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This graphic shows the Cyclonic activity much better....
A top hard-line Iranian cleric on Friday came out against a Western incentive package aimed at persuading Iran to suspend uranium enrichment, reflecting conservative pressure on the government to reject the offer...
http://news.yahoo.com/s/ap/20060609/ap_on_re_mi_ea/iran_nuclear
New early Cyclonic activity in the Gulf/Carribean...
The FPPL Opportunity...
With great changes comes great opportunites... and I feel that over the next decade, the planet faces great changes in relation to Energy and Climate.
The opportunity for FPPL (and other US domestic energy companies) is to explore, develop, and supply USA energy needs from safe geographic locations (IE: in-land USA vs. the US Gulf Coast) in a safe geo-political locations/environments (IE: the USA vs. Iran, Venezuela, Nigeria, Chad, Iraq, Afghanistan, etc).
It is becoming increasingly obvious that it is in the long-term economic and national security interest of the USA to find and develop safe energy supplies domestically... as the risks/costs of obtaining energy supplies in OPEC, 3rd world countries, and the Middle East have increased significantly over the past several years, and it looks like those risks/costs will not diminish anytime soon ... and it is the costs/risks/spin-off's resulting from those insecure, costly, & volitile energy supplies that increase risks associated with the long-term health of the US economy and its national security... in fact, not long ago, President Bush even admitted America's addiction to Oil, and expressed the need for the USA to reduce it's exposure to foriegn energy supplies.
SO, JUST HOW RISKY/INSECURE ARE OPEC COUNTRIES?;
OPEC is made up of 11 countries... http://www.opec.org/library/Annual%20Statistical%20Bulletin/interactive/2004/FileZ/mapbot.htm ... and I personally would classify all 11 OPEC countries as "high risk"... in fact, the US State Dept. currently has Travel Warnings issued against 7 out-of-the 11 OPEC countries... http://travel.state.gov/travel/cis_pa_tw/tw/tw_1764.html ... you can view each of the 7 Travel Warnings here...
Current Travel Warnings by the US State Dept. on OPEC Countries...
Algeria Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_929.html
Indonesia Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_918.html
Iran Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_920.html
Iraq Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_921.html
Nigeria Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_928.html
Saudi Arabia Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_932.html
Venezuela Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_918.html
With 7 out of the 11 OPEC countries having Travel Warnings issued against them by the US State dept. ... it doesn't take a Rocket Scientist to see that OPEC nations have serious stability problems.
But, OPEC countries aren't just politically unstable, some are also geographicaly unstable as well, for example; Indonesia has been plagued by Tsunami, multiple powerful earthquakes, and now Volcanic activity... Iran has also been plagued with strong Earthquake activity... and just one major natural disaster in the right location in just one of these OPEC countries could have an instant catastrophic effect on available world-wide energy supplies, sending Oil prices skyrocketing.
Also, there are deep social probelms facing most of the OPEC nations... which contribute to the instability of these nations which simply cannot be resolved quickly or easily, IE;
* The growing poverty gap between the rich and poor... which lead to increasing insecurity and violence... IE: Nigeria kidnapping and sabotage.
* Differences in Ideology which lead to low level warfare... IE: Saudi Arabia and Al Queada in-fighting.
* Resentment by locals of foriegn firms, who feel foriegn companies have unjustly en-riched themsleves at the expense of the locals... IE: Venezuela nationalization.
OPEC Summary:
While OPEC may offer lots of Oil supply... placing the security of any nations Oil supply with countries that can hardly even keep their own countries stable is sheer folly... a chain is only as strong as its weakest link, and many weak links have developed over the past several years in regards to the foriegn Oil supply chain. The bottom line is; reliance on OPEC nations for energy supplies is putting the USA at an increasing amount of economic and national security risk... the proof is in the price...
DOMESTIC (USA) ENERGY SUPPLY
One way to mitigate the risks to unstable foriegn Oil supplies in the short-term is to develop North American Energy supplies... we are currently seeing a massive effort ($100 Billion in infrastructure development) to develop the Tar Sands in Alberta, Canada as a safe alternative supply to foriegn Oil... however, even when full capacity is reached, the Alberta Tar Sands will only be able to supply a fraction of global Oil demand.
Domestically, the USA faces a relatively new and unique energy problem... becuase, what use to be deemed as a safe US energy supply seems no longer safe... for example, the Gulf of Mexico, which has approx. 4,500 oil/gas platforms, as well as, energy refining & transportation infrastructure, have all been dealt major blows during the hurricane seasons of 2004 (Ivan) and 2005 (Katrina & Rita).
While a very, very small handful of Scientists argue Global Warming is not a problem, by far, the vast majority of Scientists are of the opinion that Global Warming is a very real and very serious problem... in fact, former V.P. Al Gore says that there is almost "100 percent agreement" among scientists about the problem of Global Warming, however, a database search of newspaper and magazine articles shows that 57 percent question the fact of global warming, while 43 percent support it... these figures are the result, Gore says, of a "disinformation campaign" started in the 1990's by the energy industries to "reposition global warming as a debate."... saying it is the same type of disinformation strategy used for years by the defenders of tobacco.
Al Gore's movie "AN INCONVENIENT TRUTH" backed by scientifc data predicts Mankind has just ten years to avert a major catastrophe that could send our entire planet into a tail-spin of epic destruction involving extreme weather, floods, droughts, epidemics and killer heat waves beyond anything we have ever experienced... http://www.climatecrisis.net ... personally, I think we hit the "tipping point" 2 years ago when four CAT. 3 Hurricanes slammed into the shores of Florida.
Watch the trailer for Al Gore's movie "AN INCONVENIENT TRUTH" here;
http://video.google.com/videoplay?docid=2078944470709189270&q=an+inconvenient+truth&pl=true
Global Warming and its resultant Hurricanes are extremely pertinent to Energy prices in the short-term becuase of the huge supply of Oil/Gas platforms in the Gulf of Mexico... from the next graphic, you can see the Gulf Coast is starting to look/act like a giant Bowling Alley, the Hurricanes are acting like Bowling Balls, and the Oil/Gas Platforms are acting like Blowing Pins....
