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Not a problem. I believe that if the financials are better and I have every reason to believe that they will then you bought at the right time. We should only have to wait about two to three weeks.
Steve, that is for the fiscal year ending on 12-31-06. They already have filed the 10 Q for the period ending on 3-31-07. I am waiting to see the 10Q for the period ending on 6-30-07which should be out in about two weeks.
Steve, I don't see any recent 10Q. Did one come out today?
Today gold closed up $3.90 at $674.80 and silver closed up .06 at$13.11.
Steve, I just got back home about 10 minutes ago. Will take a look now.
I believe that it will still have a long time to run after they start mining at the old Sunshine Mine. That was the richest silver mine in the world at one time and there is still a mountain of silver there.
I was watching it in 2003 when it was about .15. Still watching at $4.22. lol
Hahn, Not now. I have been watching this stock for many years but never bought any.
Sterling in Final Commissioning of Silver Summit Hoist at Sunshine Mine
WALLACE, Idaho--(BUSINESS WIRE)--Sterling Mining Company (OTCBB:SRLM) today reported that the re-engineered Silver Summit Hoist is entering the final stage of commissioning. In addition to performing design and engineering for the power supply, hoist drive and controls, oversight and testing of the hoist and its safety features is being provided by Spencer Engineering of Ontario, Canada, an internationally respected hoist engineering firm, in order to meet stringent federal mine hoist regulations. The hoist is expected to be ready for service by mid-August.
Raymond De Motte, Sterling’s President and CEO, commented, “The Silver Summit Hoist is a major component of our mine plan’s critical path to build production capacity from mining at depth. The Silver Summit Shaft is required by law as a secondary escapeway for the Sunshine Mine in accordance with modern safety standards. Once the hoist is commissioned for full use, we will focus our attention on repairing the Silver Summit Shaft down to the 3,000-foot level to complete the escapeway. Next we will restore power and services in our Sunshine and West Chance vein blocks for mechanized mining to resume from the 2,700 and 3,100-foot levels.”
Initially, hoist operation servicing the Silver Summit Shaft on the east side of the Sunshine Mine will provide for the movement of equipment and personnel to the 3,000-foot level. As deeper mine development and exploration is expanded, the service of the hoist will extend down to the 4,000 foot level.
On the west side of Sunshine Mine, the primary Jewell Shaft hoists were reconditioned and have been operational since April 2004 down to the 3,100 level.
Today gold closed down .50 at $670.90 and silver closed up .08 at $13.05.
I agree.
Ordering a ring on line would be a tough thing to do. There are so many different grades as to inclusions and color. Also, the grading of the same ring will vary a bit from one diamond expert to another.
Tsafi, I bought my wife a diamond ring when I was in Bethlehem many years ago. I believe the name of the jewelry store started with Ben but I am not sure.
LONDON -
The latest figures from the Bank of Spain show that, after no gold sales cleared during June, gold reserves were reduced by another 800,000 ounces or 25 tonnes during July. This takes the Bank's disposals during this current calendar year to 134 tonnes and disposals under the second Central Bank Gold Agreement year-to-date to 4.8 million ounces or 149 tonnes.
It had originally been suggested that the Bank of Spain would, having sold roughly 100 tonnes between February and June, stop there. Clearly this was not the case and begs the question as to how much more the Bank is proposing to sell. The Bank has not publicised its intentions, although there have been some suggestion that it has been able to utilise the quota allocated for Germany, which has specified that it will, in this year at least (as was the case for the last two years) be selling only minimal amounts. The German option for the full five-year period is for up to 600 tonnes of gold sales, of which ten tonnes were completed in the first two years of this CBGA agreement. Remember though, that the rules of the Agreement specify that while a total of 2,500 tonnes may be sold across the whole membership over the five year period, sales should note exceed 500 tonnes in any one year.
This year's Agreement closes on 26th September, leaving us with seven more weeks of sales. Figures from the European Central Bank suggest that sales in the CBGA year to date amount to 353 tonnes (compared with 340 tonnes in the second CBGA year, when sales amounted to just short of 400 tonnes for the year as a whole). This means that if the full 500-tonne quota were to be met this CBGA year then the average weekly rate of sale from now on would have to amount to 21 tonnes, against an average to date of eight tonnes.
