The options market is currently pricing in a $39 absolute move in gold between now and the close of trading on December 31st. Given that gold has a tendency to make outsized moves during the final days of the year, this seems a bit cheap to us. After all, 3% isn’t much for a market… Continue Reading
Joseph Conway’s Primero Mining (P:TSX) announced this morning it has entered into a agreement to acquire Brigus Gold (BRD:TSX) in an all-share transaction. Primero will use their stock, which has held its own this year, in an exchange ration of 0.175:1. This values Brigus at approximately $220 million. This bid represents a 43% premium to… Continue Reading
Canada Carbon (TSX-V: CCB), Bruce Duncan’s junior mining company focused on the Miller graphite project in Quebec, announced today that the firm had secured 100% interest from Caribou King Resources for an eight claim parcel contiguous to the company’s past producing Miller graphite mine. The acquisition, which would increase the Miller Graphite property to 94.2… Continue Reading
…..and going long gold mining shares (GDX). This is what a bottom looks like, not necessarily today or tomorrow, but definitely within 1-2 months: GDX/GLD Daily (5 years) The volume expansion in the GDX during 2013 has been monumental; volume expansion amid waning selling pressure are two of the key characteristics of every major market… Continue Reading
As most other banks try to offload their commodity trading desks amid weak commodity prices, Wells Fargo is attempting to build a desk in London, according to reports. Janet Mirasol was hired last month from R.J. O’Brien to lead their OTC and listed derivatives team in New York. Wells will look to add commodities traders… Continue Reading
Running out of financial flexibility, Bruce McLeod’s Mercator Minerals (ML:TSX) has agreed to a merger/takeover by Intergeo which is a subsidiary of ONEXIM Group(controlled by Russian oligarch, Mikhail Prokhorov worth an estimated $13 billion). The deal will see Mercator’s assets get a much needed injection of capital. Intergeo’s controlling shareholder Daselina (part of ONEXIM) will provide a… Continue Reading
Bruce Duncan’s Canada Carbon (TSX-V: CCB), which is advancing the Miller graphite project in Quebec, announced the results from an additional chemical characterization of graphite concentrate from the company’s wholly-owned Miller Graphite property. The characterization was carried out to finely measure purity beyond the capability of current conventional infrared techniques. The submitted Miller graphite concentrate… Continue Reading
IAMGOLD Corp. (IAG) suspended its dividend after the close today. This decision was many months in the making – anyone who looked through the company’s latest investor presentation would have quickly deduced that with gold waffling near $1250/ounce, IAG would be hard pressed to be able to continue paying a dividend due to its relatively… Continue Reading
Slowly but surely, consolidation of gold miners in West Africa is picking up again. While we are far from the days when chunks of land in Mauritania sold for more than US$7-billion, there have been two interesting deals announced in the past six weeks: B2Gold Corp.’s US$63-million offer for Volta Resources Inc., and Centamin PLC’s $39.3-million… Continue Reading
>>From the VC Market Trends Blog It is often said that history doesn’t repeat itself, but it does rhyme. Bitcoin, in just nine months, has done something absolutely tremendous in that respect. Even by just checking out sites like Bitcoin.co.uk, seeing how much of an impact Bitcoin has had and continues to do so for… Continue Reading
NGEx Resources (NGQ:TSX), the only mineral exploration vehicle in the multi-billion dollar Lundin Group, has begun the 2013-2014 exploration program at their Josemaria and Filo del Sol projects in San Juan, Argentina. In 2013, NGEx dramatically increased the resource base at their Josemaria and Los Helados projects. Josemaria now hosts over 6 billion pounds of copper and… Continue Reading
Want to take advantage of the resource sector downturn? Find a billionaire backer and a management team from a top tier producer… Warwick Smith’s Western Pacific Resources (TSXV:WRP), a Vancouver-based junior miner with a $3.3 million market cap, has raised $10 million via a convertible debenture, and an additional $8.5 million via a base metals streaming agreement… Continue Reading
Platinum Group Metals (PTM:TSX) is set to resume trading this morning after announcing yesterday that it would be completing a $175 million bought deal financing led by BMO Capital and GMP Securities. The stock has performed well this year, up over 50% YTD thanks to successful development of their Western Bushveld Joint Venture where they… Continue Reading
Apparently, Colossus Minerals (CSI:TSX) will no longer be “Building Brazil’s Next Gold Mine” as they state on the front of their corporate presentation. Late last week, CSI announced that they would be revising their plans for the Serra Pelada gold-platinum-palladium development project in Brazil following financial liquidity concerns and meetings with key stakeholders. On Friday, the company… Continue Reading
For the 3rd time in 2013 small speculators have moved to a net short position in gold futures (as of Tuesday December 3rd): Click to enlarge The last time the ‘dumb money’ moved to a net short position in gold futures was during the week of July 29th, which happened to be within one week of… Continue Reading