Source: http://gom.rigzone.com/rita.asp
And now, because of the existing damage to the Gulf Coast energy complex from the past 2 years of Hurricanes, and the fact that the Gulf Coast has been operating under capacity for almost a year... just the arrival of a CATEGORY 3 Hurricane in the Gulf of Mexico will amplify America's energy problems, becuase, a CATEGORY 3 Hurricane requires the evacuation and shut-down of oil/gas platforms in the Gulf of Mexico within the possible projected path... and in 2006, Scientists are projecting approx. five CATEGORY 3 (or stronger) Hurricanes.
Simply put... America is currently at the point where simply a Gulf Coast shut-down due to a Hurricane will magnify already stressed capacity/supply problems... the Hurricanes no longer have to damage energy infrastrucuture along the Gulf Coast to have a negative effect on energy prices... just a simple shut down in the Gulf Coast while a CATEGORY 3 (or higher) barrels through will stress/magnify an already constrained/damaged system.
And, while forecasters are saying the East Coast of the USA is overdue for a major Hurricane, the fact of the matter is, the Gulf of Mexico has a water tempuature problem, in that the isolated (or bay like) nature of the Gulf of Mexico creates perfect warm/soupy tempuatures for Hurricane generation...
as you can see from the next graphic that shows water surface tempuatures, the path from the Carribean into the Gulf Of Mexico are creating the perfect Hurricane breeding grounds that channel/path the Hurricanes straight into the Gulf Of Mexico energy complex.
The water tempuature map shows the increased vulnerability the Gulf of Mexico faces vs. the East Coast of the USA... the danger to the Gulf of Mexico will become even more appearent (for those who havent studied it in detail) to see towards the end of August as the surface water temps in the Gulf cook/simmer towards the 90 degree level... which will be very easy to see/understand from the water tempuature maps/charts by the mid/end of August.
ABOUT FPPL;
As far as FPPL goes, I'm not vouching for FPPL, I simply don't know enough about the company... however, what I will vouch for is the NEED FOR AMERICA TO DEVELOP DOMESTIC ENERGY SUPPLIES IN SAFE/STABLE LOCATIONS FOR IT'S SHORT, MID, AND LONG TERM ECONOMIC/NATIONAL SECURITY INTERESTS... and while I can't say that FPPL has the goods/management to help fullfill that very important need, the opportunity for FPPL is there, it just needs to step forward soon and starting filling those boots.
I will speculate somewhat about FPPL... what I've seen from the company is; a progressive path/work pattern from FPPL over the past approx. year claiming to have secured a number of Land leases... http://www.firstpetroleuminc.com/index.php?page=news_releases ... and given the last N.R. from the company... http://www.firstpetroleuminc.com/pdf/First_Petro_News-2006-04-07.pdf ... makes referecne to "First Petroleum’s goal being to now focus on potential drill programs and development of the most promising lease properties in its portfolio", my bet is that FPPL mgnmt. isnt about to abandon the last approx. year of time/money they've invested in the company and the leases... my guess is that sometime within the next several months (or sooner) we will see an update from the company that progressively follows the last N.R.
Greenspan warns about lack of Oil supply......
International oil markets have become so tight that even small acts of sabotage could result in further large price rises, Alan Greenspan, the former chairman of the US Federal Reserve, said yesterday.
"The balance of world oil supply and demand has become so precarious that even small acts of sabotage or local insurrection have a significant impact on oil prices," he said.
Mr Greenspan painted a bleak picture of the world's rising vulnerability to high crude oil prices, saying he was sceptical that oil producers could pump enough crude to meet future demand...
http://news.ft.com/cms/s/6044472e-f68b-11da-b09f-0000779e2340.html
Electronic News, 6/8/2006 - What’s Next for Solder?
Europe's environmental regulations have forced lead out of solder for most applications, except for a few exemptions, making a review of soldering techniques necessary....
The new solder alloy may be one of more than 100 possible alloy candidates that have been proposed and evaluated. None, unfortunately, are “drop in” alternatives. The most popular lead-free alloys melt at about 40 degrees Celsius higher than tin/lead solders. The most widely used are based on tin, silver and copper and are often referred to as SAC alloys--SAC comes from the Latin names for tin (Sn), silver (Ag) and copper (Cu)....
http://www.reed-electronics.com/electronicnews/article/CA6341985.html
I'm holding a core position in FMNJ which I'm using to leverage a full Cerro Rico operating agreement...
so, if FMNJ does move from an LOI to a true operating agreement, I'll particpate in the initial share price pop... and I'll add more FMNJ once more risk on the cerro Rico deal is removed, as I anticipate a true operating agreement will move the market cap. to much higher levels over a period of months, as the news travels around the mining world... and if FMNJ doesn't move from an LOI to a true operating agreement, then I'll cash my FMNJ chips in for something else.
I try to buy some Silver Bullion once every month... it's a great way to save money... I recommend it to anyone; what you do is put about 10% of your paycheck into Silver Bullion... and Silver is still so cheap, you still get a good bang for your buck.
I added to my Silver Bullion holdings today... and would increase my FMNJ holdings if they ever move from a L.O.I. to a true operating agreement.
For the person who sent me the private email... I only have a free account here, so I cannot reply privately.
Basically, an L.O.I. is an breifly worded semi-formal business agreement/summary (usually written on company letterhead) that provides the "guidelines" or "intent" on which to draft/form a formal/final "contract"... so, once an L.O.I. has been agreed upon by both parties, typically, the L.O.I. is sent to the Lawyers who then formailze the intent of the letter into a true and formal "contract" (which contains all the contractual clauses in detail)... after the Lawyers finish drafting/writing the formal "contract", the parties then typically have a short period of time to review and then accept/amend the formal contract... and once both parties accept and sign-off on the formal contract (as long as there are no subject conditions) then both parties have a firm and binding contract or operating agreement... that's generally how L.O.I's are used in North America.
FMNJ has indicated they have a L.O.I. with COMIBOL... which they say has gone to their Lawyers for review (see the May 31 N.R.)... http://biz.yahoo.com/iw/060531/0132304.html ... at this stage, the Lawyers should be drafting a formal contract/agreement based upon the L.O.I.
Thats possible... as I do not do any business in Bolivia.
