American Markets-Leading News-Update 1

Bloomberg  Reports 58 pc have tendered, the Greeks say it is 76 pc, the English are denying it all…lol. CAC will be enforced and the English funds and banks will be denied.

Euro Close 

FTSE 100 , up 0.44pc at 5,791.41;CAC 40  + 0.9pc at 3,392.33 ; Frankfurt’s DAX 30 index closed + 0.6pc at 6,671.11.  IBEX was the only loss at  -.06pc at 8,161.80.

I picked up some More GBG Here..

March 7, 2012, Vancouver, BC – Great Basin Gold Ltd. (“Great Basin Gold” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) provides updates on progress at operations and exploration and drilling results for its Hollister Project and Burnstone Mine.

Summary

  • Hollister operations and exploration results continue to deliver
  • Hollister 2012 Production Targets – 90,000 to 100,000 Au eqv oz at a cash cost of US$700 – 750 per Au eqv oz1
  • Significant progress on Burnstone ramp up since the end of December 2011
    • Water issues resolved
    • Reef development ends up 19% to 38
    • Reef development rates achieving planned levels of 40 meters per reef development end per month
    • Square meters available for stoping up 71% to 12,356 sq meters with an additional 6,000 sq meters partially developed
    • Productivity underground improving through de-bottlenecking and infrastructure development, and
    • Mine expected to be cash flow positive (after capital investment) by early Q3 2012
  • Burnstone 2012 Production Targets – 90,000 to 100,000 Au oz at a cash cost of US$900 – US$1,000 per oz

1 Gold equivalent (“Au eqv”) calculations use US$1,650/oz for Au and US$30/oz for Ag.

Ferdi Dippenaar, Great Basin Gold President and CEO, commented: “With improvements, both made and planned, to underground infrastructure at Burnstone, the build-up is proceeding well to reach our milestone of 1,500 ore development meters per month in Q2 2012 and our interim production milestone of 10,000 oz per month in early Q3 2012. This will lay the foundation for the project to achieve its potential optimal production rates of 220,000 – 250,000 Au oz per annum, and including Hollister, for the Company to achieve 320,000 – 350,000 Au eqv oz in total production per annum.

The exploration results for Burnstone, and even more so Hollister, underscore the highly prospective nature of the two ore bodies. Although exploration expenditure was cut back in 2011 to ensure that cash flow was directed at our Burnstone Mine development, more exploration is planned at Hollister, and later also at Esmeralda, as cash resources become available.

We understand the faulting and flooding at Burnstone and have plans in place to deal with them, including temporary water handling, which should see a significant improvement to performance in 2012.”

PDAC Randgold- Other Miners Not Delivering Value to Shareholders

http://business.financialpost.com/2012/03/07/pdac-2012-competitors-not-delivering-value-says-randgold-ceo/

PDAC 2012-More Mergers Coming 

http://business.financialpost.com/2012/03/07/pdac-2012-more-mergers-less-red-tape/

Keystone Said Its Being Greenlighted to Build TX/OK portion of Pipeline in June

http://www.bloomberg.com/news/2012-03-06/transcanada-to-seek-approval-for-building-keystone-in-pieces-2-.html

I covered 1/2 my Dow Short an put  a Stop in at 12900 for the Rest. ADP number was strong enough we could get a good jobs report on Friday if they falsify the government layoffs as tax revenue at the state level continues to decline in the big population states ex NY.

Gold Establishment Line 

Gold rebounded from a five-week low amid renewed optimism that Greece will be able to tame its debt crisis and as a report showed increased U.S. hiring.

Investors with holdings amounting to 39.3 percent of the Greek bonds eligible for the nation’s debt swap agreed to sign on, moving the country closer to the biggest sovereign restructuring in history. U.S. companies added 216,000 workers last month, according to data based on payrolls from ADP Employer Services. Yesterday, gold declined to $1,663.40 an ounce, the lowest since Jan. 25.

“There is some positive news out there for the economy, and that is helping gold,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Some investors are back after the big fall.”

Gold futures for April delivery gained 0.3 percent to $1,676.40 at 10:15 a.m. on the Comex inNew York. Prices retreated 2.9 percent in the previous three sessions.

Bullion dropped below its 200-day moving average yesterday for the first time since mid-January. Falling below the measure, currently at about $1,674, can be a bearish signal to some investors follow historical price patterns.

“The metal remains vulnerable to further pressure in the short term,” James Moore, an analyst at TheBullionDesk.com in London, said in a report.

