is close to bankrupcy
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The major factor is the elimination of naked shorting. It is possible this run is short covering or u can say it short squeeze. It is well known fact that all these financials were taken down by short players and once they are out of the game these can go to the modest level of shares price. IMO
Thank u for sharing that with all of us. I know this not usually an easy decision. Best of luck for u and your family.
'Prof_Geo' not really. In fact I got stuck up with this while looking at SIL. When I bought this 1st time, SIL was trading around $25 and that was still under construction.
Since FMNJ was in the same area as SIL plus management was boosting for having a very big deposit at Cerro Ricco mine at Potosi. I thought I have got a lucky break. After many years, though lot of water has already passed under the bridges I have not been successful to let my dream die about this one. Losing bucket full of $$$$ but still thinking some day I might be able to retrieve those hard earned dollars. You know hope does not cost any thing.
Those who are buying now at these levels are lucky and will make a lot of profit from these levels. Patience and only patience and nothing but lot of patience is needed here. IMO
Some more facts about silver.
"This article has many flaws and myths about silver.
Here are facts:
1000AD to 1250AD the Gold/Silver ratio was around ten to one.
1250AD to 1850AD the ratio was sixteen to one or less.
Estimates of total above ground supply of gold is about 4 billion ounces
Estimated produced silver is only about 38-40billion ounces
THAT IS A ten to one ratio!!
BUT more importantly, and what this article and many others like it totally miss is the following concept:
namely most of the gold that has ever been mined has not been used! Instead most of it sits in some dark secure and/or secret location.
On the other hand, a large percentage of silver has been used and WILL NEVER be recovered!
Here's the kicker ===>>>> as a result of heavy destruction industrial uses, much of the silver has been lost and is now UNRECOVERABLE !
It is estimated that silver's above ground supply is one fourth the above ground gold supply !!!
Silver is actually more rare than gold at this time in history. What does this mean for our ratio? Do we now have a possible Gold/Silver ratio of 0.25 to one.
In otherwords, a ratio of 70 to 1 is totally BOGUS! It assumes that all silver ever produced is totally recoverable and available like GOLD is. Well it is not. And some cleaver people have determined that the ratio is actually less than 1 to 1 !!!
in fact silver is more rare than gold since the real ratio is .25 to 1
So why is the price so low?
its called market manipulation and distortion of facts.
There are 4-5 very large NAKED short sellers in the silver markets. Their identities are not known. What they are doing is getting away with trading crimes. Shorting much more than annual production. Constantly putting shorting pressure on the price so that it does not get out of control!
More interesting comment.
"One thing that must be understood is, Silver and Platinum are primarily industrial commodities, while Gold is only partially industrial.
More than 70% of silver demand is made of industrial and photographic uses:
http://www.silverusersassociation.org/silver/demand.shtml
http://www.preciousmetalinvestment.com/silver/world-demand/
and both of these consumption categories must be affected by the recession.
In contrast, out of the 3600 tons of gold demand- only 430 tons is used in industry: http://econjournal.files.wordpress.com/2009/03/image35.png
That demand has dropped more than 10% due to the recession. However, it is more than made up by demand from investments.
So, when you are comparing gold to silver in historic recessions like these you are not comparing apples to apples. Silver and gold generally go together in inflationary situations and can go opposite to each other in deflationary situations."
A passage from a post on Market Watch. For info.
"About 80% of silver is produced as a by-product of targeting other precious and base metals. Currently, since most silver gets used up and discarded (cell phones, TVs, light-bulbs), there is actually more gold above ground than silver. So the best stock to invest in is one of the few stable financially healthy silver mines that is strictly silver production.
"In short, I'm looking for gold to outperform in the short term and silver to outperform later on," he said. Probably true. If gold goes to (and it might) $5,000 that’s a five-fold increase on your return. If silver goes to $78 that’s a six-fold return."
Hi read this interesting report on Silver future.
