It remains to be seen what will come of the peace negotiations, and there are real issues President Maduro has to address aside from the recent social unrest. However, with deepening split between those who see Capriles as a sellout and those who view the hardcore wing as anti-democratic extremists, it will be difficult for the opposition to present itself as a coherent alternative to the well-established Chavista system. As the saying goes, “better the devil you know than the devil you don’t.”
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1) There's scant detail offered, apart from the fact that talks broke down. Shout 'duh' if you like, but it also means the journos weren't given massive inside track material.
2) The news means that the talks broke down, i.e. the main takeaway here is that there isn't going to be a merger. Duh again, but Occam's Razor beats derived speculation so don't expect some massive stoking on Monday's markets for gold majors just because of this.
3) This isn't the first time ABX and NEM have talked seriously about a deal, but just like before it's seen as a very difficult fit. Both companies have baggage, noisy balance sheets, uncertain growth profiles. What's more there'd be internal opposition from both sides about any deal (middle management, upper management, even high level execs sweating on the phrase "cost synergies" and how it relates to "pink slips"). That and a dozen other reasons why this mooted merger has failed before and apparently failed again. It's not one we should ever hold our collective breaths on.
PS: And another thing; Good Friday? This news leaked at the start of a long weekend (and WSJ can't afford to sit on it for fear of being out-scooped)? Hmmmm....
(Reuters) - Gold production in Peru, the world's sixth biggest exporter of the precious metal, will likely either plateau or dip slightly this year compared with 2013, mining companies, analysts and the government said.Gold output will fall by at least 4 percent in 2014 to between 4.4 million and 4.6 million ounces, according to company and analyst estimates.But the government hopes continues here
Leaving aside the Time Lord thing, I've already noted in a couple of places (admittedly intuitively) that the contrary indication is more obvious on the "strong signal" weeks, i.e. when any option gets more than 50% of the term-used-loosely-expert opinion. In other words, the more vehement the term-used-loosely-expert opinions, the more likely it is to be wrong. Isn't that the archetypical definition of contrary indicator?
"In the first place, in 1950, I had a 'cosmic dream' in which I saw this image in colour and which in my dream represented the 'nucleus of the atom.' This nucleus later took on a metaphysical sense; I considered it 'the very unity of the universe,' the Christ!"
UPDATE: Mickeyman's take on the excellent bullish news for gold is here. He's not so enamoured and sees a better take, but then again Time Lords always make good traders.
Oh, that well?
That's the Globex uranium contract chart. From here
...of three things:
1) Reader RK noticed a silly mistake of mine; I wrote "...it turns out to be a 10k to 12 k per month gold producer." instead of "...it turns out to be a 10k to 12 k per quarter gold producer.", which dilutes the whole message of the post.
2) I'm feeling really anal this morning.
3) I like the post, so RK gives me an excuse to run it again.
So here it is again, all fixed.
UPDATE: @jameskwantes contributes with this:
Re: Silvercrest, Sandstorm gets 20% of life of mine gold production at Santa Elena for $350/oz. Changes equation Au vs AgThis is true. I was kind of keeping it all to the production rather than revenue side, but it's a wholly valid point because in the end it's not about production but about money made. So he's right, of course. It's now up to you to decide whether SVLC having a stream that takes blue sky away from a chunk of its gross revs makes it more or less attractive.
Yamana Gold and Agnico Eagle Announce a Friendly Acquisition Agreement With Osisko Mining Corporation
C$8.15 per share offer provides superior shareholder value
TORONTO, ONTARIO--(Marketwired - April 16, 2014) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana"), Agnico Eagle Mines Limited (NYSE:AEM)(TSX:AEM) ("Agnico Eagle") and Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) ("Osisko") are pleased to announce that they have entered into an agreement ("the Agreement") pursuant to which Yamana and Agnico Eagle will jointly acquire 100% of Osisko's issued and outstanding common shares for a total consideration of approximately C$3.9 billion or C$8.15 per share. The total offer consists of approximately C$1.0 billion in cash, approximately C$2.33 billion in Yamana and Agnico Eagle shares, and shares of a new company ("Spinco") with an implied value of approximately C$575 million.
The offer represents approximately an 11% premium to the implied value of the current Goldcorp Inc. ("Goldcorp") hostile bid. Yamana, Agnico Eagle and Osisko will host a joint conference call today at 10:00 a.m. EDT to discuss the transaction.
We ratify our total negative that you carry out any operations of any type inside of our territory, until you decide to continue negotiating or you close your business.
I know you've always dreamed of it. But you are probably asking yourself . . how could I ever develop the wisdom and insight to be a Kitco gold expert? It must take years . . . no, decades . . . of intense study to develop the necessary mental acuity.
Anyway, Otto at the IKN blog claims that the Kitco gold experts are as useful as monkeys with darts. I say they are less useful. Let's investigate, using the table of data helpfully posted at the above link.
Robbed at gunpoint on the road between San Pedro La Laguna and Santiago Atitlan. Footage caught on head-cam of my girlfriend and I being robbed on my motorcycle as we headed back to San Pedro La Laguna from Antigua. April 10, 2014. The guy ahead of us ran out of the bushes and pointed a gun at us, the guy to the right had a machete.
We have uploaded this video clip to serve as a warning to other travelers about taking this road. Robberies happen in Guatemala and this particular spot is apparently notorious... However, we don't want to in any way put people off from visiting San Pedro La Laguna or Guatemala in general as it's a beautiful place with generally warm and kind inhabitants. We have felt safe for the majority of our trip.
The sound is cut part way through at the request of my girlfriend who was understandably distressed.
Dear Mr Putin,
Can you please start killing people? We want more money.
How Fortuna Silver's (FSM) (FVI.to) 1q14 production numbers for silver (and gold) stack up against previous quarters
They stack up like this:
...the US Dollar (USD):
Though more seriously, anyone looking at any price chart today needs to have the USD action in the corner of at least one eye.
1) On the left, the date of each survey
2) Next the number of participants surveyed (part)
3) Next the number of responses received
4) And then, how many of those responses were bullish, bearish or neutral according to Kitco.
5) We then have those numbers crunched into percentages, with a highlight for the dominant call of that week
6) Then comes the acid test. You see the price of the gold bullion ETF (GLD) on the date of the survey. That's then compared with the close of the following week and the "result %" (also colour coded) shows which way gold went during the week (nb: if it moved less than 0.5% in either direction, it's called neutral).
- Over the last 31 weeks, the survey has been accurate on the price of gold just 13 times.
- On the 21 "strong signal" (i.e 50% or more) weeks, the survey has been accurate on the price of gold just 8 times.