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Amen to that. Here's to better days ahead.
Speaking of gold, I think it's demise as predicted by some on this board has been a bit overstated. Although a rise in the gold price isn't necessarily going to help SNEY's share price under current circumstances it sure isn't going to hurt it either.
.11.13 - Gold Rallies on Bernanke Comments
Gold prices finish sharply higher after Fed Chairman Bernanke states U.S. interest rates will remain low to aid economic growth. Weekly jobless claims hit highest level in two months. Gold last traded at $1,283 an ounce. Silver last traded at $20.10 an ounce.
MARKET NEWS HEADLINES
-Bernanke stresses rates to stay low for long time - Market Watch
-South Africa's gold mine crisis - BBC News
-Fed Governor Elizabeth Duke to Resign - CNBC
-U.S. books $117 billion surplus in June - CNN Money
-China growth may be slower than forecast-Market Watch
-Gas prices expected to surge again soon - USA Today
gold bull Gold price crash is over Jim Sinclair tells Vancouver meeting - Arabian Money
Veteran gold guru Jim Sinclair, one of the most widely followed gold commentators in the world, told an audience in Vancouver the gold price correction was over. "With the $1,275 barrier broken we are back on the way up," says Sinclair. The gold price recently jumped after Fed Chairman Ben Bernanke said a 'highly accomodative' monetary policy will be needed for the 'foreseeable future.'
Sinclair noted technical indicators had been pointing to a change of direction this week and he expects gold to retest its all-time high of $1,923 by August 2013 and advance to as much as $2,400 before succumbing to another correction. After the meeting in Vancouver, Sinclair sat down with ArabianMoney to give even more insight into how the gold market will move in the years ahead.
Dovish Bernanke drives pound and gold higher - The Telegraph
The pound strengthened and gold rose to a two-week high after Ben Bernanke said the U.S. economy needed QE to continue for the "foreseeable future." "Bernanke's speech was the key driver for an aggressive dollar sell off overnight," according to Lee McDarby of Investec Corporate Treasury. "The immediate reaction was for investors to run for the exit door of their long dollar positions."
Bernanke's comments followed relatively neutral FOMC minutes in which policymakers expressed their concern over slowing inflation, which would increase pressure to continue QE3. According to the minutes, around half of Fed policymakers wanted to bring the stimulus package to a relatively rapid halt this year, instead of phasing it out slowly by the middle of 2014.
Thanks for the info and yes I can be bothered. I sent you an Email explaining long ago. Have you changed your Email address? If so, I need an update.
To PM. If you are one of the INVESTORS in Sunergy, between this post and the one you are referring to, you should be able to figure it out. More to the point, Mr. Hale evidently said that they didn't fire Mr. Bah. I haven't taken the time yet to try to hear this from the horse's mouth but I intend to.
To the PM, thanks and I agree.
Incidentally, I was just HANGING OUT for a minute on another forum and there was an interesting response from Mr. Hale to a poster there concerning Mr. Bah.
I think Bryan Miller and Dale Bourassa were running things at that time and Garrett Hale and others were funding them.
It's been 27 days since the last PR which told us that they have retained professional geologist Alieu Mahdi and his staff. Not really an outrageous amount of time between PR's in my opinion and the retaining of Mr. Mahdi and his staff to oversee operations is not insignificant ("nothing"). Not hearing from them in what we would consider a timely manner also does not mean that they are doing nothing. It just means that as usual we must wait to find out. An exercise in patience.
From the PR of 5-23-13.
Sunergy is currently having its operations supervised by Geo Resources personnel which will result in a report of contained gold and quantity of Black Sands per operational ton in operational conditions. All gold will be collected and brought to a secure location for safekeeping weekly. The remaining black sand concentrates will be packaged and sealed and stored for further testing and processing by our planned pilot plant, once operational. Further exploration on land based operations is also planned. The report should be available within two weeks or so. President Hale plans a return visit for a longer period around that time.
