Friends,
It would seem that the commodities market as a whole has seen it's share of manipulation of late. Hedge funds, speculators, analystics all caught up in a huge greed grab that only seems to be gettting worse. Regulation can never catch up.
Glencore, the world's biggest commodities powerhouse announces a 12Billion dollar offering. The IPO to be listed in London and in Hong Kong only. Goldman Sachs about to lose more credibility in the U.S. after the senate findings, has had investors jumping ship. Goldman has lost it's credibility with many of the market makers. The IPO will not trade on Goldmans home turf and they have been excluded from taking part in the millions that will be made on day one of the offering. Credit Suisse, Citi and Morgan will have their hands in this deal...not Goldie.
Now we all know that Goldman still controls a great deal of assets and they can trade any one commodity higher or lower on any given day. But they are losing the title of top dog in control of the markets to the Asian money parked in London and Hong Kong (China). Goldman Sachs mangement has caused this downward spiral and decline in investor confidence. Depsite Goldman's recent warning that the commodities market was frothing and topping out had fewer investors bailing their shares than at one time when Goldmans word was like scripture. They did not get the market to swing in their favor this time (shorting the other side.) Even with it's legions of paid "analysts" promoting or pounding a stock at their direction, the game has changed. There are new players and new money taking over.
Glencore has set up this IPO for the rich guys to have a new "game" to entice the "players and take control and profit from the new billions they will make controlling the new money. The big picture is changing. Xstata is in the crosshairs and other miners too. Miners have taken a hit of late as result of this global power jostle. Goldman will be left to manipulate the oil market and the new kids on the block will control the other "games" to take the metals market to new highs in the second half of this year....until they decide to sell it off...or continue to pump it up. All in my opinion.
Link to Glencore article:
http://dealbook.nytimes.com/2011/04/14/glencore-announces-i-p-o-seeking-up-to-12-billion/
The tides are turning and junior miners are taking the hit while money is being jockeyed about. This will soon pass. Your NOT shares are safe if you are long. The Goldman's of Dundee have increased their position in the Ring of Fire with "cheap" control of 1/3 or Rencore. Nemis and Harvey really needed to get their drills turning. Remember that they parked about 4 million into NOT ..........not too long ago.
We should be hearing news about the completion of winter drilling soon and assays will begin to roll in. The stellar AT12 news may not reach us until late August is what I'm hearing.
Best of luck to you and your shares.
mynot
