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Almaden Minerals: finally... jumps on this news release from Yahoo:
95cents premarket... almost there...
http://finance.yahoo.com/news/compelling-gold-silver-project-almaden-121000604.html
Legendary Investor Jim Rogers Warns: “Most People Are Going To Suffer The Next Time Around”
Mac Slavo February 7th, 2016 http://www.SHTFplan.com
http://www.shtfplan.com/headline-news/legendary-investor-jim-rogers-warns-most-people-are-going-to-suffer-the-next-time-around_02072016
WOW... all this green among 94 Gold Miners:
http://www.kitco.com/stocks/companyname_asc.html
The great awakening... Gold Surges To 4-Month Highs
Submitted by Tyler Durden on 02/08/2016 08:14 -0500
http://www.zerohedge.com/news/2016-02-08/gold-surges-4-month-highs
Everybody Loves Gold…Again
Friday February 05, 2016 15:40
http://www.kitco.com/news/2016-02-05/Everybody-Loves-Gold-Again.html
$GOLD/$SILVER gaining solid traction as the world turns.
No kidding... The Best Performing 'Currency' Of The 21st Century Is...
Submitted by Tyler Durden on 01/26/2016 20:10 -0500
http://www.zerohedge.com/news/2016-01-26/best-performing-currency-21st-century
Since the beginning of the 21st Century, as people awoke to Y2K that did not end the world, there has been one 'currency' that has outperformed all its peers in terms of preserving wealth and maintaining purchasing power...
The barbarous relic...
$CDE Coeur Mining, Inc., through its subsidiaries, engages in the ownership, operation, exploration, and development of silver and gold mining properties primarily in the United States, Mexico, Bolivia, Argentina, Australia, Ecuador, Chile, and New Zealand. Its principal properties include the Palmarejo silver and gold mine in Mexico; San Bartolomé silver mine in Bolivia; Kensington gold mine located in Alaska; the Rochester silver and gold mine in Nevada; and the Endeavor mine, an underground zinc, lead, and silver mine in Australia. The company also owns the La Preciosa and Joaquin silver and gold exploration projects in Mexico and Argentina; and other precious metal royalties. It markets silver and gold concentrates to third-party smelters and refineries in China and Japan. The company was formerly known as Coeur d?Alene Mines Corporation and changed its name to Coeur Mining, Inc. in May 2013. Coeur Mining, Inc. was founded in 1928 and is based in Chicago, Illinois.
Merry Christmas, bear and all!!!
BHP Biliton and Vale have serious problems
conducting business under a socialist gov, dependent on a global commodities market which sort of felt ill all year long. Said gov will go after revenue, including vigorous fines.
I would add that other big mining ops are vigilantly observing.
BHP Biliton and Vale have serious problems over this latest issue with talk they may not have the cash necessary to pay a 'quick pay' fine due in January. Crazy... needs watching. I would add that other big mining ops are vigilantly observing.
Crazy devil even threw a chart in there just for extra visual drama...
Which just shows there's evil everywhere ya LOOK. ;)
Brazilians Cancel Vacation Plans As 50 Million Metric Tons Of "Noxious Mud" Turns Ocean Brown
So, is this the work of the Devil to muddy up the Olympics?
From your link:
In other words, BHP and Vale will need to pay some $500 million by January 17.
Crazy devil even threw a chart in there just for extra visual drama... LOL!!!
The Devil pens a holiday letter.
And to think I was recently admonished for my lack of brevity. LOL
The Devil's Holiday Letter: 2015
SATURDAY, DECEMBER 19, 2015
http://charleshughsmith.blogspot.com/2015/12/the-devils-holiday-letter-2015.html
The Devil pens a holiday letter.
Through means I am unable to disclose, I have obtained a copy of the Devil's Christmas letter. Yes, Satan too sends a Yule letter, and no, I was not on his mailing list. I think Satan's Holiday cheer should give us all pause.
"To my fallen angels Beelzebub, Lucifer and Leviathan, princes of Hell's demons, and to my minions, lackeys, toadies and sycophants on Earth:
Due to the high cost of postage, please accept this miserly digital version of my holiday missive.
As you know, this time of year usually finds me quite despondent, as the Prince of Peace's influence waxes most atrociously around his birthday. But this year I am in fine spirits, nay, let me even declare myself absolutely giddy, for the destruction of the United States of America by its own citizenry and government draws ever nearer.
Though my minions have long sown festering seeds of hate and disharmony in that now-benighted land, my favored weapons of destruction--leverage, debt, half-truths and endless, self-serving justifications for greed, sloth, lust, pride, envy, anger and gluttony--have wormed their way into the stricken heart of that Republic and are now the default setting of American culture.
My minions in the Federal Reserve--such loyal servants!--continue feeding an orgy of leverage and debt, spreading ruination under the false guise of prosperity. What a delicious irony, that the fools doomed to eternal damnation in my Empire believe themselves prosperous as they absorb the poison of exponentially rising leverage and debt.
My lackeys in the Central State have made a mockery of the rule of law, letting financial crimes go not just unpunished but rewarded. The blatant injustice that roams the land like a foul, slobbering beast--there are two sets of laws and two sets of books now, one for the financial Elites and their political toadies, and another one for the tax donkeys beneath them--this will eventually ignite the firestorm I seek.
American extravagance has surpassed even my highest expectations, as purveyors of luxury goods reap record profits, and the childish desire for instant gratification has become the unspoken ruler of the land. Convenience is now worshipped as a god, sitting triumphant beside entitlement, greed, indignation and willful ignorance.
Convenience is, as you all know, the name of a peculiarly slick slide into Hell.
One of my favorite sins, gluttony, is running amok, with half of the people groaning under their own weight, sickened and weakened. My loyal minions in the fast-food and packaged food industries have followed my plans to perfection, and my lackeys in the marketing and media have fueled the instant gratification and ignorance which insidiously undermine even the greatest empires.
Pride--oh, how the Americans excel at hubris and pride! The Federal Reserve chairperson, bless her doomed soul, has declared herself 100% confident about an economy that is nothing but a confidence game. Oh, what joy to hear her lies spoken with such confidence!
The mere thought of the word greed cause me to chuckle delightedly, as the U.S. excels as a haven for greed without bounds, a greed so boundless that the entire universe would be insufficient to satisfy its bankers, hedge fund managers, high-frequency traders, Imperial factotums and politicians. How happy I am to see their greed grease their way into Hell.
I feel like dancing a jig when I hear the unbridled sense of entitlement which has poisoned the American spirit. Yes, let greed and avarice be cloaked with rationalizations--"I was promised," "It's my right," "I deserve it"--it is wondrous indeed how my secret invention, "free money," debilitates once-independent souls.
