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The plan for growing the company slowly with others flipping the bill will continue ,imo. The real upside story here is not how many BOED we can muster but how many of the properties can be successfully upgraded to producing reserves with the massive majority of the undeveloped reserves still under our control.That's the value of a micro cap spec stock .
The RS could be coming at an inopportune time but it's AMEX listing is paramount to all the coming successes of the technical data now becoming known.
Share consolidations can be value positive if managed properly.Kokopelli has always been the biggest draw to this company ,the last 3 years therefore it makes sense that it's initial success would be the launching point to repair the share structure. If everything goes right this stock should enter into a new league this year. I still think all or part of this company will be dealt .
It's a last chance for the company or some of it's assets to bought cheaply. The company has no institutional buyers ,because of the share price and the possibility of delisting from AMEX.
With a share price beginning at a dollar opportunistically at a time when new revenue begins ,the Kokopelli property will become a focal point for asset evaluation.
All that is going to happen is Kokopelli will have it's classification changed to Producing ,and therefore it's valuation changed . Basically ,if it's not AMEX and it's under a dollar ,nobody will care.
Once the share structure becomes low ,the companies that would be interested in DEJ assets will have their leverage disintegrate.
If Kokopelli or Woodrush or Roan Creek are going to be dealt ,it will be before the share consolidation,imo. It could lead to a buy out of the entire company or more likely a new company with low shares and cash.
Most of the options will go to 1.75 to 2.25 ,recent at 1.00 . Whatever the case if Kokopelli is successful I can see we will be doing the next bunch of wells ourselves or at least a much larger interest.
Usually consolidations when nothings happening are no good but in this case I think it makes perfectly good sense.
IE; ESO URANIUM was a tiny nano cap Uranium explorer which had a key property that looked very good. They did a 1 for 10 split and went to work on Patterson Lake South. The share price pre split was about 3 cents.Within a few months ,you had as much as 5 dollars with 1/10th the shares.
The moral of the story is "so long as you have something big in the works ,a share consolidation makes sense"
If your company has no key discovery projects in line ,then it's just a waste of shareholders money,imo.
Dejour has the properties and the posted salaries and compensation are reasonable ,much to my surprise. I will vote FOR ,the share consolidation,if the company is not taken out by June.
How about recapping 2012 history. Q1 and Q2 are terrible examples . USSIF was running with no President ,no CEO. They ousted ,imo , Tom Parker. The President that entered the mine daily. The focus of the company was the big M&A talks, with Hopkins and Pridham running the show. Steve Long was the NEW COO and competent as he is ,conceded he needed time to understand an old mine . I could identify with that.
Q1&Q2 are bad examples. I believe the Galena is running a lot more efficiently now than it was then. We really need to look at Q1 2013.
We lost big in 2012 because of 1. The merger and 2. poor mine execution. What is good is that most things that were wrong are better.Reserves are at better than 40M oz's. More than ever before.
Much of the losses from 2012 Q1&2 are from using revenue to rehab the mine. Much of the losses from 2012 on a whole are from the self interest of executives prior to the merger and directly after the merger and of course as I've already pointed out ,a lot of 1 time MERGER COSTS.
We need to know what executive salaries and compensation are and IF they can be restricted in the case of losses that become unmanageable. If they can't ,then retail shareholders need to consider strongly ,their vote and how it can best work for their investment. I won't vote for continuation of the same plan,with a hope that the POS goes up .
I know we are just common shareholders but we do have a democratic right to try and avert disaster and that lies ,imo with cost cutting measures. Drumlummon and Executive Salaries and Compensation are 1 and 2 ,not necessarily in that order . If the POS stays low ,we might have to halt exploration and cut production. First things First .
You can't say I'm looking at this company with rose colored glasses on. I just believe that everything can be managed. The question is by whom ? If the management comes out with a plan ,I'm willing to listen . I hold to my statements about challenging anyone to find a better silver mine value than Galena ,within North America.
