Friday, November 16, 2018 11:10:27 AM
Mining Caesar Meets Mining Nightly
No this isn't a Godzilla Movie
It's much worse than that. hahahah
Allow me to kick off the weekend
Wishing you all a warm safe & happy weekend
and Thanks
Shall we
OK Let's go..........
M&MTGYS
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Report: Pacton Gold – Getting busy in the Pilbara region
on 14 November, 2018 in Reports, Blog, Pacton Gold
PAC
Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, Pacton has been able to negotiate the acquisition of several projects, joining Novo in its quest to prove the viability of conglomerate-hosted gold systems.
To be brought fully up to speed, we would recommend you to read our initial report on Pacton Gold, which was published right before the summer. It provides a summary of Pacton’s first few projects and the exploration theory it’s applying.
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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project
on 8 November, 2018 in Reports, Blog, Skyharbour Resources
SYHSkyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the previous years as the Athabasca Basin remains one of the best (and safest) areas to explore for uranium.
As Skyharbour continues to drill at its own high-grade Moore flagship project, its two joint venture partners (Orano and Azincourt Energy (AAZ.V)) will spend their own money on advancing the joint venture properties. We were positively surprised to learn Orano is planning to spend C$2.2M on the Preston Uranium project, as that’s more than we expected.
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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?
on 6 November, 2018 in Reports, Blog, Cypress Development
CYP
The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium mines as those tend to be much more capital intensive than for instance brine operations (it’s more expensive to build and operate a hard rock lithium mine rather than the low-cost evaporation process). Canada Lithium tried it a few years ago, but went bankrupt.
But in between hard rock and brine lithium projects, there is some sort of middle ground. In Nevada, Cypress Development (CYP.V) is aiming to develop a sedimentary-hosted lithium project into a full-fledged lithium mine. It’s some sort of a ‘hybrid’ operation as the nature of the deposit actually combines a (higher grade) hard rock operation with the economic advantages of a lower-cost production method. The Preliminary Economic Assessment on the project indicates the operating cost will be relatively low thanks to having hectorite-free clay as a host rock which makes it less capital intensive than other non-brine lithium projects. That, as well as a substantially higher lithium price compared to the market conditions when Canada Lithium failed, give Cypress Development a good shot at further advancing this project.
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Report: Contact Gold – Aggressively drilling the Carlin Trend in Nevada
on 29 October, 2018 in Reports, Blog, Contact Gold
C
Almost every single time we felt it was time for an update report on the Contact Gold’s (C.V) progress at Pony Creek, the company released more drill results from its ongoing drill program at the Pony Creek project in Nevada. That is a good problem to have, and although more drill results will continue to roll in, this update is long overdue.
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Report: Golden Arrow Resources – A call option on the silver price
on 25 October, 2018 in Reports, Blog, Golden Arrow Resources
GRG
Golden Arrow Resources’ (GRG.V) share price got slammed last week as a sell recommendation from a newsletter sent the shares approximately 30% lower before the share price recovered some of the lost ground. This ruined the company’s plans to raise C$2.625M which was meant to top up the treasury, but the current sub-30 cent share price could be an attractive entry point for silver bulls considering the 25% owned Chinchillas project in Argentina is on the verge of starting to produce silver and lead. Additionally, the other exploration projects (which will be spun off later) could help to unlock the hidden value of Golden Arrow’s project portfolio.
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Evrim Resources signs an exploration alliance agreement with a Yamana Gold subsidiary
16 November, 2018 Blog
Evrim Resources (EVM.V) has announced it has signed a 3-year exploration alliance agreement with Meridian Gold, an unlisted full-owned subsidiary of Yamana Gold (AUY), whereby the latter will grant Evrim access to its database that it has been compiling over the past several decades. According to the announcement, Meridian’s database […]
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Bellary Dome Nuggets Recovered May 2018
Report: Pacton Gold – Getting busy in the Pilbara region
14 November, 2018 Reports, Blog, Pacton Gold
Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, […]
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Transition Metals is selling its Dundonald Nickel project
13 November, 2018 Blog
Transition Metals (XTM.V) has now sold its Dundonald Nickel project (located in Ontario, Canada) to VaniCom, an Australian company. Transition has now received C$150,000 in cash and will also receive C$350,000 worth of stock in VaniCom. On top of that, VaniCom pledged to spend at least C$750,000 on exploration during […]
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Amarc Resources continues to hit thick copper intervals at IKE, but needs a grade boost
12 November, 2018 Blog
Amarc Resources (AHR.V) has received the assay results from an additional five drill holes that were completed on its IKE copper-molybdenum-silver project in British Columbia. Four of the five holes intersected thick copper-bearing structures with for instance 252 meters containing 0.33% CuEq, 300 meters at 0.17% CuEq and 651 meters […]
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Avrupa completes Alvito drilling, plans to drill Alvalade, raises more cash
10 November, 2018 Blog
Avrupa Minerals (AVU.V) has been busy this summer as it completed an 18 hole drill program (for a total of just over 2,400 meters) on its Alvito IOCG project in Portugal. The drill program was funded by ASX-listed OZ Minerals (OZL.AX) which was originally earning a 51% stake in the […]
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K92 Mining produces 9,500 ounces gold and almost 150,000 pounds of copper in Q3
9 November, 2018 Blog
K92 Mining (KNT.V) is still working on the development of its Kainantu mine in Papua New Guinea, and the revenue from selling the gold and copper that’s currently being produced on-site is helping to fund these plans. The company produced 9,549 ounces of gold as well as 146,315 pounds of […]
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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project
8 November, 2018 Reports, Blog, Skyharbour Resources
Skyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the […]
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Sandspring Resources updated its Toroparu gold resource
7 November, 2018 Blog
Sandspring Resources (SSP.V) released an updated resource estimate on its Toroparu gold-silver project in Guyana. The current in-pit resource contains 253 million tonnes in the measured and indicated category with a gold content of 7.35 million ounes, while there is an additional inferred resource containing 129 million tonnes of rock […]
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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?
6 November, 2018 Reports, Blog, Cypress Development
The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium […]
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Group Eleven starts drilling at Stonepark
5 November, 2018 Blog
Group Eleven Resources (ZNG.V) has now initiated a 1,500-2,000 meter drill program on its Stonepark project in Ireland (76.56% owned). The company seems to be keeping the expectations low as this initial drill program has mainly been designed to get a better understanding of the geological structures at Stonepark. All […]
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Southern Silver extends silver-zinc mineralization at North Skarn
3 November, 2018 Blog, Southern Silver Exploration
Southern Silver Exploration (SSV.V) is currently working on its ongoing 12,000 meter drill program, and the assay results from three holes that have just been released (the assay results of a fourth hole are still pending) confirm the mineralization appears to be extending outside of the currently known zones. The […]
Tethyan Resources starts met work at Kizevak
Tethyan Resources starts met work at Kizevak
3 November, 2018 Blog, Tethyan Resources
Tethyan Resources (TETH.V) has sent two samples from its Kizevak project to the Mining and Metallurgy Institute in Bor, Serbia. The samples were collected from the two dominant systems on the Kizevak property: massive sulphide vein breccias and fracture fill mineralization. The samples will be subject to bench-scale flotation tests […]
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Above Reads Link found here
https://www.caesarsreport.com/
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MINING NIGHTLY
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Detour seeks to end proxy fight with Paulson & Co
By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?
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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
DRC lifts export ban on Glencore's copper and cobalt unit
By: Bloomberg Updated 7 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?
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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit
By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?
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Teck to announce Chile project partner in December
By: Mariaan Webb Updated 5 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?
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Iamgold doubles credit facility; Rosebel strike ends
By: Creamer Media Reporter 16th November 2018 Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?
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NWT govt selects proponent to build Tlicho road
By: Creamer Media Reporter Updated 6 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?
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K+S cuts outlook after dry weather weighs on production
By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine
By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?
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Leagold announces 122% increase in Los Filos openpit reserves
Updated 5 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?
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Paramount Gold acquires prospect near Grassy Mountain
By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?
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WDC calls for expanded definition of conflict diamonds
By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?
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Difficulties continue for Afarak in Q3
By: Simone Liedtke Updated 1 hour 2 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?
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Russian Jan-July gold output flat at 157.19 t
By: Reuters Updated 1 hour 13 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?
Gold miner smuggles in workers by night to bypass strikers
By: Bloomberg Updated 1 hour 51 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?
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India state may cancel NMDC's Donimalai mine lease in levy dispute
By: Reuters Updated 2 hours 29 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?
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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining
By: Ajoy K Das Updated 2 hours 31 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
By: Terence Creamer Updated 2 hours 47 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks
By: Ajoy K Das Updated 2 hours 51 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?
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BHP blames driver error, brake problem for runaway train wreck
By: Reuters Updated 3 hours ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?
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Treasury report finds Koko meddled to help Tegeta
By: African News Agency Updated 3 hours ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?
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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Ncondezi $5.1m loan gets extended maturity date to November 2019
By: Marleny Arnoldi Updated 6 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?
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Palladium soars to record on tight supply, bets on China demand
By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?
Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
By: News24Wire Updated 7 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?
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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy
By: Esmarie Iannucci Updated 7 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?
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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’
By: Esmarie Iannucci Updated 7 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?
New PNG LNG venture one step closer to realisation
By: Esmarie Iannucci Updated 7 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?
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Joint push to develop NT’s onshore and offshore gas resources
By: Esmarie Iannucci 16th November 2018 The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?
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Ribbon gets cut at Ichthys facility
By: Esmarie Iannucci 16th November 2018 The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?
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Pilgangoora officially opens
By: Esmarie Iannucci 16th November 2018 The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?
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Stanmore extends Isaac Plains contract
By: Esmarie Iannucci 16th November 2018 Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?
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MOD completes T3 buy
By: Esmarie Iannucci 16th November 2018 Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?
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Prodigy to raise cash for Tanami exploration
By: Esmarie Iannucci 16th November 2018 ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
‘100 Global Inspirational Women in Mining’ 2018 edition released
By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?
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Ghana to raise $750m through London IPO of minerals fund
By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?
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Danakali welcomes UN lifting of sanctions against Eritrea
By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?
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Zimbabwe raises gold miners' forex allowances after output halt
By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?
