AGORACOM News Flash

AGORACOM WIRE - WEDNESDAY MAY 30TH, 2012

GOLDEN HOPE MINES (TSXV:GNH) Confirms High Grade Intersection of 64.1 g/t Au (Gold) over 1m Read More

The screen metallic analysis returned 82 g/t Au for an average grade of 93.5 g/t Au.
Two additional fire assays on the original pulp done prior to the screen metallic analyses returned 0.22 g/t Au and 0.12 g/t Au for an average fire assay grade of 0.41 g/t Au. The weighted average of all the fire assays and screen metallic assays from this 1-metre section in hole BD2011-184 is 64.1 g/t Au.

Sonomax® eers™ Custom Earbuds Announces Sponsorship of MUTEK 2012

Mutek provides an essential platform for 150 performers to showcase forward-thinking electronic music programming and new media to more than 25,000 attendees
Read Full Press Release; Read Why Sonomax?
Jump Into Active Discussion Forum
*Sponsor*

CONTINENTAL ENERGY Geothermal Energy Project Receives US$ 11.5 Million Grant Read More * Client

AGORACOM Launches Graphite Stocks Blog

Message: Credit crisis not over yet, Article, bullish for gold on all fronts

Reply New Message

Back To Forum Go to List View

mongoldia

Rank: [?]

Treasurer

Points: [?]

693

Rating: [?]

Votes: 29 Score: 2.7

Currently 2.8/5 Stars.

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.

Credit crisis not over yet, Article, bullish for gold on all fronts

posted on May 21, 08 05:57AM

Credit crunch to stretch into 2009: analyst Pain is far from over for U.S. banks, Oppenheimer's Whitney says

BOSTON (MarketWatch) -- Shares of large-cap U.S. banking stocks traded lower Tuesday after analysts at Oppenheimer & Co. said they see the turmoil in credit markets lingering at least into next year."Our view is that the credit crisis will extend well into 2009 and perhaps beyond, and although the complexion will change, the net effect will be the same: three years of multibillion-dollar revenue reversals," the Oppenheimer analysts wrote in a note, led by Meredith Whitney. Whitney has built up credibility for her bearish and prescient calls on Citigroup Inc. (C Citigroup, Inc C) and other Wall Street giants during the credit storm. Oppenheimer warns of billions of dollars of additional asset write-downs and loan-loss reserves as a result of underwriting excesses. "We estimate that by the end of 2009, over $170 billion of reserve builds will flow through bank earnings on top of 'business as usual' loan-loss provisions," Whitney wrote. "Multitrillion dollars of loans were underwritten with the false assumption that home prices would go up in perpetuity on a national basis," the analyst said. Other headwinds include "unprecedented leverage" and too much dependence on the securitization market for consumer liquidity. Rather than keeping loans on their balance sheets, banks packaged them together and sold them as securities, such as collateralized debt obligations or CDOs. However, when credit markets seized up last summer as a result of the subprime-mortgage crisis, the market for these complex securities essentially died. "As we see no near- or medium-term comeback in securitization volumes, we believe losses will only accelerate further and far worse than even the most draconian estimates," according to Whitney. "Due to continued deterioration in consumer liquidity, we are raising our loss expectations significantly for the group and lowering our earnings estimates significantly." The firm's analysts said that their profit estimates for U.S. banks for 2008 and 2009 are now 72% and 37% below consensus Wall Street forecasts, respectively. Oppenheimer has underperform ratings on Citigroup, Merrill Lynch & Co. (MER )

Reply New Message

Back To Forum Go to List View