Even with silver at 23/oz ,this mine should be profitable.
Since their virgin mining experiment has been so successful,Why not another one ?
I suppose it all has to do with how long gold will stay down under 2000.00. I might be inclined to spend on drilling and dewatering ,after permitting and after gold wants to stay above 2000.00. It's a small resource .SO SMALL,that we sure don't want to waste it extracting for no profit .
I don't know what you're talking about. Don't cherry pick ,read all my posts. I was saying pre-merger ,Drumlummon was overpriced and IF we really had of wanted it,we could have simply purchased it ,long time ago .No merger.
Guys like you are always hot or cold.You either love or hate . You take business too personal. I don't like what management has been doing since coming aboard (concerning finance) ,however they have done a good job with Galena ,imo. I'm not going to knock them for Galena because of their financial errors in judgement.
Drumlummon was their child, but remember Blasutti was NOT our CEO when the brat came into the family. He was actually , in the merger "our adversary" and he kicked our ass. I was hoping he would be as much a winner with running the NEWCO as he was, forming it. Hasn't happened ,imo. I'm very disappointed but I was willing after I fought against the merger to give them a chance . Times up ,but I still will not fault them for things that imo ,have been done correctly.
Care & maintenance of Drumlummon would not be a big cost at all. Facilities more than 50X the size of Drumlummon-Belmont costing in the neighborhood of about 8 M/year. I think the costs would be between 500,000 and 1M per year. I agree ,it is a terrible waste ,but who knows when gold goes way up (within 5 years I suspect ) ,something like Drumlummon might actually be worth carrying . Otherwise ,it should be sold for what it was worth when we got it. ???????
I don't see 26/oz at all. Your calculations are based on 2012 income statement that will not be repeated. lots of one time charges
Stock based compensation was 3.5 million . 1.7 million of that was because of the newco (one time) .Don't get the idea I like it,I hate it but it is a one time charge.
Also 963,000 share were bought and retired prior to the merger.@1.81 avg. That is 1.7 M off the cash.
The acquisition costs were 2.7 for legal , daily expenses etc...
We also spent 8.4 million on drilling & exploration .This is of course money spent well but in case of a low silver price for the rest of the year,it is not necessary to repeat this expense.
All in Costs and total revenue makes the income statement ,which is correct but one time costs and there are a lot of them,DO NOT COUNT if you adjust the income&expenses without them.
We still need to cut costs and Drumlummon will be the first victim but ideally ,we should be asking for a run down on salaries of executives .There has got to be a lot of savings there. THE BOD is too big considering the likelihood of operations not getting bigger ,near term.
If Drumlummon ALL IN COSTS are more than what gold is projected to sell for the rest of 2013 ,then it should be put on care and maintenance. Or here's a thought ,sell it.
I don't equate anything good about this company with that mine. I would close the doors and wait to do some more extensive exploration when the time is right
ALL IN COSTS /per oz at GALENA have to be less than the spot price of silver or cuts MUST be made immediately starting with Administration. If investors can't relay that before the SHM ,then we really are in trouble,but no net debt and closing up losing parts of the company should do the trick. Don't fall for the ,We are waiting for the POS to go up.,so everything stays the same.
If your best argument is Drumlummon will cause us to be in grave trouble ,then you should realize that even Blasutti suggested at the last meeting that if Drumlummon can't profit ...it will stop. Can't exactly remember his language but in essence he would likely agree with my conclusions. Simple as that. He can't close Galena so costs from Galena MUST affect Administration and Exploration. Galena is actually in a very good position to weather this storm ,if it's handled correctly.
Cash costs at under 20 /oz should mean that even at 24/oz silver ,the company should be profitable if there is no debt payment and if Administration costs are low. If, " all in costs " are causing the company to lose money ,then the management IS to blame .
