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Candice---Merry Christmas to you as well! Maybe we'll be singing Gold Bell Rock too next year! Thanks lots, for sending the name of that stock, when your husband awakes.
News on gold:
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Gold, Silver to Spike Next Week
By Greg McCoach | Friday, December 24th, 2010
Gold and silver prices have remained volatile in both directions since October.
But indications from the COMEX show suggest we may see a spike in these precious metals prices next week...
As prices moved higher over the past two weeks, strong bouts of profit taking have hit the gold and silver markets in each instance, stalling the next attempt to hit another new high.
World Gold and
Silver Demand
•World investment demand for gold has increased 250% in the past ten years.
•Investment demand for silver has skyrocketed 522% since 2007.
•Sales of official gold coins (like the American Gold Eagle) have increased 618% since 2007.
•World governments are hoarding silver; official sales have plummeted 83% in the past three years.
•Gold demand for ETFs has increased 20,470% since 2002.
•Above-ground silver supplies dropped 86% last year.
•Industrial demand for silver has increased over the past decade, despite a 236% increase in prices.
On the downside action over the past two weeks, strong buying support has come in as precious metals prices looked like they were going to sell off — thus our current holding pattern in gold and silver prices.
This will change to the upside within the next two weeks as major buying of physical metal will need to take place in order to meet contractual obligations on the COMEX before December 31, 2010.
Contracts for gold and silver December futures that demand physical metal must be met by then.
But there appears to be a significant shortfall in the actual physical metal required to meet these demands — especially in silver...
If these contractual obligations are not met by the 12/31/10 deadline, then we could see a default scenario, which would drive the metals prices even higher and cause great instability for other markets as well.
This potential default is due to the fact that JP Morgan Chase, the largest fractional stock holder of the Federal Reserve, has been wildly shorting silver and is now caught between a rock and a hard place.
Word on the street is that JP Morgan Chase has opted to go massively long copper in an attempt to hedge their losses in silver, which could be enormous.
This is setting us up for major fireworks in the metals markets as we come down to the wire at year-end.
Merry Xmas to you too, and have fun with family!
I wish we had a Wii, like you do---maybe we'll go get one! I saw one on TV and they looked neat!
Candice---What is the other gold stock your husband has if I may ask?
Also, CNEX should be announcing its IP results in the 2nd Quarter of 2011, as per Edwin's message/letter on the Cannon web site, announced about a month ago.
Merry Xmas to you and everyone!
What is a near term or 2011 price per share increase for PRMO, that you see, please?
Thanks BSNB
I won't spend it all, don't worry! Merry Xmas! We are up at Gary's Mom's house, and I am about to fix dinner. I am glad I diversified into part mid/large cap gold mining stocks, plus the 4 micro-cap ones I own, as it is a good compromise, and not as risky for me. I still have high hopes in the long term for:
CNEX, SFMI, PCFG, and PRMO, however! GLTA!!
Grow CNEX! 2011 will be an exciting time for CNEX, IMO.
Foxwoodsfan---
Thank you for the warm welcome to the board. I am a smallish shareholder (only 5 ft. 2 in.---just kidding, but I do hold a small position!), but very devoted to PCFG, and a true long term LONG here.
Wishing everyone on the board great gains in PCFG, in 2011, and going forward!
-BSNB
Thank you, Carnac! Let's hope the 2011 New Year brings good things for CNEX, for our other holdings, and for all of us on this board!
Grow CNEX!
Hi Carnac! Merry Xmas!
All major U.S. stock markets will be closed on Friday December 24, for the Christmas holiday.
Thanks for your good wishes. Glad you didn't have to go to church after all. Gold seems to be down a bit today, but my large caps/mid caps mining bstocks are up nevertheless! We are up at his Mom's now, arrived safely last night, thank you. I got paid today too!
GROW CNEX!
Have a good time at church with the kids. We are on the road again tonite to go see my husband's Mom.
Merry Xmas soon!
True Edwin might hold of on telling us evn GOOD news!
When do you think is the earliest we could get some positive NEWS or PR or FINANCIAL INFO., in 2011, please?
True, we have a long way to go, but when it happens, it could happen BIG! Some companies without all of their proving even done, have gotten a buyout. Anything can happen, with a PINK sheet stock!
Have a VERY HAPPY HOLIDAY! GROW CNEX!
You are most welcome!
I am off work tomorrow and Friday! What about you? Happy Holidays!
In observance of the Christmas holiday, bond markets will close early at 2:00 PM EST on Thursday, December 23, 2010. Additionally, both stock and bond markets will be closed on Friday, December 24, 2010.
This from another mining stock board:
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Small Miners Takeover Targets
There is a growing scarcity of available precious metal mines in the world. The old majors such as Barrick (ABX), Goldcorp (GG), and Newmont Mining (NEM) are facing diminishing reserves in their existing mines. They are mature miners and their pockets are bulging with cheap dollars. Moreover, these majors are competing with the Chinese, Russians, Japanese, and Koreans who have all shown an interest in expanding their precious metals assets and diverting assets away from paper currencies into real assets. All of them know it is cheaper to buy growth rather than to find it; they're like the Red Queen in Alice in Wonderland who must take two steps forward just to stay in the same place.