Anger is now overflowing everywhere, building my empire with every thoughtless word. Politicians rage against each other, the people rage against the politicians, and behind the scenes my servants in the political action committees feed the anger with billions of dollars in campaign donations. How amusing to see the politicos lay claim to noble ideals even as they scramble on their knees to collect the millions tossed at their feet to do my bidding.
Oh yes, my bidding, for their greed, pride and anger are my bidding. By all means, politicians, do my work: give tax breaks to the ultra-wealthy, let financial crimes go unpunished, allow the financial Elites' looting to go unhindered, transfer the wealth earned by the citizens' sweat to the financial Elites when their trillion-dollar bets go bad--fuel the anger which will tear you from power, and tear the country apart.
This chart of rising wealth inequality warms my heart, for it will foment revolution as night follows day.
The nation bleeds itself with unwinnable wars, sacrificing its youth on the altar of endless war--how can I not rejoice at this orgy of death, destruction and sowing of hate? The feeble liars at the nation's helm print endless sums to fund war and to prop up vile tyrants, but offer nothing for libraries or literacy or the curing of malaria. How can I not rejoice at a nation which finds trillions for war and next to nothing to fight the diseases of the poor residents of former colonies, including that Prince of Disease, ignorance.
As for sloth--that millions are being paid to sit around watching television instead of being productive creates the perfect breeding ground for resentment, malice and envy. How perfect to pay people to sit at home and rot away, with only their discontent and despair for company.
As you know all too well, idle hands end up doing my piecework for free.
It was almost beyond my dreams to find the nation's wealth and politics so dominated by a tiny handful of wealthy financial plutocrats--they are doing my bidding without hindrance, though I see by their troubled sleep that they know where their greed and rationalizations are taking them. To channel the nation's wealth to a few hands--what better way to nurture envy and anger?
If ignorance were treasure, the American political class must be declared wealthier than Midas, for its ignorance and hubris have reached a pinnacle I can truly admire. Ensnared by their lust for power, blinded by their greed for fame and perquisites, they look no further than the next election cycle, dooming their nation to division, disharmony and the desolation of permanent conflict over the dwindling productive assets of this once-great nation.
The people cry out to be saved by the government, as if it was a Savior instead of a vast machine consolidating the wealth of the nation in the hands of the few at the expense of the many, "investing" it in corruption, parasitic financial schemes, military misadventures, Homeland "Security"--ha, isn't that a jewel, as the nation withers from within--and the unyielding oppression of the remaining productive members of society.
The leaders are themselves leaderless, blank, hollowed-out souls doing the bidding of their parasitic masters, focused only on keeping the corrupt and venal status quo together for a few more months, never looking out ten years. Political expediency is my favored tool, and it is now the default mode of the nation's corrupted political class.
I delight in that shortsightedness, that abject fear of change and transformation, that clinging to failure and pride, that refusal to face reality.
For the U.S.A. is now an Empire of Debt and Lies, its fraudulent financial system built on misrepresentations of risk and value, and its economy a con game based on illusory wealth, parasitic skimming, and government protection of privilege.
This adolescent desire to believe the lies, because in believing the lies then nothing need change--this might be my most powerful destructive tool.
A hunger for fantasy and illusion, a fear of adaptation, a childish demand for instant gratification--these are forces I can rely on to lead the once-great country to absolute ruin.
And here is the beautifully evil part, my minions--no external enemy is required. The Americans are destroying themselves with their reliance on leverage, debt, denial, half-truths and overflowing servings of the Seven Deadly Sins, all of which they have elevated to "assets" in their hopelessly twisted values. To be supremely unproductive, a churner of lies and financial trickery, is now the most rewarded and admired state in America.
The spiritual rot is now so deep and pervasive that the people no longer even recognize the decay--they have been lulled into a false belief that this culture of fraud, embezzlement, manipulations, propaganda and parasitic financial Elites has always held sway. This is precisely how a people act when they have lost their way, spiritually and morally: they elevate sins to virtues, and forget the lessons of their past.
And of course everyone claiming that there is no spiritual vacuum sucking the nation dry, that the status quo is simply "business as usual"--they are doing my work, too, for habituating to all that is corrupt and reprehensible, all that is lacking in integrity and honesty, this is doing my work most admirably.
Americans no longer hate me, they hate sacrifice, with a passion that enlivens my enthusiasm for their self-destruction.
How can I not be pleased this season? At long last, the destruction of the United States by its own citizens is close at hand. Give me ten years, minions, and I shall insure they will finally begin reaping what they have sown.
Ignorance, my poor dear Americans, will not save you, nor will your endless parade of excuses, justifications and rationalizations. Indeed, they are my weapons which you drive deeper into your nation's heart with every lie, every excuse, every frantic justification for your own entitlement.
I await 2016 with high expectations.
Most sincerely yours,
Satan
Brazilians Cancel Vacation Plans As 50 Million Metric Tons Of "Noxious Mud" Turns Ocean Brown
Submitted by Tyler Durden on 12/23/2015 17:00 -0500
A tailings dam burst... what a horrible nightmare has ensued...
http://www.zerohedge.com/news/2015-12-23/brazilians-cancel-vacation-plans-50-metric-tons-noxious-mud-turns-ocean-brown
Video, pictures and commentary are available at the link above...
SAD...
Well, that settles that. "Cheating" so as to maintain good health is deemed as SAD. That is the established context for this thread. I "cheat" to maintain excellent levels of HDL, with no illegalities involved, and your reply: It's unethical and immoral to do so. I'm so ashamed! LOL
"Legal" has nothing to do with ethical/moral value, right???
Legal cheating...
Not surprized... I am who I say I am... No cheating, lying, twisting, perverting, spinning, convoluting
Nuttin wrong with legal cheating.
Not surprized... I am who I say I am... No cheating, lying, twisting, perverting, spinning, convoluting or otherwise giving false perceptions. I pay forward. And I feel fine.
HDL is the good stuff... take care.
I cheat. Better living through Chemistry. No prescriptions required ;)
HDL is the good stuff... take care.
the question was, as if I need to repeat it, "got physical?"
No. However, my latest HDL reading of 75 seems a good substitute. For brevity, assuming that's the context.
The question does not require a long winded evasive dissertation... the question was, as if I need to repeat it, "got physical?"
The chart is not an opinion and price setting has nothing to do with a fair market
Neither does a fair market have anything to do with a chart. A chart based on technicals that pre-date the modern market.
Also, what's deemed "fair" vs expectations (i.e. a form of opinion)is of no concern to the Forex boyz. They don't fight the central banks. But if one wants to swim against this red tide, then by all means ... leap onto the white horse, and buy every gold ETF out there at today's prices. Make sure to buy more as the Fed continues its rate hikes next year.