"Mladjenovic said silver has the "realistic potential" to achieve an intermediate high of about $25 by year-end and within the 2 to 3 years, "current fundamentals, from both industrial and investment demand, coupled with much lower supply, will drive the price of silver to $50." That's silver's nominal record level from 1980."
http://www.marketwatch.com/news/story/silvers-discount-gold-sticks-out/story.aspx?guid=%7BC0A2E965%2D87CE%2D4676%2D8A55%2DE0B3BF3DBD3E%7D&dist=TNMostRead
I mean if they become successful in maintaining the inflation between 5 and 10% the ID automatically gain the strength and respect as a stable currency. The present inflation figure is not able to win as yet the confidence of the people at large. Once Iraqis will be able to maintain that inflation for a reasonable time period, the value of currency will appreciate fast. That will not come only b/c of low inflation but b/c of the accompanying political stability and economic prosperity. IMO
Apart from LOP or RV discussion, I think ID will appreciate faster as there is a sharp drop in inflation. Currency is the reflection of confidence of people in the economy and as the confidence rises so does the exchange rate. IMO
For every thing u are excited about we all old timers are here for the same reasons. Only missing link is a right strategy that include focus on mining and not to jump to every thing that sounds superficially beneficial and some time not related with metal mining.
Several time we were told that either processing has already started. Plants have been purchased and are in the process of installation. Then after several month we are again taken back to preliminary report stage. One time they announced that they have send bulk samples for final testing to a reputed laboratory in Canada and the results will provide bankable document. It is since more then a year and no body even talk about that report except some members here.
You consider Lord Petty genius. No doubt there are still some geniuses like yourself that Petty is surviving as CEO. We wish you buy more then 5 or 10% of 18Billion shares. The only person u will help is Mr.Petty who will feel happy to dilute more OS shares. Good luck to you.
I understand your point. How much any body can average down when there is no light inside this tunnel so far. I'm waiting to see new PR about BOD meeting started this Friday. Agenda of the meeting was, 'how to increase the the share holder value'. What a great head line?
Not possible for me to make it 0.02. My friend even 0.01 target is too optimistic under the given circumstances. Many many people here will be gone at much earlier prices.
'scsuhuskies08'It is great to be optimistic about this investment. However our optimism has caused us to lose 98% of our investment so far. With so much lost and still hanging around shows the strength of our optimism.
Only thing we need from management is to meet their promises. Instead of providing test results from Canadian lab we are now forced to believe on a preliminary report by local field geologist. How on earth any body can feel confident in this investment? Their is a credibility issue. It seems as if they forget every now and then about what they have promised to investor last week and week before.
May be Lord Pity thinks we all are suffering from amnesia like himself.
For the Gold bugs it is to keep in mind that America and the world is going through deflation while Gold is considered as safe heaven against inflation. Therefore there is no immediate reason that gold will sky rocket. However I believe that we will be well of if FMNJ concentrate on mining in Escala and surrounding area. By doing that it is possible our share price will raise up to penny level. Once at that level every body here will be happy camper. Therefore our prosperity is not linked with the dream of God Bugs rather a humble price target of a penny for this stock. IMO
Today's report is nothing more then a statement from an employee [in this case a poor field geologist] under duress. Management has very clearly avoided any responsible and whole burden is on the shoulders of local low level professionals. Although they have tried to save their skin by only issuing a preliminary report for probable reserves. By doing that they have won some more years of wages from their boss.
In 3rd world any CEO of a public or private company can make their employees to produce any desired reports. These professional are not usually licensed by their professional bodies like in developed world. Thus no danger of getting their licenses canceled or revoked. Therefore they can go to any length to please their bosses and make sure they stay employed.
Lord Petty has shown the ability to create some sort of fake life in this, every now and then, whenever he see that retail investors have become agitated.
With all said we want real report and hope Mr. Biste will be able to provide that soon. That will really show the substance in this project. IMO
Sorry I'm leaving my desk to earn some dollars and come back after couple of hours.
They are working on the similar strategy. They do not need my or for that matter any body else suggestion. They are not ashamed to issue similar type of PR one morning and I hope u will not be surprised since I already informed u all. JMO
The recent pattern of this company is coming close to the one called Pearl Asian Mining Industries or PAIM. They fooled share holders and very very reactive to their concern by issuing one after the other PRs with baseless promises.
Story short they gave a dividend to PAIM share holders for a company they created a company with fancy name like Philippine Royal Oil & Alternative Energy or PROL. Shareholders were not allowed to trade the shares of this new brain child until one fine morning few week back I read an announcement that this fancy company will deal with Genetic engineering and stem cell. Following is the that funny PR to read and laugh and find out how easily investors are trapped and fooled repeatedly.
I believe one of the director of our company is known to have been associated with PEARL. For proof I can't provide any but it was long time when some one raised that point here many month before.
