It appears that particular teacher acted inappropriately and the matter was then handled well by the school board.
As for me, I was disappointed that I allowed myself to get into the very political discussion I don't want here in the blog. That stuff is not about trading. My bad.
Part of the problem recently was an incredible hatchet job done on Argex in one of the popular chatrooms. The author gave extreme views that Argex is a fraud based on his calculations. I asked the company to respond but they said that answering every crackpot on the Internet is a mug's game. They hold the view that the company deal with PPG speaks for itself, and I agree. But I'm also pleased to see news releases of this sort.
Speaking of frauds, the OSC/RCMP are now alleging that Sino-Forest was a fraud. The inquiry took a while but at least now has a strong conclusion and the appropriate steps can be taken by the authorities.
As to the parties that raised this issue originally as part of a market-influencing report, I think the OSC/RCMP ought to investigate them as well. Bottom line: if you see what you suspect is fraud, I think you have an obligation to report it. Publishing commercial reports to support your short selling activities is vigilante stuff and needs to be stopped by regulators. Either we have a system of laws or we don't.
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
(i) “Given a somewhat depressed stock price, we had assumed that JPM would be an active repurchaser of shares despite the disclosed trading losses. However, Jamie Dimon announced that the buyback program is on hold until the size of potential losses becomes clearer. Share buyback is on hold given that the stress test assumptions incorporated higher quarterly earnings forecasts, as well as the fact that RWA has increased. The suspension of the buyback preserves capital and allows the company greater flexibility to achieve Basel III compliance. We estimate that JPM will reach 9.2% B3 T1C by YE 2012 inclusive of losses and higher RWA.
(ii) EPS Estimates. We are reducing our 2012, 2013 and 2014 EPS estimates to $4.50, $5.40 and $5.90, respectively (from $4.60, $5.60 and $6.10) to reflect a lower buyback assumption. We have buyback resuming in 4Q'12 ($1.0Bn) and $7Bn in 2013. Our forecasts assume that the losses related to the credit derivatives portfolio are largely resolved by year-end as the company currently anticipates. We are lowering our price target to $50 (from $55) to reflect lower EPS estimates and lower valuation multiple.”
T1C = Tier One Capital
B3 = Moody’s weakest rating for speculative, high-risk securities; barely above Caa1 (poor quality)
RWA = Risk Weighted Assets
Please obtain free subscription from Deepak Lalwani by writing info@lalcap.com
• Rising inflation in April will make an interest rate cut on June 18 virtually impossible. Last cut by 0.5% in April to 8.0%. We still expect cuts totaling 0.5% by Dec 2012;
• Indian Rupee falls to record lows vs US$ and falls below psychological 55 level. Unless immediate drastic action is taken by authorities it could slide to 57.50 within a month;
• Foreign reserves should cover about 6 months net imports. But, with foreign investors losing appetite for India due to recent Government mis-steps adequate and consistent foreign capital inflows are required to finance the trade and current account deficit. Else, a Balance of Payments crisis could unfold;
• As gold demand falls in India in Q1 2012, it allows China to become the world's largest consumer for second consecutive quarter. Stubbornly high inflation has eaten into disposable incomes and falling Rupee has hit demand;
• Demand for platinum expected to rise by 50% in next year. Increasing attraction for 18-35 year olds;
• Authoritative report by London consultants Z/Yen on Global Financial centres shows Bombay to rank 64 out of 77. London retains No 1 rank, ahead of New York. In Private Banking Singapore is ahead of Zurich, but just behind Geneva.
JP Morgan has suspended a $15 billion share re-purchase program. They say they need to show caution. I say they were buying the shares of friends and family at $41 to $46 in March, after the program was announced, and now that the JPM price is $32 and change, they are not paying enough to friends and family.
I cringed when I heard Obama say that the profit interest of private equity is not always good for the public.
One step closer to socialism.