BTW - Gold bugs have spent $3B trying to find the bottom for gold in the last 18 months, with almost all of the cash flowing into the gold ETF GDX, which lost 46% in value. No, they don't get the prize. Approx $28B has flowed into oil ETFs trying to find the bottom for the oil patch.
The chart is not an opinion and price setting has nothing to do with a fair market.
Got physical?
Here is P&F prediction for $GOLD:
Keeps the objectiivity this way... no snarky attitudes or blind faith...
U followed AAU so FWIW:Almaden Minerals (NYSE: AAU)(TSX: AMM), just bought an entire mill for $6.5 million. Not only is that incredibly cheap, but because of the bear market, it was able to negotiate extremely favorable terms. It only has to make a $500,000 payment this year and a $250,000 payment in 2016 to keep the option open.
Owning its own mill reduced the expected capex of its Ixtaca project in the “ramp-up” scenario by $70 million. This is a company, mind you, that has a market cap of just $41 million.
That means Almaden took on a $6.5 million option to improve the economics of its flagship product by $70 million — almost twice what the entire company is trading for.
By Jason Simpkins | Friday, December 18, 2015
Jason also said: Be a vulture. That's my advice to precious metals investors.
Boy-O-Boy, is that ever my feeling too! LOL
Broadening horizens... that's good... I predict a 4th straight year of record sales.
So how is the price of gold doing?
Weren't there previous predictions a few months back that it was due to take off against the nasty USD? A lot of references to the "fiat" word.
Gee -10% YTD, and at a 7 yr low. Seems those predictions didn't work out too well. Neither does the market pay much attention to the how many times the"fiat" word is used.
Any new predictions it's going to zip to da moon? How about instead a prediction it will go below 1000 in the next couple of months?
No big surprise... U.S. Mint Silver Coin Sales Reach All-Time Highs For Third Year Running
By Kitco News Wednesday December 16, 2015 12:55
http://www.kitco.com/news/2015-12-16/U-S-Mint-Silver-Coin-Sales-Reach-All-Time-Highs-For-Third-Year-Running.html
(Kitco News) - The U.S. Mint announced that the sale of American Eagle silver bullion coins reached an all-time high for the third consecutive year.
“Once again, global demand for the American Eagle Silver Bullion Coins drove sales to a record high, this year reaching 47,000,000, surpassing the 44,006,000 ounces sold in 2014 and the 42,675,000 ounces sold in 2013,” the mint said in a press release Wednesday.
Earlier this week, silver prices hit new multi-year lows, falling below $14 an ounce. March comex silver futures were last quoted up 3% at $14.185 an ounce, during the session.
“The mint broke last year’s record Nov. 30 when sales reached 44,666,500,” the mint said.
According to the press release, since the inception of the silver Eagle coin, the mint typically sold between three million and 10 million ounces per year of its silver Eagle coin for the first 22. “Since 2007, sales have increased nearly five-fold from 9,887,000 in 2007 to more than 44 million last year,” they said.
Based on the mint’s latest sales data, the silver Eagle coin sales reached 4,824,000 ounces last month and are at 2,333,500 ounces so far in December.
November and December have seen strong demand for the U.S. Mint’s bullion coins. Mid-November, the mint announce that it sold out of its one-ounce, one-tenth ounce and one-fourth ounce American Eagle gold bullion coins.
By Sarah Benali of Kitco News sbenali@kitco.com
Rob McEwen, the Investor, Has Some Advice for Mining Executives Everywhere
Thursday December 10, 2015 16:05 Source: JT Long of The Gold Report (12/10/15)
http://www.theaureport.com/pub/na/rob-mcewen-the-investor-has-some-advice-for-mining-executives-everywhere
What does a veteran mining executive look for when investing his money in junior equities? In this interview with The Gold Report, Rob McEwen, who has been predicting $5,000/oz gold prices since 2011, explains why he still thinks that this is a possibility in the next four years and how companies can take advantage of technology to ensure that a price rise goes to the bottom line—and ultimately shareholders.
The Gold Report: For the last five years, you've been predicting $5,000/ounce ($5,000/oz) gold. Are you still predicting that and what would drive it there?
Rob McEwen: Yes, and the reasons are even more pressing and relevant. The industrialized world has never before increased the money supply as fast and as large as it is today and government debt is at unimaginable and unsustainable levels. The central bankers' objective was to get the global economy back up and running, but so far it hasn't worked. Interest rates are dragging along the floor and have forced investors and savers to desert their prudent ways and seek riskier investments in a frantic search for yield. Our governments want us to spend, to consume believing this will keep the economy afloat. But they are wrong and pushing the wrong levers. What we need urgently is capital investment that creates jobs and expands the tax base. Unfortunately, this is not happening.
On top of this setting, there appears to be a number of powerful countries that want to remove the U.S. dollar from its role as the reserve currency of the world. These players have been strategically moving to reduce the role of the dollar in their economies and lessen the need to buy dollars to buy oil, food and other essential commodities.
TGR: But if all that money printing hasn't taken the price of gold up in the last five years, why would it do that at a later date?
RM: At some point soon, people are going to question the value of the dollar. Too many people believe the government can control interest rates and inflation. People are going to realize that the government is not telling us the truth about the economy, about inflation, about having the economy under control. When that happens investors will rush to diversify and put funds into gold and silver. Right now is an appropriate time to start buying gold. It is cheap and gold shares are even cheaper. What most investors don't appreciate is the fact that gold has been going up significantly in the past year and a half in many currencies other than the dollar. Soon it will also climb in dollar terms.
How high will it go? Here's some simple math to show what is possible. From 1970 to 1980 gold went from $40/oz to $800/oz, an increase of 20 times. The low in this cycle has been $250/oz. If you apply the same factor of 20, you're at $5,000/oz.
TGR: What's the time frame for your prediction?
RM: Four years out, in that time the dollar will have given up its premium position in the currency world and many more investors will be buying gold. The combination of crowd psychology and instantaneous communication are going to propel the price of gold to new heights that most people can't imagine today.
TGR: If that's the case for gold, what are the prospects for silver?
RM: Silver will follow gold's upward climb and the gold/silver exchange ratio will compress in the future. It will go from the current high of 75:1 to potentially as low as 16:1.
TGR: As an investor, does it matter if gold goes to $5,000/oz if the operating costs and the capital expenditure (capex) costs continue to go up the way they have in previous cycles?
RM: Sure, but that scenario is not going to happen right away. I expect the gold price will increase far faster than the costs of producing it for several years. During that period, investors enjoy large gains due to the dramatically increased profit margins.
TGR: You've talked a lot about the role of technology. Could technology help to smooth out the ebb and flow?
RM: No, I do not believe that technology will alter the ebb and flow because mining is a cyclical industry, but technology could significantly improve the industry's profitability. Unfortunately, the mining industry has a lot of inertia, so it tends to adopt new technology slowly. However, there are signs that its adoption rate is accelerating.
