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Perhaps you are right firecracker. If so, why not issue a PR statement to that effect. We shareholders voted on the r/s months ago. I believe that we have a right to receive additional information from the Company--your speculation may be right--why doesn't the Company let us know their position.
By the way, take a look at canuckman's posting on the main page above the rest of the postings--all the recent important postings are there. Take a look at the timelines--whatever is happening (or is not happening) seems to be a recent change on the part of the Company.
First of all, welcome to the Board. Please return.
It may well be true that the Company does not absolutely control the process leading to the listing on the AMEX. But it does absolutely control the process having to do with the reverse split. The shareholders have voted on that proposition months ago and it was overwhelmingly passed. The reverse split is internal to the Company and could be done at any time.
If I am wrong on that, I would welcome a correction.
By the way, I am not advocating selling this stock. I certainly am not. Over the past thirteen months, I have built up a large position in this company. I have applauded its meeting of its production goals and finally getting rid of the hedge. There seems to be an extensive program of exploration on-going.
That doesn't mean that I cannot gripe or whine when needed. Tell me where I am wrong.
I have some suspicions that I am the "people" to whom you are referring. If that is correct, let me respond:
I am fully aware, since about 5th grade maybe, that Fall ends on or about 12/21 each and every year.
I am concerned about one of the answers given during the Conference
Call where the Company representative said that the "goal" was to achieve the r/s "by the end of the year". Note that the "goal" was the r/s, not the AMEX listing.
Now we hear from another poster that the Company has created other events that must take place before the r/s and the AMEX listing.
Doesn't that concern you?
Thanks, USSilverbug, for sharing the feedback from the Company. Over the past year or so, I have talked with IR on the telephone and she has always been very friendly and helpful. However, since the CC, I have called twice, left friendly requests to return my call, and got nothing.
It is helpful to know that the application will be filed "in the very near future". However, that was not the promise that was made by the Company. The promise was that both the r/s and the AMEX listing would be accomplished "in the Fall". Not going to happen.
Now we have a promise about "the very near future" and, apparently, the need for some "good news".
I also will repeat my irritation that the Production Report (I know that I confused Report with Estimate, previously)--but whatever it is (was!) called, it was halted because they could not get it right.
Many years ago, I wanted to stop putting out a monthly report because I could not get it right and my Manager kicked me out of his office and told me to GET IT RIGHT!
I am pleased with the Company regarding the production of the last quarter. I am pleased with the apparent decision of the Company to not engage in another hedge.
But, given the above, how much faith can we put in the promise of the Company to begin production in the Coeur mine during 2012?
On another subject--I am pleased that canuckman chimed in as did some of the others on this Board. canuckman has a huge amount of shares and I hold about as many as Dr. Bill. I am sure that others here control much more. I want to support our company but feel hurt that promises and telephone calls are not being kept or returned.
I had never noticed that number but, after looking, I found it. We are back up to 176, I see.
As with any message board, there are many more "lurkers" than posters.
Let us get some more posters here. I notice that canuckman, who started the idea of posting more personal information about ourselves, has not posted since.
Where art thou, canuckman??
Thanks for the attempt to gain some information. I have also tried but with no success. I am frankly quite disappointed and a bit bitter with the failure of the company to keep this promise. Let us know
[/t] if you should happen to hear anything. Thanks.
Great to hear from all of us. We do seem to be a pretty diverse and good group--who'da thunk it? I still wonder if Canuckman got to see Mr. Hopkins when he was in Toronto.
By the way, Palm Springs is 75 degrees today and it will be tomorrow as well and probably next week and next month.
I hope everyone has a safe and Happy Thanksgiving!
It would seem that we are just going to have to agree to disagree. Let us both hope that the scenerio, i.e. of a general worldwide depression, doesn't come up so our respective positions will not be put to the test!
