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It was gone off my etrade yesderday - showing zero value
CROSS LAKE MINERAL COM NPV
(Toronto: CRN.TO)
Last Trade: 0.0050
Trade Time: Apr 27
Change: 0.00 (0.00%)
Prev Close: 0.005
Open: 0.01
Bid: 0.0050
Ask: 0.01
1y Target Est: N/A
Day's Range: 0.0050 - 0.01
52wk Range: 0.01 - 0.37
Volume: 130,000
http://finance.yahoo.com/q?s=CRN.TO&=
This stock die today ?
Cross Lake Mineral(TSE:CRN)fiat(CAD)$0.01 UP $0.005 (+100.00%)
Bid 0.005
Ask 0.01
Volume 920,580
Day's Range 0.01 - 0.01
Click for Detailed Quote Page
Last Trade:9:30:00 EDT Apr-14-09
ex..
Cross Lake Minerals asks court for more time -
http://www.princegeorgecitizen.com/20090205174085/local/news/cross-lake-minerals-asks-court-for-more-time.html
Tentative Agreement Reached with Cross Lake Minerals to Acquire
QR Mine & Mill and $3 Million Financing -
Mon Feb 9, 2009
The Board of Directors of International Wayside Gold Mines Ltd.
("Wayside") is pleased to announce that Wayside and
Cross Lake Minerals Ltd. -
("Cross Lake") have entered into a non binding agreement in
principle whereby Wayside will purchase a subsidiary of
Cross Lake holding all of Cross Lake's interest in the
QR Mine and Mill (collectively the "QR Mine & Mill")
(the "Sale Transaction").
Cross Lake is currently subject to creditor protection under
the Companies Creditors Arrangement Act (Canada) ("CCAA")
and prior to the closing of the Sale Transaction, and as
part of its restructuring of its business and assets
pursuant to the CCAA, the British Columbia Business
Corporations Act ("BCBCA") and the Bankruptcy and
Insolvency Act ("BIA") (the "Restructuring Transaction"),
Cross Lake will transfer all of its assets and properties
and certain related obligations and liabilities and
all environmental obligations and liabilities relating
to the QR Mine and Mill to a new wholly owned subsidiary
of Cross Lake ("Subco") in exchange for the shares of
Subco ("Subco Shares"), the assumption of such obligations
and liabilities including obligations to the Province of
British Columbia, BC Hydro and other secured creditors,
certain royalty and back-in rights held by third parties
and a 2% net profits royalty in respect of all minerals
extracted from the QR Mine.
Pursuant to the Sale Transaction, Cross Lake will transfer
all of the Subco Shares to Wayside and in consideration
Wayside will issue to Cross Lake that number of securities
of Wayside which represents 45% of all the outstanding
voting shares and 99.9% of all the outstanding equity
shares of Wayside.
Concurrently with the completion of the Sale Transaction,
Wayside will transfer all of its properties including
the Cariboo Gold Project, assets, liabilities and
obligations (including the Subco Shares) which company
owns the QR Mine and Mill to a wholly-owned subsidiary
of Wayside ("Newco") in exchange for shares of Newco
(the "Newco Shares");
distribute the Newco Shares to the shareholders of Wayside
(for greater clarity, excluding Cross Lake) on the basis
of one Newco Share for each share of Wayside held by
such shareholders;
reorganize its share capital so that the shares of
Wayside held by the shareholders other than Cross Lake
are retractable at a price and time to be agreed by
the parties;
change its name to a new name designated by Cross Lake,
and delist from the Exchange (the "Spin-Off Transaction").
Newco holding all of the previous assets and liabilities,
if any, of Wayside and the QR Mine and Mill
(to be renamed "Barkerville Gold Mines Ltd.") will make
an application to list its shares on the TSX Venture Exchange (the "TSXV").
This transaction is subject to meeting the usual listing
requirements of the TSXV which will include having the
necessary funds to meet the obligations of operating
the QR Mine and Mill, conduct recommended work programs
on its exploration projects, satisfy the necessary general
and administrative expenses and having unallocated
working capital.
It is contemplated that as part of the Spin-Off Transaction,
Barkerville will file a prospectus in certain jurisdictions
to qualify its shares for distribution.
There can be no assurance that Barkerville will receive
a receipt for any prospectus filed nor any assurance that
the Company will meet the listing requirements of the TSXV.
The Sale Transaction and Spin-Off Transaction (together,
the "Transactions") will be structured as a plan of
arrangement involving Wayside, its security holders,
Cross Lake and Barkerville -
pursuant to the provisions of the B.C. Business
Corporations Act ("BCBCA").
The final terms of the Transactions will be modified to the
extent necessary to give effect to tax and legal advice to be
sought by the parties.
The completion of the Transactions will be subject to the satisfaction of a number of conditions including the completion of the Restructuring Transaction, listing of the shares of Barkerville on the TSXV, the usable tax pool of Wayside being not less than $30,000,000, completion of definitive agreements and due diligence. Completion will also be subject to obtaining the necessary shareholder, regulatory and Court approvals. Upon closing of the Transactions, Wayside will have no debts, liabilities or other obligations (absolute, contingent or otherwise), all outstanding options, warrants and other rights to acquire securities of Wayside will be exercised or cancelled, the directors and officers of Wayside will resign and be replaced by nominees of Cross Lake. Upon closing of the Transactions Barkerville will hold all of the properties, assets, liabilities and obligations of Wayside and the QR Mine and Mill as previously described. The Transactions will close at a mutually acceptable date as agreed upon by the parties.
Upon satisfactory completion of due diligence and the entering into of definitive agreements, detailed information with respect to the Transactions will be provided in the Management Information Circular to be mailed to shareholders. There is no assurance that the Transactions will proceed, or that they will proceed on the basis described herein.
In advance of the Transactions, Wayside has entered into a non-brokered private placement of up to 10,000,000 units at a purchase price of $0.30 per unit for gross proceeds of up to $3,000,000. Each unit will consist of one common share and one half of one share purchase warrant entitling the investor to purchase an additional common share for each full warrant at a price of $0.50 per share for a six month period. A finder's fee of 7% of the gross proceeds in cash and bonus warrants will be paid to registered security dealers in connection with the financing. The proceeds of the financing will be used to repay loans, pay outstanding creditors and provide working capital for Wayside.
Additionally, Wayside has received conditional acceptance by the TSX Venture Exchange for the acquisition of Golden Cariboo Resources Ltd.'s land package at the Cariboo Gold Project (see "News Release 08-12", August 29, 2008). Golden Cariboo's tenure covers a total area of approximately 27,605 hectares southeast and contiguous to the lands containing Waysides' proposed Bonanza Ledge mine.
The Cariboo Gold Project encompasses (from northwest to south east), the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine.
The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,065 square km (106,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining.
The technical information in this News Release has been reviewed and approved by chief geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
"J. Frank Callaghan"
J. Frank Callaghan
President and CEO
They are bankrupt. I called the company and spoke to the CEO he said there was a salvage plan for the mill however the shareholders would get nothing. Any monies earne3d had to go towards the debters.
kiss this one goodbye.
Cross Lake Mineral Com (TSE:CRN)fiat(CAD)$0.015 UP $0.005 (+50.00%
Bid 0.01
Ask 0.015
Volume 160,000
Day's Range 0.015 - 0.015
Click for Detailed Quote Page
Last Trade:14:25:04 EDT Apr-7-09
Got CRN gold bargain
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
Bob I will take a closer look this week.
Cross Lake Mineral Com Npv (TSE:CRN)fiat(CAD)$0.015 UP $0.005 (+50.00%)
Bid 0.01
Ask 0.015
Volume 386,000
Day's Range 0.01 - 0.015
Click for Detailed Quote Page
Last Trade:15:59:54 EDT Mar-20-09
Got CRN gold bargain -
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
The gold rush: Is it too late to jump on the bandwagon?
Fed up with derisory rates on deposit accounts and negative
returns on investments, savers have been flocking to
the classic haven of gold. But is their timing right?
By Paul Farrow and Richard Evans
Last Updated: 2:34PM GMT 16 Mar 2009
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/4980399/The-gold-rush-Is-it-too-late-to-jump-on-the-bandwagon.html
Fed up with derisory rates on deposit accounts and negative returns on investments, savers have been flocking to the classic haven of gold. They have been snapping up gold bars and Krugerrands at their local bullion dealer. “We did have people phoning up to inquire about buying gold after hearing the news about the Bank of England printing money,” said a spokesman for Baird & Co, the bullion dealer. “Some said they planned to buy a bar or two as a result.”
Buying gold bars – in small quantities at least – is no different from buying a packet of sweets. Anyone can walk into Baird & Co in the City, hand over some cash and take away their gold. “The most popular small bar is probably the one ounce,” said the spokesman. This now costs £721.50. But smaller bars are available: the company’s smallest, 2.5 grams, costs £64.50.
It is not just physical gold that we are buying. Turnover in exchange-traded funds has hit record highs, while one bullion dealer has claimed to be taking in £1 of every £100 withdrawn from British banks (a record £2.3bn was withdrawn from our banks in January). Exchange-traded funds enable small investors to invest in gold from as little as £50 without having to own bullion.
The huge demand sent the price of gold through the $1,000 mark last month, but in the past fortnight the price has dropped to around $930.
The primary driver of the demand for gold is fear. The financial crisis and the drastic action governments worldwide have taken to try to alleviate the problems are unprecedented. No one knows the eventual outcome, but many economists reckon inflation will inevitably return, which will support the price of gold.
Chartists will say that gold tends to rise early in the year before falling. It is a play that hedge funds take part in, but there have been signs they have been de-hedging. That suggests that they think gold has further to go. The bulls also think gold looks set to move substantially higher as governments embark on “quantitative easing” – or printing money.
“Many other countries are certain to follow suit as governments worldwide take a conscious decision not to suffer a Thirties-style economic collapse. This is fair enough but is not a cost-free exercise: the price will be much higher inflation further down the road,” said Ian Williams, chairman and chief executive of Charteris Treasury Portfolio Managers.
“The consequences are crystal clear to most investors – gold is the ultimate safe haven from governments’ attempts to debase their various currencies, and will become the asset of choice for many investors wishing to protect themselves from these shenanigans.”
Last July, Mr Williams suggested that $2,000 an ounce was possible on a two- to three-year view. This would bring gold back up to its historical peak in real terms (dollars) last seen in 1980. “This could now turn out to be a substantial underestimate as the stage is now set for gold to rise to $3,000 an ounce or higher as a wave of freshly printed liquidity sparks a renewed global surge into the only asset that investors will trust in these circumstances,” he said.
But there are fears that private investors have once again got their timing wrong, because many are jumping on the bandwagon. Last week new software from GoldMoney was launched allowing iPhone users to trade gold on their mobile, while a new website, YourGoldForCash.co.uk, allows people to sell jewellery online.
This is starting to worry analysts. And amid all the bulls, a few bears are beginning to put their heads above the parapet. Several analysts have advised taking profits in the past fortnight, unconvinced that the price of gold can sustain itself above the $1,000 barrier. Indeed, each time it nudges above $1,000, it falls.
