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americano - Silver at a low price -
If you feel you missed out on investing in oil
since it made the move from $10/barrel to
$60/barrel?
Don't worry, not all commodities move up at
the same time, so this means there is the opportunity
to invest in those that have lagged behind -
such as silver, zinc, copper -
It is important to look at charts of ratios -
between commodities.
For a good site with these charts, see sharelynx.com,
(access for paid subscribers only).
In 1980, at the prior peak prices for both silver
and oil, oil hit about $43/barrel, and
silver hit $50/oz.
In other words, an ounce of silver was worth more
than a barrel of oil.
At the recent low prices of silver and oil,
a few years ago, silver languished at $5/oz., and
oil bottomed out at $10/barrel.
Using those high/low prices as guides, and given
the price of oil today, silver should be somewhere
between $30 to $60 per ounce!
Either that, or oil should be worth between $7
and $14/barrel.
But which is more realistic?
My point is that if you are bullish on oil,
you should invest in silver instead -
because in the long run -
silver will surely outperform oil prices -
as the ratios return to historic ratios
of 2:1 or 1:1 -
http://www.goldrush21.com/
http://tinyurl.com/zdggd
http://tinyurl.com/pwstc
Franklin Mining - FMNJ -
Sockchart TA -
FMNJ - stockchart -
Point and Figure TI calls for -
Bullish Price objective $2.19 -
http://stockcharts.com/gallery/?FMNJ
http://www.investorshub.com/boards/board.asp?board_id=5406
Martucciisstillscum - FMNJ - stockchart -
Point and Figure TI calls for -
Bullish Price objective $2.19 -
http://stockcharts.com/gallery/?FMNJ
http://www.investorshub.com/boards/board.asp?board_id=5406
Franklin Mining - with Gold & Silver -
Old great mines and mill properties -
Old time FMNJ Shareholders would be
very pleased if their long term investments
would give some good returns? -
what will be the trigger point -
time overdue for FMNJ to move -
oversold FMNJ to hike back up? -
old time Franklin Gold Mines in production -
when Gold was about $10/oz -
the fiat$ has really slided down -
Franklin with some of US great Gold mines -
a new generation who only know that we use
Gold around the finger and the neck ? -
all fiat-currencies lose value in ST -
LT - compared to Gold -
will it be the GTL fuel ? -
http://www.investorshub.com/boards/read_msg.asp?message_id=11388754
http://www.pbs.org/independentlens/devilsminer/mountain.html]
el tio day today 6/6-6 ? NO - [but the children need - fmnj 888 - support!
when shall the new generation learn about the Precious Metals -
that the only real money is Gold ? -
http://www.investorshub.com/boards/board.asp?board_id=5406
.
Franklin Mining - with Gold & Silver -
Old great mines and mill properties -
Old time FMNJ Shareholders would be
very pleased if their long term investments
would give some good returns? -
what will be the trigger point -
time overdue for FMNJ to move -
oversold FMNJ to hike back up? -
old time Franklin Gold Mines in production -
when Gold was about $10/oz -
the fiat$ has really slided down -
Franklin with some of US great Gold mines -
a new generation who only know that we use
Gold around the finger and the neck ? -
all fiat-currencies lose value in ST -
LT - compared to Gold -
will it be the GTL fuel ? -
http://www.investorshub.com/boards/read_msg.asp?message_id=11388754
http://www.pbs.org/independentlens/devilsminer/mountain.html]
el tio day today 6/6-6 ? NO - [but the children need - fmnj 888 - support!
when shall the new generation learn about the Precious Metals -
that the only real money is Gold ? -
http://www.investorshub.com/boards/board.asp?board_id=5406
.
batting, welcome to Franklin Mining -
Long Partner,
thanks for the information that You done -
due diligence correspondence with Andrew -
its very good to hear your positivity to FMNJ's -
large projects like the GTL processing plant -
Franklin has secured the rights to an great
opportunities -
and the access to attractive natural resources -
a joint venture with a major player in
the industry may be in the works etc.
btw.
the "Agreements of Intent" is signed -
and often the "Agreements of Intent" i signed -
has been with a deadline for any changes -
and if no changes been made -
the "Agreement of Intent" has become to be
the contract, after the deadline is
past -
http://www.goldrush21.com/
http://www.investorshub.com/boards/quotes.asp?ticker=fmnj&qm_page=13085&qm_symbol=FMNJ
http://www.investorshub.com/boards/board.asp?board_id=5406
Franklin Mining, Bolivia SA
and Franklin Oil & Gas, Bolivia, SA
Retain Behre Dolbear and PricewaterhouseCoopers
Franklin Mining, Bolivia SA
and Franklin Oil & Gas, Bolivia, SA
Retain Behre Dolbear and PricewaterhouseCoopers -
Tuesday June 6, 9:35 am ET
LAS VEGAS, NV--(MARKET WIRE)--Jun 6, 2006 --
Franklin Mining, Inc. -
(Other OTC:FMNJ.PK - News) has retained the local office
of Behre Dolbear International Ltd. -
http://www.dolbear.com
to assist Franklin Mining, Bolivia S.A. with business
plan preparations and to review mineral reserve reports
for all mining projects in Bolivia.
Behre Dolbear -
is one of the oldest, continually operating minerals
industry consulting firms in the world and has
extensive experience in Bolivia.
PricewaterhouseCoopers International Limited -
(www.pwcglobal.com) has been retained to provide audit
and assurance services and to assist Franklin Mining,
Bolivia S.A. and Franklin Oil & Gas, Bolivia, S.A.
with tax compliance issues.
Franklin Mining, Bolivia S.A. and Franklin Oil & Gas,
Bolivia S.A. (Bolivian corporations) are subsidiary
companies of Franklin Mining, Inc;
COMIBOL is Bolivia's state-owned oil company;
and, YPFB (Yacimientos Petroliferos Fiscales Bolivianos)
is Bolivia's state-owned oil company.
For additional information on Franklin Mining, Inc,
please visit our web-site -
http://www.franklinmining.com.
To receive future Franklin Mining -
news by e-mail,
please send contact information to -
info@franklinmining.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining Inc.
To receive future company information via e-mail,
please send your contact information to -
info@franklinmining.com.
Contact:
Contact:
Franklin Mining, Inc.
Andrew Austin
702-386-5379
info@franklinmining.com
Source: Franklin Mining, Inc.
http://www.pbs.org/independentlens/devilsminer/mountain.html
http://www.investorshub.com/boards/board.asp?board_id=5406
In God We Trust.
Franklin Mining, Bolivia SA
and Franklin Oil & Gas, Bolivia, SA
Retain Behre Dolbear and PricewaterhouseCoopers
Franklin Mining, Bolivia SA
and Franklin Oil & Gas, Bolivia, SA
Retain Behre Dolbear and PricewaterhouseCoopers -
Tuesday June 6, 9:35 am ET
LAS VEGAS, NV--(MARKET WIRE)--Jun 6, 2006 --
Franklin Mining, Inc. -
(Other OTC:FMNJ.PK - News) has retained the local office
of Behre Dolbear International Ltd. -
http://www.dolbear.com
to assist Franklin Mining, Bolivia S.A. with business
plan preparations and to review mineral reserve reports
for all mining projects in Bolivia.
Behre Dolbear -
is one of the oldest, continually operating minerals
industry consulting firms in the world and has
extensive experience in Bolivia.
PricewaterhouseCoopers International Limited -
(www.pwcglobal.com) has been retained to provide audit
and assurance services and to assist Franklin Mining,
Bolivia S.A. and Franklin Oil & Gas, Bolivia, S.A.
with tax compliance issues.
Franklin Mining, Bolivia S.A. and Franklin Oil & Gas,
Bolivia S.A. (Bolivian corporations) are subsidiary
companies of Franklin Mining, Inc;
COMIBOL is Bolivia's state-owned oil company;
and, YPFB (Yacimientos Petroliferos Fiscales Bolivianos)
is Bolivia's state-owned oil company.
For additional information on Franklin Mining, Inc,
please visit our web-site -
http://www.franklinmining.com.
To receive future Franklin Mining -
news by e-mail,
please send contact information to -
info@franklinmining.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining Inc.
To receive future company information via e-mail,
please send your contact information to -
info@franklinmining.com.
Contact:
Contact:
Franklin Mining, Inc.
Andrew Austin
702-386-5379
info@franklinmining.com
Source: Franklin Mining, Inc.
http://www.pbs.org/independentlens/devilsminer/mountain.html
http://www.investorshub.com/boards/board.asp?board_id=5406
The Inca Gods Inti - History -
Franklin Mining - The Inca Gods Inti -
The Inca Gods Inti -
(sun) and
Quilla -
(moon)
witness the crowning -
La Virgen del Cerro -
San Miguel with the cross -
consider the San Miguel history -
Cerro Rico -
one of the major veins? -
the above old paintings gives light of a
discovery early -
of the San Miquel Veins -
now JV-owned by FMNJ -
La Virgen del Cerro -
In the top part of the painting -
the Holy Trinity, represented by three
different figures, participates in the
coronation of the Virgin Mary:
* the Eternal Father, dressed in
a pluvial cape -
* the Son, showing the priest's
accountrements for Mass -
* the Holy Spirit represented
by a white dove.
* To the left and to the right
there are the archangels.
San Miguel -
with a cross in his hands and
San Gabriel holding a heart.
This celestial scene is divided from
the terrestrial world by a glorious light
with clouds and cherubins.
The Inca Gods Inti -
(sun) and
Quilla -
(moon) witness the crowning.
In the middle part the painting shows
various allegories:
the origin of the name of the city of Potosi.
In the year 1462 the Emperor of the Incas -
Huayna Capac - came to the very place that
is now occupied by the city and was amazed
when he saw the mountain known as
Sumaj Orcko (Beautiful Mountain).
He ordered his vassals to explore the mountain.
Once they were done they heaved the uproar 'Potojsi'.
This is where the name Potosi is derived from.
In another allegory,
the discovery of Silver in the Cerro Rico -
(Rich Mountain) takes place in 1544.
The Indian Diego Huallpa -
grazed his llamas in the place which is
now the Villa.
One day some of his llamas headed towards
the mountain and one of them was lost.
In search of the lost animal Huallpa -
had to spend a night on the mountain
and because of the cold he made a small
campfire with some Keñau (a native bush)
and wild grasses which grew there.
The next morning, to his great amazament,
Huallpa discovered silver veins, melted
because of the heat of the fire.
In the lower part of the painting appear -
civil and religious authorities thanking
God -
for the wealth of the Mountain.
On the left the Pope, a Cardinal and
a Bishop are depicted.
On the right are Emperor Carlos V -
from Spain, a knight from Santiago
and the donor.
In between them a circle with a city -
Potosi -
which at that time was the center -
of economy and power -
in Latin America.
History often repeat itself -
Repeat - now the San Miguel veins -
owned by FMNJ - Comibol JV venture -
to me the FMNJ NEWS - is fabulous good -
RE: San Miquel veins - one of the early discovery
veins trusted to FMNJ -
to me -
its a very rich vein which has been
mined in the past to a cetain deepth -
below the old workings the richness will
often become richer than in the past history -
but the vein has had some shallow drilling
done by Comibol? -
it tells me that they may got into some
side cracks veinlets -
for the uper main vein has been mined in
the past -
to deep for the children miners without -
the modern proper mining equipments -
still i would only consider what Comibol found -
is a good indication which can lead FMNJ down to -
the real treasures bellow the old workings -
when FMNJ hi-tech state of art modern mining
starting to do the discoveries -
to me - that's why FMNJ has been called in -
for Comibol needed help to get back -
to the old real treasures deeper down? -
the Comibol miners with old equipment at
the best has only been mining the swarm of
narrow fissures veins close to the top ? -
considered to poor for the old spaniards -
consider Cerro Rico as an uplift of powerful
intrusion volcanic activity which has cracked
the earth shale -
the mineralization often the richer the deeper
down the mining goes and most smaller veins leads
down the the trunk -
often looks like a tree -
still the trunk est. in a wide crack can continue
for tens of miles -
still look like a tree with branches at the top -
the branches becomes veins and swarms of smaller
fissure veins etc. at the top -
RE:
The San Miguel vein - in the northwest
quadrant of Cerro Rico de Potosi,
approximately 1,600 meters in length with
a width that reaches 2 meters -
has been traced of - comibol?
recoverable reserves of Silver -
as estimated in COMIBOL's report-
are 154,011 Kilos -
done only with minimal shallow
drilling -
should be considered only as the indications
described above -
Zinc and Tin are estimated to be recoverable
in economically significant quantities and are
to be included in the Joint Venture's
operating plan -
its all there but deeper down -
were the real treasures are still intact for FMNJ -
JV-venture -
RE: Recoverable reserves of Silver -
as estimated in COMIBOL's report-
Note. take it with a grain of salt -
1. We don't know to what deepth they
been drilling - i think 300' maybe? -
if they don't care about safety -
they don't care about reserves? -
the kids eye-ball the mineralization
and chipping away with chisel -
hammer in best case? -
FMNJ - normal drilling in the US -
goes 3000' down - that were the values -
often start to become richer -
today we mine to 20000' deep in SA and
below use of hi-tech robotic control
from the computers at the office -
can run all mining equipment etc.
Cerro Rico, or “Rich Mountain” -
The Worlds Richest Silver Mines -
has been mined for nearly -
- 1000 years.
The Cerro Rico - is still there -
have they got 1000' - 5000' deep -
the most about 75% of the Richest -
mineralization is still intact -
they got to much sniff on the
treasures - 666 - guarded?
FMNJ - its time for modern state
of Art hi-tech mining -
to get to work, boys! -
Cerro Rico -
well, that rich at the top -
the mineralization will be super Rich -
at deepth not weathered -
richer the deeper down we go -
Imo.
Franklin Mining, Bolivia -
- making history -
http://www.investorshub.com/boards/board.asp?board_id=5406
http://www.pbs.org/independentlens/devilsminer/miners.html
In God We Trust.
.
The Inca Gods Inti - History -
Franklin Mining - The Inca Gods Inti -
The Inca Gods Inti -
(sun) and
Quilla -
(moon)
witness the crowning -
La Virgen del Cerro -
San Miguel with the cross -
medicinman, consider the San Miguel history -
Cerro Rico -
one of the major veins? -
the above old paintings gives light of a
discovery early -
of the San Miquel Veins -
now JV-owned by FMNJ -
La Virgen del Cerro -
In the top part of the painting -
the Holy Trinity, represented by three
different figures, participates in the
coronation of the Virgin Mary:
* the Eternal Father, dressed in
a pluvial cape -
* the Son, showing the priest's
accountrements for Mass -
* the Holy Spirit represented
by a white dove.
* To the left and to the right
there are the archangels.
San Miguel -
with a cross in his hands and
San Gabriel holding a heart.
This celestial scene is divided from
the terrestrial world by a glorious light
with clouds and cherubins.
The Inca Gods Inti -
(sun) and
Quilla -
(moon) witness the crowning.
In the middle part the painting shows
various allegories:
the origin of the name of the city of Potosi.
In the year 1462 the Emperor of the Incas -
Huayna Capac - came to the very place that
is now occupied by the city and was amazed
when he saw the mountain known as
Sumaj Orcko (Beautiful Mountain).
He ordered his vassals to explore the mountain.
Once they were done they heaved the uproar 'Potojsi'.
This is where the name Potosi is derived from.
In another allegory,
the discovery of Silver in the Cerro Rico -
(Rich Mountain) takes place in 1544.
The Indian Diego Huallpa -
grazed his llamas in the place which is
now the Villa.
One day some of his llamas headed towards
the mountain and one of them was lost.
In search of the lost animal Huallpa -
had to spend a night on the mountain
and because of the cold he made a small
campfire with some Keñau (a native bush)
and wild grasses which grew there.
The next morning, to his great amazament,
Huallpa discovered silver veins, melted
because of the heat of the fire.