On the wish list are: faster discoveries, faster resource modeling, speedier permitting, faster construction, lower capex and operating expenditures (opex), higher recoveries, faster payback, higher returns on invested capital, smaller environmental footprint and, most importantly, superior returns to shareowners. While this is quite the laundry list, it highlights the significant opportunity for improvement.
TGR: Is demanding innovation and austerity the role of the board, the shareholders or management? Where does the mindset change start?
RM: Shareowners buy or sell depending on their assessment of management's performance. The board should encourage and support management in embracing innovation and demand that management strive to always be efficient and productive with shareowners' capital.
TGR: You've been a mining executive for decades, but you're also an investor. What do you look for in a mining company when you're thinking about making an investment?
RM: First, I listen to management's pitch and if it sounds interesting; second, I ask about their share ownership and if I find they are talking a big story without having a large investment in their firm, then my interest starts to fade. But, third, I look at how the market is pricing the company. If its shares appear to be selling at a large discount my interest can return. I tend to take large positions in explorers and small producers that I feel have big upside potential.
TGR: What do you look for in the resource itself? Are you focused on country risk? Are there countries you won't invest in, or do you have a short list of favorite countries?
RM: The location of a resource is very important. There are definitely countries that are unattractive to me, especially where there is no rule of law, high crime rates and greedy governments. Experience has narrowed my focus to the Americas and perhaps Europe. I have no interest in putting my staff's lives at risk. In addition, I wish to avoid exposure to regions where corrupt practices are commonplace and the potential for us to get ensnared inadvertently in the new foreign corrupt practice laws that have been enacted here at home.
TGR: How do you protect yourself against those risks?
RM: It requires much more due diligence and vigilance than ever before. Governments worldwide seem to think the mining industry hasn't been paying its share, despite the big investments made by the industry in infrastructure, employment and communities. They have a nasty habit of changing the rules, such as increasing taxes and taking larger interests in the mines without compensation, after companies have spent the capital and built the mines.
I'd like to see the mining industry unite and stand up to all governments. We need to tell the politicians that if they want us to invest our capital in their country, they have to give us iron-clad guarantees that they will honor the terms of the agreement. They should have to put in place financial instruments, financial guarantees that will return our invested capital, at a minimum, if they change the rules under which we invested. One such way to ensure that they keep their part of the agreement is to require them to put up a letter of credit, equal to our investment, in a major financial center outside their country. And should they violate the terms of our contract with them then we take away the funds we invested, without any recourse to their legal system.
TGR: What about physical risk? You recently had a significant breach in Mexico. How do you deal with that?
RM: There is a powerful crime element in Mexico. Some regions of the country are much worse than others. Until our recent robbery we had little to complain about. Since then, we consulted with Brinks and other security experts and we have fortified our refinery and mine property in addition to having a detachment of state police on the property.
TGR: What do you look for on a balance sheet?
RM: Debt, forward sales and property ownership issues such as joint ventures or options that could reduce the shareholders' value.
TGR: Does that include hedging, royalties, streams, those sorts of things? Do you consider that debt?
RM: Absolutely, I consider those financial mechanisms a disaster. The sale of metal streams and the royalties have been one of the biggest sins committed by the industry. Many management teams view these financing vehicles as nondilutive and easy money. It's 7-11 money, convenience store money, and management grossly overpays for this money and their shareowners end up paying a very big price in terms of lost cash flow and profits. The evidence is glaring; the share price performance of the metal streaming and royalty companies have far outperformed that of the producers.
The market has spoken loud and clear; investors don't want to buy a producer that has sold a good part of its future revenue. The impact of streams and royalties has been particularly painful during this period of low metal prices, as these instruments have hammered operating margins. A number of mining CEOs say it's the only reasonable source of financing they can secure now, but to my mind their actions appear to be a Faustian bargain. They are selling their shareowners' future profit to the devil and he has come to collect it.
TGR: Why don't you think most investors share the long horizon view?
RM: I believe the continuous and incessant nature of news media's coverage of the market encourages and promotes a trading mentality. There is an unhealthy and unachievable focus on making quick, big profits. Long-term investments are viewed by many as old school and boring.
TGR: You've been through a number of these cycles. Is there anything we missed that investors can learn from your experience?
RM: When you observe an inordinate number of new issues or secondary issues coming out in a short period of time and the media is full of stories of ever higher prices, that is usually a good indication that you're nearing a top.
TGR: So it's easier to see a top than a bottom?
RM: Both are difficult to see but there are some market clues. The bottom is usually close when there is tiny trading volume, no one is doing any financings and the media is full of stories about ever lower prices. Today feels like we are very near the bottom.
TGR: Thank you for your time.
TRQ Turquoise Hill Provides 2016 Production and Financial Guidance
http://www.juniorminingnetwork.com/junior-miner-news/press-releases/564-tsx/trq/14529-turquoise-hill-provides-2016-production-and-financial-guidance.html
VANCOUVER, BC--(Marketwired - December 08, 2015) - Turquoise Hill Resources today announced 2016 production and financial guidance.
Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper and 210,000 to 260,000 ounces of gold in concentrates for 2016. Open-pit operations are expected to mine in phases 2, 3 and 6 during the year as well as begin stripping for phase 4. In addition, stockpiled ore will be processed during the year. The reduction in gold compared to 2015 is the result of mining in lower-grade gold areas and processing lower-grade stockpiled ore. The majority of 2016 gold production is expected in the first half of the year.
Operating cash costs for 2016 are expected to be approximately $800 million. The reduction compared to expected 2015 operating cash costs is mainly related to additional capitalization of phase 4 deferred stripping costs.
Capital expenditures for 2016 on a cash-basis, excluding underground development, are expected to be approximately $300 million, of which approximately $280 million relates to sustaining capital. Sustaining capital reflects increased capitalization of phase 4 deferred stripping costs.
For underground development, Turquoise Hill will provide capital guidance for 2016 once a final 'notice to proceed' decision is confirmed.
LATEST GOLD COTS MOST BULLISH FOR 14 YEARS, AND CALL FOR A SIZEABLE TRADABLE RALLY SOON...
originally published December 1st, 2015
http://www.clivemaund.com/article.php?art_id=3638
There is no need to mince words or beat around the bush with this update. The latest COTs for gold released yesterday showed another marked improvement so that they are now strongly and unequivocally bullish – in fact they are at their most positive since late 2001, that’s 14 years.
We are not going to waste our time trying to figure out the reason or reasons for this, but possibly this situation suggests that the Fed is not going to raise rates this month as widely expected. If they don’t, the dollar, which has wafted back to its highs on this expectation, will drop and the PM sector will rally.