Jonathan Prechte, an analyst at US-based Elliot Wave, said gold should go significantly lower. ‘‘Too many people now think owning [gold] is a good idea. Remember when everybody thought owning property and stocks was a good idea?” he said. “Again, nothing is certain, but I like betting against crowds. And we have had so many to bet against in recent years: real estate, stocks, subprime mortgages, the New Economy, oil, collectables, commodities, baseball salaries, and now silver and bonds. It’s been a smorgasbord of opportunity.”
Dennis Gartman, an American economist, said: “Crude oil is rallying; and yet gold falters. The grains rallied; and yet gold faltered. The base metals have rallied, but gold is faltering. The monetary authorities have force-fed money into the system, and yet gold is faltering. In an environment where gold should be heading skyward, it is not, and when something that should be rallying isn’t, we pay heed, find our keys, call for the valet to bring our car around and leave the party quietly.”
There is a consensus – even among the bears – that gold will be volatile in the short term, but it still has a role to play in a portfolio over the long term.
Jeffrey Nichols of NicholsOnGold.com remains bullish for the long term (he foresees more than a doubling of the gold price in the next few years), but said the immediate picture was ‘‘less rosy’’.
“The market has had to absorb an absolutely fantastic flow of old scrap. Millions of people have cashed in their old gold jewellery. In the US, people are holding gold parties where they and their friends sell unwanted jewellery to itinerant scrap buyers. Meanwhile, gold also remains vulnerable in the near term to further appreciation of the US dollar against the euro and yen,” he said.
“It’s important for gold market participants to remember that long-term trends are always rational but short-term volatility is often emotional and sometimes just meaningless noise.’’
If buying gold today, ask why you weren’t buying two years ago when the price was under $700. If that does not put you off, ask yourself how long you intend to invest in gold for, and why. Is it to diversify a portfolio or to make quick gains? It is, perhaps, pertinent that even some of the most ardent bulls – and those who rely on gold for their business – have concerns that the market is “toppy” in the short term.
Gold: 'Inflation will beat deflation and gold will hit $3,000'
Gold looks set to move substantially higher as governments all
around the world embark on a programme of "quantitative easing" -
By Ian Williams
Last Updated: 6:51AM GMT 11 Mar 2009
Last July I wrote an article for telegraph.co.uk suggesting that
gold had lagged other commodities in general and oil
in particular and that gold would hit $2,000 an ounce
over the next two or three years.
At the time oil was trading at $140 a barrel and using
the gold/oil ratio I suggested that either oil was far
too high or gold at around $900 was too low.
Since then all other commodities have collapsed in value,
with oil showing the most spectacular collapse of all,
falling to $35 a barrel, while gold is now higher with
the price having moved up to about $1,000 an ounce.
How then does this leave the commodity basket in the future?
Gold looks set to move substantially higher as governments all around the world embark on a programme of "quantitative easing" – or printing money, as it could be more simply defined.
In the US for example the US monetary base, the most narrow measure of US money supply, has increased more in the past six months than the aggregate total of the past 20 years.
Meanwhile China is also embarking on a money creation exercise as it is no longer fully sterilising its massive monthly foreign exchange intervention and as a result that country is deliberately inflating its own domestic money supply.
In Britain our own Bank of England is now involved in its own version of quantitative easing, which will probably involve the deliberate underfunding of the public sector deficit with the subsequent boost to the domestic money supply.
Many other countries are certain to follow suit as governments worldwide take a conscious decision not to suffer a 1930s-style economic collapse. This is fair enough but is not a cost-free exercise: the price will be much higher inflation further down the road.
The consequences are crystal clear to most investors – gold is the ultimate safe haven from governments' attempts to debase their various currencies, and will become the asset of choice for many investors wishing to protect themselves from these shenanigans.
Other consequences are that bond market yield curves will steepen significantly as long-term interest rates rise sharply and that index-linked bonds will outperform conventional bonds of similar maturity.
Oil and other commodities which have collapsed will now begin to bottom out before rising exponentially once the economic recovery kicks in. Equities meanwhile will begin a long drawn out recovery process which will result in higher equity indices all over the world. The best performing shares will be found among the gold, oil and base metal producers.
Much of the above is starting to happen now. Gold is outperforming every asset on earth, long-term government bonds collapsed in January and index-linked gilts have been outperforming conventional gilts for the past three months.
Most equity markets are above their cycle lows set last October or November, despite the unremitting bad news, and seem remarkably resilient to the torrent of bad news that is currently unfolding.
Investors should listen to what the markets are saying about themselves rather than be overly reliant on what the economists are saying about the market. The message from the markets is clear and unambiguous: reflation, not deflation, will be the ultimate winner here.
How high can gold rise? Last July I suggested that $2,000 an ounce on a two to three-year view was possible, as this would bring gold back up to its historical peak in real terms (constant dollars) last seen in 1980.
This could now turn out to be a substantial underestimate as the stage is now set for gold to rise to $3,000 an ounce or higher as a wave of freshly printed liquidity sparks a renewed global surge into the only asset that investors will trust in these circumstances.
If investors worldwide choose to switch 1pc of their portfolios into gold, the central banks will not have enough supply to meet that demand. Gold from mining has struggled to meet even jewellery demand for the past few years, never mind demand from investors.
At Charteris we have implemented this strategy for the funds and clients that we look after. Our gilt fund, the City Financial Fund, which according to Lipper has been the number one gilt fund in the UK since launch, is heavily weighted towards index-linked gilts.
Our equity fund, the Elite Charteris Premium Growth fund, is heavily exposed to FTSE100 oil and mining shares while our other fund, the Insch Global Macro, is 85pc invested in gold mining shares.
Ian Williams is chairman and chief executive of Charteris Treasury Portfolio Managers
Conspiracy Theory No Longer a Fallacy -
Evidence Mounting that - - GATA was Right!!
email I got:
Dear Friends
This was sent by Bill Murphy to all its Le Metropole Members
(please see my comments below Mr. Roberts' essay):
Ex-Treasury official confirms gold suppression scheme
Submitted by cpowell on Tue, 2009-02-24 22:13. Section:
Daily Dispatches 5p ET Tuesday, February 24, 2009
Dear Friend of GATA and Gold:
In an essay published today at Counterpunch.org, former
Assistant Treasury Secretary Paul Craig Roberts confirms
that the U.S. government has been leasing gold to suppress
its price and support the dollar.
The admission is made in the last paragraph of the essay,
which is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Doomed by the Myths of Free Trade: How the Economy Was Lost
By Paul Craig Roberts
Tuesday, February 24, 2009
http://www.counterpunch.org/roberts02242009.html
The American economy has gone away.
It is not coming back until free trade myths
are buried 6 feet under.
America's 20th century economic success was based on
two things.
Free trade was not one of them.
America's economic success was based on protectionism,
which was ensured by the union victory in the Civil War,
and on British indebtedness, which destroyed the British
pound as world reserve currency.
Following World War II, the US dollar took the role
as reserve currency, a privilege that allows the US to
pay its international bills in its own currency.
World War II and socialism together ensured that the
US economy dominated the world at the mid-20th century.
The economies of the rest of the world had been destroyed
by war or were stifled by socialism [in terms of the
priorities of the capitalist growth model: Editors.]
The ascendant position of the US economy caused the
US government to be relaxed about giving away
American industries, such as textiles, as bribes to
other countries for cooperating with America's cold war
and foreign policies.
For example, Turkey's US textile quotas were increased
in exchange for overflight rights in the Gulf War,
making lost US textile jobs an off-budget war expense.
In contrast, countries such as Japan and Germany
used industrial policy to plot their comebacks.
By the late 1970s, Japanese auto makers had the once
dominant American auto industry on the ropes.
The first economic act of the "free market" Reagan
administration in 1981 was to put quotas on the import
of Japanese cars in order to protect Detroit and
the United Auto Workers.
Eamonn Fingleton, Pat Choate, and others have described how
negligence in Washington aided and abetted the erosion of
America's economic position.
What we didn't give away, the United States let be taken away
while preaching a "free trade" doctrine at which the rest
of the world scoffed.
Fortunately, the U.S.'s adversaries at the time,
the Soviet Union and China, had unworkable economic
systems that posed no threat to America's
diminishing economic prowess.
This furlough from reality ended when Soviet, Chinese, and
Indian socialism surrendered around 1990, to be followed
shortly thereafter by the rise of the high speed Internet.
Suddenly American and other First World corporations
discovered that a massive supply of foreign labor was
available at practically free wages.
To get Wall Street analysts and shareholder advocacy
groups off their backs, and to boost shareholder returns
and management bonuses, American corporations began
moving their production for American markets offshore.
Products that were made in Peoria are now made in China.
As offshoring spread, American cities and states lost
tax base, and families and communities lost jobs.
The replacement jobs, such as selling the offshored
products at Wal-Mart, brought home less pay.
"Free market economists" covered up the damage done to
the US economy by preaching a New Economy based on
services and innovation.
But it wasn't long before corporations discovered that
the high speed Internet let them offshore a wide range
of professional service jobs.
In America, the hardest hit have been software engineers
and information technology (IT) workers.
The American corporations quickly learned that by declaring
"shortages" of skilled Americans, they could get from
Congress H-1b work visas for lower paid foreigners with whom
to replace their American work force.
Many US corporations are known for forcing their US
employees to train their foreign replacements in
exchange for severance pay.
Chasing after shareholder return and "performance bonuses,"
US corporations deserted their American workforce.
The consequences can be seen everywhere.
The loss of tax base has threatened the municipal bonds
of cities and states and reduced the wealth of
individuals who purchased the bonds.
The lost jobs with good pay resulted in the expansion
of consumer debt in order to maintain consumption.
As the offshored goods and services are brought back
to America to sell, the US trade deficit has exploded
to unimaginable heights, calling into question the US
dollar as reserve currency and America?s ability to
finance its trade deficit.
As the American economy eroded away bit by bit, "free market"
ideologues produced endless reassurances that America had
pulled a fast one on China, sending China dirty and grimy
manufacturing jobs.
Free of these "old economy" jobs, Americans were lulled with
promises of riches. In place of dirty fingernails, American
efforts would flow into innovation and entrepreneurship. In
the meantime, the "service economy" of software and
communications would provide a leg up for the work force.
Education was the answer to all challenges.
This appeased the academics, and they produced no
studies that would contradict the propaganda and,
thus, curtail the flow of federal government and
corporate grants.
The "free market" economists, who provided the propaganda and disinformation to hide the act of destroying the US economy, were well paid. And as Business Week noted, "outsourcing's inner circle has deep roots in GE (General Electric) and McKinsey," a consulting firm. Indeed, one of McKinsey's main apologists for offshoring of US jobs, Diana Farrell, is now a member of Obama's White House National Economic Council.
The pressure of jobs offshoring, together with vast imports, has destroyed the economic prospects for all Americans, except the CEOs who receive "performance" bonuses for moving American jobs offshore or giving them to H-1b work visa holders. Lowly paid offshored employees, together with H-1b visas, have curtailed employment for older and more experienced American workers. Older workers traditionally receive higher pay. However, when the determining factor is minimizing labor costs for the sake of shareholder returns and management bonuses, older workers are unaffordable. Doing a good job, providing a good service, is no longer the corporation's function. Instead, the goal is to minimize labor costs at all cost.