In the lower part of the painting appear -
civil and religious authorities thanking
God -
for the wealth of the Mountain.
On the left the Pope, a Cardinal and
a Bishop are depicted.
On the right are Emperor Carlos V -
from Spain, a knight from Santiago
and the donor.
In between them a circle with a city -
Potosi -
which at that time was the center -
of economy and power -
in Latin America.
History often repeat itself -
Repeat - now the San Miguel veins -
owned by FMNJ - Comibol JV venture -
to me the FMNJ NEWS - is fabulous good -
RE: San Miquel veins - one of the early discovery
veins trusted to FMNJ -
to me -
its a very rich vein which has been
mined in the past to a cetain deepth -
below the old workings the richness will
often become richer than in the past history -
but the vein has had some shallow drilling
done by Comibol? -
it tells me that they may got into some
side cracks veinlets -
for the uper main vein has been mined in
the past -
to deep for the children miners without -
the modern proper mining equipments -
still i would only consider what Comibol found -
is a good indication which can lead FMNJ down to -
the real treasures bellow the old workings -
when FMNJ hi-tech state of art modern mining
starting to do the discoveries -
to me - that's why FMNJ has been called in -
for Comibol needed help to get back -
to the old real treasures deeper down? -
the Comibol miners with old equipment at
the best has only been mining the swarm of
narrow fissures veins close to the top ? -
considered to poor for the old spaniards -
consider Cerro Rico as an uplift of powerful
intrusion volcanic activity which has cracked
the earth shale -
the mineralization often the richer the deeper
down the mining goes and most smaller veins leads
down the the trunk -
often looks like a tree -
still the trunk est. in a wide crack can continue
for tens of miles -
still look like a tree with branches at the top -
the branches becomes veins and swarms of smaller
fissure veins etc. at the top -
RE:
The San Miguel vein - in the northwest
quadrant of Cerro Rico de Potosi,
approximately 1,600 meters in length with
a width that reaches 2 meters -
has been traced of - comibol?
recoverable reserves of Silver -
as estimated in COMIBOL's report-
are 154,011 Kilos -
done only with minimal shallow
drilling -
should be considered only as the indications
described above -
Zinc and Tin are estimated to be recoverable
in economically significant quantities and are
to be included in the Joint Venture's
operating plan -
its all there but deeper down -
were the real treasures are still intact for FMNJ -
JV-venture -
RE: Recoverable reserves of Silver -
as estimated in COMIBOL's report-
Note. take it with a grain of salt -
1. We don't know to what deepth they
been drilling - i think 300' maybe? -
if they don't care about safety -
they don't care about reserves? -
the kids eye-ball the mineralization
and chipping away with chisel -
hammer in best case? -
FMNJ - normal drilling in the US -
goes 3000' down - that were the values -
often start to become richer -
today we mine to 20000' deep in SA and
below use of hi-tech robotic control
from the computers at the office -
can run all mining equipment etc.
Cerro Rico, or “Rich Mountain” -
The Worlds Richest Silver Mines -
has been mined for nearly -
- 1000 years.
The Cerro Rico - is still there -
have they got 1000' - 5000' deep -
the most about 75% of the Richest -
mineralization is still intact -
they got to much sniff on the
treasures - 666 - guarded?
FMNJ - its time for modern state
of Art hi-tech mining -
to get to work, boys! -
Cerro Rico -
well, that rich at the top -
the mineralization will be super Rich -
at deepth not weathered -
richer the deeper down we go -
Imo.
Franklin Mining, Bolivia -
- making history -
http://www.investorshub.com/boards/board.asp?board_id=5406
http://www.pbs.org/independentlens/devilsminer/miners.html
In God We Trust.
.
Peruvian silver miner hits London -
Peruvian silver miner hits London -
(Ex. # 2. how a miner often raise financing)
Louise Armitstead
A COMPANY that owns one of Peru’s most important silver
mines is to join the Alternative Investment Market
in a £110m flotation.
International Consolidated Minerals is in the midst
of an investor roadshow from which it hopes
to raise about £24m.
It is being co-advised by brokers KPC Peel Hunt
and Ambrian Partners.
The company is currently managed by Greg Smith,
an American-born veteran of the metals markets,
who recently bought the silver mine from Haviland,
a Canadian company then in administration.
Smith, who owns a 29% stake in ICM, looks set
to collect as much as £15m from his
six-month investment.
The firm has told investors there is 70m tonnes
of ore in the mine, which equates to
1.25 billion ounces of ore.
The mine also contains large deposits of zinc,
lead and copper as well as silver.
One analyst said:
“The interesting thing about ICM is that it is
coming to AIM as a producing company.
The firm claims it will be cashflow positive
in 90 days.”
Although the price of precious metals is
considered to be overheated, analysts are
confident of getting the float away because ICM
will be one of the few firms producing rather
than exploring for metals.
Richard Chase, director of Ambrian, said:
“This is a big project.
It will be the largest silver-producing mine
quoted on AIM.
“The money raised at the listing will completely
refurbish the existing mine and we fully expect
to be producing large quantities of silver
within five months.”
The price of silver has more than doubled
since last summer, but in recent months has
oscillated violently along with many
other commodities.
http://www.timesonline.co.uk/article/0,,2095-2209634,00.html
Ex. # 1. - a miner raise financing -
http://www.investorshub.com/boards/read_msg.asp?message_id=11394889
http://www.investorshub.com/boards/board.asp?board_id=5406
.
Peruvian silver miner hits London -
Peruvian silver miner hits London -
(Ex. # 2. how a miner often raise financing)
Louise Armitstead
A COMPANY that owns one of Peru’s most important silver
mines is to join the Alternative Investment Market
in a £110m flotation.
International Consolidated Minerals is in the midst
of an investor roadshow from which it hopes
to raise about £24m.
It is being co-advised by brokers KPC Peel Hunt
and Ambrian Partners.
The company is currently managed by Greg Smith,
an American-born veteran of the metals markets,
who recently bought the silver mine from Haviland,
a Canadian company then in administration.
Smith, who owns a 29% stake in ICM, looks set
to collect as much as £15m from his
six-month investment.
The firm has told investors there is 70m tonnes
of ore in the mine, which equates to
1.25 billion ounces of ore.
The mine also contains large deposits of zinc,
lead and copper as well as silver.
One analyst said:
“The interesting thing about ICM is that it is
coming to AIM as a producing company.
The firm claims it will be cashflow positive
in 90 days.”
Although the price of precious metals is
considered to be overheated, analysts are
confident of getting the float away because ICM
will be one of the few firms producing rather
than exploring for metals.
Richard Chase, director of Ambrian, said:
“This is a big project.
It will be the largest silver-producing mine
quoted on AIM.
“The money raised at the listing will completely
refurbish the existing mine and we fully expect
to be producing large quantities of silver
within five months.”
The price of silver has more than doubled
since last summer, but in recent months has
oscillated violently along with many
other commodities.
http://www.timesonline.co.uk/article/0,,2095-2209634,00.html
Ex. # 1. -
http://www.investorshub.com/boards/read_msg.asp?message_id=11394889
http://www.investorshub.com/boards/board.asp?board_id=5406
.
Franklin Mining, Inc. - Gold Rush Started -
Franklin Mining, Inc. - Gold Rush Started -
Est. 1864 - The Gold Rush - still just started -
taraniterror, No - to me its No joke -
to me Gold will go to fiat$10000.- +
if not the US printers - print a new
fiat dollar before $10000.- + ? -
Ex. FMNJ - old gold mines - have plenty of -
Free Gold - visible Gold very rare -
high grade - many new discoveries -
will be made below old workings -
new explorations, development etc. will
be made on FMNJ old Gold Mines -
new Hi-Tech state of art explorations -
will make more and higher results than in
the past Franklin history -
Cerro Rico is another - one of the richest -
mining land properties in the world -
FMNJ - gets it all served on a silver tray ? -
i consider myself as a very fortunate
shareholder who been in Franklin many years -
and has no doubt that the FMNJ will recover
and investors again will discover -
the true FMNJ asset values -
americano thanks,
The Gold Rush21 - is made for every father &
mother who cares for the family members -
i showing the Gold Rush21 for all Sister &
Brother, friends etc. and all have asked me -
were can i buy it ? -
"I want to showed it for my children, family
and friends -
You will really enjoy to see -
The Gold Rush21 -
i do recommend to listen to -
http://www.goldrush21.com/large.html
i do recommend to - All Franklin Shareholders -
to Order the 8 hours DVD's -
its a very small investments for very excellent -
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Bunker - Silver - Part # I - III -
Bunker - Silver - Part # I - III -
The saga of the Hunt Brothers, or at least two of
the 15 kids by several marriages and liaisons of
the old man, H.L Hunt, of necessity must begin
with the father. H.L. Hunt was born in Illinois,
and left home at age 16.
He did a lot of things, such as mule-skinner,
logger, and farm worker.
He seemed to be a gifted card player.
He always played and gambled with cards.
Hearing of the El Dorado oil strike in Arkansas,
he moved to Lake Village, where he began playing
and gambling again.
He decided to take a crack at the oil business, and
his first well was a success.
A friend gave H.L. a tip about a new field
in East Texas.
He struck it rich, and became the largest independent
producer to that time.
He eventually moved to Dallas, where he stayed.
H.L. Hunt began his marital career in a normal way,
by marrying Lyda Bunker.
Bunker Hunt was one offspring of that marriage,
being born Feb 22, 1926. H.L. seemed to have a love
for women and sex, because while married to Lyda,
he also consorted with, and produced children from
Frania Tye, and Ruth Ray.
The children by these other women were no accidents.
H.L. actually believed he was such a genius, that
he owed it to the world to fill it with as many of
his genes as possible.
Lyda died, and he then married Ruth, who gave
him 4 children.
One of Bunker's brothers was Hassie, who looked
exactly like his old man, and became the apple of
his eye, leaving Bunker to helplessly compete for
his father's love and attention.
Hassie was a millionaire by age 21, thanks to his
"inherited" ability to spot oil, but suffered a
mental breakdown.
After numerous treatments by experts from one coast
to the other, Hassie had a prefrontal lobotomy
performed on him, which left him an invalid.
The old man then shifted his attention to Bunker's
younger brothers Herbert and Lamar.
Bunker became the object of H.L.'s anger and
frustration, belittling, ignoring, and criticizing
Bunker without end.
Bunker got a job at Hunt Oil, but the old man never
let him forget that he considered him a stupid
ignoramus.
Bunker got fat, probably because of the old man's
treatment, dropped out of college, and decided that
he was a natural at discovering untapped oil fields,
which of course had best be left to trained geologists.
He drilled $11 million worth of dry holes.
The old man was not impressed, and said that he could
find more oil with a road map, than Bunker could with
a platoon of fancy geologists. Bunker didn't give up.
$250 million worth of dry holes later, he hit it big…
in Libya.
The Sarir Field held an estimated 11 - 13 million
barrels of oil, and half of it belonged to Bunker.
The other half belonged to British Petroleum, but
his half was worth a cool $5 billion, or more than
twice the old man's entire fortune.
Bunker became, overnight, the world's richest private individual.
But he was still broke, due to the debts he had
encountered with all the dry holes, plus there were
no pipelines to carry the Libyan oil.
Bunker borrowed from his Dad to stay afloat for
a bit longer.
Bunker Hunt, is in no way like his father.
No secret families, one wife of many decades, plus
four children and many grandchildren.
Bunker loves food, and has weighed in at close
to 800 pounds it is said.
When I met him back in 1980, he wasn't that heavy,
but between his sloppiness, cheap clothes, and
overweight, he looked like he might have been
almost homeless.
Nevertheless, Bunker Hunt is a truly fine,
Christian man, who has spent his money on hundreds
of worthy causes, and besides, like, me, he
loves ice cream!
Bunker became a board member of the John Birch
Society, it is said, contributing $250,000 a year
to that outfit.
He has a herd of racing horses, and is quick with
figures, but rarely gives to politicians.
Back in 1970, Bunker became obsessed with the
future of the paper dollar, which he decided
wasn't too good.
A commodities broker named Alvin Brodsky was visiting,
and as he looked around the kitchen, where they were
all seated, he asked Bunker, pointing to the table,
utensils, and food, if he thought he could buy them
for the same price a year later.
"No," was the answer, and Brodsky then said,
"You should consider silver."
Bunker's Libyan oil venture was paying him $30 million
a year, tax free, and silver was about $1.50.
Between the Vietnam War, American riots,
Mid-East turmoil, and in Libya, a left wing, dictator,
named Colonel Muammar el-Qaddafi was threatening
to nationalize Bunker's holdings.
Things looked a bit grim to Bunker.
It was still illegal to own gold, which left silver
for hard money enthusiasts to consider.
Slowly at first, only five or ten thousand ounce
lots (!), which were really small change to
the Hunts.
Within three years, silver had doubled to $3 per ounce.
The old man had started HLH Food Products some years
before, and a scandal had erupted. Bunker and Herbert
thought that one of the old man's closest friends was
stealing him blind.
They did a wiretap job, and hired detectives to prove
it.
They got caught, and in January of 1973, were indicted
on a charge of obstruction of justice.
Not a pleasant development.
As if the indictment wasn't bad enough, in May of 1973,
Col. Qaddafi indeed did nationalize Bunker's oil
fields, announcing that he wanted to give America,
a "slap in the face."
Depressed at the world's conditions, Bunker decided
to go really heavy in silver.
Bunker, brother Herbert and step brother in law
Randy Kreiling came together and bought in full bore,
as was the Hunt custom.
They bought, literally millions and millions of
ounces of silver.
Their first order was a December 1973 contract
for 20 million ounces.
By early 1974, the Hunts had accumulated contracts
for 55 million ounces of silver, or from seven to
nine percent of the estimated total world supply.
They had more silver than anyone on earth, except
possibly a few governments or possibly
the exchanges themselves.
Before we go much further, please note that
the Hunts had 55 million ounces of silver
UNDER CONTRACT, and they intended to take delivery
of it, as anyone of you readers who have contracts
should do.
Why? Because the exchanges have but a fraction of
the physical silver they have under contract.
While the Hunts had to put up $160,000 million to
take delivery, they had it.
But the exchanges didn't have much more than that.
If everyone today took delivery of their silver
contracts, where would the exchanges get it?
They don't have but perhaps half of it in physical,
or maybe even less. Would they offer dollars as
a replacement, due to a lack of physical?
Would they simply fold and leave everyone out
in the cold?
It's always wise to get in before it begins to rain,
not after one gets wet.
If it looks like rain, the clouds are heavy and dark,
one could reasonably expect to get wet if
one stayed outside.
If the fact that the Comex has but a miserly supply
of physical to meet their obligations.
Shouldn't everyone want to take delivery?
Isn't that similar to seeing dark clouds and hearing
thunder off in the distance?
Isn't remaining in contracts rather than taking
physical delivery, similar to storing surplus assets
in paper dollars, rather than physical gold and silver?
Of what value is a silver contract, if it begins
to rain physical delivery requests, and there isn't any?
Paper, paper, paper, and of what value is it if there's
nothing in back of it?
Of more than casual circumstances to be dealt with,
was, in Hunt's case, where in the world would one
store 55 million ounces of silver?
That should pose little or no problem for small time
people like you or I, but in the Hunt's case, it was problematical.
First of all, if they took delivery in their state
of Texas, they would be liable for a 4 3/4% tax, and
they certainly didn't want to have that assessed
on them.
They decided to store it in Switzerland.
Simple?
Not really, but it was pretty comical, they way
they did it.
H.L's second family, of which Kreiling was part of,
lived on a 2500 acre ranch east of Dallas.
It was called the "Circle K." Kreiling recruited a
dozen of the Circle C cowboys, and had
a shooting match.
The winners received a special assignment, and that
was to ride shotgun on 40 million ounces of silver
destined for Switzerland.
Fifteen million ounces would remain in the US in
the exchange warehouses in Chicago and New Jersey.
Guns in hand, they flew to New York, where three
chartered 707's waited for them.