To all ... I'm just voicing my concern why I think we are seeing a drift in the share price recently... and until FMNJ moves past the L.O.I. stage, all we have is a Letter-of-Intent.
To FMNJ mngmt.: CHOP CHOP on finalizing a real Operating Agreement.
I've never seen an L.O.I. be a "binding" document before... and I've particpated in many L.O.I's that were used to facilitate the advancment of the formal Agreement.
Wrong about what????? ... in my own business, I have 5 L.O.I.'s going on different projects, I know very well what a L.O.I. is.
Letters-of-Intent are only documents that provide guidance to final contract negotiations...
Letters-of-Intent only define the "intent" of both parties leading up to final contract negotiations...
A Letter-of-Intent is an important part of the early contract negotiating process in any contract negotiations (when used)... but L.O.I.'s are not the final contract, and they are usually not binding.
IMO, if FMNJ had moved beyond a L.O.I. to an actual Joint-Venture and Operating Agreement with COMIBOL, FMNJ shares would be trading at many multiples higher than current levels.
IMO, the stock is drifting becuase FMNJ seems to be having problems moving from an L.O.I. into a real operational contract on Cerro Rico.
There's probably alot of money waiting on the sidelines to come into this stock (or to add to existing positions) when the company moves from a Letter-of-Intent to a firm Operating Contract for the Cerro Rico Silver mine.
Any word on the Joint-Venture deal for the Cerro Rico Silver mine moving beyond a L.O.I. .... because, once FMNJ moves beyond Letter-of-Intent status to an operating contract, that would be a very big difference maker for this stock, IMO.
By the time Bush Jr. finishes weaving his path of destruction... the Sheeple (and even the Republican Govt.) will be on their knee's begging Gore to take the job... but my guess is Gore will wait until at least 2012 to throw his hat in.
Here's one of the major reasons why big money has accelerated their accumulation of Gold Bullion...
http://www.federalreserve.gov/releases/h6/discm3.htm
On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate.
Data shows the world's big money is snapping up Gold bullion at eight times the rate than originally thought, according to a report by UBS, the world's biggest Gold trader...
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/06/05/cnrussia.xml
I wouldn't bet on tomorrow... but over the next couple/few months we could see a nice trend towards the upside that could produce some very nice returns from these levels.
>>>>>> The industrial use of Silver to start accerlating next month...
The upcoming RoHS and WEEE legislation... and how they will affect Silver.
Unless you have expirence in the Computer Hardware or Electronics manufacturing business, you may be completely unaware of the following legislation that comes into effect next month...
RoHS legislation = Restriction of Hazardous Substances directive (the RoHS directive is also commonly refered to as the "Lead Free" directive).
WEEE legislation = Waste Electrical and Electronic Equipment directive.
As quoted by http://www.pb-free.info ...
"The restriction of certain hazardous substances (RoHS) and the Waste Electrical and Electronic Equipment (WEEE) Directives are extremely complex pieces of environmental legislation, which will affect each and every electronics manufacturer directly or indirectly, regardless of geographical location or the equipment they produce." ... the RoHS Directive comes into force on July 1, 2006(*1).
If your unfamilar or unaware of the RoHS and WEEE legislation (and most people are unaware) during 2002 & 2003(*2) the EU (European Union) brought forward legislative directives to reduce and restrict hazardous substances, electronic wastes, and other pollutants (IE: Lead, Mercury, Cadmium, PVC's) away from being included in the manufacturing of numerous consumable materials.
Electronic waste has become a major world-wide pollution problem for several reasons, one of which is the short life cycle of computers, printers, montiors, and other electronic compnents have... these products are often outdated within just a few short years, and quickly become obsolete garabge, evenutally making their way into land-fills, where their toxic materials are free to filter back into the environment, streams, eco-systems, and food supply to wreak their destructive properties.
The RoHS and WEEE directives have been in the planning phases for several years now... however, the general public is mostly unaware of the ROHS and WEEE directives... the major Computer and Electronic manufaturers on the other hand are well aware of the legislation becuase; Computers, Electronics, and other
Consumables sold in the EU after July 1, 2006 must be ROHS compliant... so the major hi-tech and electronics companies have been working for years to slowly phase-out the targeted hazourdous materials, and replace(*3) them with ROHS compliant materials for the July 1, 2006 compliance deadline... here are some links to ROHS information from the world's major hi-tech companies...
AMD ROHS info...
http://www.amd.com/us-en/Processors/ProductInformation/0,,30_118_4040,00.html
DELL ROHS info...
http://www1.euro.dell.com/content/topics/topic.aspx/emea/topics/services/en/recycle_rohs_summary?c=e....
INTEL ROHS info...
http://www.intel.com/technology/silicon/leadfree.htm
http://mysearch.intel.com/corporate/default.aspx?culture=en-US&q=rohs&searchsubmit.x=20&....
HP ROHS info...
http://search.hp.com/query.html?lang=en&submit.x=8&submit.y=6&qt=rohs&la=en&cc=u....
IBM RHOS Info...
http://www.ibm.com/Search/?q=rohs&v=14&lang=en&cc=us&en=utf&Search.x=52&Sear....
Microsoft ROHS info
http://search.microsoft.com/results.aspx?mkt=en-US&setlang=en-US&q=rohs
SOME REASONS SILVER WILL BE AFFECTED BY THE ROHS AND WEEEE LEGISLATION IS;
(A.) Lead is currently used extensively in electronics. Lead in sufficent quanity is posionous, and can be deadly.
(B.) Lead is one of the main targets for elimnation within the RoHS and WEEE legislation... the most popular Lead replacement(*3) is an Alloy combination consisting of Tin, Silver, and Copper.
(C.) Silver conducts electricity better(*4) than any other metal... and is an essential component (forming approx. 3.5%) of the Alloy most suitable to replace Lead Solder in Computer and Electronics components, hardware, and devices.
(D.) After July 1, 2006, Computers, Electronics, and a number of other Consumables sold in the EU must be ROHS compliant, meaning; they will essentially be Lead-Free... techincal papers indicate Silver will form approx. 3.5% of the Alloy used to replace Lead Solder after ROHS goes into affect on July 1, 2006.
