onsdag 31 juli 2013

Silverpriset kan få skjuts av nya solkrafts initiativ

New Solar Power Initiatives May Boost Silver Prices

Most silver market players have long since resigned themselves to the fact that the white metal’s average price for the year will likely be significantly lower than was initially expected — back in April, HSBC (NYSE:HSBCcut its 2013 silver outlook to $26 per ounce from $33, while earlier this month Canaccord Genuity reduced its 12-month forecast to $23 per ounce from $32.50.

However, if recent reports from China and Japan are to be believed, silver may be poised to benefit from an unexpected source of demand: the solar power industry.

China and Japan step up

Though silver is perhaps best known as an investment tool, it is not without other sources of demand, one of which is the solar industry.

In an article published last week by Casey Research, Jeff Clark, senior precious metals analyst at the firm, notes that while photovoltaic technology, the backbone of the solar industry, did not begin registering on silver demand charts until the turn of the millennium, the amount of silver consumed by solar panel makers has risen approximately 50 percent per year since that time.

Currently, it accounts for 5.6 percent of all industrial silver use, but, as mentioned, two factors mean that amount may be set to increase.

The first is the fact that on July 4, China’s State Council said it will stand behind a plan, originally put forward by the nation’s State Grid, to raise China’s solar generating capacity to 35 gigawatts (GW) by 2015. That is 67 percent higher than the previous target of 21 gigawatts (GW) and will mean a yearly addition of 10 GW from 2013 to 2015, according to Clark.

Second, Japan, China’s western neighbor, will increase its solar generation capacity by about 5.3 GW this year, David Franklin and David Baker state in a Sprott’s Thoughts report. Also this year, the country’s domestic solar power market is expected to reach $19.8 billion, meaning that it will pass Germany as the world’s largest solar market.

Potential market impact

The key question, of course, is exactly how much impact these factors will have on the silver market as a whole.

Franklin and Baker give a clear outline of their likely effects, stating that as per information from the Silver Institute, making 1 megawatt of electricity requires up to 2.8 million ounces of the white metal. If China and Japan end up increasing their solar generation capacity by as much as they currently plan — a combined total of about 27 GW — together they will require around 91 million ounces of silver. That’s up to 11 percent of global mine supply by 2012 numbers, a fairly sizeable amount.

Looking longer term, they point out that silver used in solar panels cannot be recycled; once it is used, it is gone forever. That means solar generation has the potential to put ever-increasing pressure on the silver market, particularly if other countries follow China and Japan’s lead in upping their solar generation capacity.

What’s an investor to do?

Franklin, Baker and Clark all appear to agree that the silver market could benefit significantly if all goes as expected in China and Japan. However, those who are not yet convinced should consider watching future silver price forecasts to see whether they take the two countries’ plans into account; Franklin and Baker state that so far no 2013 silver price forecasts have incorporated these announcements.

Investors who are ready to leap into the market might take a leaf out of Clark’s book — he finishes his article by emphatically advising investors to “buy silver now.”

fredag 26 juli 2013

Redeye om Orexo

 Orexo: Det mesta pekar i rätt riktning

Andra kvartalet blev resultatmässigt klart svagare än vi räknat med även exkluderat nedskrivningen som görs av projektet OX-NLA. Framför allt är det FoU-kostnaderna som dragit iväg mer än väntat. Zubsolv är nu godkänt för den amerikanska marknaden och lansering planeras till i början av september. Ett sinnrikt utformat avtal med kontraktsförsäljningsorganisationen, Publicis Touchpoint Solutions, gör det möjligt för Orexo att sälja Zubsolv på egen hand. Vi har efter rapporten gjort relativt omfattande ändringar i våra prognoser, främst till följd av den kommersiella strategi bolaget nu väljer. Ändringarna ger ett starkt positivt utslag för vårt motiverade värde som ökar till 113 kronor per aktie (95 kronor).

Redeye Bolagsanalys 25 juli

Silver Wheaton CEO tror botten nådd

Smallwood said in the interview:
"I put more faith in the gold side mostly because so much silver is produced as a byproduct. Only about 25 percent of silver actually comes from silver mines. Having silver mines shut down doesn’t really have that big of an overall impact because so much of silver still gets produced as a byproduct no matter what the price of silver is. So we tend to look at gold from that perspective more than silver."
"And when I see mines shutting down because they can’t work at $1,250 gold, or $1,300 gold, more expansion projects being cancelled or deferred, that tells me that we have hit a bottom. The supply side is just not there. And once you see tightening on the supply side that puts price pressure on the commodity. There are all sorts of other factors, but having that price pressure sure helps. I do think it indicates we are at a bottom."

Google TV

Google TV släpps i ny tappning

I onsdags visade Google upp den nya tv-dongeln Chromecast som låter användarna strömma ljud och bild från flera olika webbtjänster till en tv-apparat. Chromecast styrs med en smartphone eller surfplatta som kör Android.

En rapport i Wall Street Journal i går avslöjar dock att Chromecast endast är en del i ny strategi från Google. Enligt källor som talat med Wall Street Journal kommer den tidigare satsningen på Google TV att få ett rejäl ansiktslyft med stöd för både video kamera och en rörelsesensor likt Microsofts Kinect.

Googles chef för Android och Chrome, Sundar Pichai, meddelade i en intervju att den nya versionen av Google TV att bli en ”komplett Android-lösning för tv-apparater”. Han ville dock inte avslöja några tekniska detaljer kring den nya versionen av företagets tv-box.

Sundar Pichai uppger inte något datum för när den uppdaterade versionen av Google TV kommer att bli tillgänglig, men hoppas kunna visa upp en rad samarbetspartners på CES-mässan nästa år.

onsdag 24 juli 2013

Google växer så det knakar

Så snabbt växer Google

Vi visste sedan tidigare att Google är stort på nätet, men en ny rapport som publicerades i går visar i siffror hur stort företaget verkligen är.

Rapporten som är genomförd av det amerikanska mätföretaget Deepfield visar att Google och företagets tillhörande tjänster nu står för 25 procent av all internettrafik i Nordamerika.

Det betyder enligt Deepfield att sökjätten är nu större än Netflix, Facebook och Instagram tillsammans. Det är en kraftig ökning de senaste tre åren. När Deepfields förra rapport publicerades 2010 stod Google för cirka sex procent av all internettrafik i Nordamerika.

Siffrorna baseras på mätningar av trafiken som strömmar genom de största stamnäten i Nordamerika, samt mätningar av både datorer och mobila enheter.

Ezra Gottheil på analysföretaget Technology Business Research uppger att han inte är förvånad över de senaste siffrorna och att Google ökat så kraftigt de senaste åren.

– Google skapar bra produkter. Jag skulle säga att Gmail, Youtube och Map står för den största delen av ökningen, säger Ezra Gottheil.

Enligt honom borde andra internetföretag ta lärdom av Google och erbjuda produkter eller verktyg som hjälper användarna att hitta information och kommunicera på ett enkelt sätt.

Bloggs kommentar om SIAF

Spartacusinvest har kortfattat i ett blogginlägg om Yara och Kina kommenterat SIAF.

"Se till exempel Sino Agro Food ett bolag jag efter en förfrågan tittade lite snabbt på men snabbt tackade nej tack till. Svårtolkad balansräkning och ett icke existerande kassaflöde gjorde inte saken svår."

"Yara är heller inte en "walk in the park". Inget inom jordbruk är det. Som jag påtalat förut så är framtiden alltid osäker. Det finns en mängd faktorer som är svåra att förutspå. Jag väljer dock alla dagar i veckan hellre ett bolag som uppvisar ett positivt kassaflöde, ger relativt goda utdelningar och har en stark balansräkning med kassa och reala tillgångar än ett bolag som betalar sina räkningar genom att trycka upp nya aktier, tillgångarna består av landrättigheter och redovisade vinster består av fordringar."

