Posts by Michael Allan McCrae:

Trader behind viral video is outed by the Telegraph

The Telegraph reported that Alessio Rastani, whose appearance on BBC went viral, is an independent trader of limited means. ". . . Mr Rastani works and lives with his partner Anita Eader in a £200,000 semi in Bexleyheath, south London. The house, complete with a mortgage from Royal Bank of Scotland, belongs to her not him," writes the Telegraph.
Michael Allan McCrae | September 28, 2011 | 9:28 pm

Central Rand Gold asks the courts to return its mining license

Central Rand Gold (JNB:CRD) is seeking help from the Pretoria High Court to keep operating after its mining license was set aside by the South African Department of Mineral Resources. On Monday Central Rand Gold, a company focused on gold prospecting and mining in the Central Rand Goldfield of South Africa, learned its mining license would be cancelled because it failed to carry through with various environmental and labour guidelines.
Michael Allan McCrae | September 28, 2011 | 3:10 pm

Coal miner dies in North Yorkshire

A coal miner died on Tuesday while working at the Kellingley Colliery in Knottingley, North Yorkshire. A second colleague was trapped in the same incident and was trapped below the waist. He was rescued and brought to the surface. No names were released pending notification of kin.
Michael Allan McCrae | September 28, 2011 | 5:22 am

Markets and gold rebound

Fear crept out of the markets today and buyers came back. The S&P 500 was up 1.07% and the S&P TSX was up less than 1%. Gold futures rose to $1,652.50/oz, up 3.6 percent. On Monday, gold went as low as $1,535/oz. The overnight stock markets were also up. The Hang Seng Index was up 4.15% and the S&P ASX closed 3.64% higher.
Michael Allan McCrae | September 27, 2011 | 9:26 pm

Rio Tinto pays Can$73 million for 49% of Ivanhoe Mines

Rio Tinto announced on Tuesday that it paid Can$73 million for 49% of Ivanhoe Mines. Rio Tinto acquired an additional 3,700,000 common shares in Ivanhoe Mines Ltd. through a wholly-owned subsidiary, Rio Tinto International Holdings Limited, increasing Rio Tinto's ownership in Ivanhoe Mines by 0.5 per cent to a total of 361,858,442 common shares or 49 per cent through a privately negotiated share purchase agreement.
Michael Allan McCrae | September 27, 2011 | 6:13 pm

Gold does not provide security for Glenn Beck viewers

The FrumForum gloats that Glenn Beck's admonitions to buy gold, lots of physical gold in coins and other forms, has turned sour for customers just when it is supposed to have its greatest worth: The gold market meltdown — with prices plunging in recent weeks from over $1,900 an ounce to under $1,600 — is a reminder that the precious metal is a volatile, speculative commodity. It also signals a bear market in credibility for the many right-leaning cable-news and talk-radio hosts who have touted gold relentlessly in recent years as a hedge against economic calamity.
Michael Allan McCrae | September 27, 2011 | 2:15 pm

Detour Gold acquires Trade Wind Ventures for $84 million

Detour Gold (TSE:DGC), a gold and exploration company located in northeastern Ontario, announced that it will acquire Trade Wind Ventures, which owns a property adjacent to the Detour Lake project, for $84 million. Announcing the deal on Monday, Detour Gold said Trade Winds shareholders will receive 0.0142 of a Detour Gold share and C$0.0001 in cash for each Trade Winds share held.
Michael Allan McCrae | September 26, 2011 | 3:17 pm