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Difficulties continue for Afarak in Q3
By: Simone Liedtke Updated 5 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?
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Russian Jan-July gold output flat at 157.19 t
By: Reuters Updated 16 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?
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Gold miner smuggles in workers by night to bypass strikers
By: Bloomberg Updated 54 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?
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India state may cancel NMDC's Donimalai mine lease in levy dispute
By: Reuters Updated 1 hour 32 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?
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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining
By: Ajoy K Das Updated 1 hour 34 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
By: Terence Creamer Updated 1 hour 50 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks
By: Ajoy K Das Updated 1 hour 54 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?
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BHP blames driver error, brake problem for runaway train wreck
By: Reuters Updated 2 hours 17 minutes ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?
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Treasury report finds Koko meddled to help Tegeta
By: African News Agency Updated 2 hours 39 minutes ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?
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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Teck to announce Chile project partner in December
By: Mariaan Webb Updated 4 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?
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Leagold announces 122% increase in Los Filos openpit reserves
Updated 4 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?
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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit
By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?
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Ncondezi $5.1m loan gets extended maturity date to November 2019
By: Marleny Arnoldi Updated 5 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?
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NWT govt selects proponent to build Tlicho road
By: Creamer Media Reporter Updated 5 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?
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Palladium soars to record on tight supply, bets on China demand
By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?
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Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
By: News24Wire Updated 6 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?
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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy
By: Esmarie Iannucci Updated 6 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?
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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’
By: Esmarie Iannucci Updated 6 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?
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New PNG LNG venture one step closer to realisation
By: Esmarie Iannucci Updated 6 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?
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DRC lifts export ban on Glencore's copper and cobalt unit
By: Bloomberg Updated 6 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?
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Iamgold doubles credit facility; Rosebel strike ends
By: Creamer Media Reporter Updated 7 hours ago Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?
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Joint push to develop NT’s onshore and offshore gas resources
By: Esmarie Iannucci Updated 7 hours ago The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?
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Ribbon gets cut at Ichthys facility
By: Esmarie Iannucci Updated 7 hours ago The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?
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Pilgangoora officially opens
By: Esmarie Iannucci Updated 7 hours ago The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?
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Stanmore extends Isaac Plains contract
By: Esmarie Iannucci Updated 7 hours ago Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?
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MOD completes T3 buy
By: Esmarie Iannucci Updated 7 hours ago Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?
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Prodigy to raise cash for Tanami exploration
By: Esmarie Iannucci Updated 7 hours ago ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
Mining Weekly iPhone and Android Apps available for free download
16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
K+S cuts outlook after dry weather weighs on production
By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Detour seeks to end proxy fight with Paulson & Co
By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?
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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
‘100 Global Inspirational Women in Mining’ 2018 edition released
By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?
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Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine
By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?
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Paramount Gold acquires prospect near Grassy Mountain
By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?
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Ghana to raise $750m through London IPO of minerals fund
By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?
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Danakali welcomes UN lifting of sanctions against Eritrea
By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?
Zimbabwe raises gold miners' forex allowances after output halt
By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?
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WDC calls for expanded definition of conflict diamonds
By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?
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Other Reads From the CQ
Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst
Anna Golubova Tuesday November 13, 2018 20:09
Kitco News
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Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst
(Kitco News) - Gold is looking to end a year on a strong note, according to one long-standing gold bull, who sees the recent strength in the U.S. dollar and the U.S. real rates as only temporary.
Investors will be choosing gold again once the divided political environment in the U.S. pushes the greenback down, Metal Bulletin precious metals analyst Boris Mikanikrezai wrote in a Seeking Alpha post on Tuesday.
“The recent appreciation in the dollar and U.S. real rates [will be] transient because the outcome of the U.S. midterm elections on November 6 (i.e., divided Congress) has curbed expectations for further fiscal stimulus and has raised the likelihood of a gridlocked government, which is therefore dollar-negative. This should lead to renewed downward pressure on the dollar and U.S. real rates, prompting speculators/investors to jump back in gold,” Mikanikrezai said.
Gold began to drop last week, falling from the $1,235 an ounce level to around $1,200 in just under one week. Following the plunge, prices have stabilized just above the key support level of $1,200 an ounce, with the December Comex gold futures last trading at $1,202.90, up 0.12% on the day.
One of the reasons behind such a big drop was the market’s interpretation of the Federal Reserve’s statement on Thursday during which the Fed kept interest rates on hold but chose not to mention the recent sell-off in equities, Mikanikrezai pointed out.
“Perhaps investors interpreted the latest monetary policy statement as more hawkish than expected because the Fed did not acknowledge the sell-off in risk assets in October. Against this backdrop, Comex gold spot prices have come under downward pressure as a result of spec/investor selling,” he said.
The analyst expects speculative buyers to resume their net long exposure to Comex gold as the year comes to an end and projects gold ETF inflows to become increasingly positive as 2019 begins.
“Investors [will] realize that the gradual tightening of U.S. financial conditions caused by the Fed tightening cycle will result inevitably in a higher level of volatility in risk assets, prompting them to buy more gold as a hedge,” Mikanikrezai wrote. “Investors may need more haven assets like gold in their portfolios to navigate the more volatile environment.”
By Anna Golubova
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*Page 5*
Mormon Gold – The Lost Rhoades Mine in Utah
Lost Treasures, Recent Posts
Lost Rhoades Mine Utah
As with any lost treasure tale, there are widely varied accounts. One must take into account that it is often the purpose of the writer to stretch the truth in order to excite the reader. There are considerable disagreements about the fate of the Rhoades Mine. We are going to take a look at some of those accounts.
The Rhoades Mine story began when Thomas Rhoades led a group of Mormon Settlers, as he was one of the faithful converts of Mormonism in about 1834. He led the settlers to the northern part of California and settled near Sutter’s Fort along the Consumnes River. Eventually, Rhoades is reported to have began working with John Augustus Sutter who later became his close friend. John Augustus was very famous due to the gold that was discovered at his mill site in California.
Other reports of the Rhoades Mine give an account of it being associated to the time when the Chief of the Ute Indians got baptized and joined the Church led by Brigham Young. The chief by the name of Wakara then offered to show Brigham a piece of land infested with gold in his territory, all he needed to do was to choose a representative who would go to check the land with the chief. And Rhoades was found trustworthy to accompany the chief.
Because of the involvement of the Ute Chief in the Rhoades Mine story, the beliefs surrounding the mine stipulate that it is located in the Uinta Mountains or the Ute Indian Reservation in the vicinity of Ouray. Others even associate the mine to Spanish and Legendary Aztec gold mine lore.
On the other hand, there are reports believed to have been made by someone unknown in May of 1896 in the Salt Lake Tribune, who claimed to have had a personal encounter with Rhoades.
According to the reports given, it is believed that at the time of his coming to Utah, Rhoades brought with him some gold dust worth about $50,000 from California. Then after some years, it is believed that Rhoades discovered some stones in the Uinta Mountains, which had some similarities with those he had seen and extracted gold from in California.
Agriculture Over Gold
Then, upon going back to Salt Lake City where the LDS Church was located he shared the story of his discovery with the Church leader named Brigham Young, who allegedly advised him not to disclose his story of gold discovery in the Uinta Mountain in order to avoid having many people running to the place or even disturb the agricultural interests in which the Mormon Pioneers were involved.
The reports given also revealed that Rhoades never expressed any more interest in the gold he had discovered. He is not recorded of having claimed any findings or mining of gold whatsoever. Therefore, according to the reporter, the Rhoades mine was not regarded as a mine, rather was just a gold panning area which later transformed into a gold mine after some years.
found raw gold
Speculation Continues to Grow
Later in the year 1879, an article on October 11th was published in the newspaper of Salt Lake Herald with the heading “Rich Land of the Utes”. In the article it was revealed that the Rhoades Mine was found in the Uintah reservation. And many stories were told of how Rhoades left his home with a pack animal in spring times and brought with him gold worth thousands of dollars. But the stories surrounding Rhoades’ mining life are believed to have been kept as secret within the family.
On 6th February, 1902, another article was carried in the newspaper for Eastern Utah Advocate which stated that, everything said about Rhoades Mine with regard to gold mining was a myth. Instead, the mine only had copper which was found by cowboys and sheepherders who explored the area.
Other newspapers such as the Wasatch Wave published a story which stated that a particular older settler gave his own account that Rhoades only obtained gold from California in the early days and brought it with him to Utah where he hid it in the hills. And he only visited his secret treasure about once a year to pick the gold from there. As a result, people were made to think the man was mining from the mountains.
Again some years later in the late 1950s, the Rhodes Mine discovery hit the news headlines in Uinta Basin Standard’s newspaper dated 10th July, 1958 where it was stated that Bullock Mining Company had finally found the long lost Rhoades Mine. But it turned out to be fake, as there were no more reports about actual mineral recovery at the alleged site.
The Mystery Continues
Treasure hunters continue to speculate about the existence of the Rhoades Gold Mine. Some theories include speculation of coverups by the LDS Church, Indians, murders and death and just about anything you could imagine.
From a practical standpoint, one should accept the fact that there are indeed lost mines out there. Under many circumstances there are times when most who research the subject believe that a rich mine may have been lost. Is the Rhoades Mine one of these mines?
Before getting too deep in speculation about all the various stories and “tales” of mine, it might be a good idea to consider the general geology of the area and whether a rich gold strike in the area is truly likely. Utah has some gold mines, but it is nowhere near as rich as California. For those who choose to search for this lost mine, I would recommend that you focus your research first on the geology of the area and its potential for gold. Then move on to the more speculative bits of research regarding its location.
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Firefighters call Trump tweet on California wildfires ‘reckless and insulting’
By Cassie Dickman
Updated November 12, 2018 07:46 AM
California firefighters are clapping back at President Donald Trump for comments he made in a tweet Saturday morning threatening to pull federal funding for California wildfire relief as another devastating round of blazes ravage the state.
In his first comments since California’s most recent fires sparked, Trump once again cited what he called “gross mismanagement” of the state’s forests as the reason for “these massive, deadly and costly” fires. The president had previously made similar statements in October about discontinuing federal financial relief to the fire-beleaguered state, according to a report in The Bee.
