WTF? When we come back in a big way, we’re supposed to win the whole damn thing.
I don’t want to talk about it.
Okay, I will say one thing: I wish I didn’t like Big Paps as much as I do. It’s those damn ESPN commercials.
(I apologize to our foreign readers, but every now and then we’re going to talk sports and politics here.)
_______________________
I edged more to the Dark Side this day. I added to my TBT horde… what can I say? It’s like my own personal hair shirt. It helps me with personal penance and such. Reminds me of back in the day, when I was buying gold at under $300 an ounce and my dear departed Dad was laughing at me at every family gathering and occasional phone call. Sometimes stubbornness pays off, no?
I also added to my Skiffles (SKF) horde. I am now at about 40% of my intended position in that security. I am not even close to the point of no return.
Lastly, I went to the Emperor Palpatine himself and bought some TZA from him today. At the close. It was a lot. I don’t even want to tell you about it. The lightning scars will likely remain for some time.
I didn’t touch anything in silver and gold. I’m waiting to see if we’re getting some “handles” here, on what some are calling “triple top breakdowns” and what I like to call “cups w. handles.” GDX is looking extremely appetizing here, but I will wait for it to break above that $63 range… and then I’ll probably go with GDXJ for the leverage.
Stay on your toes, and God Bless.
+++++++++++++++++++++++++++++++++++++++++
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“I don’t want to die without any scars.” — Chuck Palahniuk
Sittin in FAZ, TZA, a little CGR from years back and cash. I almost jumped on IPSU today, but I’m determined to not initiate any new longs this week.
Jake, what’s your take on silver, short term?
I think silver is as “imminent” as all the ok’s in the $HUI.
__
Jake, There’s still time. I just wish the President could run the White house like the Yankees.
Yoges — I just wish he’d stop so many of these fragile “green jobs” for us.
Yeesh.
______
Not only did Solyndra get Obama taxpayer’s $$ but George Kaiser, a big fund raiser for Obama, had a major interest in this POS company. Another fraud that the media will not report.
http://247wallst.com/2011/09/01/another-government-backed-solar-player-dies-intc-fslr-tsl-stp-jaso-yge-ldk/
And if you want to talk about “fund raising opportunities” check out what the DOJ is doing on the extortion front these days.
It’s invariable… you let the Dems in and you get gangster government, and predation is the name of the game not only in regard to the taxpayer, but on every participant in the free enterprise system. It’s amazing, but they are actually starting the CRE bullschiess up all over again!
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The Feds are out of control. Did you hear about the jackboot thuggery going on in Idaho?
Man shoots and kills a grizzly that wandered onto his property. It got within 40 yards of his little kids playing outside. No parent with common sense would do anything less.
Dude calls the Idaho Dept of Game of and Fish and told him that he prevented a grizzly from taking another step in this world.
Unfortunately he violated the Endangered Species Act. The U.S. Attorney in Idaho is filing federal charges.
The governor has personally sent a letter to head asshat of the Interior Dept Salazar. His representative and US senators both came to his defense. They are going on with the trial.
Friends and neighbors have raised 20K for his defense. If he is guilty he’ll spend jail time and pay a fine.
I bet his attorney said “you have to take this to a jury trial”.
That attorney will line the jury with 12 mothers, fathers and hunters. A jury of peers will no freaking way find this man guilty.
It’s astounding that if the bear had killed his kids then the government would have sent out rangers to kill it. The idiots in our government would rather risk the death of humans than kill a threat from an animal.
Our government is beyond stupid. I wonder who is actually terrorizing the people in this country…middle east cavemen or the feds.
It’s amazing the public relations risk the Feds are taking these days… you’d think they’d want to lay low while their numbers are in the shitter. Instead they just get more and more authoritarian.
Obama must have that famous aphorism on the wall of his office:
“The Beatings Will Continue Until Morale Improves.”
________
Yea, you know you can bet that there is going to be a lot less cursory calls made to fed agencies by citizens thinking they are doing the right thing.
Folks in this little town in Idaho learned their lesson not to trust the feds.
Did you see they raided Gibson Guitars in Tennessee too? Absolutely outrages! This is a US manufacture with real sustainable jobs.
It’s interesting that a competitor, CF Martin, apparently uses the same wood, but because they donate to Democrat causes, unlike Gibson’s CEO, they skate.
Here in TN we are a right to work state. In PA where Martin is headquartered it is a forced union state. Coincidence? I think not.
40 yards is pretty far. Having had a lot of encounters with Grizzlies in my yesteryears, I think it was an over-reaction by a scared parent who was perhaps inexperienced with bears (though I don’t know the exact circumstances). The best response would be to write him a ticket and leave it at that. 99+% of the time, Grizzlies are not going to attack.
