Pretivm Prices Offering of Common Shares
The underwriters have agreed to purchase 8,280,000 common shares at a price of US$7.25 per common share (the "Offering Price") for gross proceeds of US$49,524,750 for the Company and US$10,505,250 for Silver Standard (as defined below). The Company will offer 6,831,000 of the common shares in the Offering. The remaining 1,449,000 of the common shares in the Offering will be offered by Silver Standard Resources Inc. ("Silver Standard"), as selling shareholder, pursuant to its existing registration rights that permit Silver Standard to participate in offerings of securities by the Company in an amount equal to the total number of common shares being offered multiplied by Silver Standard's current ownership percentage. The Offering will be made under a prospectus supplement dated July 22, 2014 to the Company's short form base shelf prospectus dated July 16, 2014, to be filed with the securities regulatory authorities in each of the provinces and territories of Canada except Quebec. The Supplement will also be filed with the U.S. Securities and Exchange Commission ("SEC") as part of a registration statement on Form F-10 in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.
The Company and Silver Standard have also proportionately granted the underwriters an over-allotment option to purchase up to an additional aggregate of 1,242,000 common shares at the Offering Price, exercisable for a period of 30 days following closing. Scotia Capital Inc. is the lead underwriter in a syndicate that includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., Cormark Securities Inc., GMP Securities L.P., RBC Dominion Securities Inc., Citigroup Global Markets Canada Inc., Cowen & Company, LLC, Roth Capital Partners LLC, H.C. Wainwright & Co. LLC and Salman Partners Inc.
It doesn’t matter what the news, data, or fundamentals are for this week, nothing will keep gold from its preordained suppression. Constant interference is the key to getting gold sub-$1300 by next Monday at 12:00 noon. This morning’s 10:00 AM selloff of course came just in time to get the PM fix back down to "no higher than $5" parameter. Last evening’s 6:00 access trade opening pressure now makes it 67 out of the past 73, a mere 92% probability. No biggie though from where the CFTC sits, which is no doubt with their feet up and their backs to the monitors.
As the drum beat of suppression goes on it will be facing a slew of opposing forces, not the least of which is seasonal tendencies. August 4th through November 25th is now the next chance for a significant rally. Even with that December op. ex./FND down the road the rest of the winter period is still a strong possibility. I can already hear the CNBS spin on why the Christmas retail sales were such a disappointment. Maybe this time declining sales will be blamed on the weather being too..... normal.
Definition of 'Bottom'
The lowest point or price reached by a financial security, commodity, index or economic cycle in a given time period. A specific time span is usually used to determine a bottom - most commonly, 52 weeks - but that timeframe could stretch over years, or remain intraday.
If a stock has "bottomed out", it means it might have reached its low point and could be in the early stages of an upward trend. Investors usually see a bottom as an opportunity to purchase securities when they are potentially underpriced.
The bottom is used in technical analysis by defining the lowest level of support when charting a stock, commodity, index or economic cycle.
A post was made about gold manipulation in the futures market and it gets turned into...there is so much juice? Are you suffering from premature long / short syndrome?
Go to Zerohedge and look at a $gold Chart for that day. There is a difference between $1.37 Billion and $107.8 Billion...follow the bread crumb trails.
Boy, did James Mc read my mind…
Surprising that gold was even allowed to go up at all on a potential crisis situation. History shows gold should have plummeted on crisis news. Not surprising though was that +2% was the usual containment zone. Circled number showed $1324.80 as expanded limit up. Gold traded $1 above that figure for less than 5 seconds, so fast I actually missed seeing it. The immediate slam back below +2% is proof of there being standing algo sell programs at ALL times. Of course the CNBC spin was that "it’s surprising that gold wasn’t up $30 or even $40 on the news". Nice of them to know exactly how much gold should rise on any particular tragedy. What’s disingenuous of them is to not note how +2% is also the same rise for gold on NO news, good news, or bad news, let alone a potential major crisis. Equally disingenuous is for them to not note how fast gold got stuffed back below its artificial $1320 iron lid.
We now know that Janet Yellen’s comment on Tuesday that "the housing sector was still an issue with the Fed" was for damn good reason. With starts off 9.3% and permits off 4.2% (seasonally adjusted, God knows what the reality is) she was either being coy to say the least, or fraudulent to put it more bluntly. The orchestrated gold flash crashes masked an entirely different reality: housing is re-crashing, and QE is a permanent fixture. Truthiness, as Stephen Colbert refers to it, is the necessary Fed tool to distract people’s minds from the reality of "crashiness".
Exceedingly now the natural path of least resistance for gold is UP, way UP. Whether we must sit through another month or two of imposed summer doldrums remains to be seen. What doesn’t remain to be seen however are the dozens upon dozens of reasons for gold and silver to soar. When the gold derivatives suppression ends neither CNBC, nor anybody else will be able to arrogantly declare a "reasonable" POG. That price will finally be determined by true physical market forces.