Thus "free trade" has also destroyed the employment prospects of older workers. Forced out of their careers, they seek employment as shelf stockers for Wal-Mart.
I have read endless tributes to Wal-Mart from "libertarian economists," who sing Wal-Mart's praises for bringing low price goods, 70 per cent of which are made in China, to the American consumer. What these "economists" do not factor into their analysis is the diminution of American family incomes and government tax base from the loss of the goods producing jobs to China. Ladders of upward mobility are being dismantled by offshoring, while California issues IOUs to pay its bills. The shift of production offshore reduces US GDP. When the goods and services are brought back to America to be sold, they increase the trade deficit. As the trade deficit is financed by foreigners acquiring ownership of US assets, this means that profits, dividends, capital gains, interest, rents, and tolls leave American pockets for foreign ones.
The demise of America's productive economy left the US economy dependent on finance, in which the US remained dominant because the dollar is the reserve currency. With the departure of factories, finance went in new directions. Mortgages, which were once held in the portfolios of the issuer, were securitized. Individual mortgage debts were combined into a "security." The next step was to strip out the interest payments to the mortgages and sell them as derivatives, thus creating a third debt instrument based on the original mortgages.
In pursuit of ever more profits, financial institutions began betting on the success and failure of various debt instruments and by implication on firms. They bought and sold collateral debt swaps. A buyer pays a premium to a seller for a swap to guarantee an asset's value. If an asset "insured" by a swap falls in value, the seller of the swap is supposed to make the owner of the swap whole. The purchaser of a swap is not required to own the asset in order to contract for a guarantee of its value. Therefore, as many people could purchase as many swaps as they wished on the same asset. Thus, the total value of the swaps greatly exceeds the value of the assets.* [See footnote.)
The next step is for holders of the swaps to short the asset in order to drive down its value and collect the guarantee. As the issuers of swaps were not required to reserve against them, and as there is no limit to the number of swaps, the payouts could easily exceed the net worth of the issuer.
This was the most shameful and most mindless form of speculation. Gamblers were betting hands that they could not cover. The US regulators fled their posts. The American financial institutions abandoned all integrity. As a consequence, American financial institutions and rating agencies are trusted nowhere on earth.
The US government should never have used billions of taxpayers' dollars to pay off swap bets as it did when it bailed out the insurance company AIG. This was a stunning waste of a vast sum of money. The federal government should declare all swap agreements to be fraudulent contracts, except for a single swap held by the owner of the asset. Simply wiping out these fraudulent contracts would remove the bulk of the vast overhang of "troubled" assets that threaten financial markets.
The billions of taxpayers' dollars spent buying up subprime derivatives were also wasted. The government did not need to spend one dime. All government needed to do was to suspend the mark-to-market rule. This simple act would have removed the solvency threat to financial institutions by allowing them to keep the derivatives at book value until financial institutions could ascertain their true values and write them down over time.
Taxpayers, equity owners, and the credit standing of the US government are being ruined by financial shysters who are manipulating to their own advantage the government's commitment to mark-to-market and to the "sanctity of contracts." Multi-trillion dollar "bailouts" and bank nationalization are the result of the government's inability to respond intelligently.
Two more simple acts would have completed the rescue without costing the taxpayers one dollar: an announcement from the Federal Reserve that it will be lender of last resort to all depository institutions including money market funds, and an announcement reinstating the uptick rule.
The uptick rule was suspended or repealed a couple of years ago in order to permit hedge funds and shyster speculators to ripoff American equity owners. The rule prevented short-selling any stock that did not move up in price during the previous day. In other words, speculators could not make money at others' expense by ganging up on a stock and short-selling it day after day.
As a former Treasury official, I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support. No bailout or stimulus plan has any hope until the uptick rule is reinstated.
The bald fact is that the combination of ignorance, negligence, and ideology that permitted the crisis to happen still prevails and is blocking any remedy. Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector.
The Bush and Obama plans total 1.6 trillion dollars, every one of which will have to be borrowed, and no one knows from where. This huge sum will compromise the value of the US dollar, its role as reserve currency, the ability of the US government to service its debt, and the price level. These staggering costs are pointless and are to no avail, as not one step has been taken that would alleviate the crisis.
If we add to my simple menu of remedies a ban, punishable by instant death, for short selling any national currency, the world can be rescued from the current crisis without years of suffering, violent upheavals and, perhaps, wars.
According to its hopeful but economically ignorant proponents, globalism was supposed to balance risks across national economies and to offset downturns in one part of the world with upturns in other parts. A global portfolio was a protection against loss, claimed globalism's purveyors. In fact, globalism has concentrated the risks, resulting in Wall Street's greed endangering all the economies of the world. The greed of Wall Street and the negligence of the US government have wrecked the prospects of many nations. Street riots are already occurring in parts of the world. On Sunday February 22, the right-wing TV station, Fox "News," presented a program that predicted riots and disarray in the United States by 2014.
How long will Americans permit "their" government to rip them off for the sake of the financial interests that caused the problem? Obama?s cabinet and National Economic Council are filled with representatives of the interest groups that caused the problem. The Obama administration is not a government capable of preventing a catastrophe.
If truth be known, the "banking problem" is the least of our worries. Our economy faces two much more serious problems. One is that offshoring and H-1b visas have stopped the growth of family incomes, except, of course, for the super rich. To keep the economy going, consumers have gone deeper into debt, maxing out their credit cards and refinancing their homes and spending the equity. Consumers are now so indebted that they cannot increase their spending by taking on more debt. Thus, whether or not the banks resume lending is beside the point.
The other serious problem is the status of the US dollar as reserve currency. This status has allowed the US, now a country heavily dependent on imports just like a third world or lesser-developed country, to pay its international bills in its own currency. We are able to import $800 billion annually more than we produce, because the foreign countries from whom we import are willing to accept paper for their goods and services.
If the dollar loses its reserve currency role, foreigners will not accept dollars in exchange for real things. This event would be immensely disruptive to an economy dependent on imports for its energy, its clothes, its shoes, its manufactured products, and its advanced technology products.
If incompetence in Washington, the type of incompetence that produced the current economic crisis, destroys the dollar as reserve currency, the "unipower" will overnight become a third world country, unable to pay for its imports or to sustain its standard of living.
How long can the US government protect the dollar's value by leasing its gold to bullion dealers who sell it, thereby holding down the gold price? Given the incompetence in Washington and on Wall Street, our best hope is that the rest of the world is even less competent and even in deeper trouble. In this event, the US dollar might survive as the least valueless of the world's fiat currencies.
*(An excellent explanation of swaps can be found here.)
-----
Paul Craig Roberts was assistant secretary of the treasury
in the Reagan administration.
He is coauthor of "The Tyranny of Good Intentions."
He can be reached at
PaulCraigRoberts@yahoo.com.
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in
the United States and tax-exempt under the U.S. Internal Revenue Code.
Its e-mail dispatches are free, and you can subscribe at
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Bill Murphy
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www.LeMetropoleCafe.com
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35835504
Hi mick, CRN Gold CAD$1256.35 per oz UP +$28.56/oz -
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
For those of us needing an education on Gold and silver! -
ex..
http://www.dailypaul.com/node/77111
Posted December 25th, 2008 by SIERRAHPBT
http://www.sprott.com/pdf/investorsdigest/digest.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35511127
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
hi Bob, wow, should do well with mining shares.
getting to $1,000 level again
re;
Gold Prices Soar To $970
16 minutes ago
(RTTNews) - The price of gold soared to a new seven-month high on Tuesday as traders returned to their desks after a three-day holiday weekend. Investors turned to the safety investment amid concerns over the short-term impact of President Obama's stimulus plan.
April gold surged to $969.70, up $27.50 for the session. Prices jumped as high as $971.10 earlier in the session.
President Obama is expected to sign a $787 billion stimulus bill into law Tuesday. Later in the week, Obama will reveal a plan help homeowners pay their mortgages.
Some key economic data is due to be released this week, including reports on housing starts, industrial production, and consumer and producer price inflation. The minutes of the most recent Fed meeting are also due to be released.
Gold finished down $7 on Friday as profit-takers took advantage of the higher prices. The metal had soared by more than $50 in a two-day rally entering the session.
Crude oil dropped on demand concerns in early trading. Light sweet crude for March delivery fell to $35.09, down $2.43 on the session.
For comments and feedback: contact editorial@rttnews.com
Gold Prices Soar To $970
16 minutes ago
(RTTNews) - The price of gold soared to a new seven-month high on Tuesday as traders returned to their desks after a three-day holiday weekend. Investors turned to the safety investment amid concerns over the short-term impact of President Obama's stimulus plan.
April gold surged to $969.70, up $27.50 for the session. Prices jumped as high as $971.10 earlier in the session.
President Obama is expected to sign a $787 billion stimulus bill into law Tuesday. Later in the week, Obama will reveal a plan help homeowners pay their mortgages.
Some key economic data is due to be released this week, including reports on housing starts, industrial production, and consumer and producer price inflation. The minutes of the most recent Fed meeting are also due to be released.
Gold finished down $7 on Friday as profit-takers took advantage of the higher prices. The metal had soared by more than $50 in a two-day rally entering the session.
Crude oil dropped on demand concerns in early trading. Light sweet crude for March delivery fell to $35.09, down $2.43 on the session.
For comments and feedback: contact editorial@rttnews.com
Cross Lake Mineral Com Npv (TSE:CRN)fiat(CAD)$0.015 UP $0.005 (+50.00%) -
Bid 0.01
Ask 0.015
Volume 225,000
Day's Range 0.015 - 0.015
Click for Detailed Quote Page
Last Trade:9:30:00 EST Feb-12-09
Alert for XAUUSDO Price Breakout Above -
Gold Spot (FOREX_XAUUSDO) has broken the resistance -
and is above the level of $942.00 -
reconfirming the bullish outlook for the AuMother metal -
the gold market is now in a fully fledged Bull Run and
I expected to see the $1,000 an ounce level reached
in the not too distant future -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35511127
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
Cross Lake Mineral Com Npv (CRN)▲$0.015Change:0.005 (50.00%)Volume:218,0009:30:00 ESTFeb-12-09
Bid (CAD) Ask (CAD) P/E EPS P/S
0.01 0.015 - - -
Volume Avg Volume Mkt Cap Outstanding Float
218,000 - $ - - -
Prev Cls Open Dividend Dividend Yield
0.01 0.015 $ - -%
Day's Range 52-wk Range Ex-Dividend Date Dividend Date
0.015 - 0.015 - - -
CRN Gold Spot (FOREX:XAUUSDO) very strong bull run
Alert for XAUUSDO Price Breakout Above -
Gold Spot (FOREX_XAUUSDO) has broken the resistance -
and is above the level of $942.00 -
reconfirming the bullish outlook for the AuMother metal -
the gold market is now in a fully fledged Bull Run and
I expected to see the $1,000 an ounce level reached
in the not too distant future -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35511127
mick thanks, Cross Lake Minerals Ltd..