(E) While an amount of Silver in each new Computer and electronic device equal to approx. 3.5% of the Solder after July 1, 2006 doesn't sound like much... when you add it up over millions upon millions of devices, it will start adding up.
(F) While the ROHS compliance comes into effect only in the EU next month (July 1, 2006)... China, the United States, and other countries are also moving in the nearly exact same envirometal direction as the EU... by 2010, mutltiple countries plan on having ROHS compliance laws in full effect... however, many of the major multi-national tech companies are not waiting for other countries to eventually bring intheir own ROHS legislation, many of the multi-nationals (to save costs) are converting their entire world-wide Computer/Electronics production (not just their EU production) to all be ROHS compliant by July 1, 2006.
Now... I wonder what prompted Bill Gates to invest in Pan American Silver... hmmmmmmmmm...
http://www.bizjournals.com/seattle/stories/2001/06/11/daily4.html?jst=s_rs_hl
* NOTES / LINKS:
(*1) the RoHS Directive comes into force on July 1, 2006:
http://www.rohs.gov.uk
http://www.pb-free.info
http://www.pb-free.info/RoHS%20Enforcement%20Guidance%20May%202006.pdf
http://www.rohs-news.com/whatsrohs.php
http://www1.euro.dell.com/content/topics/topic.aspx/emea/topics/services/en/recycle_rohs_summary?c=e....
(*2) During 2002 & 2003 the EU (European Union) brought forward legislative directives:
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32002L0095:EN:HTML
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32002L0096:EN:HTML
http://ec.europa.eu/environment/waste/weee_index.htm
http://www.rohs-news.com/whatsrohs.php
http://www.rohs-news.com/whatsweee.php
http://www.wolfsonmicro.com/uploads/documents/Wolfson_Lead_Policy_Backgrounder.pdf
http://www.rohs.gov.uk
(*3.) The most popular Lead solder replacement is a cominbation consisting of Tin, Silver, and Copper:
http://leadfree.ipc.org/RoHS_3-2-1-3.asp
http://www.wolfsonmicro.com/uploads/documents/Wolfson_Lead_Policy_Backgrounder.pdf
(*4) Silver conducts electricity better than any other metal:
http://encarta.msn.com/encyclopedia_761579307/Silver.html#s1
WHAT IS ROHS and WEEE
http://www.rohs-news.com/whatsrohs.php
http://www.rohs-news.com/whatsweee.php
http://www.rohs.gov.uk
Yahoo ROHS Group
http://groups.yahoo.com/group/RoHS/
http://ec.europa.eu/environment/waste/weee_index.htm
RoHS Enforcement Guidance Document - May 2006
http://www.rohs.gov.uk/Docs/Links/RoHS%20Enforcement%20Guidance%20Document%20-%20v.1%20May%202006.pd....
U.S. Manufacturers Must Comply With EU's RoHS Rules In July
http://www.industryweek.com/ReadArticle.aspx?ArticleID=12044&SectionID=2
>>>>>>> Silver reserve estimations for Cerro Rico....
Cerro Rico is estimated to be the world's largest Silver mine.
Conservative estimates for Cerro Rico's current Silver reserve run around 250 million oz. ... while some estimate the Silver reserve to be as has high as 2 billion oz. ... the truth is nobody really knows accurately what the current Silver reserve of Cerro Rico actually is, becuase, the mine has never been subjected to an extensive modern exploration drilling program.
According to NERC, Cerro Rico is estimated to still hold approx. 5 times more Silver than any comparable Bolivian depsoit...
http://www.nerc.ac.uk/publications/documents/pe-wint04/cerrorico.pdf
According to Dr Adrian Boyce at the Scottish Universities Environmental Research Centre, Cerro Rico's Silver production has never been matched, and when one compares Cerro Rico to other BPV deposits, three features stand out as being exceptional:
(1) The phenomenal silver resource. Cerro Rico has produced almost five times more silver than any other BPV deposit.
(2) Development of a thick acid-sulfate lithocap. The acid-sulfate lithocap at Cerro Rico is at least twice as thick as any other described from a BPV deposit.
(3) Development and preservation of a particularly deep zone of oxidation. This is almost four times as thick as any other developed at a BPV deposit...
http://www.gla.ac.uk/surrc/staff/boycea.html
SILVER RESERVE ESTIMATE VALUES FOR CERRO RICO AT $12.00 SILVER... (does not include any value for the TIN reserves);
* 250 million oz. Silver at $12.00 p/oz = $3,000,000,000.00
* 500 million oz. Silver at $12.00 p/oz = $6,000,000,000.00
* 750 million oz. Silver at $12.00 p/oz = $9,000,000,000.00
* 1 billion oz. Silver at $12.00 p/oz = $12,000,000,000.00
* 1.25 billion oz. Silver at $12.00 p/oz = $15,000,000,000.00
* 1.5 billion oz. Silver at $12.00 p/oz = $28,000,000,000.00
* 1.75 billion oz. Silver at $12.00 p/oz = $21,000,000,000.00
* 2 billion oz. Silver at $12.00 p/oz = $24,000,000,000.00
SILVER RESERVE ESTIMATE VALUES FOR CERRO RICO AT $25.00 SILVER... (does not include any value for the TIN reserves);
* 250 million oz. Silver at $25.00 p/oz = $6,250,000,000.00
* 500 million oz. Silver at $25.00 p/oz = $12,500,000,000.00
* 750 million oz. Silver at $25.00 p/oz = $18,750,000,000.00
* 1 billion oz. Silver at $25.00 p/oz = $25,000,000,000.00
* 1.25 billion oz. Silver at $25.00 p/oz = $31,250,000,000.00
* 1.5 billion oz. Silver at $25.00 p/oz = $37,500,000,000.00
* 1.75 billion oz. Silver at $25.00 p/oz = $43,750,000,000.00
* 2 billion oz. Silver at $25.00 p/oz = $50,000,000,000.00
SILVER RESERVE ESTIMATE VALUES FOR CERRO RICO AT $50.00 SILVER... (does not include any value for the TIN reserves);
* 250 million oz. Silver at $50.00 p/oz = $12,500,000,000.00
* 500 million oz. Silver at $50.00 p/oz = $25,000,000,000.00
* 750 million oz. Silver at $50.00 p/oz = $37,500,000,000.00
* 1 billion oz. Silver at $50.00 p/oz = $50,000,000,000.00
* 1.25 billion oz. Silver at $50.00 p/oz = $62,500,000,000.00
* 1.5 billion oz. Silver at $50.00 p/oz = $75,000,000,000.00
* 1.75 billion oz. Silver at $50.00 p/oz = $87,500,000,000.00
* 2 billion oz. Silver at $50.00 p/oz = $100,000,000,000.00
=====================================================
Silver Bells, Silver Bells....