By California Lawyer | Thursday, July 17, 2014 at 12:10 am
Some wise folks have repeatedly told us that regulatory enforcement at the highest levels is compromised because of the constant flow of high-ranking government officials from positions of governmental power into the lofty, highly-paid perches of private employers who were once the subjects of regulation by those same folks.
Look at all the criminal actions brought by the SEC against all of the wrongdoers in the subprime mortgage fiasco? Right, not a single case. Or wait, there are all those bankers who fraudulently issued fake paper, assignments, robosigned documents, all of it, to allow big banks to foreclose upon homeowners who defaulted upon their NINJA, option-arm, no doc loans, who are serving time after being prosecuted by the Department of Justice, right?
Well, there is MFing Global, and the Honorable Corzine, right, who stole a billion in customer accounts, and is rotting in jail? Err, wait . . .
Okay, I got it! Martha Stewart spent HARD TIME in prison for obstruction of justice for failing to correctly confess to insider trading some shares stock. There, see, law enforcement WORKS!!
The shorts having trouble finding the bogus naked short shares?
1213 posts | Last Activity: 44 minutes ago
Member since: Jun 18, 2014
Do you think any of them loaned out too many shares? Desperado's are pulling out all stops on this.
Ottoshort...are you pumping banks?
For years, homeowners have been battling Wall Street in an attempt to recover some portion of their massive losses from the housing Ponzi scheme. But progress has been slow, as they have been outgunned and out-spent by the banking titans.
In June, however, the banks may have met their match, as some equally powerful titans strode onto the stage. Investors led by BlackRock, the world’s largest asset manager, and PIMCO, the world’s largest bond-fund manager, have sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for losses surpassing $250 billion. That is the equivalent of one million homeowners with $250,000 in damages suing at one time.
The defendants are the so-called trust banks that oversee payments and enforce terms on more than $2 trillion in residential mortgage securities. They include units of Deutsche Bank AG, U.S. Bank, Wells Fargo, Citigroup, HSBC Holdings PLC, and Bank of New York Mellon Corp. Six nearly identical complaints charge the trust banks with breach of their duty to force lenders and sponsors of the mortgage-backed securities to repurchase defective loans.
Why the investors are only now suing is complicated, but it involves a recent court decision on the statute of limitations. Why the trust banks failed to sue the lenders evidently involves the cozy relationship between lenders and trustees. The trustees also securitized loans in pools where they were not trustees. If they had started filing suit demanding repurchases, they might wind up suedon other deals in retaliation. Better to ignore the repurchase provisions of the pooling and servicing agreements and let the investors take the losses—better, at least, until they sued.
Rarer heavier earths which will be in demand include yttrium, europium and terbium used in energy efficient fluorescent lamps and bulbs, erbium which is used in lasers for medical and dental use, and dysprosium, used in the manufacture of neodymium-iron-boron high-strength permanent magnets.
“There is limited scope for rare earths to be substituted for other materials in these applications and the heavy rare earth elements are essential for their performance. Projections suggest supply will be problematic for yttrium, europium and terbium and may be challenging for other important elements such as erbium and dysprosium. They are more likely to sustain higher prices or see some price increase going forward.
Molycorp and its subsidiary companies produce some of the highest purity rare earth and rare metal materials in the world. These highly advanced processing capabilities allow us to meet increasingly demanding specifications by manufacturers that need very pure and custom engineered materials.
Technologies and applications that need high-purity, custom engineered rare earth materials include: multi-layer ceramic capacitors, widely used in many advanced and consumer electronics; phosphors for compact fluorescent lighting, plasma screens, and LEDs; high-precision lenses and optics; electronic sensors; super alloys; advanced ceramics; thermal barrier coatings; lasers; neutron radiography; and many others.
To help serve these and other high-end markets, we produce these rare earth materials to the following purity levels:
Yttrium Oxide 99.9999
Yttrium Europium Gadolinium 99.99
Yttrium Europium Oxide 99.9
Europium Oxide 99.999
Terbium Oxide 99.995
Erbium Oxide 99.9
Dysprosium Oxide 99.995
And many other High Purity Materials located under our products tab.. High-Purity Materials on homepage of the website
James Mc lays it all out for us…
Selling 45.75 tons of paper gold today in just 3 minutes must be making the short sellers positively giddy about their new-found leverage. That’s what happened between 10:56 and 10:58 AM. That makes it 125 tons sold short in just 14 Crimex minutes including yesterday, a clip of nearly 9 tons a minute. Hey, I’m sure longs though were just "taking profit" as Kitco puts it, and panic selling 5.2 BILLION dollars in those 14 minutes.
As I have said before it’s actually child’s play. Wait for a CME gold margin change, sell the hell out of gold, make a paper fortune. Ain’t rigged markets great? It’s even better when Fed blather coincides with the margin change. It’s the slammiest of slam dunks. I realize I’m no Doug Casey, but typically when markets behave one way 95% of the time there’s more to it than just good old American free enterprise at work. Methinks the Casey Empire currently has access to doors that would slam shut in his face if he ever fessed up to manipulation. Lackeys get a bad rap but they do have a tendency to remain well-fed.
