A comprehensive market wrap
Doc, Al and I wrap up the markets today. Our outlook is not for any major moves int he short term. Gold continues to hang around the 200 day MA and the US markets managed to recover a large amount of the loses from earlier in the day.
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Thanks CFS. An interesting technical perspective from Michael Ballanger.
Ditto
Would gold not start moving down slowly after the election uncertainty is over?
Would not gold’s movement depend on who wins?
NY Democratic Election Comissioner admits voting fraud.
Person who posted original video gets Twitter account frozen.
http://projectveritas.com/2016/10/11/hidden-camera-nyc-democratic-election-commissioner-they-bus-people-around-to-vote/
(They have been doing this for years in Chicago, where dead people are registered and vote in the thousands)
War talk,gold doesn’t move ?
Trump has not received any money from The GOP, they usually give their candidates $50 million for ads, they don’t want Trump, but this also means they don’t want the will of the people who voted Trump in. The corruption is deep, nasty and smelly like Fulton’s fish market. DT
Confirmation….of the Two Headed Snake
Doug Casey:
https://m.youtube.com/watch?v=Iija6C7TdRg
Jaguar Reports Majority of Convertible Debenture Holders Elect to Convert to Common Shares; Company Strengthens its Balance Sheet
This Jaguar press release is significant news:
“The conversions of Debentures have resulted in an increase in the Company’s outstanding Common Shares to 257,035,227, which will be reflected on the TSX in the coming days. This will also result in an increase in the Company’s market capitalization to approximately C$193 million (based on 257,035,227 shares valued at C$0.75 per share). With the conversion of the majority of the Debentures, the Company has significantly strengthened its balance sheet with the reduction of its senior secured debt and savings of US$645,000 per quarter (approximately US$2.6 million per year) in interest payments, reflecting an immediate savings in the Company’s annual cash outflow. The Company is now in a zero “net debt” position, considering the balance sheet at June 30, 2016. Net debt is defined as total debt, less cash.”
Yes, the timing is good, too. I would like to see the rest converted before the next big move gets started.
Yeup – let’s get it over with before the next upside journey.
However, their balance sheet is now much better, and I like that they are in the zero “net debt” position when their cash holdings are taken into account.
Set to jet…..
Notice that it didn’t sell off today despite the massive increase in the float? Today’s action shows that I wasn’t the only who was already accounting for the new shares.
Two months ago:
On August 19, 2016 at 8:29 pm,
Matthew says:
Complete conversion is inevitable so I factored it in before I bought a single share and am just fine with it. I commented on it here months ago when I pointed out that JAG would still be cheap even when fully diluted. It was probably no more than forty cents at the time which would have put its fully diluted market cap at roughly $120M. Even at today’s price, the fully diluted market cap would be about $235m — not bad at all when compared to its peers and considering where gold is going.
All in all, it’s all good.
+1 and I remember that post from you. Good foresight and analysis Matthew.
Scorpio Gold Produces 9,981 Ounces of Gold in Third Quarter 2016 at the Mineral Ridge Operation, Nevada
I’m expecting one more mini-washout on the stock price and will try buying more at 6 – 7 cents. I already hold some.
+1 Dan – I have the exact same plan 🙂
I already own more than all of management put together but will still be a buyer if you’re right.
US fires 3 Tomahawk cruise missiles to take out Yemen radar. I hope there were no Russian advisors that got killed.
If the US flies over Syria, there is a high probability that a Russian S300 missile will bring down a US plane.
UK pilots have permission to fire under conditions of radar lock on their planes, not just when fired upon.
HILLARY: DECEIT, DEBT, DELUSIONS (PART ONE)
“Bastiat & Hazlitt are so clear and concise in their obliteration of the fallacies that socialism and government control of the economy are beneficial to society, that only a brain dead liberal, Ivy League economist, mainstream media shill, or a corrupt politician like Hillary Clinton wouldn’t understand.”
http://www.theburningplatform.com/2016/10/10/hillary-deceit-debt-delusions-part-one/
Roberts is a joke…..
Teranga Gold Closes Acquisition of Gryphon Minerals
Oct 12, 2016
An Up and Coming Mid-tier West African Gold Producer
“On October 12, 2016, Teranga completed the acquisition of Gryphon Minerals, adding another high quality gold asset to its portfolio. Focused in Burkina Faso, Gryphon’s assets include Banfora, a development project with approximately one million ounces in proven and probably gold reserves, and considerable upside potential from two exploration joint ventures.”
