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Royal Gold, Inc. Research Report
The Full Research Report on Royal Gold, Inc. - including full detailed breakdown, analyst ratings and shr $ targets - is available to download free of charge at: http://www.WSReports.com/r/full_research_report/6038_RGLD
I'm reminded of something Jim Sinclair always is fond of saying "...always buy on "fishing line" chart formations." A quick look at yesterday's stock chart prior to today's opening market action in RGLD, certainly is illustrative of JES' mantra.
An amazing point of entry/add to!
Must have been a ho-hum Annual Mtg from the action in the stock today and the ho-hum press release below:
One mighty fine Esaase Project update released 6.20. Projected mine costs have dropped from $340 to $290mil.
197$Mil on hand...150Mil financing scheduled to be located and in hand 1Q2015. With the big financiers ALREADY positioned in this stock, there is no doubt going to be heavy competition for who ends up in the catbird seat on this little jewel when 1Q2015 arrives, which is NOT long in goldmine years.
Can't believe this is under $2/sh. From Mr Global's mouth to God's ear! Plenty of time to establish a decent position for the next bull market leg in Gold on the intermediate if not near term horizon.
GLTA
BELLICOSE.CDE.arrested.hemorrhaging.cashflow;bit.the.bullet;paid.off.RyePatch.$10mil.(PR.below)
Some thought that CDE's bottomless sugar bowl funding was earmarked for PGLC instead. Not So!!!!!.
Very deflating to PGLC Alfers, all things being equal. Reminds me of the old saying, "WHY buy the (PGLC) cow when you can get the (RyePatch) milk for "$10mil????"
Stanner, you may find it a valuable use of your time to add Catherine Austin-Fitts' Solari Report to your basket of pundits' explanations for low inflation.
It has to do with exporting of jobs and cheap labor OUTSIDE the USA N.A. borders.
I didn't understand why this inflation is low and will be for sometime to come phenom myself until I undertook serious effort to hear her out and came to realize her logic.
She's easy to listen to. YouTube has an excellent selection of recent discussions on various alternative radio hosted programs. Her former status as Asst Secy of Housing (HUD) under Regan gives her unique perspective upon which she's built after she "left office" and continues her private economic forecasting/money mgmt for wealthy individuals.
I'd suggest the most recent oh, say DOZEN Y/T captured interviews as going back far enough to hear/grasp her Mr. Global conversations. She really lays it out in no nonsense form, altho' it is interspersed with occasional sprinkles of laughter.
PS. I share your distinctive disdain for all things Squid
good day indeed!
Fine Chart, NYBob. Is that available in a longer term view than 6mo?
Steuvin/helpme_hannah posts elsewhere:
Chart.review.up.in.intro.box.shows.$0.34 handle.last.seen.early.Dec 2012.
6 months of hopes and dreams severely dented.
Reminder: 6.25 Annual mtg this week.vol.based,tradable.mvmt possible.
Any interested in this space should check out prior historical 52 week lows in RGLD, and THEN consider putting some speculative cash to work in this one.
It's marginable.
It's optionable.
It's a proven business model for making money in this space.
What's not to like?
PROPERTY HIGHLIGHS from May 2. P/R:
Royal Gold Reports Results for Third Quarter Fiscal Year 2013
Royalty revenue of $74.2 million, a 7% increase year-over-year Operating cash flow totaled $68.1 million, a 43% increase year-over-year
Press Release: Royal Gold, Inc. 5.2.2013
DENVER--(BUSINESS WIRE)--
Highlights at certain of the Company’s principal producing and development properties during the quarter ended March 31, 2013 are listed below. We advise readers to refer to the public statements of the operators of each of these properties for more complete information.
Producing Properties
Andacollo– Teck reported that average daily throughput for the quarter was about 47,000 tonnes. Production increased primarily due to higher mill throughput and higher ore grades. Over the past few quarters, Andacollo has established steady state operations.
Holt– St Andrew Goldfields reported that progress continues on mine development that should allow for an incremental increase in production by the end of calendar 2013.
Mulatos– Alamos reported that increased gold production was primarily attributable to higher crusher throughput and a full quarter of production from the Escondida high-grade zone that was in commissioning in the prior year.
Peñasquito– Goldcorp’s annual guidance for Peñasquito anticipated lower production in the first half of calendar 2013 as the mine moves from a lower grade portion of the pit to higher grade ore. Goldcorp also reported that ongoing studies to develop a long-term water strategy continue to progress and that they have identified a new water source within their current permitted basin that has the potential to supply sufficient water to continue the plant ramp-up to full design capacity. Goldcorp noted that current water availability is expected to be sufficient to achieve calendar 2013 production guidance of 360,000 to 400,000 ounces of gold.
Robinson–KGHM reported that copper production increased due to improved mill recovery and higher productivity in the mine.
Voisey’s Bay – Vale reported that copper production was impacted during the quarter due primarily to feed availability as a result of a crusher failure and a severe snow storm that delayed haulage from the mine.