Det är sant Sino Agro Food betalat räkningar genom att trycka upp aktier, den största delen av bolagets tillgångar är landsrättigheterna och kassaflödet är inget att tala om hitills.

Men det är ett företag inom uppbyggnad, som återinvesterar allt och satsar på växa snabbt. "Bära eller brista" är väl konceptet. Det kommer nog förmodligen bära men är ju givetvis högrisk innan bolaget blivit starkt kassaflödespositivt. Men har prognostiserats att SIAF kommer bli just "starkt kassaflödespositivt" till nästa år. När det inträffat kommer värderingen att bli en annan. Den försiktige avvaktar. Men man måste chansa ibland för att kunna vinna.


Tahoe Resources production Q4 2013?

Tahoe Resources: Aiming for Production in Q4 20131

Image courtesy of Tahoe Resources.4

Silver Investing News (SIN) recently had the chance to speak with Kevin McArthur, president, CEO and director of Tahoe Resources (TSX:THO5,NYSE:TAHO), about his company’s flagship Escobal project, located in Southeastern Guatemala. 

In the interview below, McArthur discusses when the company plans to reach production, the benefits of operating in Guatemala and where he thinks silver prices are headed. He also discusses Tahoe’s new corporate social responsibility (CSR) initiative.

SIN: Can you start by giving our readers a brief overview of the Escobal project? Why should investors be excited about it?

Kevin McArthur (KM): The company is building the Escobal project to world standards; our goal is to build a world-class mine that we will operate responsibly. It will produce 20 million ounces of silver per year. The attributes of this deposit are such that we believe we will be leading the industry in free cash flow per share, earnings per share — eventually, our goal is to lead the industry in dividend yield also. We think we can demonstrate organic growth and also deliver community sustainability. In doing so, we’ll be able to deliver long-term shareholder value, which is basically what this business is all about.

Specifically, the deposit is set apart from silver deposits around the world for four main reasons. Number one, it’s very high grade. It’s got silver, lead7, zinc8 and gold9, but the silver itself amounts to over 350 million ounces in the measured and indicated category at over 400 grams per ton. It’s also got very wide veins, so we can put very large equipment into the underground operations and drive the unit cost down. Because of grade and width, we believe that our cash cost will be the lowest, or at least in the lower decile or quartile of cash costs for silver mines. Second, it’s got geologic prospectivity, which I touched on earlier — it continues to grow, so we believe we’ll continue to add value over time. Third, it’s in an area where there’s excellent infrastructure. That is very important in this business. We’re not 4,000 meters up in the Andes and we’re not way up in Northern Canada in Nunavut — we’re in Guatemala. There’s paved road access, we’re an hour and a half from the capital city of Guatemala, there’s water, there’s power and there’s a nearby community, so we don’t have to establish a camp to live in. As I mentioned, the elevation is moderate. We’ve got a management team there on the ground. Most importantly, the mine is almost complete. We’re just starting our commissioning activities now and we expect to be in production — at least early production — in the fourth quarter of this year, with revenues exceeding costs by next year. We’ll have that, we hope, on a sustainable basis. This will be a fabulous mine.

SIN: It sounds like you’re moving quickly toward commercial production. What are the things that need to happen before you get there?

KM: A lot of those things have been done. We’ve derisked the project to a great extent and we understand the deposit. The biggest hurdles we had were getting our permits on a timely basis, but we’ve received all of our permits and established all of our derisking milestones according to the schedule that we posted in 2010. So we’ve been hitting our timelines nicely.

The construction of the mill and underground development of course is usually a horse race. We had a real advantage in that we were permitted for underground development back in February 2011, so we were able to drive 5×6-meter declines into  the mining areas at a very early stage. Infrastructure and mill construction has gone on since 2011. We’re currently ready with the mine, and we’re very close to mill completion — as I said, we have now  started the mill commissioning activities.

Our next challenge will be those commissioning activities, getting the mill up and running in time to hit our goal of full-scale production early next year. We’ve done the derisking along the way and basically completed all of the technical work, so we feel pretty good about it.
Image courtesy of Tahoe Resources.10
Fine ore bins.

SIN: The Guatemalan government recently announced a two-year moratorium on granting new mining and exploration licenses. My understanding is that Escobal will be unaffected, but your press release11 on the topic says you’ll be pulling back on some “regional work.” Can you talk about that situation a bit?

KM: First of all, it’s only a proposal for a two-year moratorium. The president proposed that Congress approve it. The reason is so that the Energy and Mines Ministry can devote its time to working with Congress on a revision to the mining law. This is a revision that’s been contemplated for some time. They’re considering approving the royalty that we’re already committed to paying through our agreement with the president — our royalty on the minerals we produce is 4 percent plus an additional one percent to outlying communities. The revision is also aimed at encouraging community participation in the approval of mining projects and for assurances on the closure of mines. So there are a variety of things that are being looked at under the new mining law.

The two-year moratorium hasn’t been approved yet, but we think that it will be. Essentially, the Energy and Mines Ministry is not processing new applications at this point. But as you stated, we are not affected by it because we have licenses in and around our property where we can do exploration that we would anticipate will grow the resource over time and will add to mine life. But we have a 2,000-square-kilometer area where we have regional concessions, some of which haven’t been approved yet, that we’re not going to able to do work on until we have approval. So we’ll have to halt our plan to commence regional work until the situation gets resolved.

SIN: Leaving aside the moratorium, what would you say are the advantages/disadvantages of working in Guatemala?

KM: There are some great advantages. First of all, you’ve got to go where the precious metals are, and Guatemala has very good geology and a very good business environment for mines. I think Guatemala is a little bit misunderstood in terms of the business environment, but it’s a very positive place to do business. As I said, we received our permits and have received positive support from the government in permitting the mine and also great support from the business community in establishing this brand new company in a very short period of time. So there are very solid advantages to Guatemala on the business end.

It’s also a fully-functioing democracy. There were 30 years of civil war that ended in the ‘90s, and since then there’s been a good democratic government in place with peaceful transfer of power to a new president and congress every four years. The democracy in Guatemala works very well. As I said, I believe because of the noise that comes out of Guatemala it’s misunderstood, but we have found it to be a very good place to operate.
Image courtesy of Tahoe Resources.12
Crusher.

SIN: Ira [vice president investor relations at Tahoe] mentioned that your focus is on long-term share price appreciation, and it looks like things are going well so far. With many companies struggling, how do you account for your success? Is there a particular strategy you’re living by in these markets?

KM: We look to be a high-grade silver miner with underground mines and intend to continue growing the company with that kind of profile. A lot of us on the team worked for Glamis Gold — I was the CEO — where we delivered shareholder value by looking for assets that were unusual in terms of all of the attributes I’ve described Escobal as having. We were always looking for a 15-percent hurdle rate on any business propositions we made, including acquisitions and mine expansions, and we didn’t use our stock to buy assets unless we got an adequate rate of return. During Glamis’ years from 1999 to 2006, we built five mines, and our share price moved dramatically during that time period because we made smart decisions and always demanded a rate of return that was higher than what other companies would demand.

We have internal models for hurdle rates and the way we operate, making sure that we always balance all stakeholder issues. And when I say stakeholder, I mean shareholders, employees and communities. We feel that if we find the right balance between what shareholders need, what our employees wish and what communities require, we will be a successful operator. Finding that right balance, we feel, is key to a successful mining company.