But since I seem to have too much free time this morning, let us discuss the slim possibility of a world wide depression. Let us say it is really bad where the euro, dollar, yen, etc. are just regarded as worthless pieces of paper that are fit just for starting fires to keep warm. I don't think that will happen but let us say that it does.
I believe that IF that happened, gold and silver would have little value. Guns, ammo, liquor, toilet paper, food, water, and maybe cigarettes would have value. Fuel of various kinds would have value.
In that environment, gold and silver would be of secondary value if at all. In fact, if they DID have value, do you doubt that our Government would hesitate in the least to nationalize the production of those materials?
Let us posit a more likely alternative--one less apocalyptic. Paper money continues a slow but steady decline in value. Economic times are tough but chaos is not created. Kinda like what we have now. Maybe like a depression with a "soft landing".
That is the type of economic environment where precious metals will prosper and so will USSIF. And that is what I am counting on when I look at my holdings of USSIF and run my fingers over my gold and silver coins--personal moment here.
Anyway, different opinions are valuable. By the way, (and this is for all posters--the paragraph is your friend.
Very interesting life stories from both Dr. Bill and US Silverbug.
Posting on message sites can be potentially dehumanizing. While we are waiting for USSIF to make us rich (or at least get us back to even), knowing something about our fellow posters makes the experience that much more enriching.
My thrill about the Company has been at least temporarily chilled. Several months ago, IR said they could arrange a trip "underground" for me. Great--I would combine that with a trip to Glacier National Park.
As I said, they now do not take or return my telephone calls. And I have not been calling often and have been as polite as I could be.
Disheartening.
Now I understand. Bogus rating agencies did a huge amount of harm to collectors. PGCS and NGC can be trusted (even there, some swindlers have come us with a fake PGCS container to fool collectors!)
I am very sorry for your loss. It is a real violation of humanity to trick people like that!
Although I didn't know it at the time, I was a "stacker" since 1965. At that time, when I was about 18, my father handed to me a large cookie can filled with pre-1965 coins and told me to save all the silver coins that I could because they would someday be worth more money.
So, with some exceptions, between say 1965 and 1971 or so when real silver coins disappeared from circulation, I saved all my dimes, quarters, halves, and silver dollars. Yes, silver dollars were in circulation then. If you went to Las Vegas, you used silver dollars instead of dollar chips!
More recently, I have greatly expanded my silver "collection" through bullion coins.
I don't understand how you could have lost so much money on your numismatic gold. Well, yah, I guess I can since you really got swindled. $65 thousand in numismatic gold bought when gold was $260 should have gotten you enough money to, say, buy the State of Florida!
Let us hope you and all of us make it back from USSIF!
I appreciate what you are saying, SOUTHPEN, but I gotta briefly disagree with you on two levels: (and I will keep it brief although greater detail could be provided but it would probably be boring!!)
1. I am saying that if our economy crashes, so also will USSIF. You disagree saying that "investors will have only two choices hard assets or equity in something..."
I am saying that during a crash, there will be NO investors. Industrial use of silver will go to nil and regular people will have trouble feeding themselves, much less going out and buying American Silver Eagles. Being a high cost producer, USSIF would be one of the first to go out of business.
2. You make a comparison to what is currently going on and the historical event known as the Great Depression. While I know that the absolute numbers (debt, spending levels, etc.)currently exceed the levels of the Great Depression, that event was vastly more dangerous to our Country than what are the conditions that exist on this date. There was little or no "safety net". If you had no money and didn't farm because your farm was covered with dust, you didn't eat--or eat very much.
There was just no money around--no currency--no coins. If you were out of work (and you were probably out of work), you didn;t have the luxuries that most of our "poor" now have. Anyway, the Great Depression was far more serious and far more devastating than what is going on in the United States on November 22.
I would note, though, that SHOULD our economy collapse, if our dollar becomes worthless (more worthless than it now is!),-- should our civilization diminish, the effects COULD become more devastating than during the Great Depression.