Silver futures for May delivery gained 0.7 percent to $33.015 an ounce in New York. Yesterday, prices slid to $32.49, the lowest since Jan. 25. Still, it’s the best-performing precious metal this year with a gain of 17 percent through yesterday.

http://www.bloomberg.com/news/2012-03-07/gold-set-for-worst-run-this-year-as-commodities-slump-on-european-concerns.html

LEH Emerges from 3.5 Year Bankruptcy Court

To disburse 65 billion in holdings. Net about .25/$1 to Creditors

http://www.reuters.com/article/2012/03/06/us-lehman-idUSTRE8250WY20120306

Goldman’s Motivation for Long Majors /Short Jr Funds

Goldman is just a crime outfit. The Mafia in pinstripes. Satan’s anointed Royal Thieves.

http://www.bloomberg.com/news/2012-03-07/goldman-captures-top-spot-in-m-a-ranking-spurred-by-natural-resource-deals.html

Bernanke Seen Accepting Faster Inflation as Fed Seeks to Boost Employment

http://www.bloomberg.com/news/2012-03-07/bernanke-seen-accepting-faster-inflation-as-fed-seeks-to-boost-employment.html

Ratpublicans Want To Stiff IMF On EU Bailout

“I worry that the size of the IMF’s loans and the difficulty of ensuring adequate reform among countries participating in the IMF’s lending arrangements only increases the risk of default I would like to hear them make the case that a quota increase is needed. The idea that we are borrowing . . . to help fund the European bailouts raises a lot of questions.””

 

Rep. Cathy McMorris Rodgers (R-Wash)

….

http://www.washingtonpost.com/business/economy/as-imf-stumps-for-funds-a-republican-backlash-brews-over-europe/2012/03/06/gIQAbj7VvR_story.html

Stocks, Commodities Rise After Jobs Report

Stocks rose, rebounding from the biggest drop of 2012, while Treasuries declined after a report showed U.S. companies increased hiring and more investors signed on to a Greek debt swap.

The Standard & Poor’s 500 Index climbed 0.3 percent and the Stoxx Europe 600 Index added 0.5 percent at 9:30 a.m. in New York. The S&P GSCI index of 24 commodities was little changed as gasoline and nickel led gains, while natural gas, coffee and copper tumbled more than 1 percent. The 10-year Treasury yield increased two basis points to 1.96 percent. The euro gained less than 0.1 percent to $1.3115 as the shared currency strengthened against 10 of 16 major peers.

U.S. companies added 216,000 workers last month, according to data based on payrolls from ADP Employer Services. Investors with holdings amounting to 39.3 percent of the Greek bonds eligible for the nation’s debt swap agreed to sign on, moving the country closer to the biggest sovereign restructuring in history. Yesterday’s slide erased more than $1 trillion from global equities as a report showed Europe’s economy shrank and investors awaited details on Greece’s debt deal.

“We don’t think yesterday’s move is the beginning of a longer-term correction, so it rather presents a good opportunity to add to positions,” said Patrick Moonen, who helps oversee about $500 billion as senior strategist at ING Investment Management in The Hague, Netherlands. “Overall, if you look at macro data, surprises are still positive.”

The S&P 500 halted a three-day, 2.2 percent retreat. The report from ADP Employer Services comes two days before the Labor Department’s monthly payrolls data, which is forecast to show an increase of 225,000 private jobs and total nonfarm payrolls growth of 210,000.

European, Emerging Markets

The Stoxx 600 (SXXP) recovered after tumbling 2.7 percent yesterday. Admiral Group Plc surged 9.4 percent today as the U.K. insurer said full-year profit increase 14 percent. Cobham Plc, a designer of equipment for the aerospace industry, jumped 12 percent as earnings topped estimates.

The MSCI Emerging Markets Index (MXEF) retreated 0.4 percent, heading for a third consecutive decline and the lowest close since Feb. 1. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies listed in Hong Kong slid 1.3 percent. Benchmark indexes fell 0.2 percent in India and 0.9 percent in South Korea. Russia’s Micex Index rose 0.6 percent on higher oil.

Brent crude gained 0.7 percent to $122.85 a barrel and West Texas intermediate oil rose 0.1 percent to $104.81. Copper slipped 0.9 percent.

Debt-Swap Deal

The Greek security maturing on March 20 declined, with the price falling to as low as 18.5 percent of face value. The 30 members of the private creditor-investor committee for Greecewho plan to participate in the swap hold an aggregate 81 billion euros of Greek debt, or 39.3 percent of the Greek debt eligible for the swap, according to the email today.

The Greek government said it will use collective action clauses to compel bondholders to accept its debt restructuring if it receives sufficient consents from investors. The goal of the exchange that runs through March 8 is to reduce privately held Greek debt by 53.5 percent, helping to avert a disorderly default.

http://www.bloomberg.com/news/2012-03-07/asian-stocks-drop-for-third-day-as-yen-climbs-on-europe-korean-won-falls.html

ADP Says 216K Jobs In Feb

http://www.bloomberg.com/news/2012-03-07/u-s-companies-added-216-000-jobs-in-february-adp-employer-services-says.html

Ford CEO Gifted with $100 Million in Compensation in last 2 years.

Thief!

http://www.bloomberg.com/news/2012-03-06/ford-awards-ceo-mulally-58-3-million-in-stock-for-automaker-s-turnaround.html

FVI New Silver Power House

http://business.financialpost.com/2012/03/06/pdac-2012-fortuna-sticks-to-what-works/

Russia Decides to Get More Miner Friendly after KGC Opens the Doors

http://business.financialpost.com/2012/03/06/pdac-2012-russia-eyes-rule-changes-to-draw-investment/

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