With all that said I can't not dump and run away since I'm deep too deep in red here and running is of no use. JIMO
MANILA, PHILIPPINES -- (Marketwire) -- 02/20/09 -- Philippines Royal Oil & Alternative Energy, Inc. (PINKSHEETS: PROL) (FRANKFURT: 3HD) (XETRA: 3HD) looks ahead to the increased demand for bio-genetics engineering, natural alternative healing medicine and stem cell research and development. The company is to become a manufacturer and distributor of products for alternative natural medicine and bio-genetic engineering technology. Diversifying the company's business scheme, PROL's Management entered into a Memorandum of Agreement (MOA) that specializes in this industry.
Last January 2, 2009, PROL's representative visited the potential site in south eastern region of Mindanao Island, Philippines. The company is relocating its corporate headquarter to this region this Spring, to focus on the exploration, research and development of alternative, natural, herbal and bio-genetically engineered medicine for the cure of illnesses such as tuberculosis, cancer, heart disease, leprosy, diabetes, and many more. This move will expedite the smooth transition and diversification of its new business plan.
The relocation to Southern Mindanao was approved by the new 68% majority shareholder, after the former 68% majority shareholder, due to health reasons, sold all of its PROL shares and holdings to RJH Industries, LLC.
On January 19, 2009, RJH acquired the controlling interest in Philippines Royal Oil (PROL). To complete the merger, PROL has undergone corporate re-organization: (a) changes name to Bio-Genex Laboratories, Inc. (b) appointed new board of directors (c) reduces the number of all its Issued & Outstanding shares by a 500 to 1 Reverse Split on company's record date of March 19, 2009, whose effective date will be set upon the change of symbol and CUSIP #, to be announced by MDI NASDAQ. There will be no fractionated shares meaning that all shareholders holding 500 or less of pre-split common shares of PROL will round up -- to receive twenty five (25) post split common shares of Bio-Genex Laboratories, Inc. Specific details to be announced in the next press release. Subsequently, within 90 days, the company intends to pay a restricted dividend of 10 for 1 so that no shareholder will own less than 250 common shares post reverse split and restricted dividend.
PROL's Management strongly believes that with this 2009 merger and acquisition, the new business focus on genetic engineering, stem cell research and development for alternative healing medicine, the company will be able to capitalize the already expected and surging global boom in this industry. It is expected that by the end of 2009, the change of business direction will bring the company closer to its goal to bring in production and profitability.
Bio-Genex is optimistic that this new development will rapidly be of value to the shareholders, while the company submits its NASD 211 to FINRA within the next 3 months.
'dhaliwal_pd' wrote "...and now they are sellin assets of oil when oil is at 40freakin bucks...why not sell last year when oil was at 140bucks???"
They believe in philosophy of buy high and sell low. As long as they have this easy source of money, they are little concern about any body else.
By this memo Petty may be wanted to let us know about his target # for AS. Accordingly depress SP is our fault since we are not placing enough trades and not b/c of dilution by the company. Environmental license is always a very important piece of paper for any mining company. It is hard for me to understand why it was left to this day? May be it was not until Mr. Michael Biste has raised the issue that Mr.Petty scramble to action.
It is in spite of the fact that Franklin lost Colorado mine b/c of environmental issues.
All these new appointments along with the existing organization will increase feasibility cum production cost of these projects. But it shows the level of confidence of our CEO in the success of this venture. I'm sure no other CEO with this type of financial hardship will ever think of appointing such senior level positions in a company with no money. Either we are heading toward complete disaster or we will be turning a corner from here. Let us see where we are going to end up since we have no option to jump the ship and save any of our investment at this level.
Thank u diddi! it looks like Rahmim is expert in GTL and Biste is for mining. Both seem like authorities in their field. Such expert joining a company with 16billion shares @ 0.0001 support a bullish view for this company. Let us hope for the best. IMO
When this Dr. Isaac Rahmim joined or this latest memo is to inform about his joining to Lord Pity's prestigious team of experts? No bio of Dr. Rahmim as of yet. May be he was instrumental in getting Dr. Biste involved. JMO
Interesting commentary.
CIBC is Bearish on silver
(While Canadian Banks have no silver!)