One anecdotal example---We all know the iconic photographs of men in hats and ties patiently waiting in line for bread and soup. Should the same conditions occur now, we would not have such patience. I believe that weak people would become "prey" and street riots would break out instead of people meekly standing in line for handouts.
Rant over.
Good to hear from you. On your recent trip to Toronto were you successful in meeting with anyone from the Company? Sadly, my telephone calls to IR are not being taking or returned. Sad. I was even planning to visit Wallace next year when we travel to Glacier National Park. Not now. People who don't return my telephone calls obviously don't want to see me in person!
I am 63 and was fortunate enough to retire 11 years ago. I have done a lot of hiking and camping around the U.S. and live near Palm Springs in California. I have been following precious metals/stocks since 1979 when I was convinced that gold would soon go to $10,000 an ounce.
I enjoy long walks on the beach, kittens, and fine wine--oops, wrong website!!
I got lucky last year and early this year on HL and GPL. I bought into USSIF starting in October of 2010 and am now underwater on this stock. (Glub)
Hope we will do better next year but if our economy crashes, so will our stock market and so will USSIF. Hope for the best!!
I hate it when some killjoy comes along and points out the truth that our cost of production far exceeds exk. The fact remains that USSIF, even with its high cost of production, still enjoys that 4 cent a share earnings figure.
Also, add in the fact that, by and large, Idaho has a lot fewer drug lords and murders and is a safer place to be than in Mexico!
I agree that chartists would say that three descending tops does not make for an optimistic chart.
I would counter by saying that using trend analysis for a precious metals stock, especially a micro cap stock, can be misleading.
The stock price of USSIF is so very dependant on the price of silver as well as fundamentals inherent to this particular stock.
I could pretty much guarantee you that if the price of silver hit $50 an ounce by the end of the year, USSIF would quickly burst through the $.60 barrier, trend analysis aside. Also, if USSIF announced some spectacular drill results, the price would brush aside any trend lines that might have been established.
On the other hand, if our stock market collapsed, so would USSIF, indpendent of whatever TA had predicted.
By the way, this provides an opportunity for me to deliver a rant about all those supposed experts who were predicting $50 silver and $2000 gold by the end of the year. Kinda doubtful that will happen. And that is a good illustration of the fact, in my view anyway, that we should not pay a lot of attention to those "experts" who do a lot of predicting. They are more often wrong than right but you only discover that after paying them money to obtain their other predictions.
At this time I must make a public apology to Dr. Bill for my reaction to his concern about the r/s split and graduation (if that is the right term) to the AMEX. He indicated that those processes were not going on in a timely fashion. I kinda said "poo poo" to that and we would have them done by the end of the year.
I expected that the conference call, among other things, would announce a firm date for the r/s as well as a schedule of events that would lead us to the AMEX listing. None of that happened.
What did happen is that we were told that the r/s split, itself, may occur by the end of the year.
Now, I understand that the mere occurrance of those events will not necessarily lead us to an increase in the stock price. Many companies languish on the AMEX. We need to have the silver price stabalize and even go up. We need performance on the part of the Company.
I cannot understand the delay in the reverse split. The shareholders voted on it months ago and it is nothing more than a ministerial act on the part of the Company. No outside agency need be involved---at least as far as I know. And it isn't happening.
So-- sorry Dr. Bill--your concern was well placed and I was wrong.
