...

    Submitted by Tyler Durden on 12/23/2014 11:10 -0500

    Narrative, we have a problem! No lesser oil-man than T. Boone Pickens made quite an appearance on CNBC this morning - stunning the cheerleaders into first defense then silence as he broke the facts on oil's collapse to them. Oil is down "mainly due to weak demand," he explains... the anchors deny, "I am the expert, not you" Pickens rages as he warns drilling rigs will be laid down on a very wide scale (just as we have noted previously). Arguing over 'peak oil', he calls CNBC chatter #$%$" and laid out a rather dismal short- to medium-term outlook for the oil & gas sector - not what the cheerleading tax-cut slurping media narrative wants to hear at all...

    "demand is down" - "lower demand is the main driver" - "rig count is gonna fall - drop 500 rigs in next 6-9 months"

    Capex cuts coming... oil prices may be back at $90-100 Brent in 12-18 months but not without rig counts plunging.

    At 4:15 Pickens starts to discuss Peak Oil... enjoy -

    CNBC: "Peak Oil didn't happen" ..

    Pickens: "that's all #$%$... I am the expert not you" CNBC: "well you're not much of an expert if you thought Peak Oil happened"

    Enjoy some real-life pushback on the narrative... (apologies for audio quality)

    Zero Hedge

  • Banksters are sweating a few bullets....

    December 22, 2014 by Martin Armstrong

    About 82 percent of the derivatives market in the United States relates to the interest rate derivatives. This reflect the real Debt Bubble that is brewing. Why did the banks need to repeal Dodd-Frank and the Volcker Rule to get taxpayer backing for their losses again? One need not look beyond the oil derivatives. The bank expected oil to rise, not fall. They are on the other-side of the hedging by oil companies. What exactly is their risk in energy can be very difficult to determined. Oil Derivatives is but a tiny fraction of the share of the 280-trillion dollar derivative market. It is not enough to trigger a financial crisis 2.0 just yet. However, a year-end closing below $57 will set in motion a cascade effect. How, this will start to impact the Credit Default Swaps in debt. Why? The Middle East, Russia, and many other nations rely upon energy revenue. As that revenue collapses, we will see more and more problems emerge in the interest rate sector. Keep in mind that this is by no means an exclusive US banking problem. The money-center banks in Britain, Germany and Switzerland are also exposed since they followed the lead of New York.

  • Controlled demolition of prices...get an article out on a daily basis.

    23 Dec, 2014

    RIYADH: OPEC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia said.

    "Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant," the kingdom's Oil Minister Ali al-Naimi said in an interview with the Middle East Economic Survey, an industry weekly.

    In unusually detailed comments, Naimi defended a decision by the Organization of the Petroleum Exporting Countries, whose lead producer is Saudi Arabia, last month to maintain a production ceiling of 30 million barrels per day.

    The decision sent global crude prices tumbling, worsening a price drop that has seen them fall by around 50 per cent since June.

    Read more at: economictimes indiatimes

  • jj719903 jj719903 Dec 22, 2014 7:12 PM Flag

    doc...it is as long as they are able to pay the hedges.Will banks need a "please save us moment"?
    Saudi's may be looking to put some competitors out of business. Armstrong piece on derivatives...

    Derivatives Market $280 Trillion – Is It Really A Time Bomb?

    About 82 percent of the derivatives market in the United States relates to the interest rate derivatives. This reflect the real Debt Bubble that is brewing. Why did the banks need to repeal Dodd-Frank and the Volcker Rule to get taxpayer backing for their losses again? One need not look beyond the oil derivatives. The bank expected oil to rise, not fall. They are on the other-side of the hedging by oil companies. What exactly is their risk in energy can be very difficult to determined. Oil Derivatives is but a tiny fraction of the share of the 280-trillion dollar derivative market. It is not enough to trigger a financial crisis 2.0 just yet. However, a year-end closing below $57 will set in motion a cascade effect. How, this will start to impact the Credit Default Swaps in debt. Why? The Middle East, Russia, and many other nations rely upon energy revenue. As that revenue collapses, we will see more and more problems emerge in the interest rate sector. Keep in mind that this is by no means an exclusive US banking problem. The money-center banks in Britain, Germany and Switzerland are also exposed since they followed the lead of New York.

