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China seeks to widen gold market...
By Leslie Hook in Beijing
Published: August 3 2010 19:27 | Last updated: August 3 2010 19:27
China has moved to liberalise its gold market further, increasing the number of banks allowed to trade bullion internationally and announcing measures that will encourage development of gold-linked investment products.
The move by Beijing’s central bank comes as the country’s investors pour record amounts of money into gold, in a trend that is becoming a significant factor on global prices.
Last year, Chinese investors bought 73 tonnes of bullion, up from 18 tonnes in 2007. The new policies were likely to increase liquidity in the domestic gold market and spur the development of gold financial products, analysts said.
China is the world’s largest gold producer and the second-largest consumer, after India, but its domestic market remains constrained by limited investment products.
“This is a positive sign for the gold market,” said James Steel, precious metals strategist at HSBC in New York.
“The Chinese statement reaffirms the vigour of the emerging markets’ demand for retail physical bullion.”
Gold prices rose in London, partly on the back of China’s announcement, but also on signs of robust buying from India’s jewellery sector.
Spot bullion traded at $1,190 a troy ounce, up from a three-month low of less than $1,160 an ounce last week.
GFMS, the London-based precious metals consultancy, said recently that Chinese investors, who are building wealth at an unprecedented rate, were diversifying their assets into gold to “protect themselves against inflation”.
The People’s Bank of China said “the need to perfect foreign exchange policies in the gold market is clear.”
It called for better financing services for bullion, opening the door for Chinese banks to hedge their gold risk overseas.
The central bank also hinted at changes in taxes on bullion. But it failed to endorse gold as an investment and to suggest it planned to increase the size of its bullion reserves, one of the world’s largest.
The new gold guidelines are part of the gradual internationalisation of the Chinese banking system. Restrictions on some renminbi-denominated investment products in Hong Kong have been lifted recently, and renminbi cross-border settlement programmes have been expanded this year.
dollar drop may just be...
the catalyst that takes gold and silver to new highs over next few weeks/months - least it's the latest take. Anyways - both are holding up pretty well and are certainly capable of breakouts before year end.
Jim Sinclair...Dear CIGAs,
6/18/2010
It is my feeling that gold is headed on this move to $1650 with its normal drama.
Let’s think about what this means to gold producers.
With gold valued at $1650 per ounce:
- 500,000 ounces = $825,000,000 less the cost of mining.
- 1,000,000 ounces = 1,650,000,000 less the cost of mining.
- 2,000,000 ounces = 3,300,000,000 less the cost of mining.
Costs:
- Underground average costs are approximately $500-$600 (assuming no derivatives or derivatives covered as international and Canadian GAAP requires derivative losses be expensed to the specific property).
- Open cut average costs are approximately $300 (again, assuming no derivatives or derivatives covered).
- On surface average costs are approximately $22-$75 (again, assuming no derivatives or derivatives covered).
Central banks are the wild card...
in new highs for gold - they are the unstoppable force.
Central banks join gold rush
Foreign banks and investors alike have been flocking to the precious metal over the last year, sending it soaring to record highs.
By Annalyn Censky, staff reporter June 17, 2010: 3:58 PM ET
NEW YORK (CNNMoney.com) -- Foreign governments have been getting in on the recent gold rush, driven by continued fears about Europe's debt crisis and the pace of the global economic recovery.
Those concerns have been propelling the precious metal to record highs over the past 18 months. In fact, gold closed at a fresh record high of $1,248.70 an ounce Thursday.
Last year, foreign central banks were net buyers of gold for the first time since 1997. India, China and Russia have been the biggest buyers. And more recently, the Philippines and Kazakhstan jumped into the fray with big purchases of the precious metal during the first quarter, according to data released by the World Gold Council Thursday.
What's behind the buying binge?
Each country has its own unique reasons, but there are a few broad trends that unite them all, said Natalie Dempster, director of government affairs for the World Gold Council.
Like many individual investors, foreign governments prefer to spread their wealth around to decrease their risk.
The U.S. dollar is typically the main reserve asset because it's considered to be more stable than other holdings, while the euro comes in as the second most popular reserve currency. But gold is not far behind. The precious metal plays an important role as a hedge against inflation, which could devalue paper currencies.
Unlike paper currencies, gold has a tangible value and that value is not dependent on any one country's economic policies.
0:00 /4:28Traders bet on new highs for gold
When the financial crisis drove down the dollar's value in 2009, and Europe's debt woes pushed the euro to fresh four-year lows earlier this month, investors and foreign central banks flocked to safe-haven assets like gold.
Add rising deficits in both Europe and the United States to the mix, and currencies have become increasingly questionable assets, said Jeffrey Nichols, managing director of American Precious Metals Advisors and senior economic advisor to Rosland Capital.
That's why it's no surprise that foreign central banks overall have turned from sellers into buyers of gold in the last year, he said.
Who's buying gold?
Russia and Kazakhstan: As far as public records show, Russia appears to be the largest buyer of gold among central banks so far this year. In the first quarter of 2010, Russia's central bank increased its gold reserves by 26.6 metric tonnes, or about $1.2 billion at today's price, according to World Gold Council data. That's in addition to the 117.63 tonnes that Russia added in 2009.
Russia has been adding to its gold reserves steadily for more than three years, partly through buying its own domestic mine production. It considers gold both a symbol of prestige as well as a way to bolster the country's credit worthiness, Nichols said.
Kazakhstan, the third largest buyer so far in 2010, has a similar strategy, although at a much lesser level. The former Soviet-controlled country bought 3.1 tonnes, or $137 million, of the precious metal in the first quarter.
Philippines: After Russia, the Philippines falls a distant second as a buyer, after purchasing 9.6 tonnes, or about $424 million, of gold earlier this year.