The average during July was 17 tonnes, with the resumption of Spanish disposals and the start of disposals from the Swiss National Bank, which is proposing to sell up to 250 tonnes over a period of time in order to rebalance its gold within its foreign exchange reserves to roughly 33% as against 42% at the start of May, when the first gold fix for the month was $677.50. The fix this morning (Tuesday 7th August) was $669.25, at which price the average gold holdings across the world (i.e. including supranational organisations) amounted, to approximately 14.5%. It is not possible to be absolutely precise due to the lag in publication of reserve figures.
The average holding across the members of the European system of Central Banks (not just the ECB itself) amounts currently to approximately 14%, although within that system some of these figures are markedly higher, with Germany at 63% and France at 57%. Spain is currently at 38%. In the United States, of course, (which is not a signatory to the CBGA although along with Japan, it has agreed to abide by the spirit of the Agreement), gold comprises a much higher degree of foreign exchange, at 76%.
At the other end of the scale are the Asian nations, among whom are the world's largest holders of foreign exchange reserves. China's holdings, at a reported 600 tonnes, still amount to just less than one per cent of China's total foreign exchange, while India has 4% and Japan, 2%. It has been regularly suggested that these countries should diversify away from dollars and it is clear that this is underway in a variety of ways (including, for example, China's proposal to set up a separate fund for part of its future foreign exchange accrual, to be invested in alternative assets away from currencies and government instruments). The gold market is too small for a meaningful acquisition in terms of rebalancing currency portfolios, a point that has often been made by some of the governments in question, although there is little doubt that a number of governments are looking more favourably at increasing the level of their gold holdings over a period of time.
Meanwhile the Italian Parliament now has to consider the possibility of reducing gold holdings, although whether it would be allowed to do so for its stated purpose, i.e. to reduce government debt, is not yet clear. Certainly the proposal, when mooted in Germany, some years ago, was not permitted on constitutional grounds
Finally the proposed disposal of 400 tonnes from the IMF would come under the auspices of existing or future Central Bank Gold Agreements and should not worry the market. Indeed the fundamentals of the gold market are easily strong enough to absorb this metal. As the markets became only too well aware over the course of the 1990s, it is not the volume of metal that hits the market that is important, it is the timing and the surrounding levels of uncertainty that is disruptive. This is why the Central Bank Gold Agreement is in place and why we should expect that it will be renewed in two years' time.
Today gold closed down $1.30 at $671.40 and silver closed down .12 at $12.97.
Day to day PM prices mean very little that is why I only keep weekly records on gold and silver.
The last time that Lassonde predicted a price spike in gold was on 6-10-05 when he said gold would hit $520 before the end of the year. On 12-9-05 gold hit $526.30. At the time the gold price was $426.90.
06 Aug 2007, 10:00 AM ET
Silverado Gold Mines Ltd. announced that 1,250 ounces of nugget gold have been recovered to date since the start of sluicing operations in late June of this year.
Newmont Mining Corp vice chairman Pierre Lassonde predicted gold prices would surge to US$750oz later in 2007 and then reach more than US$1000oz, at the official opening of Diggers and Dealers mining conference in the Australian town of Kalgoorlie Monday.
The gold price is currently US$674. A bullish Lassonde also predicted the China-backed mining boom would last for 20 years, but said that the prices of copper, nickel and molybdenum had already peaked, unlike gold, platinum and oil.
“The bull market will last a whole generation – that’s 20 years,” Lassonde said.
He did not specify when he thought the gold price would exceed US$1000oz. “Gold will have three zeros, but I don’t know what that first number will be,” Lassonde told delegates during his opening address.
Kevin it was great to talk to you last night. I didn't mean for it to go to an hour. I hope that I did not keep you from your dinner. :)
Kevin, the company now has 16 billion OS. Time for a 1 for 1,000 reverse split but now Altomare is in no position to initiate an RS.
Altomare just kept adding to the billions of OS.