I wish you would stop talking as if this company is on the verge of bankruptcy. We have 24/7 mining going on.We really do not need to do that if, ALL in Costs are less than net income.
Changing management is exactly what is needed IF a 2.7 million oz silver producer with no net debt is losing money at 23-25 dollar silver.
I don't think that's the case. I think a lot of the losses last year had nothing to do with the production . ,Better quality production has been achieved . The mine is in great condition especially compared to last year .More reserves and more alternative area's in case higher grade area's have problems.
The simple fact is it certainly looks like the present management has done well with the Galena but if the cost is dilution ,then all the good is undone. Anybody knows ,low silver prices should mean tightening the share structure,not allowing a management to award themselves options with nothing but falling share prices for the commoners.
Recently Mr. Blasutti hinted at Private Equity. With silver prices low,I hope he shelves any idea like that. Look around at the great explorers . Seabridge dilutes only when prices are high. Nova Gold dilutes any old time. The differences in value are obvious but it all comes down to management diluting at the opportune times or diluting at inopportune times. Winners and Losers.
Fair enough but a total of 18% of institutional insiders and 12.4 % of mutual funds (which I would consider insiders), as to "how they vote" , therefore 30 -31% is a long way from the better than 66% they accomplished at the merger. Granted much of their 72% they mustered ,(a guess ) was retail and it was retail shareholders that were imo poorly informed and poorly counselled to the value of RX Gold.
If the Insider blocks receive little support from retail ,retail could win the vote. That opens up a lot of concessions that would be needed on the part of management,imo. My investment here could hardly be devastated more and I know a lot of others are worse off ,therefore it's time to use the muscle the retail arm has ,to benefit our investment.
I'm not going to bash these guys.I've said publicly on more than one occasion, they are doing a good job running and exploiting the promise of Galena , but imo ,that is not enough.We have a lot of ground to make up for and the eventual demand of silver must be very positively linked to common shares. This has not happened in my opinion in the last year ,certainly not since the merger.
Thank you Paddie. Now I have 3 documents stating different % 's ownership . I can appreciate that your data seems to be up to date. If all is correct comparing the amount or % of Sprott Asset shares from your data is considerably lower than what sga's data says. I suppose stop losses could have been triggered.
Whatever the facts are, shares and share counts are changing. Not sure if options and warrants are being counted as "holdings summary". I see a lot less control from basic insiders. It looks like retail can control this company's vote, if that's our agenda.
Silvergoldenapple , Thanks for the correction.Hope your right . I could not believe it myself but by reporting my findings ,I was intent only on starting a dialogue that will somehow give a fair appraisal of what's really going on. Not pumping ,not bashing ,simply trying to find the truth. I hope we can all continue in the next few weeks sharing facts.
eik has seen what I've seen on Sprotts site. I looked over the list several times and mentioned it (the USGIF shares ) might be hidden in some other fund . I'm still at a loss to why USGIF or USA is not mentioned in over 100 companies on Sprott Asset Management list.
Regardless of that ,eik and you both have retail vote as much higher than many probably perceive ,therefore dialogue amongst ourselves about the pro's and cons of the FOR or AGAINST vote is on the table.
This is exactly what these forums are for . My biggest problem with this company is ,I always feel like there is a hidden agenda. That can be said about many small miners ,mainly explorers ,but my point is,in the true sense of the expression "junior miner", WE ARE NOT A JUNIOR (except by market cap) ,which I think we would all agree is grossly undervalued.
We are also not a dividend paying stock therefore in order for shareholders of long term to be successful we need share price and share structure to always be as important as the other. Share price being near the tangible NAV (in terms of asset value only) is important for expansion . We cannot expand if our share price is low . Share structure is as important because expansion by dilution of equity is not really expansion for common shareholders.
Telling the market we will produce over 5 milllion oz's in the near years is fine but with a closer look ,"good investors " will need to understand, HOW !