In late March 2013, the Government of Newfoundland and Labrador announced amendments to their Voisey’s Bay Development Agreement including a commitment from Vale to pursue underground mining to extend the mine life. The agreement also allows Vale to continue processing concentrate outside of the province while construction is being finalized at the Long Harbour processing plant.
Wolverine –Yukon Zinc continues to make production improvements at the Wolverine mine. They have reported that process circuit modifications and the integration of new equipment have enabled these improvements.
Development Properties
Mt. Milligan– As of the end of December 2012, Thompson Creek estimated that project completion was at 81%. They also reported that the Mt. Milligan project remains on schedule with initial production to commence in the third calendar quarter of 2013, followed by commercial production expected in the fourth calendar quarter of 2013.
Pascua-Lama– As of March 31, 2013, Barrick reported it had spent approximately $4.8 billion on the construction of the Pascua-Lama project. About 70% of the structural steel was erected for the process plant facility, 65% of the concrete has been poured, 55% of earthworks was completed, and the ore conveyance tunnel was approximately 80% complete.
During the fourth quarter of calendar 2012, Barrick reported that pre-stripping activities in Chile were halted to address increased dust in the open pit area and that the project has since strengthened dust mitigation and control measures. In addition, regulatory restrictions have also been placed on the project due to the need to repair and improve certain aspects of the water management system in Chile. Completion of measures to address these aspects is targeted for the first quarter of calendar 2014.
Subsequently, Barrick suspended construction work on the Chilean side of the project in April in response to a preliminary injunction issued by a Chilean court. The action alleges non-compliance with the environmental requirements of the project’s Chilean environmental approval. Construction activities in Argentina, where the majority of the project’s critical infrastructure is located, including the process plant and tailings storage facility, were not affected.
Given these pending regulatory and legal issues, Barrick stated on April 24, 2013, that they were unable to fully assess the impact on the capital budget, operating costs and schedule of the project.
Additional Property Information
Third quarter fiscal 2013 production and revenue for the Company’s principal interests are shown in Table 1 and historical production data is shown in Table 2.
For more detailed information about each of our principal interests, please refer to
the Company’s most recent Annual Report on Form 10-K,
our Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K filed with the SEC
....and available on the SEC’s website located at www.sec.gov, or our website located at www.royalgold.com.
Royal Gold Reports Results for Third Quarter Fiscal Year 2013
Royalty revenue of $74.2 million, a 7% increase year-over-year Operating cash flow totaled $68.1 million, a 43% increase year-over-year
Press Release: Royal Gold, Inc. 5.2.2013
DENVER--(BUSINESS WIRE)--
Royal Gold, Inc.( RGLD) ( RGL.TO) today announced net income attributable to Royal Gold stockholders of $6.5 million, or $0.10 per basic share, on royalty revenue of $74.2 million for the third quarter of fiscal 2013. This compares to net income attributable to Royal Gold stockholders of $26.0 million, or $0.44 per basic share, on royalty revenue of $69.6 million for the third quarter of fiscal 2012.
Results for the quarter were impacted by two items.
First, a non-cash loss was recognized on available-for-sale securities of $12.1 million associated with the common shares of Seabridge Gold, Inc. that were acquired as part of the June 2011 transaction regarding the Kerr-Sulphurets-Mitchell Project.
Second, a higher income tax expense of $6.9 million was recognized during the quarter related to adjustments resulting from the filing of our June 30, 2012 income tax return. The after tax effect of the securities loss and tax adjustments on basic earnings per share was $0.17 and $0.10, respectively. Excluding these items, net income attributable to Royal Gold stockholders would have been $24.3 million, or $0.37 per basic share for the fiscal third quarter.
For the nine-month period ended March 31, 2013,
royalty revenue was a record $231.9 million and
net income attributable to Royal Gold stockholders was $58.5 million, or $0.93 per basic share.
This compares to nine-month (period ended March 31, 2012)
royalty revenue of $202.9 million and
net income attributable to Royal Gold stockholders of $71.9 million, or $1.27 per basic share,
The after tax effect of the securities loss and tax adjustments (described above) on net income attributable to Royal Gold stockholders for the nine-month period ended March 31, 2013, was $12.1 million, or $0.17 per basic share, and $6.9 million, or $0.11 per basic share, respectively. Excluding these items, net income attributable to Royal Gold stockholders for the nine-month period ended March 31, 2013, would have been $76.3 million, or $1.22 per basic share.
Adjusted EBITDA1 for the third quarter of fiscal 2013 was $66.1 million representing 89% of revenue, compared to Adjusted EBITDA of $63.6 million or 91% of revenue for the prior year period. Cash flow from operations for the quarter was $68.1 million, or $1.05 per basic share, compared with $47.5 million, or $0.81 basic per share, for the third quarter of fiscal 2012.
The 7% increase in revenue for the quarter was largely driven by increased production at Andacollo and Holt, and the continued ramp up at Wolverine.
