Monday, 30 April 2012
"VANCOUVER, April 30, 2012 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE AMEX:NGD) today announces that the Chilean Supreme Court has temporarily suspended the approval of the environmental permit for the El Morro Project. The El Morro Project is a joint venture between New Gold and Goldcorp Inc. ("Goldcorp"), where New Gold is a 30 percent partner and Goldcorp is the 70 percent partner and the project developer and operator. The environmental permit was originally approved on March 14, 2011."
"The main grounds for the court ruling is that the SEA had not adequately consulted nor compensated the indigenous people (Diaguita nation) that integrate CAHA."
This is just a temporary set back and we've seen something similar before with their mine in Mexico. They just have to pay them off. No big deal.
My favorite silver junior and overall top pick Aurcana was on the move today. No news releases and silver was flat to down. Maybe something coming out tomorrow? A compliant resource update is due for La Negra in Q2.
All the buying was done by ITG an HFT Algo firm... Curious. They bought across the board, pretty much all of the silver juniors, so I'm not sure it was company specific news, although that was my initial reaction. Maybe ITG is starting some sort of arb trade between the juniors and futures or maybe they have a large client starting to establish a large position. Hmmm...
Sunday, 29 April 2012
Take a minute and compare market highs and lows with readings on this index. You'll find that lows correspond with the index crossing into positive territory and highs with the index crossing into negative territory.
The logic is pretty simple. When economic data starts to over/under perform expectations the market rises/falls as those expectations were baked in.
Notice that the index turned negative last week.