Tuesday, July 23, 2013

Worst quarter for commodities in more than a year

June 30, 2010 by · Leave a Comment 

The prospect of slower Chinese growth and a slower than forecast recovery in the Western economies has led to worst commodity performance on over a year.

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Top gold ETF now holds more than $50 bn in physical gold

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The SPDR Gold Trust gold holding has now surpassed $50 billion and 1,320 tonnes – over 260 tonnes more than China’s official holdings.

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Essakane mine started ahead of schedule – Iamgold

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The Canadian miner said the mine in West Africa six month s ahead of its orginal target

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Sudbury strike talks called off by mediator

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The talks, planned to end an almost year-long strike, have ended due to a dispute over fired workers

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Massive capital allocation challenges cause headaches for mining, metals

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Ernst & Young says capital allocation risk has rocketed to the top of risks for global mining and metals companies.

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Ivanhoe to receive $292.1m for Oyu Tolgoi development

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Rio Tinto exercised certain share warrants in the Canadian company four months ahead of expiry. The proceeds will be used for funding development of the mine

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“You can pay me now…or pay me later”

June 29, 2010 by · Leave a Comment 

By Jeff Nielson, Bullion Bulls Canada

Occasionally, a television commercial does an exquisite job of seizing upon some time-tested cliché and then uses an image which perfectly illustrates the principle in question. An example of such a commercial is the ad for Fram oil-filters, which (if memory serves me correctly) dates back to the 1970′s, and ran for many years.

For the benefit of younger readers, and older readers who do not recall that commercial, I will briefly summarize it. A mechanic is standing in a garage, in front of a car which is up on a hoist. In his hand, he holds a Fram oil-filter. He holds the oil-filter up, and says, “You can pay me now…or pay me later” (as he gestures to the car on the hoist).

There are several ways we can characterize the principle being cited. One way is to say that we can behave prudently today (by buying a new oil filter for our car), or face catastrophe tomorrow (be forced to pay for an engine overhaul). An economic characterization of the principle would be to say that we can incur a small expense today in order to avoid a major expense tomorrow.

However we choose to frame the principle, one fact is clear: many members of our species never follow this advice, while almost all of us stray from this wisdom at least on occasion. Indeed, this particular human failing is so common that we have a word for it: procrastination. As a consummate procrastinator in my younger days, I fully understand this form of human weakness.

We start with a task we must perform or a problem which we know we must solve – but which we would rather avoid, due to some level of unpleasantness which we associate with the matter in question. In a moment of weakness, we make the mistake of asking ourselves a question: if I wait to deal with the matter until ‘tomorrow’, will it make much of a difference?

This creates a dynamic which quickly turns into a vicious circle. The reason why procrastination is such a debilitating flaw is that most problems are not so urgent that they absolutely must be attended to today. Thus, when we procrastinators ask ourselves that rhetorical question, we already know the answer: “no, waiting one more day will not make a difference.”

The big problem with that process is that many situations deteriorate at a very gradual rate. This means that if each day we ask ourselves “can I wait one more day?”, we will be able to answer that question affirmatively for a very long time. Meanwhile, the cumulative deterioration of our situation(s), caused by many days (or years) of delay can be much more serious. Few forms of cancer can make us noticeably more ill over the span of only a day, yet we are all well aware of the cumulative destructiveness of that disease.

Most economic problems evolve in a similar manner. If we deal with the problem promptly, we may escape any adverse impact at all, while if we wait too long, the problem can easily become ‘fatal’. As individuals, the maturity gained by the passage of years (and often many years) eventually teaches us to avoid the vicious circle of procrastination.

More articles from Bullion Bulls Canada….

Gold Prices Rise Slightly, Silver Falls

June 29, 2010 by · Leave a Comment 

Bullion update ...U.S. gold prices edged $3.80 higher Tuesday, marking their third increase in four days as an unexpected drop in U.S. consumer confidence, signs of slower growth in China and continued fears over widening European debt woes boosted the yellow metal’s safe-haven appeal.

Other commodities and stocks fell sharply. Crude oil plunged 3 percent — the most in more than three weeks, while major U.S. indexes plunged between 2.6 percent and 3.9 percent.

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D.C. & U.S. Territories Quarters First Day Coin Covers Sales Completion

June 29, 2010 by · Leave a Comment 

The United States Mint will end sales for all six D.C. and U.S. Territories Quarters First Day Coin Covers on Wednesday, June 30, 2010 at 5:00 pm Eastern Time.

2009 D.C. and U.S. Territories Quarters First Day Coin Covers

The U.S. Mint published a last chance product page at its online store in mid-May which listed the coin covers discontinued date and time, which followed the June 15, 2010 ending availability of its 2009 Lincoln cents and related products.

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$18 Million Rare Double Eagles Exhibit at ANA World’s Fair of Money

June 29, 2010 by · Leave a Comment 

1861-P Paquet and 1921 Proof Double Eagles in Historic ANA Boston Exhibit

(Boston, MA) — An $18 million display of two rare Double Eagles accompanied by Boston-related early Americana will be one of the exhibit highlights in the Museum Showcase area at the American Numismatic Association World’s Fair of Money convention in Boston, August 10 – 14, 2010.

1861-P Paquet and 1921 Proof Double Eagles
The 1861 Philadelphia Mint “Paquet Reverse” gold $20, graded NGC MS67, was formerly in the famous Farouk and Norweb collections. Not known to exist until 2006, the gem proof 1921 Saint-Gaudens Double Eagle, graded NGC SP64, is insured for $8 million. Both rare coins will be displayed at the ANA World’s Fair of Money in Boston courtesy of Brian Hendelson of Classic Coin Co. (Photos courtesy of Numismatic Guaranty Corporation.) – Click image to enlarge

The coins in this first-ever display are the finer each of the two known 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, and 1921 Proof Roman Finish Saint-Gaudens Double Eagle, graded NGC SP64. Insured for $8 million each, they are being provided for the ANA exhibit by Brian Hendelson, President of Classic Coin Co. of Bridgewater, New Jersey.

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