The 707's had tape over their insignia, and only the
"N" numbers showed.
Can't be too careful.
It took three big jets to haul 40 million ounces
of silver.
In the dead of night, a convoy or armored trucks
appeared with the silver, and it was loaded onto
the 707's.
Upon arrival at Zurich, another group of armored
trucks met the plane, and off-loaded the silver…under
the watchful eyes of the Circle K cowboys, of course.
But there was too much silver for the Zurich bank
vaults, and some of it was stored in Swiss warehouse.
Cost of the movement? $200,000.
Storage fees?
Half Cent per ounce per month.
Protect yourself.
Bunker - Part II
The Hunts tried, but failed to keep their intentions
a secret.
"Who the hell are these Hunts?" was probably the
question around the trading floor in 1974, when word
got out that someone named Hunt had just taken delivery
of more silver than anyone in history.
In 1974, the year's production of silver was only
245 million ounces, and even back then, the consumption
was about 400 million ounces.
These guys had just taken delivery of 55 million ounces.
The world's above ground supply was estimated at between
600 to 800 million ounces, and it was further estimated
that only 200 million ounces was available for delivery
from futures contracts.
The alarm bells rang, when in April, 1974, Bunker walked
into the COMEX, having never been there before.
Silver was about $6 by then, up from the previous low
of $1.50
In a rare interview, Bunker told a Barron's reporter
that, "Just about anything you buy, rather than paper
is better.
You're bound to come out ahead, in the long pull.
If you don't like gold, use silver, or diamonds,
or copper, but something.
Any damn fool can run a printing press."
How true today!
The old man died in November, and his will left a lot
of angry kids, from three mothers, who thought they were treated unfairly.
That's the way wills are though.
What the deceased said in writing, is what goes, and so
it did.
By March of 1975, silver was down to about $4, and
the Hunt Brothers decided to try to interest foreigners
in purchasing silver, to bring its price up.
So they flew to Tehran to see if the Iranian Pahlevi
family would be interested in joining them.
The answer was "No."
Next stop was to Saudi Arabia to visit King Faisal.
Before he could give an answer, he was assassinated.
No sale there.
The trial for the wire tapping charge began in September,
and the Hunts were exonerated by a jury of their peers.
The legal fees were estimated at a million bucks, so
they were cash squeezed again.
Silver refused to move, so they borrowed on the silver
they owned, and decided to play other commodities.
This was a huge risk.
If they gambled incorrectly on other markets, and silver
went down, they would be in a double loss situation.
All commodities futures are a gamble, and as far as I am
concerned, having lost heavily once, I am not going to
do it again.
But they did.
Before we go a bit further, let's analyze the past
couple of weeks as far as metals prices are concerned.
Silver has dropped about 60 cents an ounce, which
presents a huge buying opportunity.
However, those who have silver futures contract,
undoubtedly had huge margin calls, and huge amounts of
dollars had to be put up to meet them.
I am certain that many futures holders of gold and silver,
or any commodity which has slid, are hurting.
Millions of futures contract investors over the years
have gone bankrupt when their bet went south.
While I consider it a huge buying opportunity, silver
futures contract holders, I am certain, have taken
a bath.
Of course it will go back up, but that doesn't change
the margin calls.
I hope you are not hurting, but I have been preaching
this for a long time.
No one can possibly know what tomorrow will bring, and
a sudden correction can wipe out one's net worth.
Stay clear of futures!
It is said that 95% of futures players loose.
I believe it.
The Hunts bought a 61 percent control of
Great Western United, the nation's largest sugar
refiner, for $30 million.
This brought on all sorts of controls and exposures,
since it was a publicly traded company. Great Western's
revenues promptly declined by $100 million.
By late 1976, Hunt, in the name of Great Western's
trading company, took physical delivery of 20 million
more ounces of silver.
It then got really screwy.
Herbert went to the Philippines and proposed to
Ferdnand Marcos,
(remember him and his wife's 3,000 pairs of shoes?),
that Great Western silver could be sent to
the Philippines, and the Philippines could send sugar
to Great Western's refineries.
The Philippines would trade their silver to the Saudis
for oil.
With the Saudi's having a hundred million dollars
worth of silver, Great Western would have sugar to
refine, and the Philippines would have oil.
Sounded great, but the Philippines were in debt to
the IMF, and the IMF quashed the deal.
In early 1977, Great Western sold its silver for
$88,500,000, which was at a nice profit, but the
company still operated in the red.
The Great Western Trading Company still existed, of course.
Great Western, which was the Hunts, then decided that
maybe the best idea was to control a huge silver mine.
After all, isn't it better to own the mine than to mess
around with the production of the mine?
Big Creek mine was owned by Sunshine Mining, which
was near Kellogg Idaho.
After much legal hassling and bickering, the Hunts,
under the name of Great Western, owned 28% of Sunshine,
and had an agreement that they could purchase the rest
for $15 per share.
They changed the name of Great Western to Hunt
International Resources Corporation, or HIRCO.
Gold had become legal to own, and its price was rising.
Bunker figured that if gold was going up, silver would
too, so rather than staying put, he went after the
Saudis again, and used his friend John Connally as
his deal-maker.
By 1978, silver was on the move again, had crossed $6,
and was headed for $8.
Michael Boswell, the Hunt placed manager of Sunshine,
turned hostile to the Hunt takeover, and said that
the $15 per share agreed upon price was a floor, not
the price agreed upon, and especially since silver
had gone up appreciably.
He wrote to the stockholders and told them "Don't give
Sunshine away."
The stockholders agreed, and the Hunts lost the mine
as well as Sunshine.
In the summer of 1979, thanks to John Connally,
the Hunts and Saudis incorporated International Metals
Investment Company in Bermuda.
Its purpose was to invest in gold, platinum, and silver.
The Sheiks in the outfit had a lot more money than did
the Hunts, so when they decided to buy 90 million ounces
of silver at an average price of $10 per ounce,
on margin, the Hunts were obligated for $450 million
as their half.
Where would they get that many dollars?
They still had the 55 million ounces, which was
appreciating, so they borrowed on that to buy…yes,
more silver.
The buying began in July with 8600 silver futures
contracts bought from the CBOT (Chicago Board of Trade),
and the New York Commodity Exchange, (COMEX).
This placed 43 million ounces under contract for delivery
in the fall.
Other mysterious persons also began buying silver
futures, and in two months, silver went from $8 to $16,
closing at $17.88 on October 3rd.
Bother CBOT and COMEX panicked in a big way.
The Hunts & Co kept buying new futures and taking delivery
on the old ones.
Both warehouses held only 120 million ounces, and that
much was traded in October alone.
It wasn't just the Hunts which caused the price explosion, because gold went up too.
Remember, Jimmy Carter was our President, and inflation
was rampant, as it has been since and still is, but it
was perhaps more obvious then.
The Panama Canal was being given away, the hostages were
in Iran, OPEC had run the price of oil way up, and a
prime rate loan went for over 13%.
Mortgages were at 21%, and the entire world looked
pretty glum to most people.
People were investing in gold and silver at the same time
that the Hunts were trying to corner the world's silver
supply.
Interesting co-incidence?
Was silver's obvious scarcity, driving up gold too?
Or was the world situation driving both up at
the same time?
The interesting fact, is that the gold-silver ratio
in 1980 was 16 to 1. Today, as I write this, it is
62 to 1, and has been as high as 77 to 1, last year.
The ratios are important!
In the 150 years previous to 1980, the ratio was 16 to 1
or thereabouts, and was actually set as such by
the Treasury's buying and coining.
16 to 1 it was.
(I can't finish the Hunts this time, so let's talk about
the silver they were trying to corner.)
Silver became so scarce and highly priced in early 1980
and late 1979, that people were turning in their
flatware, silver vases, and jewelry.
I was witness to this, and bought a lot of beautiful silver
candlesticks and stuff for the spot price.
I was selling gold and silver in daytime, and at night,
we were counting silver to be shipped to the Hunts.
Wild times.
Is there any reason to think that the same ratios will
not resume eventually?
If they do revert to history's ratios, this means that
silver will go up close to four times, percentage wise,
faster than gold.
Based on today's spots, a 16 to 1 ratio would make silver
about $28, to gold's $427.
I doubt that silver will ever go as high as gold, but
some say that gold and the Dow may cross, and I think
that is a possibility.
Protect yourself.
Bunker - Part III
OK, this should finish it! It all ended rather quickly,
as a matter of fact.
As I said in the previous piece, the warehouses of both
the CBOT and COMEX only had 120 million ounces of physical
silver in them, and the Hunts & partners were buying silver
contracts like they were going out of style.
On top of that, they were taking DELIVERY.
How could the COMEX and CBOT deliver all these contracts,
when they had so little in their warehouses?
They obviously were approaching a situation where they
would be unable to do so.
So they changed the rules in mid-stream.
In late 1979, the CBOT changed its rules, and stated that
no investor could hold over 3 million ounces of silver
contracts, and also the margin requirements were raised.
Further, all contracts over 3 million ounces had to be
liquidated by February, 1980.
Not fair?
You bet!
Obviously, a shortage of physical was developing, and
developing fast.
The COMEX and CBOT were doing then, as they are still doing
now, and that is selling futures contracts on things which
they don't possess, and which may not even exist.
If there wasn't a shortage, why were they panicking?
If there was no shortage, why were the prices going up
so quickly?
Didn't matter.
He bought more!
On the last day of 1979, the price of silver was $34.45
At this point, they held 40 million ounces of physical
in Switzerland, and 90 million ounces owned jointly
through International Metals.
Not only that amount of physical, but International Metals
had contracts for 90 million more ounces, due for delivery
in March 1980, from the COMEX alone.
Brother Lamar, also had taken a $300 million silver
position in late 1979 also.
Can you imagine the panic, especially at the COMEX?
Not only did they not have the silver to deliver, as
the contracts called for, but as it later turned out,
a lot of big traders were short silver, and were losing
their collective shirts.
On January 7th, the COMEX changed its rules also, which
was such a rotten, crooked deal, that it has never been
equaled in futures trading since, although in the future,
they may do it again.
This change of rules was (naturally!) upheld by the CFTC.
Now, just for a minute, consider this possibility before
we go further.
Here we are at the beginning of April, 2005, and silver
has gone from about $4 to well over $8, and retreated
to about $7.20.
Inflation rages, thanks to endless government spending
at home, plus hundreds of billions in Iraq and Afghanistan.
The dollar is proliferating like cockroaches in the South Bronx.
The more they print, the less they will be worth,
the higher prices will go, and the more people will get
out of dollars, and into other things, such
as silver and gold.
Why silver and gold?
Because they are historic money, compact, etc.
You know the details, so I won't rehearse them to you.
As the demand for these metals goes up, and it is
already doing so, the physical supplies will have to
increase, or the prices will go up, and go up big.
It takes a lot of time and money to bring
a new mine on line. A
lot of time and money.
The demand could go up quickly, as it did in late 1979
and early 1980.
Far faster than any mine could be brought on line.
Take oil, as an example.
Oil is becoming a scarce commodity, just as silver
was in 1980.
A lot of oil is in ANWAR and Iraq.
It will take years for the oil in ANWAR to be brought
on line, and the Iraq oil is being sabotaged every day,
so it may not be available for years either.
Saudis and the rest of OPEC are pumping as fast as
they can, and China and India are gulping it by
the millions of barrels.
Is oil going to go up?
I think so.
Should you buy futures in it?
I think not, as they might change the rules again,
and you can't take delivery of it anyway.
How about silver futures?
They can change those rules overnight again, just as
they did in 1980.
Suppose millions of people begin buying physical silver,
and order delivery of their futures contracts?
There just isn't that much around to satisfy
those demands.
The warehouses, just like in 1980, have maybe half or
less as much physical, as would be required to fulfill
delivery orders.
The same exact thing could happen again.
Demand, and no supply.
Oil and silver could both do the same.
If you have silver contracts and want to take delivery,
call me.
It's easy to convert them into hundred or ten ounce bars,
or bags of US silver coins.
On January 7, 1980, the COMEX changed its rules…in mid
stream…and said that there would only be allowed ten million
ounces of contracts per trader, and all contracts over that
amount had to be liquidated before February 18th.
On January 17th, silver hit $50 per ounce, and undoubtedly
would have gone higher, if Bunker hadn't been double
crossed by the COMEX and CBOT.
The double cross continued.
On January 21st, the COMEX SUSPENDED TRADING IN SILVER!
Further, they would only accept liquidation orders.
Needless to say, with the markets frozen, silver
dropped $10 almost immediately.
While the price was at $50 or thereabouts, Americans were
selling their silver flatware, vases, candlesticks, and
every bit of silver they could scrape up.
In all, 22 million ounces of scrap came into the market.
In February, the Hunt Group took physical delivery of
another 26 million ounces.
With the COMEX and CBOT double cross, silver went down,
and by March 14th it was down to $21 per ounce.
International Metals still had 60 million ounces worth
of silver contracts, all on margin, and the margin calls
were then $10 million a day.
They had bought contracts at $35, and the price had
plunged to close to half, thanks to the COMEX and CBOT.
At $10 million a day, it isn't hard to go bust!
By March 25th, they ran out of cash, and couldn't meet
their $135 million margin call.
They sold $100 million dollars worth of silver in one day,
and the price kept going down.
On March 27th silver opened at $15.80, and closed at
$10.80. The Hunts owed $1.5 BILLION DOLLARS.
It wasn't just the Hunts that were at risk, but the shorts
and "establishment," which consisted of the many big bankers
and brokers, who just didn't like the idea of a man
cornering the market in anything, and actually thinking
about starting his own silver currency.
Everyone lost, it seemed, except maybe the insiders who
had been saved in their short positions.
Those who thought, rightly, that silver had a long way
to go up, lost, even if they had bought only physical
rather than contracts.
Their physical went down, and it has never yet recovered.
Those who bought paper silver on contracts, lost big,
because all their dollars were gone, and a lot more
demanded by the brokerages probably.
All lost, thanks to the COMEX and CBOT changing rules
and screwing Bunker Hunt and associates out of their
honest dealings.
Today, as far as I know, no one is trying to corner
the world's silver supply, but there's a lot less silver
around now, than there was 25 years ago.
Not only that, but a lot of new uses have been discovered
for it.
As far as I know, Bunker Hunt is still alive and well
in Texas, and although I only met him briefly in 1980,
I am sure he is a devoted family, Christian man.
Silver, I think, will zoom up again, thanks to the failing
dollar, not because of Bunker Hunt.
It isn't just silver that will go up, although it may go up
faster than other items.
Gasoline, butter, tires, and grass seed will go up, and
are going up in dollars every day.
The items aren't worth any more.
It's just that the currency is worth less. It's the same
silver at $4.20 or $50.
It's the same Pepsi at a nickel or $1.50.
The money is simply going down.
Silver is a good way to hedge yourself against inflation.
A "hedge," either literally or financially,
is a protection against things.
Silver is a marvelous hedge!
Protect yourself.
By D. Stott
http://www.investorshub.com/boards/board.asp?board_id=5406
Bunker - Silver - Part # I - III -
Bunker - Silver - Part # I - III -
The saga of the Hunt Brothers, or at least two of
the 15 kids by several marriages and liaisons of
the old man, H.L Hunt, of necessity must begin
with the father. H.L. Hunt was born in Illinois,
and left home at age 16.
He did a lot of things, such as mule-skinner,
logger, and farm worker.
He seemed to be a gifted card player.
He always played and gambled with cards.
Hearing of the El Dorado oil strike in Arkansas,
he moved to Lake Village, where he began playing
and gambling again.
He decided to take a crack at the oil business, and
his first well was a success.
A friend gave H.L. a tip about a new field
in East Texas.
He struck it rich, and became the largest independent
producer to that time.
He eventually moved to Dallas, where he stayed.
H.L. Hunt began his marital career in a normal way,
by marrying Lyda Bunker.