Well we've gone through the "two weeks" and also the "or so" so maybe news next week..................or so? It's an exercise in patience. lol
Well, I had a vague idea it was something like that but you certainly made it crystal clear. Thanks a lot. Easy to see why that would be considered an asset. Let's hope Mr. Forbush can work a good deal with somebody. Investopedia,.........I think I need to do some reading.lol
Hello hispeed,
Here is a case in point where you are more knowledgeable than I am.
As a retired shipyard rigger and later a pump mechanic I'm going to put my ignorance about business on display here. How is a net operating loss used as an asset? Having asked that, I would assume that Mr. Forbush would not put that out in a PR unless it were true because of so many who do understand what he is talking about. Thanks
" Wise people speak when they have something to say. Fools speak when they have to say something. (plato)"
Thanks Dredge and thanks for the above quote. GLTU also.
Or maybe a lot of those names are still here (holding shares) but have just grown tired of having the same conversations over and over and over and over................
Hello Hispeed. Having read all of your posts on this board, I think you're probably a lot more knowledgeable than I am, so I'm interested in your take on today's news. I'm having a hard time seeing what is going to hold up GNMT's share price after the Independence is gone. Am I right in guessing that that is the reason for the reverse split? So that they can sell shares to acquire another asset?
I also find the following lines troubling:
The time frame for completion of the Distribution will be based on whether escrow restrictions are imposed on the Open Gold Shares by the TSX Venture Exchange, in which case the Distribution will take place within 38 months of closing of the sale. If no escrow requirements are applicable, the Distribution must be completed within 20 months of the closing date. For additional details regarding the Distribution, please see the section "Distribution" below.
In the interim period between closing and the Distribution, the Open Gold Shares to be distributed to our stockholders, will be registered in the name of a trustee which will be legal counsel or a trust company mutually agreed to by General Metals and Open Gold and held pursuant to terms of a trust agreement, such Open Gold Shares referred to as the "Trust Shares".
Due to TSX Venture Exchange requirements, certain voting restrictions will be applicable to the Open Gold Shares held by us pending completion of the Distribution. Such restrictions permit us to vote only such number of Open Gold Shares that is equal to up to 14% of the post-transaction issued and outstanding number of Open Gold Shares. Additionally, neither we nor the trustee will be permitted to vote the Trust Shares.
In the event the Distribution is not completed within 48 months of closing of the transaction, the Trust Shares will continue to be held in trust but will be subject to a right to repurchase by Open Gold, in whole or in part, at a price per share equal to 65% of the ten day consecutive trading volume-weighted average price prior to the date of exercise of the repurchase right.
Vancouver, British Columbia – May 31, 2013 - Open Gold Corp. (TSX-V: OPG) (“Open Gold” or the “Company”) announces a correction to its news release dated on May 29, 2013. The Unit of the private placement will consist of one common share and one-half transferable share purchase warrant of the Company.
Open Gold may issue up to 50 million Units of the Company at a price of $0.05 per Unit, for gross proceeds of up to $2,500,000.Each Unit will consist of one common share and one-half transferable share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.10 per share for a period of 18 months.
The company may pay finder’s fees in connection with the financing. The private placement is subject to regulatory approval.
On behalf of the Board of Directors
OPEN GOLD CORP.
Bryson Goodwin
President & CEO
Tel: +1(604) 341-1531
E-mail: brysongoodwin@shaw.ca
Thanks for posting this. I'm going to have to start watching OPG's website a little closer
What should be thought of as good news and down we go. Most perplexing. I feel a bit like I did right before I gave up golf. lol
No need. I called E trade today and it turns out I can upgrade my account to allow me to trade globally online.
Thanks guys. I have an E Trade account. Guess I'll have to give them a call and see what they say. Haven't really thought all this through yet but my bet was on the Independence Mine so I'm thinking it might be a good idea to just buy an additional block of OPG shares if the deal goes through. The ratio of OPG shares to GNMT shares is something that also needs answering.
Having already admitted that I'm no expert and never having run into a situation like this before, I do not feel too bad about asking what may be a dumb question. How does one buy or sell shares of a stock like OPG that is only listed on the TSXV?