I don't think the US has ever had a President like Obama who would like DC to control capital markets as much he wants. Three years ago I started cheering for this person and now cannot stomach his speeches as they have become downright scary.
What is needed at this point is an offshore stock exchange that serves the needs of the world's free capital market investors and traders.
I recognized the problem many years ago, but it was only last year when I threw in the towel. Now, with this new govt in place, I will do all I can to help the country again. But I don't think I would return to live there.
Bull Hunter,
It appears that particular teacher acted inappropriately and the matter was then handled well by the school board.
As for me, I was disappointed that I allowed myself to get into the very political discussion I don't want here in the blog. That stuff is not about trading. My bad.
BOB 47,
I own some as well.
Part of the problem recently was an incredible hatchet job done on Argex in one of the popular chatrooms. The author gave extreme views that Argex is a fraud based on his calculations. I asked the company to respond but they said that answering every crackpot on the Internet is a mug's game. They hold the view that the company deal with PPG speaks for itself, and I agree. But I'm also pleased to see news releases of this sort.
Speaking of frauds, the OSC/RCMP are now alleging that Sino-Forest was a fraud. The inquiry took a while but at least now has a strong conclusion and the appropriate steps can be taken by the authorities.
As to the parties that raised this issue originally as part of a market-influencing report, I think the OSC/RCMP ought to investigate them as well. Bottom line: if you see what you suspect is fraud, I think you have an obligation to report it. Publishing commercial reports to support your short selling activities is vigilante stuff and needs to be stopped by regulators. Either we have a system of laws or we don't.
Raymond James published this report:
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Raymond James published this report:
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Raymond James published this report:
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
Raymond James published this report:
Silvercorp’s results were supported by strong by-product metal prices this quarter that saw overall costs come in slightly better than our estimates, although on a per tonne basis, costs are showing signs of inflation. That said, Silvercorp remains one of lowest cost primary silver miners. We will garner more information, including an update on its newest operating asset GC, following our visit to the company’s operations next week.
Details:
• Earnings: For the quarter, we calculate reported adj. EPS of $0.07 vs. our estimate of $0.05 and consensus of $0.07. For the year, reported adj. EPS of $0.46, in line our estimate of $0.45 and consensus of $0.46.
• Operations: (On a 100% basis) Silvercorp produced 1.1Moz of silver in the quarter and 5.6Moz for the year, in line with our estimates. After byproduct credits, total cash costs for the year were negative $5.13/oz, ahead of our estimates of negative $3.62/oz. For the quarter, costs come in at negative $4.22/oz vs. our estimate of negative $2.00/oz (largely due to higher than expected by-product credit prices).
• Projects: Mine development is well underway at the company’s next project in China, GC, with the access ramp, main shaft and other infrastructure advancing. The mine is slated to commence production in F2Q13 (Calendar 3Q12, we estimate calendar 4Q12).
• Guidance: The company reiterated company-wide guidance of 6.7Moz of silver (5.9Moz from the Ying district and ~1.0Moz from various other operations in China including the GC project) Capital spend for F2013 is estimated at $79.9mln.
• Balance Sheet: Cash and short-term investments at the end of March totaled ~$155mln.
papadynamite,
I recently talked to Rob McEwen about the short position and he said he was looking into it.
Do you have a basic understanding and view on the Argentine situation that you'd like to share?
tpedward,
Higher ruble means higher gold price as the issue would be same as for the rupee.
(i) “Given a somewhat depressed stock price, we had assumed that JPM would be an active repurchaser of shares despite the disclosed trading losses. However, Jamie Dimon announced that the buyback program is on hold until the size of potential losses becomes clearer. Share buyback is on hold given that the stress test assumptions incorporated higher quarterly earnings forecasts, as well as the fact that RWA has increased. The suspension of the buyback preserves capital and allows the company greater flexibility to achieve Basel III compliance. We estimate that JPM will reach 9.2% B3 T1C by YE 2012 inclusive of losses and higher RWA.