Bunker Hunt was one offspring of that marriage,
being born Feb 22, 1926. H.L. seemed to have a love
for women and sex, because while married to Lyda,
he also consorted with, and produced children from
Frania Tye, and Ruth Ray.
The children by these other women were no accidents.
H.L. actually believed he was such a genius, that
he owed it to the world to fill it with as many of
his genes as possible.
Lyda died, and he then married Ruth, who gave
him 4 children.
One of Bunker's brothers was Hassie, who looked
exactly like his old man, and became the apple of
his eye, leaving Bunker to helplessly compete for
his father's love and attention.
Hassie was a millionaire by age 21, thanks to his
"inherited" ability to spot oil, but suffered a
mental breakdown.
After numerous treatments by experts from one coast
to the other, Hassie had a prefrontal lobotomy
performed on him, which left him an invalid.
The old man then shifted his attention to Bunker's
younger brothers Herbert and Lamar.
Bunker became the object of H.L.'s anger and
frustration, belittling, ignoring, and criticizing
Bunker without end.
Bunker got a job at Hunt Oil, but the old man never
let him forget that he considered him a stupid
ignoramus.
Bunker got fat, probably because of the old man's
treatment, dropped out of college, and decided that
he was a natural at discovering untapped oil fields,
which of course had best be left to trained geologists.
He drilled $11 million worth of dry holes.
The old man was not impressed, and said that he could
find more oil with a road map, than Bunker could with
a platoon of fancy geologists. Bunker didn't give up.
$250 million worth of dry holes later, he hit it big…
in Libya.
The Sarir Field held an estimated 11 - 13 million
barrels of oil, and half of it belonged to Bunker.
The other half belonged to British Petroleum, but
his half was worth a cool $5 billion, or more than
twice the old man's entire fortune.
Bunker became, overnight, the world's richest private individual.
But he was still broke, due to the debts he had
encountered with all the dry holes, plus there were
no pipelines to carry the Libyan oil.
Bunker borrowed from his Dad to stay afloat for
a bit longer.
Bunker Hunt, is in no way like his father.
No secret families, one wife of many decades, plus
four children and many grandchildren.
Bunker loves food, and has weighed in at close
to 800 pounds it is said.
When I met him back in 1980, he wasn't that heavy,
but between his sloppiness, cheap clothes, and
overweight, he looked like he might have been
almost homeless.
Nevertheless, Bunker Hunt is a truly fine,
Christian man, who has spent his money on hundreds
of worthy causes, and besides, like, me, he
loves ice cream!
Bunker became a board member of the John Birch
Society, it is said, contributing $250,000 a year
to that outfit.
He has a herd of racing horses, and is quick with
figures, but rarely gives to politicians.
Back in 1970, Bunker became obsessed with the
future of the paper dollar, which he decided
wasn't too good.
A commodities broker named Alvin Brodsky was visiting,
and as he looked around the kitchen, where they were
all seated, he asked Bunker, pointing to the table,
utensils, and food, if he thought he could buy them
for the same price a year later.
"No," was the answer, and Brodsky then said,
"You should consider silver."
Bunker's Libyan oil venture was paying him $30 million
a year, tax free, and silver was about $1.50.
Between the Vietnam War, American riots,
Mid-East turmoil, and in Libya, a left wing, dictator,
named Colonel Muammar el-Qaddafi was threatening
to nationalize Bunker's holdings.
Things looked a bit grim to Bunker.
It was still illegal to own gold, which left silver
for hard money enthusiasts to consider.
Slowly at first, only five or ten thousand ounce
lots (!), which were really small change to
the Hunts.
Within three years, silver had doubled to $3 per ounce.
The old man had started HLH Food Products some years
before, and a scandal had erupted. Bunker and Herbert
thought that one of the old man's closest friends was
stealing him blind.
They did a wiretap job, and hired detectives to prove
it.
They got caught, and in January of 1973, were indicted
on a charge of obstruction of justice.
Not a pleasant development.
As if the indictment wasn't bad enough, in May of 1973,
Col. Qaddafi indeed did nationalize Bunker's oil
fields, announcing that he wanted to give America,
a "slap in the face."
Depressed at the world's conditions, Bunker decided
to go really heavy in silver.
Bunker, brother Herbert and step brother in law
Randy Kreiling came together and bought in full bore,
as was the Hunt custom.
They bought, literally millions and millions of
ounces of silver.
Their first order was a December 1973 contract
for 20 million ounces.
By early 1974, the Hunts had accumulated contracts
for 55 million ounces of silver, or from seven to
nine percent of the estimated total world supply.
They had more silver than anyone on earth, except
possibly a few governments or possibly
the exchanges themselves.
Before we go much further, please note that
the Hunts had 55 million ounces of silver
UNDER CONTRACT, and they intended to take delivery
of it, as anyone of you readers who have contracts
should do.
Why? Because the exchanges have but a fraction of
the physical silver they have under contract.
While the Hunts had to put up $160,000 million to
take delivery, they had it.
But the exchanges didn't have much more than that.
If everyone today took delivery of their silver
contracts, where would the exchanges get it?
They don't have but perhaps half of it in physical,
or maybe even less. Would they offer dollars as
a replacement, due to a lack of physical?
Would they simply fold and leave everyone out
in the cold?
It's always wise to get in before it begins to rain,
not after one gets wet.
If it looks like rain, the clouds are heavy and dark,
one could reasonably expect to get wet if
one stayed outside.
If the fact that the Comex has but a miserly supply
of physical to meet their obligations.
Shouldn't everyone want to take delivery?
Isn't that similar to seeing dark clouds and hearing
thunder off in the distance?
Isn't remaining in contracts rather than taking
physical delivery, similar to storing surplus assets
in paper dollars, rather than physical gold and silver?
Of what value is a silver contract, if it begins
to rain physical delivery requests, and there isn't any?
Paper, paper, paper, and of what value is it if there's
nothing in back of it?
Of more than casual circumstances to be dealt with,
was, in Hunt's case, where in the world would one
store 55 million ounces of silver?
That should pose little or no problem for small time
people like you or I, but in the Hunt's case, it was problematical.
First of all, if they took delivery in their state
of Texas, they would be liable for a 4 3/4% tax, and
they certainly didn't want to have that assessed
on them.
They decided to store it in Switzerland.
Simple?
Not really, but it was pretty comical, they way
they did it.
H.L's second family, of which Kreiling was part of,
lived on a 2500 acre ranch east of Dallas.
It was called the "Circle K." Kreiling recruited a
dozen of the Circle C cowboys, and had
a shooting match.
The winners received a special assignment, and that
was to ride shotgun on 40 million ounces of silver
destined for Switzerland.
Fifteen million ounces would remain in the US in
the exchange warehouses in Chicago and New Jersey.
Guns in hand, they flew to New York, where three
chartered 707's waited for them.
The 707's had tape over their insignia, and only the
"N" numbers showed.
Can't be too careful.
It took three big jets to haul 40 million ounces
of silver.
In the dead of night, a convoy or armored trucks
appeared with the silver, and it was loaded onto
the 707's.
Upon arrival at Zurich, another group of armored
trucks met the plane, and off-loaded the silver…under
the watchful eyes of the Circle K cowboys, of course.
But there was too much silver for the Zurich bank
vaults, and some of it was stored in Swiss warehouse.
Cost of the movement? $200,000.
Storage fees?
Half Cent per ounce per month.
Protect yourself.
Bunker - Part II
The Hunts tried, but failed to keep their intentions
a secret.
"Who the hell are these Hunts?" was probably the
question around the trading floor in 1974, when word
got out that someone named Hunt had just taken delivery
of more silver than anyone in history.
In 1974, the year's production of silver was only
245 million ounces, and even back then, the consumption
was about 400 million ounces.
These guys had just taken delivery of 55 million ounces.
The world's above ground supply was estimated at between
600 to 800 million ounces, and it was further estimated
that only 200 million ounces was available for delivery
from futures contracts.
The alarm bells rang, when in April, 1974, Bunker walked
into the COMEX, having never been there before.
Silver was about $6 by then, up from the previous low
of $1.50
In a rare interview, Bunker told a Barron's reporter
that, "Just about anything you buy, rather than paper
is better.
You're bound to come out ahead, in the long pull.
If you don't like gold, use silver, or diamonds,
or copper, but something.
Any damn fool can run a printing press."
How true today!
The old man died in November, and his will left a lot
of angry kids, from three mothers, who thought they were treated unfairly.
That's the way wills are though.
What the deceased said in writing, is what goes, and so
it did.
By March of 1975, silver was down to about $4, and
the Hunt Brothers decided to try to interest foreigners
in purchasing silver, to bring its price up.
So they flew to Tehran to see if the Iranian Pahlevi
family would be interested in joining them.
The answer was "No."
Next stop was to Saudi Arabia to visit King Faisal.
Before he could give an answer, he was assassinated.
No sale there.
The trial for the wire tapping charge began in September,
and the Hunts were exonerated by a jury of their peers.
The legal fees were estimated at a million bucks, so
they were cash squeezed again.
Silver refused to move, so they borrowed on the silver
they owned, and decided to play other commodities.
This was a huge risk.
If they gambled incorrectly on other markets, and silver
went down, they would be in a double loss situation.
All commodities futures are a gamble, and as far as I am concerned, having lost heavily once, I am not going to
do it again. But they did.
Before we go a bit further, let's analyze the past
couple of weeks as far as metals prices are concerned.
Silver has dropped about 60 cents an ounce, which
presents a huge buying opportunity.
However, those who have silver futures contract,
undoubtedly had huge margin calls, and huge amounts of
dollars had to be put up to meet them.
I am certain that many futures holders of gold and silver,
or any commodity which has slid, are hurting.
Millions of futures contract investors over the years
have gone bankrupt when their bet went south.
While I consider it a huge buying opportunity, silver
futures contract holders, I am certain, have taken
a bath.
Of course it will go back up, but that doesn't change
the margin calls.
I hope you are not hurting, but I have been preaching
this for a long time.
No one can possibly know what tomorrow will bring, and
a sudden correction can wipe out one's net worth.
Stay clear of futures!
It is said that 95% of futures players loose.
I believe it.
The Hunts bought a 61 percent control of
Great Western United, the nation's largest sugar
refiner, for $30 million.
This brought on all sorts of controls and exposures,
since it was a publicly traded company. Great Western's revenues promptly declined by $100 million.
By late 1976, Hunt, in the name of Great Western's
trading company, took physical delivery of 20 million
more ounces of silver.
It then got really screwy.
Herbert went to the Philippines and proposed to
Ferdnand Marcos,
(remember him and his wife's 3,000 pairs of shoes?),
that Great Western silver could be sent to
the Philippines, and the Philippines could send sugar
to Great Western's refineries.
The Philippines would trade their silver to the Saudis
for oil.
With the Saudi's having a hundred million dollars
worth of silver, Great Western would have sugar to
refine, and the Philippines would have oil.
Sounded great, but the Philippines were in debt to
the IMF, and the IMF quashed the deal.
In early 1977, Great Western sold its silver for
$88,500,000, which was at a nice profit, but the
company still operated in the red.
The Great Western Trading Company still existed, of course.
Great Western, which was the Hunts, then decided that
maybe the best idea was to control a huge silver mine.
After all, isn't it better to own the mine than to mess
around with the production of the mine?
Big Creek mine was owned by Sunshine Mining, which
was near Kellogg Idaho.
After much legal hassling and bickering, the Hunts,
under the name of Great Western, owned 28% of Sunshine,
and had an agreement that they could purchase the rest
for $15 per share.
They changed the name of Great Western to Hunt
International Resources Corporation, or HIRCO.
Gold had become legal to own, and its price was rising.
Bunker figured that if gold was going up, silver would
too, so rather than staying put, he went after the
Saudis again, and used his friend John Connally as
his deal-maker.
By 1978, silver was on the move again, had crossed $6,
and was headed for $8.
Michael Boswell, the Hunt placed manager of Sunshine,
turned hostile to the Hunt takeover, and said that
the $15 per share agreed upon price was a floor, not
the price agreed upon, and especially since silver
had gone up appreciably.
He wrote to the stockholders and told them "Don't give
Sunshine away."
The stockholders agreed, and the Hunts lost the mine
as well as Sunshine.
In the summer of 1979, thanks to John Connally,
the Hunts and Saudis incorporated International Metals Investment Company in Bermuda.
Its purpose was to invest in gold, platinum, and silver.
The Sheiks in the outfit had a lot more money than did
the Hunts, so when they decided to buy 90 million ounces
of silver at an average price of $10 per ounce,
on margin, the Hunts were obligated for $450 million
as their half.
Where would they get that many dollars?
They still had the 55 million ounces, which was
appreciating, so they borrowed on that to buy…yes,
more silver.
The buying began in July with 8600 silver futures
contracts bought from the CBOT (Chicago Board of Trade),
and the New York Commodity Exchange, (COMEX).
This placed 43 million ounces under contract for delivery
in the fall.
Other mysterious persons also began buying silver
futures, and in two months, silver went from $8 to $16,
closing at $17.88 on October 3rd.
Bother CBOT and COMEX panicked in a big way.
The Hunts & Co kept buying new futures and taking delivery
on the old ones.
Both warehouses held only 120 million ounces, and that
much was traded in October alone.
It wasn't just the Hunts which caused the price explosion, because gold went up too.
Remember, Jimmy Carter was our President, and inflation
was rampant, as it has been since and still is, but it
was perhaps more obvious then.
The Panama Canal was being given away, the hostages were
in Iran, OPEC had run the price of oil way up, and a
prime rate loan went for over 13%.
Mortgages were at 21%, and the entire world looked
pretty glum to most people.
People were investing in gold and silver at the same time
that the Hunts were trying to corner the world's silver
supply.
Interesting co-incidence?
Was silver's obvious scarcity, driving up gold too?
Or was the world situation driving both up at
the same time?
The interesting fact, is that the gold-silver ratio
in 1980 was 16 to 1. Today, as I write this, it is
62 to 1, and has been as high as 77 to 1, last year.
The ratios are important!
In the 150 years previous to 1980, the ratio was 16 to 1
or thereabouts, and was actually set as such by
the Treasury's buying and coining.
16 to 1 it was.
(I can't finish the Hunts this time, so let's talk about
the silver they were trying to corner.)
Silver became so scarce and highly priced in early 1980
and late 1979, that people were turning in their
flatware, silver vases, and jewelry.
I was witness to this, and bought a lot of beautiful silver candlesticks and stuff for the spot price.
I was selling gold and silver in daytime, and at night,
we were counting silver to be shipped to the Hunts.
Wild times.
Is there any reason to think that the same ratios will
not resume eventually?
If they do revert to history's ratios, this means that
silver will go up close to four times, percentage wise,
faster than gold.
Based on today's spots, a 16 to 1 ratio would make silver
about $28, to gold's $427.
I doubt that silver will ever go as high as gold, but
some say that gold and the Dow may cross, and I think
that is a possibility.
Protect yourself.
Bunker - Part III
OK, this should finish it! It all ended rather quickly,
as a matter of fact.
As I said in the previous piece, the warehouses of both
the CBOT and COMEX only had 120 million ounces of physical silver in them, and the Hunts & partners were buying silver contracts like they were going out of style.
On top of that, they were taking DELIVERY.
How could the COMEX and CBOT deliver all these contracts,
when they had so little in their warehouses?
They obviously were approaching a situation where they
would be unable to do so.
So they changed the rules in mid-stream.
In late 1979, the CBOT changed its rules, and stated that
no investor could hold over 3 million ounces of silver contracts, and also the margin requirements were raised. Further, all contracts over 3 million ounces had to be liquidated by February, 1980.
Not fair?
You bet!
Obviously, a shortage of physical was developing, and developing fast.
The COMEX and CBOT were doing then, as they are still doing now, and that is selling futures contracts on things which
they don't possess, and which may not even exist.
If there wasn't a shortage, why were they panicking?
If there was no shortage, why were the prices going up
so quickly?
Didn't matter.