Salaries,options and insider counsel in my opinion have been against the benefit of common long term shareholders for over a year. I seek only to try and remedy that situation ,if all agree in that appraisal.
The Galena is one of the best mining values in North America and USGIF is one of the worst mining investments I've ever made. There's got to be a balance .
According to June 7th 2012 news release ,it was Sprott Asset Management LP which held 14% of US Silver stock. I checked Sprott Asset Management and went through all of their holdings and can find no % at all in US Silver & Gold
Everybody should check and recheck this. Maybe one of the many Sprott companies owns USGIF or USA shares ? . I have no understanding of LP but cannot find holdings of anything under that designation so I'm presuming it is Sprott asset Management . Many well known silver/gold miners of different sizes are on the list of over 120 but I can find NO US Silver & Gold.
Why does this matter ? If Sprott is out ,the likelihood that retail investors can control the vote is better,imo.
Personally ,I'd like to know the facts and I think all retail investors should figure out what the best direction for your investment is. We need dialogue with this management to better ascertain the best course.
fenchel . I'm not as far away from Toronto as you but my going is impossible .I am now called a pumper of this stock on Stockhouse board . Truly amazing.
I think people need to get facts straight and make sure they vote accordingly . If removal of the management is possible ,I'd like to hear as much about why (other than what I've already said)
The Drumlummon was a con ,in my opinion.I spoke months ago about it's value being about 20 million. Hardly worth 1/3rd of our shares. 20M was kind.
The salaries are high (Admin.expenses ) I still do not know how high.
The options are completely a disservice to the common shareholders on the outside and a disservice to the company in general.
The shareholders rights plan is another item that seems to be a disservice . Outwardly it sounds like it's good for us but giving more power to a BOD or management that in my opinion has not acted in our best interests is bad news.
A lot of insiders that seem to have duplicate interests in both USSIF and RX.
1. Cost of sales increased 28 million plus 3.0 million more directly related to the merger
2. General and Administration was 1.9 million more
3. Exploration . Money well spent but we really do not need to do this in the environment of low silver prices. 8.4 m
4.Stock based compensation 2.3 M
5. One time acquisition costs 2.7 M ,mor merger BS
The fact is, count it up .The company had a horrific year and even silver prices staying at just above cash costs does not mean ,the company will record such losses ,AGAIN.
These guys were hired to be great managers . Balancing these books should be easy.
All common shareholders have to do is insist that the books be balanced .
These prices just began . The company was operating at a profit without the carried forward expenses of that damn merger. Cash costs are under 20/oz . All in costs (meaning Administration plus are unknown ) but there lies the problem. If Blasutti dilutes to carry that cost ,then he shoots himself and the other options holders in the foot,so I think it unlikely . I think all in costs might still barely let us break even if silver stays above 22/oz . I seriously doubt this company has less than 20 million ,paying the debt clears the way for at least a year of cost overruns even if the price of silver goes dramatically down to say 15/oz. Of course at that point ,the question will be to put Galena on C&M or not.
You're making assumptions that do not follow the annual report. Take out the merger expense and USGIF was operating profitably (close to it or just over,can't recall). Take out any new drilling ,any upgrades ,unless a necessity.,any personnel that is not cost effective . That's what these guys are paid to do and if they don't do that immediately ,then in May they could be ousted. Even institutions like Sprott cannot side with waste .I seriously doubt that Sprott has as much of an investment here as they had just after the merger. I do not believe they have the vote without the retail help.
Whatever the case ,I will vote against this management and hope all of retail does likewise. The management has about 1 month to convince us of an alternative vote to NO. I'm listening and so should all of us.
Why would they not just pay the 8 million with the 19 million presently in the account ?. I'm voting to discontinue the management but this company is NOT in any stretch ,going bankrupt or in a need for financing to cover expenses .That's ridiculous and you know it.
Without going back and checking (which I did before),I believe it's accurate to say it's costing more for this management personnel than the last. They're doing a good job but the synergy BS never panned out.