Abu Dhabi July gold sales volume rises by 10 per cent
Web posted at: 8/5/2007 7:21:11
Source ::: REUTERS
DUBAI • Abu Dhabi gold sales volume rose 10 per cent in July compared to the year-ago period on demand by foreign residents buying gifts ahead of vacations at home, the emirate’s Gold and Jewellery Group (GJG) chairman said yesterday.
“Expatriates continued to buy gold jewellery before their holiday, but sales were slowing down by the end of the month as we approached the holiday season,” Tushar Patni said.
“We also had gold prices rising during that period and some buyers were reluctant to pay more,” he said in a telephone interview.
In May 2006, spot gold bullion hit a 26-year high at $730 an ounce. It closed at $676.40/677.15 a troy ounce on Friday.
Demand from foreign workers and residents in Abu Dhabi buying gifts to take home during the summer holiday boosted volume since the beginning of May, Patni said. “August, which is always the slowest month of the year, and September will be a very quiet period. But sales will pick up again in October, especially during the last 10days of the holy month of Ramadan,” Patni said.
Labour charges and higher costs of living, which have contributed to higher sales prices for finished pieces, will also affect the market, he said.
The volume of gold sales in Abu Dhabi rose 10 per cent on the year in July, while sales value jumped by 25 per cent during the same period, Patni said.
Tax-free jewellery in the United Arab Emirates’ gold souqs and shopping malls draws Gulf Arab and Western tourists.
Some local traders feared gold sales volume in the UAE could fall by about 10 per cent in 2007, as they did in the previous year due to volatility and high prices.
But industry executives have said the regional appetite for gold remains strong despite relatively high prices.
Second-quarter gold demand in the UAE rose almost 14 per cent, while sales value clocked up 25 per cent, Moaz Barakat, managing director of the WGC in the Middle East, Turkey and Pakistan said in July.
The country’s total tonnage demand in the first half of 2007 was up by almost 24 per cent, while sales value saw an increase of 27 per cent during the same period, he said.
“There is a great appetite for gold in the region and gold is back in fashion,” he said.
GOOD news for the gold bugs, but patchy tidings for investors in other metals.
For the first time in a while, gold broke away from equities on Friday, the metal for December delivery rising $US7.80 an ounce to $US684.40/oz.
Silver rose by a similar percentage to $US13.58/oz, ending up 3.5 per cent for the week and back safely -- at least for now -- above that $US13 mark.
Gold investors had been little worried about the recent trend which saw the metal taking hits along with the S&P 500, and that was explained away by the theory that players were selling down gold to plug holes elsewhere in their portfolios.
That explanation, if true, should have seen another parallel move on Friday.
But the signs of a slowing US economy, staying the Federal Reserve's hand on raising interest rates, all point to a falling US dollar, hence the piling into gold.
As BNP Paribas' commodity man in London, David Thurtell, put it in his daily client note to end the week: "Who on earth still believes that a US rate hike is possible this year? The US mortgage market would collapse."
This outlook for the greenback may cause some rethink among the hedge fund managers and other big speculators after Friday's gold uptick. In the seven-day period up until July 31, the net long positions in gold futures on the New York Mercantile Exchange fell.
The US Commodity Futures Trading Commission said that speculative long positions -- those expecting gold to go up -- still outnumbered the shorts by 80,889 contracts, as of last Tuesday.
This represented a fall of 34 per cent in the net long position. But those short positions may look increasingly unattractive.
On the base metals front, everything but lead and tin was down.
Aluminium took a 2.8 per cent price cut to $US2645/tonne on the bearish economic data out of Washington; copper fell 2.6 per cent to $US7670/tonne on a day when London Metal Exchange stockpiles rose significantly; nickel saw a 2.5 per cent reduction to $US29,150/tonne; and zinc was sitting at $US3360/tonne after declining 3.3 per cent.
That puts zinc worth just $US40/tonne more than lead. Lead, meanwhile, was up 2.6 per cent, helped by a good deal of short covering on the LME.
Merrill Lynch in New York estimates that speculation accounts for more than 30 per cent of the price now built into market-traded commodities. Many more days like Friday on the stock exchanges will see the speculators head for the hills, the China story the last thing on their minds.