SIN: Recently there has been some speculation that silver prices have hit bottom13 and are set to head upward. What is your opinion?

KM: Well, I’m a little bit biased here, but I came out of retirement to run this company and I felt that silver was a good metal to be associated with. There’s always supply-demand issues regarding precious metals, and the one advantage that silver has over gold is that there’s a fair amount of industrial demand that doesn’t go away. Also, the silver that goes into making products does not get recycled because it just doesn’t pay to pull the silver components out of a cell phone, for instance. Quite the opposite is true for gold. Almost all gold that has been mined historically still sits on the surface today in various forms. So I think the supply-demand dynamic for silver is very good, and because of that I think we’ll see silver prices doing well.

The thing about silver prices dropping is that it’s a curse and a blessing. The blessing comes in a funny way in that the all-in cost of sustaining mine production is higher than today’s silver price when you look at averages in this industry. Therefore, the supply-demand curve will start to be impacted over a period of time because marginal mines and mines that are not making money will have to close if the silver price stays where it is today or goes lower. So there’s a natural buffering capacity in the industry that will happen.

The reason I would speculate that silver prices will go up is for currency reasons. Gold and silver are competitors in the currency business, and compared to western currencies, gold and silver should hold up quite well and do very well considering that western currencies are being printed at a runaway pace. I don’t necessarily look at silver prices going up. The way I look at the world is that the paper money that is going to be used to purchase this silver and gold is going to be falling dramatically in value; therefore, you have to use more dollars to buy an ounce of silver, so the silver price goes up on a relative basis . If you follow that to its logical conclusion, you can see a much higher silver price in the future.
Image courtesy of Tahoe Resources.14
Ball mill.

SIN: Is there anything else you’d like to add? 

KM: We have just recently started a big initiative in the company, and it relates to getting our final permit in April of this year. The initiative is on CSR. Not only do we want to become the new leader in the silver space, but we want to operate responsibly with that balance that I spoke about between all. stakeholders We’ve started a new division in the company so we have equal weight between operations, finance, exploration and now CSR. We’ve hired BSR to help guide our plans both corporately and in country. We just recently put out a press release that describes some of the things that we’re doing in our CSR programs. I want to highlight that as something we strongly believe in. We will have more news on the initiative going forward.
SIN: Thank you very much for speaking with me today.

onsdag 17 juli 2013

Have Silver Prices Finally Hit Bottom?

Survey: Have Silver Prices Finally Hit Bottom?

Last week, Silver Investing News took a look at commentary from John Whitefoot, author and editor at Daily Gains Letter, and Sprott’s Thoughts’ David Franklin and David Baker, identifying two reasons that silver prices could be set to rise. Now, as silver prices slowly creep up the charts, market participants are wondering whether the white metal is rebounding after hitting bottom or simply enjoying a short-term boost.

Here’s a look at a number of factors, identified by Market Oracle analyst Jason Hamlin and Tony Davis of Atlanta Gold & Coin Buyers, that suggest silver prices have truly bottomed out:
  • Mining stocks are doing better than metals: Hamlin notes in his article that in the last week or so, “quality mining stocks” have started to perform better than the metals they represent. Put more simply, many silver miners have risen upwards of 8 percent while silver is up just 4.5 percent. Up until now, the white metal has been faring better than such stocks.
  • Support may exist at $18.50: Another point covered by Hamlin is that on “four separate occasions from 2008 to 2010,” silver has encountered strong resistance at the $18 to $19 level. That is significant, he notes, because “[t]he stronger the initial resistance, the stronger the future support.” He believes that, as it has done in the past, the white metal will bounce off this level.
  • JPMorgan Chase (NYSE:JPM) is collecting silver: For his part, Davis points to the fact that JPMorgan “is taking physical delivery of silver bullion in upwards of 90%” of contracts being settled, a drastic increase from the usual 3 percent. While the bank could just be anticipating increased demand for physical delivery requests, it may also be gearing up for a rise in silver prices, Davis states.
Cost of production

While Hamlin and Davis mainly identify different things they believe point to a bottom in the silver market, the one thing they agree on is that for many miners, silver is now at or below its cost of production. As Hamlin points out, that situation is unsustainable — after all, he asks, “[h]ow many items can you buy in the marketplace at or below the cost to produce it?” The answer, of course, is not very many, a point that David Morgan made to SIN not long ago. As a result, both writers believe it won’t be long before companies start closing unprofitable mines, thereby decreasing supply and driving prices up.

A nod to the naysayers

Of course, not everyone  believes that the bottom for silver prices is here. In a SilverSeek article published yesterday, Przemyslaw Radomski states that while silver moved higher last week, its “downtrend will remain in place … unless [it] can increase and hold a breakout above the $20.70 price level,” a “short-term resistance level” he says is based on intra-day highs.

As yet, the white metal has not done so, and as a result, Radomski believes that last week’s upward movement was merely a “contra-trend bounce” and the final bottom for silver is still to come.

With opinions ranged across the board it is difficult to say where the silver price will go next. Let us know what you think will happen in the survey below.

lördag 13 juli 2013

Bolagspresentation av Sino Agro Food

För den som ännu inte sett detta är det en bra videopresentation av bolaget.

https://www.youtube.com/watch?v=vYmWZ-eFUIA

En del tror att företaget är en bluff. Men jag skulle säga att hela upplägget som syns på denna organisationsbild är alldeles för rörig för ett bluffbolag. Nog för att ett bluffbolag skulle kunna uppvisa en rörig struktur, men min poäng med denna organisationsbild är att det är ett trovärdigt upplägg där företaget Sino Agro Food som finansiering förutom att emittera aktier och nu senast försöket med en Bond, använt joint ventures, sammarbeten för att finansiera de olika verksamheterna.



Nu har jag även som JF-medlem tagit del av material från Jordanfonden som varit på besök där i Kina och gått igenom företagets verksamhet. Det stärker min övertygelse om att detta inte är ett bluff-bolag, utan ett riktigt företag som drivs av en äkta driven Entreprenör, CEO Solomon Lee.

Det hade sannerligen inte varit fel om jag hade varit med på besök på plats. Jag ser fram emot fler kommande visningar av verksamheten för aktieägare och investerare. Det är ett tag sen Jordanfonden var där och mycket har hänt sedan dess. Det kanske skulle passa med en kommande visning för investerare och aktieägare igen nu till hösten i samarbete med en eventuell notering av SIAF på First North?

fredag 12 juli 2013

2 Reasons Silver Prices Look Set to Rise


2 Reasons Silver Prices Look Set to Rise

2 Reasons Silver Prices Look Set to Rise

It’s no secret that silver has fared poorly this year. But exactly how bad is bad? Since June drew to a close, news agencies have been quick to report the extent of the damage: the white metal has fallen 35 percent in the first six months of 2013 and is set to record its worst performance in three decades. 

Disheartening though that number may be, some market participants believe that a turnaround is coming. Here’s a look at why John Whitefoot, author and editor at Daily Gains Letter, and Sprott’s Thoughts’ David Franklin and David Baker believe that silver is gearing up for gains.

Economic uncertainty could buoy prices

 In a recent commentary, Whitefoot notes that although this year was supposed to be “the year that silver regained its luster,” climbing either as a hedge against inflation and a devalued dollar or on the back of industrial demand, “strangely” that has not happened.

However, Whitefoot believes that all is by no means lost, stating that for contrarian investors — those who attempt to profit by investing in ways that go against conventional wisdom — “silver has never lost its shine — its role as a safe haven hasn’t really changed.” Elaborating on that idea, he explains that the US economy is still not particularly strong. For instance, the country’s unemployment rate sits at about 7.5 percent, first-quarter GDP growth was “well below” expectations and wages are not improving. Outside the US, Portugal is facing problems and the Chinese economy is not doing overly well.