CA:CRN (TSX)
N/APre-Market After Hours N/AChange: N/A N/AVolume: N/A
0.01
Change:0.00 -50.00%
Volume:220,000
3:59pm 02/10/2009
Open: $0.01
Shares Out: 69.53M
P/E: N/A
High: CAN$0.01
Market Cap: CAN $347,630.00
http://www.marketwatch.com/quotes/ca/crn
funny many hedger still in business.
mick, is CRN undervalued - oversold?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35409797
funny many hedger still in business.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35499989
Procon will hold 45% of the common shares
of Cross Lake - ? -
- Cross Lake has also entered into a non-binding agreement
in principle (the "Wayside Agreement") with
International Wayside Gold Mines Ltd. ("Wayside"),
a British Columbia company listed on the TSX Venture Exchange,
pursuant to which the Company will sell to Wayside its shares
in the QR Subsidiary in consideration of the Company receiving
45% of outstanding voting shares of Wayside - ? -
Additionally, Wayside has received conditional acceptance by
the TSX Venture Exchange for the acquisition of
Golden Cariboo Resources Ltd.'s land package at
the Cariboo Gold Project (see "News Release 08-12",
August 29, 2008).
Golden Cariboo's tenure covers a total area of
approximately 27,605 hectares southeast and contiguous to
the lands containing Waysides' proposed Bonanza Ledge mine.
The Cariboo Gold Project -
encompasses (from northwest to south east),
the former producing -
Hardscrabble Tungsten Mine,
Mosquito Creek Gold Mine
(now on care and maintenance),
Aurum Mine,
Island Mountain Mine,
Cariboo Gold Quartz Mine,
Bonanza Ledge (proposed mine),
the Cariboo Thompson Gold & Silver Mine
and
the Cariboo Hudson Mine.
The Company commenced operations in the Cariboo District in1994
and since that time has focused on the exploration
and development of its gold properties.
Mineral tenures in the Historic Cariboo Goldfields
encompass approximately 1,065 square km (106,484 hectares)
over a 60 km long by 20 km wide belt.
In the Barkerville Gold Camp -
101 creeks have reported placer gold production.
Recorded gold production from the area
totals more than 3.8 million ounces,
including an estimated 2.64 million ounces
from placer mining and
1.23 million ounces from lode mining.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35355055
http://www.wayside-gold.com/s/NewsReleases.asp?ReportID=337200&_Type=News&_Title=Tentative-Agreement-Reached-with-Cross-Lake-Minerals-to-Acquire-QR-Mine-Mil...
- ? - ? - ? -
http://www.procongroup.net/
http://www.procongroup.net/projects-achievements/current-projects.htm
http://www.procongroup.net/aboutus/partnerships.htm
http://www.procongroup.net/projects-achievements/past-projects.htm
funny many hedger still in business.
Cross Lake Minerals Ltd.: Corporate Update -
Tuesday February 10, 2009, 12:49 pm EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2009) -
Cross Lake Minerals Ltd. -
(TSX:CRN - News; "Cross Lake" or the "Company") reports
that on February 6, 2009, the British Columbia Supreme Court
issued an order (the "Order") providing the Company with
an additional period of protection under the Companies'
Creditors Arrangement Act ("CCAA").
The initial order, which was first granted under the CCAA
in favour of the Company on October 14, 2008, has been
further extended to April 15, 2009, during which time
creditors and other third parties will continue to be
stayed from terminating agreements with Cross Lake or
otherwise taking steps against Cross Lake.
The extension was granted in order to give Cross Lake
sufficient time to complete a proposed restructuring plan
and plan of arrangement with its creditors as disclosed
in a previous press release dated February 4, 2009.
In addition, the Order authorizes the $3 million increase
in the debtor-in-possession loan facility
(the "DIP Facility") from Procon Mining and Tunnelling Ltd.
(the "DIP Lender") in order to finance working capital
requirements up to a total of $5.5 million and amends
the maximum amount of the DIP Lender's Charge to $5.5 million
to reflect the $3 million increase to the DIP Facility.
The Order also authorizes the Company to settle certain
outstanding overtime claims with the Director of Employment
Standards in the approximate amount of $114,000.
Additional information filed by the Company or the Monitor
appointed by the Court related to the filing, will be
available on the Monitor's website at
http://www.pwc.com/car-crosslake.
This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities
in the United States.
The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States
or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or
an exemption from such registration is available.
This release includes certain statements that may be deemed
to be "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
12(g) No. 82-2636
Contact:
Alan Boon
Cross Lake Minerals Ltd.
President and CEO
(604) 759-0876
(604) 759-0870 (FAX)
Website: http://www.crosslakeminerals.com
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35409797
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35355055
imo. tia.
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
three conservatives votes for it. same one that had deciding vote to impeach bill clinton.
Senate passes stimulus; Treasury unveils bank help -
11 minutes ago
By TOM RAUM
Associated Press Writer
(AP:WASHINGTON) The Senate approved President Barack Obama's giant economic stimulus measure on Tuesday, part of a string of powerful government steps that could marshal close to $3 trillion in taxpayer and private money to revive the collapsing national economy.
The 61-37 vote by the Senate was a key victory for the president but sets up difficult negotiations with the House, which passed a slightly different version than the $838 billion bill approved Tuesday.
Majority Leader Harry Reid, D-Nev., vowed to send a finished bill to Obama's desk "as soon as possible."
Obama, who was in Fort Myers, Fla., promoting his economic rescue efforts, welcomed the vote as "good news. ... It's a good start."
It came shortly after the Treasury Department and Federal Reserve moved to commit colossal sums of money to help thaw credit markets and slow layoffs that have left 3.6 million Americans unemployed.
It was a historic day of emergency federal action, but Wall Street didn't seem impressed. The Dow Jones industrials were down more than 300 points in afternoon trading.
Treasury Secretary Timothy Geithner outlined few details of how the Obama administration would spend the remaining $350 billion of the $700 billion bank bailout program started last fall under President George W. Bush.
He also announced a new public-private partnership to help strengthen banks.
"Critical parts of our financial system are damaged," Geithner said. "The financial system is working against recovery and that's the dangerous dynamic we need to change."
Added to the congressional stimulus plan, which aims to create jobs and get Americans spending again, the total of these combined efforts could easily pass $2 trillion.
Then, in a related government commitment of financial support, the Federal Reserve broadened a program designed to boost resources for consumer credit and small business loans _ from $200 billion to up to $1 trillion.
Obama kept up his dawn-to-dusk efforts to sell his new administration's rescue plan, flying to Fort Myers, Fla., a city especially hard hit by mortgage foreclosures.
"I believe in hope, but I also believe in action," he told a town-hall meeting in Fort Myers.
Geithner's details on some aspects of the new plan were sparse. He said little about how the new public-private partnership would actually work to encourage hedge funds and other investors to buy toxic securities now clogging bank balance sheets.
Later, he told CNBC the administration wants "to be careful to get this right."
For his part, Obama disclosed during his Florida appearance that "I'm going to be personally making an announcement in the next couple weeks what our overall housing strategy is going to be."
"We've got to provide some direct relief to homeowners," he added. His Florida visit came a day after he told his first prime-time news conference the nation's economic downturn had grown into "a full-blown crisis."
In his speech announcing the new bailout plan, Geithner said it would lead to "cleaner and stronger" bank balance sheets by imposing tough new standards and using government and private incentives to get the banks lending again.
He said banks would be submitted to a "stress test" by government regulators to make sure they were healthy enough to lend before receiving additional financial aid.
In the Senate vote passing the stimulus bill, just three Republicans _ Susan Collins and Olympia Snowe of Maine and Arlen Specter of Pennsylvania _ joined 56 Democrats and two independents who align with Democrats in favor of the bill.
Obama's choice to be commerce secretary, Republican Sen. Judd Gregg of New Hampshire, did not vote, keeping his commitment not to participate in Senate business or votes while his confirmation is pending. All other Senate Republicans voted against the bill.
In the House, the legislation didn't get a single GOP vote.
The combined actions by the Treasury Department and the Fed were designed to unclog credit markets that provide loans to consumers and businesses.
The new Fed program to provide up to $1 trillion in lending, including loans for small businesses and for student, auto and other consumer loans, would be partially supported by a $100 billion contribution from the Treasury.
Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee that the flurry of earlier radical programs taken by the Fed aimed at easing the credit crunch were showing promise.
"Our lending to financial institutions, together with action taken by other agencies, has helped to relax the severe liquidity strains" afflicting many banks, Bernanke said.
____
Associated Press writers Martin Crutsinger, Jeannine Aversa, David Espo, Andrew Taylor, Jennifer Loven, Matt Apuzzo and Stevenson Jacobs contributed to this report.
the 666banksterz get it all again -
“This injection in spending could spur inflation,
and we’re seeing plenty of buying based on that thought”
the commodity basket prices will rise -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35475730
i wish it could be different but blind leading da blind.
Completion of the stimulus package that the Senate is
weighing would raise the government's commitment to
solving the financial crisis to $9.7 trillion,
according to Bloomberg data.
The Federal Reserve, Treasury Department and Federal
Deposit Insurance Corporation have lent or spent almost
$3 trillion in the past two years and pledged to
provide as much as $5.7 trillion more.
"Trillions of dollars of government spending is coming,"
said Tom Hartmann, a commodity analyst at AltaVest
Worldwide Trading Inc.
"This injection in spending could spur inflation, and
we're seeing plenty of buying based on that thought."
The Senate is expected to vote tomorrow on a 666plan
of at least $780 billion.
Gold climbed 5 percent in January on demand for a store
of value amid a deteriorating economy and a surge in
government spending.
Investments in exchange-traded funds backed by
bullion reached a record, and speculators
last week raised bets the price would increase.
“Pressure should come from the Senate’s likely passage of
a stimulus bill that is smaller in size than the
one discussed last week,” said Tom Pawlicki, an analyst
at MF Global Ltd. in Chicago.
“Every day that the size of the stimulus grew last week,
the gold market seemed to trade higher.
That could unwind this week.”
Gold futures for April delivery fell $21.50, or 2.4 percent,
to $892.80 an ounce on the Comex division of the New York
Mercantile Exchange, the biggest drop for a most-active
contract since Jan. 12.
The price climbed 2.4 percent in the previous three sessions.
Silver futures for March delivery declined 33 cents,
or 2.5 percent, to $12.83 an ounce.
Silver has gained 14 percent this year, while gold rose 1 percent.
The U.S. House of Representatives last month sent a stimulus
package to the Senate valued at $819 billion.
Last week, the Senate plan expanded to as much as $900 billion
before some Republicans delayed passage of the bill.
Inflation Concerns
Gold had climbed on speculation that government spending
will spark inflation.
Investment in the SPDR Gold Trust, the biggest exchange-traded
fund backed by bullion, rose to a record 867.2 metric tons
on Feb. 5.