The Philippines also buys its domestic production as a way of supporting local industry and as an inflation hedge, but its reserves usually fluctuate more than Russia's because the country often sells it at a later date on the open market.
India: While India has yet to publicly announce any major gold buys this year, the country bought a massive 200 tonnes, or what amounts to about $8.8 billion at current prices, from the International Monetary Fund in November.
The move, which multiplied India's reserves by 55%, was seen as a way for the country to diversify its reserves and reinforce the perception among Indian consumers that the metal is a reliable and safe asset, the World Gold Council said.
China: China is considered a stealth buyer of gold, said Boris Schlossberg, director of currency research at Global Forex Trading. As the world's largest producer of the metal, China often buys gold from its own mines and doesn't report those sales publicly. But in April 2009, China did admit to having added 454 tonnes, or a 76% increase, to its reserves since 2003.
Analysts suspect the country is continuing to buy gold and could in fact, be the world's largest buyer consistently. It simply doesn't reveal it's pro-gold stance proudly, however, because China is also the world's largest holder of U.S. Treasurys.
Announcing an aggressive gold buying spree is not in China's best interest because, for one, it might push gold prices higher. Secondly, it could devalue the U.S. dollar, which would subsequently lessen the worth of the country's portfolio of U.S. government bonds, Schlossberg said.
Gold share holders read the following and throw out your Prozac:
Jim Sinclair’s Commentary (6/10/2010):
The ratio spread is limited in time. The ratio spread of short gold shares and long gold futures will end when the spread and results thereof go negative.
Do you have any idea what $1200 means to gold producers at all levels? As the impact of gold at these levels filters through the production process, future earnings are truly golden.
$1200 means 1,000,000 mineable ounces is worth $1.2 billion less the cost of mining.
Even today the hedge fund sellers of future gold are finding it hard to cover the gold share shorts placed when paper gold was purchased.
What a way to chase your tail. Can you imagine if Egon is right and gold goes to $6000-7000?
Every 100,000 mineable ounces would have a value of $600,000,000 less the cost of production. To the earnings statement 1,000,000 ounces would be worth $6-7 billion.
The future of the ratio spread between paper gold and gold shares becomes increasingly difficult when covering the naked shorts on gold shares as you think about what $1200 means to any producing company. Do the math!
http://jsmineset.com/
Gold share holders read the following and throw out your Prozac:
Jim Sinclair’s Commentary:
The ratio spread is limited in time. The ratio spread of short gold shares and long gold futures will end when the spread and results thereof go negative.
Do you have any idea what $1200 means to gold producers at all levels? As the impact of gold at these levels filters through the production process, future earnings are truly golden.
$1200 means 1,000,000 mineable ounces is worth $1.2 billion less the cost of mining.
Even today the hedge fund sellers of future gold are finding it hard to cover the gold share shorts placed when paper gold was purchased.
What a way to chase your tail. Can you imagine if Egon is right and gold goes to $6000-7000?
Every 100,000 mineable ounces would have a value of $600,000,000 less the cost of production. To the earnings statement 1,000,000 ounces would be worth $6-7 billion.
The future of the ratio spread between paper gold and gold shares becomes increasingly difficult when covering the naked shorts on gold shares as you think about what $1200 means to any producing company. Do the math!
Lebaneseproud - believe good things...
in store here... so I agree with you and am patient to hold. Other stocks out there for sure - but this one has the potential to be a home run if/when things "pan" out. Everyone should have a home run potential stock in their portfolio IMO.
gold and silver taking a hit...
the last few days - but - holding long and strong. Common theme of Schiff and Sinclair and others - expect large price swings but the predominant direction is up.
Price swings of 5% - 10% should be expected during this bull run.
US faces inflation or default...
There are only two solutions to the sovereign debt crisis — raise taxes or cut spending — but the political gridlock may prevent either from happening
* By Nouriel Roubini, Project Syndicate
* Published: 00:00 May 5, 2010
* Gulf News
* Today there is a lot of talk about "de-leveraging", yet the data shows that de-leveraging has barely begun. Debt ratios in the corporate sector as well as households in the US have essentially stabilised at high levels.
Financial crises have occurred very often in history. They are caused by unsustainable bubbles that go bust, and from excessive risk-taking and debt-leveraging by the private sector during the bubble. Then in the wake of, and as part of the response to, the economic downturn, government debts and deficits grow to unsustainable levels that can lead to default or inflation if not corrected. The crisis we are going through now follows this pattern.
Today there is a lot of talk about "de-leveraging", yet the data shows that de-leveraging has barely begun. Debt ratios in the corporate sector as well as households in the US have essentially stabilised at high levels.
At the same time, we are seeing a massive "re-leveraging" of the public sector with budget deficits on the order of 10 per cent of GDP. The IMF and OECD are projecting that the stock of public debt in advanced economies is going to double and reach an average level of 100 per cent of GDP in the coming years.
This is all actually quite typical of what happens in a financial crisis. What explains this re-leveraging? First, "automatic stabilisers" (such as unemployment compensation) came into play during the recession. Second, countercyclical fiscal policies (such as tax cuts and spending increases) have been implemented by government to avoid depression because private demand is collapsing. Third, we have decided to socialise some of the private losses in the financial, corporate and housing sectors and put them on the balance sheet of the government.
Raising taxes
So, there is a massive buildup of public debt. And the lesson of history is that unless this buildup of sovereign debt is tackled eventually by raising taxes and controlling spending, then there are only two outcomes: default or high inflation.
Historically, we have seen a series of defaults and sovereign debt crises in both advanced and emerging market economies. If you are a country like the US, the UK or Japan that can monetise its fiscal deficits, then you won't have a sovereign debt event but high inflation that erodes the value of public debt. Inflation is therefore basically a capital transfer from creditors and savers to borrowers and dissavers, essentially from the private sector to the government.