These factors, according to Whitefoot, indicate that “all of the ingredients for a rally are still set” — and based on the fact that the US Mint has sold 43.9 percent more Silver Eagles in the first half of 2013 compared to the same period last year, he believes average American investors can see that.
He concludes his piece with the statement that “as long as the global economy remains uncertain and central banks continue to print more and more money, silver will continue to be in demand as a store of value.”

Commercial traders going long on silver

Taking a different approach, in a Sprott’s Thoughts note published yesterday, Franklin and Baker point out that hope for silver prices can be drawn from the fact that collectively, commercial traders — in other words, large banks — have reduced their short positions from 259 million ounces in February 2013 to just 20 million ounces as of the Commitment of Traders (COT) report released June 25. That reduction “represents the cumulative purchase of approximately 240 million ounces of ‘long’ silver contracts.”

That is significant, say the writers, because commercial traders have “traditionally held significantly large ‘short’ positions,” meaning that they are “either hedging an existing silver position or betting that silver will depreciate.” A shift away from short positions toward long positions could mean that such traders are now preparing for a “bullish silver reversal.” Franklin and Baker believe that this idea is further supported by the fact that commercial traders have also reduced their net short gold positions.

Like Whitefoot, Franklin and Baker end their writeup by suggesting that these changes in positioning may indicate that silver prices are set to hit bottom and turn around.

The upshot

Though silver has been the underdog so far this year, there are at least two reasons that may be about to change. Those interested in the white metal should consider keeping an eye on future COT reports as well as economic conditions.

Silver Price Rallies to Six-week High


Silver Price Rallies to Six-week High

Silver Price Rallies to Six-week High

The silver market is still very much influenced by speculation as to when the US Federal Open Market Committee (FOMC) will pull the plug on the current round of quantitative easing (QE), as is evidenced by this week’s price action.


Early in the week, silver tracked gold higher on short covering and safe-haven demand sparked by political upheaval in Egypt, closing back up four pennies over $19 an ounce Monday. That moderate upswing continued Tuesday as inflation news out of China lent further support to gold and silver despite a stronger US dollar, pushing silver up to $19.12 an ounce.

This week’s rally really picked up momentum mid-week after the release of minutes from Wednesday’s US FOMC meeting, Bloomberg reported. Precious metals bulls gained strength from FOMC members stating that they want to wait for more positive economic signals before axing bond buying. A slight loss in the US dollar, in addition to higher oil prices, was also bullish for silver, which closed Wednesday at $19.37 an ounce.

Silver’s much-awaited rally continued for a fourth straight session Thursday, the metal’s longest rally since March 8, according to Bloomberg. The precious metals markets were bolstered by Federal Reserve Chairman Ben Bernanke’s call for a “[h]ighly accommodative monetary policy for the foreseeable future” from the US central bank in order to spur economic growth. Silver hit a six-week high for a Thursday close of $19.965 an ounce.


Company news

Coeur Mining (TSX:CDM,NYSE:CDE) released results from the preliminary economic assessment completed on its La Preciosa silver-gold project in Durango, Mexico. The mine is expected to produce an estimated 134.5 million ounces of silver over a mine life of 17 years, making La Preciosa potentially one of the top 10 primary silver mines in the world. The mine is expected to generate a 17-percent after-tax internal rate of return based on $25 per silver ounce and $1,500 per gold ounce.

First Majestic Silver (TSX:FR,NYSE:AG) announced that total Q2 production at its five Mexican silver mines increased 55 percent over the same period last year for a record 34,268,117 equivalent ounces of silver. The producer also has said it will cut 10 percent of its workforce this year, reported Reuters, due to slumping silver prices. The company has already canceled drilling contacts and suspended silver sales.

Great Panther Silver (TSX:GPR,NYSEMKT:GPL) reported Q2 production from its Guanajuato and Topia mines in Mexico. Metal production rose 22 percent over the same period last year, to 680,212 silver equivalent ounces. The company attributes the increase to improved grades and operational efficiency. Great Panther’s management is confident the company remains on track to meet its fiscal 2013 production guidance of 2.4 to 2.5 million silver equivalent ounces.
Q2 production figures for Fortuna Silver Mines‘ (TSX:FVI,NYSE:FSM) San Jose mine in Mexico and the Caylloma mine in Peru show a total of 1,074,007 ounces of silver and 5,183 ounces of gold. So far this year, production at the two mines has totaled 2,066,225 ounces of silver and 9,675 ounces of gold. The silver producer is on target to meet its 2013 production guidance of 5.9 million ounces of silver equivalent.

Endeavour Silver (TSX:EDR,NYSE:EXK) announced record-breaking second-quarter silver and gold production. Compared to the same quarter last year, second-quarter silver production for 2013 rose 48 percent, to 1,535,873 ounces, while gold was up 159 percent, to 19,914 ounces. Revenues for the quarter were also up 57 percent, to US$63.5 million. The company attributes its stellar production numbers to successful operations at the Bolanitos mine, whose output peaked at 3,000 metric tons per day.


Junior company news

Entourage Metals (TSXV:EMT) commenced exploration work at its La Liga silver project in the Yukon Territory, Canada. The program is focused on high-grade silver plus lead-zinc mineralization at the Red Devil and Galactose zones and will involve detailed geologic mapping, prospecting and mechanical trenching.

Apogee Silver (TSXV:APE) reported that a development and sampling program at its Pulacayo project in Bolivia has exposed a vein with an average grade of 868 g/t silver over a 97-meter strike length and average width of 0.61 meters. The company is seeking financial partners in the construction of a Phase I mine and mill complex at Pulacayo; it is designed to produce 2.5 million silver equivalent ounces per year.

Skagen förvaltare ser köpläge

"Kriser skapar köplägen"

  Publicerad 2013-07-12 11:35:00 "Kriser skapar köplägen"

Foto: Skagen
Krönika Inte sedan finanskrisen 2008 har flykten från tillväxtmarknaderna varit så stor som nu. Nu kan det löna sig att gå mot strömmen och att köpa impopulära och undervärderade företag, skriver Skagen Kon-Tikis förvaltare Kristoffer Stensrud i en gästkrönika

Vad som är populärt och impopulärt förändras snabbt bland investerarna i finansvärlden. Från att ha varit en i det närmaste avkastningssäker hamn under stora stora delar av 2000-talet har tillväxtmarknader förvandlats till paria. Särskilt tuff var behandlingen under juni. Inte sedan finanskrisen hösten 2008 har flykten från tillväxtmarknaderna varit så stor.
Svenska investerare med pengar placerade i den del av världen som står för nästan all ekonomisk tillväxt kan konstatera att årets första sex månader har åsamkat dem en förlust på 6,6 procent (SKAGEN Kon-Tiki har i jämförelse backat 1,2 procent). De som istället satsat på aktiemarknader i de länder som står för en mycket mindre del av den ekonomiska tillväxten i världen, i utvecklade länder, har kunnat glädja sig över en förträfflig avkastning på 10,2 procent.

