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You again miss the point, the "collapse" did occur."
I,m sure you were one of those who were of the same opinion right before the 2008-09 crash too. "Don't worry the housing bubble is contained" "Do not remove your money from Bear Sterns, they will be fine"
CHINA SAYS "NO DOLLARS" FOR NEW YUAN
"In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.
When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.
But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been "staggering." And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade:The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won't be able to dump them to China for the new gold-backed, Yuan!
China has reportedly decided "there can be no conversion of gold-backed Yuan to or from US dollars." What China fears is that many countries around the world will want to trade their reserve US dollars for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more.
If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all?
The upheaval this could cause as early as next week, would be staggering."
https://www.superstation95.com/index.php/world/1152
Thanks oh blessed one, Just finished watching the video, this guy nails it! Everyone should view this...
I stack too, but the real "once in a lifetime" move this year has been and will continue to be in the PM mining sector until they normalize. They are roaring back from being beaten down 90% since 2013 with relentless negative gold bias propaganda from TPTB.
That and higher Yuan valuation would put pressure on the dollar meaning higher gold.
China cannot print their way out, nobody wants a jiao or a fen.
Yep, I think he is just another Ivy league (Princeton) economist, does he subscribe to Keynesian Economics as well, one has to wonder.
Armstrong states on page 15 in his August 2009 report that he predicts gold rising to $3500-$5000, that is the level of change I am interested in, even $1500 would be a game changer for anyone holding mining shares.
http://www.shtfplan.com/martin-armstrong/will-gold-reach-5000-martin-armstrong_08092009
Thanks starboy, It sounds like Armstrong is a shill for paper gold and the manipulation that it begets. I'm not one that believes in the "absurd" levels that the "ignorant" claim based on paper ounces sold:physical ounces available, which by the way is rumored at 300:1 or more, that is where these "absurd" price estimates are derived by the so called "ignorant", justifiable or not. He never mentions a smaller more realistic change in the price, or none at all, which is the speculation that I am interested in.
JD, anyone, what does the coming Chinese Yuan-Based Gold Fix mean for global gold prices in the short/long term?
Yep, Cost of doing business for them, welcome to across the board "rule of law" double standard in a global "moral hazard" environment of fraud.
http://www.zerohedge.com/news/2016-04-14/entire-status-quo-fraud
Just wanted to make sure it was a CRCUF management contractual choice to opt out.
Ok, found it, looks like they passed on the deal dated 2/4/11 due to results of further DD, its all good.
A recent event that turns the tide in the direction of Canarc becoming a producer in the short term and it's commitment to expand its resource base is the purchase of the Relief Canyon Gold Mine assets in Nevada. Canarc announced on December 21nd 2010 that it was the successful bidder to acquire a largely built and permitted, open pit, heap leach gold mine through a bankruptcy court auction held in Reno, Nevada. Canarc has agreed to purchase the Relief Canyon gold mine assets from Firstgold Corporation for US$11 million, subject to a due diligence period expiring February 4, 2011. As of February 4th Carnac decided to pass on the acquisition of the mine for the time being out of do diligence caution and instead retained the lab physicality which were part of the original deal.
GT, what ever happened to this deal that never seemed to close back in 2011?
TORONTO (SHfn) – Canarc Resource (TSX: T.CCM, Stock Forum) shares jumped 20% to 24 cents on Tuesday after the gold explorer reported that it is the successful bidder to acquire a largely built and permitted, open pit, heap leach gold mine through a bankruptcy court auction held in Reno, Nevada. Canarc has agreed to purchase the Relief Canyon gold mine assets from Firstgold Corporation for US$11 million, subject to a due diligence period expiring February 4, 2011.
Read more at http://www.stockhouse.com/news/natural-resources/2010/12/21/junior-explorer-surges-on-gold-mine-acquisition#1xdxt0TfZDpDVTPp.99
T, Thank you for the complement about being more knowledgeable but, your pretty sharp yourself, I just do a lot of reading, starting with the blogs and working my way outwards from there that's all, still need the good leads though.
CASS, on 4/6 CLGRF was 1.05, SSRI was 5.79... (1.05 + 25% = 1.32), (5.79 + 25.5% = 7.27). Everything is in line, it has to be, we are tethered to SSRI until the vote. Conversely on 3/4 deal announcement CLGRF was lagging @ 94.5 before the 30% premium, SSRI was 6.69...(.945 + 40% including 30% premium = 1.32), (6.69 + 8.5% = 7.27). Although this will normalize, CLGRF is actually 1.5% +/- ahead right now.