These increases were partially offset during the period by production declines at Peñasquito and Voisey’s Bay, as well as lower gold and other metal prices. The average price of gold for the quarter was $1,632 per ounce compared with $1,691 per ounce for the comparable period, a decrease of 3%.
As of March 31, 2013, the Company had a working capital surplus of $727.4 million. Current assets were $749.0 million (including $673.1 million in cash and equivalents), compared to current liabilities of $21.6 million, resulting in a current ratio of approximately 35 to 1. In addition to available working capital, the Company has $350 million available under its revolving line of credit.
Tony Jensen, President and CEO, commented, “Achieving another quarter of strong royalty revenue despite lower year-over-year average gold prices, highlights the strength of our royalty portfolio. We expect to add Mt. Milligan to our producing portfolio of assets in the near future as production is scheduled to commence in the third calendar quarter of this year. In addition, our strong financial position allows us to seek new business opportunities as we look to expand our high quality portfolio.”
PROPERTY HIGHLIGHTS---(in next post.)
RGLD's NSR on PGLC/RC mine was reduced from 4% to 2% by former SAGE(now PGLC) Pres David Rector, now CEO of Valor Gold.
In case RGLD-ites need memory refreshing, please check the following from back in 2011 and signed by Rector, Lawyer Alfer's immediate predecessor and now put out to pasture VGLD pres.
CDE.does.NOT.have.a.10%.stake.in.PGLC. Your info=flat out wrong!
10mil shares (all registered to sell 2.14.2013 in SEC filing) out of PGLCs 300mil share o/s issued does NOT come anywhere close to a 10% stake.
And NONE of this misinfo has squat to do with RGLD.
Thnaks for your post. Please read say the last 150post or so. I think you'll find the explanations as well as cogent comment on eTrade's handling of this matter. There are even a couple names given for contacting someone in eTrade directly if I recall.
GL
PR Machine=right on scedule.aka.every.4-5wks. Sent to 1472 "subscribers" eh?
It's soOOOOoooo obvious, and ultimately so VERY ineffective. Simply one more example of PGLC Lawyer Alfer's let mgmt probing for hot money and using same ol'buzz t'do so.
So predictable.
Headzup.Scottrade/Fidelity.poster.from.dif.forum: More PGLC shares on the loose as in available to dump, as folks figure out this latest curveball thrown by an anti-shareholder PGLC Lawyer Led mgmt team:
Wonder if PGLC mgmt reads James Dine's letter?
Post # 1744 (Tommy)=updated 5.30 PR. Perhaps you overlooked it, gsm?
For Hard Copies of Financial Statements.+ MDA instead of relying upon memory to go to SEDAR and hunt them down, here is a link via .pdf reader to submit an actual hardcopy request to Scorpio for next calendar year.
Fill Out, then Mail
2013.SCORPIO.GOLD.CORP.Annual.And.Special.Meeting.of.Stockholders
Important Notice Regarding the Availability of Proxy Materials
for the Shareholder Meeting
2013 SCORPIO GOLD CORPORATION Annual And Special Meeting of Stockholders
MEETING DATE: June 25, 2013
For Holders as of: May 21, 2013
CUSIP NUMBER: 80918M104
ACCOUNT NUMBER: *****
CONTROL NUMBER: xxxxxxxxxxxx
You can enter your voting instructions and view the shareholder material
at the following Internet site:
http://www.proxyvote.com/xxxxxxxxxxxx
For our secure site:
https://www.proxyvote.com/xxxxxxxxxxxx
Note: If your E-mail software supports it, you can simply click on the
above link.
Internet voting is accepted up to 11:59 p.m. (ET) the day before the
meeting/cut off date.
To view the documents below, you may need the Adobe Acrobat Reader.
The relevant supporting documentations can also be found at the
following Internet site(s):
Information Circular
It is my personal hope the current BOD gets a vote of confidence at this meeting. They are producing, AND still exploring PLUS FINDING!!!!!!!!! and ADDING!!!!!!!
Scorpio.Gold.Intersects.. 5.17.. g/t.gold.over...21.34...meters.and.extends. Mary/LC.Zone.at the Mineral Ridge Operation, Nevada
8:02a ET June 5, 2013 (Market Wire)
Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE: SGN) announces initial drill results from its 2013 drilling program, which targeted undrilled areas in the vicinity of the proposed Mary LC Zone super pit at the 70% owned Mineral Ridge project, Nevada.
Prior to this drilling campaign, drill results for the Mary LC area were incorporated into an in-house wire frame resource block model, which formed the basis of the proposed new Mary LC super pit design using floating cone methodology and economic parameters based on current operating costs. Within this pit design, areas that were not drilled due to topographic challenges, or which contained drill spacing deemed too wide for resource determination, or which extended outside of the floating cone boundary, were treated as waste with zero grade. The purpose of the current 2013 drill program is to target these areas to determine if mineralization exists; to tighten up drill hole spacing for resource estimation; and to follow up on mineralized trends either below the proposed pit shell floor or outside of the existing cone boundary.
