Oldtent Archives 2007 - 2008

may be for RP-Supporter it is sweet to create, on tent?, an

“RON-PAUL_PM-INDEX” !!

The shares are known and for the amount in $$ you can take the average!!

But not until enhance and upgrade the Server-Farm!!!

And Good Luck for the Companies… gggs

I say POG goes UP!

I just found out my step son and wife (that would be his wife) are vacationing in Belize starting Dec 24. They are back packing. Don’t know nutting about your operation or their plans.

I said I would enquire as to where to visit and any connections they might  appreciate. The kids are top shelf morally, just not quite goldbugs. The silver maples I give them seem pretty to them but they haven’t connected on the “macro” aspect. She just got her first teaching job in grade 3. He is in oilfield services, so starting to get a clue WRT black gold and its riches.

Anywhoo, help from any quasi Belizians under the tent would be mucho apprieciated, mm

Thanks; there for a minute I thought I was TA illiterate
The October rise in the U.S. dollar has barely been mentioned by the media. Commentators continue to act as though the U.S. dollar were still falling. Whenever there is this much skepticism and indifference toward a major trend change, it is certain to intensify and create even greater surprise among market participants.
S J Kaplan

I contacted SSRI today, with a name change to protect the innocent, here is the dialog……

From: buymore
Sent: November 7, 2007 11:40 AM
To: Invest; Paul W. LaFontaine
Subject: Commercial paper?

How much more of this asset backed commercial paper do we as stockholders have to choke down?

“Paul W. LaFontaine” <plafontaine@silverstandard.com> wrote:

Hello buymore - Here is a discussion from our Third Quarter Management Discussion and Analysis that we filed this afternoon on our exposure to Coventree and New Shore that we had reported to shareholders on August 21:

 

“As at September 30, 2007, the Company had a total of $57,102,000 invested in Canadian asset-backed commercial paper (ABCP), of this amount, $45,850,000 had matured as at September 30, 2007 and $11,252,000 matured on October 11, 2007. At the dates at which the Company acquired the investments, the non-bank sponsored ABCPs were rated R-1 high by DBRS Limited (“DBRS”), the highest credit rating for commercial paper. During the month of August 2007, the ABCP market experienced liquidity issues; as a result, the Company’s ABCP investments have not yet been repaid. These ABCP investments are classified as noncurrent Other Investments after initially being recorded as cash and cash equivalents.

 

“On September 6, 2007, a Pan Canadian Committee (the “Committee”) consisting of a panel of major ABCP investors was formed. The Committee has retained legal and financial advisors to oversee the proposed restructuring process. On October 16, 2007, a successful restructuring of the first of 22 conduits was announced, and recovery is anticipated to be 100% of the investments less restructuring costs. The Committee is currently working towards a proposal to restructure all of the remaining conduits, which is expected to be completed in December 2007.

 

“Given there is objective evidence of impairment, a write-down of $4,000,000 was recorded in the period representing the difference between the estimated fair value and the cost of the ABCP investments. As there was no market data available, we estimated the fair value of ABCP investments by discounting the expected future cash flow according to the probability of recoverability of principal and interest. There is currently no certainty regarding the outcome of the restructuring process, it is reasonably possible that the actual timing and amount ultimately recovered may differ materially from this estimate.

 

“The remainder of the company’s funds is held in short-term deposits, banker acceptances and government backed commercial paper. Silver Standard’s planned activities are not impacted by this, and the Company has sufficient cash to meet its current development and exploration plans for 2007 and well through 2008.”

 

buymore , I can add further to this if you’d like to give me a call.

 

- Paul

 

Paul LaFontaine

Director, Investor Relations

Silver Standard Resources Inc.