Read more here: https://www.sacbee.com/news/state/california/fires/article221486490.html#storylink=cpy
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China state banks seen selling dollars in FX market to arrest yuan losses: traders
FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
SHANGHAI (Reuters) - Major state-owned Chinese banks were seen selling dollars at around 6.97 per dollar in the onshore spot foreign exchange market in early trade on Tuesday, three traders said, in an apparent attempt to arrest sharp losses in the local currency.
The onshore spot market CNY=CFXS opened at 6.9681 per dollar, weakening to a low of 6.9703 at one point in early deals.
“Big banks were selling (dollars) to defend the yuan,” said one of the traders.
The move by the state-run banks helped the yuan recover to 6.9550. The onshore spot yuan was trading at 6.9645 as of 0237 GMT.
Traders attributed the sharp morning losses in the yuan to broad strength in the U.S. dollar .DXY, which hit 16-month highs against a basket of six other major currencies. [FRX/]
They also suspect the authorities are keen to prevent the yuan from weakening too sharply before U.S. President Donald Trump and his Chinese counterpart President Xi Jinping’s meeting later this month.
The two countries’ leaders plan to meet on the sidelines of a G20 summit, in Argentina at the end of November for a high-stakes talk.
https://www.reuters.com/article/us-china-yuan/china-state-banks-seen-selling-dollars-in-fx-market-to-arrest-yuan-losses-traders-idUSKCN1NI091
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NEWS &VIEWS
Forecasts, Commentary & Analysis on the Economy and Precious Metals
Celebrating our 45th year in the gold business
November, 2018
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A surprise jump in investor and central bank gold demand
LBMA consensus price prediction for 2019 –– $1532 per troy ounce
At the recent London Bullion Market Association annual conference, the consensus opinion on the gold price for 2019 among 682 industry delegates was $1532 per ounce. The LBMA offers its opinion annually and it usually falls on the conservative side of the ledger. So its consensus opinion of an average price more than 25% higher than the trading range at the time came as a surprise.
“This is the most bullish forecast since 2012,” said Ruth Crowell, chief executive of the organization which includes bullion banks, financial institutions, miners, and refiners. At the time of the meeting, stock markets were gyrating, the latest emerging country crisis was reaching a boil and geopolitically the global financial order was more precarious than it had been in a long time. Gold's safe haven role was back on the financial pages.
A few days later, the World Gold Council issued its quarterly assessment of physical gold market. Demand for gold coins and bullion, the category that tracks private investor interest, was up 28% over the third quarter of 2017. "Stock market volatility and currency weakness," read the report. "also boosted demand in many emerging markets. China – the world’s largest bar and coin market – saw demand rise 25% year-over-year." Central bank demand, another closely watched indicator of global interest in the metal, was up 22% over the previous year. "This," said the Council, "is the highest level of net purchases since 2015, both quarterly and year-to-date, and notable due to a greater number of buyers." In short, the World Gold Council was reporting the strong business flows among the LBMA's professional community that fueled the bullish predictions.
Hungary makes a major gold purchase
One of the more intriguing central bank gold acquisitions reported this past month was that of Hungary. “In one of the most profound developments in the central bank gold market for a long time," writes Bullion Star's Ronan Manly, "the Hungarian National Bank, Hungary’s central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary’s capital.”
The photo (above left) is from the public relations release issued by MNB accompanying announcement of the purchase. Each palette contains one metric tonne of gold and there are 28 of them – an impressively large procurement secured by Hungary’s central bank. Here is how the central bank described the acquisition. Its rationale for the purchase is worth noting in that it is the very same rationale that drives current private investor interest:
“Following the substantial increase in the Bank’s gold reserves in physical form, its repatriation has already taken place. The possession of precious metal within the country is in line with international trends, supports financial stability and strengthens market confidence in Hungary. In keeping with the historical role of gold, gold remains one of the safest instruments in the world, and, even under normal market conditions, provides a stability and confidence-building function.”
Gold coins, hoofs found in 2,000 year old Chinese tomb
“Chinese archaeologists. . . discovered 75 gold coins and hoof-shaped ingots in an aristocrat’s tomb that dates back to the Western Han Dynasty (206 BC – 24 AD), reports China's Xinhuanet. "The gold objects — 25 gold hoofs and 50 very large gold coins — are the largest single batch of gold items ever found in a Han Dynasty tomb. They were unearthed from the tomb of the first ‘Haihunhou’ (Marquis of Haihun) in east China’s Jiangxi Province. The coins weigh about 250 grams each, while the hoofs’ weights vary from 40 to 250 grams, said Yang Jun, who leads the excavation team.”
These gold artifacts were found along with a portrait of Confucius, perhaps the oldest known. Wisdom and gold make easy company. Confucius once said something that has current applicability: “In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.” Or at the very least, well-hedged . . . . . . . .
Has inflation returned to the United States?
We have alluded to the possibility of tariff-driven inflation in the past in this newsletter. Rising import prices – the result of de-globalization, e.g., the U.S.-China trade war – will filter ultimately to consumers. This will not be a monetary inflation but a political inflation and a different animal from anything we have encountered in the recent past. As such, we are entering uncharted territory – one in which politics could outweigh monetary policy in dealing with it.
We got some evidence of inflation's potential return to the United States in the October wholesale inflation report. Prices were up 0.6% from September to October – a 7.2% annualized gain and the biggest gain since 2012. Producer prices, as shown in the chart below, have pushed steadily higher since 2013. Some argued, following the report, that this increase should be dismissed as a one-time event. Ignored in those arguments was another statistic of more than passing interest: The core index, which excludes food and energy, was up 0.5% – or 6% annualized.
“If globalization is rolled back, as now looks likely, inflation will return," says Mark Asquith in a Spectator article. "The 1970s was the last time that Western inflation ran hot. Globalization killed that inflation. To imagine what reversing globalization may look like now, recall what happened in the 40 years since.”
As might be expected, in this whacky, upside-down Alice-in-Wonderland financial environment, the gold price counter-intuitively turned down on the day the government released the report. The market took the report, we were told, as justification for further Fed tightening. More complex arguments about the Fed's policies including the inflationary deployment of excess reserves and the still negative real rate of return (despite the run of rate increases) were pushed aside.
In a financial environment in which good news for gold is interpreted as bad news, and bad news is still bad news – the day-to-day headlines might seem nearly irrelevant in determining the future price direction. Along the way, though, we suspect that the clock will stop running backward – rising inflation will come to actually mean rising inflation, and not something else, and rising inflation will come to mean higher gold prices.
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Who owns the U.S. public debt? And what does it have to do with the price of gold?
Popular belief holds that foreign investors and central banks hold the lion’s share of the nearly $22 trillion federal debt. These charts from the St. Louis Federal Reserve tell the real story. Though it has not always been the case, private domestic investors now hold the largest share of the national debt at $13.1 trillion. Foreign investors are number two at $6.2 trillion. Federal Reserve banks are number three at $2.8 trillion. As you can see, federal debt held by private investors is on an ascending curve while both foreign and Federal Reserve banks’ purchases have leveled off. At present, private investors hold more than half the national debt (59.3%) as shown in the pie chart at below. Foreign investors hold 28.1% of the U.S. federal debt.
Both China and Japan, the two largest foreign holders of U.S. debt, are essentially defending their currencies and attempting to thwart capital flight. How that shakes out in the global foreign exchange markets remains to be seen but their intent seems clear. The financial media sometimes mistakenly promotes the notion that the reductions are related to the trade war but, once again, that simply is not the case. Japan has held their foreign exchange reserves steady since 2012 and China began reducing its reserves in 2014. In short, neither have been buyers of U.S. Treasuries in the aggregate for quite some time.
So what does all of this have to do with the price of gold?
In short, Japan and China, at least for now, are not complicit in driving their currencies lower against the dollar. Any future weakness or strength, it follows, will be market-driven – a posture that undermines the strong-dollar/weak-gold narrative. At some point, the algo-driven speculators might be forced to give up on attacking the yuan and yen. In turn, they might be forced to give up attacking gold; and, in fact, begin covering their short positions on the COMEX. As it is, we have begun to see some unwinding in those positions of late for both gold and silver.
The latest from Michael Ballanger on the record short gold and silver positions on the COMEX
“Once again, and in honour of an ancient financial tradition, gold and silver fulfilled their respective roles as ‘precious’ metals, accordingly defined as ‘objects of great value; not to be wasted or treated carelessly.’ As we head into the final eight weeks of 2018, there are a great many managers of other people’s money who are paying attention—and it couldn't happen at a more opportune time. Tonight’s COT report shows that the Commercials were covering shorts into weakness while the Large Spec algobots continued to pile and add shorts/dump longs also into weakness. As long as the Large Speculators continue to carry such a paltry number of longs (13,194 futures only; 5,976 futures and options), the gold price should continue to trend higher through year-end. It is imperative to remember that major declines in gold have occurred when the aggregate long positions held by Large Speculators exceed 300,000; we are nowhere near that figure today and won’t until $1,400 is tested by year-end." – Michael Ballanger, Mining Junkie
Hedging financial warfare
“In this scenario," writes Daily Reckoning's James Rickards, "an attacker could penetrate the order entry system of a major stock exchange such as the New York Stock Exchange. Once inside the order entry system, the attacker would place large sell orders on highly liquid stocks such as Apple or Facebook. . . .The result could be a market decline of 20% or more in a single day, comparable to the stock market crash of October 1987 or the crash of 1929. You would not have to trade anything or be in the market during the attack; you would be wiped out based on the market decline even if you did nothing.”
This analysis from James Rickards, in our view, is his most important in a long time. Financial warfare – the ability of America’s enemies to penetrate and disrupt markets and infrastructure through malware and other forms of electronic weaponry – is something few investors contemplate. As Rickards points out though, the threat is very real especially under the current tension-filled circumstances. Prudent investors need to take it into account. “The key,” says Rickards, “is to have some portion of your total assets invested in non digital assets that cannot be hacked, wiped out or disrupted in financial warfare. Such assets include gold, silver, land, fine art and private equity that is usually represented by a paper contract and does not rely on electronic exchange trading for liquidity.” This is the financial market equivalent of living off the grid. We strongly recommend reading and contemplating the article at the link above.