The results to date are highly encouraging, including intersections of 5.17 g/t over 21.34 meters; 1.53 g/t over 12.19 meters; and a high-grade intersection of 15.09 g/t over 1.52 meters. These results were obtained in three holes located at the southeastern margin of the Mary LC area, with the zone remaining open to the southeast and to depth.
As part of the planning for this drill program, the trends of the various mineralized wire frames were projected into the undrilled areas to guide targeting and to determine if the trends are consistent. Results to date indicate good consistency, with mineralization intersected where expected. It is important to note that every successful drill hole intercept converts previously deemed waste material into mineralization, potentially adding to the resource base and increasing confidence levels.
Scorpio Gold's drilling to date has determined that the Drinkwater Highwall, Drinkwater, Mary and Mary LC zones represent one continuous zone of mineralization. The holes presented in Table 1 were drilled in previously deemed waste areas and/or where little to no previous drilling had been performed. A 40 g/t cutoff grade has been applied. Drill hole locations may be viewed on the Company's website at: www.scorpiogold.com/i/maps/mr/MaryLC_DHplan2.jpg.
Table 1. Mary/LC Zone - Significant Drill Results
----------------------------------------------------------------------------
Hole Azm Dip From To Width From To Width Gold Gold
No. (deg) (deg) (ft) (ft) (ft) (m) (m) (m) (OPT) (g/t)
----------------------------------------------------------------------------
MR13520 0 -90 165 205 40 50.29 62.48 12.19 0.022 0.74
----------------------------------------------------------------------------
MR13521 225 -60 165 175 10 50.29 53.34 3.05 0.059 2.02
----------------------------------------------------------------------------
MR13522 0 -90 50 55 5 15.24 16.76 1.52 0.015 0.51
----------------------------------------------------------------------------
MR13523 225 -50 No Significant Results
----------------------------------------------------------------------------
MR13524 0 -90 145 155 10 44.20 47.24 3.05 0.015 0.55
----------------------------------------------------------------------------
MR13525 0 -90 40 45 10 12.19 13.72 1.52 0.018 0.62
----------------------------------------------------------------------------
55 60 5 16.76 18.29 1.52 0.025 0.86
----------------------------------------------------------------------------
90 100 10 27.43 30.48 3.05 0.016 0.53
----------------------------------------------------------------------------
MR13526 225 -50 55 60 5 16.76 18.29 1.52 0.021 0.72
----------------------------------------------------------------------------
MR13527 0 -90 25 30 5 7.62 9.14 1.52 0.012 0.41
----------------------------------------------------------------------------
140 145 5 42.67 44.20 1.52 0.723 24.79
----------------------------------------------------------------------------
MR13528 225 -50 30 45 15 9.14 13.72 4.57 0.198 6.78
----------------------------------------------------------------------------
MR13529 0 -90 No Significant Results
----------------------------------------------------------------------------
MR13530 0 -90 Results Pending
----------------------------------------------------------------------------
MR13531 225 -55 Results Pending
----------------------------------------------------------------------------
MR13532 0 -90 Results Pending
----------------------------------------------------------------------------
MR13533 195 -50 30 35 5 9.14 10.67 1.52 0.013 0.54
----------------------------------------------------------------------------
70 75 5 31.34 22.86 1.52 0.014 0.48
----------------------------------------------------------------------------
110 115 5 33.53 35.05 1.52 0.019 0.65
----------------------------------------------------------------------------
270 280 10 82.30 85.34 3.05 0.016 0.55
----------------------------------------------------------------------------
MR13534 0 -90 Results Pending
----------------------------------------------------------------------------
MR13535 225 -55 0 10 10 0 3.05 3.05 0.034 1.15
----------------------------------------------------------------------------
MR13536 225 -60 0 5 5 0 1.52 1.52 0.014 0.48
----------------------------------------------------------------------------
MR13537 0 -90 40 50 10 12.19 15.24 3.05 0.056 1.90
----------------------------------------------------------------------------
MR13538 0 -90 50 55 5 15.24 16.76 1.52 0.034 1.17
----------------------------------------------------------------------------
65 105 40 19.81 32.00 12.19 0.045 1.53
----------------------------------------------------------------------------
MR13539 0 -90 55 60 5 16.76 18.29 1.52 0.014 0.48
----------------------------------------------------------------------------
MR13540 0 -90 15 20 5 4.57 6.10 1.52 0.022 0.75
----------------------------------------------------------------------------
60 65 5 18.29 19.81 1.52 0.119 4.08
----------------------------------------------------------------------------
95 100 5 28.96 30.48 1.52 0.44 15.09
----------------------------------------------------------------------------
MR13541 0 -90 25 45 20 7.62 13.72 6.10 0.015 0.51
----------------------------------------------------------------------------
200 205 5 60.96 62.48 1.52 0.098 3.36
----------------------------------------------------------------------------
MR13542 0 -90 25 95 70 7.62 28.96 21.34 0.151 5.17
----------------------------------------------------------------------------
115 120 5 35.05 36.58 1.52 0.017 0.58
----------------------------------------------------------------------------
All holes presented in Table 1 were completed by reverse circulation (RC) drilling. True width is estimated at 90-100% of downhole width. Analytical results were performed by American Assay Laboratory Inc. ("AAL") in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in the Company's quality assurance and quality control (QA/QC) program for the Mineral Ridge project at: www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is currently entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and bodies at exploration, development and production stages. Scorpio Gold recently acquired the Goldwedge advanced exploration-stage property and processing facility in Manhattan, Nevada, and the Pinon advanced exploration-stage gold property near Carlin, Nevada. The Company is assessing its exploration plans for these properties as well as the potential for toll milling at the Goldwedge plant, which is currently permitted for 400 tons per day.