Without further ado let’s look at this latest COT now, with the 1-year chart for gold stacked above it for direct comparison. What is rather remarkable about gold’s COTs in the recent past is how readings rapidly ballooned to bearish levels by early November, leading us to adopt a bearish stance and short the sector, which was the correct action, but in recent weeks Commercial short and Large Spec long positions have collapsed back rapidly towards the zero line, so that the picture has quickly switched from quite strongly bearish to strongly bullish in the space of a few weeks. We know from experience that the extremely low Commercial short position that now exists means that a sizeable and tradable rally is just around the corner, regardless of whether the long-term downtrend has ended or not, and we can therefore position ourselves accordingly.
Thirty Years of Silver Supply Deficits
- Jeff Nielson
https://www.sprottmoney.com/blog/thirty-years-of-silver-supply-deficits-jeff-nielson.html
After a full generation of systemic crime in the silver market and thirty consecutive years of supply deficits, there will be a reversal in this market, and that reversal can come in only one form: we will see the price of silver appreciate to something resembling “fair value,” one way or another, and that real-world price will dwarf the estimates of most readers (and commentators).
OFFICIAL RELEASE: World Silver Deficits –12 Years Running
- Steve St. Angelo
https://www.sprottmoney.com/blog/official-release-world-silver-deficits-12-years-running-steve-st-angelo.html
Fascinating commentary and charts are at the link above...
This Mega-Deal Reveals 2 Critical Points On The Gold Sector
Thursday November 19, 2015 10:40
http://www.kitco.com/commentaries/2015-11-19/This-Mega-Deal-Reveals-2-Critical-Points-On-The-Gold-Sector.html
As I’ve said before, one of the things I love most about writing Pierce Points is: the letter keeps me in touch with some of the best professionals going in the global resource business.
That point was driven home again late last week. When the Pierce Points network proved extremely informed on one of the biggest deals we’ve seen for years in the gold space.
In late September, when I wrote about rumours that Barrick Gold was selling its Nevada mines, my inbox lit up with suggestions on the likely buyer. Below is my September 23 post from my Twitter account:
Last week Waterton Global did indeed step forward to buy Barrick’s Spring Valley and Ruby Hill mines in Nevada. With the investment fund bidding a significant $110 million for these assets.
That’s yet another sign that private funds are the biggest story going today in mining M&A. With some of the industry’s best assets continuing to pass from major miners into the hands of investment firms.
But there was another part to Barrick’s asset sale. Showing an interesting twist on this theme.
Barrick also said it will sell two additional mines — Round Mountain and Bald Mountain — to fellow gold major, Kinross Gold. For a hefty $610 million in cash.
That’s a very significant move from Kinross. The major has been sitting on over $1 billion in cash for years now, as assets have been getting cheaper. Up until now however, Kinross had made no moves at all in the M&A space.
But the new Nevada deal shows that cashed-up companies like Kinross haven’t gone into “turtle mode”. Rather, they were simply waiting for the right mines and the right prices — and today, they feel assets and costs have finally become attractive.
That’s a signal for investors to pay attention to. If the world’s top gold firms feel it’s time to buy, maybe it is.
Here’s to seeing it coming,
By Dave Forest
Managing Geologist
www.piercepoints.com
KGI Release: Kirkland Lake Gold Creates An Ontario-Focused Intermediate Gold Producer With The Acquisition Of St Andrew
http://www.klgold.com/investors/news-and-events/news-releases/news-release-details/2015/Kirkland-Lake-Gold-Creates-an-Ontario-Focused-Intermediate-Gold-Producer-With-the-Acquisition-of-St-Andrew-11162015/default.aspx
TORONTO, ONTARIO--(Marketwired - Nov. 16, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Kirkland Lake Gold Inc. ("Kirkland Lake" ) (TSX:KGI) and St Andrew Goldfields Ltd. ("St Andrew") (TSX:SAS)(OTCQX:STADF) are pleased to announce that they have entered into a binding definitive agreement (the "Agreement") whereby Kirkland Lake will acquire all of the outstanding common shares of St Andrew pursuant to a plan of arrangement (the "Transaction") to create a multi-asset, Ontario-focused, intermediate gold producer.
Under the terms of the Agreement, common shareholders of St Andrew will receive 0.0906 of one common share of Kirkland Lake (the "Exchange Ratio") for each St Andrew common share held. The Exchange Ratio represents the equivalent of C$0.47 per St Andrew common share, based on the closing price of Kirkland Lake on November 16, 2015. The Exchange Ratio implies a 46% premium based on both companies' 20-day volume-weighted average prices and a 25% premium to St Andrew's closing price, both as at November 16, 2015 on the Toronto Stock Exchange. The Exchange Ratio implies a total equity value of approximately C$178 million on a fully diluted in-the-money basis.
Upon completion of the proposed Transaction, existing Kirkland Lake and St Andrew shareholders will own approximately 71% and 29% of the combined company, respectively.
First Majestic Silver Reports 3Q Loss; Cost-Cutting Efforts Include Personnel Cuts
Monday November 16, 2015 10:00
http://www.kitco.com/news/2015-11-16/First-Majestic-Silver-Reports-3Q-Loss-Cost-Cutting-Efforts-Include-Personnel-Cuts.html
(Kitco News) - First Majestic Silver Corp. (NYSE: AG; TSX: FR) reported a loss for the third quarter on Monday but also cited efforts to contain costs, including personnel cuts.
First Majestic listed a net loss for the quarter of $1.8 million, or a penny per share, an improvement from a loss of $10.5 million, or 9 cents, in the same period a year ago. The bottom line was also up from a net loss of $2.6 million, or 2 cents, in the second quarter of this year, with First Majestic saying the improvement came about as a decrease in mine operating earnings was offset by gains on foreign exchange and mark-to-market adjustments on prepayment facilities.
The adjusted loss was listed at $7.6 million, or 6 cents, compared to an adjusted loss of $3.1 million, or 3 cents, in the previous quarter. First Majestic reported the mine operating loss was $3.6 million, compared to earnings of $3.4 million in the prior quarter. The decrease in the adjusted loss and mine operating earnings was primarily driven by the decrease in silver prices and less silver-equivalent ounces sold, the company said.
The average realized selling price for silver was $15.16 per ounce, although First Majestic noted this was above the quarterly Comex average of $14.87.
“Our operational team continued to make positive steps in reducing input costs during the third quarter,” said Keith Neumeyer, president and chief executive officer of First Majestic. “Consolidated production costs decreased to $41.81 per tonne, which represents an 11% improvement when compared to the prior quarter and the lowest rate since the second quarter of 2013.