(ii) EPS Estimates. We are reducing our 2012, 2013 and 2014 EPS estimates to $4.50, $5.40 and $5.90, respectively (from $4.60, $5.60 and $6.10) to reflect a lower buyback assumption. We have buyback resuming in 4Q'12 ($1.0Bn) and $7Bn in 2013. Our forecasts assume that the losses related to the credit derivatives portfolio are largely resolved by year-end as the company currently anticipates. We are lowering our price target to $50 (from $55) to reflect lower EPS estimates and lower valuation multiple.”
T1C = Tier One Capital
B3 = Moody’s weakest rating for speculative, high-risk securities; barely above Caa1 (poor quality)
RWA = Risk Weighted Assets
http://en.wikipedia.org/wiki/Tier_1_capital
http://en.wikipedia.org/wiki/Moody's_Investors_Service
http://tinyurl.com/csxavbq
Please obtain free subscription from Deepak Lalwani by writing info@lalcap.com
• Rising inflation in April will make an interest rate cut on June 18 virtually impossible. Last cut by 0.5% in April to 8.0%. We still expect cuts totaling 0.5% by Dec 2012;
• Indian Rupee falls to record lows vs US$ and falls below psychological 55 level. Unless immediate drastic action is taken by authorities it could slide to 57.50 within a month;
• Foreign reserves should cover about 6 months net imports. But, with foreign investors losing appetite for India due to recent Government mis-steps adequate and consistent foreign capital inflows are required to finance the trade and current account deficit. Else, a Balance of Payments crisis could unfold;
• As gold demand falls in India in Q1 2012, it allows China to become the world's largest consumer for second consecutive quarter. Stubbornly high inflation has eaten into disposable incomes and falling Rupee has hit demand;
• Demand for platinum expected to rise by 50% in next year. Increasing attraction for 18-35 year olds;
• Authoritative report by London consultants Z/Yen on Global Financial centres shows Bombay to rank 64 out of 77. London retains No 1 rank, ahead of New York. In Private Banking Singapore is ahead of Zurich, but just behind Geneva.
Thank you CS. While I listened, I was also writing notes from the text on the screen, which as you say are not always reliable.
While I cannot suggest an alternative, I do remain convinced this leader is not a good one for free capital markets.
JP Morgan has suspended a $15 billion share re-purchase program. They say they need to show caution. I say they were buying the shares of friends and family at $41 to $46 in March, after the program was announced, and now that the JPM price is $32 and change, they are not paying enough to friends and family.
http://www.foxbusiness.com/news/2012/05/21/jp-morg...
If Jamie Dimon is working for all the shareholders, then he buys at $32 and sells at $45, not the other way around.
You know it and I know it.
I cringed when I heard Obama say that the profit interest of private equity is not always good for the public.
One step closer to socialism.
I don't think the US has ever had a President like Obama who would like DC to control capital markets as much he wants. Three years ago I started cheering for this person and now cannot stomach his speeches as they have become downright scary.
What is needed at this point is an offshore stock exchange that serves the needs of the world's free capital market investors and traders.
try this:
http://www.businessinsider.com/ray-dalio-america-b...
or
http://www.benzinga.com/trading-ideas/long-ideas/1...
or just insert this into your browser: "Dalio's World" and "Barron's"
... is up.
Time to bbq. Weather is ideal.
http://www.youtube.com/watch_popup?v=6a8Eimr-fm0
Where do I get the app?
http://www.caribbean360.com/index.php/news/bahamas...
I recognized the problem many years ago, but it was only last year when I threw in the towel. Now, with this new govt in place, I will do all I can to help the country again. But I don't think I would return to live there.
Given that all the insiders are in at an average of $1, the market ought to anticipate waves of selling.
... adds lots of interesting charts on gold and goldminers.
I missed the MUX AGM. Too busy. Sorry.