They rattled on about the Galena mills being able to process Drumlummon feed. Well ,that's a pipe dream. I don't believe it was ever a serious proposition.
We got sold a bill of goods and had the company done well since the new people came in, all would be forgotten,but it didn't go well because the residue of the merger ,the distortions and the faulty counsel have proven too much to overcome despite the excellent work done advancing Galena. That's a sad state. The mine is well. The reserves are up,the possibility of a huge resource is evident and yet the company flounders.
Voting against the present management is the only way to send a message that the shareholders believe salaries and bonuses are excessive . If these people were actually voted out ,I don't know the procedure but I do know that there are alternatives. The vote has to mean something or it is a distortion in itself.
Personally,I'd just like Mr.Blasutti to realize he's running a virgin mining company ,which pays NO dividend and is at odds , trying to stay profitable and trying to grow into a company that someday COULD actually pay a dividend ,thus why there are shareholders willing to invest. He is not in command of Barrick Gold.
The chart showing that every time volume goes sideways ,the shorts came out in force. I realize the amount of shares short is not huge but the increase in just a few days is significant . The fact is shorting this stock might also be happening on the TSX. Any data ?
We also could have the institutions selling. Eric Sprott sold shares in PSLV ,(with an excuse ) but the fact remains he sold while telling or insisting investors buy silver because the USD was finished.
I wouldn't rule out any entity that is has a lot of shares. What is their purpose ? I don't buy that they're nervous.
Short interest on USGIF has risen better than 1000%. Considering the lower volume this stock has,an extra 16,000 shares has obviously made a difference. Shares sold short spur on panic selling and cause institutions to hit their stops. (unless of course they're the shorts) I'm not trying to blame it all on shorting but an increase in just a few days of 16,000 of the 17,600 shares short previously,is nothing to minimize.
We had a big volume day but if shorts are used strategically ,they can be devastating in this environment.
Management needs a haircut now ,not after the money's gone . Lets be proactive and support real change here.
After todays shellacking ,I have no doubt that Galena is the best silver mine value in North America. It can produce 2.5 million oz's year and has brownfield resource development within it's infrastructure of over a hundred million oz's with over 40 million oz's in reserves .
Market cap at 56 million fully diluted . Not real
Thanks hillzman. When we are mentioned in that company ,it tells me our long wait to be priced at our value ,might be over.This is the quarter things begin to change. On the whole we did fairly well today,all things considered.
Management needs to make bold moves right now. Show some confidence. Retail has been holding this company together for long enough. I'd like to see some cost cutting measures in the only place left to cut costs.
Administration needs a haircut.
I've been suggesting people not buy physical ,because the power of legal market manipulation is too great. If you already own it,I'd keep it ,because it will begin to trend up when inflation becomes stronger than deflation and nobody can identify that time other than Central Banks.
The other end of the spectrum is all the "talking heads", never speak about Eastern Central Banks as the most important part of the selling ,because the actual appearance is that they are buyers. True, but they can also lease to clearing houses in London,without any legal disclosure, so ultimately an important cause of a lot of this downward trend.
SIL is 11% down,so this is better than many,today
Galena Complex Reserves ,up to 41 million total silver oz's
P+P silver-copper veins 18 M @ avg. grade of 13.66 oz per ton
P+P silver -lead veins 23 M @ avg grade of 11.08 per ton
With silver prices down ,I would suggest that management holds, in bullion, as much of the production as possible.
The Trail smelter (lead-silver) is very close to Galena operations. Sell ALL of the silver-copper (Quebec),sell all the lead and keep as much silver as possible from the silver-lead veins.
Cut salaries and streamline operation without cutting production. The windfall in share price rise due to confidence will work well for EVERYBODY associated with this company ,including management.
I don't think that's a problem. We will know everything. I think I figured what the deal is about.