Yes, I believe that, on the whole, the telephonic conference was disappointing:
On the plus side:
1. The expected silver production for calendar year 2011 remains at about 2.4 million ounces;
2. They are continuing on a heavy program of diamond drilling, both surface and underground on their 14,000 acre holding. That drilling is expanding and will continue to expand next year;
3. Sometime in January of 2012, they will issue their production goals for 2012;
4. Sometime in 2012 (I think in July), there will be some production from the Coeur mine. I believe they gave an expected number of ounces to be produced from that mine during 2012 but I cannot remember what it was;
5. They predict that silver production will double within 3-5 years. We will see.
For me, on the down side:
1. The goal is to execute the reverse split before the end of the year. To me, that means that the process of graduation to the AMEX will not start until at least January. They HAD promised that both would be done "in the Fall".;
2. Costs per ounce of silver mined will remain high. That is due apparently to high labor costs.
I had really been counting on both the reverse split and the graduation to the AMEX sometime this year. That apparently will not happen. Some might say "well, what's a few months?" Maybe so, but it is just another promise and goal that was not met by the Company.
fenchel, you are starting to sound like me. I do believe, however, that since the reverse split was long since authorized by the shareholders, the actualization of the reverse split is entirely within the hands of the Company.
I understand that the AMEX has its own timeframes. But the reverse split can be handled by the Company without outside time frames. And it hasn't been done.
And I am whining!
I have changed my tune, haven't I?
In a way, you answered your own question. Investors will more readily purchase a $3 stock listed on a major exchange than they will a $.58 stock on the Toronto exchange.
There's more to it than that but that is a big part of our problem.
On the plus side, take a look at the quarterly report issued by GPL just a few hours ago. USSIF blows them away in just about every category.
On the down side, I was not pleased by the answer to the question regarding the reverse split/AMEX. We DID have a Corporate goal of achieving both goals by the Fall. In my mind, to give to them the benefit of the doubt, I gave them to the end of the year.
The way I heard the answer in today's cc, the goal now is to have the reverse split by the end of the year.
By inference, that means that the AMEX listing goes over to the beginning of next year.
I was not pleased by the answer to the question of the high cost per ounce of producing silver. The answer referred to the high cost of employee compensation. Very true. But HL and CDE also operate in the same vicinity. Their cost per ounce is much, much, smaller.
I would have accepted an answer blaming our high cost on small vein widths or something of the sort. But that was not the answer that was given.
Absent some hugely good news from some other source, this stock is not going anywhere until we have the reverse split/AMEX listing take place.
"Why do people think that USIF management isn't providing production numbers"?
Because they are not.
Most mining companies provide for their shareholders quarterly production forecasts. USSIF did that but stopped because they kept getting the numbers wrong.
You may be satisifed with yearly production forecasts but others are not.
I expect that the Company should work on making its forecasts correct instead of throwing up their collective hands and saying, in effect, "it's just too tough for us".
Thank you for your comprehensive posting. I will attempt to respond in kind.
First, we share a financial committment to this stock. My holdings approximate yours. I probably (certainly!) went in over my head on this stock.
Secondly, I share your opinion regarding the elimination of the Production Report. Parker is, in effect saying, well, we can't get it right so we are eliminating the report!
That sounds like something that happens in the world of Government employees, not private industry. Get the report right--we shareholders are entitled to information as to just how much silver, copper, and lead is being produced.
We may differ in our opinions in two area:
1. The degree of "transparency" that is owed to the shareholders by the Company. This is a common complaint among shareholders of many companies. "Management is not telling us enough--management is not responsive to our need for information".
Sure, I would like to receive additional news from Management. But,with the exception of the aforementioned Production Report, I believe that we are being kept at least as informed as other Companys keep their shareholders.
As to your telephone calls to Parker or to IR--I don't know the content of your specific questions but they would have a real problem on their hands if they gave information to you that was not given to ALL the shareholders at the same time. Myself, I would never attempt to telephone the CEO of a Company--that is what IR is for.
As to meeting time goals--I am satisfied if the specified goal is met by the last day. They fulfilled their promise. Now, if the goal goes just one day beyond what was specified, then I would whine with the best of them.
I was fortunate enough to buy in fairly early as well as at the recent lows in the .40"s so my average price is about $.60 a share.
Ideally, I want to know EVERYTHING about the Company--I would welcome a daily briefing on production and exploration. That isn't going to happen with this stock or any stock.