He bought more!
On the last day of 1979, the price of silver was $34.45
At this point, they held 40 million ounces of physical
in Switzerland, and 90 million ounces owned jointly
through International Metals.
Not only that amount of physical, but International Metals
had contracts for 90 million more ounces, due for delivery
in March 1980, from the COMEX alone.
Brother Lamar, also had taken a $300 million silver
position in late 1979 also.
Can you imagine the panic, especially at the COMEX?
Not only did they not have the silver to deliver, as
the contracts called for, but as it later turned out,
a lot of big traders were short silver, and were losing
their collective shirts.
On January 7th, the COMEX changed its rules also, which
was such a rotten, crooked deal, that it has never been
equaled in futures trading since, although in the future,
they may do it again.
This change of rules was (naturally!) upheld by the CFTC.
Now, just for a minute, consider this possibility before
we go further.
Here we are at the beginning of April, 2005, and silver
has gone from about $4 to well over $8, and retreated
to about $7.20.
Inflation rages, thanks to endless government spending
at home, plus hundreds of billions in Iraq and Afghanistan.
The dollar is proliferating like cockroaches in the South Bronx.
The more they print, the less they will be worth,
the higher prices will go, and the more people will get
out of dollars, and into other things, such
as silver and gold.
Why silver and gold?
Because they are historic money, compact, etc.
You know the details, so I won't rehearse them to you.
As the demand for these metals goes up, and it is
already doing so, the physical supplies will have to
increase, or the prices will go up, and go up big.
It takes a lot of time and money to bring
a new mine on line. A
lot of time and money.
The demand could go up quickly, as it did in late 1979
and early 1980.
Far faster than any mine could be brought on line.
Take oil, as an example.
Oil is becoming a scarce commodity, just as silver
was in 1980.
A lot of oil is in ANWAR and Iraq.
It will take years for the oil in ANWAR to be brought
on line, and the Iraq oil is being sabotaged every day,
so it may not be available for years either.
Saudis and the rest of OPEC are pumping as fast as
they can, and China and India are gulping it by
the millions of barrels.
Is oil going to go up?
I think so.
Should you buy futures in it?
I think not, as they might change the rules again,
and you can't take delivery of it anyway.
How about silver futures?
They can change those rules overnight again, just as
they did in 1980.
Suppose millions of people begin buying physical silver,
and order delivery of their futures contracts?
There just isn't that much around to satisfy
those demands.
The warehouses, just like in 1980, have maybe half or
less as much physical, as would be required to fulfill
delivery orders.
The same exact thing could happen again.
Demand, and no supply.
Oil and silver could both do the same.
If you have silver contracts and want to take delivery,
call me.
It's easy to convert them into hundred or ten ounce bars,
or bags of US silver coins.
On January 7, 1980, the COMEX changed its rules…in mid stream…and said that there would only be allowed ten million ounces of contracts per trader, and all contracts over that amount had to be liquidated before February 18th.
On January 17th, silver hit $50 per ounce, and undoubtedly would have gone higher, if Bunker hadn't been double
crossed by the COMEX and CBOT.
The double cross continued.
On January 21st, the COMEX SUSPENDED TRADING IN SILVER! Further, they would only accept liquidation orders.
Needless to say, with the markets frozen, silver
dropped $10 almost immediately.
While the price was at $50 or thereabouts, Americans were selling their silver flatware, vases, candlesticks, and
every bit of silver they could scrape up.
In all, 22 million ounces of scrap came into the market.
In February, the Hunt Group took physical delivery of
another 26 million ounces.
With the COMEX and CBOT double cross, silver went down,
and by March 14th it was down to $21 per ounce.
International Metals still had 60 million ounces worth
of silver contracts, all on margin, and the margin calls
were then $10 million a day.
They had bought contracts at $35, and the price had
plunged to close to half, thanks to the COMEX and CBOT.
At $10 million a day, it isn't hard to go bust!
By March 25th, they ran out of cash, and couldn't meet
their $135 million margin call.
They sold $100 million dollars worth of silver in one day,
and the price kept going down.
On March 27th silver opened at $15.80, and closed at
$10.80. The Hunts owed $1.5 BILLION DOLLARS.
It wasn't just the Hunts that were at risk, but the shorts
and "establishment," which consisted of the many big bankers and brokers, who just didn't like the idea of a man
cornering the market in anything, and actually thinking
about starting his own silver currency.
Everyone lost, it seemed, except maybe the insiders who
had been saved in their short positions.
Those who thought, rightly, that silver had a long way
to go up, lost, even if they had bought only physical
rather than contracts.
Their physical went down, and it has never yet recovered.
Those who bought paper silver on contracts, lost big,
because all their dollars were gone, and a lot more
demanded by the brokerages probably.
All lost, thanks to the COMEX and CBOT changing rules
and screwing Bunker Hunt and associates out of their
honest dealings.
Today, as far as I know, no one is trying to corner
the world's silver supply, but there's a lot less silver
around now, than there was 25 years ago.
Not only that, but a lot of new uses have been discovered
for it.
As far as I know, Bunker Hunt is still alive and well
in Texas, and although I only met him briefly in 1980,
I am sure he is a devoted family, Christian man.
Silver, I think, will zoom up again, thanks to the failing dollar, not because of Bunker Hunt.
It isn't just silver that will go up, although it may go up faster than other items.
Gasoline, butter, tires, and grass seed will go up, and
are going up in dollars every day.
The items aren't worth any more.
It's just that the currency is worth less. It's the same
silver at $4.20 or $50.
It's the same Pepsi at a nickel or $1.50.
The money is simply going down.
Silver is a good way to hedge yourself against inflation.
A "hedge," either literally or financially,
is a protection against things.
Silver is a marvelous hedge!
Protect yourself.
By D. Stott
http://www.investorshub.com/boards/board.asp?board_id=5406
americano, the continued weakness of the USD
is just one of the factors that could lead to
a rally in precious metals this week.
Gold May End 3-Week Slide on Speculation Dollar Will Decline
June 5 -- Gold may end its three-week slide on speculation
the dollar will drop against the euro and yen, boosting
the metal's appeal as an alternative investment to U.S.
stocks and bonds.
Fifteen of 28 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on June 1 and June 2 advised buying gold, which fell 2.5 percent last week in New York. Five recommended selling, and eight were neutral.
Gold is up 24 percent this year as the dollar fell 7.7 percent against a basket of six major currencies.
The Standard & Poor's 500 Index climbed 3.2 percent this year, and Treasuries have lost 1.6 percent. Traders say that U.S. Treasury Secretary nominee Henry Paulson will continue a Bush administration push for a weaker dollar.
``Investors are going to start realizing the U.S. is on a deliberate campaign to debase the dollar,' said Peter Schiff, chief executive officer of Darien, Connecticut-based brokerage Euro Pacific Capital, which manages about $400 million.
``When the dollar comes under a lot of pressure, there's a
very strong case for owning gold.'
Gold futures for August delivery fell $16.40 last week to $641 on the Comex division of the New York Mercantile Exchange.
The decline surprised a majority of analysts surveyed May 25 and May 26. The Bloomberg survey has forecast the direction
of prices accurately in 68 of 110 weeks, or 62 percent
of the time.
Three-Week Slump
The precious metal has tumbled three straight weeks since reaching a 26-year high of $732 on May 12. The slide was the longest since July. Funds and large speculators slashed holdings after the metal soared by almost $200 an ounce from the start of the year through mid-May.
``The fundamentals that took gold to over $700 an ounce are still in place,' said Joseph Foster, who helps manage
the $451 million, New York-based Van Eck International Investors Gold Fund that has doubled in the past year.
``We'll go to new highs, and it's possible that we could
test the 1980 high' of $850 an ounce in
the next 12 months, he said.
Hedge-fund managers and large speculators cut their bets in Comex futures in the week ended May 30, U.S. Commodity
Futures Trading Commission data showed on June 2.
Speculative long positions, or bets that prices will rise, outnumbered short positions by 101,487 contracts.
Net-long positions fell by 9,611 contracts, or 9 percent.
``The speculators are going to jump back on board as long as the U.S. dollar continues to decline,' said Josh Harris, a senior trader at Infinity Brokerage Services Inc.
in Chicago.
Investment Demand
Investment demand helped drive the value of the StreetTracks Gold Trust exchange-traded fund to $8.2 billion last month. Each share represents a 10th of an ounce of gold.
``On the investor front, buyers have come back below $650 and more below $635,' said Jon Nadler, an investment-products analyst at Kitco Inc., a gold-trading company in Montreal.
Slowing job growth in the U.S. may change investors'
outlook on the dollar and help boost gold prices,
analysts said.
The U.S. currency historically moved in the opposite direction of gold. That relationship changed last year when gold rose 18 percent while the dollar climbed about 14 percent against the euro and the yen.
The U.S. added only 75,000 jobs in May, lower than the 170,000 estimated by economists.
``The jobs report has me concerned,' said Jim Pogoda, an investor in Summit, New Jersey, and a former precious-metals trader for Mitsubishi Ltd. ``The euro could gather fresh momentum on a breakout, aiding a rebound in gold.'
Pogoda correctly predicted gold would decline the past three weeks.
Wide Price Swings
Wide price swings may discourage buyers. The StreetTracks Gold Trust had the seventh highest volume of any U.S. exchange traded fund in the past 20 trading days, according to data compiled by Bloomberg. An average of 12 million shares were traded in May, double the volume in April.
``For small-time investors, it's very difficult to follow the volatile market,' said Pom Chong Kim, assistant manager at Hansung Co., a precious metals trading company in Seoul.
``So I think a hit-and-run type of trade will continue
for a while.'
Price fluctuations also may keep jewelers out of the market, said Leonard Kaplan, president of Prospector Asset Management in Evanston, Illinois. About 40 percent of his clients are jewelers.
``Jewelers are not big buyers on volatility,' Kaplan said. ``When prices started to come down like they did this past week, they tend not to buy, even if the price is good. They naturally think it's going to fall more.'
Jewelers accounted for 73 percent of purchases last year, according to the producer-funded World Gold Council
in London.
http://www.investorshub.com/boards/board.asp?board_id=5406
New Bolivian Mining Code Draft Proposes Fiscal and Tax
Stability -
New Bolivian Mining Code Draft Proposes Fiscal and Tax
Stability -
Thursday June 1, 8:00 am ET
North American & Bolivian Miner -
has reviewed the Bolivian government's -
Draft Proposal for the new Mining Code, including proposed
changes to the tax structure for mining companies.
The mining company views the initiatives contained in
the proposal as extremely positive.
The proposal was produced following a tripartite commission
that included the Ministry of Mines and Metallurgy,
the Federation of Mining Co-Operatives of Bolivia, and
the Mine Workers Federation of Bolivia.
The miner has received the proposal through its membership
in the Medium Miners Association of Bolivia.
President and CEO J.Carlesso commented:
"The proposed changes to the Bolivian Mining Code are very
positive as they bring a level of fiscal and tax stability
to the country.
The new Mining Code has the potential to stimulate
investment and should create an environment that improves
financing options for companies of all sizes operating in
Bolivia.
Additionally, we expect that changes to the tenure of mining
concessions will spur exploration activity and benefit
active companies.
We have addressed a letter to the Minister of Mines and
Metallurgy indicating our support for the key initiatives
contained in this proposal along with the comment that,
in our view, policy of this nature is extremely helpful
in clarifying the investment opportunity in Bolivia and
in eliminating concerns over the security of investments
made in the mining sector."
In our view, the key points of the Proposed Mining Code as
they have been initially presented are as follows:
1) The scale of the Complementary Mining Tax (ICM) will
not be changed.
2) The current Profit Tax is 25%. Companies have the option
to elect to increase the Profit Tax rate they pay to 30%,
in exchange for a 10 year guarantee of tax stability.
3) Companies with mining investment in excess of
US$100,000,000 will have the ability to execute a 20 year
"Stability Contract" with the Bolivian government.
4) ICM taxes can be credited against the Profits Tax
according to a defined scale for metals prices.
5) A single mining concession shall be limited to 25,000
hectares.
6) There is a three-year time limit to commence exploration
activities once a concession has been granted. If
exploration or mining activity has not begun within that
three year timeframe then the concession will expire.
7) As a means of demonstrating compliance with minimum property
expenditure commitments, quarterly progress and activity
reports will be submitted to mining agencies.
8) The patent application process with respect to surrounding
concessions will be simplified.
9) Annual concession fees will be doubled every five years.
10) Programs will be implemented to ensure ongoing worker
training.
11) Measures will be implemented to discourage and penalize
corruption.
The proposed review process is designed to create a
mechanism for the government to receive comments and
feedback.
A target date of July 20, 2006 - has been set to have the
proposal become the New Bolivian Mining Law.
Trust and knowledge - its not heavy to carry -
United States Of America -
Always helping children in need -
In God We Trust -
http://www.investorshub.com/boards/board.asp?board_id=5406
Btw. imo. i feel 100% secure with all Bolivian people.
New Bolivian Mining Code Draft Proposes Fiscal and Tax
Stability -
New Bolivian Mining Code Draft Proposes Fiscal and Tax
Stability -
Thursday June 1, 8:00 am ET
North American & Bolivian Miner -
has reviewed the Bolivian government's -
Draft Proposal for the new Mining Code, including proposed
changes to the tax structure for mining companies.
The mining company views the initiatives contained in
the proposal as extremely positive.
The proposal was produced following a tripartite commission
that included the Ministry of Mines and Metallurgy,
the Federation of Mining Co-Operatives of Bolivia, and
the Mine Workers Federation of Bolivia.
The miner has received the proposal through its membership
in the Medium Miners Association of Bolivia.
President and CEO J.Carlesso commented:
"The proposed changes to the Bolivian Mining Code are very
positive as they bring a level of fiscal and tax stability
to the country.
The new Mining Code has the potential to stimulate
investment and should create an environment that improves
financing options for companies of all sizes operating in
Bolivia.
Additionally, we expect that changes to the tenure of mining
concessions will spur exploration activity and benefit
active companies.
We have addressed a letter to the Minister of Mines and
Metallurgy indicating our support for the key initiatives
contained in this proposal along with the comment that,
in our view, policy of this nature is extremely helpful
in clarifying the investment opportunity in Bolivia and
in eliminating concerns over the security of investments
made in the mining sector."
In our view, the key points of the Proposed Mining Code as
they have been initially presented are as follows:
1) The scale of the Complementary Mining Tax (ICM) will
not be changed.
2) The current Profit Tax is 25%. Companies have the option
to elect to increase the Profit Tax rate they pay to 30%,
in exchange for a 10 year guarantee of tax stability.
3) Companies with mining investment in excess of
US$100,000,000 will have the ability to execute a 20 year
"Stability Contract" with the Bolivian government.
4) ICM taxes can be credited against the Profits Tax
according to a defined scale for metals prices.
5) A single mining concession shall be limited to 25,000
hectares.
6) There is a three-year time limit to commence exploration
activities once a concession has been granted. If
exploration or mining activity has not begun within that
three year timeframe then the concession will expire.
7) As a means of demonstrating compliance with minimum property
expenditure commitments, quarterly progress and activity
reports will be submitted to mining agencies.
8) The patent application process with respect to surrounding
concessions will be simplified.
9) Annual concession fees will be doubled every five years.
10) Programs will be implemented to ensure ongoing worker
training.
11) Measures will be implemented to discourage and penalize
corruption.
The proposed review process is designed to create a
mechanism for the government to receive comments and
feedback.
A target date of July 20, 2006 - has been set to have the
proposal become the New Bolivian Mining Law.
Trust and knowledge - its not heavy to carry -
United States Of America -
Always helping children in need -
In God We Trust -
http://www.investorshub.com/boards/board.asp?board_id=5406
Btw. imo. i feel 100% secure with all Bolivian people.