Wall Street casinos: very very good. Gold and silver: very very bad. It’s the whole point of the ridiculous nature of MOPE. One day though the current MOPE will instead become "disintegration of perspective economics"- now there’s an acronym that is more fitting.
Article for Options expiration...shorts need some help before they flip long?
Author is able to read the minds of management?
Snippets from article...
Disclosure: The author is short MCP
Bloomberg reports that Apollo bought Molycorp convertible bonds with the assumption they may be restructured.
A restructuring does not solve Molycorp's cash burn needs and will most likely be rejected by management.
The return on the convertible bonds do not warrant the risk involved.
Apollo's debt restructuring plan does not solve Molycorp's cash burn issues; the company needs fresh capital, not a roll over of debt. Apollo may have paid 60 cents (or higher) for bonds that are worth closer to 3-5 cents on the dollar. The convertible bonds represent mullet money.
Additional disclosure: I am net short Molycorp.
Just in from James Mc…
The CME’s latest gold margin change announcement got kicked off in grand fashion. All of the cartel’s dirty tricks were pulled out of their bag. There was pressure on the access trade open. Next up was the 2:20 AM flash crash, featuring a 13 ½ ton gold dump in that single minute. That set up the pre-Comex open bash at 8:20 AM, featuring another 27 ½ ton dump in just 7 minutes. And finally there was the 9:00 AM pre-NYSE open dump, with a whopping 12,862 August contracts dumped in just 3 minutes. Most of that 40 ton blitz occurred in one single minute at 9:01 AM, and left no doubt that the cartel is apparently defending $1320 to the death. Nothing like selling a cumulative 81 tons of paper gold in just 11 trading minutes to make a powerful statement, that being regulation and enforcement is non-existent.
The newer lower margin requirements for gold and silver now have gold at a fairly lofty 22-1 leverage, with silver still lagging at 12.7-1. Enticing more (alleged) speculators into silver while it is at near record open interest is a curious decision. Funny too they decided to lower margins right as silver finally became more "volatile". I suppose now we can look forward to silver open interest topping 200K. That would be a billion ounces of silver contracts, no biggie I guess only if you don’t care about manipulation. You have to wonder just WHO those alleged speculators are that all along that have been willing to pile on such huge amounts of contracts in spite of leverage mostly in the single digits. Optimistically you’d say the shorts are screwed but who knows what’s going on with the COT.
Dow back to 17K, gold back under $1320. Central planners of the world rejoice. Any "doldrums", as in the summer variety, are strictly an imposed event. Behind the scenes however the action is anything but a state of torpor. No matter though, just keep MOPE alive in the hearts of the clueless, until bail-ins and hyperinflation become a reality.
Jul. 13, 2014 4:05 PM ET
Disclosure: The author is long AUMN.
Golden Minerals has been a phenomenal performer this year given an oversold bounce and given its intention to restart mining at its Velardena Project. .
Despite investor enthusiasm I suspect that the company will not be able to make money at $21.50/oz. silver, although it can have positive operating cash-flow. .
Further, investors should be skeptical that the company's lower production cost estimate is permanent.
For this reason the stock doesn't offer good value at the current silver price.
Given the company's large silver resource relative to its valuation Golden Minerals has substantial leverage to the silver price, and it remains a quality stock for silver bulls.
One of the best performing stocks that I follow year to date, and over the past month or so has been Golden Minerals (AUMN). The stock has nearly tripled for the year given a few factors.
Silver and gold miners in general have been rising given their 2013 weakness and given the recent strength in the underlying metals.
Golden Minerals had been especially depressed, as a confluence of events took the stock from over $20/share to $0.50/share.
Golden Minerals announced that it would be restarting production at its flagship Velardena Project in Mexico on June 18th.
The shares now trade at $1.30 each, and a chart of the stock reveals an onslaught of investor interest.
Continued ....Seeking Alpha
Good ole flush for options Friday
And this is how it happened... looks like fiduciary dutry just got f'd
That US open print was a $1.37 billion notional flush...
In a status-quo reinforcing smackdown, gold and silver prices have been clubbed lower this morning to one-month lows with the biggest drop in almost 2 months. The customary USDJPY surge (and risk asset spike) has accompanied this high volume dump just to make sure everyone believes that BES is fixed, Ukraine is fioxed, Iraq is fixed, earnings are great, and the water is warm...
For charts see article
HHappy also writes: June 23, 2014 - 10:20 AM [if we live long enough]
TARA MINERALS now known as FIRMA Holdings Corp-Symbol FRMA
TARM shares will be exchanged for FRMA shares on a one for one basis
Shares Issued 81,082,000
TRGD owns approximately 40% of current shares issued which eventually [if we live long enough] will be dividend to TRGD shareholders.
What's it been?.... 7 years...HHappy.... are they busy building shareholder value with those shares?
The shares have been marked to the future.