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rob
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Karl Denninger: Watch for Market Dislocations - Louis James - Casey Research

I have to strongly disagree with Mr. Denniger's statement regarding miner hedging
"The truth is that any producer that has a single scintilla of intelligence will sell forward all of his expected production over the life of his mine the minute he determines what that expected production is, as long as it is above his cost, because it locks in his profit. So If I have a cost of production of $500 an ounce out of a particular mine for gold, and the current price on the market is $1,700 an ounce, I'd be out of my mind not to short all of the contracts that I expect to deliver over the next two years into those contracts, because I have guaranteed myself a $1,200-an-ounce profit"
Too many risks in employing such a strategy. What if input costs rise such as energy or labor. Maybe you can hedge energy costs but how do you hedge labor?
Or strikes or equipment breakdowns or political changes or even counter party risk on your forward sales or hedges.
Those mine assets in the ground are safer than money in the bank. In fact isn't he telling us it's hard to find a safe place for investment.
The govt will never stop printing until the money dies. The only deflation will be goods priced in gold!
Thanks

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Début de l'article :So we have in the United States put together a series of laws that effectively protect practices that would be illegal for anyone else to undertake in any other line of work. I ran an Internet company for close to ten years, and if I did any of these things, I would be sitting in prison right now. Until we stop this, the growth in cost will not go away... Lire la suite

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