Scorpio Gold's CEO, Peter J. Hawley, PGeo, is a Qualified Person for the Mineral Ridge project and has reviewed and approved the content of this release. For additional information please see the Company's website at www.scorpiogold.com.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration, development and exploitation of its Mineral Ridge project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks such as delays related to completion of mineral resource estimates, exploration programs and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Scorpio Gold Corporation
Steve Roebuck, President
(819) 825-7618
sroebuck@scorpiogold.com
www.scorpiogold.com
Torrey Hills Capital
Jim Macdonald, Investor Relations
(858) 456-7300
jm@sdthc.com
-------------------------------------------------
SOURCE: Scorpio Gold Corporation
mailto:sroebuck@scorpiogold.com
http://www.scorpiogold.com
mailto:jm@sdthc.com
2.4mil Stock Options authorized: $0.275
Pershing.SEC.Filing.13D/Amended-Valor.20mil.shrs.sold: ALL@ 5c, 6c per shr.
Paid $40k to Halycon Partners to consumate FIRE SALE.
Pershing Dumps 20mil shares Valor Gold @ 80% +/- discount---->May 15 thru May 24, 2013
Thx4.Ur.FINRA.response. You're spot on about this nuanced deal inhibiting selling.
Steuvin(aka helpme_hanna) posted this re: SCOTTRADE/Mohit and PGLC restricted shares.
Thanks, stockmule for the clarity of warning and your important reminder about not signing the actual back of the the stock certificate.
It is my belief that TDA's actual effort to break out the jumbo cert as they earlier indicated in writing into individual certs for individual client deposit ( as copy/pasted communique earlier on this thread) is part of the reason why they were so insistent on a decision before the end of the 90 days by THEIR count which was starting from Mar 1.2013 and over June 1, 2013.
Again, it is an important footnote in your aptly labelled "quagmire descriptor," that each brokerage house seems to have a great deal of latitude on how to handle this matter that was a sticky Reg 145 matter to start with.
Thanks again!
Thanks, gzone 4that eTrade contact. I'll be reaching out! I agree with your contact, I felt like the party on the horn was poorly advised. And further, I'm sure we ALL appreciate the legwork you did with ETrade in this PGLC spin-off matter.
My appreciation!
CANNOT.deposit.PGLC.w/ETrade.so.I.can.sell.like.gzone!!! See livechat transcript below:
A representative will be with you in a moment.
Thank you for contacting E*TRADE. My name is Gregory S I will be happy to assist you today.
Gregory S: Hello Mike F.
Gregory S: For E*TRADE Securities accounts, an account minimum deposit of either at least $500 in cash or a deposit of securities is required within 60 days of account opening for the account to remain active.
There is no initial minimum deposit requirement for Retirement, Custodial, or Employee Stock Plan accounts. Accounts not meeting the minimum deposit requirement will be closed after 60 days.
Mike F: Thanks. Mike F. here.
Mike F: I have a "stamped, restricted" stock share certificate, that I wish to deposit when I open the account. Will some "live, on the phone person" help me mail that safely and confirm it has arrived and is deposited upon filling out your paperwork?
Gregory S: I can help you do that.
Gregory S: First, let me make sure we can receive the certificate.
Gregory S: What is the ticker symbol?
Mike F: okay. what are the steps?
Mike F: PGLC
Gregory S: Unfortunately, that stock trades over the counter.
Gregory S: We are not able to accept certificates for over the counter stocks.
Mike F: so?
Mike F: Well, you're sure as shootin' selling them for existing customers.
Mike F: Just read a first hand report from a current customer who sold 25% of his restricted stock by working with a phone in broker and only got charged $9.99 for his tranche.
Gregory S: Right. We can trade them electronically.
Gregory S: We can only accept certificates for shares that trade on a regulated exchange.
Mike F: Well, you can't trade them electronically if they aren't already in house now can you?
Gregory S: I apologize for the inconvenience.
Gregory S: People can buy them electronically as well.
Mike F: Inconvenience? Sounds like inconsistency.
Gregory S: It's not inconsistent.
Mike F: This was a Reg 145 share spin-off situation.
