Andrew Bell

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“A flicker of light across pale protruding rock turns a hoof or raises a head. One shape recedes as another emerges, and everything lingers in the imagination” 
― Jane Brox, Brilliant: The Evolution of Artificial Light

The Palaeolithic cave paintings of Lascaux in the Dordogne region of southwestern France were discovered on this day in 1940. Up to 20,000 years old, they include horse-like animals, cattle, bison, cats, a bird, a bear and a rhinoceros. But the priceless works are in danger. A fungus besetting the works has been blamed on a new air conditioning system, high-powered lights and too many visitors. And the situation has worsened with the arrival of black mold. Visitors can now see a replica.

Agrium-Potash merger

The caves are thought to have been used for rituals to mark hunting – investors in Potash Corp. of Saskatchewan (POT.TO) know all about wounded beasts. As of Friday, the fertilizer giant’s shares had slid 61 per cent on the Toronto Stock Exchange as its core product remained mired in surplus. Shares in Agrium (AGU.TO), which is combining with its rival to create the world’s biggest seller of crop nutrients, were up 46 per cent.

At least one long-time investor in fertilizers is skeptical that the companies will generate the vaunted US$500-million in annual savings. “You can’t make money by buying expensive mines and closing them down,” warns Chris Damas, author of the BCMI report. He joins us on Commodities at 11:30 a.m. ET.

The deal will further reduce competition in a farm-input industry that is already consolidating fast.

At 8:20 a.m. ET today, we heard from anti-trust lawyer Mark Warner. He predicts that Canadian competition cops will approve the deal.

Global stocks in the red

Meanwhile, investors are concerned that the global nearly-free-money party is nearing its end. Those concerns have hammered stocks this morning, with European shares down around 2 per cent and U.S. equities set for a weak opening.

“Government bond yields, after hitting record low after record low at will earlier this year, have suddenly started to reverse course,” Business Insider says.

Victoria Gold soars 

Bonds may be slipping but investors have thrived in gold high-flyers this year. Shares in Victoria Gold (VIT.TO) have soared four-fold to trade at 64 cents (Canadian) amid high hopes for its Eagle gold project in the Yukon, which has 2.3 million ounces in proven and probable reserves. Echelon Wealth Partners, which helped the company sell $25-million worth of shares last month at $0.65 each, hails the Eagle project’s “strategic resource size, fully permitted status, district-scale land package with substantial exploration potential, and situation in geopolitically stable Canada.”  We'll talk to Victoria Gold CEO John McConnell today at 11:30 a.m. ET.

Finally, as we age, some of us find ourselves getting a bit crankier. And we bet that famously irascible Noam Chomsky, the linguistic theorist and left-wing critic of the U.S., isn’t thrilled to see this headline at scientificamerican.com: Evidence Rebuts Chomsky's Theory of Language Learning.

Seems the “idea that we have brains hardwired with a mental template for learning grammar” has eroded.

We’ll bet Mr. C is in a lovely mood this morning.

Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe