The day Bush Jr took office, total debt was almost $6T. The debt on his last day of office was $10T. Bush43 increased debt by $4T. Not good, I'll grant you. But our illustrious Obama took it from $10T to over $20T by the time he hands over the keys to 45. That's an increase of $10T. Ya, he's an economic genius.
Carl, it's good to check every now and then, but there hasn't been any real significant chgs in openings/etc at MM. TCM would be the one to watch!
Thanks to MM, TC has some natural hedging when it comes to cu and au price swings. That said, as long as the % gain in gold is greater than the % drop in copper, TC should benefit from this tomorrow. Plus whatever other news comes out. But the markets will be in turmoil so it could get lost in the shuffle.
But mathematically, TC gains more in revs with the gold move than it loses with the copper drop.
That would be nice!!!
Hope that's true. Clever-ish. Provides some hope in the 3 stooges but jury out until all confirmed. :-)
Thanks. Ya, it must have been based on disproportionate Remain areas reporting first. It's looking very tight! But Brexit is leading.
Grab your popcorn.
In the end, my guess is that it will have marginal impact on UK economically speaking. Rocking road as it sorts out. Probably some buying opportunities in the making. Volatility always yields opportunities.
Could be sale of all moly business with permit in hand for what...$200-300?
Sale of half MM for $550+ which pays off all debt?
Argh. Maybe this would've been a worthwhile annual mtg to attend. I guess we'll know by tomorrow morning.
Nothing in the fed register inspection docket so it's not an official announcement of the permit unless it posts for inspection tomorrow.
Saxton retiring is enough news to jump the pps by 20% at least. I know because I'll buy a ton against my own disciplined stance...
i agree dragon. but it is theoretically possible. if they didnt, then just yet another supporting nail in their 3 stooges moniker.
i dont see how the covenants/indentures/etc could prevent them from buying back cheap debt in 2016 when they were able to buy back expensive debt last year. Yes, i am aware of that whole CNI issue. But they had at least some room to do so in that case.
we remain baffled by what the 3 stooges are up to... at least until the Q2 where we could be proven wrong in some miraculous way -- as unlikely as that is.
I am open minded. I read Phog's post and he has a point about waiting for Q2 results before passing judgment since it is possible that they picked up some dirt cheap debt in early Q2. I wasnt thinking that since they did the opposite in 2014Q4-2015Q1 when they commented on buying debt in that new quarter. I was thinking that that if they did pick up debt this time that they wouldve made comment to that fact when asked on the CC. But Phog is right, it is possible that they kept it quiet to keep the debt cheap as they bought into Q2.
I dont think that is likely to be the case but nevertheless it is theoretically possible.
Carl.... I dont disagree. But I base my position that the execs/etc have done zero to establish any credibility worthy of granting them any benefit of the doubt. In fact, the opposite is true. The way they handled the crusher. Conf calls. Amarc/IKE. Buying back debt at a premium is ok but at almost free is not. The list goes on.
Under normal conditions, I totally agree with you. But this is TC. So....