Speculative long positions, or bets prices will rise,
outnumbered short positions by 155,306 contracts on
the Comex in the week ended Feb. 3, Commodity Futures
Trading Commission data showed on Feb. 6.
Net-long positions rose by 14,192 contracts, or 10 percent,
from a week earlier.
The drop in gold prices may be a buying opportunity for
some investors.
Completion of the stimulus package that the Senate is
weighing would raise the government’s commitment to
solving the financial crisis to $9.7 trillion,
according to Bloomberg data.
The Federal Reserve, Treasury Department and Federal Deposit
Insurance Corporation have lent or spent almost $3 trillion
in the past two years and pledged to provide as much as
$5.7 trillion more.
“Trillions of dollars of government spending is coming,”
said Tom Hartmann, a commodity analyst at AltaVest
Worldwide Trading Inc. in Mission Viejo, California.
“This injection in spending could spur inflation,
and we’re seeing plenty of buying based on that thought”
the commodity basket prices will rise -
imo.
God Bless
true, scale of justice will catchup with all of the inflation caused by greedy congress.
Paper gold market will crash at Comex'
Do you want to see gold in the big picture?
Read an interesting interview with Marc Gugerli
by Oliver Disler.
Marc Gugerli is Fund Manager & Advisor of Gold 2000 Ltd
and the Julius Baer Gold Equity Fund.
O. Disler: Mr. Gugerli you are a specialist for Gold and Gold mining stocks. Are you disappointed about the performance of the Gold price the recent months?
Marc Gugerli: No, I am not. Gold has outperformed all major asset classes like bonds and shares. The Gold price calculated in South African Rand, Australian and Canadian Dollar, British Pound, EURO, Swiss Franc and some other currencies Gold just recently reached new highs. Rather disappointing is the performance of gold mining shares.
O. Disler: We are facing one of the heaviest global financial crisis, why is Gold not trading much higher?
Marc Gugerli: Gold has primarily a function of conserving the value of purchasing power. Gold is money and goes hand in hand with the development of money supply long-term. In recent months a lot of money has been destroyed, although on opposite central banks are printing money.
The various problems and issues we have in financial markets, have been recognized much too late and most central banks (especially the ECB) are “behind the curve” reacting with adequate counter-measures. This is one of the reasons, why the gold price did not go up explosively.
O. Disler: What is the relation between the gold price and the supply of money precisely?
Marc Gugerli: Yes. Gold was, is and remains money. Gold supply and demand and the variation of paper money supply are two important parameters which have an impact on the price of gold. Before the financial crisis started in 2007, money supply was growing at a rate of roughly 10 % in most industrialized western countries. Nowadays it is a multiple of ten percent.
A lot of central banks try to get ahead of the curve by reducing interest rates and flooding the markets with new money. The gold price should reflect this already now and trade around its inflation adjusted top of approximately USD 2’000. Man wants to go against the curve.
This is my minimum target for the gold price! The inflation of gold (dilution) is about 1.6% (gold output) or 2’000 tons per year. The entire amount of gold ever mined in mankind history is estimated to be about 140’000 tons. Money supply growth is approximately 30% and exceeds even 100% in some specific cases. It is just a matter of time that Gold will rebalance this inequality.
O. Disler: Is Gold an alternative to treasury bonds, since the yields are so low?
Marc Gugerli: That is a great question. Treasury bills are the next big bubble (to burst). Investors and most asset managers have in average 20% cash and 30% invested in short-term treasuries. For a certain period this might be the right asset allocation.
Since the yields on cash and short-term treasuries are almost 0% in major currencies, Gold is getting more attractive as an investment. Now you have to ask yourself, if you rather want to be fully invested in classical assets only where the supply is exploding by the new money printed or at least add some Gold which can’t be copied, printed and is nobody’s liability?
O. Disler: How shall somebody invest into Gold? Do you suggest Gold coins as well?
Marc Gugerli: There are three possibilities, which are relatively safe:
1. You buy physical Gold and put it into a vault
2. You could buy the Gold ETF from Zurich Kantonalbank (ZKB) which is traded at the Swiss Stock Exchange, which is the only ETF available which is fully covered by physical Gold and if needed you can exercise and get the Gold delivered within 10 days. There are similar products available but as with bank metal depository accounts you run the risk that you have to wait a long time until you get your gold. Very important: Reduce to a maximum the failure of exercise, counterparty and depository risk.
3. It makes absolutely sense to purchase gold coins in respect of the designated use. Investors have to consider that gold coins trade at elevated premiums and are almost not available anymore in some regions, such as United States of America, Canada or Australian.
I suggest to have invested minimum 10% of total wealth in physical Gold. Consider this investment as an insurance which in worst case scenario protects the rest of your holdings and assets.
O. Disler: This is interesting, but again, why is the price of Gold not trading much higher?
Marc Gugerli: The majority of investors purchase Paper-(Gold)-Futures at the COMEX. The sellers or counterparties of those Gold-Futures are just a few very dominant players. Some of them have an in-official close link to the US government. So far most of the investors didn’t exercise the gold futures and have accepted cash instead of physical settlement.
This is about to change. I believe that the comex will default and the entire paper gold market will „crash“ and gold could rise very quickly to 2000 until 3000 US Dollars. When this happens it will be too late to exercise or to try purchasing physical gold. It’s the same with a house insurance, which you need before the beds are burning!
O. Disler: What is your view about the price of Silver?
Marc Gugerli: The situation in the paper silver market is even worse. At the actual levels, Silver is extremely cheap and investors are divided if Silver is rather an industrial or still a precious metal or both. But having a look at the price development it is rather treated like other industrial metals as well. Silver is the Gold of the poor Man.
I believe that the price of Gold becomes extremely expensive and will be considered rather as “store of wealth” than money. What concerns Silver I can imagine that for example China or Mexico could accept Silver to be money and mean of payment (Silver Standard). I expect that Silver could outperform the price of Gold. Silver takes much more space to store and in most countries you have to pay VAT on Silver purchases. I suggest the Silver ETF of ZKB, which can be traded at the Swiss Stock Exchange.
.O. Disler: What is your opinion about the US Dollar?
Marc Gugerli: The question is always compared to what? I believe that basically most industrial countries are trying to weaken their currencies with the goal to boost exports. To remain competitive other countries needs to do the same and start the money printing press and the devaluation carousel is launched.
Central banks are devaluating their currencies against limited available and tangible hard assets like land, commodities and precious metals like Gold or Silver. The ECB is far behind the curve and the printing machine runs slower than the one of the Federal Reserve. But all this can change very fast.
O. Disler: What is your opinion about the slogan too big to fail?
Marc Gugerli: You know, that in the United States everything has been undertaken to prevent a recession. Just little signs of a weakening economy and Greenspan started to pumb money into the system and reduced interest rates immediately. Economic problems have been suppressed artificially for years.
This is the reason why many thing became „to big to fail, safe and solve“. Since decades the formula is the same: There is a problem, money will be printed and debts increased and interest rates go down afterwards. This is the main reason for the actual financial and economic crisis but one day the bill MUST be settled.
O. Disler: What do you think about how or if the debts will be paid back?
Marc Gugerli: There are three possible outcomes:
1. They will really pay back. But in the actual situation this is impossible.
2. They will default and declare bancrupty. But this is not what they want - "too big to fail", examples are the automobile or banking industry
3. Or through inflation, you can bet on this.
O. Disler: Is there a risk of inflation, since economies are cooling off or are already in a recession?
Marc Gugerli: I believe the correct description what we have to expect in the very near future is inflationary recession or some other may call this stagflation. As I mentioned already, everything will be done to stop the deflation. I expect that we are getting back inflation especially in the food and energy sector. I expect that yachts and Porsches become rather cheaper.
O. Disler: What shall investors buy right now?
Marc Gugerli: This year several 1‘000 billion US Dollars rescue packages will be rolled-out. The biggest part of this fresh money will pour into infrastructure projects. Of course there will be companies which will benefit from this. During German “Weimarer” hyperinflation period some stocks of industrial companies perceived 70% of the purchasing power.
Cash and government bonds became worthless. Remember, in which asset classes are investors mainly invested those days? My top choices are companies in the commodity, food and energy sector.
O. Disler:What about gold mining shares?
Marc Gugerli: Good point! Have a look at industrial metals like nickel, zinc or crude oil. Some of them dropped more than 70% from last years peaks. The industrial metals mining companies share prices tumbled 50 to 70%. The price of Gold is trading only 10% below its highest level and as mentioned already reaching new highs calculated in many other currencies. But gold mining shares are still trading XX% below its peaks.
I consider this to be a miss-pricing and a big buying opportunity. Due to lower price for energy, production costs are falling substantially and Gold price close to its highest level means that profitability of gold mining companies will increase substantially. The Philadelphia Gold Index (XAU) is trading at an attractive level and could double easily. From a historical valuation point of view and compared with the price of Gold the XAU is very cheap and my favorite investment 2009.
O. Disler: Dear Mr. Gugerli, thanks for your time and the interesting interview!
Inflation specter has some investors pining for gold
Submitted by cpowell on Fri, 2009-02-06 23:30. Section: Daily Dispatches
By John Parry and Pedro da Costa
Reuters
Friday, February 6, 2009
http://uk.reuters.com/article/ousiv/idUKTRE5155N120090206
NEW YORK -- Unease over a surge in U.S. government borrowing has some analysts nervous that, even as the immediate threat of deflation looms, hyperinflation on a global scale may be the eventual result.
A recent spike in both gold prices and the cost of insuring sovereign debt against default shows that investors worry an eventual meltdown of major currencies cannot be ruled out.
Economists emphasize that the prospect of a Weimar Republic-like crisis of confidence in money itself is not the most likely endgame to the global credit crisis.
They also note that, given the predominant risk of deflation, policy-makers have little choice but to flood the financial system with money, if only to counter the most rapid retrenchment in U.S. consumer spending in half a century.
Yet those investors who are less prone to taking big risks note that gold is the most obvious hiding place from the nightmarish scenario of vanishing trust in fiat money, or paper currency not based on a hard asset.
Indeed, its latest jump was triggered in part by massive government debt issuance, which some say threatens to undermine the value of the paper it is printed on.
"That sovereigns don't default because they can print money is technically true, but the big question is whether the money is worth anything," said Jay Mueller, senior portfolio manager with Wells Capital Management in Milwaukee, Wisconsin.
"In the movement of gold you are seeing the fear that the dollars that you could pay back in aren't worth as much," he said.
Spot gold has rebounded from a recent low in November around $710 per ounce to $914 on Thursday, a 29 percent rise. At the same time, credit default swaps on five-year Treasury notes have recently spiked to a record 85.9 basis points, up more than 80 times pre-crisis levels.
In previous periods of high inflation, such as the post-World War I years in Germany's Weimar Republic, precious metals are among a handful of hard assets that have been able to conserve their worth.
In that context, some analysts worry a huge expansion of the supply of money, which could run to about $8 trillion in the United States alone, will stoke a surge of inflation down the line.
This is not to say that gold investing is without perils of its own. "Price fluctuations in gold over the last 30 years don't tell me that's the place where I want to put the majority of my money," said Thomas Higgins, chief economist at Payden & Rygel in Los Angeles, California.
