I noted before I took off for Vancouver commentaries from me would likely be limited. This trip has been especially busy as I’ve tried to have in-depth meetings with company clients, other public companies and some individual investors. In addition to this, I emcee a good portion of the show and have several individual speaking times.
I must say I was insulted by the following post:
Jay Gillespie says:
June 6th
“You, I, and many got hammered with ANO when you represented them before and nothing good happened. So you blew them off along with their shares. Your most recent comment was something like “the platinum market is ANO’s for the taking, if they want to.” Then you sever you consulting again as well as Rockwell which ranks right up there with Bush’s assertion that Hussein had WMF (with a bit of cooked information). Like Chris, I am most interested in your comments should you now feel you can make what have always been candid assessments. One does not like getting his nuts caught in another nut cracking slide.”
This is not the first time Mr. Gillespie has made comments about me that were totally without merit. It’s extremely rare for me to respond in this manner but I believe my integrity is being unfairly attacked.
First, I was informed last Friday that my services were no longer required by both Anooraq Resources and Rockwell Diamonds. I simply noted that ASAP. I could’ve waited to today or even when I returned to the office but I felt I must note changes in relationships ASAP. My plan was to discuss these two companies ASAP as I’m now doing.
Readers know that when possible, I comment on pass clients, especially when there’s news worthy of comment. Such would and will be the case when it comes to Anooraq.
Mr. Gillespie, Your recollection of my past relationship is totally false and quite frankly an attack on me personally. My original involvement with Anooraq saw a tripling in price whereupon I suggested taking out at least ones original investment. The stock fell to below a dollar whereupon it rose 200%+ again and I suggested selling some again. There’s a long time reader name Rocco who may be reading this. I know he can attest to my recommendation to sell some as he ended up not doing so and regretted it.
To accuse me of blowing off my shares is an accusation that I somehow sold shares at the expense of others. Nothing could be further from the truth. As noted earlier, my services were terminated without any notice and I had no chance to comment and could’ve simply waited to. To compare my actions to Bush/Hussein is an insult.
Now regarding Anooraq, I think the worse is behind them but they need to close the recent announced transaction before major investors become attracted to this situation. Longer term I do believe they have a tremendous opportunity to become one of the biggest producers in the world.
Now a quick rundown on the markets:
I continue to believe the spectacular bear market rally in equities is running out of steam. The continuing rise in interest rates is going to become another bearish factor if we see the ten-year Treasury note get above 4% (It’s getting there).
The anticipated countertrend rally in the U.S. Dollar is underway. The duration and height of it is hard to gauge without my technical analysis of which I should be able to update Wednesday when I return to my office. The rising dollar has indeed impacted gold and silver but as noted last week, I’m delighted it has. I like to see gold trade sideways between $925-$980 as the loner it does the more likelihood it can get above $1,000 and stay there. Oil is starting to finally show some real signs of peaking short-term.
Quick Notes of Interest
• Another sign of socialism coming.
• “Dead Man Walking” takes another blow http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5473491/Top-Chinese-banker-Guo-Shuqing-calls-for-wider-use-of-yuan.html
• There’s one in every crowd
• I failed to note in my last comment on Sunridge Gold that they disclosed that seven mining companies have signed Confidentially Agreements with them. Another bullish sign.
• I had a chance to look at the technical results of Continental Minerals and I was most impressed. I like the way the stock is consolidating.
• Northern Dynasty Minerals appears to be digesting recent big gains. Any pullbacks under $7 should be a buying opportunity.
• Timmins Gold feels their debt financing is well along the way and completion of it can be very good news. Stay Tuned.
Things should return to normal upon my return to my office on Wednesday.
Peter signing off!
Peter Grandich and radio/TV talk show host Michael Campbell on the 14th tee box at Capilano, West Vancouver.
~~~
This helped change my life. Click here.
Peter,
I didn’t get the Hussein thing at all, so I kind of blew off his post. It’s too bad you were put in this position.
I did not invest in ANO but I do remember extensive comments and directives in the past giving guidance to those who did.
Do you have any in sight on whether Rockwell Diamonds will ever come back? When the market first turned, their share price held up very well and seemed impressive, then they fell 95% fairly suddenly.
The shares are so cheap they aren’t worth selling, but I am curious if there is any hope.
thanks,
Roger.
Peter, you are a blessing to so many of us who depend on your clear headed assessment during times of great turmoil. When someone appears to attach your integrity, never matter as no one on this side of the blog pays it any attention.
The picture you included is pretty self explanatory but you didn’t indicate whether this occurred before or after your hole in one.
As to my most immediate reply, my typing skills are becoming suspiciously like Peter’s. I meant to say “attack” your integrity instead of “attach.” However, that said, I would be glad to attach my integrity to Peter’s anytime.
Peter,
Glad you’re enjoying a round of golf in between appearances.
When you have time, could you comment on what you believe is likely to occur with mining shares (gold, silver, uranium etc.) should the general market turn down? To date, it’s been dollar down and just about everything else up. Might that change if and when the dollar begins to decline again?