Stor rabatt i tillväxtmarknader
Prissättningen av bolag i tillväxtmarknader ligger nu långt under det historiska genomsnittet baserat på både löpande intjäning och bokfört eget kapital. Jämfört med utvecklade marknader har inte rabatten, eller riskpremien om man så vill, varit större på åtta år.
Investerarnas fokus har på nytt riktats mot en möjlig kreditkris och svagare ekonomisk tillväxt i Kina, nedslående ekonomiska nyckeltal, indikatorer och prognoser från i stort sett alla tillväxtländer. På toppen av detta kommer oro och ett ökande missnöje med den politiska styrningen hos den snabbt växande medelklassen i flera tillväxtländer. Detta har vi själva kunnat beskåda på TV i form av utagerande vanliga människor, som du och jag, i länder som Turkiet, Brasilien och inte minst i Egypten, där demokratiseringen efter valet inte ledde till nödvändiga politiska reformer.
Förra året vid den här tiden var det den ihärdiga eurokrisen och en svag amerikansk ekonomi som präglade nyhetsbilden. Mycket har förändrats sedan dess. Det mesta till det bättre. Bostads- och arbetsmarknaden i USA, själva livsnerven i den amerikanska ekonomin, har återhämtat sig snabbare än vad de största optimisterna hade kunnat tänka sig.

Gröna skott i Europa
I Europa har de första gröna skotten kommit. Konstigt nog först i Sydeuropa där optimismen börjar öka. I alla fall om man ska tro de senaste PMI-undersökningarna som visar att inköpscheferna i företagen nu ser ljusare på tillvaron igen.
Kostnadsnedskärningar, inte minst i form av relativt lägre löner de senaste åren, har lett till en på vissa håll kraftig produktivitetsökning.
Svag inhemsk efterfrågan i både USA och Europa har fått företagen att satsa utomlands med ökande marknadsandelar inom vissa sektorer som resultat. Ökad tillväxt och bättre tider även på hemmaplan har lett till höjda förväntningar på att företagen ska leverera bättre resultat. I tillväxtmarknaderna är situationen annorlunda. Många år med hög tillväxt har lett till att kostnaderna har skjutit i höjden medan produktiviteten har gått motsatt väg. Utförsbacken har även synts i analytikernas vinstprognoser för bolagen.

Råvaruboomen död och begraven
Men dagens vinstprognoser bygger för mycket på en råvaruboom många förväntade sig 2010 men som nu är död och begraven. Alltför stora investeringar i ny kapacitet, minskad efterfrågan och giriga regeringar, som vill säkra att ”jordräntan” går till samhället istället för globala kapitalister är ansvariga för likvideringen.
Mixen av en svag makroekonomi, social oro och misskötsel av många bolag i tillväxtmarknader är giftig. Den medför att andra investeringsområden ser väsentligt mer attraktiva ut.
De senast årens utveckling i världsekonomin gör att tillämpningen av vår investeringsfilosofi, som har gett bra resultat det senaste decenniet, måste ändras lite. Mindre vikt måste läggas på generell ekonomisk tillväxt och mer på de enskilda företagens utveckling, var de än befinner sig i världen.
Privata företag som trots kriser eller pressade situationer kan skapa värden och bygga varumärken från en lokal position är intressanta. Företag som är beroende av sociala koncessioner är ointressanta. Bolag som ger befolkningen en högre levnadsstandard, bättre kontroll över sina liv och god information håller vi dock våra ögon och öron öppna för.

Kriser skapar köplägen
Avslutningsvis, för de som har intrycket av att vi har blivit domedagsprofeter och talar emot oss själva: den senaste tidens generella utförsäljning av aktier i tillväxtmarknader, där de flesta bolagen konkurrerar på en global arena, skapar köplägen. Att gå mot strömmen och att köpa impopulära och undervärderade företag kan på kort sikt se ut som dåliga investeringar. På lång sikt har vi emellertid bra erfarenheter, från både Asien- och Ryssland-krisen under 1998, av att liknande situationer kan skapa mycket bra långsiktiga värden för aktieägarna.

Kristoffer Stensrud

Sino Agro Food Bonden









Det är enligt uppgift från JF en effektiv årsränta på 17,5% som på bonden som ska ge Sino Agro Food ett tillskott på 16,8 MUSD. Det är väldigt hög ränta, men Bonden kommer inte noteras för handel.

torsdag 11 juli 2013

Sino Agro Food - notering till hösten 2013?

På träffen med Sino Agro Food i maj hos Penser sade Solomon att sommaren är en dålig tid att notera aktien. Vi får se om det blir nu till hösten. Det är fullt sannolikt




Nyemissioner.se - Penser håller Sino Agro Food i vänteläge

Nyemissioner.se - börsnotering av Sino Agro Food

Aktier för 2013 enligt jordanfonden

Bra aktier för 2013 enligt Jordanfonden

Listan på de 14 aktier som Jordanfonden tror kommer att ha bäst procentuell utveckling fram till jul 2013. Bolag inom olja och guld är i fokus.


Informationstjänsten Jordanfonden med Nisse Sandberg har den 7 juli sammanställt en lista på 14 bra aktier som de tror kommer att ha bäst procentuell utveckling fram till jul 2013. Jordanfonden poängterar dock att man måste ha en tro på råvarorna som företagen jobbar med för att köpa aktierna.

Bolagen är uppdelade i tre grupper. Bolag aktiva inom olja respektive guld, samt bolag som Jordanfonden är involverade i. Inom parantes är aktiens tickerkod och siffrorna är priset som aktien hade när marknaden stängde i fredags.

Olja

Maurel & Prom International (MPI.PA) - 3,44
Petroamerica (PTA.V) - 0,26
Lundin Petroleum (LUPE.ST) - 135,00
Tethys Oil (TETY.ST) - 65,00
Ecopetrol (EC i USA) - 41,88
Grantierra (GTE.TO) - 6,40

Guld

Sandstorm Gold (SSL.TO) - 5,96
Semafo (SMF.ST) - 9,45
Shanta (SHG.L) - 9,05

Jordanfonden-projekt

Cassandra Oil (CASO.ST) - 27,30
Nexam (NEXAM.ST) - 6,80
Deflamo (DEFL-B.ST) - 0,76
Rentunder Holding (onoterat)
Sino Agro Food (SIAF i USA) - 0,358

Video om Sino Agro Food


Det är användaren "hyperboy262626" som gjort denna video liksom flera föregående.

Ökat pris på biffkött i Kina; SIAF

 China's taste for beef may spur Smithfield repeat

 
The growing taste of Chinese consumers for beef may herald a tie-up with a foreign export group, Rabobank said, even as Shuanghui International is undertaking the acquisition of US pork group Smithfield Foods.
China's beef imports have grown "astonishingly" this year, albeit from relatively low levels, jumping 10-fold in the January-to-April period compared with the same period of 2012, Rabobank said.
The strength of imports reflects the "imbalance between expanding consumption and stagnant production" which has sent retail beef prices soaring to $9.40 per kilogramme as of May, up 33% year on year.
Prices of fattened cattle are rising even faster, which illustrates the serious supply shortage".
Foreign deals?
The signing by Beijing of a memorandum of understanding over legal import of Indian buffalo meat, which has up to now been smuggled into the booming Chinese market, looks like heralding further deals.
"This signals that China will further open the door to imports from the global beef market," Rabobank said, adding that it could herald corporate activity too.
"This scenario may trigger interest from Chinese beef players in exporting companies and countries.
"Amidst these conditions, we cannot rule out the possibility that Chinese beef companies may seek partnerships with counterparts in important beef-producing countries.
Trade ties
Rabobank highlighted in particular Australia, the top exporter to China, as a likely target for Chinese interest.
Australia accounted for 47% of China's beef imports, by volume, in the January-to-April period, and its exporters "continue to move quickly to position themselves in the Chinese market", the bank said
Howver, Uruguay is "catching up rapidly" thanks to competitive prices, raising its market share to 25%.
Uruguay's exports to China in the year to May soared 480% to 33,000 tonnes.
New Zealand is another major exporter of beef to China, as it is of dairy products too.
Horsemeat scandal hangover
The comments came in a report in which Rabobank also flagged a boost to the European Union industry from the tightened food security measures which have followed the furore of horsemeat being passed off as beef.
"The impact of the horsemeat scandal has resulted in another price increase for cattle in the EU," hitting a record E4.44 per kilogramme in May, up 50% from a low in October 2010.
"The increase in prices has been supported by higher demand for beef from players having to replace horsemeat with real beef."
The quest for beef may also be behind a surge in EU imports from Brazil, up 42% to 25,500 tonnes in the year to May.

måndag 8 juli 2013

SIAF BOND-info




"Lucky Loser" på Sino Agro Foods sida på InvestorsHub har lagt upp en länk till PDF-dokument som beskriver erbjudande av Bond-finansiering för SIAF som nu erbjuds placerare

PDF:en

SIAF - försök till finansiering pågår


Foto på SIAF restaurangkedja "Leonie"


Företaget håller på arbetar för fullt med att ordna finansiering för resten av innevarande år.