Duties calling - i hope to back soon -
thanks for all your FMNJ mission supports -
have a Nice Safe Weekend To All -
Unico Inc - UNCN - Gold Stock Ready to Grow -
• Unico - Gold Stock Ready to Grow -
- UNCN -
Unico, Inc. Announces Additional Improvements to Mill -
and Processing Facility at Deer Trail Mine -
SAN DIEGO, CA, May 19, 2006 (MARKET WIRE via COMTEX) --
Unico Incorporated -
(OTC BB: UNCN) -
a natural resource company in the precious metals mining
sector, today provided additional updates on activity
at the mill and processing facility at the company's -
- Deer Trail Gold Mine -
in Marysvale, Utah.
Reconstruction of the mill and processing facility -
will improve both efficiency and capacity in processing -
operations at the Deer Trail Mine.
Once the mill is operational, Unico's wholly owned
subsidiary -
- Deer Trail Mining Company, LLC -
will begin processing current stockpiles and sell
the concentrates in fulfillment of the company's
five-year purchase contract with PGM, LLC,
a private subsidiary of Polymet Corporation.
Terms of the agreement include a monthly purchase
quantity of 150 tons for the first 6-9 months
and increases to 300 tons through the duration
of the five-year term.
Unico has estimated that the gross cash flow -
produced from this contract could range from -
- $125,000 up to $450,000 per month.
Included in recently completed construction is
additional progress on a new control room,
updated communications infrastructure,
and a new catwalk that extends -
from the observation deck -
to the proposed flotation deck.
After further engineering review -
and millwright work, it was also determined
that it would be more advantageous not to modify
the ball-mill -
from a grate-discharge to a pass-through
open-discharge mill.
As a result, the existing format will be -
maintained, but the system will be made more -
durable and its functionality improved.
New rubber ball mill liners
and grate assembly have been ordered,
and Weir Minerals North America Rubber Engineering
(www.weirminerals.com) has initiated -
the engineering and fabricating work.
After being supplied with the forms and tooling
for the specific ball-mill, Weir Minerals -
completed their on-site inspection -
of final sizing and measurements to begin fabrication.
"We are making excellent progress at -
The Deer Trail Gold & Silver Mill -
and processing facility and are pleased -
at how well the upgrades are going thus far,"
said Mark A. Lopez,
chief executive officer of
Unico, Inc.
"It was decided, after consulting with
Jean Duvall, the millwright working on
the upgrades at the Deer Trail facility,
that changing the ball-mill from a
grate-discharge to a pass-through
open-discharge mill would entail
additional risk we are not willing
to take on.
As we move forward, we will continue
to evaluate further changes and upgrades,
but we are confident that this course
is best at this time."
The ongoing reconstruction will become more
visible though a series of photographs
that Unico expects to make available
on its website -
http://www.uncn.com,
in the coming days.
"As part of revamping our website
to include the most current and complete
information on the company, we will
display a number of pictures that capture
the improvements underway at the mill
and processing facility.
Unico firmly believes that while the company's
most significant and long-term potential value
rests in its subsidiary mine properties,
the initiation of monthly revenues
from its current stockpiles will be
an important milestone in Unico's development.
To that end, we want our shareholders
to see this reconstruction work in progress,"
added Mr. Lopez.
To sign up to receive information by email
directly from Unico, Inc.
when new press releases,
SEC filings or other information is disclosed,
please visit -
http://www.uncn.com/IR/mailinglist.asp.
About Unico, Inc. -
Unico, Inc. -
(www.uncn.com) -
is a publicly traded natural
resource company in the precious metals mining
sector that is focused on the exploration,
development and production of -
Gold -
Silver -
Lead -
Zinc -
and Copper -
- concentrates at its three mine properties:
The Deer Trail Mine -
The Bromide Basin Mine -
and
The Silver Bell Mine.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.
Contacts:
http://www.uncn.com
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
Contact via http://www.marketwire.com/mw/emailprcntct?id=ADA0D09BB3DE9035
www.otcfn.com/uncn
SOURCE:
Unico, Inc.
CONTACT:
http://www.uncn.com
http://www.otcfn.com/uncn
Gemini Financial Communications for
Unico, Inc.
A. Beyer
951-587-8072
Contact via http://www.marketwire.com/mw/emailprcntct?id=31F90494DE1F9177
The Bonanza Gold-Silver Producer -
- 2006 Restarting Gold-Silver Mines Operations -
April 2006 - New Equipment Arriving at -
- The Deer Trail Mine Facility -
http://www.uncn.com/news/othermedia_gallery1.asp
http://finance.yahoo.com/q?s=UNCN.OB
Ps. always do your own dd...
Call the IR etc.
http://www.otcbb.com/asp/quote_module.asp?symbol=uncn
--
.
Unico Inc - UNCN - Gold Stock Ready to Grow -
• Unico - Gold Stock Ready to Grow -
- UNCN -
Unico, Inc. Announces Additional Improvements to Mill -
and Processing Facility at Deer Trail Mine -
SAN DIEGO, CA, May 19, 2006 (MARKET WIRE via COMTEX) --
Unico Incorporated -
(OTC BB: UNCN) -
a natural resource company in the precious metals mining
sector, today provided additional updates on activity
at the mill and processing facility at the company's -
- Deer Trail Gold Mine -
in Marysvale, Utah.
Reconstruction of the mill and processing facility -
will improve both efficiency and capacity in processing -
operations at the Deer Trail Mine.
Once the mill is operational, Unico's wholly owned
subsidiary -
- Deer Trail Mining Company, LLC -
will begin processing current stockpiles and sell
the concentrates in fulfillment of the company's
five-year purchase contract with PGM, LLC,
a private subsidiary of Polymet Corporation.
Terms of the agreement include a monthly purchase
quantity of 150 tons for the first 6-9 months
and increases to 300 tons through the duration
of the five-year term.
Unico has estimated that the gross cash flow -
produced from this contract could range from -
- $125,000 up to $450,000 per month.
Included in recently completed construction is
additional progress on a new control room,
updated communications infrastructure,
and a new catwalk that extends -
from the observation deck -
to the proposed flotation deck.
After further engineering review -
and millwright work, it was also determined
that it would be more advantageous not to modify
the ball-mill -
from a grate-discharge to a pass-through
open-discharge mill.
As a result, the existing format will be -
maintained, but the system will be made more -
durable and its functionality improved.
New rubber ball mill liners
and grate assembly have been ordered,
and Weir Minerals North America Rubber Engineering
(www.weirminerals.com) has initiated -
the engineering and fabricating work.
After being supplied with the forms and tooling
for the specific ball-mill, Weir Minerals -
completed their on-site inspection -
of final sizing and measurements to begin fabrication.
"We are making excellent progress at -
The Deer Trail Gold & Silver Mill -
and processing facility and are pleased -
at how well the upgrades are going thus far,"
said Mark A. Lopez,
chief executive officer of
Unico, Inc.
"It was decided, after consulting with
Jean Duvall, the millwright working on
the upgrades at the Deer Trail facility,
that changing the ball-mill from a
grate-discharge to a pass-through
open-discharge mill would entail
additional risk we are not willing
to take on.
As we move forward, we will continue
to evaluate further changes and upgrades,
but we are confident that this course
is best at this time."
The ongoing reconstruction will become more
visible though a series of photographs
that Unico expects to make available
on its website -
http://www.uncn.com,
in the coming days.
"As part of revamping our website
to include the most current and complete
information on the company, we will
display a number of pictures that capture
the improvements underway at the mill
and processing facility.
Unico firmly believes that while the company's
most significant and long-term potential value
rests in its subsidiary mine properties,
the initiation of monthly revenues
from its current stockpiles will be
an important milestone in Unico's development.
To that end, we want our shareholders
to see this reconstruction work in progress,"
added Mr. Lopez.
To sign up to receive information by email
directly from Unico, Inc.
when new press releases,
SEC filings or other information is disclosed,
please visit -
http://www.uncn.com/IR/mailinglist.asp.
About Unico, Inc. -
Unico, Inc. -
(www.uncn.com) -
is a publicly traded natural
resource company in the precious metals mining
sector that is focused on the exploration,
development and production of -
Gold -
Silver -
Lead -
Zinc -
and Copper -
- concentrates at its three mine properties:
The Deer Trail Mine -
The Bromide Basin Mine -
and
The Silver Bell Mine.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.
Contacts:
http://www.uncn.com
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
Contact via http://www.marketwire.com/mw/emailprcntct?id=ADA0D09BB3DE9035
www.otcfn.com/uncn
SOURCE:
Unico, Inc.
CONTACT:
http://www.uncn.com
http://www.otcfn.com/uncn
Gemini Financial Communications for
Unico, Inc.
A. Beyer
951-587-8072
Contact via http://www.marketwire.com/mw/emailprcntct?id=31F90494DE1F9177
The Bonanza Gold-Silver Producer -
- 2006 Restarting Gold-Silver Mines Operations -
April 2006 - New Equipment Arriving at -
- The Deer Trail Mine Facility -
http://www.uncn.com/news/othermedia_gallery1.asp
http://finance.yahoo.com/q?s=UNCN.OB
Ps. always do your own dd...
Call the IR etc.
http://www.otcbb.com/asp/quote_module.asp?symbol=uncn
--
.
Doug, yes its an old Silver and Gold Mine -
i think its very undervalued - oversold -
The Famous Old Deer Trail Mine -
The Famous Old Deer Trail Mine -
The Salt Lake Mining Review,
also called
"The Mining Review" -
was begun in 1899 by Will C. Higgins,
formerly the mining editor of
the Salt Lake Herald newspaper for three years.
From the December 20, 1922 issue:
"Reports from Marysvale, Utah,
are to the effect that the famous old Deer Trail mine,
owned by the Salisburys of Salt Lake,
and a bonanza gold-silver producer forty years ago,
is right now eclipsing all past records.
It is stated that 250 men are employed at the property
and that forty teams are regularly employed
in hauling crude ore and mill product
to the railroad loading station at Marysvale."
http://www.lib.utah.edu/digital/unews/slmr.html
The Famous Old Deer Trail Mine -
The Bonanza Gold-Silver Producer Is Restarting -
http://www.investorshub.com/boards/read_msg.asp?message_id=11351495
.
Cerro Rico Silver Mines de Potosi, Bolivia -
Cerro Rico Silver Mines de Potosi, Bolivia -
San Bartolome - Leading Coeur's Next Generation in Silver -
Leading Coeur's new growth in silver is San Bartolome,
the largest new primary silver mine to be built
in the Americas in decades.
With construction underway, this major Bolivian silver mine -
is scheduled for annualized production of more -
than 8 million ounces of silver.
The new facility could be completed in 2007.
Cash operating costs are anticipated at $3.50 per ounce,
which at recent market prices would generate significant
cash flow for the Company.
Total proven and probable reserves of more that 150 million
ounces of silver are contained in surface gravel deposits,
or pallacos, which lend themselves to simple,
low-tech surface-mining techniques.
Of the several pallaco deposits which are controlled
by Coeur and surround Cerro Rico mountain -
three are of primary importance and are known as -
Huacajchi -
Diablo -
(consisting of Diablo Norte, and Diablo Este)
and
Santa Rita.
OPIC -
Approves $54 Million for Silver Mine in Bolivia -
Construction, operation of mine will lift local,
national economy
The Overseas Private Investment Corporation (OPIC) -
will provide $54 million in political risk insurance
for the construction and operation of -
The San Bartolome silver mine -
in the Bolivian mining city of Potosí,
according to a January 21 OPIC press release.
The project will be Bolivia's first - # 1. -
modern silver mine -
and will generate 500 jobs during construction and
370 permanent jobs, OPIC explained.
According to OPIC, the project will also establish
a foundation, called Fundespo -
to assist in the development of
the silversmith, industrial and tourism industries -
in Potosí.
OPIC was established as an agency of
The U.S. government in 1971 -
It helps U.S. businesses invest overseas,
fosters economic development in new and emerging markets,
complements the private sector in managing risks
associated with foreign direct investment,
and supports U.S. foreign policy.
http://usinfo.state.gov/wh/Archive/2005/Jan/24-562861.html
http://www.pbs.org/independentlens/devilsminer/more.html
United States Of America -
Always helping children in need -
In God We Trust -
http://www.investorshub.com/boards/board.asp?board_id=5406
Cerro Rico Silver Mines de Potosi, Bolivia -
Cerro Rico Silver Mines de Potosi, Bolivia -
San Bartolome - Leading Coeur's Next Generation in Silver -
Leading Coeur's new growth in silver is San Bartolome,
the largest new primary silver mine to be built
in the Americas in decades.
With construction underway, this major Bolivian silver mine -
is scheduled for annualized production of more -
than 8 million ounces of silver.
The new facility could be completed in 2007.
Cash operating costs are anticipated at $3.50 per ounce,
which at recent market prices would generate significant
cash flow for the Company.
Total proven and probable reserves of more that 150 million
ounces of silver are contained in surface gravel deposits,
or pallacos, which lend themselves to simple,
low-tech surface-mining techniques.
Of the several pallaco deposits which are controlled
by Coeur and surround Cerro Rico mountain -
three are of primary importance and are known as -
Huacajchi -
Diablo -
(consisting of Diablo Norte, and Diablo Este)
and
Santa Rita.
OPIC -
Approves $54 Million for Silver Mine in Bolivia -
Construction, operation of mine will lift local,
national economy
The Overseas Private Investment Corporation (OPIC) -
will provide $54 million in political risk insurance
for the construction and operation of -
The San Bartolome silver mine -
in the Bolivian mining city of Potosí,
according to a January 21 OPIC press release.
The project will be Bolivia's first - # 1. -
modern silver mine -
and will generate 500 jobs during construction and
370 permanent jobs, OPIC explained.
According to OPIC, the project will also establish
a foundation, called Fundespo -
to assist in the development of
the silversmith, industrial and tourism industries -
in Potosí.
OPIC was established as an agency of
The U.S. government in 1971 -
It helps U.S. businesses invest overseas,
fosters economic development in new and emerging markets,
complements the private sector in managing risks
associated with foreign direct investment,
and supports U.S. foreign policy.
http://usinfo.state.gov/wh/Archive/2005/Jan/24-562861.html
http://www.pbs.org/independentlens/devilsminer/more.html
United States Of America -
Always helping children in need -
In God We Trust -
http://www.investorshub.com/boards/board.asp?board_id=5406
Cerro Rico Silver Mines de Potosi, Bolivia -
May Predate Inca -
Bolivia Silver Mines May Predate Inca -
Experts Say -
Hillary Mayell
for National Geographic News -
September 25, 2003
Silver mining in the Bolivian Andes was a well-established
industry 400 years earlier than commonly thought,
The sediments, which date from about A.D. 1000 to 1200, provide
evidence of a major pre-Inca silver industry.
The timing coincides with the waning years of the Tiwanaku
Empire, which dominated the Bolivian Andes from about
A.D. 400 to 1000.
Legend holds that the silver deposit wasn't discovered
until the mid-15th century and that the discovery
was made by Inca ruler Huayna Capac.
"It's not completely unexpected that there was some smelting
going on at that time," said Mark Abbott, a geologist at
the University of Pittsburgh, and a co-author of the study.
"What is unexpected, I think, is the magnitude;
there was a lot going on, and the metal is not accounted
for in the archaeological record."
Very little archaeological work has been done in the region,
and so it is unclear whether the artifacts of the Tiwanaku
have simply not been found yet, or whether they were looted
and recycled by first the Inca and then the Spanish
when they arrived in Potosi in 1545.
History in Lake Sediments
The oldest archaeological site in South America containing metal
artifacts is located in coastal Peru;
the artifacts are dated to between 1400 B.C. and 1100 B.C.
From 200 B.C. to A.D. 1000, sheet metal working was
pervasive throughout the Andes.
When the Spanish arrived in the area,
Inca silver mining was a huge industry, said Abbott.
But there is a curious gap in the archaeological record
from about 1100 to 1450, a period known as
the Altiplano Period, that separates the Tiwanaku
and Inca empires.
