E A New Historic High For Gold

Someone has bombed the port area of Beirut in Lebanon but it is impossible to decide who. Such is the Middle East. While the oil price fell 1.8% in European trading its price has now risen back up. So too for gold which hit a new historic high of over $2000 so far, between the Levant, the Washington split over a further payment to the jobless.

The possible good news is that Argentina has reached a deal to pay back $53.50 of every hundred dollars it owes after its return to the bond market in 2015 and its 100-year bond issue in 2017.

Today one of my non-ADR uranium stocks Ur-Energy which was supposed to report later put out its paperwork early, apparently because of a mistake by their investor relations firm. This business of piling on the report over report is not only a menace for shareholders and analysts. It is also proving tough on the pros who are in charge of distribution.

Tomorrow a troubled Israeli stock I cover is due to report before the opening but the one thing they are good at is slick PR.


*Toray Industries, TRYIY, was sold yesterday at $9.09. The Japanese company makes fibers and textiles used mostly for seat covers for cars and airplanes, not exactly a best-seller these days. I wrote in my Sunday table that there may have been a split since the share price halved. It was not a split. It was a poor outlook. I didn't expect to be exercised so soon but if you sell today you will get $9.22.

*Spanish Banco Santander SAN is up 2.8% because it is now expected to make up for lost business during the pandemic by Q3 of this year. It opened 2020 at $4.4 and now is half that.

Oil and War

*BP reported a quarterly loss of $16.83 bn, or $1.98/sh.It had net of $800 mn in Q1. It missed consensus forecasts by more provisions than expected. It also missed on sales which came in at $31.9 bn vs the analysts e expectation of $42.23 bn. BP also cut its dividend by half and said it would cut its upstream (refining) business by 40% over the next decade to be able to invest in renewable energy.

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