Gregory S: Depositing a certificate is very different than selling book entry (electronic) shares.
Mike F: And the spin off generated a physical JUMBO certificate to each brokerage house who had clients receiving the spin-off.
Mike F: The physical cert was issued by the clearing house to eTrade, TDA, etc.
Mike F: so you all HAVE TO HAVE ACCEPTED an OTC certificate in order to spit out the jumbo by your individual clients.
Gregory S: I thought you said you have the cert in your possession. Is that not the case?
Mike F: That's the way it works. Now you can understand my basis for questioning you in detail.
Mike F: I DO have my cert in hand, just like you all have the JUMBO from Clearing house for your Existing eTRade customers in hand.
Gregory S: When they deliver shares to us, they deliver them in book entry form. They do not send us physical certificates.
Mike F: I ordered mine out of the greedy clutches of TDA, and am looking for a new place to do business.
Gregory S: I wish we could help. Believe me, I don't like turning away business.
Gregory S: We just can't accept that certificate.
Mike F: YOu need to check your facts, Gregory, sir. It WAS delivered in a physical jumbo cert form. I've been working wiht this mess since 2.14.2013, and I know I'm square on my facts. This was NOOOOOOOOOO book entry deal! TRRRRUST ME!
Mike F: I would like to speak to your restricted stock department compliance officer. Is that possible?
Gregory S: Unfortunately, no. It doesn't matter how the cert came to be in your possession. The simple fact of the matter is that we do not accept OTC certificates for deposit.
Mike F: And again, i will state the obvious. You already did, because this was not a book entry, normal Reg 144 deal. It was a jumbo cert you all received, in the nameSSSSS of your various customers caught in this matter. Therefore, eTrade has made the "variance/allowable" once, and therefore a mechanism exists in anomaly circumstances to facilitate this particular nuanced transaction. Now, I need to ask why I can't talk to your compliance officer?
Mike F: I know you have one. ALL brokerages have one by SEC regs.
Mike F: Okay, let me ask you THIS question.
Gregory S: If you would like to discuss it further, you may call 1-800-387-2331 to reach us immediately or I can call you in about an hour.
Gregory S: Which do you prefer?
Mike F: If you backroom transfer an account by new customer request...
Gregory S: You can name any set of circumstances you wish.
Gregory S: It does not change the fact that we do not accept OTC certificates.
Mike F: and it has one of this restricted shares OTC issues within the account, will you accept the entire account by backroom transfer or only pick and choose what eTrade "wants?"
Gregory S: You and I are not discussing an electronic transfer.
Gregory S: We are discussing depositing physical certificates.
Mike F: I understand that. I'm trying to figure out a way to move from you handling the physical, by me putting it back into electronic form and then asking for you all to go GET my entire trading account. Can we discuss that?
Gregory S: Unfortunately, we still would not be able to accept them.
Gregory S: E*TRADE customers are able to deposit cash and buy them here.
Gregory S: We do not accept them from outside firms or in certificate form.
Mike F: You can't move entire trading accounts from other brokerages into your own eTRade?
Mike F: You're KIDDING!
Mike F: RIght?
Gregory S: We will not accept over the counter stocks. We will accept stocks that trade on a regulated exchange.
Mike F: So, you are saying that you cannot move entire accounts to eTrade, do I have that correct?
Gregory S: If the entire account contains OTC shares, we will not be able to accept those shares.
Gregory S: But we will be able to accept anything that trades on a regulated exchange.
Gregory S: You have that correct.
Mike F: Okay. got it. This is verrrrrrrrrrrry disappointing. Thanks for your time. What a bust. good day.
Gregory S: I’m glad I was able to help you. Thank you for choosing E*TRADE Securities for your investment and brokerage needs. Have a great day!
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That was a difficult convo to have via live chat!
Thx.4.Ur.ETrade.successful.R/S sale execution report, gzone!!! Looks like I'll be opening an account with eTrade soon, as they appear to be the winner in the "which brokerage treats you best" in this situation. I'm printing out your reply and filing it with my cert in case I croak and my kids go "What the he....?" when going through my stuff.
Sure appreciate your valuable input on this matter, especially about eTrade. I got my cert in the mail last week with big red letter print font RESTRICTED across the top of my Certificate.
Looks like they've traded in the messy old red inkstamp method from back in my day to this simplier annotation style.
Y/W. Post anytime. G/L.
Eligibility=different for each Reg. Class of restricted PGLC stock. In THIS particular instance, it's been further complicated by various brokerage houses who have THEIR rules which can be more stringent than the "basic set" set forth by the SEC regs. True Insiders have one set of criteria IF their shares are issued standard Reg 144.
The bulk of the 85mil shares float in stricted status under Reg 145 are not so visible nor so easily converted into "free trading status" by NON-INSIDERS, which is basically the rest of us, (Reg 145 shareholders).