Jag har tittat en del på rapporten för Q1 2013 och man hade enligt den 115,252,569 aktier helt utspädd per den 31 mars 2013. Mandatet för det betydande aktieslaget "common shares" är tydligen 130 000 000 aktier vad jag läst för närvarande.

EPS för Q1 var 1.14 USD per aktie. Och Q1 är inte det starkaste kvartalet, räknat på Q1 x 4 är EPS uppe i 0,56 USD att jämför med dagens kurs på 0,36 USD per aktie. 

Jag har framöver tänkt gå igenom Q1 resultatet, balansräkning och kassaflödesanalys för de uppgifter som finns från maj avseende Q1 2013, detta i väntan på mer info om BOND-finansiering och Q2 siffror som borde komma runt mitten av augusti.

söndag 7 juli 2013

Exempel på 3D printing

Denna notis visar möjligheterna och potentialen med tillämpningar av 3D printing



lördag 6 juli 2013

MIDAS letter om Naturally Splendid Enterprises Ltd

Breakthrough Omega-source food products to make any food a healthy, omega-rich choice.

"Naturally Splendid Enterprises Ltd. has created a line of hemp-seed derived Omega-rich products that can be seen on shelves in mainstream western Canadian supermarkets at this point such as Save On Foods, Urban Fare, London Drugs, Marketplace IGA and Sobeys.
Sales in these stores are growing, and the number of stores expected to start carrying NS Hemp products is expected to rise throughout 2013. They recently signed on a national distributor to expand distribution across Canada.
But the really interesting differentiator for Naturally Splendid is its new product line upcoming, will allow hemp oil in aqueous and powder forms to be incorporated as a food additive to just about anything. Imagine “omega-rich” pizza, or omega-enriched bread and milk. Suddenly foods that traditionally have no omega essential fatty acid content can be a superb dietary source of omega 3 and 6 in exactly the right proportion for maximum dietary uptake. Its the twist to Naturally Splendid that makes the company’s ability to grow its bottom-line business exceptional."

Carnegie köprek på Statoil

"Statoil har underpresterat sina peers med 15 procent hittills i år. Carnegie tror att denna situation kan hänföras till skattehöjningen i Norge och guidning för lägre produktion under 2013.

Dessutom kommer prisnedgången i oljan att påverka Statoil mer än de flesta av sina peers med tanke på dess ganska rena upstream exponering och stora investeringar i området. Investmentbanken ser den svaga kursutvecklingen som ett bra köpläge. Riktkursen är 154 norska kronor och Statoil är ett mycket attraktivt upstream exponerade bolag med en tilltalande värdering. Mot slutet av innevarande år är bolagets produktion inställd på att börja växa igen. Under nästa år kommer flera stora områden dessutom tas i bruk."

fredag 5 juli 2013

3 råd för att bli miljonär

 Följ tre enkla regler och du blir miljonär.

Per H Börjesson som skrivit ett par böcker om privatekonomi drog stor publik i Almedalen. Många ville ha konkret vägledning hur man blir miljonär genom klokt sparande.
Här är hans tre råd:
  1. Spara 10 procent direkt när du får lön. Vänta inte på bättre tider.
  2. Köp en bostad i ett bra läge och amortera på dina lån.
  3. Köp aktier eller aktiefonder, gärna indexfonder, och behåll dem.
– Alla kan bli miljonärer på sikt bara man följer dessa regler, säger Per H Börjesson.

torsdag 4 juli 2013

Will Indian Silver Imports Reach a Record in 2013?

Will Indian Silver Imports Reach a Record in 2013?



Like most commodities, silver has had a tough time these past few months, having fallen from close to $30 in mid-April to its current price of $19.32. However, good news for the white metal has recently arisen in the form of Indian silver import figures. 

In a note published last Friday, Eric Sprott and David Franklin state that after importing just 1,900 metric tons (MT) of silver in 2012, India has brought in 2,400 MT of the precious metal in just the first five months of this year. That is significant given the fact that India’s record for silver imports, recorded in 2008, is 5,048 MT, as per SilverSeek.com.

Why the surge in imports?

In terms of precious metals, India’s claim to fame has long been its status as the world’s biggest gold consumer. It’s gained that title largely because people in the country have limited access to banks, and, according to Sprott and Franklin, “owning precious metals is synonymous with savings and security.”

However, at present, taxes and import restrictions are making it difficult for buyers to get their hands on the yellow metal. Seeking Alpha contributor Dante Caruso elaborates on those measures in a recent article, commenting that in May, the Indian government raised the gold import duty to 8 percent from 6 percent as part of its “drastic measures to redirect [gold] investment back into the economy.” Further, lending against gold, including gold jewelry and gold ETFs, has been restricted, while Reliance Capital and the All India Gems & Jewellery Trade Federation are attempting to curb sales of gold and gold-related products.

As a result “it would appear that the Indian gold trade has moved offshore” to get away from those factors, while ”the majority of Indian investors” — excluding larger investors — are gravitating toward silver, Sprott and Franklin state.

The implications

Unsurprisingly, these circumstances have investors wondering whether this year will see India break its 2008 record for silver imports.

More importantly, many are considering how the market will be affected if India breaks, or even approaches, that record. Shedding some light on that topic, Caruso states in his article that due to both silver’s cheapness relative to gold and the fact that Indians spend so much more money on gold than on silver — respectively $7.2 billion and $665 million in May — “[v]ery little redirection of gold investment into silver is required to have a major impact.”

Put more bluntly, that means that if even a small number of gold investors decide to buy silver instead, the silver market could easily be overwhelmed, with prices rising “very quickly” as supply diminishes.

With that in mind, it looks as though, like Sprott and Franklin state, silver will be the true winner in India’s “war on gold.”

re-post on Emerging Silver Producers in Mexico

Emerging Silver Producers in Mexico

Silver mining in Mexico is on the rise, and many hopefuls are flocking to the country to try their luck. Here’s a look at five such companies. 

Canada’s Aurcana (TSXV:AUN) owns 99.9 percent of the La Negra silver-copper-lead-zinc mine, which is located in Queretaro State, Mexico. As of 2009, La Negra was milling 1,000 metric tons (MT) per day, a number that jumped to 2,500 MT per day in 2012. This year, Aurcana expects to reach 3,000 MT per day. While exploration is ongoing at La Negra, a report from August 2012 identified 115 million ounces of measured and indicated silver underground. This news changed the mine’s life to at least 30 years.