Silver Stock Report
by Jason Hommel, February 9th, 2009
9500 ounces of silver tonight, Monday Night, 7pm Pacific
We have listed at www.seekbullion.com:
3500 Buffalo Rounds
500 Obama Rounds - these came from a bag of 500 that was moved around too much, and contain a few nicks.
1500 oz. of 100 oz. Academy Bars
3000 oz. of a new style of Buffalo with a 1929 Indian on the reverse.
1000 oz. of a new style of a Pirate Skull with Palm trees on the reverse.
Many are wondering what kinds of designs we will have next. We have at least 7 more designs in the works. If you have any coin ideas you would like to share or see made into rounds, please send your ideas to our extraordinary artist who sends near-finished designs to various sculptors: terboted@gmail.com.
Many of our auctions are being bid right at the reserve price, and on some days, we only sell half of what we have listed. That means that now is the perfect time to buy, since your bid will likely win!
Our shipping procedures are beginning to run more smoothly now, and thus, it's a perfect time to register at www.seekbullion.com for our auctions.
Commentary on commentary on commentary:
My commentary on the dumbest commentary of the day:
"After a disastrous late 2008, we feel that silver's downside beta to gold will remain higher than its upside beta," the analysts asserted. "At the first sign of a decline in the price of gold, investors will likely sell their silver holdings, but retain more of their gold holdings, since gold has a superior reputation as an insurance policy compared to silver. Therefore, for 2009, we believe that silver will likely offer lower returns than gold, with higher volatility," according to CIBC.
I'll tell you exactly why that opinion is misguided, and therefore wrong. That analysis suggests that the main drivers in the silver market, both up and down, are investment demand. But investment demand is about 10-20% of the silver market these days, ranging from 50 million to 70 million ounces per year, and possibly as high as 100 million ounces for 2008 by my own ballpark estimate. Mine supply, by contrast, ranges from 550 million ounces to 650 million ounces per year, and other supply consists of scrap and government selling, which adds about another 250 million ounces so that the total supply ranges from 800 to 900 million ounces.
Furthermore, according to my own research and view, silver investors are far smarter and wiser than gold investors, so that if anyone is going to sell precious metals in a foolish panic, it is far, far more likely to be gold investors, not silver investors.
In point of fact, it's not "investment" demand that is driving the silver price all over the place. It's paper futures contract selling, as I've pointed out over and over again. When a large bank can sell up to 130 million ounces of paper silver in futures in a month, with no action by the CFTC, which causes other funds who hold long paper positions to close out their positions due to margin calls, which also adds no silver to the market, price swings to the downside can be volatile, as we have seen. But such manipulations, including issuing foolishly bearish commentary, will not work with wise silver investors who buy physical silver.
The foolish commentators at CIBC go on to say that rising base metals prices will soon flood the market with silver by-product production. Exactly the opposite has taken place! Copper was as high as $4 and is now at $1.60. Zinc was as high as $2, now at $0.53/lb! Lead was as high as $1.10 now at $.54. If the high base metals prices of the past two years did not flood the market with silver, what in the world are they predicting? Copper to run to $10/pound? If the world will see such hyper - inflation, silver is likely to run to $100/oz.! Idiots.
But they are bankers, what can you expect? They are not idiots, they are purposeful, willful, malicious liars! In their view, of course paper money is sound, even though they have so much now from the baiouts, they don't know what to do with it all! Hey, try buying a little silver! Good luck finding it in quantity! I just had to wait 2-3 weeks to get a mere 35,000 oz. from my largest supplier! Maybe that's why prices were going up for a couple weeks last week as I could not get bar numbers for my silver that I ordered!
Meanwhile, coin shops around the nation continue to be nearly sold out of silver, and have more gold. What does that tell you about where prices are going?
Yes, silver dropped a bit today, time to buy on the dip!
=====
Smaller quantities of rounds, such as between 1-20, can be found at my mom's ebay shop:
http://shop.ebay.com/merchant/jkesilver
http://www.momssilvershop.com/
My mom is also taking pains to ship overseas.
Sincerely,
Jason Hommel
www.silverstockreport.com
www.bibleprophesy.org
P.S.
I will be be speaking at the
2009 Phoenix Resource Investment Conference & Silver Summit
Feb 21 & Feb 22, 2009
http://www.cambridgehouse.ca/
If you have never attended a natural resource show, it's a great learning experience to hear from some of the best speakers who are newsletter writers and investors in many natural resource stocks. This year's Phoenix show is co-sponsored the Silver Summit, so many silver mining and exploration companies will be there.