Geo, Miners went down in 2008-09 because they were fairly-over valued back then and that was with gold at $750. I don't think we have even reached the point they fell to in 2008-09 (still below that level) yet, and gold is $1260.
Geo, Don't forget that the PM mining sector is still at historical lows maybe not to be seen again in our lifetimes. If the broader market crashes, miners might not move too much to the downside since they could very easily still be undervalued, plus you you would have a safe haven trade, the likes of which have never been seen.
CASS, right now, until deal is decided on, we are tethered to SSRI up or down, its hard to say where CLGRF would be on their own right now, maybe right where we are at, maybe less. There will be a point though, in the short term, if SSRI gets to $8-$9 with CLGRF in tow, you would have to wonder at that point where CLGRF would be on their own? SSRI at $8 puts CLGRF @ $1.50 +/-, our volume is way up due to earnings and SSRI's rise. I think management wants to lower the risk by being more liquid, diversified and having SS capitol to work with. Read bullet points on post #2050 for more information. I will be waiting until the last minute to decide how to vote. Any other opinions would be welcome.
Silver Standard willing...
T, Maybe but, I think with gold's help SSO/SSRI investors just realized the value of Claude. SSRI is now .27 cents above the March 4th high when the deal was announced, we are now tethered to SSRI on the upside. If this continues, I will go along with Claudes recommendation and vote yes.
T, Maybe but, I think with gold's help SSO/SSRI investors just realized the value of Claude. SSRI is now .27 cents above the March 4th high when the deal was announced, we are now tethered SSRI to the upside. If this continues, I will go along with Claudes recommendation and vote yes.
Gold is running tonight already @ $1246, the lies and arithmetic can only be hidden for so long, I think the PM sector is in for some HUGE once in a lifetime gains.
Geo, What a great day for PM stocks. I'm sure glad I bought TGCDF instead of LODE, as well as CLGRF is doing since I sold 10%, I'm doing 100% better than if I would have that 10% in CLGRF, thanks for the tip.
Are you still a no vote? I will be okay with it if SSRI shows some life between now and then and so far they are, up .27 today, pretty damn good!
Geo, Here are some good looking charts as of 4/8....
http://www.321gold.com/editorials/sfs/hubbartt040816.html
Claude Resources Mails and Files Meeting Materials for Upcoming Special Meeting of Shareholders
They are pushing pretty hard for a yes vote...if SSO/SSRI doesn't recover to March 4th high (doing quite well last few days) before the vote I'm not sure they will get it.
SASKATOON, SASKATCHEWAN--(Marketwired - Apr 8, 2016) - Claude Resources Inc. (CRJ.TO) (CLGRF) ("Claude" and or the "Company") today announces the SEDAR filing and mailing of the shareholder meeting materials for the previously announced Plan of Arrangement (the "Arrangement") with Silver Standard Resources Inc. ("Silver Standard").
The Arrangement
As Claude announced by press release on March 7, 2016, this is a negotiated transaction recommended by Claude's Board whereby Silver Standard will acquire each outstanding Claude common share ("Common Share") for 0.185 of a Silver Standard common share and $0.001 in cash (together the "Consideration"), valuing each Common Share at approximately $1.65 based on the closing price of Silver Standard's common shares at March 4, 2016.
The Meeting
Claude shareholders as of the record date of March 28, 2016 have the right to vote by proxy or in person at the Special Meeting of Claude shareholders (the "Meeting") to be held on May 18, 2016 at 11:00 a.m. (Saskatoon time) at the Saskatoon Club, Upper Lounge, 417 - 21st Street East, Saskatoon, SK.
Benefits of the Arrangement
• Significant Premium to Claude Shareholders. The Consideration represents a premium of 30% to the closing price of the Claude Shares on the TSX on the last trading day prior to the announcement of the Arrangement and 25% to the 20-day VWAP of the Silver Standard Shares and the Claude Shares on the TSX.
• Diversification of Single Asset Risks. Single asset and single metal companies are subject to considerably higher specific risks than companies with several projects. Exposure to Silver Standard's asset portfolio and strong balance sheet will considerably reduce those risks.
• Participation in the Combined Entity. Claude shareholders will own approximately 31% and maintain significant exposure to the combined company. Claude shareholders will benefit, among other things, from increased technical expertise, greater ability to finance, asset diversification, greater analyst coverage and increased share liquidity. The combined company is also expected to realize other synergies from the combination of Silver Standard and Claude.
• Continued Participation by Claude Shareholders in the Seabee Gold Operation. The Claude securityholders, through their ownership of Silver Standard Shares, will continue to participate in the value associated with the Seabee Gold Operation. In addition, the combined company will be in a strong position to undertake further exploration and development of the 23,300 hectare land package at Seabee, which remains largely underexplored.