http://www.always-safe.com/silverbells.html
>>>>>>> Market cap's for Silver companies (updated);
CDE - Coeur d'Alene Mines Corp = $1.42 BILLION
http://finance.yahoo.com/q/ks?s=cde
ECU - ECU Silver = $541 MILLION
http://www.tsx.com/HttpController?GetPage=QuotesViewPage&DetailedView=DetailedPrices&Languag...
FMNJ - Franklin Mining = $73 MILLION
HL - Hecla Mining Co = $653 MILLION
http://finance.yahoo.com/q/ks?s=hl
PAAS - Pan American Silver Corp. = $1.35 BILLION
http://finance.yahoo.com/q/ks?s=paas
SIL - Apex Silver Mines Ltd. = $925 MILLION
http://finance.yahoo.com/q/ks?s=sil
SLW - Silver Wheaton Corp. = $1.77 BILLION
http://finance.yahoo.com/q/ks?s=slw
SSRI - Silver Standard Resources Inc. = $1.05 BILLION
http://finance.yahoo.com/q/ks?s=ssri
=====================================================
Silver Bells, Silver Bells....
http://www.always-safe.com/silverbells.html
>>>>>>> The FPPL Opportunity...
With great changes comes great opportunites... and I feel that over the next decade, the planet faces great changes in relation to Energy and Climate.
The opportunity for FPPL (and other US domestic energy companies) is to explore, develop, and supply USA energy needs from safe geographic locations (IE: in-land USA vs. the US Gulf Coast) in a safe geo-political locations/environments (IE: the USA vs. Iran, Venezuela, Nigeria, Chad, Iraq, Afghanistan, etc).
It is becoming increasingly obvious that it is in the long-term economic and national security interest of the USA to find and develop safe energy supplies domestically... as the risks/costs of obtaining energy supplies in OPEC, 3rd world countries, and the Middle East have increased significantly over the past several years, and it looks like those risks/costs will not diminish anytime soon ... and it is the costs/risks/spin-off's resulting from those insecure, costly, & volitile energy supplies that increase risks associated with the long-term health of the US economy and its national security... in fact, not long ago, President Bush even admitted America's addiction to Oil, and expressed the need for the USA to reduce it's exposure to foriegn energy supplies.
SO, JUST HOW RISKY/INSECURE ARE OPEC COUNTRIES?;
OPEC is made up of 11 countries... http://www.opec.org/library/Annual%20Statistical%20Bulletin/interactive/2004/FileZ/mapbot.htm ... and I personally would classify all 11 OPEC countries as "high risk"... in fact, the US State Dept. currently has Travel Warnings issued against 7 out-of-the 11 OPEC countries... http://travel.state.gov/travel/cis_pa_tw/tw/tw_1764.html ... you can view each of the 7 Travel Warnings here...
Current Travel Warnings by the US State Dept. on OPEC Countries...
Algeria Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_929.html
Indonesia Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_918.html
Iran Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_920.html
Iraq Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_921.html
Nigeria Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_928.html
Saudi Arabia Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_932.html
Venezuela Travel Warning - OPEC Member
http://travel.state.gov/travel/cis_pa_tw/tw/tw_918.html
With 7 out of the 11 OPEC countries having Travel Warnings issued against them by the US State dept. ... it doesn't take a Rocket Scientist to see that OPEC nations have serious stability problems.
But, OPEC countries aren't just politically unstable, some are also geographicaly unstable as well, for example; Indonesia has been plagued by Tsunami, multiple powerful earthquakes, and now Volcanic activity... Iran has also been plagued with strong Earthquake activity... and just one major natural disaster in the right location in just one of these OPEC countries could have an instant catastrophic effect on available world-wide energy supplies, sending Oil prices skyrocketing.
Also, there are deep social probelms facing most of the OPEC nations... which contribute to the instability of these nations which simply cannot be resolved quickly or easily, IE;
* The growing poverty gap between the rich and poor... which lead to increasing insecurity and violence... IE: Nigeria kidnapping and sabotage.
* Differences in Ideology which lead to low level warfare... IE: Saudi Arabia and Al Queada in-fighting.
* Resentment by locals of foriegn firms, who feel foriegn companies have unjustly en-riched themsleves at the expense of the locals... IE: Venezuela nationalization.
OPEC Summary:
While OPEC may offer lots of Oil supply... placing the security of any nations Oil supply with countries that can hardly even keep their own countries stable is sheer folly... a chain is only as strong as its weakest link, and many weak links have developed over the past several years in regards to the foriegn Oil supply chain. The bottom line is; reliance on OPEC nations for energy supplies is putting the USA at an increasing amount of economic and national security risk... the proof is in the price...
DOMESTIC (USA) ENERGY SUPPLY
One way to mitigate the risks to unstable foriegn Oil supplies in the short-term is to develop North American Energy supplies... we are currently seeing a massive effort ($100 Billion in infrastructure development) to develop the Tar Sands in Alberta, Canada as a safe alternative supply to foriegn Oil... however, even when full capacity is reached, the Alberta Tar Sands will only be able to supply a fraction of global Oil demand.
Domestically, the USA faces a relatively new and unique energy problem... becuase, what use to be deemed as a safe US energy supply seems no longer safe... for example, the Gulf of Mexico, which has approx. 4,500 oil/gas platforms, as well as, energy refining & transportation infrastructure, have all been dealt major blows during the hurricane seasons of 2004 (Ivan) and 2005 (Katrina & Rita).
