Yale Simpson discusses his vision of the impact of the change in Argentine policies regarding mining companies.
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I hope ya’ll are right about this not being a ‘big deal” and indeed it may not be; however, Argentina has a long socialist history (Peronistas, and of course Che was from there…and a lot of German National Socialists moved there……but I digress). The country is in increasingly dire financial straits as it turns more toward the socialist path. In a country where the political class relies on support from a significant proportion of the population who are government-dependent, most sources of revenue will eventually be appropriated’ in vain attempts to support the peso . Wealthier and wiser Argies keep gold at home for the next peso collapse which is sure to come (but they need to hide it well as their servants will appropriate it if possible) . And of course, after they have exhausted the revenue from natural resource and other companies, there is always the FALKLANDS versus MALVINAS conflict to reignite and distract the people……but this time the Royal Navy is just a Royal Coast Guard (but I digress).
Hi John W and Tex,
Very interesting conversation, for me, with Yale last night at 9 p.m.
I really believe that he was blind-sided.
It is illogical, in my mind, for Argentina to do anything substantial to hurt foreign investment. But, believe it or not I have been wrong before.
I look at the success of Chile resulting from the govt’s attitude toward foreign investment and I have to think that Argentina’s govt. would not sway from that particular policy very much.
It it did, it would show me how really short-sighted it is.
We will see how this shakes out, but I agree that Extorre is okay.
Sure, at first glance it seemed kind of bad, but a little logical examination showed that the world is definitely not ending for Extorre.
Best,
Big Al
EVERY honest citizen minding their own business will be subject to blind sided tactics of a socialist party…..an honest person can not outthink a crook…
Hey Jerry,
But, my friend, you can stay one step ahead!
Big Al
Argentina is not Venezuela. I was buying more Argentex yesterday and have bought more today. I still have orders for more on two exchanges. This is a bump in the road.
Hi Matthew,
Good move, in my humble opinion, on your part.
I am going to put up another Daily Editorial on this subject in about an hour.
Big Al
I find it kind of ironic that yet another stumbling block like this comes along to hit the Resource sector. Now its Argentinian miners that people are panicing over. It never seems to end.
The real irony is that despite all that has been going on in the world this past few months, the Dow is now only 700-800 points away from its 52 week high! How crazy is that. And yet anyone who invests in Resource stocks and in Junior Resource stocks in particular is still sitting on heavy losses this year as the Venture Exchange (the best proxy for junior mining stocks) is still much closer to its 52 week low and even today when the whole world’s markets as soaring, many venture stocks are actually down.
This truly is the hardest sector to make money in. Yes there are great rewards for the few companies that outperform but the odds do seem truly stacked against us for the most part.
Hoping 2012 is a kinder year for Resource Stock investors than 2011 was.
HI Rob,
Yep, I realize just what you are saying and it is impossible to disagree.
I simply am staying in this sector because I understand it and experience has shown me that the potential profits are much higher here than in the conventional market.
Call me crazy, but I have done okay so far.
Remember, not investment advice from me!
Best,
Big Al
I agree Al. I don’t think this is the hardest sector to make money in, but it might be the easiest sector in which to lose it! Still, I currently wouldn’t be anywhere else. If you’re crazy, I just might be crazier!
I guess that is why we all need to “diversify” our holdings …we will never know from where the next shock will appear…
Oh yeah, Jerry
That is what I have been doing for one heck of a long time now. I just happen to have about 60% in the resource sector.
What me worry?
Big Al
The silver (golden) lining of all this is that a lot of people who didn’t know much or anything about Extorre have become more aware of the company; and if things return to normal, more or less, it’l be good for Extorre and its investors.
Of course, Austin
Look at how the stock has come back so far today.
Big Al
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Thanks Al and Yale. We’re all aware of the irony of today’s news coming just after ringing the bell. Extorre should get through this without too much trouble, with effectively a couple of exchange rate conversions on capital withdrawals. Let’s just hope Argentina can stop creating surprises. Their national debts are still substantial.