Nonetheless, the vulnerability of the U.S. currency has some experts recommending investors hold at least some gold in their portfolio.
"It is hard to understand why the dollar should continue to demand respect," said Tom Sowanick, chief investment officer at Clearbrook Financial LLC in Princeton, New Jersey. "We are in a much different geopolitical environment than 10 years ago or 20 years ago, with the U.S. being the largest debtor nation and China being the largest creditor nation."
China, the biggest foreign holder of dollar-denominated Treasury securities with some $681.9 billion or about 12 percent of Treasuries outstanding, might pare back its dollar holdings, a worry for the U.S. bond market and currency.
To be sure, such fears have often been overhyped and, to date, have proven premature. But as plunging house prices show, past performance may not be a great indicator of future returns. That becomes especially true as debt issuance begins to dwarf most historical precedents in the United States, excluding the period of World War II.
This year alone, analysts expect the U.S. government to issue some $2 trillion of debt on top of the nearly $6 trillion of Treasuries outstanding. Some have begun calling even this startling estimate conservative.
And there are few alternatives to the buck. The fiscal situation of governments around the world is deteriorating, as evidenced by ratings downgrades of Portugal and Spain.
Reflecting this deterioration, spreads on credit default swaps for European countries have experienced a similar pattern to those in the United States, rising to record wide levels. Some investors are also piling into inflation-protected bonds, against the advice of mainstream economists.
Dollar bulls note that, in the case of the United States, an actual default -- i.e., a missed payment -- is highly unlikely. Given the dollar's status as the world's leading reserve currency, the U.S. government could simply print unlimited quantities of money to repay its creditors.
But that could still open the door to a precipitous drop in the currency's value and, potentially, even hyperinflation, analysts warn.
And while a downgrade of America's standard-bearing AAA credit grade seems far-fetched in the near term, the rumblings from the ratings agencies were already emerging.
In a report on Thursday, Moody's Investors Service warned, "The U.S. government's financial position is projected to worsen considerably over the coming two years."
* * *
Join GATA here:
Phoenix Resource Investment Conference
Renaissance Glendale Hotel and Spa
Glendale, Arizona
Saturday-Sunday, February 21-22, 2009
http://www.cambridgeconferences.com/ch_phoenix2009.html
SPOT MARKET IS OPEN, closes in 19 hrs. 21 mins.,Feb 08, 2009 21:54 NY Time
Bid/Ask 904.70 - 906.50
Low/High 902.20 - 913.70
Change -6.70 -0.74%
30daychg +62.70 +7.45%
1yearchg +4.20 +0.47%
Charts...
mick, Barrick chairman said "DUMB TO HEDGE" -
His company did not hedge its output for now --
meaning it does not use derivatives to insure against a
fall in price --
and relied instead on the price climbing.
In the past its successful hedging allowed it to make
the acquisitions that helped to make it the world's
biggest gold miner.
"It would be dumb to hedge," Munk said of the current climate.
His bullishness was underscored by the possibility
central banks, including that of major dollar asset-holder
China, might start buying gold.
"If they decide to diversify, we assume into gold,
then we start to talk about a trebling or quadrupling of
the gold price.
It could be followed by Russia or Kuwait."
I don't think it's likely, but it's more likely.
I would not have said it two years ago
...I'm not a gold bug
...but it's more likely than it was two years ago."
A strong price climate has meant ongoing investment
in bringing on new gold, Munk said.
"In every other mining area, people are cancelling mines."
But declines in other commodities have yet to have
a major impact on cost.
"Marginally yes, but substantially no.
For some reason cash costs are tending to continue
to increase," he said, when asked whether investment
costs were falling.
"Energy costs have gone down. It does help,
but labour costs are consistently increasing."
The one way to reduce production costs is to invest
in efficient new mines, Munk said, citing two major
new projects in Nevada and the Dominican Republic
and a smaller one in Tanzania.
For full coverage, blogs and TV from Davos go to
www.reuters.com/davos (Reporting by Barbara Lewis,
additional reporting by Jan Harvey in London;
editing by Anthony Barker)
ChicagoIllinois' welcome to 'CROSS LAKE MINERAL -
good to see you -
what do you think about CRN gold?
Reason more for Gold to up more.... No?
hi chgo.,il ,,, gold is gold but dollar is almost worhtless.
i use to live in tinley pk.
But with Gold being so high doesn't it counter that?
Newbie here.
with low dollar not much gold buying there.
Procon will hold 45% of the common shares
of Cross Lake - ? -
- Cross Lake has also entered into a non-binding agreement
in principle (the "Wayside Agreement") with
International Wayside Gold Mines Ltd. ("Wayside"),
a British Columbia company listed on the TSX Venture Exchange,
pursuant to which the Company will sell to Wayside its shares
in the QR Subsidiary in consideration of the Company receiving
45% of outstanding voting shares of Wayside - ? -
Additionally, Wayside has received conditional acceptance by
the TSX Venture Exchange for the acquisition of
Golden Cariboo Resources Ltd.'s land package at
the Cariboo Gold Project (see "News Release 08-12",
August 29, 2008).
Golden Cariboo's tenure covers a total area of
approximately 27,605 hectares southeast and contiguous to
the lands containing Waysides' proposed Bonanza Ledge mine.
The Cariboo Gold Project -
encompasses (from northwest to south east),
the former producing -
Hardscrabble Tungsten Mine,
Mosquito Creek Gold Mine
(now on care and maintenance),
Aurum Mine,
Island Mountain Mine,
Cariboo Gold Quartz Mine,
Bonanza Ledge (proposed mine),
the Cariboo Thompson Gold & Silver Mine
and
the Cariboo Hudson Mine.
The Company commenced operations in the Cariboo District in 1994
and since that time has focused on the exploration
and development of its gold properties.
Mineral tenures in the Historic Cariboo Goldfields
encompass approximately 1,065 square km (106,484 hectares)
over a 60 km long by 20 km wide belt.
In the Barkerville Gold Camp -
101 creeks have reported placer gold production.
Recorded gold production from the area
totals more than 3.8 million ounces,
including an estimated 2.64 million ounces
from placer mining and
1.23 million ounces from lode mining.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35355055
http://www.wayside-gold.com/s/NewsReleases.asp?ReportID=337200&_Type=News&_Title=Tentative-Agreement-Reached-with-Cross-Lake-Minerals-to-Acquire-QR-Mine-Mil...
- ? - ? - ? -
http://www.procongroup.net/
http://www.procongroup.net/projects-achievements/current-projects.htm
http://www.procongroup.net/aboutus/partnerships.htm
http://www.procongroup.net/projects-achievements/past-projects.htm
it may get additional funding soon.
Some may have to sell
ex.
they may got a bill for surgery -
so they got to know -
why those doctors -
were wearing masks -
God Bless
jewelers are trying to buy old gold from the working people.
Hi mick, well gold still bouncing on $900 ppo -
watching the commodity basket close -
when the CRB going up -
the inflation and the gold will follow -
CRN - the old Barkerville gold maybe on da bandwagon -
Post # 88 of 88
http://www.888c.com/
God Bless
Cross Lake Minerals Ltd.: Corporate Update
Wed Feb 4, 4:30 PM
http://ca.news.finance.yahoo.com/s/04022009/28/link-f-ccnmatthews-cross-lake-minerals-ltd-corporate-update.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2009) -
Cross Lake Minerals Ltd. -
("Cross Lake" or the "Company") (TSX: CRN.TO) reports that the
Company intends to make an application to the British Columbia
Supreme Court on February 6, 2009 for an additional extension
of the protection first granted to the Company on October 4,
2008 under the Companies' Creditors Arrangement Act ("CCAA").
The extension is being sought until April 15, 2009, in order
to give Cross Lake sufficient time to complete a proposed
restructuring plan and plan of arrangement with its creditors.
Operations at the Company's QR Mine have resulted in lower
than expected ore production and grade, in addition
to increased costs, which continue to negatively affect
operations despite the completion of major repairs to
the Mill to sustain operations.
The poor ore grade and increased costs during the winter
months have made operations uneconomical.
On December 22, 2008, the Company announced the decision of
its board of directors to temporarily shut down operations
at the QR Mine.
Cross Lake expects to complete this temporary shutdown
by mid-February 2009.
The Company will continue to run the water treatment plant
for a period of time after the shutdown to treat the water
in the tailings pond, estimated to be for a period of
three months at an approximate cost of $300,000 per month.
As a result, the Company intends to seek Court authorization
for a $3 million increase in the debtor-in-possession loan
facility (the "DIP Facility") advanced by the Company's
largest secured creditor, Procon Mining and Tunnelling Ltd.
("Procon"), in late 2008, to total $5.5 million.
The additional funds are required in order for Cross Lake
to complete the shut-down of the QR Mine and begin
the water treatment program on Mine site.
Procon has also taken an assignment of security previously
granted by the Company to Quest Capital Corp. ("Quest")
by paying Quest's outstanding principal and legal costs,
totalling approximately $750,000, with the result being
that Quest is no longer a creditor of the Company.
On February 3, 2009, Cross Lake entered into an non-binding
agreement in principle (the "Procon Agreement"), which
agreement is subject to approval of the creditors of
Cross Lake and the Court pursuant to the CCAA, the Bankruptcy
and Insolvency Act ("BIA") and the Business Corporations Act
(British Columbia) ("BCBCA").
The Procon Agreement provides that Procon will provide an
additional investment in the Company in the amount
of $1,650,000 (the "Procon Facility") to be secured by
a non-interest bearing promissory note, convertible
as described below (the "Note").
It is expected that the approximate sum of $412,500
(25% of the Procon Facility) will be used by Cross Lake to
fund the costs of the restructuring transactions and related
proceedings, and the balance of the Procon Facility will
be paid to PricewaterhouseCoopers Inc., as the Court
appointed Monitor of Cross Lake, for the benefit of
Cross Lake's unsecured creditors, which is expected to
result in an effective recovery of the unsecured creditors'
balance owing as at October 14, 2008 of
approximately $0.10 on the dollar.
The Procon Agreement also outlines the terms of a proposed
plan of compromise and arrangement under the CCAA and
the BCBCA (the "Arrangement"), which will give effect
to the following transactions:
1. Cross Lake's interest in the Porcher Island joint venture,
together with all related obligations and liabilities, will
be transferred to a newly incorporated wholly-owned subsidiary
for shares and a 2% net profits royalty on
the Porcher Island property; and
2. Cross Lake's interest in the QR Mine and Mill, and all
related equipment, term deposits and environmental obligations
and liabilities, will be transferred to a second newly
incorporated wholly-owned subsidiary (the "QR Subsidiary")
for shares and a 2% net profits royalty on the QR Mine
and Mill; and
3. Cross Lake's other residual assets, other than the net
profits royalties referred to above, will be transferred
for shares to a third newly incorporated wholly-owned
subsidiary of Cross Lake.