While a very, very small handful of Scientists argue Global Warming is not a problem, by far, the vast majority of Scientists are of the opinion that Global Warming is a very real and very serious problem... in fact, former V.P. Al Gore says that there is almost "100 percent agreement" among scientists about the problem of Global Warming, however, a database search of newspaper and magazine articles shows that 57 percent question the fact of global warming, while 43 percent support it... these figures are the result, Gore says, of a "disinformation campaign" started in the 1990's by the energy industries to "reposition global warming as a debate."... saying it is the same type of disinformation strategy used for years by the defenders of tobacco.
Al Gore's movie "AN INCONVENIENT TRUTH" backed by scientifc data predicts Mankind has just ten years to avert a major catastrophe that could send our entire planet into a tail-spin of epic destruction involving extreme weather, floods, droughts, epidemics and killer heat waves beyond anything we have ever experienced... http://www.climatecrisis.net ... personally, I think we hit the "tipping point" 2 years ago when four CAT. 3 Hurricanes slammed into the shores of Florida.
Watch the trailer for Al Gore's movie "AN INCONVENIENT TRUTH" here;
http://video.google.com/videoplay?docid=2078944470709189270&q=an+inconvenient+truth&pl=true
Global Warming and its resultant Hurricanes are extremely pertinent to Energy prices in the short-term becuase of the huge supply of Oil/Gas platforms in the Gulf of Mexico... from the next graphic, you can see the Gulf Coast is starting to look/act like a giant Bowling Alley, the Hurricanes are acting like Bowling Balls, and the Oil/Gas Platforms are acting like Blowing Pins....
Source: http://gom.rigzone.com/rita.asp
And now, because of the existing damage to the Gulf Coast energy complex from the past 2 years of Hurricanes, and the fact that the Gulf Coast has been operating under capacity for almost a year... just the arrival of a CATEGORY 3 Hurricane in the Gulf of Mexico will amplify America's energy problems, becuase, a CATEGORY 3 Hurricane requires the evacuation and shut-down of oil/gas platforms in the Gulf of Mexico within the possible projected path... and in 2006, Scientists are projecting approx. five CATEGORY 3 (or stronger) Hurricanes.
Simply put... America is currently at the point where simply a Gulf Coast shut-down due to a Hurricane will magnify already stressed capacity/supply problems... the Hurricanes no longer have to damage energy infrastrucuture along the Gulf Coast to have a negative effect on energy prices... just a simple shut down in the Gulf Coast while a CATEGORY 3 (or higher) barrels through will stress/magnify an already constrained/damaged system.
And, while forecasters are saying the East Coast of the USA is overdue for a major Hurricane, the fact of the matter is, the Gulf of Mexico has a water tempuature problem, in that the isolated (or bay like) nature of the Gulf of Mexico creates perfect warm/soupy tempuatures for Hurricane generation...
as you can see from the next graphic that shows water surface tempuatures, the path from the Carribean into the Gulf Of Mexico are creating the perfect Hurricane breeding grounds that channel/path the Hurricanes straight into the Gulf Of Mexico energy complex.
The water tempuature map shows the increased vulnerability the Gulf of Mexico faces vs. the East Coast of the USA... the danger to the Gulf of Mexico will become even more appearent (for those who havent studied it in detail) to see towards the end of August as the surface water temps in the Gulf cook/simmer towards the 90 degree level... which will be very easy to see/understand from the water tempuature maps/charts by the mid/end of August.
ABOUT FPPL;
As far as FPPL goes, I'm not vouching for FPPL, I simply don't know enough about the company... however, what I will vouch for is the NEED FOR AMERICA TO DEVELOP DOMESTIC ENERGY SUPPLIES IN SAFE/STABLE LOCATIONS FOR IT'S SHORT, MID, AND LONG TERM ECONOMIC/NATIONAL SECURITY INTERESTS... and while I can't say that FPPL has the goods/management to help fullfill that very important need, the opportunity for FPPL is there, it just needs to step forward soon and starting filling those boots.
I will speculate somewhat about FPPL... what I've seen from the company is; a progressive path/work pattern from FPPL over the past approx. year claiming to have secured a number of Land leases... http://www.firstpetroleuminc.com/index.php?page=news_releases ... and given the last N.R. from the company... http://www.firstpetroleuminc.com/pdf/First_Petro_News-2006-04-07.pdf ... makes referecne to "First Petroleum’s goal being to now focus on potential drill programs and development of the most promising lease properties in its portfolio", my bet is that FPPL mgnmt. isnt about to abandon the last approx. year of time/money they've invested in the company and the leases... my guess is that sometime within the next several months (or sooner) we will see an update from the company that progressively follows the last N.R.
I found the movie trailer for Al Gore's new movie "AN INCONVENIENT TRUTH"...
http://video.google.com/videoplay?docid=2078944470709189270&q=an+inconvenient+truth&pl=true
Energy and the Climate are on a collision course.
"No dot-com bubble collapse"....
London - The bull market in base metals is unlikely to collapse like the dot-com bubble of the late-1990s because the supply/demand balance for raw materials has tightened, broker Standard Bank said on Friday.
"The key difference is that the commodities boom has been underpinned by genuine fundamental tightness - whilst corrections are likely in commodities, a dot-com-style collapse is not," Standard Bank said in its latest monthly report.
http://www.fin24.co.za/articles/markets/display_article.asp?Nav=ns&lvl2=markets&ArticleID=15...
June 4 (Bloomberg) -- Secretary of State Condoleezza Rice dismissed Iran's threats to disrupt energy supplies in a confrontation over its nuclear program, saying the Persian Gulf country is too dependent on revenue from oil.
http://www.bloomberg.com/apps/news?pid=10000103&sid=ar4vr_o1Q0YU&refer=us
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Condi doesn't strike me as a very bright business person... becuase, if Iran cuts their Oil production by 10%, and Oil prices rise by 15%... Iran would actually make even more money.
The US needs Cheap Oil more than Iran needs the US... becuase, Iran can always sell their Oil to China, India, Russia, Japan, Germany, etc, etc.... while the US has fewer, and fewer options for Oil supplies.
IMO... Condi is making some very high risk bets... with other peoples money.
A new tropical storm is being tracked just off Mexico...