Sitting on cash and not converting it into resource growth can be deadly for a large company in this ebullient precious metals market. Many ponder why precious metal prices are rising, yet many majors are sitting on their laurels afraid to make the plunge to acquire projects. This has led many institutional investors and mutual funds to flock to the smaller explorers who are delivering the consistent results to the market that characterize growth. Many of the developers have underperformed, and this certainly has been an explorer's market. I don't have to work hard to prove this point.
The small miners have been significantly outperforming the large-cap mining companies. Investors are looking for resource expansion and growth. Many top companies are leaner and stronger with far superior assets than they were in 2007. Companies are able to expand developing discoveries at lower costs due to the weak economy and cheaper oil. Remember back in 2007, oil was up to $140 a gallon? Now costs are more inexpensive and precious metal prices are significantly higher. The operating margins have significantly improved. Some of these potential projects that were once marginal are gaining more interest as the high price of precious metals is improving the project economics of marginal projects. Now the question is who will be acquired. The best way to figure that out is to screen for the best mining companies using both a fundamental and technical approach.
I believe companies will acquire and invest in juniors due to fears of further bailouts in Europe and currency devaluations in the United States during 2010. Several US states are on the verge of bankruptcy. France is in danger of losing its triple-A credit rating and many European sovereigns have already been downgraded. The reaction to debt issues have been radical moves from central banks and governments to print and inflate asset prices at any cost. Deficits are soaring and investors are flocking to junior mining stocks . Many high-quality juniors have just recently made moves and are just beginning to return to pre-credit-crisis highs. If the majors do not act soon, many of these high-quality, high-grade projects will be swallowed up from the international demand for hard and real money
I too, hope to hear something in Q2 or after Q1, of 2011!
That is possible he gave them all to accredited investors!
I didn't know stocks could trade as low as 0.00005! I only thought they could go to 0.0001 or NO BID. Can they trade in fractions like 0.00005 too?
That's a GREAT way to raise $500,000! Now, we just need to tell Edwin to do that: speedily, and without hurting us all too much, with a too lowered share price!
0.0005 sounds GOOD compared to where we are now!
Go to the mine and prosper, Edwin and Karen! Go find us the GOLD multitudes!
Somebody will BUY them! This property has GOLD and people KNOW IT!
Really? Selling them Nine million at a time.....so we may sit at 0.0001 or 0.0002 for a while, you are saying, until he pays for everything!
Sigh....how true!
How true that is! 0.0001 here we come!
Something does beat nothing, for sure.
Edwin has shown some small planning skills, and he is working on getting the rest of the 800K needed, for those Options, I believe.
That is good we have that 202K in reserve, to use against the ~ 800K we will owe for future work at the Queen, and for those Options!
That is good we have that ~202K in reserve, so far, as we will need it against that ~800K or greater, that we already owe for future work at the Queen, as per your last message.
That is A LOT of money he has to raise, at least $800,000----I wonder how he's planning to pay for that??? A JV possibly, as Karen alluded to recently??
I see...so we can get ready again for some more dilution, possibly in 2011, to pay for additional work needed at the Queen.
All of my large/mid cap GOLD mining stocks are up today, and 1 microcap GOLD mining stock is also up today. I love to see GREEN in my accounts! Yippeeeee!
At least he has 200K in spare, for future work on the Queen. We can give him credit for planning ahead on that $$$ front at least!
True, he has had plenty of time to write up a PR, I think it is just not a priority with him!
I just bought some PRMO today, I was hoping to buy at 0.0001 or 0.0002 but ended up having to get it at 0.0003!
IMO, our next update / news will be via a posting on the Cannon web site again, like Edwin's last letter was. Sometime in 2011...
It (Penny stocks) is/are definitely better odds than playng the lotto, and you have so much more control over what you do, and when you do it---the outcome!
Thanks for your message, Trapper! Hope CNEX does something good in 2011!
Thanks!
I am thinking of buying PRMO tomorrow, a little less than 1,000,000 shares, trying to get them for 0.0001 (good luck to me!) and holding as a "long term potential" investment.
They found significant gold in some grab samples, see the main IHub page introduction on PRMO.
I am betting on them going up, but am putting in less than $100 right now, and seeing where it can go, over 1 year's time.
JPS02---Thanks lots for your PM. I do not have PM capability a this time, thus the public reply.
Yes, I am about to get into PRMO tomorrow morning (less tan $200 worth) and was seeking your opinions of the risk/reward here, to be had. What is your take on this stock please?
Thanks for the great great valution post!!
This is a great post too, for you all, from Sprattnike on the SFMI Board:
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Gold bars and silver balls...ready to deck the halls....
as per GATA:
In new commentary for Investor's Digest of Canada, Sprott Asset Management Chief Investment Strategist John Embry talks back to U.S. Treasury Secretary Tim Geithner and Warren Buffett's business partner, Charles Munger, and predicts that precious metals will surge shortly. Embry's commentary is headlined "Gold, Silver Could Go Ballistic By Year-End" and you can find it at the Sprott Internet site here:
http://www.sprott.com/Docs/InvestorsDigest/2010/MPLID_112610_pg401Emb.pdf