“More aggressive cost-cutting initiatives were launched in the quarter resulting in 180 layoffs, and additional personnel reductions are being completed in the fourth quarter. These difficult times are requiring difficult decisions; however, the company remains focused on free cash flow and producing ounces that are profitable at current metal prices.”
First Majestic reported that its total cash cost, net of by-product credits, was $8.77 per payable silver ounce. The all-in sustaining cost was $14.41, a 28% reduction compared to $19.89 per ounce in third quarter of 2014 and consistent with the previous quarter.
The company said total production for the quarter was 3,558,035 silver-equivalent ounces. This consisted of 2,593,309 ounces of silver, 4,434 ounces of gold, 8,743,453 pounds of lead and 3,122,498 pounds of zinc.
Production in the quarter was down 6% from the previous one primarily due to a decline in production at Del Toro, which in turn was the result of a decrease in tonnes milled and lower silver grades as mining occurred in a lower grade area of the Perseverancia mine and Lupita vein, First Majestic said. The decrease at Del Toro was partially offset by improvements in production at La Guitarra and San Martin due to improved silver and gold grades, and a 33% increase in processed ore at La Encantada due to the recent mill expansion.
“Management believes leaving higher cost ounces in the ground is a prudent choice for its shareholders until silver prices improve,” said First Majestic’s earnings released.
As a result of operational modifications, 2015 annual silver production is now estimated by the company to be within a new range of 11.0 to 11.2 million ounces, or 15.7 to 15.9 million silver-equivalent ounces. This previous annual production guidance was 11.8 to 13.2 million ounces of silver, or 15.3 to 17.1 million silver-equivalent ounces.
On Oct. 1, First Majestic completed its acquisition of SilverCrest Mines Inc. and the latter’s Santa Elena Mine.
Cabal still suppressing prices: http://www.kitco.com
Chris Powell: Gold market manipulation update
By: Chris Powell, Secretary/Treasurer, GATA -- Posted Thursday, 29 October 2015
http://news.goldseek.com/GATA/1446122682.php
By Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday, October 28, 2015
Everything about the financial markets today must begin with two documents.
The first is the 2013 10-k filing with the U.S. Securities and Exchange Commission by CME Group, operator of the major futures exchanges in the United States. In August 2014 Eric Scott Hunsader, founder of the market data firm Nanex in Winnetka, Illinois, called attention to a telling paragraph in the filing. The telling paragraph discloses that the customers of CME Group include "governments and central banks."
www.gata.org/node/14411
Also in August 2014 Hunsader called attention to another filing by CME Group, a letter sent in January 2014 to the U.S. Commodity Futures Trading Commission by CME Group's managing director and chief regulatory counsel, Christopher Bowen.
http://www.gata.org/node/14385
The letter disclosed that CME Group futures exchanges offer volume trading discounts to central banks for all futures contracts, not just financial futures contracts but also futures contracts for the monetary metals and commodities, including agricultural products.
The CME Group letter to the CFTC justified secret futures market trading by central banks as a matter of providing the markets with "liquidity" that would benefit all traders.
But if governments and central banks, creators of infinite money, are secretly trading the markets, there ARE no markets anymore, just interventions, as a high school graduate told GATA's conference in Washington in 2008 and as the British economist Peter Warburton suspected in his incisive 2001 essay, "The Debasement of World Currency -- It Is Inflation, But Not as We Know It":
http://gata.org/node/8303
If governments and central banks are secretly trading the markets, no fundamental or technical analysis of markets is worth much. If governments and central banks are secretly trading the markets, the only market information worth much is information about government and central bank trading.
GATA has continued to document that central bank trading and related maneuvers since we met here in New Orleans a year ago. Let's review some of the new documentation.
-- On September 21 this year gold researcher Koos Jansen reported that the rules of the International Monetary Fund exempt imports and exports of monetary gold from reporting by national customs agencies. That is, the purchase and sale of monetary gold by governments and central banks across international borders can be withheld from customs reporting, thereby facilitating secret intervention in the gold market:
http://www.gata.org/node/15759
-- On September 16 this year gold researcher Ronan Manly disclosed that while the new daily London gold auction was established in the name of reducing the possibility of market manipulation, the auction's operator, the Inter-Continental Exchange, has reported to the United Kingdom's Financial Conduct Authority that spikes in Comex gold futures prices seem to have been undertaken to manipulate the afternoon gold auction in London:
http://www.gata.org/node/15743
-- On August 6 this year Manly disclosed a policy study by the Bank of England written in 1988 that concluded that gold is the best money because it has no counterparty risk but that buying it risks insulting the U.S. dollar and the U.S. government:
http://www.gata.org/node/15625
-- On June 9 this year Colorado securities lawyer Avery Goodman, who researches the gold market, called attention to the hugely disproportionate Comex futures contract gold deliveries being made by the investment bank JPMorganChase. The disproportion of the deliveries assigned to MorganChase, Goodman wrote, suggested strongly that the investment bank is administering the U.S. Federal Reserve's gold swapping and leasing operations and that at least for the time being the U.S. government and U.S. gold reserve are guaranteeing Comex gold futures contracts:
http://www.gata.org/node/15441
-- On May 3 this year gold researcher Manly called attention to the Internet site of the gold market consultancy started last year by the former Barclays Bank representative in the London Gold Market Fixing company, Jonathan Spall. Spall's new company is called G Cubed Metals:
http://www.gata.org/node/15310
The G. Cubed Metals Internet site says: "All connected with G Cubed Metals are well aware of the need for confidentiality in all financial markets as well as the additional sensitivity that comes from transacting in precious metals -- particularly when it involves the 'official sector' such as governments, central banks, and sovereign wealth funds."
Why do governments and central banks need such confidentiality in their gold market operations unless they mean to do something they don't want the market to know about?
-- On April 6 this year gold researcher Manly disclosed a letter written on January 30 by the chief executive of the London Bullion Market Association, Ruth Crowell, to the Bank of England's Fair and Effective Market Review Committee.
http://www.gata.org/node/15241
Crowell wrote: "The role of the central banks in the bullion market may preclude 'total' transparency, at least at public level."
While Crowell wrote that the LBMA welcomes more transparency in the London gold market, particularly through what she called "post-trade reporting," she also praised gold lending by central banks for providing "liquidity" to the market, asserting that "it is vital that the role of the liquidity provider is not diminished but in fact strengthened to make sure the markets remain fair and effective."
The Bank of England's review of the gold market, Crowell's letter said, "should prioritize liquidity, as greater liquidity results in markets which are less easily manipulated, and consequently regulators should afford market participants the tools with which to foster liquidity."
But if the foremost providers of "liquidity" in the gold market are central banks, their provision of "liquidity" is likely the primary mechanism of market manipulation, as central banks have not just access to effectively infinite financial resources but also the powerful motive to manipulate the markets in which their currencies and bonds trade.