The griz was accompanied by her two cubs. Forty yards may seem like a long way but it would take that griz about 2 seconds to be on those kids if she suspected they were a threat. I dunno. Maybe a ticket would have been fine but the point is not about animal rights but about feds gone wild.
I’ll agree with that! We can always ship some more grizzlies down from Canada after you eradicate them (like we did with wolves).
http://www.medpagetoday.com/Surgery/PlasticSurgery/28309
Just think what would happen if the Rays catch them for the wild card playoff spot (250 mill payroll vs 40 mill). Rays starting pitching is one of the best and Yankees pitching struggles. Too bad the Rays can’t hit at home.
Rays 6 of 9 last games are with Yankees and have 6 games left with BoSox (BoSox have trouble hitting vs Rays).
That would be great, but I think 7.5 games is just too much ground to overcome in a month.
As a lifelong Pirate fan, and having lived in the Tampa area for a bit in the late 90’s early 00’s (i.e. watching those atrocious Rays teams)…they are a a beacon of hope for shitty baseball teams everywhere.
Aren’t you just a little afraid that QE3 will be announced and stocks will surge? Or will that be another buying opportunity for you to add more? I own a tad of FAZ just for a hedge.
I think QE3 has already started. The question is, for how much longer can such actions achieve the desired effect?
________
one would think that the effectiveness would wear off with repeated applications…like eating ball park hot dogs. That first one is magical. The third one is like “what the hell am I doing here?”.
LOL.
______
Jake, almost all big miners looklike they want to breakout at a moments notice…what are they waiting or? 🙂 I like GDX and GDXJ right here (HUI a tell?)
Just went long a buttload of calls in EXK, GDXJ and AG.
_______
Sink or swim me here…
Baseball should have a salary cap and salary floor. Eliminating the ability of Yankee/Boston esque buying at the top end and teams like the Marlins representing the pikers.
yeah, but nobody would watch a Cincinnati vs. Seattle World Series…oh wait, nobody watches the World Series anyway.
Celery floors are a bad idea.
Blah blah blah. Let owners invest in good franchises, sales, marketing etc.
Where would the rest of besebol be w/out the Darth Vadaresque Yanks and BoSox?
_______________
Great pic, Jake. Sorry for you but I’m a Red Sox fan. But you might enjoy hearing that in 1986 (after the ball went through Bill Buckner’s legs) I tried to burn my Red Sox cap. All I managed to do was melt the tip a little bit. I should have doused it with gasoline.
I was in a bar in Western Mass during that game, and I was with one Sox fan and one Met fan. I — being a Yankee fan — was siding w. the Met fan.
When that ball went through Buckner’s legs, I truly thought we would not get out of that place alive.
_______
The problem with that cap in the picture, it’s not sitting on the head of a Yanquis fan
Typical Southie talk.
_______
starter in skf low 70’s this morning and dumped rest of NLY for now. Hesitant in TBT for now, but watching with a keen eye. concern about the potential for another mortgage mod program which could for pay offs on the MBS the fed holds and gives them more cash to roll into treasuries.
Still holding onto ANV, RGLD and SLW.
* which could force payoffs on the MBS the fed holds and gives them more cash to roll into treasuries
Soak in a bacta tank and those sith lightning scars will heal up. Gold at $300, silver at $6 those were fun days.
Silver at $4.50.
++++++++++
My cost average is $6, dont gloat!
slow day stuff
http://fullcomment.nationalpost.com/2011/09/01/lorne-gunter-the-sun-shines-some-light-on-global-warming-orthodoxy/
Yeah, that CERN story is not exactly getting New York Times exposure is it?
Shocked like Claude Raines, I am.
_______
From Dow Jones re SVM (A buying op?)
Late yesterday afternoon, the Company was forwarded a copy of an anonymous
letter dated August 29, 2011 addressed to the Ontario Securities Commission,
the Company’s Auditors, and various media outlets maliciously alleging a
“Potential $1.3 Billion Accounting Fraud at Silvercorp”. The anonymous author
also stated that his firm held a short position in the Company’s shares and
intended to make his concerns known through internet postings. The Company has
not confirmed whether the letter has been disseminated to all the addressees or
if any postings have been made.
Recognizing that the anonymous letter may be disseminated the company wishes
to proactively respond to the most serious allegations and has posted
supporting information on its website to provide investors with comfort
regarding the following allegations made in the anonymous letter:
1. The central allegation is that while Silvercorp reported net profit of
US$66 million to the SEC in calendar 2010, financials purportedly available
from the Chinese State Administration of Industry and Commerce (SAIC) shows
“SVM” reporting a loss of US$0.5 million for calendar 2010. This allegation is
false.
