Nov 11, 2012 by BrotherJohnF
Monday, November 12, 2012
Platinum - Striking workers reject Amplats offer
More than 30,000 striking workers at Anglo American Platinum's Rustenburg mines in South Africa rejected the firm's new return-to-work offer on Saturday, a labour leader said.
Amplats said on Friday it offered a 4,500 rand ($520) one-off payment and agreed to start wage talks ahead of the expiry of current agreements next year.
The offer would lapse if workers do not show up for work on Monday, Amplats said.
"Nobody is going back to work on Monday. The strike continues," labour leaderEvans Ramokga said. "We are not happy with the conditions on the offer like the final warnings and threats of disciplinary actions for dismissed workers."
The company fired 12,000 workers who went on an illegal work stoppage inRustenburg.
The cost of the wildcat action, in its second month, is mounting and Amplats said it had lost almost 168,000 ounces in platinum production, worth over $250 million at current spot prices.
The Dumb Money Hates Silver
Speculators hate silver… For the past year, the positive silver headlines have been few and far between.Ever since the poor man’s gold peaked near $50 in April of last year, it’s become a despised metal.
Admittedly, it’s been languishing near $27 since early May not far from where it was for the first time – in this bull market – back in late 2010.
But as I’ll show you, right now a number of technical, seasonal, and sentiment indicators are pointing upwards for this volatile metal.
This could well be the critical turning point silver investors have been waiting for. One of these indicators is the resilient price of gold.
Read more
Buy Gold Into the Fiscal Cliff?
From CNBC, FRI 09 NOV 12:
Gold begins to glitter. After breaking below $1,700, gold stages a strong comeback. And is there more pain in store for crude? A look at the trades, with CNBC's Melissa Lee and the Money In Motion traders.
Gold begins to glitter. After breaking below $1,700, gold stages a strong comeback. And is there more pain in store for crude? A look at the trades, with CNBC's Melissa Lee and the Money In Motion traders.
RBA Cuts Growth Forecast for 2013
Australia’s dollar slid versus most of its 16 major counterparts after the Reserve Bank reduced its 2013 growth forecast in its quarterly monetary policy statement.
The Old China Is Not Coming back
Nov. 9 (Bloomberg) -- On today's "The Real Deal," Bloomberg's Michael McKee reports on the Chinese economy and Communist Party Congress. He speaks on Bloomberg Television's "In The Loop."
Investors Are Worried Over Future Taxes
Nov. 9 (Bloomberg) -- Bloomberg's Dominic Chu reports on investor worries of the "fiscal cliff." He speaks on Bloomberg Television's "In The Loop."
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