All the best.
Peter, Thank you for taking the time to update us with your busy schedule. Have a safe trip home.
I don’t know why, but that picture of you with that cookie duster (mustache) bothers me, you look much more suave without it. The pix reminds me of the pix on the medicine bottle that contained that gosh forsakeing snake oil my mother forced on me, early last century. I believe you mentioned once that your wife liked it, well it’s best to cater to the one who tames any wild emotions in you.
Now it’s my turn, I leave for the pacific northwest tomorrow at 6am to commune with the wonders of this world, picking blue berries, watching for that elusive cayote, and maybe do a little fishing for trout.
Peter I’ve been a long time holder of Continental Minerals. I first bought into China Net Mining which was the original owner of the properties which now Continental owns. Can you tell us what your charts are indicating as a target price – 12 months out. I know there are many other factors, take over, mining license, size of resources (there is more yet to be discovered) etc…..
I do not know if this is policy is on disclosing price targets but I just wondering what the charts are indicating.
Peter
Regarding Jay Gillespii
In 1987 I sold General Motors at $93.00 and watch it drop to $52.00 in days, thanks to you and thats FOR THE RECORD.
yES bought NAK @$8.00 and i also bought more @$2.00something and THATS FOR THE RECORD.
I alos bought BAC @$3.00 something sold it early @ $7.00 something and THATS FOR THE RECORD
And HCBK @$8.60 SOLD @12.00 AND THATS FOR THE RECORD
AND FOR THE RECORD I remember Peter remarking that his wife go on him tiome and time again for his maJOR POSITION IN ANO and he was glad that it had rallied and he was able to sell some and put a smile on her face AND THAT FOR THE RECORD…..
lANCE
it’s always windiest at the top of the mountain
Peter, just let it go
do you have any thoughts on?:
Exeter Resource Corporation xra amex
Aurizon Mines Ltd. azk amex
Peter
I tell you time and time again remember Lincoln ” You can please all the people some of the time and you can please some of the people all the time but you cant please all the people all the time”. Your too sensitive. But you do a better job of pleasing all the people all the time than anyone else i know
Lance
Peter, I support you on your comments to Mr Gillespie, I suspect he is dealing with pain over his stock holdings and the easiest thing that humans do is lay blame at someone else’s feet. Everyone needs to take responsibility for what they do. You can’t be responsible for people’s interpretation of your opinions.
Its amazing how at times the -ve few can outweigh the +ve many. Thx for all you do Peter.
I know it’s hard to do but try not to let people like this get you down. I don’t agree with everything you say and I know you’re going to make some mistakes. But your advice to us has been stellar and I somehow trust you completely to give us your best and honest advice. And it’s free! Best investment on the web. So as not to ruin it for the rest of us, block this guy from your site and spend your time doing what you do best.
Dear, dear Peter.
You are a blessing to so many of us.
Not only for your financial wisdom and guidance, but also for your
respect for, and kindness toward your fellow man.
Mr. Gillespie, if you read this, you might want to take a long, hard look at Mr. Grandich’s track record.
Take a long hard look at how excellent it is.
Then take an even longer and harder look within.
What is it that draws you to see the worst, and / or experience the worst?
OPEN YOUR HEART, MAN.
There is kindness in the world.
There is goodness in the world.
There is gentleness in the world.
There is loving guidance in the world.
OPEN YOUR HEART, MAN.
It ain’t easy, but GO FOR IT!!!!
God bless you, good sir, on your quest in life.
Respectfully,
from a fellow traveler and wanderer,
Martin Feldman
Yes. I do need to say again, Peter, thanks for all you do. It is so good of you to share your knowledge and experience.
Peter, I hope you had a good time in our little big socialist country. Hope it wasn’t too spoiled by Mr. Gillespie. I guess some people just can’t take losing money. If I cried every time I lost money in the market, I’d look like a prune by now and Canada would be full of lakes (hmmmm)….. I don’t think your integrity is in question – just those crazy right wing views of yours! lol
Peter,
Now that I have become popular for the wrong reason, I need to come to your defence. Anyone that reads this should be insured that Peter absolutely takes your best interest to heart, he did for in fact recommend me to sell a position. You need to understand that he isn’t perfect in all his recommendations but he comes through more often. If you really follow his recommendations you could be assured one thing that he backs his calls by making it public for everyone to criticize. I could tell you one last thing even though I missed the boat the last time I could guarantee you the next time around I will be taking a position as Peter recommends. Peace.
Hi Peter,
I should say the vast majority of reader appreciate your time and help !
Mac
Peter,
Thanks for that Awakening ‘journey’ link. Lots of things to ponder that most never do. I’ve been there for 6 years in a prolonged trial and I know how hard it can get at times but we don’t have the luxury of quitting….we are called to it and so we stay the course and run the race….and trust.
You are indeed a blessing and I so enjoy your transparency on this blog. Stay the course bro and don’t let the foxes spoil the vines…keep truckin’ you’re doing a fine job and we all love you for it.
Michael
Thank you for the update.