To fill this gap, Abbott and Alexander Wolfe extracted
a 74.5 centimeter (29.3-inch) sediment core from the deepest
part of the lake nearest to Cerro Rico, the largest silver
deposit in the Bolivian tin belt.
By analyzing the accumulation of metals associated with
smelting, a heating process used to separate metals,
like silver, from ore, they were able to detect spikes
in the metal concentrations that are indicative of
heavy mining.
The data suggest that several thousand tons of silver
were produced in pre-Inca times.
The study is published in the September 26 issue of
the journal Science.
"The findings are likely to generate controversy because
the lake sediments hold a record of what was going on
that's not supported by the archaeological record,"
said Abbott.
"But analyzing sediment and pollution trails is a way
to use geology and chemistry to look at human history
in a different way.
Even a thousand years ago that lake was pretty polluted."
The first silver mining in the Bolivian Andes was done 400
years earlier than previously believed, according to a
study published today.
The accumulation of the metal in nearby lake sediments indicates
a large pre-Inca silver industry.
Ancient Iberian silver coins—not known to be made from
the Bolivian silver—are pictured above.
Photograph copyright Bates Littlehales,
National Geographic Society -
http://tinyurl.com/zdggd
Cerro Rico Silver Mines de Potosi, Bolivia -
May Predate Inca -
Bolivia Silver Mines May Predate Inca -
Experts Say -
Hillary Mayell
for National Geographic News -
September 25, 2003
Silver mining in the Bolivian Andes was a well-established
industry 400 years earlier than commonly thought,
The sediments, which date from about A.D. 1000 to 1200, provide
evidence of a major pre-Inca silver industry.
The timing coincides with the waning years of the Tiwanaku
Empire, which dominated the Bolivian Andes from about
A.D. 400 to 1000.
Legend holds that the silver deposit wasn't discovered
until the mid-15th century and that the discovery
was made by Inca ruler Huayna Capac.
"It's not completely unexpected that there was some smelting
going on at that time," said Mark Abbott, a geologist at
the University of Pittsburgh, and a co-author of the study.
"What is unexpected, I think, is the magnitude;
there was a lot going on, and the metal is not accounted
for in the archaeological record."
Very little archaeological work has been done in the region,
and so it is unclear whether the artifacts of the Tiwanaku
have simply not been found yet, or whether they were looted
and recycled by first the Inca and then the Spanish
when they arrived in Potosi in 1545.
History in Lake Sediments
The oldest archaeological site in South America containing metal
artifacts is located in coastal Peru;
the artifacts are dated to between 1400 B.C. and 1100 B.C.
From 200 B.C. to A.D. 1000, sheet metal working was
pervasive throughout the Andes.
When the Spanish arrived in the area,
Inca silver mining was a huge industry, said Abbott.
But there is a curious gap in the archaeological record
from about 1100 to 1450, a period known as
the Altiplano Period, that separates the Tiwanaku
and Inca empires.
To fill this gap, Abbott and Alexander Wolfe extracted
a 74.5 centimeter (29.3-inch) sediment core from the deepest
part of the lake nearest to Cerro Rico, the largest silver
deposit in the Bolivian tin belt.
By analyzing the accumulation of metals associated with
smelting, a heating process used to separate metals,
like silver, from ore, they were able to detect spikes
in the metal concentrations that are indicative of
heavy mining.
The data suggest that several thousand tons of silver
were produced in pre-Inca times.
The study is published in the September 26 issue of
the journal Science.
"The findings are likely to generate controversy because
the lake sediments hold a record of what was going on
that's not supported by the archaeological record,"
said Abbott.
"But analyzing sediment and pollution trails is a way
to use geology and chemistry to look at human history
in a different way.
Even a thousand years ago that lake was pretty polluted."
The first silver mining in the Bolivian Andes was done 400
years earlier than previously believed, according to a
study published today.
The accumulation of the metal in nearby lake sediments indicates
a large pre-Inca silver industry.
Ancient Iberian silver coins—not known to be made from
the Bolivian silver—are pictured above.
Photograph copyright Bates Littlehales,
National Geographic Society -
http://tinyurl.com/zdggd
Silver Analyst Theodore Butler -
TED BUTLER COMMENTARY -
May 30, 2006
Facts and Speculation
This essay was written by silver analyst Theodore Butler,
an independent consultant.
Usually, I much prefer to write about silver on a long-term basis, as I am convinced that is the only real way
the average investor can hope to succeed.
Leveraged, short-term trading is not suitable for most investors. Fortunately, the long-term supply/demand fundamentals in silver look as promising today as they
were before the price of silver doubled and tripled.
Furthermore, as an analyst, it is generally safer and easier
to stick to the long view.
But the long view, while safer and easier, can sometimes seem repetitive (even if it is profitable).
So when new developments appear that augment the long-term case, they require attention.
There are some recent developments in silver that hold great potential for influencing the price in the short term, and I’d like to comment on them.
I’ll try to be objective and speak about the facts first, and then speculate a bit as to what the facts may portend.
The first new development is the noticeable recent draw down in COMEX silver inventories.
In just over a week and a half, more than 12 million ounces were removed from the COMEX approved warehouses, mostly from the HSBC facility.
This represents 10 percent of total COMEX silver inventories, leaving a total of 110 million ounces.
I don’t recall that much silver being removed in such a short period of time before.
The removal comes after a particular heavy month of deliveries for the just expired May COMEX silver contract.
Of course, these facts don’t tell us who took the silver out and for what purpose. To know this would be priceless. For these answers, we can only speculate. Here’s my speculation. It was a single entity, not a speculator because the regulators would question it, nor a user because the quantities are too large and the removal would work against a user’s interest. I think the silver is being removed to be sent to London for the ETF. If I am correct it is obviously very bullish, as it would mean there is not enough available silver in London. You don’t ship many thousands of miles if you have the merchandise locally.
Another new development is the leveling off, and reduction, in the actual silver holdings of the silver ETF (SLV). From a peak of 73 million ounces, there has been a reduction to 69.5 million ounces in the trust. Many have been quick to conclude that this indicates a saturation of demand for silver and that the reduction in holdings indicates liquidation by early buyers. These explanations are possible, but they are speculations, not certainties. There are other possibilities that could explain the reductions.
In my opinion, it is more likely that the reduction in silver holdings in the ETF is as a result of withdrawal of physical silver from the trust. This can be affected at any time by an Authorized Participant, simply by turning in shares in basket amounts (50,000 share or 500,000 ounce amounts) and backing up a truck and removing the silver. In fact, this may be the most efficient manner to secure industry-size and grade quantities of silver on a moment’s notice. This would sidestep the delay that can be experienced at the COMEX, where the seller has more to say about the when, where and what of deliveries. This idea had been previously advanced to me by Carl Loeb, who coined the phrase, "Death Star" to describe the silver ETF.
Further, Loeb has also privately pointed out that the ability to withdraw physical silver at any time from the ETF creates the possibility that someone could continue to accumulate a significant quantity of silver, and by removing it from the ETF along the way, create the appearance that there was no new buying. In case you were not aware of it, this is exactly how major financial entities, including hedge funds, send out false market signals to obscure their real actions.
Additionally, the ability to short shares in the silver ETF, by either the sponsor or others, can delay the buying of real silver, in spite of real new buying of shares. I don’t see anything wrong with this, necessarily, as long as the shorted shares are repurchased fairly quickly and the shorting is strictly used as a temporary inventory management and procurement tool. It would definitely not be right if the short position in SLV grew to a large and permanent position, strictly for the purpose of avoiding the purchase of real silver.
In any event, this speculation concerning what may really be behind the flow of silver to the ETF is intended to demonstrate that there are more explanations possible than the ones that first come to mind. I’m inclined to question the explanations suggesting a cooling of investment demand for silver, because that is contrary to other objective measures of silver investment demand. For instance, Silver American Eagle sales from the US Mint are running at all-time record levels for the first 5 months of this year, while gold sales, while respectable, are nowhere near record levels.
The CFTC Consoles the SUA.
In a somewhat related matter, Commissioner Hatfield spoke to the Silver Users Association (SUA) last week. I urge you to read the speech, as I think it was important http://www.cftc.gov/opa/speeches06/opahatfield-4.htm Assuming I won’t unduly influence what you think was the real message; please allow me to offer what I think that message was.
These are the very first public comments, to my knowledge, made by the CFTC about the silver ETF. I find it remarkable that the CFTC has been able to avoid public comment on such an important issue for so long. I don’t even recall the CFTC ever commenting on the gold ETFs, and they’ve been trading for more than a year and a half. The CFTC sounds miffed that the SEC left them out of the ETF decision. This sentiment is shared, I’m sure, by the SUA. I’ve long felt the SUA had the CFTC in their back pocket. Apparently, the SEC is not in that same pocket.
It’s possible that this speech was a CFTC warning to the SUA that they could not expect help from the CFTC in silver matters any longer. The SUA is now on its own. The concluding remarks concerning the threat to the nationalization of silver mines in Latin America should have sent the SUA rushing to buy silver. All in all, it was a very bullish speech for silver, in my opinion.
I must tell you that it is beyond strange to read how the CFTC and SUA talk about silver today, compared to a couple of years ago. Formerly, it was always "there’s plenty of silver, yada, yada, yada." Now, it’s a different tune completely. I suppose I should be grateful that the CFTC is waking up, but I’m not.
Finally, the Commitment of Traders Report (COT) is still super bullish in silver and has gotten a lot better in gold with the gold sell-off and option expirations. Considering the COMEX stock withdrawals and the ETF developments, big moves to the upside in silver would not be surprising -
http://www.investorshub.com/boards/board.asp?board_id=5406
.
Silver Analyst Theodore Butler -
TED BUTLER COMMENTARY -
May 30, 2006
Facts and Speculation
This essay was written by silver analyst Theodore Butler,
an independent consultant.
Usually, I much prefer to write about silver on a long-term basis, as I am convinced that is the only real way
the average investor can hope to succeed.
Leveraged, short-term trading is not suitable for most investors. Fortunately, the long-term supply/demand fundamentals in silver look as promising today as they
were before the price of silver doubled and tripled.
Furthermore, as an analyst, it is generally safer and easier
to stick to the long view.
But the long view, while safer and easier, can sometimes seem repetitive (even if it is profitable).
So when new developments appear that augment the long-term case, they require attention.
There are some recent developments in silver that hold great potential for influencing the price in the short term, and I’d like to comment on them.
I’ll try to be objective and speak about the facts first, and then speculate a bit as to what the facts may portend.
The first new development is the noticeable recent draw down in COMEX silver inventories.
In just over a week and a half, more than 12 million ounces were removed from the COMEX approved warehouses, mostly from the HSBC facility.
This represents 10 percent of total COMEX silver inventories, leaving a total of 110 million ounces.
I don’t recall that much silver being removed in such a short period of time before.
The removal comes after a particular heavy month of deliveries for the just expired May COMEX silver contract.
Of course, these facts don’t tell us who took the silver out and for what purpose. To know this would be priceless. For these answers, we can only speculate. Here’s my speculation. It was a single entity, not a speculator because the regulators would question it, nor a user because the quantities are too large and the removal would work against a user’s interest. I think the silver is being removed to be sent to London for the ETF. If I am correct it is obviously very bullish, as it would mean there is not enough available silver in London. You don’t ship many thousands of miles if you have the merchandise locally.
Another new development is the leveling off, and reduction, in the actual silver holdings of the silver ETF (SLV). From a peak of 73 million ounces, there has been a reduction to 69.5 million ounces in the trust. Many have been quick to conclude that this indicates a saturation of demand for silver and that the reduction in holdings indicates liquidation by early buyers. These explanations are possible, but they are speculations, not certainties. There are other possibilities that could explain the reductions.
In my opinion, it is more likely that the reduction in silver holdings in the ETF is as a result of withdrawal of physical silver from the trust. This can be affected at any time by an Authorized Participant, simply by turning in shares in basket amounts (50,000 share or 500,000 ounce amounts) and backing up a truck and removing the silver. In fact, this may be the most efficient manner to secure industry-size and grade quantities of silver on a moment’s notice. This would sidestep the delay that can be experienced at the COMEX, where the seller has more to say about the when, where and what of deliveries. This idea had been previously advanced to me by Carl Loeb, who coined the phrase, "Death Star" to describe the silver ETF.
Further, Loeb has also privately pointed out that the ability to withdraw physical silver at any time from the ETF creates the possibility that someone could continue to accumulate a significant quantity of silver, and by removing it from the ETF along the way, create the appearance that there was no new buying. In case you were not aware of it, this is exactly how major financial entities, including hedge funds, send out false market signals to obscure their real actions.
Additionally, the ability to short shares in the silver ETF, by either the sponsor or others, can delay the buying of real silver, in spite of real new buying of shares. I don’t see anything wrong with this, necessarily, as long as the shorted shares are repurchased fairly quickly and the shorting is strictly used as a temporary inventory management and procurement tool. It would definitely not be right if the short position in SLV grew to a large and permanent position, strictly for the purpose of avoiding the purchase of real silver.
In any event, this speculation concerning what may really be behind the flow of silver to the ETF is intended to demonstrate that there are more explanations possible than the ones that first come to mind. I’m inclined to question the explanations suggesting a cooling of investment demand for silver, because that is contrary to other objective measures of silver investment demand. For instance, Silver American Eagle sales from the US Mint are running at all-time record levels for the first 5 months of this year, while gold sales, while respectable, are nowhere near record levels.
The CFTC Consoles the SUA.
In a somewhat related matter, Commissioner Hatfield spoke to the Silver Users Association (SUA) last week. I urge you to read the speech, as I think it was important http://www.cftc.gov/opa/speeches06/opahatfield-4.htm Assuming I won’t unduly influence what you think was the real message; please allow me to offer what I think that message was.
These are the very first public comments, to my knowledge, made by the CFTC about the silver ETF. I find it remarkable that the CFTC has been able to avoid public comment on such an important issue for so long. I don’t even recall the CFTC ever commenting on the gold ETFs, and they’ve been trading for more than a year and a half. The CFTC sounds miffed that the SEC left them out of the ETF decision. This sentiment is shared, I’m sure, by the SUA. I’ve long felt the SUA had the CFTC in their back pocket. Apparently, the SEC is not in that same pocket.
It’s possible that this speech was a CFTC warning to the SUA that they could not expect help from the CFTC in silver matters any longer. The SUA is now on its own. The concluding remarks concerning the threat to the nationalization of silver mines in Latin America should have sent the SUA rushing to buy silver. All in all, it was a very bullish speech for silver, in my opinion.
I must tell you that it is beyond strange to read how the CFTC and SUA talk about silver today, compared to a couple of years ago. Formerly, it was always "there’s plenty of silver, yada, yada, yada." Now, it’s a different tune completely. I suppose I should be grateful that the CFTC is waking up, but I’m not.
Finally, the Commitment of Traders Report (COT) is still super bullish in silver and has gotten a lot better in gold with the gold sell-off and option expirations. Considering the COMEX stock withdrawals and the ETF developments, big moves to the upside in silver would not be surprising -
http://www.investorshub.com/boards/board.asp?board_id=5406
.
Repeat: Franklin Oil & Gas, a Division of -
Franklin Mining, Inc., -
Forms Association With - The Shaw Group -
Repeat: Franklin Oil & Gas,
a Division of Franklin Mining, Inc.,
Forms Association With -
The Shaw Group -
Thursday October 6, 2005 9:30 am ET
LAS VEGAS, NV--(MARKET WIRE)--Oct 6, 2005 --
Franklin Mining Inc. -
(Other OTC:FMNJ.PK - News), Franklin Oil & Gas -
(a division of Franklin Mining, Inc.)
is proud to announce that -
The Shaw Group and Franklin Oil & Gas has teamed up.
The Shaw Group Inc. (SGR) -
SGR is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
For further information, please visit Shaw's website at -
http://www.shawgrp.com.
This association gives Franklin Oil & Gas the technical,
operational and financial ability to reconfirm the offer of
the joint venture with Y.P.F.B., the national oil company of
Bolivia.
