E Don't Cry For Me, Argentina


Cosan fell 2.5% plus after its shares were downgraded to sell by ValuEngine. CZZ refines sugar cane, makes ethylene, and runs gas stations and infrastructure in Brazil.

However Vale, also of Brazil, gained 2.55% today. It mines iron ore almost all of which is exported.

Computer Modelling fell 3.22% on fear oil and gas reservoir analysis will end when fracking falls. This is unlikely. Canada's CMCXF has been operating since before fracking became the vogue.

Writing in seekingalpha.com about Schlumberger Ltd, Ray Merola calls the Dutch Antilles oil and gas exploration and production firm hitting multi-year lows “silly cheap.” While I have owned SLB since the early 1960s the current price level is tempting me too.

Ecopetrol of Colombia, sold, is down over another guerilla attack on its Cano Limon pipeline.

Delek Group sold a third 4.9% stake in its Phoenix insurance business today, this time to Israel Discount Bank. This follows sales this week to two other Israeli banks which raised NIS 772 million plus eventual performance-linked additional payments. DGRLY is raising money to fund its offshore gas sites in Israel, notably Leviathan, and to fund a deal to use the trans-Sinai pipeline to get the gas to the Egyptian delta for shipment to Europe. It is said to be aiming to sell the rest of the insurance firm at a premium to another firm, or to spin it out to shareholders.


Gold prices are recovering when denominated in falling dollars. SPDR Gold Trust is really oversold and should be in your portfolio, as I have been saying since it lost ~9% ytd. I was premature but now GLD is creeping up all of 0.2% Thursday. In London the yellow metal erased its last 2 weeks of losses while in Shanghai trade fears have boosted the price of gold by $7 (US) per ounce over trade disputes. Our fund has lost about 10% as the price fell starting in June and it sold its bullion. Even my favorite chartist, Richard Suttmeier, an engineer-stock analyst, says to buy under his quarterly pivot of $113.60.

Canadian General Investments, CGRIF, lost 46 loony cents in net asset value per share during August but the share price rose 3 loony cents, cutting the still huge discount. It added Canopy Growth Corp to its holdings, our first marijuana share, at 3.2%, even with master Card Canada and First Quantum Minerals, tied for 8th to 10th largest holding. The rest is unchanged from June.

Aberdeen Asia Pacific Income Fund is off nearly 1% on worries about higher US interest rates, since FAX is an income generating fund for Americans.

Stablemate Aberdeen Global Income Fund, FCO, is down even more, by 1.6% for fear it is invested in drooping emerging markets.

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