Incredible up open in the stock market

[Hopperbin]

Not sure if anything not up so many stocks openning up in the 3 to 5 percent range. Canola not following likely pressured from dollar today.
Looks like Silver Standard screwed their own shareholders by selling the Bruce Jack to Pretium. Bruce Jack just increased the gold reserves. Pretium up 16 percent on the open.

[cottonpicken]

Seen Quartermains interview on bnn right after it
happened.

Stick with a company for years,find a monster,dump
company and spin into leveraged junior.

My main concern is the resource downgrade back at
sso when he was in charge.

[rockpile]

Mr. Cott. Do you have a a viewpoint regarding libor
and in the historical 10 year rates and where its at
today? Does this mean that banks don't want money or
that they don't want to loan money?
Rockpile

[buzz]

We were do for a bounce up. Hope it holds.

[cottonpicken]

Thats a tough question with many variables,and i'm
no gynaecologist,but i'll take a look.

Assumption 1-major write downs are
hindering/scaring/terrifying over leveraged bank
balance sheets,which would trigger global economic
shut down.

Assumption 2-the hedging abilities of the
derivatives market could/is smoke and mirrors

Assumption 3-the flight from paper is here(which
anyone who knows what ive been talking about for
half a decade is a turning point-bond market)

Assumption 4-governments are backstopping bond
markets,this mornings ecb actions and prior fed
actions are echoing the trajectory,this makes me
right and Mr.Bass wrong,at this hour,but i do not
want to bet against a man like that,even though i
will and say that the euro will monetize,or
somebody will do the monetization for them i.e-
ecb,imf,fed,efsf.

If credit does dry up and yields spike to 20%,god
help us all.

[Hopperbin]

I suppose I should educate sometimes before I speak. Silver Standard created Pretivm then sold them Bruce Jack and Snowfield for 442 million, not a bad chunk of change really, SS took 229 million in Cash and a 42.3 percent ownership in Pretium. So they still own a lot of it, and true that proven and probable reserves were too high at SS when Quartermain was there.
Now Pretium gold proven and prob gold reserves are at 5 million when a year ago they were at 900 thousand ounces

[rockpile]

Thanks Cottonpicken - I think you're like the u-
tube video "this drummer is at the wrong gig'. I see
some big banks especially in Europe taking a big
tumble and outsiders will pick and choose the
winners. And I think there is a generation out there
who have come to believe there is no risk or very
little risk in derivatives, but then it's just paper,
right. I believe they can give the euro last rites
anytime now - they've all seen the body but nobody
wants to plan the funeral. I feel the biggest threat
right now is that too much cheap credit has been
picked up by individual households and it wouldn't
take too much of a rise in interest rates to force
liquidation, which then trickles through to
everybody. I guess to a large extent that has already
started. I'd like to believe this is just a natural
recurring cycle but too many things point
otherwise.