The best word to describe the bulk of the Reg 145 restricted shares' elibility is "CONSTIPATED." To mix metaphors, they are "leaking into the market" by dribs and drabs due to the archane and cumbersome open window for 90days. (March 1 to June1= 90 days have elapsed it should be noted.) Now the Reg 145 stock selling window has closed and more $285 fees generated by T.D. Ameritrade CLIENTS as in my case, are assessed and due and payable to open a new 90 day window until all my 145 restricted shares are sold.
You can believe this: T.D. Ameritrade called their Reg 145 PGLC shareholders 6 trading days to demand a decision of sell or hold prior to the closure of the 1st 90 day sell-window as outlined above.
As a trader, I know what you are trying to determine. And you are smart to seek this information, and trade with it firmly in mind.
In this instance of so much of the float (approximately 45%) being Reg 145 restricted/annoyingly constipated shares, it is not able to be easily discerned when to time YOUR free-trading/buy lo-sell higher, trader flipping B/S before the true insider Reg 144 shares are dumped and the stock run down the flagpole again.
My way of dealing with all this Reg 145 shares has been to take delivery of my newly issued Reg 145 Restricted Shares, so that I at least had them out of the hands of the greedy T.D. Ameritrade corporate. Now, I can go shopping for less annoyance after the passage of time deemed appropriate to me.
This lack of consistent treatment of Reg 145 shareholders (the bulk of the float mentioned above) makes this a real coin toss. In my understanding of things back office/brokerage...the end of this 90 day FIRST WINDOW for sale of Reg 145 shares to be sold was the SOLE PURPOSE all the stops were pulled out and the HUGELY FORWARD LOOKING press release plus NO LESS THAN 3 PLANTED PUFF PIECES on Thursday and Friday were released.
Now, those who pridefully didn't sell in the 1st 90 day window will find it shut again, and more "do-over" contortionist behaviors on part of fee hungry brokerages to "shear'em again" Reg 145 shareholders who may be interested to sell.
Hope this helps.
The float is just under 190,000,000 shares, 85mil (give or take) are still restricted as of Feb 14, 2013.
There have been several private placements, most notably to a Barry Honig, stock promoter, his office suite compadre', Dr. Philip Frost of TEVA Pharmaceuticals fame, and (Barry's brother to a lesser degree.)
This company was formerly called SAGEBRUSH (symbol SAGE). Around Feb 2012 timeframe, the company divested many non-mining assets and liabilities, and changed their name a/w/a symbol to PGLC.
Hope this helps.
20-30c NV producers: not through buying yet. Some PGLC shareholder on this forum may get them bleeped as off topic. But they ARE out there.
GLTA
What "looks good" is relative, Peter Epstein(aka)potandgold.
For example, 20-30c/share NEVADA CARLIN TREND MINERS ALREADY PRODUCING GOLD look better than "the two birds in the bush" PGLC which hasn't turned a single shovel, let alone run the ghost shovelsful through their mothballed plant.
When I have time later today, I'm going to go back and count all the "forward looking verbs" in this press release. That should be a riveting read, right?
When Price of Gold is under assault as it is currently, NEVADA CARLIN PRODUCERS ALREADY trading in the $0.20-30c per share range are infinitely more attractive than PGLC is currently. BY A NEVADA COUNTRY MILE.
Those actual producers can go after higher grade zones already drill proven/vetted/and the source of their actual gold production, as they adjust their business plan AS PRODUCERS, to ride this out. THEY don't need outside funding as they can fund from internal cash flow SINCE THEY ARE PRODUCERS!!! This is such a D'nozo headsmacking difference vs. the "wanna bees" like PGLC in which I'm obviously stuck as a restricted stock long shareholder
All volume and price today (or yesterday) says to me are these 2 things:
The news of the imminent press release was advance leaked,
and
The hungry PGLC longs sure are an excitable bunch--they obviously churn their own accounts, which makes brokerages smile BIIIIIIIIIIIIIG!
When PGLC finally reaches 49-51c /share range, only then will the CRGC shareholders be back to pre-March 1 exchange price levels before all the mickey mouse restricted stuff was beginning to unravel. And they are STILL tied up. Let the price of gold loose, while PGLC is still sitting out in NV, over priced and under delivering, and guess where the "hot spec/trader" money is going to go? NOT TO PGLC!
All those long suffering CRGC-->PGLC longs are still out annoying fees, and are still lacking of liquidity et al as the pump games swirl around those heads currently.
OPPS...sell-off has already resumed....well, THAT was quick!
Pretty D sad.
Steuvin(aka:)helpme_hannah calls Alfer's VGLD dump "seems stupid"...check this out.
Yahoo Finance Forums -- Pershing Gold Corporation Message Board:
$1.2m rec'd /22mil shrs=$0.05/shr::VGLD(trading@$0.27 currently) which WAS trading at $0.40c when Pershing started selling at $0.10 per share, and then at $0.07c per share, and now sold at $0.05c per share.)
That's the best Alfer's could do? Talk about desparation to find operating capital. WHEW! Wonder if those 3 mgmt decisions of FIRE SALE PRICING DUMPING OF VLGD NOT ONCE BUT 3 TIMES will come back to bite Alfers in the future?