On the bright side, as I write, we are up 2.6 pennies!
I would be interested in having a link provided to sustain your allegation that "some believe...(third quarter earnings...) will be a disappointment. Are you reading some analyst projections or are you spreading doubt without substantiation?
You are also making the assertion that "the R/S has not been implemented in a timely manner". You are entitled to your opinion, of course, but the Company has said that the reverse split and the upgraded listing will be done by the end of the year. I anticipate with great interest your participation in the cc later this month where you present your case that the reverse split has not been done in a timely manner.
So far, the Company has been keeping its promises. I prefer to believe the Company and not be mislead by rumors.
Yes, there is an industrial component to silver. Hypothetically, if a world wide depression (or recession) hits, fewer people will buy cell telephones, big screen televisions, computers, and many other things that all contain a small bit of silver.
That is a concern for shareholders. Also, if there is a stock market crash of any sort, ALL companys will go down, including ours--at least for a while.
Also important, perhaps even more important, is the upcoming fundamental news to USSIF. How will the reverse split and the upgraded listing affect the stock price? I cannot see how it can do anything but help but who knows?
Also, with the increasing cash flow, will the Company make any discovery, especially surface discoveries, of new deposits of silver?
We have excess mill capacity so we can mill much more "dirt" than is now being done.
Also, and this is speculative, could there be an acquisition?
Or will USSIF be acquired? Both unlikely, but still interesting to think about.
There is nothing fundamentally wrong with this Company. The fiscal meltdown in Europe and the possible meltdown of our economy has everything to do with it.
When the stock market drops as it did yesterday, most all companys will also decline
Silver is still regarded as both a precious metal as well as an industrial metal. If there is a recession around the world, some believe that the industrial use of silver will decline.
I see that just now the price of silver went positive. And, I believe, that the share price of USSIF went into the positive by a small amount.
I believe that something was lost in the translation. I have never talked with Tom Parker--I would not waste his time. I deal with a very competent Investor Relations Department.
I am maintaining that there is NO manipulaton (whatever that means) of this stock. If there were such evil deeds going on, our Company would take steps to protect us, the shareholders.
And now the "manipulated" USSIF is up 3.3 %
I realize that it seems to be accepted fact that the silver market as well as individual stocks are subject to some form of unnamed manipulation. I would ask you to reconsider that assumption.
In the case of USSIF, if there WAS manipulation of its stock trading, then the Company would have an affirmative duty to seek out the SEC and demand an investigation. That has not happened.
The Company does not have an affirmative duty to create shareholder wealth but it does have an affirmative duty to make sure that it's shares are traded honestly.
I am just going to have to trust Management on this one.
Either you, Dr. Bill, or the Company is wrong about your assertion that it could take 6-8 weeks from the reverse split to AMEX qualification.
The company has promised both the reverse split and the AMEX listing by the end of the year. You either believe the Company or you do not.
The vote by the shareholders to approve the reverse split was held several months ago. It was approved overwhelmingly.
As long as I am in a posting mood, here is one more.
First, for you USSIF junkies, WIKIPEDIA has a pretty complete article on our Company. You might enjoy reading it.
Second, AND THIS IS JUST MY IDEA ALONE. It does not rise even to the level of a "rumor" because a "rumor" implies that I heard it from someone. And I have heard this from no one--just from inside my own head. But it is fun to think about and I thought I would share it.
The silver mining district in Idaho is home to many old mines. Perhaps the most historic of them is the Sunshine Mine. Opened and closed several times, it has been one of the most productive mines in Idaho history.
It is currently not in operation. Wouldn't it be a kick of USSIF put in a bid for the operation? USSIF itself was formed out of a speculative bid by buyers who bought it from CDE. Maybe USSIF could acquire Sunshine??
Just my thoughts--I have NO NEWS. But look up in Wikipedia both US Silver and Sunshine Mines for some interesting reading.