China is the global driver of commodities demand, but a huge US slowdown will not only have an impact on the demand but deliver a brutal psychological blow to the speculators.
London-based Nataxis Commodity Markets remains reasonably bullish in its latest metal bulletin, but there are some worrying signs that could be exacerbated by more and deeper US problems.
They note says copper offtake is weak outside China. In the year to April, copper demand in the US fell by 3.1 per cent.
Declines in stainless steel demand should lead to further declines in the nickel price, says Nataxis.
South Korea's Posco is slicing 50,000 tonnes of output in July and August and Chinese mills could be expected to follow through on their plans to reduce output by 20 per cent. Chinese nickel imports dropped 30 per cent on their April figure and could be expected to erode further as the year goes on, the report says.
Better news on the iron ore front.
Macquarie Research believes iron ore demand will continue to boom.
Chinese steel and pig iron production has remained extremely strong this year and spot prices for iron ore surged last month due to rising freight rates and there were some doubts that producers could meet demand in the second half of 2007.
Macquarie said this was leading to an expectation of another large iron ore contract rate rise for 2008.
Negotiations on that price start in November.
We can plainly see who is the decent person here. I will refrain from calling you names. It just isn't in my nature.
USXP was not trading millions of shares each day. Those shares were coming directly from Altomare. There is a huge difference between trading and management selling shares.
There are other legitimate companies in the same business. Why would anyone want to use this broken down company?
I didn't believe you two years ago and I cannot believe you now.
It is sad that you will never realize that there are people in this country that create a company for the expressed purpose of living off of the shares that they sell. They have no plan to work. You are upset because you are one of the people that has been supporting Altomare and his lifestyle. From what you have said in the past about USXP it appears as though you have lost everything that you invested in the company. I tried to tell you about USXP a couple of years ago but you would not listen.
I'm not trying to kid anyone. The USXP attorneys do not have a leg to stand on and the short selling of any stock has nothing to do with management living off of the investors.
I believe that over 5,000 companies needed to be destroyed. Time after time I see financial statements that show nothing more than the selling of shares and reverse splits so that the officers of the company can live the good life. There are probably at least another two to three thousand that should be destroyed.
Hahn, I have yet to see the SEC file a litigation without the offender being found guilty. Altomare lived off of the selling of shares to investors for the last time in my opinion.
Kevin, I left a message on your work phone. I will call you sometime this evening.
Today gold closed up $8.10 at $672.70 and silver closed up .14 at $13 09. For the week gold is up $13.20 and silver is up .49. The euro is up .0142 against the US dollar and the Canadian dollar is up .0064.
Steve, I am finally back. I lost my bookmarks and Kevin finally checked a message that I had for him on another site. I don't believe that I will be going to the meeting. If that changes I will let you know.
Today gold closed down $2.70 at $680.80 and silver closed down .04 at $13.24.
The company even had another R/S this year on 2-13-07 of 1 for 40. An investor that had 1,000,000 shares on 2-12-07 would have 12 shares today.
A 1 for 2,000 effective on 7-20-07. This was not their 1st reverse split.
Here is an example of the tremendous drop in the US dollar against even the lesser known currencies around the world. When I went to New Zealand for the 1st time in 1998 the US, New Zealand exchange rate was .34. It was wonderful. I could spend money like crazy and barely notice it. Currently the New Zealand dollar is .803231.
Kevin, sorry for the late reply. I appears as though the Central Banks have backed off for now on gold. The fact that two of the largest gold mines in the world, Goldcorp and Newmont have eliminated their gold hedging is helping. Also, a lot of the gold short contracts have been covered. I believe that is why gold has been out pacing silver in recent weeks. The meeting with GPXM has been canceled again probably due to a general stockholders meeting that is coming up. I was missing all of last week but it was not held during that time.
I posted the Friday closing highs and lows that covered the past 14 months which showed the spikes and drops that had taken place in gold during that time. Gold is still lower now than it was 14 months ago but is starting to close that gap and is not too far from an 18 year high. If I hear anything about GPXM or the gold movement I will post it here.