While the markets these days are worrying about Greece, it is only the tip of the iceberg, or the canary in the coal mine of a much broader range of fiscal crises. Today it is Greece. Tomorrow it will be Spain, Portugal, Ireland and Iceland. Sooner or later Japan and the US will be at the core of the problem, shaking the global economy.
We need to recognize that we are in the next stage of financial crisis. The coming issue is not private-sector liabilities, but public-sector liabilities.
Revived economic growth alone will not generate enough tax revenue to relieve this sovereign debt crisis. Fiscal deficits are huge and structural. They are not due solely to a cyclical downturn in growth but to long-term commitments such as pensions, social security and health care. To avoid default or high inflation, the advanced economies will require some combination of raising revenues through taxes and cutting government spending.
In Europe, where tax rates are already very high, the right adjustment is cutting spending instead of raising taxes further. In the US, the average tax burden as a share of GDP is much lower than in other advanced economies. The right adjustment for the US would be to phase in revenue increases gradually over time so that you don't kill the recovery while controlling the growth of government spending.
Political gridlock
What worries me most is the political gridlock in Washington. While everyone agrees that $10 trillion (Dh36.7 trillion) deficits (by the Obama administration's own estimates) for the next decade are not sustainable, there is no political will to act. The two parties are completely divided. Effectively, the Republicans are against any form of revenue increases. The Democrats are against spending cuts, especially of entitlements.
If the Republicans take control of the House of Representatives in the next election and refuse any revenue increases while the Democrats veto spending cuts, the path of least resistance will be runaway fiscal deficits which will then be monetised by the Federal Reserve, which has already embarked on this path. In just the last year alone, the Federal Reserve has bought $1.8 trillion of Treasury securities and agency debt, a course that will inevitably lead to high inflation if sustained. It is what is popularly known as printing money.
In Greece (with yields higher than 12 per cent on two-year bonds) or Spain or Portugal, the bond markets are forcing an adjustment. In spite of the recession, the markets are telling them to either straighten out their problems or go bankrupt.
Unfortunately, there is no such adjustment being forced upon Washington at the moment because the bond market has not woken up to the dangers ahead. You can borrow at a zero percentrate on the short end and 3.6 per cent on the long end. As a result, the political system is going to resist fiscal consolidation. This means the risk of something serious happening in the US in the next two or three years is significant.
agree with most of this video...
which is pretty well done and very informative:
http://lebed.biz/meltup.html
want to hear some serious silver...
bull talk with a pretty good explanation of what may occur and why - get to around the 28 minute mark of this:
http://lebed.biz/meltup.html
is the suspension only...
until the 19th???
Haven't been tracking this one as close as should have.
Silvercorp Reports Net Income of $9.8 Million and Cash Flow of $23.8 Million in Fourth Quarter; Provides Outlook for FY2011
Date : 05/12/2010 @ 6:08PM
Silvercorp Reports Net Income of $9.8 Million and Cash Flow of $23.8 Million in Fourth Quarter; Provides Outlook for FY2011
VANCOUVER, BRITISH COLUMBIA -- (Marketwire)
05/12/10
Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM)(NYSE: SVM) reports today its unaudited financial and operating results for the fourth quarter and fiscal year that ended March 31, 2010, and provides an outlook for its fiscal 2011 year. The following financial results are expressed in US dollars (US$) unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS
During the quarter ended March 31, 2010, highlights included:
- Net earnings of $9.8 million, or $0.06 per share, compared to earnings of $1.2 million, or $0.01 per share, in the same quarter last year;
- Quarterly cash flows from operations of $23.8 million, or $0.14 per share, up 123% from the same quarter last year of $10.6 million;
- Production of 1.08 million ounces of silver in the quarter, resulting in record annual production of 4.62 million ounces and the fourth consecutive year of silver production growth;
- Total production costs of negative $4.61 per ounce of silver and cash costs of negative $5.64 per ounce of silver;
- Proven and Probable reserves established for the first time at the Ying mining district of 63.4 million ounces of silver, 384,837 tonnes of lead and 117,559 tonnes of zinc - giving the Ying mine over a10-year mine life after four years of production;
- Acquisition of the high-grade Silvertip silver-lead-zinc property in northern British Columbia, Canada;
- Payment of $3.1 million, or CAD$0.02 per share, in quarterly dividends to shareholders; and
- Increase in total cash and short term investments to $95.0 million from $65.0 million a year ago.
FINANCIALS
For the fourth quarter, Silvercorp recorded net earnings of $9.8 million, or $0.06 per share, an increase of 688% over the recorded net earnings of $1.2 million, or $0.01 per share, in the same quarter last year. Net earnings improved primarily due to higher metal production and higher realized selling prices.
For the year ended March 31, 2010, the Company recorded net earnings of $38.5 million, or $0.24 per share, compared to a net loss of $16.0 million, or $0.11 loss per share, in the last year which included a mineral property impairment charge of $45.7 million.
Sales in the fourth quarter rose to $28.2 million, a 62% increase from $17.4 million in the same quarter last year. For the year, Silvercorp reported sales of $107.2 million, an increase of $23.6 million or 28% from last year. This increase was due to higher quantities of metals sold combined with higher metal prices.
Cost of sales for the quarter was $7.8 million, representing a 25% increase as the Company processed more ore compared to the same quarter last year. For the year, cost of sales was $24.0 million, a decrease of 18% compared to $29.3 million a year ago despite the greater quantity of metals sold in the current year.
Gross profit margin during the quarter improved to 68% from 63% in the same quarter last year. For the year, gross profit margin was 74% compared to gross profit margin of 57% last year.
Cash flow from operations for the fourth quarter was $23.8 million, or 0.14 per share, a 123% increase from $10.6 million in the same quarter last year. For the year, cash flow generated from operations was $66.0 million, or $0.40 per share, an increase of $19.0 million or 40% from $47.0 million last year. The cash flows achieved for the year also exceeded the 2010 Production Guidance ($35 - $40 million) by 65%. The Company ended the year with $95.0 million in cash and short investments, up from $65.0 million at the end of the prior year.