Taleb says world more fragile than 2007
“Nassim Nicholas Taleb, scientific advisor at Universa Investments, discusses the factors causing global fragility, hidden liabilities in global markets, and what he sees as safe trades in the current market. He speaks with Bloomberg’s Erik Schatzker on Bloomberg Markets.”
Editor's note: When asked how it all plays out and if there is anything that he sees as safe in a global financial system on the verge of another crisis, Taleb says he owns “some gold, which I am confused about, and land. . .” He does not elaborate on why he is confused about gold. Taleb, as most of you already know, made his mark in the financial world by predicting the 2007-2008 crisis and writing the now famous book, The Black Swan – The Impact of the Highly Improbable.
Asia's wealthy investors prefer physical gold over ETFs
From the International Advisor: “Conservative high net worth gold investors prefer physical bullion over ETFs, says State Street Global Advisors. Private banks in Asia mainly use ETF vehicles when making active bets on gold based on a short-term outlook, Robin Tsui, gold ETF strategist at SSGA, said during an event in Hong Kong. For strategic allocations or longer-term investing, buying physical bullion and storing it in a safe remains the norm.” The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.
Editor's note: The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.
The political versus the real deficit
There are two budget deficits – the political deficit that Washington and Wall Street throw around, and the real deficit that resides in real additions to the national debt. It is the latter, not the former, on which the U.S. government pays interest.“The US government said Monday that its deficit rose by 17 percent in its 2017 fiscal year that ended in September, as Washington spent $779 billion more than it collected in taxes," writes the New York Post's John Crudele. "But let’s look at the real number, which I gave you in a column last week. As I said previously, total US debt rose to $21.456 trillion by the end of the 2018 spending year. It had been $20.244 trillion at around the same time in 2017. That shows an increase in debt of $1.21 trillion.”
Notable Quotable
“Significant increases in inflation will ultimately increase the price of gold. Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection. I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counter-party signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counter-party. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.” – Alan Greenspan, former chairman of the Federal Reserve
“That said, in a crowded trade it only takes a few breaking rank to start a short covering rally … before it picks up a self-fuelling momentum before a rout follows, with gold rising very sharply to the upside. In short, the bears are looking vulnerable.” – Ross Norman, Sharps-Pixley
“Hedging the foreign exchange risk in this half-trillion-dollar per year business has exhausted the balance sheet of the global banking system. That explains a large part of the jump in the US 10-year note yield to 3.2% last Friday from 2.85% in early September. Hedging the foreign exchange risk in these massive flows created a derivatives mountain, and it has started to spew smoke and lava." We would add that foreign exchange hedging is only one area of concern on Derivatives Mountain – albeit a large one." – David Goldman, Asia Times
“I think we’re getting to the point now where the breakout is going to be on the inflation upside. The only question is when.” – Alan Greenspan, February 2018
“But there’s fashion and there’s style; they’re not the same thing. Fashion is temporary and changes. Style is permanent and adapts. Investing in stocks, outside of a clear strategy based on a buy-and-hold approach, is often a fashion. Gold may be traditional now, but it’s never out of style. And it may soon become fashionable again. Indeed, the change, or the shift, has already begun.” – Alessandro Bruno, Lombardi Letter
Editor's note: The allusion to fashion reminds us of the old maxim that an ounce of gold from time immemorial would always buy a quality man’s suit. “The price of a fine suit of men’s clothes,” says the U.S. Geological Survey, “can be used to show anyone who is not familiar with the price history of gold just how very cheap gold is today. With an ounce of gold, a man could buy a fine suit of clothes in the time of Shakespeare, in that of Beethoven and Jefferson, and in the depression of the 1930s.” At present, a quality men’s off-the-rack suit at Brooks Brothers without the shoes and tie ranges in price from $1700 to $2500.
“[Bridgewater Associate's Ray] Dalio doesn’t seem to like very many assets. He does not like equities. He does not like bonds. He does not like the U.S. dollar. He does not like the euro. He suggests putting 5-10% of a portfolio in gold and weighting towards the higher range later in the cycle. He does not know where we are exactly, but we are pretty late in the cycle.” – GuruFocus/Bram de Haas
“Deflation is a threat posed by a critical breakdown of the financial system. Slow growth and recurrent recessions without systemic financial disturbances, even the big recessions of 1975 and 1982, have not posed such a risk. The real danger comes from encouraging or inadvertently tolerating rising inflation and its close cousin of extreme speculation and risk taking, in effect standing by while bubbles and excesses threaten financial markets. Ironically, the ‘easy money,’ striving for a ‘little inflation’ as a means of forestalling deflation, could, in the end, be what brings it about. That is the basic lesson for monetary policy. It demands emphasis on price stability and prudent oversight of the financial system. Both of those requirements inexorably lead to the responsibilities of a central bank.” – Paul Volcker, Keeping At It: The Quest for Sound Money and Good Government (2018)
GOLD PRICE PREDICTIONS
“Recently precious metal prices have weakened again. Prices to set a bottom above previous bottoms and to recover again. We think that the Chinese yuan has bottomed and the US dollar and 10y US Treasury yield have peaked. Speculators seem to have lost faith in the upside potential for gold, silver and platinum… but not us . . .We expect precious metal prices (mainly gold, silver and platinum) to recover in the coming months and to rally in 2019.” – ABN-AMRO/Georgette Boele
“The head of global commodities and derivatives research [Bank of America Merrill Lynch], Francisco Blanch has stated that gold could average $1,350 an ounce of 2019 due to the U.S fiscal balance. . . .Goldman Sachs has also expressed their concern and has recently turned bullish on gold as they have forecasted a price target of $1,325 in 12 months. – The Gold Telegraph/Tom Lewis
“The long-term bond bull market is dying, and a long consolidation for gold is ending. Gold’s mighty bull run is ready to resume… and it is likely to continue for decades.” – Gold Eagle/Stewart Thomson
“This is an incredibly price-bullish setup. Buy Gold.” – MishTalk/Mish Shedlock; commenting on the record short position on gold at the COMEX
“Well as counter-intuitive as it may sound, people have to hate the market that’s about to take off. Because the more non-believers there are today, the more potential buyers there are who can eventually jump back into the market. We need buyers on the sidelines because for a bull market to be sustained for years at a time, you have to have buyers steadily coming back in. That’s exactly what we have in the gold market right now.” – Daily Reckoning/Zach Scheidt
What you need to know before you
launch your gold and silver IRA
"A customer of mine who is 55 years old recently asked if it was not too late for him to get into precious metals. The answer is no—it is not too late to invest in gold and make a profit at any age. Quite the contrary, with the market showing the early signs of a correction, it is, in my humble opinion, a perfect time to invest in precious metals." – Oliver Garret, Forbes
Time to diversify?
How to hedge market uncertainty
in your retirement plan with gold and silver
As the ultimate asset preservation vehicles, gold and silver are also important retirement investments especially in these precarious times. Find safe harbor –– and some retirement peace of mind.
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Disclaimer – Opinions expressed on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset-preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes and, as such, USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here. (Please see our Risk Disclosure here.)
Michael J. Kosares is the founder of USAGOLD and the author of The ABCs of Gold Investing - How to Protect and Build Your Wealth With Gold. He is also editor and commentator for USAGOLD's Live Daily Newsletter and editor of the News & Views monthly newsletter.
http://www.usagold.com/publications/NewsViewsNoVbr2018.html
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JP Morgan Chase mpany : Bank of France partners with JPMorgan to boost gold bullion services - sources
11/12/2018 | 11:46am EST
LONDON (Reuters) - The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday.
The French central bank's second deputy governor Sylvie Goulard wrote in the Alchemist, the magazine of the London Bullion Market Association (LBMA), that it had partnered with "a large commercial bank" to offer swaps, leases and gold deposits from Paris.
Sources said the bank was JPMorgan, one of the world's largest bullion trading banks and a member of a group that settles trades in London's $25 billion (19.5 billion pounds) a day gold market.
The Bank of England acts as a gold custodian and service provider for many other central banks and has the advantage of operating within the London market, by far the world's largest commercial bullion trading pool.
Until now central banks holding gold at the Bank of France had to go through London if they wanted to perform market transactions.
JPMorgan said it had "opened an account with Bank of France" and declined to comment further. The Bank of France declined to comment.
One source said the Bank of France was positioning itself to take advantage of uncertainty over Britain's withdrawal from the EU, thinking that some central banks may seek alternatives to London.
"They are convinced that Brexit is going to change things and they want to be there," the source said. "They are pitching to European potential customers."
Such a move would fit into a wider push by Paris to become a European financial markets hub after Brexit. The head of the Bank of France said in May it aimed to be "the markets' central bank in Europe".
The Bank of France began to expand gold services in 2012, Goulard said in the Alchemist article. It is also renovating its vaults to allow operations by heavy forklift trucks, and upgrading the quality of its gold reserves so they can trade on the international market, she said.
(Reporting by Peter Hobson; Additional reporting by Leigh Thomas; Editing by Jan Harvey)
By Peter Hobson
https://www.marketscreener.com/JP-MORGAN-CHASE-COMPANY-37468997/news/JP-Morgan-Chase-mpany-Bank-of-France-partners-with-JPMorgan-to-boost-gold-bullion-services-sourc-27592644/
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General Electric Is Flashing Caution Signs in Credit Markets
By Molly Smith
Updated on November 13, 2018, 9:21 AM MST
CDS jump to more than 200 basis points, bonds trade like junk
Liquidity concerns ‘could be escalating,’ equity analyst says
GE Shares Tumble as CEO's Reassurance Misses the Mark With Investors
In this article
GE
GENERAL ELECTRIC
8.61
USD
+0.62+7.76%
BARC
BARCLAYS PLC
175.46
GBp
+4.72+2.76%
TWTR
TWITTER INC
32.49
USD
+0.48+1.50%
F
FORD MOTOR CO
9.54
USD
+0.05+0.53%
MCO
MOODY'S CORP
148.06
USD
-2.01-1.34%
General Electric Co. may still have a relatively solid investment-grade rating, but investors aren’t taking their chances. They’re snapping up derivatives that protect against losses on the company’s debt.