Thus with its chief executive's letter to the Bank of England, the LBMA made the same bogus and self-serving claim that was made by futures exchange operator CME Group in support of the volume trading discounts it gives to central banks for secretly trading the U.S. futures markets CME Group operates -- the claim that secret trading by central banks deters market manipulation rather than constitutes it.
-- On March 1 this year a GATA supporter discovered a Ramparts magazine article from May 1968 written just after the collapse of the London Gold Pool. The article was written by Michael Hudson, who then was an analyst for Chase Manhattan Bank and lately has been professor of economics at the University of Missouri at Kansas City:
http://www.gata.org/node/15147
Hudson wrote:
"America's desire to see gold eliminated from the world's monetary system is understandable. It had used gold as a lever with which to exercise world power, not only to purchase foreign businesses but also to finance its overseas Cold War operations. Gold, America perceived, was power; as long as gold was the basis of the world monetary system, power followed it. Therefore, when its gold stockpile was depleted, America naturally wanted to transform the monetary system in such a way as to phase gold out, thereby preventing any other nation from using the power it provides -- especially in view of the fact that the major potential gold-bloc nations are the Soviet Union, South Africa, and France."
-- On February 28 this year gold researcher Manly located comments made by a high official of the Bank of England in a 2007 issue of the magazine Central Banking indicating that the Bank of England secretly traded gold in the 1980s to control its price and even made a profit doing so:
http://www.gata.org/node/15146
-- In January this year the chief of market operations for the Banque de France, Alexandre Gautier, replied to an e-mail inquiry from GATA's friend Fabrice Drouin Ristori, chief executive of Goldbroker.com in Malta. Gautier had told the London Bullion Market Association meeting in Rome in September 2013 that the Banque de France secretly trades gold "nearly every day" for its own account and for the accounts of other central banks:
http://www.gata.org/node/13373
Ristori asked Gautier to explain the purposes of the Banque de France's gold trading. Gautier replied that the French central bank never explains its operations in the gold market.
http://www.gata.org/node/14954
But the only purpose of such daily trading by central banks is market manipulation.
-- A week ago the executive director of Austria's central bank, Peter Mooslechner, was interviewed by Daniela Cambone of Kitco News on the sidelines of the London Bullion Market Association conference in Vienna. Mooslechner volunteered to Cambone that Asian central banks are intervening surreptitiously in the gold market:
http://www.gata.org/node/15878
Cambone had asked Mooslechner to explain the role of central bank gold reserves.
Mooslechner replied: "I think for small countries it's more or less this buffer role in the end. It's quite different, I think, for central banks in Asia, for example, where they are increasing their reserves a lot and they are much more active in using also their reserves in trading in the market and intervening into the market."
But Cambone seemed to fail to understand what she had just been told. She asked no follow-up questions about secret central bank interventions in the gold market.
GATA's friend the German financial journalist Lars Schall noticed Cambone's gross omission and understood its importance. So Schall sent his own follow-up questions to the Austrian central bank in the hope that Mooslechner would reply:
http://www.gata.org/node/15892
Schall asked Mooslechner the following questions:
-- Can you elaborate on the trading of gold by central banks and their use of gold for market intervention?
-- Exactly which central banks are doing this trading and intervention, what are its purposes, objectives, and results, and what markets are involved?
-- Are this trading and intervention public and announced or are they secret and surreptitious?
-- Are this trading and intervention undertaken directly by central banks or through intermediaries?
-- If this trading and intervention are undertaken through intermediaries, who are they?
-- Should markets and citizens generally have the right to know about this trading and intervention?
-- And how do you know about it, Herr Mooslechner?
Today Schall reported that the Austrian central bank’s press office had just replied to him as follows: “Sorry, we are not going to answer your questions. We never comment on our investment strategy and trading":
http://www.larsschall.com/2015/10/27/again-and-again-no-answers-from-cen...
But Schall had not asked about the Austrian central bank’s investment strategy and trading. He had asked about the Austrian central banker’s comment on Asian central bank trading and secret market intervention.
Even so, Mooslechner's lapse into candor about secret central bank intervention in the gold market was notable enough. Maybe Mooslechner is not available to answer Schall's questions because he is floating face-down in the Danube.
-- Of course Cambone's job at Kitco News is not to commit journalism; it's just to look pretty.
But a few days after Cambone flubbed her interview with the Austrian central banker, the star columnist of the Financial Times, Martin Wolf, did no better with his interview with former Fed Chairman Ben Bernanke over lunch at a restaurant in Chicago.
http://www.gata.org/node/15884
Amazingly, Wolf never asked Bernanke an inconvenient question. Wolf asked no questions about surreptitious interventions in the markets by the Fed, and no questions about the many documents involving market intervention that the Fed refuses to disclose.
For Wolf's job at the Financial Times is not to commit journalism either. It's just to shill for the government and ingratiate the newspaper with it.
* * *
The primary objective of these largely surreptitious interventions by central banks in the gold market has been to keep the gold price down and thereby destroy the natural inverse relationship of the gold price with interest rates and currency values -- to prevent gold from serving its traditional function as a hedge against government mismanagement of currencies and markets, to prevent people from escaping the central bank system.
By any traditional market standard it is absurd that gold should be priced below the cost of its production when, as now, real interest rates and even nominal interest rates are negative. Gold can be priced this way only because of massive intervention -- constant, daily, even hourly intervention by central banks using derivatives, high-frequency trading, and dishoarding from central bank gold reserves.
If you rig the risk-free rate of return, the price of money from the government, and rig the price of the traditional safe-haven money, gold, you rig all prices, rig the price of all capital, labor, goods, and services in the world, and thereby destroy the market economy. Even some central bankers have been calling this policy "financial repression."
In today's environment of "financial repression," any investment in gold and gold-mining companies is a bet on the restoration of a market economy -- or a bet that, eventually, yielding to market pressures, central banks will choose to devalue currencies and debt by resetting the gold price much higher and resuming their gold price suppression scheme at a more sustainable level, a level with less offtake from their gold reserves. This would be the sort of thing central banks have done before, as in 1933 and 1934, 1968, and 1971.
I have no insight into exactly what will happen or when. I think the best that advocates of free and transparent markets can hope for is to drag "financial repression" fully into the open so that even mainstream financial news organizations like the Financial Times are forced to acknowledge it. Then the world can plainly decide between totalitarianism and democracy.
Much more documentation of the rigging of the gold market by central banks is posted in the "Documentation" file at GATA's Internet site:
http://www.gata.org/taxonomy/term/21
If you think GATA's work is worth sustaining, please visit our Internet site at GATA.org and consider supporting us with a federally tax-deductible contribution. We're a nonprofit educational and civil rights organization and more than ever could use your help now.
Thanks for your kind attention.