NA toll-free: 888.338.0046 x212

Tel: 604.689.3846 x212

 

Hi Mr. LaFontaine:

I certainly appreciate your prompt response and I may add that my return on SSRI is approx. 265% since my initial investment. My only regret is that I sold a portion several times. However as I stated before I did not buy SSRI as a banking vehicle. I bought SSRI as a silver play and I consider it the best. Anytime that you deviate from this strategy, tho I am a small stockholder, I intend to chew on your pants leg to put it mildly. Had you bought $57,000,000. AG futures and taken delivery, have you considered what the return to your stockholders would be. It is apparent that we may have a $4,000,000. write-down for each of the next 14 quarters. I hope that in the future you, Mr Quarterman and the rest of your associates will stick to AG mining instead of trying to emulate the now in demise banking industry. I do better at letter writing than verbal discussion and have no problem comprehending the company’s steps to retire this problem.

 

 buymore

OUCH! Thanks.

JBI

PS - You around, rno?

THE U.S. DOLLAR RALLY HAS BEGUN IN DRAMATIC FASHION (October 8, 2007): Just when everyone was convinced that the U.S. dollar was set for a certain collapse, it has enjoyed a powerful rebound from its all-time low on September 30. In just the past eight days, the greenback has rallied past one key resistance level after another.

Of course, this should not have been a huge surprise, since any asset with such a record low percentage of bullish participants is almost certain to move higher, since there is no one left to sell it (or, more to the point, to sell it short). While Japanese housewives and average-Joe speculators all over the world are trying to figure out how to “diversify away from the dollar”, the greenback has begun a powerful upward move which will last for at least a half year, and perhaps for more than a full year.

Gold mining shares had signaled this move well in advance, as they completed a very bearish double top on September 21–nine days before the U.S. dollar index completed its historic bottom. This high on September 21, 2007 almost exactly matched its peak of May 11, 2006, and thus has significantly negative implications for mining shares–and probably for global equities in general–over the next several months. Gold mining shares then notched a nearly matching peak on October 1, to confirm the existence of this double top.

Historically, the first five or six months of a U.S. dollar rally are very negative for precious metals and their shares. After about a half year, investors have fully anticipated continued gains for the greenback, and therefore additional increases no longer have any negative impact on gold or silver. This was seen most clearly in 2005: as the U.S. dollar began a powerful rally at the very end of 2004, gold and its shares continued to move lower until May 16, 2005, when gold mining shares completed a historic bottom. The U.S. dollar continued to advance for another half year, but gold and its shares were able to rebound–eventually in dramatic fashion–as the dollar’s increase was no longer a surprise.

Therefore, the decline in gold and silver and its shares will likely end sometime around March 2008, with an estimated total pullback for gold mining shares of between 30% and 40% from their September 21 peak.

The October rise in the U.S. dollar has barely been mentioned by the media. Commentators continue to act as though the U.S. dollar were still falling. Whenever there is this much skepticism and indifference toward a major trend change, it is certain to intensify and create even greater surprise among market participants.
S J Kaplan

Ron Paul invests mostly in precious metals and commodities

Submitted by cpowell on 03:34PM ET Tuesday, November 6, 2007. Section: Daily Dispatches

6:30p ET Tuesday, November 6, 2007

Dear Friend of GATA and Gold:

Presidential candidates have to disclose their financial interests, and one of them, U.S. Rep. Ron Paul, an advocate of remonetizing gold, has put his money where his mouth is.

Paul’s financial disclosure form from March, posted at Open Secrets, shows mostly precious metals and commodities investments. While Paul reports owning shares of infamous gold hedger Barrick Gold, the form suggests that they may have been obtained in exchange for shares of Placer Dome when it was acquired by Barrick. In any case, under the circumstances — a great nation being hollowed out and falling apart from corruption, incompetence, and ignorance — any fault on Paul’s part here is small and may be easily forgiven.

You can find Paul’s financial disclosure form, listing his investments, here:

www.opensecrets.org/pfds/pfd2006/N00005906_2006_Pres.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

The Semiconductors and the Transports are breaking down and looking UGLY. Too many sectors appear to be in bear markets of their own. I can’t see how the DJIA, NYSE, Wilshire, etc….can all get back in gear to the upside. Time will tell, as always.