The SAIC website (http://wznj.saic.gov.cn, Attachment A) discloses the
following for Silvercorp’s four Chinese operating subsidiaries: (i) Henan Found
filed net after income tax profit for Calendar year 2010 of RMB514,786,392;
(ii) Henan Huawei filed a net loss of RMB6,091,388; (iii) Guangdong Found filed
a net loss of RMB4,758,879; and (iv) Anhui Yangtze filed a net loss of
RMB1,214,663. On a consolidated basis, the net profit of these four Companies
is RMB502,721,462 (US$ 73 million). In addition on the cover of each filed SAIC
document there is an anti-fraud code displayed which readers can use to
independently verify those reports on the Chinese Certified Professional
Accountant website (www.henicpa.org.cn). Further information to reconcile this
China GAAP consolidated total net profit with the US$66 million figure will be
posted on the Company’s website. The anonymous author’s numbers are clearly
false.
As further evidence of Silvercorp’s net profit, copies of the 2010 Annual
Income Tax Filing Forms for Henan Found and Henan Huawei, which include a
receipt chop issued by the State Tax Bureau of the Luoning County of Henan
Province, is also attached (2010 Income Tax Filing Form, Attachment B). In the
2010 Annual Income Tax Filing Form, Henan Found reported net revenue of
RMB964,812,316 (US$140.1 million), and a pre-income tax net profit of
RMB590,727,919 and paid income tax payable of RMB74,441,229.
In China, on each sale of goods the seller must charge Value Added Tax, and
the receipt issued for the paid value added tax must be approved and is stamped
by the government. The Company is posting details on its website showing a
reconciliation of the Value Added Tax paid by Henan Found on its revenues along
with copies of the government receipts. (Attachment C)
2. The letter further alleges that the Company’s cash position is grossly
overstated. In fact:
(a) Silvercorp, as at June 30, 2011, had a cash position of $230.5 million –
more than all the cash ever raised in the Company’s history. Copies of
Silvercorp’s current bank statements (July 31, 2011) are available on the
Company’s website. (Attachment D);
(b) Since 2004 Silvercorp has raised in total $202.5 million through equity
financings. Over the same period of time it has paid out $40 million in
dividends, and has spent $31 million repurchasing its own shares, including
$16.5 million in the currently ongoing Normal Course Issuer Bid announced June
17, 2011; and,
(c) The Company has $544.6 million in total assets and no long term debt as
at June 30, 2011.
3. The letter also states that the grade of the Company’s deposits is simply
“too good to be true” compared to comparable companies. The Company
acknowledges that its SGX Mine within its Ying mining district does have some
of the highest grades in the industry. As disclosed in its most recent NI
43-101 report measured grades at the SGX Ying mine are 845g/t for silver. The
mineral resource estimate for SGX was prepared by Mel Klohn L.P. Geol. of
Spokane Valley, Washington, who is a Qualified Person with the firm of B.K
Exploration Associates. Details of QA/QC procedures and assay lab information
are described in the Technical Report filed on SEDAR under the Company’s
profile and available on the Company’s website.
The Company has long established plans for an investor tour to the Ying mine
site in the third week of September. All interested investors, analysts and
media wishing to visit our mine site and view the ore and operations with their
own eyes are asked to contact the Company to join the tour.
4. The anonymous author also alleges that Henan Found’s 22.5% JV partner, the
Henan Non- Ferrous Geological and Mineral Resources Co. Ltd., which is a state
owned enterprise, sold a 5% interest in Henan Found for US$7 million, implying
the Henan Found assets are worth only US$140 million. The anonymous author
fails to mention that the transfer was to an affiliate. Based on the joint
venture contract and articles of association of Henan Found, the 22.5% joint
venture partner can assign its interest to an affiliate.
In accordance with good governance practices, the Company has established a
task force of independent directors consisting of Dr. Robert Gayton, Paul
Simpson, LL.B. and Earl Drake, Canada’s former ambassador to China, to work
with regulatory authorities to immediately investigate and discover the
identity of the party behind these allegations. Silvercorp will pursue all
legal options, whether in Canada, the United States, or China, to recover
damages incurred by the Company as a result of these allegations.
Dr. Rui Feng, the Company’s Chief Executive Officer, noted “this type of
manipulative scheme is baseless and which depresses our share price and harms
our shareholders. While we are fighting these manipulation schemes, we will
continue with our ongoing share buyback program, increase our investor
relations efforts, and continue to focus on growth through exploration,
acquisitions, and mine development. We are pleased with our current operations
and look forward to reporting another profitable quarter.”
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