The annual cost to insure against a default by GE for five years climbed above 200 basis points for the first time in years, credit-default swap prices from CMA show. That’s almost double what it cost just two weeks ago, and it’s the kind of level that hasn’t been seen for the company since the waning days of the global financial crisis.
That’s still well below the peak crisis levels for GE’s finance unit back then (GE Capital CDS surged to more than 1,000 basis points in March 2009). But the pace of the increase has been rapid, particularly when compared with the broader investment-grade market. Yields on some of GE’s bonds have also reached levels that are in line with junk-rated bonds, Bloomberg Barclays index data show.
Chief Executive Officer Larry Culp tried to reassure investors that the company is prioritizing debt reduction in its effort to combat a multiple-front crisis in a televised interview on Monday, when the bond market was closed. GE is facing weak demand for gas turbines, high debt levels and a federal accounting probe. Its shares have fallen more than 25 percent since Culp’s surprise appointment as CEO was announced Oct. 1, extending a sell-off that has wiped out more than $200 billion in market value since the end of 2016.
Representatives for Boston-based GE didn’t immediately provide comment.
‘Escalating’ Concerns
In his first earnings announcement as CEO, Culp said the company was cutting the quarterly dividend to just a penny a share from 12 cents in an effort to conserve cash and strengthen its balance sheet. Still, credit and equity analysts remain cautious. If GE’s credit ratings were further downgraded, the company could face rising borrowing costs and other expenses that would further pressure its liquidity, Gordon Haskett analyst John Inch wrote in a note.
GE may not be alone in facing these risks, some money managers fear. U.S. investment-grade bonds have been one of the worst-performing U.S. asset classes this year, as rising interest rates have lifted companies’ funding costs and sapped investors’ returns. More pain may be coming for investors, and it could be severe, distressed-debt money manager Marc Lasry warned late last month. Scott Minerd, global chief investment officer of Guggenheim Partners, said on Tuesday that more investment-grade credits will suffer.
“The selloff in GE is not an isolated event,” he wrote in a Twitter post. “More investment grade credits to follow. The slide and collapse in investment grade debt has begun.”
There are around $2.5 trillion of bonds rated in the lowest tier of the investment-grade universe, more than triple the level at the end of 2008. Some of those securities, including issues from GE and Ford Motor Co., trade like they are already rated junk.
Read more: A $1 Trillion Powder Keg Threatens the Corporate Bond Market
Yields Climbing
Despite being cut to the lowest investment-grade tier, GE is still three notches above junk, with a Baa1 rating from Moody’s Investors Service, and an equivalent BBB+ from S&P Global Ratings and Fitch Ratings. All carry a stable outlook.
Yields on the company’s $1.95 billion of 3.37 percent bonds due in 2025 have climbed above 5.6 percent. That’s higher than the yield on a Bloomberg Barclays index of debt rated in the highest speculative-grade tier.
Meanwhile, GE’s only actively traded perpetual preferred stock now yields more than 15 percent, higher than some distressed credits. If the company chooses not to call the security in early 2021, it will convert into a floating-rate obligation that GE need never refinance.
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While your down here
M&MTGYS
.jpg)
No this isn't a Godzilla Movie
It's much worse than that. hahahah
Allow me to kick off the weekend
Wishing you all a warm safe & happy weekend
and Thanks
Shall we
OK Let's go..........
M&MTGYS
Don't forget to Catch the SiMO elevator at the end
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Report: Pacton Gold – Getting busy in the Pilbara region
on 14 November, 2018 in Reports, Blog, Pacton Gold
PAC
Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, Pacton has been able to negotiate the acquisition of several projects, joining Novo in its quest to prove the viability of conglomerate-hosted gold systems.
To be brought fully up to speed, we would recommend you to read our initial report on Pacton Gold, which was published right before the summer. It provides a summary of Pacton’s first few projects and the exploration theory it’s applying.
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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project
on 8 November, 2018 in Reports, Blog, Skyharbour Resources
SYHSkyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the previous years as the Athabasca Basin remains one of the best (and safest) areas to explore for uranium.
As Skyharbour continues to drill at its own high-grade Moore flagship project, its two joint venture partners (Orano and Azincourt Energy (AAZ.V)) will spend their own money on advancing the joint venture properties. We were positively surprised to learn Orano is planning to spend C$2.2M on the Preston Uranium project, as that’s more than we expected.
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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?
on 6 November, 2018 in Reports, Blog, Cypress Development
CYP
The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium mines as those tend to be much more capital intensive than for instance brine operations (it’s more expensive to build and operate a hard rock lithium mine rather than the low-cost evaporation process). Canada Lithium tried it a few years ago, but went bankrupt.
But in between hard rock and brine lithium projects, there is some sort of middle ground. In Nevada, Cypress Development (CYP.V) is aiming to develop a sedimentary-hosted lithium project into a full-fledged lithium mine. It’s some sort of a ‘hybrid’ operation as the nature of the deposit actually combines a (higher grade) hard rock operation with the economic advantages of a lower-cost production method. The Preliminary Economic Assessment on the project indicates the operating cost will be relatively low thanks to having hectorite-free clay as a host rock which makes it less capital intensive than other non-brine lithium projects. That, as well as a substantially higher lithium price compared to the market conditions when Canada Lithium failed, give Cypress Development a good shot at further advancing this project.
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Report: Contact Gold – Aggressively drilling the Carlin Trend in Nevada
on 29 October, 2018 in Reports, Blog, Contact Gold
C
Almost every single time we felt it was time for an update report on the Contact Gold’s (C.V) progress at Pony Creek, the company released more drill results from its ongoing drill program at the Pony Creek project in Nevada. That is a good problem to have, and although more drill results will continue to roll in, this update is long overdue.
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Report: Golden Arrow Resources – A call option on the silver price
on 25 October, 2018 in Reports, Blog, Golden Arrow Resources
GRG
Golden Arrow Resources’ (GRG.V) share price got slammed last week as a sell recommendation from a newsletter sent the shares approximately 30% lower before the share price recovered some of the lost ground. This ruined the company’s plans to raise C$2.625M which was meant to top up the treasury, but the current sub-30 cent share price could be an attractive entry point for silver bulls considering the 25% owned Chinchillas project in Argentina is on the verge of starting to produce silver and lead. Additionally, the other exploration projects (which will be spun off later) could help to unlock the hidden value of Golden Arrow’s project portfolio.
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Evrim Resources signs an exploration alliance agreement with a Yamana Gold subsidiary
16 November, 2018 Blog
Evrim Resources (EVM.V) has announced it has signed a 3-year exploration alliance agreement with Meridian Gold, an unlisted full-owned subsidiary of Yamana Gold (AUY), whereby the latter will grant Evrim access to its database that it has been compiling over the past several decades. According to the announcement, Meridian’s database […]
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Bellary Dome Nuggets Recovered May 2018
Report: Pacton Gold – Getting busy in the Pilbara region
14 November, 2018 Reports, Blog, Pacton Gold
Right before the summer we published a report on Pacton Gold (PAC.V) that was picking up land in Australia’s Pilbara region. Although one would think the recent Novo Resources-hype in the past few years would have resulted in all good pieces of land to have been scooped up by now, […]
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Transition Metals is selling its Dundonald Nickel project
13 November, 2018 Blog
Transition Metals (XTM.V) has now sold its Dundonald Nickel project (located in Ontario, Canada) to VaniCom, an Australian company. Transition has now received C$150,000 in cash and will also receive C$350,000 worth of stock in VaniCom. On top of that, VaniCom pledged to spend at least C$750,000 on exploration during […]
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Amarc Resources continues to hit thick copper intervals at IKE, but needs a grade boost
12 November, 2018 Blog
Amarc Resources (AHR.V) has received the assay results from an additional five drill holes that were completed on its IKE copper-molybdenum-silver project in British Columbia. Four of the five holes intersected thick copper-bearing structures with for instance 252 meters containing 0.33% CuEq, 300 meters at 0.17% CuEq and 651 meters […]
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Avrupa completes Alvito drilling, plans to drill Alvalade, raises more cash
10 November, 2018 Blog
Avrupa Minerals (AVU.V) has been busy this summer as it completed an 18 hole drill program (for a total of just over 2,400 meters) on its Alvito IOCG project in Portugal. The drill program was funded by ASX-listed OZ Minerals (OZL.AX) which was originally earning a 51% stake in the […]
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K92 Mining produces 9,500 ounces gold and almost 150,000 pounds of copper in Q3
9 November, 2018 Blog
K92 Mining (KNT.V) is still working on the development of its Kainantu mine in Papua New Guinea, and the revenue from selling the gold and copper that’s currently being produced on-site is helping to fund these plans. The company produced 9,549 ounces of gold as well as 146,315 pounds of […]
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Update: Skyharbour Resources – Orano plans an aggressive winter drill program at the Preston Uranium Project
8 November, 2018 Reports, Blog, Skyharbour Resources
Skyharbour Resources (SYH.V) has been quiet in the past few weeks but as the winter is approaching the Athabasca Basin, the exploration companies are gearing up for what appears to be a busy exploration season. Fueled by a higher spot price for uranium, budgets appear to be higher than the […]
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Sandspring Resources updated its Toroparu gold resource
7 November, 2018 Blog
Sandspring Resources (SSP.V) released an updated resource estimate on its Toroparu gold-silver project in Guyana. The current in-pit resource contains 253 million tonnes in the measured and indicated category with a gold content of 7.35 million ounes, while there is an additional inferred resource containing 129 million tonnes of rock […]
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Report: Cypress Development – On its way to develop a second Lithium mine in the USA?