OPERATIONS
Silvercorp mined 81,034 tonnes of ore in the fourth quarter, a 34% increase over 60,466 tonnes in the same period last year. Ore production during this quarter was lower than in the past three quarters, however, as the Company's operations were closed for 25 days for the Chinese New Year.
A total of 131,436 tonnes of ores were milled in the quarter, representing an 82% increase compared to 72,175 tonnes of ore milled in the same quarter last year and a 51% increase compared to 87,032 tonnes of ore milled in the last quarter.
A total of 1.08 million ounces of silver were mined during the quarter, an increase of 4.2% over the same quarter last year of 1.04 million ounces. Total silver production for the year was a record 4.62 million ounces compared with 4.19 million ounces in the previous year.
Consolidated cash cost per ounce of silver for the quarter improved to negative $5.64 compared to negative $2.06 per ounce of silver in the same quarter last year, an increase driven by higher realized prices for by-product credits. Consolidated cash cost per ounce of silver for the year improved to negative $6.22 compared with negative $2.77 in the prior year period.
In its fiscal year 2010 Production Guidance outlined in May 2009, the Company planned to produce 410,000 tonnes of ore. Actual ore production for the year was 406,754 tonnes, which was approximately 3,246 tonnes or 0.8% below the 2010 Guidance. A mine-by-mine breakdown of actual mining capacity compared to the 2010 Production Guidance is as follows:
- At the Ying mine, total mine production for the year of 312,171 tonnes was achieved, which is 52,171 tonnes or 20% more than 2010 Production Guidance of 260,000 tonnes and an 8% increase compared to 290,334 tonnes of ore mined in the prior year. Most significantly, silver production from the Ying mine reached a record 4.16 million ounces, 14% higher than the Guidance of 3.65 million ounces even though run of mine silver grade was 465 g/t, which is 15g/t or 3% lower than the Guidance of 480 g/t for silver.
- The HPG mine produced 30,430 tonnes of ore which yielded 148,000 ounces of silver, exceeding the planned 30,000 tonnes of ore and 112,000 ounces of silver production outlined in the 2010 Guidance as actual silver grade was higher than projected.
- 2010 Production Guidance for the TLP and LM mines was for the production of 120,000 tonnes of ore, which would yield between 0.9 - 1.3 million ounces of silver. Actual production from the mines was 64,153 tonnes or approximately 53% of the Guidance, which yielded 313,000 ounces of silver. Lower ore production was due to mine development and production running behind schedule. The majority of the ore produced were by-product ores derived from development work rather than mining from stopes, which resulted in lower silver grades.
For fiscal year 2010, 90% of the Company's silver production was from the Ying mine, which achieved an annual production record of 4.16 million ounces. Even with the better than expected performance from the Ying mine, the company's silver production of 4.62 million ounces for the year is marginally outside the 2010 Guidance of 4.65 - 5.05 million ounces resulting from the production shortfall at the TLP and LM mines.
Silver Wheaton first quarter net earnings almost triple, compared to 2009
VANCOUVER, May 12, 2010-- Silver Wheaton Corp. ("Silver Wheaton" or the "Company") SLW 20.75, -0.20, -0.96%) is pleased to announce its unaudited results for the first quarter ended March 31, 2010.
FIRST QUARTER HIGHLIGHTS
-------------------------------------------------------------------------
- Net earnings almost tripled to US$44.6 million (US$0.13 per share),
compared to US$15.1 million (US$0.06 per share) in 2009.
- Operating cash flows increased 149% to US$57.6 million (US$0.17 per
share)(1), compared with US$23.1 million (US$0.09 per share)(1) in
2009.
- Attributable silver equivalent production of 5.5 million ounces (4.9
million ounces of silver and 7,700 ounces of gold), representing an
increase of 68% over the comparable period in 2009.
- Silver equivalent sales of 5.0 million ounces (4.4 million ounces of
silver and 8,600 ounces of gold), representing an increase of 58%
over the comparable period in 2009.
- Total cash costs(1) of US$4.04 per silver equivalent ounce compared
to US$3.97 per ounce in 2009.
- Cash operating margin(1) increased by 66% to US$13.16 per silver
equivalent ounce, compared to US$7.93 per ounce in 2009.
- Recorded first silver sales attributable to the sulphide process line
at Goldcorp's Penasquito mine in Mexico. Silver production at
Penasquito met expectations during the quarter and is anticipated to
ramp up as the year progresses. Annual production attributable to
Silver Wheaton from the mine is expected to average approximately 7
million ounces of silver over the estimated 22 year mine life.
- Acquired an amount equal to 100% of the life of mine silver and gold
production from Augusta Resource Corporation's ("Augusta") Rosemont
Copper project ("Rosemont") in the United States. Once production
commences, Rosemont is forecast to increase Silver Wheaton's
long-term annual production by approximately 2.4 million ounces of
silver, plus any gold production, estimated by Augusta to average up
to 15,000 ounces of gold per annum.
- Converted the debenture with Pan American Silver Corp. ("Pan
American") into an agreement to acquire an amount equal to 12.5% of
the life of mine silver production from the Loma de La Plata zone of
the Navidad project located in Argentina. Navidad is forecast to
increase Silver Wheaton's long-term annual silver production by
approximately 2 million ounces.
- Announced that attributable proven and probable reserves more than
doubled in 2009, including an increase of 431 million ounces of
silver and 220,000 ounces of gold, to a record 875 million silver
equivalent ounces. In addition, attributable measured and indicated
resources increased by 72%, including an increase of 141 million
ounces of silver and 180,000 ounces of gold, to a record 366 million
silver equivalent ounces. Attributable inferred resources increased
by 4%, including an increase of 12 million ounces of silver and
50,000 ounces of gold, to a record 408 million silver equivalent
ounces.