Franklin Mining, Inc. -
released and posted it's unaudited financial statements
for 2004 on our website -
http://www.franklinmining.com.
DISCLOSURES:
About Bolivia:
Bolivia is a land locked country in South America and is
believed to have 2nd largest gas reserves in South America.
Bolivia is about to go into elections in December and has
suffered from Political unrest and nationwide diesel shortages
in 2005.
Mexico is currently trying to sign gas contracts with Bolivia.
About Franklin Mining, Inc.:
Franklin Mining, Inc. had a complete change of Management and
Board of Directors in 2003. Since then Franklin Mining has
expanded to Colombia and Bolivia as well as to start
operations for Gold mining in Bolivia in 2004. Franklin Oil &
Gas was formed in 2004 as a division of Franklin Mining, Inc.
Our website is www.franklinmining.com
About the Shaw Group
The Shaw Group Inc. -
is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
The Company was recently named to Fortune magazine's annual
list of "America's Most Admired Companies" for the second
consecutive year.
For further information, please visit Shaw's website at
http://www.shawgrp.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of,
Franklin Mining, Inc.
Contact:
Contact:
Steve Starvie
Franklin Mining, Inc.
813-817-2323
Source: Franklin Mining, Inc.
http://biz.yahoo.com/iw/051006/097219.html
http://tinyurl.com/qtwnw
http://tinyurl.com/zdggd
Repeat: Franklin Oil & Gas, a Division of -
Franklin Mining, Inc., -
Forms Association With - The Shaw Group -
Repeat: Franklin Oil & Gas,
a Division of Franklin Mining, Inc.,
Forms Association With -
The Shaw Group -
Thursday October 6, 2005 9:30 am ET
LAS VEGAS, NV--(MARKET WIRE)--Oct 6, 2005 --
Franklin Mining Inc. -
(Other OTC:FMNJ.PK - News), Franklin Oil & Gas -
(a division of Franklin Mining, Inc.)
is proud to announce that -
The Shaw Group and Franklin Oil & Gas has teamed up.
The Shaw Group Inc. (SGR) -
SGR is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
For further information, please visit Shaw's website at -
http://www.shawgrp.com.
This association gives Franklin Oil & Gas the technical,
operational and financial ability to reconfirm the offer of
the joint venture with Y.P.F.B., the national oil company of
Bolivia.
Franklin Mining, Inc. -
released and posted it's unaudited financial statements
for 2004 on our website -
http://www.franklinmining.com.
DISCLOSURES:
About Bolivia:
Bolivia is a land locked country in South America and is
believed to have 2nd largest gas reserves in South America.
Bolivia is about to go into elections in December and has
suffered from Political unrest and nationwide diesel shortages
in 2005.
Mexico is currently trying to sign gas contracts with Bolivia.
About Franklin Mining, Inc.:
Franklin Mining, Inc. had a complete change of Management and
Board of Directors in 2003. Since then Franklin Mining has
expanded to Colombia and Bolivia as well as to start
operations for Gold mining in Bolivia in 2004. Franklin Oil &
Gas was formed in 2004 as a division of Franklin Mining, Inc.
Our website is www.franklinmining.com
About the Shaw Group
The Shaw Group Inc. -
is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
The Company was recently named to Fortune magazine's annual
list of "America's Most Admired Companies" for the second
consecutive year.
For further information, please visit Shaw's website at
http://www.shawgrp.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of,
Franklin Mining, Inc.
Contact:
Contact:
Steve Starvie
Franklin Mining, Inc.
813-817-2323
Source: Franklin Mining, Inc.
http://biz.yahoo.com/iw/051006/097219.html
http://tinyurl.com/qtwnw
http://tinyurl.com/zdggd
Repeat: Franklin Oil & Gas, a Division of -
Franklin Mining, Inc., -
Forms Association With - The Shaw Group -
Repeat: Franklin Oil & Gas,
a Division of Franklin Mining, Inc.,
Forms Association With -
The Shaw Group -
Thursday October 6, 2005 9:30 am ET
LAS VEGAS, NV--(MARKET WIRE)--Oct 6, 2005 --
Franklin Mining Inc. -
(Other OTC:FMNJ.PK - News), Franklin Oil & Gas -
(a division of Franklin Mining, Inc.)
is proud to announce that -
The Shaw Group and Franklin Oil & Gas has teamed up.
The Shaw Group Inc. (SGR) -
SGR is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
For further information, please visit Shaw's website at -
http://www.shawgrp.com.
This association gives Franklin Oil & Gas the technical,
operational and financial ability to reconfirm the offer of
the joint venture with Y.P.F.B., the national oil company of
Bolivia.
Franklin Mining, Inc. -
released and posted it's unaudited financial statements
for 2004 on our website -
http://www.franklinmining.com.
DISCLOSURES:
About Bolivia:
Bolivia is a land locked country in South America and is
believed to have 2nd largest gas reserves in South America.
Bolivia is about to go into elections in December and has
suffered from Political unrest and nationwide diesel shortages
in 2005.
Mexico is currently trying to sign gas contracts with Bolivia.
About Franklin Mining, Inc.:
Franklin Mining, Inc. had a complete change of Management and
Board of Directors in 2003. Since then Franklin Mining has
expanded to Colombia and Bolivia as well as to start
operations for Gold mining in Bolivia in 2004. Franklin Oil &
Gas was formed in 2004 as a division of Franklin Mining, Inc.
Our website is www.franklinmining.com
About the Shaw Group
The Shaw Group Inc. -
is a leading global provider of technology, engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities
management services for government and private sector clients
in the energy, chemical, environmental, infrastructure and
emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 20,000 people
at its offices and operations in North America, South America,
Europe, the Middle East and the Asia-Pacific region.
The Company was recently named to Fortune magazine's annual
list of "America's Most Admired Companies" for the second
consecutive year.
For further information, please visit Shaw's website at
http://www.shawgrp.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of,
Franklin Mining, Inc.
Contact:
Contact:
Steve Starvie
Franklin Mining, Inc.
813-817-2323
Source: Franklin Mining, Inc.
http://biz.yahoo.com/iw/051006/097219.html
http://tinyurl.com/qtwnw
http://tinyurl.com/zdggd
The Shaw Group Inc. - was founded in 1987 -
by Jim Bernhard,
our Chairman and Chief Executive Officer,
and two colleagues
as a fabrication shop in Baton Rouge,
Louisiana.
Driven by leaders with bold vision and a strong
entrepreneurial spirit, the company has evolved into
a diverse engineering, construction, fabrication,
environmental and industrial services organization
with 22,000 employees in strategic locations
around the world -
Throughout our rapid growth, our core values have remained
constant—honesty in decision-making, personal responsibility
and accountability, and leadership by example.
These principles are at the heart of our ability to create
and respond to market opportunities and have fueled
our dramatic expansion.
We welcome you to our website and invite you to learn more
about us -
Charts For The Shaw Group Inc. -
SGR:NYSE -
http://www.shawgrp.com/default.aspx
http://www.investorshub.com/boards/read_msg.asp?message_id=11365709
http://biz.yahoo.com/iw/060531/0132304.html
http://biz.yahoo.com/iw/060531/0132218.html
http://biz.yahoo.com/iw/060530/0131911.html
http://tinyurl.com/zdggd
.
The Shaw Group Inc. - was founded in 1987 -
by Jim Bernhard,
our Chairman and Chief Executive Officer,
and two colleagues
as a fabrication shop in Baton Rouge,
Louisiana.
Driven by leaders with bold vision and a strong
entrepreneurial spirit, the company has evolved into
a diverse engineering, construction, fabrication,
environmental and industrial services organization
with 22,000 employees in strategic locations
around the world -
Throughout our rapid growth, our core values have remained
constant—honesty in decision-making, personal responsibility
and accountability, and leadership by example.
These principles are at the heart of our ability to create
and respond to market opportunities and have fueled
our dramatic expansion.
We welcome you to our website and invite you to learn more
about us -
Charts For The Shaw Group Inc. -
SGR:NYSE -
http://www.shawgrp.com/default.aspx
http://www.investorshub.com/boards/read_msg.asp?message_id=11365709
http://biz.yahoo.com/iw/060531/0132304.html
http://biz.yahoo.com/iw/060531/0132218.html
http://biz.yahoo.com/iw/060530/0131911.html
http://tinyurl.com/zdggd
.
GTL Provides Ultra Clean Fuel, Exceeds Most Clean
Air Standards and Reduces Production Costs -
GTL Provides Ultra Clean Fuel, Exceeds Most Clean
Air Standards and Reduces Production Costs -
Thursday June 1, 10:55 am ET
GTL Technology Has the Potential to Convert Trillions
of Cubic Feet of Natural Gas Into -
Billions of Barrels of Fuel
LAS VEGAS, NV--(MARKET WIRE)--Jun 1, 2006 --
Franklin Mining, Inc.
(Other OTC:FMNJ.PK - News).
GTL technology to be used in the YPFB and Franklin Oil & Gas,
Bolivia S.A. - joint venture processing plant -
will convert natural gas into a liquid synthetic fuel.
Locally known as eco-diesel, the GTL produced fuel will
be a near crystal clear liquid, free from most --
if not all -- pollutants.
The YPFB, Franklin joint venture processing plant -
will provide fuel for both industrial and consumer use.
When available, the eco-diesel product will immediately
begin eliminating Bolivia's need for imported diesel fuels.
GTL produced fuels can be used to power diesel engines
of various uses and applications as well as jet and
natural gas turbines.
Franklin Mining, Inc.'s directors and executives -
believe the YPFB, Franklin Oil & Gas, Bolivia S.A. -
joint venture will provide shareholder value as GTL
technology and Bolivia's abundant natural gas reserves
combine to meet domestic needs and capitalize
on export opportunities.
Both partners in the joint venture created by last
week's MOU will share equally in the net profits
generated by plant operations and sales, marketing
and distribution of all products. It will do so using
existing marketing and distribution infrastructure
(pipelines, storage tanks and delivery vehicles;
wholesalers and distributors; retailers).
As a result of increased interest in and application of GTL
technology, engineering advances have begun reducing the
capital cost of production facilities.
Franklin Mining, Inc. executives are reviewing plant design
and construction needs and requirements anticipating that
all recent technological advancements will be included.
The benefit of GTL technology is becoming increasing clear
as major oil producing companies embrace it:
a serious potential of converting trillions of cubic feet
of natural gas into billions of barrels of fuel.
Not only will operating companies with access to natural
gas reserves realize increased revenues and -- in theory --
eventual increases in bottom line profits, the benefit
of job creation and economic expansion will be
potentially significant in some countries.
The YPFB, Franklin Oil & Gas, Bolivia, S.A. joint venture
partners will benefit equally from the results of their
job creation and cash flow activities as well as profit
distributions.
The Santa Cruz community and all of Bolivia -
should also benefit from a reduced reliance on fuel imported
from other countries as well as the benefits of
an increase in exports.
Franklin Oil & Gas, Bolivia S.A. -
(a Bolivian corporation) is a subsidiary of -
Franklin Mining, Inc.
YPFB (Yacimientos Petroliferos Fiscales Bolivianos),
is Bolivia's state-owned oil company.
Their joint venture company will maintain a
Regional Office in La Paz and an operations office in
the city of Santa Cruz.
The joint venture's GTL processing plant is planned
to be constructed in the Grande River region of
the Department of Santa Cruz, in the eastern portion
of Bolivia.
For additional information on -
Franklin Mining, Inc. -
please visit our web-site -
http://www.franklinmining.com
To receive future Franklin Mining news by e-mail,
please send contact information to
info@franklinmining.com.
DISCLOSURES:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.
To receive future company information via e-mail,
please send your contact information to info@franklinmining.com.
Contact:
Contact:
Franklin Mining, Inc.
Andrew Austin
619-334-5644
info@franklinmining.com
Source: Franklin Mining, Inc.
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GTL Provides Ultra Clean Fuel, Exceeds Most Clean
Air Standards and Reduces Production Costs -
GTL Provides Ultra Clean Fuel, Exceeds Most Clean
Air Standards and Reduces Production Costs -
Thursday June 1, 10:55 am ET
GTL Technology Has the Potential to Convert Trillions
of Cubic Feet of Natural Gas Into -
Billions of Barrels of Fuel
LAS VEGAS, NV--(MARKET WIRE)--Jun 1, 2006 --
Franklin Mining, Inc.
(Other OTC:FMNJ.PK - News).
GTL technology to be used in the YPFB and Franklin Oil & Gas,
Bolivia S.A. - joint venture processing plant -
will convert natural gas into a liquid synthetic fuel.
Locally known as eco-diesel, the GTL produced fuel will
be a near crystal clear liquid, free from most --
if not all -- pollutants.
The YPFB, Franklin joint venture processing plant -
will provide fuel for both industrial and consumer use.
When available, the eco-diesel product will immediately
begin eliminating Bolivia's need for imported diesel fuels.
GTL produced fuels can be used to power diesel engines
of various uses and applications as well as jet and
natural gas turbines.
Franklin Mining, Inc.'s directors and executives -
believe the YPFB, Franklin Oil & Gas, Bolivia S.A. -
joint venture will provide shareholder value as GTL
technology and Bolivia's abundant natural gas reserves
combine to meet domestic needs and capitalize
on export opportunities.
Both partners in the joint venture created by last
week's MOU will share equally in the net profits
generated by plant operations and sales, marketing
and distribution of all products. It will do so using
existing marketing and distribution infrastructure
(pipelines, storage tanks and delivery vehicles;
wholesalers and distributors; retailers).
As a result of increased interest in and application of GTL
technology, engineering advances have begun reducing the
capital cost of production facilities.
Franklin Mining, Inc. executives are reviewing plant design
and construction needs and requirements anticipating that
all recent technological advancements will be included.
The benefit of GTL technology is becoming increasing clear
as major oil producing companies embrace it:
a serious potential of converting trillions of cubic feet
of natural gas into billions of barrels of fuel.
Not only will operating companies with access to natural
gas reserves realize increased revenues and -- in theory --
eventual increases in bottom line profits, the benefit
of job creation and economic expansion will be
potentially significant in some countries.
The YPFB, Franklin Oil & Gas, Bolivia, S.A. joint venture
partners will benefit equally from the results of their
job creation and cash flow activities as well as profit
distributions.
The Santa Cruz community and all of Bolivia -
should also benefit from a reduced reliance on fuel imported
from other countries as well as the benefits of
an increase in exports.
Franklin Oil & Gas, Bolivia S.A. -
(a Bolivian corporation) is a subsidiary of -
Franklin Mining, Inc.
YPFB (Yacimientos Petroliferos Fiscales Bolivianos),
is Bolivia's state-owned oil company.
Their joint venture company will maintain a
Regional Office in La Paz and an operations office in
the city of Santa Cruz.
The joint venture's GTL processing plant is planned
to be constructed in the Grande River region of
the Department of Santa Cruz, in the eastern portion
of Bolivia.
For additional information on -
Franklin Mining, Inc. -
please visit our web-site -
http://www.franklinmining.com
To receive future Franklin Mining news by e-mail,
please send contact information to
info@franklinmining.com.
DISCLOSURES:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.
To receive future company information via e-mail,
please send your contact information to info@franklinmining.com.
Contact:
Contact:
Franklin Mining, Inc.
Andrew Austin
619-334-5644
info@franklinmining.com
Source: Franklin Mining, Inc.
Mail to Friend Email Story
Alerts -
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Eurasia Gold Inc. - EGX -
EGX Euro-Asia Gold -
Euro Klondike -
EGX:TSX -
http://tinyurl.com/r4bzz
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http://www.investorshub.com/boards/board.asp?board_id=5452
Eurasia Gold Inc. - EGX -
EGX Euro-Asia Gold -
Euro Klondike -
EGX:TSX -
http://tinyurl.com/r4bzz
http://www.investorshub.com/boards/board.asp?board_id=2127
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