250K is cash for selling 2400 acres. It's gone
5100 acres is now held Jointly by WPX 80% ,Dejour 20%.providing WPX covers all costs for 3 wells with us getting 20%,then the remaining acreage will we split in cost and revenue.@ the 80-20 split. Probably another 6 wells,if the 3 are good.
The next part is that we own 100% of neighboring lands (not sure how many acres ) that would become more valuable if these 3 wells work out.
I think drilling always involves risk and larger companies need not tell their shareholders what they're up to,incase of failure.
Shareholders from WPX as an example might wonder why a company with so many claims is going looking for new ones. Is there something wrong ? If there were a pattern of bad luck ,it doesn't bode well for them.I think large companies tell about what they must and nothing else. If the 3 wells are good ,they'll be reporting them ,if just mediocre they'll be shuffled in with another bunch improving production and if failure is evident,their shareholders would never know.
That's my thinking on it. BTW ,I don't know about the 250K or WPX ,just educated guesses. I think that deal might evolve into something a lot bigger if those 3 wells can be proven to be competitive.
I found about 250,000 in their financials that could be the cash. Not much but the real incentive is the 3 wells which we will share in the production of ,for nothing , plus the added help of not being responsible for maintaining the leases. Cutting out a Director and slowly but surely doing everything that is cost effective is what will turn the financial page here.
As far as production ,from all sources,the best help is turning those properties into producing reserves. This will increase the reserve value and actually give value to some,like Roan Creek that officially had none.
This is an entirely different strategy, Keep overall costs low and exploit our advantage of holding valuable leases ,for free The acreage next to RC that is still held will become more valuable as WPX drills those 3 wells. (guessing at WPX)
Are you speaking about Roan Creek ?
I was aware SLW was part of the Silver miners ETF. Why is it wrong to compare US Silver to the top 10 of SIL.
Hecla,Silver Standard,First Majestic ,Coeur D'alene,Pan American. These are silver miners ,bigger yes but Blasutti wants to rise up to 5 million oz's. We should not be comparing ourselves to juniors.
"Regarding our posts having an influence over managments decisions, I am sorry that you really think we are influencing them. If they read us at all it is for pure entertainment value. We have very little credibility in their minds. We are just armchair quarterbacks."
This statement is so completely naive. Textbook.
Not once more to you ,ignore is an option, isn't it ?
All silver miners are suffering from the general sector devaluation but SIL ,the Silver Miners ETF is down about 20% over a year where we are down about 45%.
Why do you give a pass to a management that has imo been self- motivated ? They have missed every opportunity to promote the extraordinary assets of the company. Lets be clear. I think they are competent ,I think they are diligent and I think they put shareholder value way down on their list of what is important . We as shareholders ,have to insist on a better deal for us and a shareholders rights plan gives more power to management to do their deals on our behalf. When have they done anything in our best interests ?
Remember who paid for that magnificent gold mine,that insiders were buried up to their eyeballs in.
Remember who told us that it was a good deal and in our best interests to merge ,then rewarded themselves with in the money options. Again and again.
No offense Silverapple but if you really want to help the share price ,help change this managements low opinion of its shareholder base. That's what freedoms like this forum are meant to do. We have a voice and constructive criticism is part of shareholders democratically playing their part in success of ventures like Galena.
Don't we want a lean operation,not too big,good to its workers and profitable for all ?
It was easier to find than I thought. The mine will produce about 7 million oz's of silver per year and SLW is streamed to buy 25% of that ,which is 1.75 million oz's ,so you're absolutely correct. Galena could more than handle it.
Wow ,thats really interesting. Who knows ?, but without looking into it could I ask, How much silver is Barrick responsible for yearly ,to meet the requirements of SLW stream ? and Any idea as to how much ABX mines in silver every year and if streams are attached to that production ?
Bottom line ,I think our question is Would ABX really need to buy silver on the open market to satisfy the stream or do they already have alternative production facilities ?
It's great speculation ? This is the product of an uninformed shareholder base.