------------------------------------
(1) Refer to discussion on non-GAAP measures at the end of this press
release.
"The first quarter represented a solid start to the year for us," said Peter Barnes, Chief Executive Officer of Silver Wheaton. "Production was in line with our forecasts and, with a 45% increase in our average realized silver price compared to the first quarter of 2009, our cash margin per ounce increased by 66%, demonstrating our ability to provide significant silver price leverage for shareholders. Penasquito continued its smooth production ramp-up, meeting or exceeding design operating parameters, which should result in a year of significant production growth for Silver Wheaton. We continue to forecast 2010 attributable silver equivalent production of 23.5 million ounces, a greater than 35% increase compared to 2009 levels."
"In February, two new precious metal streams were acquired, further strengthening our industry-leading production growth profile. We completed a transaction allowing us to purchase an amount equal to 100% of the life of mine silver and gold production from the Rosemont project in Arizona, and converted a debenture allowing us to acquire an amount equal to 12.5% of the life of mine silver production from a portion of the Navidad project in Argentina. These are both very high-quality advanced-stage development projects that are forecast to increase our silver equivalent production by approximately five million ounces per annum, once in production."
This earnings release should be read in conjunction with Silver Wheaton's unaudited MD&A and Financial Statements, which are available on the Company's website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.
A conference call will be held Thursday, May 13, 2010, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:
Dial toll free from Canada or the US: 1-888-231-8191
Dial from outside Canada or the US: 1-647-427-7450
Pass code: 68638151
www.silverwheaton.com
Participants should dial in five to ten minutes before the call.
The conference call will be recorded and you can listen to an archive of
the call by one of the following methods:
Dial toll free from Canada or the US: 1-800-642-1687
Dial from outside Canada or the US: 1-416-849-0833
Pass code: 68638151
www.silverwheaton.com
ABOUT SILVER WHEATON
Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by the Company's portfolio of world-class assets, including silver streams on Goldcorp's Penasquito mine and Barrick's Pascua-Lama project.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the future price of silver and gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: fluctuations in the price of silver and gold; the absence of control over mining operations from which Silver Wheaton purchases silver or gold and risks related to these mining operations including risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, economic and political risks of the jurisdictions in which the mining operations are located and changes in project parameters as plans continue to be refined; and differences in the interpretation or application of tax laws and regulations; as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's Annual Information Form available on SEDAR at www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver or gold, no material adverse change in the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although Silver Wheaton has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.
feel much more comforted than...
did a few days ago given I have a significant number of shares in TRGD.PK. Would like to see them open back up as TRGD.OB and trading around $1 - and I truly think that is possible.
just a short time ago...
I thought Jim Sinclair was a little out there in the extreme viewpoint realm - now I think he knows exactly what he's talking about and its just taken longer than he thought for everything to occur. I changed - he didn't.
nice day for gold and silver and...
related stocks. I believe the stocks have some catching up to do - and that they will do it in short order. Gold at new all time high - silver on its way to new all time high - it would be reasonable for related stocks to start approaching at least levels before the crisis - and then on to 5 - 10 year highs. This level alone means many stocks go up 5 - 10x from here - big money to be made IMO.
gigem77 - no, not an...
irrational fear - it's one possible scenario. Last time the market plunged, gold and silver and the associated stocks plunged right along with it. No one can predict for sure, but lots of people I respect and who predicted the last crisis (or phase 1 of this one) believe that gold and silver are going to shoot up and pull the stocks along with them - even if the market plunges. I think their rationale is sound and am putting my money on gold and silver stocks accordingly. But - no one knows...
Gold and Silver mining and royalty company stocks - the magic in how companies benefit from rising precious metal prices: As the price of gold rises a certain percentage, it potentially results in a corresponding larger percentage increase in the profitability of the companies who mine gold and the royalty companies that buy gold from marginal producers. For example, with gold priced at $1,000/oz. and the cost of production at $600/oz., the gross profit margin of gold mining companies would be 40%. If, however, gold were to increase to $2,000 and the cost of production were to increase by only 20% to $720/oz., then the mining companies’ gross profit margins increases from $400/oz. to $1280/oz., or 320%!!! Of course, like with all stocks, must still watch out for dilution, bad management, scams, bad governments, etc.
silver is "lagging" gold...
for several reasons IMO - and believe me, I've noticed, puzzled over it, and read many opinions of why. I've settled on a few, which include:
-silver can be more easily "contained/manipulated" over short periods by the big money players - who have an interest in containing the price due to their undisputed large short holdings.
-silver is not as readily recognized as "money" as gold is - hence gold starts the charge up when it being "money" is a primary cause for gains. But silver follows. The rich are telling their financial planners to accumulate gold first.
Those are my opinions - and hence I expect silver to not only catch gold in percent gains but to surpass it. Silver played catch up yesterday and I believe will continue to do so in the coming days until it eventually leads as the poor mans gold (when the masses join the fray). We all know the historic trend is that what gold does - silver does more.
Is Sovereign Debt Crisis Contained to Subprime?
By: Peter Schiff, Euro Pacific Capital, Inc.
-- Posted Friday, 7 May 2010
As Americans observe the chaos in Greece, most assume that the strength of our currency, the credit worthiness of our government, and the vast expanse of two oceans, will prevent a similar scene from playing out in our streets. I believe these protections to be illusory.
Once again the vast majority fails to see a crisis in the making, even as it stares at them from close range. Just as market observers in 2007 told us that the credit crisis would be confined to the subprime mortgage market, current analysts tell us that sovereign debt problems are confined to Greece, Spain, Portugal, and perhaps Italy. They were wrong then, and I believe that they're wrong now.