Avino Silver & Gold Mines (TSXV:ASM), also based in Canada, has 99.28-percent ownership of the Avino mine in the heart of the Sierra Madre Gold-Silver Belt. The mine was discovered in the 1500s and has been in operation, on and off, ever since. The mine has been owned by Avino since 1974, though production shut down in 2001 as a result of low silver prices and the closure of a key smelter. Avino has since reopened the mine. The San Gonzalo zone achieved full-time production in October 2012, while the company is exploring new zones in the area that were discovered in 2011.

Formerly a subsidiary of NSGold (TSXV:NSX), NSX Silver (TSXV:NSYis currently actively mining the Dios Padre mine, located in the Eastern Sierra Madre mountain range about midway between Hermosillo and Chihuahua in East-Central Sonora. NSX believes that the Dios Padre property’s exploration potential is excellent, particularly in the breccia body. The property has been mined since the 17th century and hosts high-grade silver mineralization. Pilot tests have already demonstrated that the property responds well to conventional milling and flotation, yielding a concentrate with 87-percent recovery of silver.

Gold and silver producer Silvermex Resources (TSX:SLX)‘s primary asset is La Guitarra, a property located in the Temascaltepec mining district of Central Mexico. The property, along with the company, was absorbed by First Majestic Silver (TSX:FR,NYSE:AG) in July 2012. The mine covers 98,135 acres and has been mined since the 15th century. Recently, the company completed an expansion program, increasing its silver production capacity by 40 percent, to 500 MT per day. Further planning is currently underway to increase production to as much as 1,000 MT per day. The mine consists of two underground operation centers and a flotation mill.

Vancouver-based Kootenay Silver (TSXV:KTN) is currently exploring its Promontorio mine in Sonora, Mexico; the company recently discovered that the mine contains 92 million silver equivalent (AuEq) ounces. The mine is made up of approximately 197,684 acres and contains an estimated 44.5 million MT grading an average of 64.32 g/t AuEq. Exploration of the area indicates that as many as 92 million ounces of AuEq could be available, with an additional 24 million ounces categorized as “inferred.” The company is approaching a milestone of 1 million ounces of AuEq mined.

Silver companies in Mexico

Silver companies in Mexico

The history of silver mining in Mexico stretches back almost 500 years, when the great silver-gold vein system of the Veta Madre at Guanajuato was discovered in 1550. That area is now known as the Silver Belt, and it stretches from Guanajuato and Zacatecas in the Mesa Central, Chihuahua in the Mesa del Norte and San Luis Potosi to the East. Today, this is the home to silver mining companies from around the world.

"Geologically, there is no better place on earth for silver," said geologist Peter Megaw to The Northern Miner.

Megaw, president of International Development and Exploration and confounder of MAG Silver (MAG-T, MVG-X), has worked in Mexico for nearly 40 years. Last year Mexico produced over 162 million ounces of silver, making it the global leader in silver production.

Though Mexico has long since been a major player on the silver mining scene, the country was not receptive to foreign investors for a large part of the twentieth century. From 1961 to 1991, the Mexican mining law stipulated that mineral assets must be at least 50 percent owned by Mexican companies. In the 1990s, when the law changed to allow 100 percent foreign investment, international companies quickly flocked to reinvest in the country's silver mines, resulting in many new silver sources being uncovered.



Companies to watch in 2013
Fresnillo PLC (FRES:LN) is a United Kingdom-based company which made its debut on the London Stock Exchange in 2008. The group maintains the largest land area of concessions for precious metals exploration and mining in Mexico. In 2012, Fresnillo produced 36.9 million ounces of silver, and the first quarter of 2013 has produced 10.1 million ounces already, putting it up 2.6 percent over the first quarter of 2012.


First Majestic Silver Corporation (TSX:FR, NYSE:AG) currently owns and operates mines in Mexico, with its headquarters in British Columbia, Canada. The corporation anticipates the production of over 11 million ounces of silver in 2013 through their five mines, La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the Del Toro Silver Mine and the La Guitarra Silver Mine.

Endeavour Silver Corporation (NYSE: EXK, TSX: EDR) has seen eight consecutive years of growth since its startup in 2004. The company is mid-tier, focusing on expansion programs at its three operating mines in Mexico, the Guanaceví Mines operation in Durango State and the Bolañitos (formerly called Guanajuato Mines) and El Cubo mines operations in Guanajuato State. A total silver production of more than 5 million ounces is expected in 2013 after a 2012 yield of 4.5 million ounces.

What to keep in mind when investing in silver
Silver, in general, is considered a safe investment. Its worth is not generally going to be greatly affected by political turmoil or economic crisis. However, it should be noted that silver serves as a currency as well as an industrial metal. This gives it behavior similar to that of a currency and may act as an inflation hedge during falling dollar prices.

Silver exploration companies in Mexico


Silver Exploration Companies in Mexico

By - Exclusive to Silver Investing News

As silver mining becomes more widespread and successful in Mexico, many companies are in the process of exploring promising properties.

Southern Silver Exploration Corp. (TSXV:SSV)
Based in Vancouver, Canada, this junior exploration company is currently working on multiple projects throughout North America, including two in Mexico. Southern Silver’s flagship exploration property is the Cerro Las Minitas silver-lead-zinc property located in Durango State, Mexico. It covers over 57.9 square miles, much of which is in Northern Mexico’s Faja de Plata, or Belt of Silver. According to the company’s website, this area has historic production and resources of over 3 billion ounces of silver.

Southern Silver is also in the process of exploring its Minas de Ameca project in Jalisco State. This property contains silver, gold and copper deposits within its 50.6-square-mile area.


Arian Silver Corporation (TSXV:AGQ)
The silver exploration, development and production company focuses primarily on the silver belt in Mexico, specifically Zacatecas State. Its mission is to explore properties with prior exploration and production history in order to best reduce risks and capital costs.

Currently, Arian Silver’s main exploration project is its 100-percent-owned Calicanto Group, which encompasses 7 adjacent properties in Zacatecas. It does not have a current reserve estimate, but during previous production in 1955, a small section of the mines had monthly production of 1,500 to 3,400 dry tons, with an average of 110 grams per ton of silver. The property has since been expanded through exploration.


Aura Silver Resources (TSXV:AUU)
Aura Silver’s concentration is silver and gold in North America. Its major Taviche Project is located in Oaxaca, Mexico, within the San Jose Mining District.

This exploration project is made up of the Taviche East and Alma Delia concessions, according to the company’s website. Within these, research on the Higo Blanco prospect has determined an inferred silver resource of 865,000 metric tons at a grade of 119 grams per ton, amounting to 3.3 million ounces of contained silver.


Kootenay Silver (TSXV:KTN)
The Vancouver-based exploration and mining company is focused heavily on the exploration of its 100-percent-owned flagship Promontorio Silver Project located in Sonora, Mexico. Kootenay Silver’s most recent resource estimate found this property holds an estimated 92,035,000 ounces of silver equivalent, plus an additional 24,326,000 ounces inferred. Promontorio is also estimated to contain sizeable gold deposits.

Currently, the Promontorio property is such a priority that Kootenay is not in the process of exploring any other areas.


NSX Silver (TSXV:NSY)
Also headquartered in Canada, NSX Silver is a mineral exploration company focused on the exploration and development of silver in Mexico. Its primary asset is the Dios Padre project located in the Eastern Sierra Madre Mountain range between Hermosillo and Chihuahua.

The Dios Padre’s past production reached 16 million ounces of silver, according to the company website, and its current exploration potential is considered to be excellent. NSX Silver has plans to produce a resource estimation for the project in the near future.