  • UK to extend Libor manipulation laws to cover gold, oil, silver
    LONDON Mon Dec 22, 2014 7:35am EST

    (Reuters) - Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offense to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday.

    The move is the latest by the Conservative-led government to clamp down on malpractice in the City of London whose reputation has been tarnished by an interest rate-rigging scandal and claims that traders colluded to manipulate currency rates.

    "Ensuring that the key rates that underpin financial markets here and around the world are robust, and that anyone who seeks to manipulate them is subject to the full force of the law, is an important part of our long-term economic plan," finance minister George Osborne said in a statement.

    Under the law, people found guilty of manipulation can be handed jail sentences of up to seven years. It was originally introduced to cover the London Interbank Offered Rate (Libor) market after a global manipulation scandal which resulted in banks being fined billions of dollars.

    The finance ministry said seven benchmarks including the WM/Reuters 4 p.m. London fix -- the dominant global benchmark in the $5.3 trillion-a-day currency market -- would be subject to the law, pending a consultation by Britain's financial watchdog.

    The European Union has criminalized the rigging of financial market benchmarks after the Libor scandal, but those laws will not take effect until 2016.

    A former trader from Royal Bank of Scotland was arrested on Friday in connection with a criminal investigation into allegations that bank traders tried to manipulate currency markets, according the Financial Times.

    -END-

  • by SRSrocco on December 21, 2014

    As the price of silver fell to a new low in November, India imported a record amount of the shiny metal. Demand for the physical metal was so strong, India nearly imported the same amount of silver in November than it did for the entire year in 2009.

    Koos Jansen at BullionStar published a great article, India Silver Imported 6,789t YTD, showing just how much silver was imported into the country in October and November.

    I took some of his recent data from that article and updated my graphs. India imported a staggering 1,254 metric tons (mt) of silver in November and 1,243 mt in October for a total of 2,467 mt. If we break down India’s silver imports on a quarterly basis, we can see just how big these numbers really are: see charts

    In just two months (Oct & Nov), India imported twice as much as in Jan-Apr, and a great deal more than the following two quarters. If India imports at least 700 mt in December, the fourth quarter will be nearly double the amount imported during the second highest quarter, Apr-Jun.

    As Koos stated in his article, India has already imported a record 6,789 mt of silver Jan-Nov. If India does import 700 mt of silver in December, the total would reach 7,400+mt for the year. This would be an increase of 27% compared to the previous record of 5,819 mt set in 2013.

    continued..with charts

  • Reuters Middle East – Sun, Dec 21, 2014

    ABU DHABI, Dec 21 (Reuters) - OPEC Secretary-General Abdullah al-Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of the second half of 2015.
    "We hope the price would rebound by the end of the second half of 2015," he said. "We can't see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices."

  • By Greg Hunter On December 21, 2014

    (Early Sunday Release) Chris Powell, Secretary/Treasurer of the Gold Anti-Trust Action Committee (GATA), says recent bombshell evidence shows intense central bank “interventions” at the CME Group, which handles $1 quadrillion ($1,000 trillion) worth of business annually. Powell explains, “The greatest documentation that’s come out recently has been filings by the CME Group which operates the major futures exchange in the United States. They filed a letter with the U.S. Commodity Futures Trading Commission (CFTC) . . . showing that central banks are receiving special volume discounts for trading futures on all the major futures exchanges, not just financial futures contracts and metals futures contracts, but even agricultural futures contracts. The CME Group’s most recent 10-K filing with the U.S. Securities and Exchange Commission (SEC) lists its customers. Included in that list are governments and central banks. This is really a sensational development. Nobody can trade against central banks, they create infinite money. If central banks are secretly trading in the futures markets, there are no markets. The CME Group defended this as a matter of adding liquidity to the futures markets, but it’s liquidity in the sense of the Atlantic Ocean.”

    Powell goes on to say, “Again, central banks create infinite liquidity. Nobody can trade against them. That means central banks are controlling all futures prices in the United States. Remarkably, this cannot be reported in the financial news media. GATA has sent these documents to many news organizations around the world, and it simply cannot be talked about. No major financial news organization dares to ask CME Group or any central bank ‘what about this secret trading with volume discounts by central banks in all the major U.S. futures markets?’ It simply cannot be discussed.