JBI

PS - Taiwan down now almost 3% and Shanghai just opened down 1.65%. Hang ‘Em’s next.

Wasn’t that your buddy that said the $ was In a Bull market? I was looking for the editorial but wasn’t able to locate it.  Too bad he doesn’t  lurk here, We could educate him.  

Dollar losing global currency status-PBOC official

BEIJING, Nov 7 (Reuters) - The dollar is losing its status as a global currency, a Chinese central bank official said on Wednesday.

Xu Jian, vice head of the People’s Bank of China’s Communist Party school, said a sharp rise in the price of gold was a reflection of the dollar’s loss of value.

“The U.S dollar’s global currency status is shaky and the creditworthiness of dollar assets is falling,” Xu, who said he was speaking in a personal capacity, told a financial forum.

He said he expected the dollar to weaken further in 2008 under the impact of the U.S. trade deficit, and that could push the price of gold to $1,000 an ounce from around $835 now.

Xu said he was worried that a falling dollar would stoke global inflation.

The world should not count on China to raise the yuan’s exchange rate to reduce the U.S. trade deficit and global imbalances, Xu added.

The yuan has risen nearly 9 percent against the dollar since it was revalued by 2.1 percent against the U.S. currency in July 2005 and unpegged to float within managed bands.

Critics say the yuan remains unfairly undervalued. But the fact that the yuan’s rise in the past two years has not reduced China’s trade surplus with the United States showed that currency adjustment was not the solution to a structural problem, Xu said.

China needed to redouble its efforts to address its own imbalances, but that could not be achieved overnight, he said. China would gradually make the yuan fully convertible, but
was in no rush to do so, Xu said, restating the central bank’s long-standing policy.

He said China was likely to bring inflation under control next year. Consumer prices rose 6.2 percent in the year to September, down from 6.5 percent in the 12 months to August.

-END-

all have broken major support. next support is at the bottom of the v between the double tops. dow is the strongest but it’s falling fast.

rno

Nikkei’s index is down about 2% and Australia’s all Orinaries index about 2.5%, with the Hang Seng and Shanghai markets getting ready to open in a few minutes. So far, it’s all RED across the board:

finance.yahoo.com/intlindices?e=asia

“JGB futures hit 20-month high as stocks slide”

tinyurl.com/2ro5eh

JBI

PS - Aggie, any updates on pm stocks and the precious metals from Rosen? Just curious about what he’s thinking now. TIA

Trying to tie it all together and connecting all the dots is a constant challenge for me, but one that I really enjoy. Clueless here as well, but having much fun in trying to figure things out.

And you’re welcome….the pleasure is all mine.

JBI

TORONTO, Nov 7 (Reuters) - Kinross Gold (K.TO: Quote, Profile , Research) said on Wednesday its third-quarter profit fell 21.8 percent as costs rose from a year earlier, prompting it to also raise its full-year cost forecasts.

Kinross, which acquired Bema Gold in February, earned $39.4 million, or 7 cents a share, in the quarter. This was down from $50.4 million, or 14 cents a share, in the year-before period.

Analysts polled by Reuters had expected, on average, a profit of 8 cents a share.

The company produced 375,546 gold equivalent ounces, up from 365,555 ounces in the year-before quarter.

Revenue rose 23 percent to $275.8 million, as the average realized gold price was $686 an ounce, up from $621.

But the cost of sales rose to $383 an ounce from $321, due to higher costs of energy and other consumables, production issues at three mines and unfavorable currency exchange effects, Kinross said.

“We are not immune to the cost pressures that affect our entire industry,” Chief Executive Tye Burt said in a statement.

Kinross said it expects the full-year cost of sales per ounce will be in the $355 to $365 range, up from its previously announced forecast of $330 to $340.

It said annual production should be 1.6 million ounces, down from its previous forecast of 1.65 million ounces. (Reporting by Cameron French; Editing by Rob Wilson)