6 November, 2018 Reports, Blog, Cypress Development
The demand for lithium is skyrocketing, but the commodity isn’t rare at all. In fact, lithium projects can be found all over the world, but only a few of them will ever be developed into a producing lithium mine. For that reason, we have been avoiding the so-called hard-rock lithium […]
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Group Eleven starts drilling at Stonepark
5 November, 2018 Blog
Group Eleven Resources (ZNG.V) has now initiated a 1,500-2,000 meter drill program on its Stonepark project in Ireland (76.56% owned). The company seems to be keeping the expectations low as this initial drill program has mainly been designed to get a better understanding of the geological structures at Stonepark. All […]
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Southern Silver extends silver-zinc mineralization at North Skarn
3 November, 2018 Blog, Southern Silver Exploration
Southern Silver Exploration (SSV.V) is currently working on its ongoing 12,000 meter drill program, and the assay results from three holes that have just been released (the assay results of a fourth hole are still pending) confirm the mineralization appears to be extending outside of the currently known zones. The […]
Tethyan Resources starts met work at Kizevak
Tethyan Resources starts met work at Kizevak
3 November, 2018 Blog, Tethyan Resources
Tethyan Resources (TETH.V) has sent two samples from its Kizevak project to the Mining and Metallurgy Institute in Bor, Serbia. The samples were collected from the two dominant systems on the Kizevak property: massive sulphide vein breccias and fracture fill mineralization. The samples will be subject to bench-scale flotation tests […]
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Above Reads Link found here
https://www.caesarsreport.com/
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MINING NIGHTLY
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Detour seeks to end proxy fight with Paulson & Co
By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?
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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
DRC lifts export ban on Glencore's copper and cobalt unit
By: Bloomberg Updated 7 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?
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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit
By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?
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Teck to announce Chile project partner in December
By: Mariaan Webb Updated 5 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?
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Iamgold doubles credit facility; Rosebel strike ends
By: Creamer Media Reporter 16th November 2018 Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?
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NWT govt selects proponent to build Tlicho road
By: Creamer Media Reporter Updated 6 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?
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K+S cuts outlook after dry weather weighs on production
By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine
By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?
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Leagold announces 122% increase in Los Filos openpit reserves
Updated 5 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?
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Paramount Gold acquires prospect near Grassy Mountain
By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?
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WDC calls for expanded definition of conflict diamonds
By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?
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Difficulties continue for Afarak in Q3
By: Simone Liedtke Updated 1 hour 2 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?
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Russian Jan-July gold output flat at 157.19 t
By: Reuters Updated 1 hour 13 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?
Gold miner smuggles in workers by night to bypass strikers
By: Bloomberg Updated 1 hour 51 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?
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India state may cancel NMDC's Donimalai mine lease in levy dispute
By: Reuters Updated 2 hours 29 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?
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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining
By: Ajoy K Das Updated 2 hours 31 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
By: Terence Creamer Updated 2 hours 47 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks
By: Ajoy K Das Updated 2 hours 51 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?
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BHP blames driver error, brake problem for runaway train wreck
By: Reuters Updated 3 hours ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?
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Treasury report finds Koko meddled to help Tegeta
By: African News Agency Updated 3 hours ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?
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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Ncondezi $5.1m loan gets extended maturity date to November 2019
By: Marleny Arnoldi Updated 6 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?
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Palladium soars to record on tight supply, bets on China demand
By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?
Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
By: News24Wire Updated 7 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?
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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy
By: Esmarie Iannucci Updated 7 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?
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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’
By: Esmarie Iannucci Updated 7 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?
New PNG LNG venture one step closer to realisation
By: Esmarie Iannucci Updated 7 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?
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Joint push to develop NT’s onshore and offshore gas resources
By: Esmarie Iannucci 16th November 2018 The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?
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Ribbon gets cut at Ichthys facility
By: Esmarie Iannucci 16th November 2018 The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?
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Pilgangoora officially opens
By: Esmarie Iannucci 16th November 2018 The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?
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Stanmore extends Isaac Plains contract
By: Esmarie Iannucci 16th November 2018 Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?
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MOD completes T3 buy
By: Esmarie Iannucci 16th November 2018 Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?
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Prodigy to raise cash for Tanami exploration
By: Esmarie Iannucci 16th November 2018 ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
‘100 Global Inspirational Women in Mining’ 2018 edition released
By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?
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Ghana to raise $750m through London IPO of minerals fund
By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?
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Danakali welcomes UN lifting of sanctions against Eritrea
By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?
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Zimbabwe raises gold miners' forex allowances after output halt
By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?
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Difficulties continue for Afarak in Q3
By: Simone Liedtke Updated 5 minutes ago Industry seasonal effects, coupled with some internal adversities, primarily in the ferro-alloys segment, continue to make this a difficult year for specialty alloys producer Afarak. During the company’s third-quarter period, ended September 30, the benchmark price for ferrochrome fell further,... ?
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Russian Jan-July gold output flat at 157.19 t
By: Reuters Updated 16 minutes ago Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. ?
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Gold miner smuggles in workers by night to bypass strikers
By: Bloomberg Updated 54 minutes ago Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2. Small teams of essential workers are using secret entrances to enter the mine and sometimes have to... ?
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India state may cancel NMDC's Donimalai mine lease in levy dispute
By: Reuters Updated 1 hour 32 minutes ago The government of India's Karnataka state on Friday warned NMDC that it will cancel the lease of its Donimalai iron-ore mine if the State-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka's threat to cancel the lease stems from a dispute between NDMC, India's... ?
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India’s Nalco to bid for bauxite blocks at auctions, readies to foray into merchant mining
By: Ajoy K Das Updated 1 hour 34 minutes ago With various Indian state governments readying to put 21 bauxite mines up for allocation, State-run National Aluminium Company Limited (Nalco) will put in bids at the auctions for captive consumption and foray into merchant mining of the raw material. The 21 bauxite blocks will be auctioned by... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
By: Terence Creamer Updated 1 hour 50 minutes ago South Africa’s power utility Eskom reports that it has received approval for the National Treasury from the “urgent procurement” of four-million tons of emergency coal to help address serious stock shortfalls at several of its 15 coal-fired power stations. More than 1.1-million tons have already... ?
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Eskom to buy ‘emergency’ coal, splurge on diesel as load-shedding risk returns
Photo by Dylan Slater
Eskom CEO Phakamani Hadebe
GEECL establishes viable shale gas reserves as its CBM blocks
By: Ajoy K Das Updated 1 hour 54 minutes ago India’s Great Eastern Energy Corporation Limited (GEECL), an integrated producer of coalbed methane (CBM), will diversify its production of non-conventional hydrocarbons after establishing shale gas reserves in coal block assets in its fold. GEECL announced in a statement that it had been able to... ?
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BHP blames driver error, brake problem for runaway train wreck
By: Reuters Updated 2 hours 17 minutes ago BHP said on Friday that driver error caused an iron-ore train to run away without its driver and a brake problem caused the company to intentionally derail the train in order to stop it, according to a preliminary investigation. BHP said its initial findings of the November 5 incident showed the... ?
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Treasury report finds Koko meddled to help Tegeta
By: African News Agency Updated 2 hours 39 minutes ago Former Eskom CEO Matshela Koko obstructed coal testing that would have compromised the contract Tegeta Exploration cinched with the power utility, according to a forensic report released by National Treasury on Friday. The report by Fundudzi Forensic Investigation Services details how Eskom... ?
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Treasury report finds Koko meddled to help Tegeta
Photo by Creamer Media
Former Eskom CEO Matshela Koko
Teck to announce Chile project partner in December
By: Mariaan Webb Updated 4 hours ago Canadian miner Teck Resources is making good progress with the process of bringing a partner into its northern Chile copper development project and plans to announce a transaction next month, CEO Don Lindsay said on Thursday. The company sees the Quebrada Blanca Phase 2 expansion as its most... ?
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Leagold announces 122% increase in Los Filos openpit reserves
Updated 4 hours ago Latin America-focused Leagold has announced an increase in the proven and probable mineral reserves at the Los Filos openpit, in Mexico, to 40.5-million tonnes, grading 0.60 g/t containing 780 000 oz. This represents a 122% increase over the December 2017 estimate of 351 000 oz. ?
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Supreme Court to hear appeal in long-running Rio Tinto IOC-Innu suit
By: Mariaan Webb Updated 5 hours ago The Supreme Court of Canada has agreed to hear an appeal by the government of Newfoundland and Labrador on the issue of the jurisdiction of Quebec courts in respect of the Innu communities of Uashat mak Mani-Utenam and Matimekush-Lac’s C$900-million lawsuit against a unit of global miner Rio... ?
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Ncondezi $5.1m loan gets extended maturity date to November 2019
By: Marleny Arnoldi Updated 5 hours ago Aim-listed Ncondezi Energy has reached formal agreement to amend its $5.1-million loan, which received an extended maturity date to November 2019. Before a restructuring process started, the loan would have matured in September. ?
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NWT govt selects proponent to build Tlicho road
By: Creamer Media Reporter Updated 5 hours ago The Northwest Territories government has selected its preferred proponent to fund, construct, operate and maintain the Tlicho all-season road, which TSX-listed Fortune Minerals will use for its Fortune cobalt/gold/bismuth/copper mine project. The preferred proponent is North Star Infrastructure,... ?
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Palladium soars to record on tight supply, bets on China demand
By: Bloomberg Updated 6 hours ago Palladium surged to a record on bets that the Chinese auto industry will buoy global demand amid tight supplies of the metal used in vehicle pollution-control devices. Spot palladium rose as much as 4.6 percent to an all-time high of $1 180.26 an ounce, capping a third straight gain. The... ?
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Palladium soars to record on tight supply, bets on China demand
Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
By: News24Wire Updated 6 hours ago National Treasury has released a bombshell report of more than 600 pages detailing the extent of rot at Transnet and Eskom over the last six years – and says Malusi Gigaba compromised the procurement process of controversial new Chinese locomotives. The report, compiled after a forensic... ?
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Malusi Gigaba named in bombshell Treasury report on rot at Eskom, Transnet
Photo by Bloomberg
Former Home Affairs Minister Malusi Gigaba
ACCC clears Santos' Quadrant buy
By: Esmarie Iannucci Updated 6 hours ago The Australian Competition and Consumer Commission (ACCC) on Friday reported that it will not oppose ASX-listed Santos’ proposed acquisition of Quadrant Energy. Santos in August launched a $2.15-billion bid for Western Australia-focused Quadrant Energy, which holds natural gas and oil... ?
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ACCC clears Santos' Quadrant buy
Appea, QRC slam Andrews-led Victoria govt for ‘shutting up gas exploration shop’
By: Esmarie Iannucci Updated 6 hours ago The resources sector has warned of higher gas prices in Victoria should the Labor government be re-elected in the state, after Premier Daniel Andrews said that the hydraulic fracturing (fracking) ban currently in place, would be added to the state’s constitution. "We'll put it beyond the reach of... ?