During the housing boom, subprime and prime borrowers made many of the same mistakes. Both groups overpaid for their homes, bought with low or no down payments, financed using ARMs instead of fixed rate mortgages, and repeatedly cashed out appreciated home equity through re-financings. The market largely overlooked the glaring similarities, and instead merely focused on FICO scores. Yes, prime borrowers had better credit, but their losses on underwater properties were no less devastating. As the magnitude of home price declines intensified, prime borrowers defaulted in levels that were almost as high as the subprime crowd.
So when mortgage backed securities started to go bad, it wasn't as if the problems emanated in subprime and subsequently "contaminated" the rest of the market. All borrowers were infected with the same disease, but the symptoms merely expressed themselves sooner in subprime. The same is true on a national level, whereby Greece plays the part of the subprime borrower. Though the U.S. is considered to be the highest order of "prime" borrower, based on historic precedent, our debt to GDP levels are at crisis levels, and are not that much lower than Portugal or Spain. When off-budget and contingency liabilities are properly accounted for, one could argue that we are already in worse financial shape than Greece.
Most importantly, like Greece (and homeowners who relied on adjustable rate mortgages), we have a high percentage of short-term debt that is vulnerable to rising rates. The one key difference is that while Greece borrows in euros, a currency it cannot print, America borrows in dollars, which we can print endlessly. In reality however, this is a distinction with very little substantive difference.
What if Greece had not been a member of the euro zone and had instead borrowed in their former currency, the drachma? First, given its past history of fiscal shortfalls, Greece would not have been able to borrow nearly as much as it had (They may well have been forced to borrow in euros anyway). Under those circumstances, creditors would have been more reluctant to lend without the possibility of a German led bailout. Had Greece never adopted the euro as its currency, but nevertheless borrowed in euros, it would now face the same difficult choices, but would not be offered the carrots or sticks provided by other euro zone nations that are worried about the integrity of their currency. The IMF would have been Greece's only possible savior.
Many of our top economists now argue that all would be well in Greece if the country was in charge of its own currency. In such a scenario, Greece would indeed have had no problems printing as many drachmas needed to pay its debts. However, would this really be a "get out of debt free" card for Greece?
The main reason the Greeks are protesting in the streets is that they do not want their benefits reduced or taxes raised to repay foreign creditors. But despite the likely domestic popularity of a drachma-printing policy, would it really get the Greeks off the hook? They would stiff their creditors by repaying them in currency of diminished value. But the same result could be achieved through an honest debt restructuring, which would involve "haircuts" for all creditors. In a restructuring, the pain falls most squarely on those who foolishly lent money to a "subprime" borrower.
But with inflation it's not just foreign creditors who would suffer. Every Greek citizen who has savings in drachma would suffer. Every Greek citizen who works for wages would suffer. Sure nominal benefits are preserved and taxes are not raised, but real purchasing power is destroyed. If the cost of living goes up, the reduction in the value of government benefits is just as real.
Of course, the negative effects on the economy of run-a-way inflation and skyrocketing interest rates are worse than what otherwise might result from an honest restructuring or even out right default. It is just amazing how few economists understand this simple fact.
Just because we can inflate does not mean we can escape the consequences of our actions. One way or another the piper must be paid. Either benefits will be cut or the real value of those benefits will be reduced. In fact, it is precisely because we can inflate our problems away that they now loom so large. With no one forcing us to make the hard choices, we constantly take the easy way out.
When creditors ultimately decide to curtail loans to America, U.S. interest rates will finally spike, and we will be confronted with even more difficult choices than those now facing Greece. Given the short maturity of our national debt, a jump in short-term rates would either result in default or massive austerity. If we choose neither, and opt to print money instead, the run-a-way inflation that will ensue will produce an even greater austerity than the one our leaders lacked the courage to impose. Those who believe rates will never rise as long as the Fed remains accommodative, or that inflation will not flare up as long as unemployment remains high, are just as foolish as those who assured us that the mortgage market was sound because national real estate prices could never fall.
so - will gold and silver stocks...
buck the market trend and start heading up???
That's the big question. So far they are holding up relatively well - but not following golds gains. If the market was strong and gold and silver were at these levels - then little doubt the related stocks would be powering higher. But in the big sell-off during round 1 of the economic crisis they joined right in on the plummet downward. This time may very well be different.
One scenario I'm betting on is that these stocks will benefit from money pulled away from other stocks - and of course gold and silver will likely be making headlines. The stocks will soon start to get some gains - and then take-off when gold and silver show that they have no intention of heading downward and instead plan to reach new all-time highs. Just for these stocks to get back to levels of 2-3 years ago means huge gains coming.
It's all going to play out fairly quick as gold and silver are inches away from all-time highs and showing that they will not follow the market down this time. I believe it really is different this time around as we head deeper into a world-wide currency crisis.
thanks for those stocks from Schiff...
I have a little money on the side and may buy one of those sometime soon.
I think there's a good chance that a lot of money starts chasing gold and silver stocks - and SLW is the best silver stock IMO. good luck.
if you understand the dynamics...
as clearly explained in Schiff's new book (which is a must read IMO) - then gold and silver are going much higher and the dollar is set to sink.
always fall back on the fact that...
a consistent theme from all of those who predicted the crisis was that gold and silver would increase in value - and the related stocks even more so. So simple - but just doesn't seem like a whole lot of people are buying into it. Will stay the course - so far, so good..
not a bad week for gold and silver...
and related stocks - which are about 95% of my portfolio - so not a bad week all around.
Next month or so should bring lots of new 52 week highs in these stocks IMO.
any thoughts on SHSH...
picked up some - note only 36 mil shares out, one mill producing, and focus on getting another mill up and running.