Have a safe trip home
Someone emailed this to me recently, I think this is the solution. How about you? It is as simple as 1,2,3.
Quote
”This is an article from the St. Petersburg Times Newspaper on Sunday. The Business Section asked readers for ideas on “How Would You Fix the Economy?”
I think this guy nailed it!
Dear Mr. President:
Please find below my suggestion for fixing America ’s economy.
Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan.
You can call it the Patriotic Retirement Plan:
There are about 40 million people over 50 in the work force. Pay them each $1 million severance for early retirement with the following stipulations:
1) They MUST retire. Forty million job openings – Unemployment fixed.
2) They MUST buy a new American CAR. Forty million cars ordered – Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.
It can’t get any easier than that! If more money is needed, have all members of Congress and their constituents pay their taxes…
If you think this would work, please forward to everyone you know. If not, please get your head examined.
A concerned American Citizen.”:-)
Peter, as noted by many of the people who regularly follow your blog, comments by Mr. Gillespie in no way reflect the feelings of the rest of us. Most people pay no attention to blatant personal attacks.
I bought Anarook after reading your comments on it and after doing some research myself. I also sold Anarook at a (smallish) profit. Had I followed your advice, my profit would have been larger, but I was happy to be on the positive side of the trade – profit is good!
Thank you for your advice on this educational site.
Hi Peter,
Thank you for all you do to keep us informed and all for free. As well as your crazy right wilng views …I Love it.:)
May God keep you, strenghten you and protect you in all your travels.
Hi Peter, I just want to tell you how great it was to hear you speak here in Vancouver yesterday and tonight. I particularly enjoyed your comments on materialism, gold and the Canadian dollar. I was wondering how a Canadian buys the $C when one has them to begin with. Or is the idea to short the $US, GBP etc.?
Ron in Vancouver
In this world there are good and bad people. Bad people always look to find out fault and insult them. Its better you simply ignore them. You are doing a great job. Simply, you are the best.
Susan, Did you ever confirm the strong buy on NAK by TD?
An interesting article out of the UK this am about THE DEPRESSION QUIETLY DEEPENS – see link below
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5461562/Merkels-inflationary-fretting-may-wake-the-bears-from-hibernation.html
Dennis, I think the info I received on NAK may have been overstated as to when the strong buy recommendation was made. I checked with TD recently including doing some research on NAK and here is what I found:
Jay Walk who compiles the independent analyst’s ratings shows 5 independent researchers covering NAK. Of those, as of 6/9/09, 2 have a very positive or strong buy, 2 have a neutral or hold and 1 has a sell. The change in ratings apparently came between 3/31/09 and 4/30/09 when one of the analysts moved from a neutral position to a stong buy.
I am curious, If there is so much oil why does oil keep going up.
Should not oil be going south? right now its + $1.35.
how do the following items affect northern dynasty?
is this why we can buy at US$7?
http://www.adn.com/money/industries/mining/story/821271.html
http://media.adn.com/smedia/2009/06/06/03/APOC_staff_report.source.prod_affiliate.7.pdf
sorry i’m an idiot
i just re-read Peter’s article
Please accept my profound apologies for offending you and making comments without merit. I did not realize, ignorance is no excuse, that prior comments had caused such aggrevation. That will not happen again.
atta boy Jay
I have reread your comments more than once, and I want to add something. Never would I impune your ethics. Never would I attack yours or anyone’s character. Maybe sardonic humor, ill penned as it might be, is not my best side. But let me only post here a post that I made on 6/1 at WSW when a member made very personal and to me insulting comments about you with regards to comments about NAK. It angered me, and I posted the following:
I’m sticking my foot into this one–again. Why? Because while we all here at WSW have our own opinions, and based upon them we do our own due diligence, I am disappointed and concerned when comments the impune the ethics nature of an individual are made–and left hanging. And don’t think for a moment that I haven’t lost my shirt in ANO and FAN. But that’s not his fault. It’s mine for not being better attuned to what the market was saying:
Think what you want. The ultimate proof is in the performance. This link will allow you to “review” Peter’s model portfolio. It speaks for itself–something that Peter can’t here and really shouldn’t have to.
Again, think what you want. Take anyone to task for performance. But keep personal denegrating comments out of the forum as they do not belong.
http://grandich.agoracom.com/2009/06/grandich-model-portfolio-performance-is-tough-to-beat/comment-page-1/#comment-7270
______________________________________________________________________
You have enriched my personal life, my appreciation for what’s right in people, and never in my wildest imagination did I ever think that anything I might ask or pen would be interpreted as a personal attack.
For that I am incredibly sorry, but I’ll also thank you because you have taught me another valuable lession that is not to be disregarded.
Jay Gillespie
Hi Peter,
About Mr. Gillespie, I remember you giving direction on when to buy and sell ANO when it was increasing in value and then decreasing. Your advice was timely as I made money on the stock. Mr. Gillespie is a disgruntled stockholder who is looking for someone else to blame. You have complete integrity and I respect you for it.
Hvae a safe trip home today and I look forward to your updates tomorrow !