Two brief (hopefully) responses to your thoughts USSILVERBUG.
1. For a micro cap mining Company with thousands of acres under their control to use their money to buy back shares would not be beneficial for the Company. Use that money to fully explore what they have and that, it seems, is what they are doing.
2. Your thought about the small cap of this Company is, to me, concerning. It is concerning because it is correct. I continue to be afraid that some entity, friendly or unfriendly, will make an offer for the Company that, while being maybe 20% above the current share value, will be much less than the Company is worth.
A US silver miner producing 2.5 million ounces of silver as well as by products with this kind of micro market cap is crying out for a buyer. And we shareholders could be the losers.
A, for example, 20% pop is good but this Company is worth much more.
Just speculating--I have no news or real evidence.
I am going to shock myself and assert that firecracker is not being optimistic enough in his estimates. I am going for 3.3 million ounces next year because I believe that production from Galena will continue to increase.
Just sayin' and just hopin'.
The small volume is interesting and I don't know what to make of it. The obvious answer is "lack of interest"
I share the thought that we are really oversold at current levels but I thought we were undervalued at seventy cents a share!
I cannot justify it either but there it is. I have previously posted here my concern that the Company will get a low buy out bid. The only good thing about that is that the Company would then be "in play" and maybe we would get some attention.
But we just got on the Toronto exchange and soon will be on the AMEX. Lots of investors will not buy a stock that is on the pink sheets or is under a buck a share.
Another good quarter plus good guidance plus the re-opening of the Couer mine will provide some needed push to our low stock price.
You are not being clear as to whether or not you agree with my price target of $35 silver by the end of the year. Could you be more specific?
I am going to send off a reply to your posting spuds because I sense (I could be wrong>) that you are a beginning investor. And we were all beginning investors at one time.
I was around for the gold/silver run up in the late 1970's and early 1980's. We just KNEW that gold was going to $10,000 and silver was going to follow in its footsteps.
Didn't happen and won't happen now. Our economy may flounder and we will have problems but don't look for any crash. And don't look for fast and spectacular rises in PM's either. The odds are it won't happen.
I predict $35 silver for the end of the year and I may be high.
I look at it a different way. I look for our Company to grow organically either through further silver finds or maybe acquisition. Yes---our little Company COULD go our and buy some additiional claims with its stash of cash. There are lots of them in that area.
But more likely it will open up the Coeur mine and develop its current holdings. Look for additional production at a lower cost per ounce, spuds, and less to any possible rise in the price of silver.
$.05 please
Good to see you firecracker. That last buy for 5000 shares was me taking one for the "team" to hopefully bring us a little bit into plus territory.
Here are some brief answers to your questions:
1. Since the results for the second quarter were releasted in mid-August, I would believe that the results for the third quarter will be released in mid-November
2. The Company has promised that both the reverse split and the "graduation" to the AMEX will be accomplished before the end of the year. They did fulfill their promise about the timely "graduation" to the Toronto exchange. If I am right about it taking 60 days of trading above #2 a share to get onto the AMEX, (and I am not sure about that), then the r/s should take place prior to the end of this month.
3. As to price predictions over the next sixty days---I cannot predict a number. The number will depend on:
1. Whether the r/s actually takes place (and it will)
2. The price of silver--obviously
3. The results of the third quarter. If the Company produces another 650,000 ounces of silver and maintains its guidance for about 2.5 million ounces for the year, that would be extremely bullish.
4. Any future assay results that might be posted.
From what you posted, it would seem that USSIF would qualify under Standard 3. They do not list a minimum number of days that is required but I am prettty sure that one exists and I believe that it is 60 days.
In any event, I have no reason to think that the goal of the Company to be listed on AMEX will not occur as they have promised-by the end of the year.
That would be correct if the requirement is for a 60 day period. I do not know if the requirement is 60 days or 90 days to have a stock value above $2.