What's very important to note from the map is;
* the colored tempuatures... notice the larger area of 85/86 degree water (the deep orange).
* The first storm this year, and this current one, both formed in the same general area of larger body 85/86 degree water.
* Notice how there is only a small band of 85/86 degree water in the Gulf of Mexico (in its South/West corner)... but wait, by the end of August, the ENTIRE Gulf of Mexico will warm into a 86+plus degree soup (all deep Orange or Red in color).
* With the warming trends of Oceans... the entire Caribean and Gulf of Mexico have begun to act like a giant chanell/path and breeding grounds for Hurricanes... building/leading them directly into the Gulf of Mexico... the East Coast of the USA isn't getting hit as much as the Gulf becuase the water tempuature charts show strongest Hurricane generation/paths would favor the Caribean/Gulf path...
http://www.wunderground.com/tropical/
http://www.nhc.noaa.gov/refresh/graphics_ep2+shtml/235517.shtml?basin
June 2/06 -- Oil shale enthusiasm resurfaces in the West...
More than a hundred years later, instability is roiling world oil markets, and Americans are paying $3 a gallon for gas. And oil shale fever is again rising in the geologic region known as the Piceance Basin, part of the Green River Formation that stretches across the rugged plains of northwestern Colorado and parts of Wyoming and Utah.
There is no dispute that a thousand feet below the isolated ranch country here on Colorado's western slope lie almost unimaginable oil riches. It's locked in sedimentary rock - essentially immature oil that given a few million years under heat and pressure would produce pools of oil easy to extract.
The Energy Department and private industry estimate that a trillion barrels are here in Colorado - about the same amount as the entire world's known reserves of conventional oil. The entire Green River Formation might hold as much as 2 trillion barrels.
http://news.yahoo.com/s/usatoday/20060602/ts_usatoday/oilshaleenthusiasmresurfacesinthewest
IMO... the circumstances here favor the compnay some time in the not to distant future... to move towards an exploratory drilling program of some type.
Given that this compnay is basically a re-start, and that it's recently worked towards obtaining Land leases... there is a progressive pattern/path going on here by mngmt. ... I feel they are not about to abondon their recent work... and if anything, are not communicating well with shareholders at present in order to probably discourage the run-up in their share price for a short period of time, possibly in order to increase the power/positons (becuase they are the ones with the inside info and control the show).
IMO, anything around 1 cent per share is still very cheap... and if/once work leading towards an exploratory drilling program of some type is announced, we'll start seeing some more consitant positive movement on the S.P.
IMO, given current circumstances, even a Chimp could manage taking the S.P. of FPPL to much higher levels over the next year.
No... I've never talked to FPPL mngmt.
The primary reason I haven't been concerned about talking to FPPL mngmt is.... I managed to buy FPPL shares at a very cheap level... took some profits on the run up to around 3 cents... so I'm riding on free shares right now... and I've also diversified my risk by investing in other energy companies.
And whether FPPL mngmt. starts aggresively issuing PR's or not... FPPL (and other energy company's for that matter) will likely rise in share price as Oil moves towards and over $75 a barrel... as IMO circumstances favor Oil making new highs more than once over the next 6 - 12 months.
IMO... one of the keys with these pennys stocks is only to invest a very small percentage of your money in any one given stock... SPREAD AND MINIMIZE YOUR RISK, WHILE PLANNING AND BEING PREPARED FOR THE UPSIDE.
Hey guys (and gals)... on and off over the past couple years I've been doing some research on the industrial uses of Silver... and what I've found is very interesting... what's important, is that some very important legislation in the EU comes into effect next month, that looks like it could have a substantial effect on the industrial uses of Silver...
Many of the Silver experts like David Morgan and Ted Butler know of the increasing importance of industrial Silver... but they have no expirence in the hi-tech feild and are unqualified & therefore mostly unwilling to comment on some very important industrial legislation.
I'm going to post some of my raw notes... the notes aren't in a finalized form yet... and will be refined over the coming days.... here's the rough stuff....
============================================================
THE UPCOMING ROHS AND WEEE LEGISLATION... AND HOW THEY WILL AFFECT SILVER
Unless you have expirence in the Computer Hardware manufacturing business, you may be completely unaware of the following legislation that comes into effect next month...
RoHS legislation = Restriction of Hazardous Substances directive (the RoHS directive is also commonly refered to as the "Lead Free" directive).
WEEE legislation = Waste Electrical and Electronic Equipment directive.
As quoted by http://www.pb-free.info ...
"The restriction of certain hazardous substances (RoHS) and the Waste Electrical and Electronic Equipment (WEEE) Directives are extremely complex pieces of environmental legislation, which will affect each and every electronics manufacturer directly or indirectly, regardless of geographical location or the equipment they produce." ... the RoHS Directive comes into force on July 1, 2006(*1).
If your unfamilar or unaware of the RoHS and WEEE legislation (and most people are unaware) during 2002 & 2003(*2) the EU (European Union) brought forward legislative directives to reduce and restrict hazardous substances, electronic wastes, and other pollutants (IE: Lead, Mercury, Cadmium, PVC's) away from being included in the manufacturing of numerous consumable materials.
Electronic waste has become a major world-wide pollution problem for several reasons, one of which is the short life cycle of computers, printers, montiors, and other electronic compnents have... these products are often outdated within just a few short years, and quickly become obsolete garabge, evenutally making their way into land-fills, where their toxic materials are free to filter back into the environment, streams, eco-systems, and food supply to wreak their destructive properties.
The RoHS and WEEE directives have been in the planning phases for several years now... however, the general public is mostly unaware of the ROHS and WEEE directives... the major Computer and Electronic manufaturers on the other hand are well aware of the legislation becuase; Computers, Electronics, and other
Consumables sold in the EU after July 1, 2006 must be ROHS compliant... so the major hi-tech and electronics companies have been working for years to slowly phase-out the targeted hazourdous materials, and replace(*3) them with ROHS compliant materials for the July 1, 2006 compliance deadline... here are some links to ROHS information from the world's major hi-tech companies...
