Are Yamana's third quarter financial results expected to be poor? Just wondering because YRI is certainly taking it on the chin today and with third quarter results expected on November 3rd, it seems likely the results aren't very good. Anybody have another theory?
Repatriation of dollars into pesos...will hit the mining industry. Doesn't seem to be affect GG today, but AUY has been flying high so maybe that's the reason for the drop, too.
Dow Jones has a big report on this, you'll be able to find it ...
I have no idea what's going on, but some analyst thinks this is "inauspicious."
Thanks for that Insight. Not quite sure what it means but it was posted on Main Street that it could mean that proceeds from mining activities in Argentina have to stay there, which doesn't bode well for those operating there... like Yamana.
Bloomberg had a piece on the order from Argentina government yesterday. You can find the news at
It might not be as bad as one might think, although can you trust that Argentina's government won't take further liberties with miners operating there? The ruling means that 100% of any income generated from mining activities (gas and oil as well) will have to be converted to pesos. Apparently this converting to pesos will help keep the failing peso afloat - what else is new in this world gone mad! After the conversion though, the money can then be converted back into dollars and sent abroad again. I imagine there is also a tax that would take place with the converting of pesos to dollars. I'm not sure what the actual impact on companies like Barrick and Yamana would be, but I'm sure we'll find out soon enough.
She is no president, she is a dictator. Pure evil.
Spooking investors away from the argentina miners....but strange in a way...I own two , Argentex, a junior, which collapsed today. The other one is Extorre, a Casey favorite, has been going up lately, got slammed but recovered today very strongly.
I'll be selling Argentex if I can break even on it by christmas. I'm waiting for XG update by Casey.
I hold a stake in Malbex (MBG) and US Gold (UXG). UXG are affected because of the planned merger with Minera Andes (MAI) into McEwen Mining. MAI operate in Argentina. So far the impact on all three of these companies has been non-existent for the most part, in fact, UXG has rallied very well through this latest gold surge and as UXG goes, so does MAI, as they are now joined at the hip.