  • Reply to

    Russia Is Not Selling Gold, Bought 18t In November

    by jj719903 Dec 19, 2014 2:50 PM
    jj719903 jj719903 Dec 19, 2014 2:55 PM Flag

    Russia Busts "Gold-Selling" Rumors, Reports It Bought Another 600,000 Ounces Taking Gold Holdings To New Record High

    Yesterday, when we reported the latest rumor of Russian gold selling, this time out of SocGen, we said that "it should be noted that SocGen and its "sources" have a conflict: in an indirect way, none other than SocGen is suddenly very interested in Russia stabilizing its economy because as we wrote before, "Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet" which also sent SocGen's default risk higher in recent days. So if all it will take to stabilize the RUB sell off, reduce fears of Russian contagion, and halt the selloff of SocGen stocks is a "source" reporting what may or may not be the case, so be it."

    Moments ago, as if to deter further speculation that Russia is indeed converting hard money earned from real resources for fiat paper, the Russian monetary authority made it quite clear, that at least in November, Russia not only did not sell any gold, but in fact bought another 600K ounces in the month of November.

    RUSSIAN MONETARY GOLD HOLDINGS RISE VS 37.6M ON NOV. 1
    RUSSIAN MONETARY GOLD HOLDINGS 38.2M TROY OZ AS OF DEC. 1
    So we can now add another 600K to Russia's most recent holdings:

    Which of course means that the very "Russia is selling" rumors that were so effectively used to keep the price of gold low into the recent risk-flaring episode, were capitalized on by the very same Russia, which we do however know sold some $8 billion in US Treasurys in October bringings its total holdings of US paper to the second lowest since 2008...

    ... and which used these same low prices not to sell, but to buy. At the lowest prices possible. Zero Hedge

  • Koos Janson Posted on 19 Dec 2014

    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:

    VYACHESLAV TEREKHOV: There is something I would like to clarify, Mr President. Judging by the situation in the country, we are in the midst of a deep currency crisis, one that even Central Bank employees say they could not have foreseen in their worst nightmares.

    Do you believe that things will get better in two years, as you mentioned, and we will recover from this financial and economic crisis? Criticism was piled on the Government and the Central Bank for the ruble’s Black Monday and Tuesday. Do you agree with this criticism?

    VLADIMIR PUTIN: I said that given the most unfavourable foreign economic situation this could last (approximately, because no one can say for certain) for about two years. However, it may not last that long and the situation could take a turn for the better sooner.continued bullionstar

  • bloomberg - DECEMBER 17, 2014

    Dec. 16 (Bloomberg) -- On today’s “The Roundup,” James Rickards, author of “Currency Wars,” Bloomberg's Trish Regan, Lisa Abramowicz and Douglas Lavanture o Street Smarts.

    Jim Rickards discusses China and Russia Stockpiling Gold trying to Get Out of the Dollar also the Fed, LTCM, SONY, QE4 & More:

    Trish & Lisa freak out over Jim's suggestion of QE4 in 2016 ?

  • Ann barnhardt Dec 17, 2014

    There are actually TWO Barnhardt Axioms. The second Barnhardt Axiom is:
    Seeking and/or holding office, especially national-level office, is today, in and of itself, proof that a given person is psychologically and morally unfit to hold public office.

    The first, older Barnhardt Axiom is:

    If you can’t stand in front of something and physically defend it with a firearm, then you don’t own it, and probably never did.

    The fifth largest Commodity trading company (not a brokerage firm per se, but specializing in trading commodities in both the physical and on paper) just announced that they are ceasing ALL gold trading activity. Why? Because the PHYSICAL GOLD that is allegedly stored and/or backing the paper markets ISN’T THERE, everyone knows it, and they want out before the manure impacts the rapidly spinning airfoils.

    This is called a "mokita", from a language in Papua New Guinea, meaning "a truth everybody knows but nobody speaks".

    Yup. I’ve been saying this for years. COMEX warehouse receipts are a joke, as are ETFs (Exchange Traded Funds). I wonder what the factor is on "owners" of each serial number? Kyle Bass was beyond smart to get his physical gold out of COMEX years ago – essentially cashing out of the Ponzi super-early, before it collapsed, which is the one and only viable strategy when one finds oneself unwittingly in a Ponzi – as Bass did with regards to COMEX.