Nordea sätter köp på Nokia

Analyser

02 JULI 2013
Köp / 32,0 kr

Nokia - helt enkelt för lockande för att avstå

Nokia aviserade igår att banken kommer köpa ut Siemens från NSN, vilka fortfarande kan sikta mot en börsintroducering. Eftersom att transaktionen på 1,7 miljarder Euro står för mer än 50 procent av rabatten i Nordeas värderinguppskattning tar banken en exceptionellt positiv stans till aktien.

Nordea antar att efter Q3, då minoritetsintressen försvinner, kommer att ge betydligt högre estimat. Banken upprepar köp och höjer riktkursen till 3,50 Euro (3,25).

I Nordeas rapport från den 12 juni om NSN, värderade man Siemens ”halva” av NSN till minst 4 miljarder Euro eller 1 Euro per Nokia-aktie. Affären på 1,7 miljarder Euro verkar nästan för bra för att vara sann men den kommer sannolikt att förklaras genom ”trötthet” i Siemens efter mer än sex år som passerat för joint venture och givet att avyttringar av IPO skulle ta ytterligare tre år. Därmed berättigar NSN åtminstone två tredjedelar av Nokias nuvarande aktiekurs med potential att fortsätta uppåt på egna meriter.

Även om förvärvet kommer pressa Nokias balansräkning, anser Nordea att verksamheten klart är gångbar även utan kassaflödet från NSN (1,5 miljarder Euro, av vilka 800 miljoner Euro kan lösgöras) exkluderar potential i nya mått för att lösgöra runt 500 miljoner Euro i kapital genom att sälja fabriker, så som Helsingin Sanomat skrev igår, så väl som positiva kassautsikter för Nokia och NSN under 2013. I samtliga fall, känner Nordea att Nokia kommer få det enklare att adressera skuldmarknader med förstärkt kassaflöde än genom att ha pengar på banken.

Nordea har mestadels förlitat sig på värderingen av ett helhetsscenario för Nokia under den tuffa övergången för divisionen Smart Devices som har återinställt vinster. Fullt ägarskap av NSN innebär en materialpåverkan på vinstmultiplar, som tar tillbaka dem till attraktiva nivåer med ett P/E-tal för 2014 på 12,5, EV/EBIT på 7,2 och EV/EBITDA på 3,7. Nordeas reviderade grundvärdering av bolaget står nu på 4,5 Euro per aktie (ett intervall mellan 3,2 till 5,3 Euro).

Källa: Nordea

måndag 1 juli 2013

Om Kina - en kuliss?

Kina - en kuliss?

 

Det är svårt att förstå och därmed bedöma Kinas ekonomi. Stora kulturella skillnader i agerande och värderingar gör att vi ofta går bet. Samtidigt finns en osäkerhet om huruvida det går att lita på den statistik vi får tillgång till.

Det vi dock vet med säkerhet är att det är ett land med en mycket stor befolkning men där medelklassen utgör bara en del. Å andra sidan ökar nu medelklassen i snabb takt och därmed förhoppningarna om förhöjd levnadsstandard. Denna utveckling skapar såväl möjligheter som risker.

Trots Kinas geografiska storlek finns bara en tidszon i Kina. Ekonomiskt är det, däremot, stora skillnader. Östra Kina, med Peking och Shanghai i spetsen, står inför utmaningen att gå från att vara ett industrisamhälle till att bli en konsumtionsdriven ekonomi, medan västra Kina fortfarande är outvecklat och fattigt.

I mitten av Kina ligger Chongqing och Chengdu, två städer med 29 respektive 14 miljoner invånare, som nu växer i rekordfart. Tillväxten var hela 13 procent 2012. Kina har golv för hur låg tillväxten får vara. I Chongqing är golvet 12 procent i år, vilket kan jämföras med 7,5 procent för Shanghai och riket i genomsnitt.

Samtidigt är inkomsten per person i Chongqing bara drygt hälften av den i Shanghai, medan minimilönen är 35 procent lägre. Å andra sidan är kvadratmeterpriset för ett hus 8 000 yuan i Chongqing, mot 28 000 yuan i Shanghai. Förutsättningarna för hög tillväxt i städer en bit från östkusten är därmed fortsatt goda. Det dröjer innan de slår i tillväxttaket, och viljan är stark till att uppnå samma levnadsstandard som städerna vid östkusten har.

Det regerande kommunistpartiets ambition är också att konsumtionen ska bli en starkare motor i ekonomin. Ett mål är att disponibelinkomsten ska fördubblas från 2010 till 2020. Löneökningar på närmare 10 procent är standard på många håll, vilket i sig ger möjlighet till högre konsumtion. E-handeln ökar i rekordfart, vilket kan vara ett skäl till att konsumtionstalen underskattas. I fjol handlade 210 miljoner personer återkommande på nätet, och antalet växer snabbt.

Befolkningen i Kina är respektingivande 1,3 miljarder människor. Varje år utexamineras 6 miljoner universitetsstudenter. Ska alla individer höja sin levnadsstandard lär det hålla uppe tillväxten ett bra tag till. Löner som stiger så snabbt är, å andra sidan, en utmaning för företagens vinstutveckling, eftersom priserna inte kan höjas i samma takt.

Baksidan av den snabba utvecklingen är miljö och hälsa. Oron för den hälsovådliga miljön är utbredd. Trycket ökar därmed på myndigheterna att göra något. På sikt kan det bli svårt att få internationella företag att flytta till städer där luften är alltför dålig. Det kan också bli svårt att locka välutbildade familjer.

Andra utmaningar är den omfattande korruptionen. Partiet är starkt, och många gynnas av systemet. Det är dock slående hur mycket marknadsekonomin styr även partiets agerande. Stora delar av affärsverksamheten sker genom ledningen i respektive region och stad. Den största utmaningen för partiet blir därmed sannolikt att även på sikt öka levnadsstandarden lagom snabbt så att folket hålls lagom nöjt.

Mycket av det man ser när man reser runt är snyggt och modernt, i flera avseenden betydligt bättre än i Europa. Men det är inte utan att man får känslan av en kuliss – som den vi ser i TV på julafton i Musse Pigg på camping. Frågorna hänger sig kvar: Vad finns bakom kulissen, vad är det vi inte förstår och därmed missar? 

Mobila betallösningar - Clinkle





"FACEBOOK-FINANSIÄRER I NY START-UP
Tre av Facebooks tidigaste och profilstarkaste investerare har återförenats för att investera i ännu ett företag bedrivet från ett universitet. Den här gången heter företaget Clinkle och sysslar med mobila betalningar. Summan som investeras uppgår till 25 miljoner dollar, enligt Financial Times."



Seamless har i Avanza analys ansetts dyrt, i den analysen jag läste rekommenderade analytikern istället ett köp av DIBS som har lönsamhet och direktavkastning och lägre P/E tal. Ett resonemang i analysen var att det är svårt för små företag som Seamless att överleva internationell konkurrens från större företag, antingen finansiellt starkare konkurrenter eller storföretag inom den aktuella tekniken som man utmanar som kort-företagen etc.

Det intressanta är att Clinkle kanske skulle bli just ett sådant företag som kan slå ut Seamless, en student från Stanford som tagit examen i "Computer Science", dvs. datateknik, har startat detta företag och alltså fått finansiering från 3 tidiga finansiärer av facebook.

Frågan är när om om man som liten privatinvesterare i sverige kan få chans att investera i Clinkle? Det ser väl mörkt ut. Jämför man med Facebook så hade man velat investera långt före den dyra börsnotering som skedde. Men det är bara till att i nuläget bevaka Clinkle med flera konkurrenter till Seamless och vara vaken för möjlighet att hoppa på bra företag till bra pris inom mobila betalningar som är framtiden.