Looks like we are being set up for another merger. Just seems to be no reason why this share price is so low other than the price is controlled. If our management had a desire to see the price come back to nearer the company's value,they'd be buying well above the lows. 1.12 to 1.19 is not what I would call confidence ,I'd call it opportunistic and they would say we are free to do likewise. Easy to say IF your salary is high against the scenario where much of your portfolio is already invested in this stock,at much higher prices . Is loyalty and belief in what we are told , now regarded as stupid by insiders ?
Insiders do not have to report unless their ownership is above 10% ,however company officials must report no matter what percentage of ownership they have.This seems like a disadvantage to insiders,but can easily be overcome . The appearance see's company officials buying at low prices while not so clear seems to be ,insiders selling at low prices. All I can make out of that is that everybody involved has a good understanding of what the objective is,for ALL insiders
When is the shareholders meeting ? and How are retail investors going to vote? Either a dialogue begins well before that meeting or nothing will change,imo.
Nice pick-up BN. I never would have thought the guy had the nerve to do that but it plays into everything that I think about all these talking heads. Why are they any different than Goldman or Morgan ? They are constantly playing two sides of trades ,while telling of inflationary death spirals. I'll admit they are selling a far more interesting product line. Gold and Silver or mortgage backed securities ,credit default swaps. take your pic.
Sounds very similar. We need to have dialogue with our management in order for management and shareholders alike to benefit from long term value at Galena.
Thanks for correcting me. CDE has never been a company I've been interested in . I was interested in Hecla ,but not any more. I feel that management missed an exceptional opportunity by offering cash for US Silver. I believe they would have successfully acquired us ,had they given us shares worth 2 dollars at the time. They have since, overpaid in my opinion for Aurizon.
US Silver has ,imo, the best potential within a group of about 10 silver stocks , based strictly on assets . Everything else is unknown and that fact is killing the share price.
The best value for long term silver production growth has to be SSRI with their Pitarrilla deposit. You can't beat 15 million oz's a year of expected production with a mine life of over 30 years. Capex about 800 million.
Galena represents incredible value near term with a plausible 5 million oz's per year for the next 20 years ,that could begin within a couple years. Capex is unknown but likely under 200 million over the life of mine ,which is comparatively small with anything in it's class. Montanore,Rock Creek,Lucky Friday,Shafter,all either have inferior production or resources or inflated capex.
NyBob, I've read this newest Sinclair reasoning. The problem is that what GATA or Jim Sinclair or Eric Sprott say is likely wrong.
The U.S. Federal Reserve owns certificates of gold ownership. That's a fact. They say , (Sprott,Sinclair )that if the physical gold has been sold,they would legally have to give up their certificates. The better than 8,000 tons of gold supposedly in New York and Fort Knox is likely still present . It belongs to the U.S. Federal Reserve and is held by the Treasury ,in vaults owned by the Federal Reserve. Weird to say the least. It has likely been leased to bullion banks out of London . Gold Suppression is real but selling the gold does nothing . The monetary value is too low.
I find it difficult to comprehend why these guys ,these talking heads like Sprott and Sinclair cannot be honest and say what I'm sure they know. Eastern Central Banks are leasing the majority ,if not all of their newly purchased gold. They are not buying gold from our Central Bank, but from 1. Private or State Production 2. Private entities such as GLD.
You keep trying to do your part in promoting this hysteria , that all the Western Central Banks are selling or have sold their gold ,I guess in believing that it will help the spot prices of PM's .
Eastern Central Banks are buying gold , no doubt but sticking it in their rendition of Fort Knox at this point in time, makes no sense. They want the spot price to be down ,so they can buy more at lower prices. If the U.S. stops leasing ,it's because they have nothing left to lease ,not because they have no ownership.
If we can get this company on track ,I would suggest our company holding our net profit in silver ,possibly even gold and putting strict restraints on our share structure.