The provisions of the Arrangement are expected to include
Cross Lake voluntarily assigning itself into bankruptcy,
as a necessary step to facilitate completion of
the Arrangement, and, immediately thereafter, filing a
proposal under the BIA, pursuant to which all of
the Company's debts and liabilities will be settled
and extinguished, other than amounts owing to Procon
under the DIP Facility, and the Procon Facility which
will be satisfied by the conversion of the Note as set
out below.
Upon approval of the proposal, the bankruptcy will be annulled.
All outstanding options and warrants of Cross Lake will
be cancelled, without any payment therefor.
The share capital of Cross Lake will be amended by creating
an unlimited number of non-voting shares and an unlimited
number of preferred shares, following which the Note will
be converted into such number of common shares and non-voting
shares of Cross Lake such that, immediately after such
conversion, Procon will hold 45% of the common shares of
Cross Lake, and will hold 100% of the non-voting shares,
for a total of 99.99% of the shares of all classes of
Cross Lake then issued and outstanding.
In connection with the restructuring, the name of
Cross Lake will be changed to a new name approved
by its directors and Procon.
In addition to the approval of the Court and the creditors
of Cross Lake, the Procon Agreement is subject to
satisfaction of a number of conditions, including execution
of a definitive agreement within 30 days, delisting of
the common shares of the Company by the Toronto Stock Exchange
and Procon being satisfied that, upon completion of
the Arrangement, the Company's usable tax pools will not
be less than $30 million.
Also subject to the approval of the Court is a proposed
settlement offer of the Director of Employment Standards
to resolve all outstanding overtime claims.
Further details regarding this settlement offer and
other liabilities of Cross Lake may be found in the
Monitor's second report to the Court prepared for the
February 6, 2009 Court hearing and which will be available
on the Monitor's website at
www.pwc.com/car-crosslake.
Cross Lake has also entered into a non-binding agreement
in principle (the "Wayside Agreement") with
International Wayside Gold Mines Ltd. ("Wayside"),
a British Columbia company listed on the TSX Venture Exchange,
pursuant to which the Company will sell to Wayside its shares
in the QR Subsidiary in consideration of the Company receiving
45% of outstanding voting shares of Wayside and 99.99%
of equity shares.
As a result, Wayside will assume all ongoing obligations of
the Company pertaining to the QR Mine.
Concurrently with the completion of the sale transaction,
Wayside will transfer all its properties, assets, liabilities
and obligations, including the QR Mine, to a wholly-owned
subsidiary ("Newco") and distribute the Newco shares to
its shareholders (excluding Cross Lake)
(the "Spin-off Transaction").
Both the Wayside Agreement and the Spin-off Transaction
are subject to the satisfaction of several conditions
including completion of definitive agreements and
satisfactory due diligence, and obtaining all
necessary shareholder, regulatory and Court approvals.
The Company believes that the proposed restructuring plans
and plans of arrangement will allow unsecured creditors
to realize some recovery of their outstanding balances
and will relieve the Company of all liabilities
(including environmental liabilities) related to the QR Mine.
However, the transactions are subject to a number of
conditions precedent and there can be no assurance that
the transactions will be completed as proposed or at all.
Additional information filed by the Company or the Monitor
appointed by the Court related to the filing, will be
available on the Monitor's website at
http://www.pwc.com/car-crosslake.
This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities
in the United States. The securities have not been and will
not be registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration
is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
12(g) No. 82-2636
Contacts
Alan Boon
Cross Lake Minerals Ltd.
President and CEO
(604) 759-0876
(604) 759-0870 (FAX)
Website: http://www.crosslakeminerals.com
SIL started to trade again. Here is the new board.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35345954
Gold Rises Above $900 Again -
2 minutes ago
(RTTNews) - Gold surged above $900 an ounce again as more dismal jobs data sent traders toward the safety investment. Investors also looked ahead to interest rate decisions from Europe and the UK on Thursday and monthly employment data on Friday.
April gold finished at $902.20, up $9.70 for Wednesday's session. Prices jumped as high as $910.90 after losing nearly 4% in the first two sessions of the week.
Gold's hedge appeal was boosted as the dollar rallied to 1.2800 versus the euro, erasing its losses from the previous session and staying near a 7-week high of 1.2705. Meanwhile, the buck slipped versus the sterling, hitting a new 2-week low of 1.4577 before stabilizing near 1.4450.
On the economic front, an Automatic Data Processing report showed that non-farm private employment fell by 522,000 jobs in January following a revised decrease of 659,000 jobs in December. Economists had expected a decrease of about 525,000 jobs compared to the loss of 693,000 jobs originally reported for the previous month.
On Friday, the government will release its monthly jobs report. Economists anticipate a loss of 553,000 jobs and an unemployment rate of 7.4%.
Also on Wednesday, the Institute for Supply Management released a report on Wednesday showing that its index of activity in the service sector rose to 42.9 in January from a revised 40.1 in December.
Gold fell $14.70 on Tuesday, adding to the drop of more than $20 from the previous session. The slide took the metal away from a six-month closing high from Friday.
For comments and feedback: contact editorial@rttnews.com
Cross Lake Mineral Com (TSE:CRN)fiat(CAD)$0.015
Change 0
Bid 0.01
Ask 0.02
Volume 120,000
Day's Range 0.015 - 0.015
Click for Detailed Quote Page
Last Trade:14:27:02 EST Feb-4-09
Sprott says U.S. at start of depression that will boost gold -
http://www.bloomberg.com/apps/news?pid=20601082&sid=ao7hCvQA9QZ0&
The Real Money is Gold -
http://www.thelongwaveanalyst.ca/flash_pres.html
http://2.bp.blogspot.com/_H2DePAZe2gA/SPKbc9n6TxI/AAAAAAAAF-Y/xbxrr4m7u_I/s1600/InfDji200_0810.png
http://investorshub.advfn.com/boards/board.aspx?board_id=8158
Gold surges thanks to firm global cues -
2009-02-04 18:14:55
Commodity Online
MUMBAI: Gold prices surged in today’s trade in the Asian trade on buying by investors in accordance with the strong global sentiments. The reports of increased gold holding by ETF’s enabled the yellow metal to fish some gains on Wednesday.
MCX Gold contract for April expiry is now at Rs 14019 per 10 grams up Rs 29. Resistances are at 14100 levels. Supports for the contract are at 13970 levels. Dollar is holding the uplift against the EURO and is trading at 1.2868 up 169 pips.
COMEX Gold April expiry is now trading at $ 901.90 per ounce up $ 9.40. This is after it closed with losses of $ 14.70 to $ 892.50 last night.
Unbelievable platform to trade commodities online. Join now
The gold improved on retailers buying for the current marriage season, while silver lacked support from industrial units. Standard gold and ornaments gained Rs 10 each at Rs 14,080 and Rs 13,930 per 10 gram, respectively.
However, sovereign was down by Rs 25 at Rs 11,025 per piece of eight gram on fresh arrivals. On the other hand, silver ready fell by Rs 50 to Rs 19,400 per kg and weekly-based delivery by the same margin to Rs 19,600 per kg. Silver coins continued to be asked at previous level of Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.
Marketmen said the sentiment turned lethargic with price movement in both the precious metals, silver and gold, being range bound in the absence of any market moving factor.
Ron Paul & The Judge - discussing The Gold Standard -
http://www.dailypaul.com/node/81608
http://libertymaven.com/2009/02/03/ron-paul-and-judge-napolitano-on-collectivism-and-the-gold-standard/4235/
Ron Paul and Judge Napolitano on Collectivism and the Gold Standard 2/3/09 -
http://www.dailypaul.com/node/81583
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35282981
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Cross Lake Minerals Ltd. -
The super red banksters cults -
Rothschilds World Part 1 "Glen, Rush, Michael...Here's to you boy's"
http://www.youtube.com/watch?v=yhKHwrUA5SM&feature=related
QR Mine First "New" Gold Mine to Open in BC for 10 Years -
Cross Lake Minerals Ltd. -
("Cross Lake" or the "Company") is a Vancouver based exploration and development company focused on precious metals. In 2001, in a market characterized by very low gold prices, the Company acquired the QR Mine from Kinross Gold Corporation. The QR Mine is a fully-equipped 1000 tonne per day facility that was placed on care and maintenance in 1998. Cross Lake is now poised to take advantage of the significant increase in gold prices since that time in restarting the QR Mine in 2006. The Company also acquired several complimentary exploration projects predominantly in British Columbia, with the latest being the Porcher Island Project near Prince Rupert. Porcher Island has a long history of exploration and production and Cross Lake intends to pursue the confirmation and delineation of a significant resource that was reported by previous operators.
QR Mine in BC, Canada, One Large Gold Mine - First "New" Gold Mine to Open in BC for 10 Years -
http://www.crosslakeminerals.com/s/QR.asp
Quesnel Museum; LeBourdais Park, Riverfront Walk;
World's Largest Gold Pan;
www.crosslakeminerals.com/i/pdf/Presentation.pdf
May 01, 2006
QR Gold Deposit
Publisher: Pacific International Securities Inc.
www.crosslakeminerals.com/i/pdf/PI_SummaryCrossLake20060501.pdf
ex....note..short snippet..
MIDWEST ZONE: 192,176 tonnes @ 5.54 grams Au/tonne (32,164 oz)
INFERRED RESOURCES
MIDWEST ZONE: 13,506 tonnes @ 5.27 grams Au/tonne (2,288 oz)
FEASIBILITY STUDY REVIEW (Released on March 20th - 2006)
Over the first 2 years of mine production, using a $550 CDN ($485 US) gold price per ounce, feasibility results as provided for Cross Lake by Wardrop Engineering (excluding the North Zone) are:
- In-situ Gold (ounces): 78,323
- Recovery: 93%
- Recoverable Gold (Oz):72,840
- Net Revenue: $39,661,504 CDN
- Operating Costs: $28,638,971 CDN
- Cash Flow: $11,023,533 CDN
- Cash Cost per Ounce: $393.18 CDN
- Total Cost per Ounce: $462.44 CDN
- Operating Margin Oz: $156.82 CDN
- IRR %: 109 % (2-year aggregate)
At $600 CDN gold price per ounce the project IRR is estimated to be 204%.
Development of the North Zone is projected by Cross Lake to add to mine life by at least 3 years and could more than double cash flow. Feasibility results (inclusive of the North Zone), for approximately 5 years of mine life at a $550 CDN ($485 US) gold price per ounce are:
- Reserve: 966,316 tonnes
- Grade: 6.0 grams Au/tonne
- In-situ Gold (ounces): 174,775
- Recovery: 93%
- Recoverable Gold (Oz):162,541
- Net Revenue: $88,503,555 CDN
- Operating Costs: $68,870,112 CDN
- Cash Flow: $28,805,538 CDN
- Cash Cost per Ounce: $367.28 CDN
- Total Cost per Ounce: $423.71 CDN
- Operating Margin Oz: $177.22 CDN
- IRR %: 314.1 % (5-year aggregate)
At $600 CDN gold price per ounce the project IRR is estimated to be 401.8%.