Great Panther Silver to Announce Third Quarter Consolidated Financial Results on November 4, 2015
Date : 10/21/2015 @ 9:00AM
Source : PR Newswire (Canada)
Stock : Great Panther Silver Limited Ordinary Shares (Canada) (GPL)
http://ih.advfn.com/p.php?pid=nmona&article=68965729&symbol=GPL
Read: OPEN LETTER TO THE US MINT AND US TREASURY
Bix Weir | Monday, October 19th
http://silverseek.com/article/another-smoking-gun-us-silver-eagle-allocation-conspiracy-14977
The entirety of the letter and list of recipients is available at the link above...
The Precious Metals "Reality Put"
Andrew Hoffman | October 19, 2015 - 10:53am
http://silverseek.com/commentary/precious-metals-reality-put-14976
Which brings me to today’s primary topic, which I have been trying to elucidate for several days, but couldn’t properly until today. Which is, the realization that the severe silver shortages encountered last month were due to a so-called “reality put” – in which die hard Precious Metals holders instinctively realize how far to the downside the price can be effectively suppressed. At which point, they jump in, en masse, to scoop up whatever physical metal they can. Which is exactly what happened after the September 2008 paper gold and silver attacks; September 2011’s “operation PM annihilation I”; April 2013’s “alternative currencies destruction raids,” and July 2015’s “Sunday night paper massacre,” among others. This time around, countless thousands realized that silver in the low $14’s was too low for mining companies to survive – and thus, unleashed a buying frenzy catalyzing the highest physical premiums and longest delivery delays since 2009. Gold demand surged as well – particularly in the Eastern hemisphere – and consequently, both metals are on pace to shatter annual consumption records this year.
However, in the past two weeks – ironically, right after the aforementioned, catastrophically miserable September NFP report, Miles Franklin has seen steadily declining demand. And this, with gold and silver prices surging – up 6% and 12%, respectively (validating the massive gold for silver swapping activity we saw in August, including my own). To which, I can only conclude that “goldbugs” like myself are sitting with their “hands on the trigger” to buy more when prices decline – particularly to ridiculously uneconomic prices like $1,100/oz gold and $14/oz silver – whilst laying low as prices rise, due to a combination of complacency, fear of further Cartel raids, and a lack of incremental funds to increase positions.
Unquestionably, Precious Metals’ unique market “inelasticity”; in which people instinctively “buy low” – as opposed to “buying high” in mainstream markets like equities – is a major reason for such unnaturally logical investment activity. Which, in my view, is as powerful a proof that gold and silver are not speculations, but money, as one can find. That said, if there’s one thing Miles Franklin has learned in two decades of bullion trading, it’s that rising prices typically catalyze buying far more than falling prices. And thus, given that demand has slowed as prices have risen, I can only conclude that 1) traditional buyers – like me – have been “trained” to add to positions on price weakness; and 2) very few “new buyers” have entered the market (at least, here in the States), either because the don’t believe the economy is as bad as the data says; or that whatever is wrong can be “fixed” by the Fed. In other words, the recent physical buying explosion – which literally, sold out silver shelves the world round – was solely due to the same two or three percent of investors that have been buying PMs for the past 15 years. Clearly, the “reality put” that 15 years of Precious Metals knowledge has given this group has become a powerful force in supporting prices at current levels. And when the other 97% or 98% of potential buyers finally get past the propaganda and manipulation, look out above – as if supply (particularly for silver) is this strained now, think what it will be when PM buying goes mainstream.
Gold & Gold Stocks - How To Recognize An Emerging Bull Market
Submitted by Tyler Durden on 10/15/2015 10:37 -0400
http://www.zerohedge.com/news/2015-10-15/gold-gold-stocks-how-recognize-emerging-bull-market
The Current Situation
We have last discussed the gold sector in a series of posts between August 11 and September 1, arguing that an interesting risk-reward proposition could be discerned, both from a longer term investment perspective and a shorter term trading perspective. In particular, with a major support level nearby, and a great many similarities in the technical set-up to previous significant lows (plus a fundamental backdrop with growing potential to shift to a more bullish configuration), an opportunity combining potentially high return with minimal risk had emerged again (meaning that risk could be minimized by using the nearby support level as a stop)...
...Conclusion
As we have said at the outset already, we are not predicting a specific outcome, although the current technical and fundamental evidence leads us personally to believe that the recent low in gold stocks is likely to turn out to be of the medium to long term variety, i.e., we believe a significant low has finally been put in.
However, our personal beliefs, resp. interpretation of the data may turn out to be wrong – we cannot know with certainty what the future will bring. If e.g. the global and specifically the US economy were to unexpectedly strengthen, the fundamental backdrop for gold would worsen again. We think this is unlikely, but it is not something we can categorically rule out over the short to medium term.
We can however state with confidence that the bubble will eventually burst and that the greatest monetary policy experiment of the post WW2 era will fail – in all likelihood quite spectacularly. So we have every reason to remain long term bullish on gold and gold-related investments.
Moreover, by looking closely at past lows of significance we have hopefully been able to provide a bit of a road map in case the recent low does indeed represent a major pivot point. Although the sample size we presented is small, we have no reason to expect that things will be much different from how they played out at previous lows. We haven’t shown the lows of the 1930s – 1970s period in this post, but can actually tell you that the patterns were very similar as well.
Fortuna Silver Mines On Track To Meet Production Guidance For 2015
Thursday October 15, 2015 10:51
http://www.kitco.com/news/2015-10-15/Fortuna-Silver-Mines-On-Track-To-Meet-Production-Guidance-For-2015.html
Fortuna Silver Mines Inc. (TSX: FVI; NYSE: FSM) lists third-quarter production from its two mines in Latin America, the San Jose Mine in Mexico and the Caylloma Mine in Peru, of 1.7 million ounces of silver and 10,963 ounces of gold. The silver output is a 4% year-on-year decline, while the gold production is up 12% year-on-year. The company also lists higher output of base metals as a by-product. Lead production was 6,356,875 pounds for a 51% increase over the year-ago period, while zinc production rose 42% to 10,121,511 pounds. Silver and gold production for the first nine months totals 5 million ounces and 29,734 ounces, respectively, reflecting 77% and 84% of the company's annual guidance. "We continue on target to meet our annual consolidated production guidance,” says Jorge A. Ganoza, president and chief executive officer. “The expansion of our San Jose Mine continues on schedule for commissioning in mid-2016. Once at 3,000 tpd (tones per day), San Jose is planned to operate at an all-in sustaining cash cost of $7-8, net of by-product gold, and will rank among the 13 largest primary silver mines in the world."
By Allen Sykora of Kitco News; asykora@kitco.com
All Things Precious MetalsThere is no better store of money than in Gold and, especially, Silver because |
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