"With the Lakeview Mill back into silver production, Shoshone can now shift its focus to bringing the company's 120 ton per day onsite mill near its Rescue Gold Mine back into gold production," stated Shoshone's President, Lex Smith.
a key sentence..."With the Lakeview Mill back into silver production, Shoshone can now shift its focus to bringing the company's 120 ton per day onsite mill near its Rescue Gold Mine back into gold production," stated Shoshone's President, Lex Smith.
latest NEWS...Shoshone Silver/Gold to Ship Metals Concentrates to Smelter
March 30, 2010
COEUR D' ALENE, ID, Mar 30, 2010 (MARKETWIRE via COMTEX) -- Shoshone Silver/Gold Mining Company(SHSH 0.16, -0.01, -5.88%) is pleased to announce that it has signed a 2010 contract for its silver concentrates produced at Shoshone's Lakeview Mill in northern Idaho. The shipment containing silver/gold/lead/zinc concentrates will be shipped to the smelter in early April.
With the return of favorable metals prices, Shoshone has aggressively pursued the transition back from being an exploration company to being a silver and gold producing company once more. This shipment of metals concentrates produced at the Lakeview Mill marks a milestone for Shoshone and it signals Shoshone's reemergence as a production company after a long hiatus.
"With the Lakeview Mill back into silver production, Shoshone can now shift its focus to bringing the company's 120 ton per day onsite mill near its Rescue Gold Mine back into gold production," stated Shoshone's President, Lex Smith.
Shoshone plans to concentrate its efforts this year on its Rescue Mine project, while at the same time it will be making silver concentrates at its Lakeview mill from stockpiled ore. There is enough stockpiled ore, some of it already crushed, to feed the mill at least through the end of the summer of 2010.
ABOUT SHOSHONE SILVER/GOLD MINING COMPANY
Founded in 1969 as a silver exploration, Shoshone is a company with an impressive portfolio of properties including approximately 2,992 acres (1,211 hectares) in its "Silver Division," approximately 2,125 acres (896 hectares) in its "Gold Division," and approximately 200 acres (80 hectares) of "Potential Platinum" properties. The company has minimal corporate debt, a large inventory of mining equipment owned by the company, and top management with over 106 years of mining industry experience.
Shoshone Silver/Gold Company offers investors a unique investment opportunity unrivaled by other junior mining companies. Its stock symbol is "SHSH," it is a fully reporting company, and it is listed on the OTCBB.
with 36 mil shares out...
about 5 mil in assets and nearly negligible liabilities - I like it - and hence have bought in.
SLW is a leader in the silver mining...
stock charge that many say is coming. Holding very tight.
May 10th, 1:30 PM...
thanks
Gold and Silver - Big Moves Ahead...
http://news.goldseek.com/GoldSeek/1272044664.php
sometimes when I feel a...
big move up is coming in gold and silver - the exact opposite happens and they sell off - but - this time it feels different - LOL. Feel they are either going to go up big over the next couple of weeks - or plummet - but a big move seems likely.
and I bought some ECUXF,,,
Silver ----
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ecuxf&sid=0&o_symb=ecuxf&freq=1&time=8&x=32&y=5
also bought Schiff's new book...
http://www.amazon.com/How-Economy-Grows-Why-Crashes/dp/047052670X/ref=sr_1_2?ie=UTF8&s=books&qid=1272146379&sr=1-2
After all - he predicted and wrote about the crisis before it happened like no one else IMO. since the crash - he has made me a lot of money.
SLW - my largest holding - hit a...
52 week high Friday. Hopefully, this signals a big move up in silver and silver stocks.
To Peg or Not to Peg?
By Peter Schiff
April 23, 2010
While I attended an economic conference last week in Shanghai, I found it notable - but not surprising - that two former Secretaries of the Treasury, John Snow and Hank Paulson, as well as current Treasury Secretary Tim Geither, and former President George W. Bush were then in the country at the same time. The fact that so many key American power brokers (myself not included) were in China simultaneously is no coincidence. In an overly indebted world, the $2.5 trillion that China holds in foreign reserves is acting as a center of economic gravity, inexorably pulling all market participants into its orbit.
When a 10-ton elephant plods through a village of grass huts, the big question on everyone's mind is: which way is he going to turn next? With China, that fundamental question translates to guessing when Beijing will make changes to the value of the yuan. These decisions will determine the overall direction of the global economy, and will set the path that everyone must follow. Unfortunately, no Americans, even those who travel hat-in-hand to China, have a seat at the table where these decisions are being made.
At the risk of beating a dead horse, let me reiterate my central thesis with respect to currency valuation: just as it is always better to be rich than to be poor, it is always better to have a strong currency than a weak one. Although this simple maxim puts me into conflict with much of the economic establishment, I hold its truth to be...well...self-evident.
The effect of current Chinese currency policy (which, despite Beijing's protests to the contrary, is manipulation pure and simple) is to make the U.S. dollar more valuable and the yuan less valuable. As a result, the benefits of manipulation accrue to Americans, not the Chinese. We get pay raises; they get pay cuts. Americans use their stronger dollars to buy products they would otherwise not have been able to afford. On the flip side, the Chinese people do without products that they otherwise would have been able to afford had their government not transferred their purchasing power to us.
The same effect is experienced with interest rates. In order to manipulate the dollar's value higher, the Chinese government has gobbled up more than $1 trillion of them.The Chinese then loan the dollars back to the U.S. through purchases of government and mortgage-backed debt, which reduces the cost of servicing our massive liabilities.
By the same token, if China were to stop manipulating the dollar higher, it would remove the props currently supporting our dysfunctional economy. American interest rates and consumer prices would soar, and our economy would collapse. Meanwhile, China would experience the opposite effect. Chinese consumer prices would fall, immediately raising living standards for average Chinese workers, whose higher real wages would finally allow them to fully enjoy the fruits of their labor.