• Fairness Opinions. The Fairness Opinions from National Bank Financial Inc. and Canaccord Genuity Corp. concluded that, subject to and based on the considerations, assumptions and limitations described in the Meeting materials, the Consideration to be received by Claude shareholders pursuant to the Arrangement is fair, from a financial point of view, to Claude shareholders.
The Meeting materials will include a Management Proxy Circular that contains, among other things, details concerning the Arrangement, the reasons for and benefits of the Arrangement, the risks associated with the Arrangement, the requirements for the Arrangement to become effective, the procedure for receiving payment for Common Shares, voting at the Meeting and other related matters. Shareholders are urged to carefully review the Management Proxy Circular and accompanying materials as they contain important information regarding the Arrangement and its consequences to shareholders. Assuming a successful shareholder vote and satisfaction of the other conditions required under the Arrangement, including approval of the Arrangement by Silver Standard's shareholders, closing is expected to occur on or about May 31, 2016.
The Board of Claude Resources Inc. UNANIMOUSLY recommends that shareholders vote IN FAVOUR of the Arrangement.
Your vote is important regardless of how many Common Shares you own. The Company encourages shareholders to read the Meeting materials in detail.
I mean't SSO board.
We may need that, quote from stockhouse TGZ board.
"For anyone interested, I spoke with Stacey (pr staff) today with regards to Pitarrillas. My concerns stem from some analysts/writers on the net having expressed deep concerns about the water moratorium on new water drilling. She elaborated on three things that have changed since the original mine study was done in 2012. 1) Government of Mexico has implemented a new tax on PM producers that needs to be considered. 2) Company does not consider the water moratorium to be an issue and they are extremely confident that they will be able to tap into the properties existing aquifer without any major problems. 3) AG price of course has plummeted and the study was done when the price was around 25$ which is where they need the price to go to give this project serious consideration."
Seeking Alpha on CRCUF, lots of upside potential from near term producer.
http://seekingalpha.com/article/3962895-canarc-resource-corp-near-term-producer-looks-undervalued
Was there any indication in the CC as to why the rush to sell to Silver Standard or anyone for that matter?
I think the news was already priced in, they had more or less the same press release highlights on January 8th.
Yes T, We deserve better than this for sure, I don't understand managements position?
Well Geo, I sold 10% of my Claude at this mornings highs and bought 60k of TGCDF, couldn't get in below .5477, pretty solid, nobody giving it up, got filled right away. I was going to buy 100k of LODE because of the dip but, large orders wouldn't fill, and I wasn't going to chase the ask all day 100 shares at a time.
Geo, nice job on Teranga +10% day! I bought CRCUF as a longer term play, more shares, more upside potential I hope, they have already tripled this year. They will be a producer this year, with their property in Mexico, they will be closing on 8M financing in May to get their leased mill in Mexico refitted and running by EOY.
Geo, I can't read those numbers but, I think you are saying that SSRI should eventually catch up to the rest of the sector by as much as 30% ?
T, Geo, That idea might have some merit, it is certainly what SSO share holders think, however I don't think SSO would have paid the premium they did if this was the case, I'm sure they did their DD. I have heard others opine that miners with this level of resources not yet proven rarely leave themselves short, hence the constant drilling to refresh proven reserves. True, with SSO's cash these reserves could be massively refreshed very rapidly resulting in perhaps a 100k oz plus production next year. So far though recent drill results indicate that CRJ could potentially do this on their own in a few years...maybe they don't want the risk and are first and foremost protecting and bolstering their salaries and retirements.
Geo, I was going to pull the trigger on some TGCDF but, that whole morning on TD there was no bid/ask posted, same thing next day. I also noticed the level 3 buy/sell are hidden on this site "? VOL Column". The close on Thursday was .4936 up 3 cents only on a last minute buy of 222 shares (MM games?) after being in the .47/.46 range all day, quite a spread for that new high to hold for very long. I will keep my eyes on it though, doesn't sound too bad, the T.TGZ site over at Stockhouse is pretty active.
I speculate at this point there are not a lot of 1-5 million plus share holders, I understand it only takes 1/3 (65 million) shares to vote it down. If this poor performance continues, there are going to be a lot of PO'd smaller share holders (100k-500k). Why the rush by CRJ to sell to a mediocre company they have it all going for them right now, is there something they know on the horizon that we don't? I think SSO/SSRI share holders can vote it down as well, and they are obviously not happy either.