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New PNG LNG venture one step closer to realisation
By: Esmarie Iannucci Updated 6 hours ago The Papua liquefied natural gas (LNG) project is one step closer to realisation after the joint venture (JV) partners entered into a memorandum of understanding (MoU) with the Papua New Guinea government. JV partner Oil Search said on Friday that the MoU provided the framework under which a gas... ?
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DRC lifts export ban on Glencore's copper and cobalt unit
By: Bloomberg Updated 6 hours ago A Glencore unit in the Democratic Republic of Congo (DRC) had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country. “They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone.... ?
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Iamgold doubles credit facility; Rosebel strike ends
By: Creamer Media Reporter Updated 7 hours ago Canada-based gold miner Iamgold on Thursday announced that it had doubled its credit facility and said in a separate statement that the work stoppage at its Rosebel mine, in Suriname, had ended. To fund its organic growth projects, The company amended its revolving credit facility, with the... ?
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Joint push to develop NT’s onshore and offshore gas resources
By: Esmarie Iannucci Updated 7 hours ago The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore. Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national... ?
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Ribbon gets cut at Ichthys facility
By: Esmarie Iannucci Updated 7 hours ago The Ichthys liquefied natural gas (LNG) processing facilities, in Darwin, have officially been opened, representing the largest Japanese investment in Australian history and the largest overseas investment by a Japanese company. Inpex CEO, president and representative director Takayuki Ueda said... ?
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Pilgangoora officially opens
By: Esmarie Iannucci Updated 7 hours ago The Pilgangoora lithium/tantalum project, in Western Australia, has officially been opened by the Mines and Petroleum Minister Bill Johnston. The official opening of the mine comes four years since the first drill hole, and first product shipments which was achieved in October this year, owner... ?
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Stanmore extends Isaac Plains contract
By: Esmarie Iannucci Updated 7 hours ago Coal miner Stanmore Coal has extended the mining services agreement at its Isaac Plains East coal mine, in Queensland, with ASX-listed NRW Holdings by another five years. The contract extension will start in July 2019 and provides Stanmore with the flexibility to scale up and down production... ?
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MOD completes T3 buy
By: Esmarie Iannucci Updated 7 hours ago Copper developer MOD Resources has completed the acquisition of the remaining 30% interest in its flagship T3 copper project, in Botswana. MOD in July this year signed a binding agreement with its joint venture (JV) partner Metal Tiger to acquire its share of the project for A$26.6-million. ?
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Prodigy to raise cash for Tanami exploration
By: Esmarie Iannucci Updated 7 hours ago ASX-listed Prodigy Gold was hoping to raise up to A$8.8-million through a one-for-four non-renounceable pro rata rights issue. The rights issue will be priced at a 4% discount to the ten-day volume weighted average price of Prodigy Gold shares on Thursday, and all new shares will be ranked with... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
By: Nadine James 16th November 2018 With the reaffirmation of tripartite commitments at the 2018 Mine Occupational Heath and Safety Summit and the publication of the Compensation for Occupational Diseases Act (Coida) Amendment Bill, both in October, it is clear that the regulatory authorities, including the departments of Labour... ?
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Although trending lower, lung disease incidence in SA mines still ‘alarmingly high’
Mining Weekly iPhone and Android Apps available for free download
16th November 2018 Creamer Media’s readers continue to be part of the mobile revolution. Over 20% of Creamer Media’s online readers view the websites on their mobile devices. To cater for this growing mobile readership Creamer Media offers a MiningWeekly.com app for iPhone and Android users. These apps offer... ?
Mining Weekly iPhone and Android Apps available for free download
K+S cuts outlook after dry weather weighs on production
By: Reuters 15th November 2018 German potash miner K+S lowered its full-year earnings guidance on Thursday after a severe drought hampered production at its main mine network in the third quarter. The company now forecasts earnings before interest, taxes, depreciation and amortisation (Ebitda) between €570-million and... ?
Detour seeks to end proxy fight with Paulson & Co
By: Mariaan Webb 15th November 2018 Canadian miner Detour Gold on Thursday moved to end an increasingly acrimonious proxy fight with Paulson & Co by committing to include two of the US hedge fund’s nominees on its board and pledging to start a CEO search “immediately” after settling the proxy contest. Paulson nominees Steven... ?
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Detour seeks to end proxy fight with Paulson & Co
The Detour Lake mine
‘100 Global Inspirational Women in Mining’ 2018 edition released
By: Tasneem Bulbulia 15th November 2018 The Minerals Council South Africa (MCSA) congratulated the women featured in Women in Mining’s 2018 edition of the ‘100 Global Inspirational Women in Mining’. The publication was released in London on Tuesday, with Kalagadi Manganese executive chairperson Daphne Mashile Nkosi – a 2015 South... ?
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Kari Pump discovery adds 987 000 oz to mineral resource at Endeavour’s Houndé mine
By: Marleny Arnoldi 15th November 2018 TSX-listed Endeavour Mining on Thursday announced a maiden resource estimate of 11.3-million tonnes grading 2.71 g/t gold, containing 987 000 oz, for the Kari Pump discovery at the company’s flagship Houndé mine, in Burkina Faso, increasing the mine’s measured and indicated resources by 40%.... ?
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Paramount Gold acquires prospect near Grassy Mountain
By: Creamer Media Reporter 15th November 2018 US gold company Paramount Gold has entered into an agreement to acquire a high-grade prospect near its Grassy Mountain project, in eastern Oregon, from a subsidiary of Ely Gold Royalties. The Frost project totals about 360 ha and is seen as a low-cost way of expanding the mine life of the Grassy... ?
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Ghana to raise $750m through London IPO of minerals fund
By: Bloomberg 15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... ?
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Danakali welcomes UN lifting of sanctions against Eritrea
By: Tasneem Bulbulia 15th November 2018 A decision by the United Nations (UN) to lift an arms embargo, travel ban and asset freeze against Eritrea should have a positive impact on foreign investment and enhance international trade opportunities, leading to improved economic outcomes for the people of Eritrea, potash mining company... ?
Zimbabwe raises gold miners' forex allowances after output halt
By: Bloomberg 15th November 2018 Zimbabwe’s central bank increased the amount of foreign exchange that gold companies can retain after a shortage forced some mines to close. Metal producers in Zimbabwe have been struggling to meet production costs because of the shortage of hard currency. That forced RioZim to temporarily... ?
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WDC calls for expanded definition of conflict diamonds
By: Tasneem Bulbulia 15th November 2018 The World Diamond Council (WDC) and the Civil Society Coalition (CSC) this week voiced their strong support for an expanded definition of conflict diamonds at the launch of the 2018 Plenary Session of the Kimberley Process (KP), in Brussels, Belgium. The proposal, put forward by the government of... ?
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Other Reads From the CQ
Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst
Anna Golubova Tuesday November 13, 2018 20:09
Kitco News
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Investors To Jump Back Into Gold As U.S. Dollar Rally Proves Temporary — Analyst
(Kitco News) - Gold is looking to end a year on a strong note, according to one long-standing gold bull, who sees the recent strength in the U.S. dollar and the U.S. real rates as only temporary.
Investors will be choosing gold again once the divided political environment in the U.S. pushes the greenback down, Metal Bulletin precious metals analyst Boris Mikanikrezai wrote in a Seeking Alpha post on Tuesday.
“The recent appreciation in the dollar and U.S. real rates [will be] transient because the outcome of the U.S. midterm elections on November 6 (i.e., divided Congress) has curbed expectations for further fiscal stimulus and has raised the likelihood of a gridlocked government, which is therefore dollar-negative. This should lead to renewed downward pressure on the dollar and U.S. real rates, prompting speculators/investors to jump back in gold,” Mikanikrezai said.
Gold began to drop last week, falling from the $1,235 an ounce level to around $1,200 in just under one week. Following the plunge, prices have stabilized just above the key support level of $1,200 an ounce, with the December Comex gold futures last trading at $1,202.90, up 0.12% on the day.
One of the reasons behind such a big drop was the market’s interpretation of the Federal Reserve’s statement on Thursday during which the Fed kept interest rates on hold but chose not to mention the recent sell-off in equities, Mikanikrezai pointed out.
“Perhaps investors interpreted the latest monetary policy statement as more hawkish than expected because the Fed did not acknowledge the sell-off in risk assets in October. Against this backdrop, Comex gold spot prices have come under downward pressure as a result of spec/investor selling,” he said.
The analyst expects speculative buyers to resume their net long exposure to Comex gold as the year comes to an end and projects gold ETF inflows to become increasingly positive as 2019 begins.
“Investors [will] realize that the gradual tightening of U.S. financial conditions caused by the Fed tightening cycle will result inevitably in a higher level of volatility in risk assets, prompting them to buy more gold as a hedge,” Mikanikrezai wrote. “Investors may need more haven assets like gold in their portfolios to navigate the more volatile environment.”
By Anna Golubova
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*Page 5*
Mormon Gold – The Lost Rhoades Mine in Utah
Lost Treasures, Recent Posts
Lost Rhoades Mine Utah
As with any lost treasure tale, there are widely varied accounts. One must take into account that it is often the purpose of the writer to stretch the truth in order to excite the reader. There are considerable disagreements about the fate of the Rhoades Mine. We are going to take a look at some of those accounts.
The Rhoades Mine story began when Thomas Rhoades led a group of Mormon Settlers, as he was one of the faithful converts of Mormonism in about 1834. He led the settlers to the northern part of California and settled near Sutter’s Fort along the Consumnes River. Eventually, Rhoades is reported to have began working with John Augustus Sutter who later became his close friend. John Augustus was very famous due to the gold that was discovered at his mill site in California.
Other reports of the Rhoades Mine give an account of it being associated to the time when the Chief of the Ute Indians got baptized and joined the Church led by Brigham Young. The chief by the name of Wakara then offered to show Brigham a piece of land infested with gold in his territory, all he needed to do was to choose a representative who would go to check the land with the chief. And Rhoades was found trustworthy to accompany the chief.