What strikes me as particularly dangerous is that no one, not even the Chinese, appear to understand these fundamental dynamics. All of the Shanghainese with whom I spoke last week were unaware that a stronger yuan would be in their own best interest. The way most people see it, a stronger currency is a bullet that China must be prepared to take in order to save the rest of the world from further pain.
And so we watch the strange spectacle of China stubbornly resisting actions from which it will immediately and substantially benefit. In reality, an appreciating yuan is the bitter medicine Americans must swallow if our sick economy is every to regain its health.
When Beijing finally comes to it senses, the transition will be unavoidably disruptive. For China, the long-term growth would far outweigh the short-term shock. America, however, would face a much less certain outcome. There is no question that, for Americans, the immediate effects would be very painful, with the gains only developing with time and prudent decision-making. Still, that does not mean we should resist the process, for the longer it is delayed, the more severe the pain and the longer the road back to prosperity.
Given this reality, why are our political leaders so adamant that China effectively pull the rug out from under our economy? Are they really that clueless? Perhaps they are - or perhaps they are a bit more devious. Perhaps they are using reverse psychology. Maybe they feel that the best way to get the Chinese to maintain the peg is to demand that they remove it. Historically, the Chinese have always resisted outside interference.
However, to paraphrase Abraham Lincoln, you cannot fool all of the Chinese all of the time. Soon they will see the light, and when they do, it's lights out for American hegemony. If you think China is important today, just wait a few years. For example, while the Chinese automobile market is now the largest in the world, 90% of Chinese car buyers pay cash. In contrast, only 15% of American car buyers do so. In other words, Chinese consumers can actually afford their cars, while most Americans cannot. Without huge car payments, Chinese consumers are in much better shape not only to trade up to newer cars in the future, but to purchase other products as well. This suggests huge future growth, not only in automobiles but also in other consumer products as well.
This eruption of consumer demand, made possible by pent-up savings, is creating historic opportunities for investors. When the Chinese start using their wealth to expand their own economy rather than to subsidize ours, infrastructure may well be a primary beneficiary.
Whenever the Chinese government decides to end the peg, the Chinese economy will benefit as a result. While as citizens we can hope that U.S. leaders respond with the right policies to enable our economy to regain its former glory, as investors we should position ourselves to benefit from the more certain outcome.
Story makes NY Post...Metal$ are in the pits
Trader blows whistle on gold & silver price manipulation
By MICHAEL GRAY
New York Post, April 11, 2010
EXCLUSIVE
There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.
The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.
Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.
Brokers and traders transact gold futures on the Comex floor of The New York Mercantile Exchange, Thursday, April 6, 2006. Gold prices topped $600 an ounce in Comex trading Thursday.
In an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both London and here, and how they can generate a profit either way the market moves.
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said.
In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short.
"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.
"No one at JPMorgan is familiar with Andrew Maguire," said Brian Marchiony, a company spokesman. HSBC declined to comment.
Also during the CFTC hearing, Jeff Christian, founder of the commodities firm CPM Group, said that the LBMA, the physical delivery market for gold and silver in the UK, has been using leverage, which is another way to depress the price of gold and silver.
Christian said that the LBMA -- the same market Maguire trades in -- has leverage of about 100-1 on the gold bars settled on the exchange. In layman's terms, that means if 100 clients requested their bullion bars be delivered, the exchange could only give one client the precious metal.
The remaining requests would have to be settled for cash equivalent. "That is tantamount to a default on the trade," says Bill Murphy, chairman of the Gold Antitrust Action committee.
Maguire goes further and calls it a fraud: "If you sell something you do not own, then that is fraud."
Back in 2007, Morgan Stanley agreed to settle a $4.4-million lawsuit brought by precious-metal clients, who alleged that Morgan offered to buy gold and silver and store it for the investors, but never purchased any metal and still charged them storage fees.
Morgan Stanley denied the charges at the time, but "settled the case to avoid the cost and distractions of continued litigation," the firm said.
Despite gold's rise each of the last 10 years, Murphy believes the price of gold today would be closer to $2,300 an ounce if the price just moved with inflation.
Maguire believes the price should be even higher given the fear trade that would have sent prices spiking during the financial crisis in 2008-09.
Both precious metals have seen a recent spike since Maguire's e-mails became public. Gold has gained 6.5 percent to close at $1,161.55, while silver has spiked 10 percent to $18.38.
Brokers and traders transact gold futures on the Comex floor of The New York Mercantile Exchange, Thursday, April 6, 2006. Gold prices topped $600 an ounce in Comex trading Thursday.
According to the e-mails Maguire sent to CFTC regulators, he was spot-on in his expectations of how the precious metals would trade on release of the January jobs report.
This message is to "confirm that the silver manipulation was a great success and played out exactly to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview," Maguire wrote to a staff investigator after the trading day.
CFTC commissioner Bart Chilton said, "I'm appreciative of the information Mr. Maguire provided and I'm glad it was introduced into the investigation."
High, low silver
The prices of gold and silver have been allegedly suppressed by JPMorgan Chase and HSBC, according to a London whistleblower.
Andrew Maguire, who laid out the banks’ plan in e-mails to the CFTC prior to trading on the Comex on Feb. 5.
1.) From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]
Sent: Wednesday, February 03, 2010 3:18 PM
Subject: Re: Silver today
Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the US dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added.
Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels. Kind regards,
2.) From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]; GGensler [CFTC]
Sent: Friday, February 05, 2010 3:37 PM
Subject: Fw: Silver today A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? Kind regards,
3.) Andrew T. Maguire
From: Ramirez, Eliud
To: Andrew Maguire
Sent: Tuesday, February 09, 2010 1:29 PM
Subject: RE: Silver today Good afternoon, Mr. Maguire, I have received and reviewed your email communications. Thank you so very much for your observations.
http://www.nypost.com/p/news/business/metal_are_in_the_pits_2arTlGNbMK7mb1uJeVHb0O/0