AMD ROHS info...
http://www.amd.com/us-en/Processors/ProductInformation/0,,30_118_4040,00.html
INTEL ROHS info...
http://www.intel.com/technology/silicon/leadfree.htm
http://mysearch.intel.com/corporate/default.aspx?culture=en-US&q=rohs&searchsubmit.x=20&....
HP ROHS info...
http://search.hp.com/query.html?lang=en&submit.x=8&submit.y=6&qt=rohs&la=en&cc=u....
IBM RHOS Info...
http://www.ibm.com/Search/?q=rohs&v=14&lang=en&cc=us&en=utf&Search.x=52&Sear....
Microsoft ROHS info
http://search.microsoft.com/results.aspx?mkt=en-US&setlang=en-US&q=rohs
SOME REASONS SILVER WILL BE AFFECTED BY THE ROHS AND WEEE LEGISLATION IS;
(A.) Lead is currently used extensively in electronics. Lead in sufficent quanity is posionous, and can be deadly.
(B.) Lead is one of the main targets for elimnation within the RoHS and WEEE legislation... the most popular Lead replacement(*3) is an Alloy combination consisting of Tin, Silver, and Copper.
(C.) Silver conducts electricity better(*4) than any other metal... and is an essential component (forming approx. 3.5%) of the Alloy most suitable to replace Lead Solder in Computer and Electronics components, hardware, and devices.
(D.) After July 1, 2006, Computers, Electronics, and a number of other Consumables sold in the EU must be ROHS compliant, meaning; they will essentially be Lead-Free... techincal papers indicate Silver will form approx. 3.5% of the Alloy used to replace Lead Solder after ROHS goes into affect on July 1, 2006.
(E) While an amount of Silver in each new Computer and electronic device equal to approx. 3.5% of the Solder after July 1, 2006 doesn't sound like much... when you add it up over millions upon millions of devices, it will start adding up.
(F) While the ROHS compliance comes into effect only in the EU next month (July 1, 2006)... China, the United States, and other countries are also moving in the nearly exact same envirometal direction as the EU... by 2010, mutltiple countries plan on having ROHS compliance laws in full effect... however, many of the major multi-national tech companies are not waiting for other countries to eventually bring intheir own ROHS legislation, many of the multi-nationals (to save costs) are converting their entire world-wide Computer/Electronics production (not just their EU production) to all be ROHS compliant by July 1, 2006.
Now... I wonder what prompted Bill Gates to invest in Pan American Silver... hmmmmmmmmm...
http://www.bizjournals.com/seattle/stories/2001/06/11/daily4.html?jst=s_rs_hl
* NOTES / LINKS:
(*1) the RoHS Directive comes into force on July 1, 2006:
http://www.pb-free.info
http://www.pb-free.info/RoHS%20Enforcement%20Guidance%20May%202006.pdf
http://www.rohs-news.com/whatsrohs.php
http://www1.euro.dell.com/content/topics/topic.aspx/emea/topics/services/en/recycle_rohs_summary?c=e....
(*2) During 2002 & 2003 the EU (European Union) brought forward legislative directives:
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32002L0095:EN:HTML
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32002L0096:EN:HTML
http://ec.europa.eu/environment/waste/weee_index.htm
http://www.rohs-news.com/whatsrohs.php
http://www.rohs-news.com/whatsweee.php
http://www.wolfsonmicro.com/uploads/documents/Wolfson_Lead_Policy_Backgrounder.pdf
(*3.) The most popular Lead solder replacement is a cominbation consisting of Tin, Silver, and Copper:
http://leadfree.ipc.org/RoHS_3-2-1-3.asp
http://www.wolfsonmicro.com/uploads/documents/Wolfson_Lead_Policy_Backgrounder.pdf
(*4) Silver conducts electricity better than any other metal:
http://encarta.msn.com/encyclopedia_761579307/Silver.html#s1
WHAT IS ROHS and WEEE
http://www.rohs-news.com/whatsrohs.php
http://www.rohs-news.com/whatsweee.php
Yahoo ROHS Group
http://groups.yahoo.com/group/RoHS/
http://ec.europa.eu/environment/waste/weee_index.htm
RoHS Enforcement Guidance Document - May 2006
http://www.rohs.gov.uk/Docs/Links/RoHS%20Enforcement%20Guidance%20Document%20-%20v.1%20May%202006.pd....
U.S. Manufacturers Must Comply With EU's RoHS Rules In July
http://www.industryweek.com/ReadArticle.aspx?ArticleID=12044&SectionID=2
I think it's fair to say.... that you cant accuse FPPL mngmt. of being a pump and dump... becuase FPPL mngmt. hasn't been doing any pumping.
June 1 (Bloomberg) - Chinese Central Banker advises China to buy Gold and Oil as a hedge/guard against currency fluctuations....
http://www.bloomberg.com/apps/news?pid=10000080&sid=aV75beK4jSeQ
"China should use its foreign-currency reserves, the world's largest, to buy gold and oil as a hedge to guard against the risk of a sudden drop in the U.S. dollar, said an adviser on the central bank's 13-member policy board."
June 1 (Bloomberg) - Chinese Central Banker advises China to buy Gold and Oil as a hedge/guard against currency fluctuations....
http://www.bloomberg.com/apps/news?pid=10000080&sid=aV75beK4jSeQ
"China should use its foreign-currency reserves, the world's largest, to buy gold and oil as a hedge to guard against the risk of a sudden drop in the U.S. dollar, said an adviser on the central bank's 13-member policy board."
If you haven't taken a position in energy stocks... or are waiting for the right time to re-adjust to your energy stock positions... I think Oil will soon break away from the $68 - $72 trading range... near term influencing factors to include; Iran, Hurricanes, currency fluctuations, supply/demand...
http://quotes.ino.com/chart/?s=NYMEX_CL.N06&v=dmax
Ya gotta luv the recent persistent pessemissum here...
IMO, the Dollar will very soon break the tight trading range it's been in for the past approx. 3 weeks... which will influence Commodities stocks.
1 Year US Dollar Chart...
http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12
Also... a continuation in the downward trend in the USD...
http://quotes.ino.com/chart/?s=NYBOT_DX&v=dmax
>> what kind of news would we need to get the stock price up
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Conclusion of the LOI Joint-Venture agreement on the Cerro Rico Silver mine.