“Teranga, together with the strength and complementary nature of Gryphon’s assets, management team, regional operating experience, exploration expertise and social license creates an up and coming mid-tier West African gold producer.”
http://www.terangagold.com/English/teranga/Acquisition-of-Gryphon-Minerals/default.aspx
It has been reported that Chinese trade is dropping or flat, but the BDI is not dropping.
The Transasain road is under construction, so would not yet be an influence on goods movement.
However, the bankruptcy of South Korea’s Hanjin Shipping Co Ltd is causing ripple effects for importers bringing goods from Asian factories to the US marketplace.
Port facilities are being jammed and a shortage of trailers to move ocean shipping containers on US roads and railways is seriously beginning to have an effect. The world’s seventh largest container carrier owns and transports more than half a million containers. They are in many cases clogging up ports and truck yards, tying up trailers that cannot be used to handle other cargo. The growing chaos is even beginning to worry freight handlers at US ports on the US West Coast. This may not be the total cause of China’s problems but is a contributing factor.
I’m glad you brought up South Korea CFS. So many times we only look at China or Japan, but not Singapore / Malaysia, Thailand, Taiwan, Cambodia, Vietnam, or South Korea. South Korea has developed into a more serious economic player with the relations with the West, for manufacturing, shipping, processing, nuclear energy, tech and electronics, etc…. If they have issues it will affect trade and imports in the US. Everything is so connected now on the global stage.
I just could not understand the Baltic Dry Index not being correlated with China trade, so I had to be missing something.
The only thing I could think of was rolling stock or trailer problems, so I started digging. No rail problems per se, but major delays associated with trailer containers not distributed correctly.
Oops…TransAsian
I see we got a not uncommon Friday morning kick up from the ESF IN THE MARKETS…
http://www.macrovoices.com/podcasts/MacroVoices-2016-10-13-Mark-Yusko.mp3
The founder of Morgan Creek Capital hedge fund discusses currencies…
The latest David Morgan
http://radio.goldseek.com/nuggets/morgan.10.13.16.mp3
Oct. 14, 08:50 NY.
MADRID (AP) — Spain is about to pass 300 days without a government. But guess what? Few Spaniards seem bothered by that as the country’s economy roars ahead.
Spanish cities are boasting of packed cafes and restaurants, thriving fashion shops and art galleries, plenty of tourists. The overall impression is of a bustling, vibrant country.
So who needs a government?
“I’m not especially worried about it,” said retiree Goyito de Camacho. “I see it on the TV and in the papers but (politicians) are all the same. They’re all scum who don’t care about the people.”
Two inconclusive elections on Dec. 20 and June 26 have left the conservative Popular Party running a caretaker government for the past nine months — Saturday will be its 300th day. The party won both elections but lacked a majority and now has until Oct. 31 to muster support to form a minority government or Spain will face a third election.
There’s no sense of panic, however. A CIS survey this month showed Spaniards’ chief worry — by far — is the country’s 20 percent unemployment rate. After that, those questioned expressed concern about corruption and disappointment with politicians and political parties. The absence of a government came in fifth.
“Politics in Spain is chaotic, the parties are only interested in themselves” said 52-year-old computer technician Jose Luis Alfonso. “They say it’s not affecting the economy, although I imagine it is. Maybe we’d be better off without a government.”
But economics professor Jose Ramon Pin of the IESE Business School and other experts warn that the impression that Spain is doing just as well without a government is deceptive.
Thanks CFS – Very interesting update on what is going on in Spain.
Denison Announces Transaction to Acquire the Hook-Carter Property From ALX Uranium Corp.
TORONTO, ONTARIO–(Marketwired – Oct. 13, 2016)
Anybody post this
Money Markets can Suspend Withdrawals ..zerohedge
spooky….. show me the money just took on a whole new meaning.
GDX is down 1.87%
GDXJ is down 2.4%
but GOEX is up .64%
This is bullish but does not tell us anything about whether or not the correction is over.
Russia Preparing for War? Martin Armstrong
The Russian press is now reporting that the Russian Defense Ministry intends to turn the Crimean peninsula into an impregnable fortress. It will be not only a military outpost of Russia in the Black Sea region, but also be able to defend themselves, even when cut off from the mainland. Russia is now deploying a complete and self-sufficient military force in the Crimea. Russia is also recalling all its students in the West. They are being told to get out even if their classes are not complete.
https://www.armstrongeconomics.com/world-news/russia-preparing-for-war/