You and I both need some more explaining done for us Carl. lol
It bothers me that we have not had an update since the target date for the closing of the deal which was the end of April. It also bothers me that without adding assets there is little or no value to GNMT after the Independence is gone. As the deal stands GNMT will own 64% of OPG shares. Shareholders are supposed to recieve 90% of those shares within 20 months of the closing of the transaction which actually equates to 57.6% of total shares. Am I right in assuming (I hate that word) that assets are going to somehow be acquired for GNMT with the 10% of shares not distributed to us? We need to know what assets and where's the money coming from to acquire them. I will readily admit that I am no expert at this stuff and this may or may not be a good deal but I've got questions.
As am I. Also been pondering the potential 20 m0nth wait to recieve OPG shares. Sure would be nice to get an update this week.
Damn. worked last night, I checked and already deleted his response. Anyway, he just passed on to me a recent E mail from Forbush to another investor explaining that we will own shares in both companies and hinted at another project for gnmt that will also increase share value. Meyerson said he is sure the deal is still on but he is waiting for a pr just like we are. It's been my experience that most of the time he seems to not know much more than we do. Guess I,ve got to have my daughter show me this link posting thing again the next time she's over here. Sorry. You want to move heavy machinery and equipment in and out of ships and submarines through tight quarters with chainfalls and portal cranes, I'm your man. Computers..........not so much. lol
Just learned how to post a link. I'm not much of a computer person. The prior post is Wayne Meyerson's response to me after I inquired about the target date of the deal with OPG passing by with no update for investors as of yet. Hope it is of interest to all.
I don't believe Garrett is going over there for fun and games or a suntan. I was in Napa today and I can assure you that he would be better served in that regard by staying home. I think the action you want is about to begin.
Good luck to Mr. Hale
No I don't. The name Universal was dropped in a phone conversation I had in which I asked about the black sands. Afterwards I played around with google for awhile and discovered that there are a lot of Allied Mining references on the Universal Mining and Exploration S.L. Lid. website. That leads me to believe that there was and probably still is a relationship there between Garrett and them. Purely supposition on my part. Somebody better than me at digging for this stuff could probably find out more. GLTU
There's a first time for everything. lol
World wide demand for physical gold is increasing. I think people are slowly waking up to the charade that paper currency has become.
Thanks for the info Wassoom. It jibes with what I was told in a phone call I made on the 15th about the 10k. Wilfred wasn't mentioned in that call but Tayyib was. Also I'm still betting on Universal Mining and Exploration S.L. Ltd. as the purchaser of the black sands. Post #75950
Would you not say that a JV or some other kind of deal with another company is probably the only shot SNEY has? Could that maybe be the reason for the trip to S.L.? Could that maybe be the reason that he and the other presumably astute business people have put up their own money? It's a gamble like I've been saying for awhile now but not without some basis in reason. So since you seem to be hanging on to your shares in spite of being dead certain SNEY is going to fail, GLTU.
Bottom line is that the game is hardly over.
You're right. That could be another possibility.
How about when Garrett negotiates a JV with another company. Just a guess of course..........
Might not the fall in the gold price be attributed to rumors of Cyprus and others having to sell off their gold reserves to aid in financing bailouts from the European Union? I think this is nothing more than a buying opportunity for those interested in the long term.
I have it on good authority that the 10k will be out tomorrow. If I wouldn't have misjudged how low this could go I would be buying a lot more from here on. I may do that anyway by selling a piece of another I own tomorrow. Now is not the time to panic but then I'm just a gambler so what do I know? lol
P.S. Before anyone asks about my good authority I made a local phone call and that's all I'm saying. I may be gambling but I still do a bit of DD now and then. lol GLTA
Good thoughts Fang and I agree with you.
I'm a little slow sometimes so on second thought, your question does have merit...........mmmaybe a lot of merit. lol
I humbly apologize for missing the sarcasm in your question. My point was that the value of gold and the dollar is not off topic imo.