Why the hasty sell decisions?
Why the resistance to outside investors funding PGLC going forward?
Why the silence about the re-exam and re-assay these last 60 days?
Why, Why, Why???
Along with others, I'll be watching SEC filings to determine who bought the 22mil shares. Something's out of whack here!
Email Ur brkg 2ask N writing! That's the only place to get anything reliable in writing.
I'm willing to wager it is NOT as easy as you are hoping.
Thanks for sharing.
Looks like this week is pivotal in clearing the books of several brokerages who hold the jumbo certificates for these spun off CRGC-->PGLC shares.
Someone has posted earlier on there as to their eTrade experience. Have you read their posts?
G/L!
CDE's public press vs bluesky nltr/Writers pump/spin ink.
You certainly started in the right place with your reply, Casey. And I think you've hit the nail on the head.
Your Point A) about CDE.
CDE and all other company's are in this biz to make money.
They way they make money is NOT by telegraphing their true intentions.
They make money by moving first and discussing later.
Case in point #1
If you were going to respond to a Craig's list ad listing a restored muscle car would you take out a similar ad by place it on Craig's list, advertising your desire to buy said muscle car at any price and alert all your competitiors as to the target of your acquisition?
Let's start there.
If we, as speculators can analyze what is going on, in cold, hard logic,
do you not think in the merger and acquisitions legal department of the likes of CDE, that you wouldn't send your "competitors" looking 180 Degrees opposite of the true target you really wanted to acquire?
How better to do that than to drop big juicy hints with sycophants chasing a few bucks and notariety on the internet no less and send the stock you DON'T WANT up while maneuvering behind the smokescreen for the ones you really are after?
Case in Point #2:
CDE itself is in very ugly and costly litigation for failing to pay and fill out BLM required reports called "maintenance" on a claim package they knowingly relinquished and now demonstrably want back. Costly to CDE as in to the tune of $500 million bucks acc'd to the article earlier posted from Nevada.
Do companies like CDE have easter baskets of $500mil bucks laying around trying to defend something they aren't interested in?
The object of CDE's affections is RYE PATCH, not Pershing.
People keep forgetting the following three subset items it would appear:
A )
CDE registered in Feb 2013 TO SELL ALL 10,000,000 shares of restricted stock they own!!! TELL WHY? And they aren't the ONLY big, over million shares filers listed on the Feb 2013 Form 424B3 SEC FILING to have done so. I've openly speculated they KNOW a reverse split is authorized and on the come. One thing is for sure, the million share listed filers WANT to be liquid as stockmule has so consistently and eloquently reminded this forum of the necessity of maintaining that portfolio trading tool.
Is PGLC's stock the equivalent of Valor Gold and Amicor shares to CDE? (Those two mentioned stocks are what PGLC's busy liquidating to raise funds to pay other bills.....AND WAY BELOW MARKET VALUE REMEMBER?)...maybe to pay the current "legal bill" mentioned in #2 below?
B )
CDE is spending BIG BUCKS to hang onto something they foolishly let go of (now Rye Patch's controlled acreage/ground.) Copy/Paste of that Rye Patch boondoggle /litigation is in very recent posting on this very thread.
The bluesky hokum crowd believes CDE has a bottomless acquisition wallet? Based upon what? Some mythical $300p/toz gold in the ground by speculator Steuvin/helpme_hanna participating in some i'net chat forums??
C )
$300 p/toz is so obscenely overvalued by even historical standards for gold in the ground valuations! $300 per troy oz evaluations weren't even reached back when mining costs were below $1100 that CDE has publically stated in their Dec 2012 Quarter as being THEIR mean/avg!
To look so lecherously at PGLC as low hanging fruit is nothing but spin and certainly belied by CDE's behaviors and public power point presentations.
It is ridiculous supposition to posit that $300 p/toz value in the ground fantasy even in smoke filled cigar room Texas Hold'em Tournament card rooms!!!
However, the stock is so thinly traded, it is shoved around by expert market makers and perception spinners and other tape painters. Yes, all stops are being pulled out by Lawyer Alfer's mgmt to hold the stock here. The same Alfers who publically gave a hased and rehashed/milked for all it was worth, a 6month ago "exclusive interview" to gullible Peter Epstein/potandgold in order to hold the stock around this price point while he, ALfers is trying to squeeze more juice out of more wallets for underwriting PEA costs which are considerable, funding a non-existent 2013 drill program, and glowingly referred to 2Q13 AMEX listing expenses.
Case in point #3:
If you were CDE making an acquisition, what would you think about a bloated 1st year compensation package of $14mil by missing milestone after milestone mgmt CEO of your targeted company?
Would you see obvious place for cost savings if you actually are the rumored acquiror?? --emphasis on RUMORED!
All comments welcome. That's what chatrooms are good for...expressions hopes, dreams, voicing analysis, opinions, but not Soros/Grant investment tips.