Posts by Michael Allan McCrae:

Aluminum maker Alcoa opens 4Q earnings season on a positive note

Rusal’s profitability drops 20.5% due to increased debt charges and decrease in net share

UC Rusal, the world's largest aluminum producer, said on Monday that it had net profit of US$1.085 million for the first half of 2011, a decrease of 20.5% compared to net profit of US$1.365 million for the first half of 2010, due to certain non-cash items, mainly increase in the effective interest charges on restructured debt and decrease in net share in results of Norilsk Nickel. Revenue increased by 18.8% to US$6.323 million in the first half of 2011, as compared to US$5.321 million for the first half of 2010, mainly due to increased prices and improved product mix.
Michael Allan McCrae | August 29, 2011 | 3:44 pm

DRDGOLD’s operating profit up 76% in FY 2011

DRDGOLD Limited, the fourth-largest gold producer in South Africa, announced today that its operating profit increased by 76% increased to R477.0 million for the year ended 30 June 2011. The company announced a dividend of 7.5 South African cents. "A 15% increase in the average Rand gold price received during FY 2011 to R308 221/kg – together with higher gold production – contributed to a 29% rise in revenue to R 2 565.3 million, and to increased operating profit."
Michael Allan McCrae | August 29, 2011 | 3:24 pm

David Frum won’t go back to gold

David Frum, former President Bush speech writer and now blog publisher, inveighed against the gold standard one more time. "The United States adhered to the classic gold standard for a surprisingly short time: from 1873 until 1934 with a brief time-out during World War I. And for most Americans, the gold standard of 1873-1934 delivered pretty miserable results, including two terrible depressions (1893-1896 and 1929-1940) plus the long grinding squeeze of the deflation of 1873-1893," writes Frum.
Michael Allan McCrae | August 17, 2011 | 1:07 pm

Underground emerald miners in Pakistan face peril

Al Jazeera profiles the dangerous mining work in the Mingora emerald mines in Pakistan. "We work in the jaws of death, but we are poor and don't have a choice. Thank god the owners have been kind enough to give me a job," says one worker in the video. About 150 labourers are employed in at least 16 such mines.
Michael Allan McCrae | August 14, 2011 | 8:21 pm

Job openings go begging in Michigan: Caterpillar CEO

Despite the high unemployment rate in the United States, Catepillar's CEO says there is a desparate shortage of skilled workers, and many job vacancies are going unfilled in some of the most depressed regions of the country. "I talked to one of our great customers in Detroit. I spent some time with our distributors. They have 50 job openings today that they cannot fill, and guess what they are. They are service technician jobs," says Doug Oberhelman, chairman and CEO of Caterpillar. He was interviewed by CNBC on Friday.
Michael Allan McCrae | August 14, 2011 | 7:34 pm

Romney owns over $250,000 in gold

The FrumForum teased out an interesting factoid after Republican presidential candidate Mitt Romney filed his financial disclosure report: he and his wife Ann own a significant amount of gold. Out of a personal wealth of $190 and $250 million, the couple own between $250,000 and $500,000 in gold. Given his personal wealth, however, that may be considered light. Some financial experts suggest that a minimum of 5% of an individual's wealth should go to gold as an insurance policy. In that case, the couple are about $2 million short.
Michael Allan McCrae | August 14, 2011 | 10:14 am

The gold standard wasn’t as great as we imagine it: Romer

Christina Romer, former economic advisor to Obama, says that the gold standard was not as great as we imagine it, and it didn't provide economic sability. "As we know in the 1930s gold flows were a big part of what was causing countries to raise interest rates in the middle of a Great Depression for heaven's sakes," said Romer in an interview with the New York Times on Friday. Romer says that unanticipated gold flows that filled the U.S. treasuries at the start of World War II allowed the country to shake off the depression, and says that monetary policy is an unappreciated policy tool that helped the U.S. restart the economy.
Michael Allan McCrae | August 14, 2011 | 10:05 am
China factory data roils copper stocks – Freeport down 9%

Gold tumbles to $1,740 while stock markets bounce back strongly

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.
Michael Allan McCrae | August 11, 2011 | 8:07 pm

Passport Potash Inc.: rights plan proposed

Passport Potash announces it has scheduled its annual and special general meeting for August 25, 2011. At the meeting, the Company is seeking shareholder approval for a shareholder rights plan. The Board has proposed the adoption of the Rights Plan between the Company and Computershare Trust Company of Canada ("Computershare Trust"), as Rights Agent. The Board's objective in adopting the Rights Plan is to ensure the fair treatment of shareholders in connection with any take-over bid for the Company's common shares.
Michael Allan McCrae | August 11, 2011 | 6:29 pm

German newspaper tells its readers to buy gold

Gold Hedge reports that a German newspaper is telling its readers that it's time to buy gold. Bild Zeitung, is Germany’s biggest- selling newspaper, is the best-selling newspaper outside Japan and has the sixth-largest circulation worldwide. Bild encouraged German people to invest in gold as the global debt crisis continues to deteriorate and cause turmoil in global markets.
Michael Allan McCrae | August 11, 2011 | 1:33 pm