The show is no longer free, but is $35 if you pre-register, and $70 at the door.
My experience in not that good so far. Good to know that u have a positive experience.
245M total buys including 34m after hour. Wishing this as a some positive indicator.
I hope they are not MIA. Logic says they should have left some one holding the fort. I never called them and depended on your and fellow Ihuber's poster's comments here.
Today's buy volume along with the appreciation of gold and silver prices look good for companies like this one. IMO
However with all the optimism there is a lot of risk of reverse split. Since too much of my $$$ are invested here I stop my mind thinking about that scenario. Holding long.
211000000 shares traded and all buy. Does it mean anything? Sentiments is not dumping but buying. IMO
Out of 26M traded today more then 18Millions are sell. How do u say no selling today?
'getthem1'I appreciate your comments. Thanx
Get rich slow get poor fast.
“When a man with money meets a man with experience, the man with the experience ends up with the money, and the man with the money ends up with the experience.”
You have to take their money before they take yours. )))
Do not believe in generalization, if experience is every thing then hedge funds managers and wall street guys would have never lost money and would have not caused whole world to sink along with them. Only valid explanation for losing money in stock market is greed. Investment involve chain of various people at various step. Any one of them can ruin the rest whenever he decide to pursue his greedy agenda. There are many hidden agendas. It is only if we knew that most of the investors would have been far better then they are today. IMO
I mean logically when there is more sell volume or more sellers, the ask is going to drop. May be MM's want to create some artificial interest here. IMO
As of 3:15PM 23.7Million sell and 10.3Million buy. Still ask is 0.0002? Strange!
'Trueheart'
Agree with u one 100%. He is playing with monkeys and he must be laughing hard by doing this so many times and still he find believers here.
'Royalflush1'
"I bought all the way down from 4 cents. We´ll see if we are "complete idiots" or if we are able to recoup this money somehow! I have now 120 times more shares than before (when I got in). I´m in the same boat as Mart here."
It is so sad story with every one of us who got into this during that old jump to 15cent around five years ago. In spite of having been red for lot of $$$$ my average is still around 0.01 cent. I bought down to 0.004 when I decided that some body was right to warn, never put more money in a stock that is on down ward spiral. However I only bought last one 1 million @ 0.0017 thinking that this stock has already bottom out at that time. But our bad dream did not came to end.
That shows my comfort level with this at these level. I know one million per $100 now look like a best price to average down compared to the rate of one million per $40000.00 some of us bought at.
With the existing rate of dilution and with AS @15billion scares me off from putting more hard earned/borrowed dollars into this hole. Like so many Ponzie schemes some one is making his day with some ones dollars some where. Printing shares with no real result on the ground is making some one rich not the share holder.
Mart! that is one way to address anxiety of the investors who are down tens of thousands here. Once they feel comfortable, it will inject new life into this stock. IMO
That is why we need to see the report to make sure it is true. Absence of reference to the Canadian test report is not good. We are not new investor we need substantiated info. PR can't over take importance of authentic test report from accredited laboratory.
"Laboratory analysis of a 6,580 kilo shipment of concentrate from the Escala's Phase I tunnels indicates 77.16 troy ounces of Silver per ton. Phase I's current tunneling is nearly fully complete to its initial planned depth of 30 meters. Applying typical reserves calculations to the Escala's 2 Meter wide, 1.5 Km long mineralized vein structure, the approximate in situ reserves are 9,000,000 tons at the present 30 meter depth."
I hope this analysis is from the tests report they have received from Canada. If it is so then it is appropriate for FMNJ to release complete report for public info. As we were told early last year that full operation of the mine is subject to positive results from that report. I can see from today's PR, they have reportedly started developing new shaft and tunnel. By having report in front of every body we can see what other metals were reported in the sample and in what quantity. That will help remove any doubt generated by simple statement about Silver content of the sample in today's PR. IMO
May be our money has been lost in the fastest growing gambling casinos in Bolivia.
http://news.bbc.co.uk/2/hi/americas/7807319.stm
'TrickyPicky' nice reminder.
Whether it is Bolivia or any where in the world mining equipment will be needed to operate such a plant with that type of capacity. However in countries like Bolivia donkeys can be employed in mining with far less cost and capacity.