Legend International Holdings, Inc
Legend International Holdings, Inc
- Gold “Backwardation” Could Signal Price Spike As COMEX Runs Out Of Gold
Dear shareholders,
AGORACOM Chief Commentator, Peter Grandich, made a call to BNN to alert them about this article on gold officially hitting backwardation. Backwardation occurs when the futures price of a commodity is lower than prices in the cash market.
Forward prices for gold turned negative on December 2nd and, according to Antal Fekete the author of the story, this is the first time it has happened in history (with the exception of contract expiry dates for a couple of minutes). Fekete states:
“On December 2nd, at the Comex in New York, December gold futures
(last delivery: December 31) were quoted at 1.98% discount to spot,
while February gold futures (last delivery: February 27, 2009) were
quoted at 0.14% discount to spot. (All percentages annualized.)The condition got worse on December 3rd, when the corresponding
figures were 2% and 0.29%. This means that the gold basis has turned
negative, and the condition of backwardation persisted for at least 48 hours.“Please click here to read the AGORACOM blog in its entirety.
Regards,
AGORACOM Investor Relations
- Rio's Cuts Indicative of Trend Which Must Lead to Major Commodities Price Boom
Dear Shareholder:
Today Rio Tinto announced 14,000 job cuts, which according to the following article, could result in a return to a commodity boom.
The article: Rio's Cuts Indicative of Trend Which Must Lead to Major Commodities Price Boom is accessible through the preceding link.
Sincerely,
AGORACOM IR
- Industry Bulletin: Buffett, Soros Continue To Buy Stake in Companies
Dear Shareholder,
The following article published in the Economic Times highlights the continued presence of George Soros in LGDI.
Sincerely,
AGORACOM IR
Buffett, Soros Continue To Buy Stake in Companies
6 Nov 2008
NEW YORK: In the midst of people selling their stocks as market values touch the nadir, legendary investors-- Warren Buffett and George Soros-- seem to be swimming against the tide and shopping for stakes in companies worldwide.
With the economic crisis ravaging global markets, the two billionaires are making investments in firms from America to Australia, which are expected to yield long term benefits.
As Buffett wrote recently in a newspaper column, a simple rule dictates his buying, "Be fearful when others are greedy, and be greedy when others are fearful."
Recently, Buffett pumped in about eight billion dollars in two American corporates. The legendary investor had pumped in five billion dollars to battered Wall Street giant Goldman Sachs and another three billion dollars into diversified conglomerate General Electric.
According to reports, Soros snapped up a five per cent stake in Australian firm Sphere Investments. The company is reportedly looking to develop a multi-billion dollar iron ore mine in Mauritania.
Moreover, in October, Soros had acquired over five per cent in Australian mining firm Legend International. The deal is pegged to be worth more than eight million dollars.
Buffett has bought preferred shares worth five billion dollars from Goldman Sachs, which would infuse the much needed capital into the firm.
In addition, Buffett has acquired preferred stocks worth three billion dollars in GE.
Amid the financial turmoil, the investor is not only just acquiring stakes, Buffett has even said that he is buying US stocks.
Last month, writing in the New York Times, Buffett asserted that he has been buying US stocks.
"The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
So ... I've been buying American stocks. This is my personal account I'm talking about, in which I previously o