    Kyle Bass says COMEX can't deliver ...video

    Last month DeutscheBank also announced that it would cease all physical precious metals trading. Yup. The jig is up, methinks. The metal simply isn’t there, and these people are getting out not out of a profound sense of moral responsibility, but rather like vermin exiting a sinking ship. How does one defend oneself when after taking delivery of a certain bar, or even just owning on paper, and fifty other claimants show up, each carrying a warehouse receipt with exactly the same serial number?

  • jj719903 jj719903 Dec 17, 2014 6:13 PM Flag

    Jim Rickards @JamesGRickards · 2 hours ago
    People have been debating whether the #Fed will raise rates in March or June. The March people got whacked today. June will get whacked next

    Jim Rickards @JamesGRickards · 2 hours ago
    I chatted with a voting #FOMC member recently. He told me he's never had a "government job." Technically that's correct.

    Jim Rickards @JamesGRickards · 3 hours ago
    #Yellen said the "financial system" is less leveraged than before the crisis. That's wrong unless central banks are not part of the "system"

    Jim Rickards @JamesGRickards · 3 hours ago
    Polygraph operators & intelligence analysts get more out of body language than words. #Yellen just threw the NY Fed under the bus.

    Jim Rickards @JamesGRickards · 3 hours ago
    #Yellen tried to express confidence in the New York Fed and choked on her own words. Fascinating.

    Jim Rickards @JamesGRickards · 3 hours ago
    #Yellen calls the oil price decline "like a tax cut." Yeah, except for the trillion dollars of bond defaults coming.

    Jim Rickards @JamesGRickards ·4 hours ago
    I've met privately with many central bankers. Don't ever think they know what they're doing, My 3-min video explains:

  • 2.76 million views. Scam is still in full bloom. The shell game of open market operations is explained in detail, along with the fractional reserve ponzi scheme.

    Perfect video for today's meeting.

    Don't miss the comments by Ron Paul, James Rickards and Steve Forbes at end of video.

  • Reply to

    insiders buying at higher prices

    by xwolf2013 Feb 21, 2013 12:38 AM
    jj719903 jj719903 Dec 17, 2014 3:34 PM Flag

    insiders - follow the leaders
    Gold Canyon Resources Inc. (GCU) has the following new filing(s) recently:

    LEVINSON, AKIKO (President, Chief Executive Officer, Director)
    SEDI Insider Relationship:
    4 - Director of Issuer
    5 - Senior Officer of Issuer

    Acquired 10,000 Common Shares (Direct Ownership) at a price of $0.125 through the public market on December 15th, 2014 (Holdings Change* of 0.3%)

    Insider transaction information sourced from SEDI®

    From stockhouse

  • Great comments section...for folks that get tired of the BS here.

    By Turd Ferguson | Tuesday, December 16, 2014 at 10:32 am

    As historic events unfold around us, and with markets moving so quickly around the globe, I thought we should try something different today. Hopefully this open thread provides a forum for the free exchange of ideas and opinions as well as headline updates for all the global markets.

    My opinion is this:

    With overt sanctions against Russia having minimal impact, the U.S. set out on a course of covert sanctions last summer. Among these was a plan to manipulate down the paper price of crude oil as Russia derives nearly 15% of its national income from the sale of crude.

    Once price broke $90, the spec algos took over and the growing momentum of the trade has driven price well beyond what the central planners originally thought possible. Now closing in on $50, the decline has imperiled all sorts of economies, currencies and derivatives around the globe.

    Chief among those imperiled is the original target, Putin's Russia, which has seen the ruble devalue by nearly 50% in past few months, 20% in just the past few days. The US and NATO are already fighting a proxy war versus Russia in Ukraine. How might these events intensify the battles there?

    And there are all sorts of other "unknown unknowns" here:

    The $4T in US TBTF bank commodity derivatives, the majority of which are linked to crude oil.
    The collapsing currencies and equity markets of other crude oil producing nations.
    The US high yield bond market with an abundance of debt issued by energy companies.
    Might even Russia surprise the world by "thinking outside the box", if you get my drift?
    So, anyway, please discuss all of this here and be sure to add your own ideas and theories. I'm going to make this a public thread so that anyone stopping by will have the opportunity to explore the collective wisdom of Turdville.

    Continued....

MUX
1.09+0.10(+9.55%)Dec 26 4:03 PMEST

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