PRE-PRODUCTION MINE PLAN
Cross Lake is projecting a $10,500,000 CDN capital investment to re-start the QR Mine. Production is anticipated to begin in early 4th quarter - 2006. The budget estimates include $1,000,000 CDN - working capital, $2,000,000 CDN - establishing the letter of credit with BC Hydro to build a 29-kilometer long power line to the mill site, $3,500,000 CDN - start-up costs and $4,000,000 CDN - underground access / definition drilling of the North Zone.
- 4 -
Cal Everett
604-718-7593
Tim Stewart - Institutional Equity Trader
Toll Free: 1-888-525-8811, Direct: 604-718-7501
PACIFIC INTERNATIONAL SECURITIES INC.
www.pi-securities.com
CALGARY OFFICE HEAD OFFICE VICTORIA OFFICE
Suite 3440, 205-5th Ave. SW Suite 1900, 666 Burrard Street Suite 210, 880 Douglas Street
Calgary, AB, Canada T2P 2V7 Vancouver, BC, Canada V6C 3N1 Victoria, BC, Canada V8W 2B7
ph: (403) 543-2900, fx: (403) 543-2800 ph: (604) 664-2900, fx: (604) 664-2666 ph: (250) 405-2900, fx: (250) 405-2911
Members: Canadian Venture Exchange, Toronto Stock Exchange, Montreal Stock Exchange, Investment Dealers Association of Canada, Canadian Investor Protection Fund and International Financial Centre (Vancouver).
(Frankfurt: C5KA.F) finance.yahoo.com/q
CRNKF.PK finance.yahoo.com/q
C5KA.DE | XETRA |
C5KA.BE | CROSS LAKE MINERALS | Berlin finance.yahoo.com/q |
Business Description:
Engaged in the exploration and development of mineral properties
in Quebec, Ontario and British Columbia.
News Release:
July 29, 2008 Midwest Zone Development Leads to Higher Grades and Gold Production QR Mine Project B.C. | |
July 29, 2008 - Vancouver, British Columbia - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") is very pleased to announce that operations and overall mine performance of the QR Mine are improving significantly with the transition from the surface mining of the Northwest Zone to underground mining of the West Zone. The grade of ore now being produced from the underground Midwest Zone is expected to average over 5 grams per tonne compared to the lower grade ore that was encountered in the last benches of the Northwest Zone. As a result, the gold pour for the last two weeks has been over 1,000 ounces, which are some of the highest gold pours to date from the QR Mine. |
Cross Lake Minerals Ltd.
Gordon A. Keevil - President
(604) 687-2038 or visit our website at www.crosslakeminerals.com
Address:
1255 West Pender Street,
Vancouver, BC, CN V6E 2V1
Telephone:
(604) 687-2038
Website:
http://www.crosslakeminerals.com
The Company is looking forward to a successful year of operations in 2008 and to the growth in both the resource base and value of the project as drilling and development of the North Zone and exploration of the Property continues.
www.crosslakeminerals.com/s/QR.asp
Region Overview
The Cariboo gold belt in south-central British Columbia was a world-class producer of gold. Historic gold production in the Cariboo area was approximately 3.8 million ounces, 2 million from placer operations and 1.8 million form lode deposits. These totals are an estimate only as prior to 1874 production was not recorded. 90 percent of the placer gold was recovered from Late Pleistocene, pre-glacial and interglacial gravels in buried paleo-channels of modern stream valleys. In addition, the placer operation from the Bullion pit at Likely produced 175,000 ounces of gold and 1,800 ounces of platinum. Gold and platinum were also reported in placers in the Frank Creek area in similar proportions.
In addition to placer gold operations, four underground mines - Cariboo Gold Quartz, Island Mountain, Mosquito Creek and Cariboo-Hudson - have operated in the district. Other important gold and copper-gold deposits occur near Likely, in the southwestern part of the Cariboo district. A new open-pit copper-gold deposit on Mount Polley, located 9 km southeast of Likely, is expected to be put into production soon. Measured reserves are 49 million tonnes grading 0.38% copper and 0.54 g/t gold. Inferred reserves are 230 million tonnes grading 0.25% copper and 0.34 g/t gold.
QUESNEL The Gold Pan City - www.bcadventure.com/adventure/explore/cariboo/cities/quesnel.htm
www.crosslakeminerals.com/i/pdf/Presentation.pdf
Facsimile:
(604) 687-3141
Email:
crosslake@crosslakeminerals.com
resourceworldtv.com/view_video.php
Welcome to the Quesnel Museum
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Cross Lake Minerals - Property Summary for Porcher Island -
The Porcher Island Property is located in the Skeena Mining Division, 35 kilometres south-southwest of Prince Rupert, British Columbia. There is a long history of exploration and production from the Property which includes the Surf Point and Edye Pass mines. Porcher Island is a joint venture between Cross Lake as to 65% and Imperial Metals Corp as to 35%.
Historic records indicate that a total of 77,952 tons grading 0.29 oz/t gold was produced up to 1937 until fire destroyed the mill. From 1975 to 1988 extensive exploration by E and B Exploration and Cathedral Gold Corporation resulted in a drill outlined mining reserve of 623,095 tons grading (cut and diluted) 0.20 oz/t gold over an average mining width of 11 feet.
Within this resource there are significant high grade intercepts which contain multi ounce material over mineable widths. A deep drilling program indicated the potential for an additional 900,000 tons at similar grades to a depth of 1,000 feet below surface in the AT Zone. The exploration results and resources referred to above are historical in nature and were compiled before NI-43-101.
www.crosslakeminerals.com/s/Projects.asp
www.crosslakeminerals.com/s/QR.asp
http://www.crosslakeminerals.com/s/PorcherIsland.asp
www.investcom.com/moneyshow/gold_cariboo.htm
www.crosslakeminerals.com/s/Cariboo.asp
Cross Lake owns part of Selkirk Metal Corp. - www.selkirkmetals.com/s/Home.asp
investorshub.advfn.com/boards/board.aspx
www.minesite.com/companies/comp_single/company/cross-lake-minerals.html
www.investcom.com/moneyshow/gold_cariboo.htm
By Andrew K. Burger
16 Sep 2007 at 10:45 AM GMT-04:00
Vancouver's Cross Lake Minerals joined the ranks of Canadian gold producers on Tuesday with the launch of a 1,000 tonne per day mill and processing facility at its QR Mine.
PRETORIA, South Africa (ResourceInvestor.com) -- The pieces necessary to move Vancouver-based Cross Lake Minerals [TSX:CRN] into the ranks of British Columbia's gold producers came together last Tuesday, Sept. 11. Ten years after being decommissioned by then owner-operator Kinross Gold Corp. [NYSE:KGC; TSX:K], Cross Lake Minerals has completely refurbished a mill and processing facility and is now feeding 900 tonnes of ore per day through a crushing, grinding and milling circuit at its QR Mine near Quesnel, British Columbia.
"This is obviously a major accomplishment for Cross Lake. I would like to acknowledge the contribution to the successful completion of the restarting of the QR Mine of Ross Hollinger, Mine Manager, Lloyd Penner Assistant Mine Manager, Tom Colbourne, Vice President of Mining and Jim Miller-Tait, Vice President of Exploration," Gordon Keevil, Cross Lake Minerals' president stated in a media release.
"We will continue to strive towards meeting our ongoing operations goals and are now in a position to move our other development project, Porcher Island Gold, forward and evaluate other projects that will complement the QR Mine."
Building a Production Base
"Ore is being stockpiled from the Northwest Zone and underground development and ore exploration is well underway on the West Zone and the as yet defined North Zone," Keevil told Resource Investor shortly before the public announcement of the mill's launch.
The potential to develop a mining operation at Porcher Island fits right in with management's strategy of increasing shareholder value by increasing the number of gold ounces owned per share. Pursuant, Cross Lake is building a production base in British Columbia around its Cariboo, Porcher Island and QR Mine holdings and the newly refurbished mill and processing facility.
On Sept. 5 management announced results of a diamond drill program at Porcher Island 35 kilometers south-southwest of Prince Rupert Island that included identification of three distinct zones of high-grade gold mineralization and intersection of ore grading 54.3 g/t gold over a 3.4 metre section (media release).
News From Porcher Island
The latest results from Porcher Island are in-line and in some instances better than historic results from extensive drilling carried out between 1975 and 1988 in the AT Zone of the property, which is located within the island's Skeena Mining Division.
"We are yet to receive all the drilling results from the assay lab. Once in, we will complete a detailed compilation and study under the direction of Jim Miller-Tait, VP Exploration and Tom Colbourne, VP Mining," Keevil reported. "The next phase of operations will certainly be further drilling and the commencement of preliminary scoping analyses."
The current drilling program is being carried out to better define and expand on historic drilling results that outlined a mining reserve of 623,095 tonnes at a cut and diluted grade of 0.20 oz/t gold over an average mining width of 11 feet.
This year's drilling has also resulted in May reporting of the discovery of the Cedar Vein Zone parallel to and north of the AT vein system. "With the discovery of the Cedar Vein all these untested vein systems must be considered significant and will now be studied in detail and tested by surface, and if available, underground exploration and drilling," management stated in a media release.
"A program of geochemical exploration using the Mobile Metal Ions (MMI) technique is being planned over the sub-crop of the Cedar Vein area to test if this type of soil sampling will work in the ground conditions that exist on the west side of Porcher Island."
QR Mining & Mill Commissioning
If mining proves feasible at Porcher Island, ore can be transported and fed into the QR Mine mill and processing facility, where more than 118,000 ounces were produced between 1995 and 1998 when it was owned and managed by the Kinross Gold Corp.
Ultimately the North Zone, which is being accessed by an underground decline for delineation drilling and mine planning, is expected to contribute to long term operations. The decline will be completed shortly, which will be followed by underground drilling," management reported in its Sept. 5 media release.
QR's current defined resource base comes in at more than 900,000 tonnes of ore at a weighted average grade of 3.1 g/t, or approximately 85,000 ounces, according to Cross Lake.
BC Hydro began delivering electrical power to the property in July, which enabled Cross Lake to finalize its plans for mill rehabilitation and the commencement of mining. Cross Lake has a 42-man camp complete with administrative and operations support facilities at the QR site.
Financial Matters
Two private placements completed earlier this year provided the capital Cross Lake needs to start up operations at QR and follow through with its plans to further explore and define a resource base at Porcher Island. Management last year completed a 1-for-5 share consolidation in conjunction with the $11 million financing.
"When we acquired the QR additional exploration was conducted to confirm, extend and evaluate the known zones and explore for new zones," Keevil explained. "We also needed better gold prices than those since 2006 in Canadian dollars to allow us to raise the funds to proceed with the two phase program and starting the mine with the existing resource as outlined in the Wardrop Report and commence underground development to allow for the delineation and mine planning of the North Zone."
"Gold prices have continue to improve so we are very pleased at this time with the timing of operations…With the current gold prices we are projected to generate excellent revenue once operations have been achieved at the QR and will make us of this revenue to maximize shareholder value through development of the existing projects and acquisitions as justified," he concluded.
www.resourceinvestor.com/pebble.asp
City of Quesnel History-
www.city.quesnel.bc.ca/Community/history.asp
more info..dd.... tinyurl.com/7ncsqg
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