Because of the involvement of the Ute Chief in the Rhoades Mine story, the beliefs surrounding the mine stipulate that it is located in the Uinta Mountains or the Ute Indian Reservation in the vicinity of Ouray. Others even associate the mine to Spanish and Legendary Aztec gold mine lore.
On the other hand, there are reports believed to have been made by someone unknown in May of 1896 in the Salt Lake Tribune, who claimed to have had a personal encounter with Rhoades.
According to the reports given, it is believed that at the time of his coming to Utah, Rhoades brought with him some gold dust worth about $50,000 from California. Then after some years, it is believed that Rhoades discovered some stones in the Uinta Mountains, which had some similarities with those he had seen and extracted gold from in California.
Agriculture Over Gold
Then, upon going back to Salt Lake City where the LDS Church was located he shared the story of his discovery with the Church leader named Brigham Young, who allegedly advised him not to disclose his story of gold discovery in the Uinta Mountain in order to avoid having many people running to the place or even disturb the agricultural interests in which the Mormon Pioneers were involved.
The reports given also revealed that Rhoades never expressed any more interest in the gold he had discovered. He is not recorded of having claimed any findings or mining of gold whatsoever. Therefore, according to the reporter, the Rhoades mine was not regarded as a mine, rather was just a gold panning area which later transformed into a gold mine after some years.
found raw gold
Speculation Continues to Grow
Later in the year 1879, an article on October 11th was published in the newspaper of Salt Lake Herald with the heading “Rich Land of the Utes”. In the article it was revealed that the Rhoades Mine was found in the Uintah reservation. And many stories were told of how Rhoades left his home with a pack animal in spring times and brought with him gold worth thousands of dollars. But the stories surrounding Rhoades’ mining life are believed to have been kept as secret within the family.
On 6th February, 1902, another article was carried in the newspaper for Eastern Utah Advocate which stated that, everything said about Rhoades Mine with regard to gold mining was a myth. Instead, the mine only had copper which was found by cowboys and sheepherders who explored the area.
Other newspapers such as the Wasatch Wave published a story which stated that a particular older settler gave his own account that Rhoades only obtained gold from California in the early days and brought it with him to Utah where he hid it in the hills. And he only visited his secret treasure about once a year to pick the gold from there. As a result, people were made to think the man was mining from the mountains.
Again some years later in the late 1950s, the Rhodes Mine discovery hit the news headlines in Uinta Basin Standard’s newspaper dated 10th July, 1958 where it was stated that Bullock Mining Company had finally found the long lost Rhoades Mine. But it turned out to be fake, as there were no more reports about actual mineral recovery at the alleged site.
The Mystery Continues
Treasure hunters continue to speculate about the existence of the Rhoades Gold Mine. Some theories include speculation of coverups by the LDS Church, Indians, murders and death and just about anything you could imagine.
From a practical standpoint, one should accept the fact that there are indeed lost mines out there. Under many circumstances there are times when most who research the subject believe that a rich mine may have been lost. Is the Rhoades Mine one of these mines?
Before getting too deep in speculation about all the various stories and “tales” of mine, it might be a good idea to consider the general geology of the area and whether a rich gold strike in the area is truly likely. Utah has some gold mines, but it is nowhere near as rich as California. For those who choose to search for this lost mine, I would recommend that you focus your research first on the geology of the area and its potential for gold. Then move on to the more speculative bits of research regarding its location.
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Firefighters call Trump tweet on California wildfires ‘reckless and insulting’
By Cassie Dickman
Updated November 12, 2018 07:46 AM
California firefighters are clapping back at President Donald Trump for comments he made in a tweet Saturday morning threatening to pull federal funding for California wildfire relief as another devastating round of blazes ravage the state.
In his first comments since California’s most recent fires sparked, Trump once again cited what he called “gross mismanagement” of the state’s forests as the reason for “these massive, deadly and costly” fires. The president had previously made similar statements in October about discontinuing federal financial relief to the fire-beleaguered state, according to a report in The Bee.
Read more here: https://www.sacbee.com/news/state/california/fires/article221486490.html#storylink=cpy
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China state banks seen selling dollars in FX market to arrest yuan losses: traders
FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
SHANGHAI (Reuters) - Major state-owned Chinese banks were seen selling dollars at around 6.97 per dollar in the onshore spot foreign exchange market in early trade on Tuesday, three traders said, in an apparent attempt to arrest sharp losses in the local currency.
The onshore spot market CNY=CFXS opened at 6.9681 per dollar, weakening to a low of 6.9703 at one point in early deals.
“Big banks were selling (dollars) to defend the yuan,” said one of the traders.
The move by the state-run banks helped the yuan recover to 6.9550. The onshore spot yuan was trading at 6.9645 as of 0237 GMT.
Traders attributed the sharp morning losses in the yuan to broad strength in the U.S. dollar .DXY, which hit 16-month highs against a basket of six other major currencies. [FRX/]
They also suspect the authorities are keen to prevent the yuan from weakening too sharply before U.S. President Donald Trump and his Chinese counterpart President Xi Jinping’s meeting later this month.
The two countries’ leaders plan to meet on the sidelines of a G20 summit, in Argentina at the end of November for a high-stakes talk.
https://www.reuters.com/article/us-china-yuan/china-state-banks-seen-selling-dollars-in-fx-market-to-arrest-yuan-losses-traders-idUSKCN1NI091
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NEWS &VIEWS
Forecasts, Commentary & Analysis on the Economy and Precious Metals
Celebrating our 45th year in the gold business
November, 2018
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A surprise jump in investor and central bank gold demand
LBMA consensus price prediction for 2019 –– $1532 per troy ounce
At the recent London Bullion Market Association annual conference, the consensus opinion on the gold price for 2019 among 682 industry delegates was $1532 per ounce. The LBMA offers its opinion annually and it usually falls on the conservative side of the ledger. So its consensus opinion of an average price more than 25% higher than the trading range at the time came as a surprise.
“This is the most bullish forecast since 2012,” said Ruth Crowell, chief executive of the organization which includes bullion banks, financial institutions, miners, and refiners. At the time of the meeting, stock markets were gyrating, the latest emerging country crisis was reaching a boil and geopolitically the global financial order was more precarious than it had been in a long time. Gold's safe haven role was back on the financial pages.
A few days later, the World Gold Council issued its quarterly assessment of physical gold market. Demand for gold coins and bullion, the category that tracks private investor interest, was up 28% over the third quarter of 2017. "Stock market volatility and currency weakness," read the report. "also boosted demand in many emerging markets. China – the world’s largest bar and coin market – saw demand rise 25% year-over-year." Central bank demand, another closely watched indicator of global interest in the metal, was up 22% over the previous year. "This," said the Council, "is the highest level of net purchases since 2015, both quarterly and year-to-date, and notable due to a greater number of buyers." In short, the World Gold Council was reporting the strong business flows among the LBMA's professional community that fueled the bullish predictions.
Hungary makes a major gold purchase
One of the more intriguing central bank gold acquisitions reported this past month was that of Hungary. “In one of the most profound developments in the central bank gold market for a long time," writes Bullion Star's Ronan Manly, "the Hungarian National Bank, Hungary’s central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary’s capital.”
The photo (above left) is from the public relations release issued by MNB accompanying announcement of the purchase. Each palette contains one metric tonne of gold and there are 28 of them – an impressively large procurement secured by Hungary’s central bank. Here is how the central bank described the acquisition. Its rationale for the purchase is worth noting in that it is the very same rationale that drives current private investor interest:
“Following the substantial increase in the Bank’s gold reserves in physical form, its repatriation has already taken place. The possession of precious metal within the country is in line with international trends, supports financial stability and strengthens market confidence in Hungary. In keeping with the historical role of gold, gold remains one of the safest instruments in the world, and, even under normal market conditions, provides a stability and confidence-building function.”
Gold coins, hoofs found in 2,000 year old Chinese tomb
“Chinese archaeologists. . . discovered 75 gold coins and hoof-shaped ingots in an aristocrat’s tomb that dates back to the Western Han Dynasty (206 BC – 24 AD), reports China's Xinhuanet. "The gold objects — 25 gold hoofs and 50 very large gold coins — are the largest single batch of gold items ever found in a Han Dynasty tomb. They were unearthed from the tomb of the first ‘Haihunhou’ (Marquis of Haihun) in east China’s Jiangxi Province. The coins weigh about 250 grams each, while the hoofs’ weights vary from 40 to 250 grams, said Yang Jun, who leads the excavation team.”
These gold artifacts were found along with a portrait of Confucius, perhaps the oldest known. Wisdom and gold make easy company. Confucius once said something that has current applicability: “In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.” Or at the very least, well-hedged . . . . . . . .
Has inflation returned to the United States?
We have alluded to the possibility of tariff-driven inflation in the past in this newsletter. Rising import prices – the result of de-globalization, e.g., the U.S.-China trade war – will filter ultimately to consumers. This will not be a monetary inflation but a political inflation and a different animal from anything we have encountered in the recent past. As such, we are entering uncharted territory – one in which politics could outweigh monetary policy in dealing with it.
We got some evidence of inflation's potential return to the United States in the October wholesale inflation report. Prices were up 0.6% from September to October – a 7.2% annualized gain and the biggest gain since 2012. Producer prices, as shown in the chart below, have pushed steadily higher since 2013. Some argued, following the report, that this increase should be dismissed as a one-time event. Ignored in those arguments was another statistic of more than passing interest: The core index, which excludes food and energy, was up 0.5% – or 6% annualized.
“If globalization is rolled back, as now looks likely, inflation will return," says Mark Asquith in a Spectator article. "The 1970s was the last time that Western inflation ran hot. Globalization killed that inflation. To imagine what reversing globalization may look like now, recall what happened in the 40 years since.”
As might be expected, in this whacky, upside-down Alice-in-Wonderland financial environment, the gold price counter-intuitively turned down on the day the government released the report. The market took the report, we were told, as justification for further Fed tightening. More complex arguments about the Fed's policies including the inflationary deployment of excess reserves and the still negative real rate of return (despite the run of rate increases) were pushed aside.
In a financial environment in which good news for gold is interpreted as bad news, and bad news is still bad news – the day-to-day headlines might seem nearly irrelevant in determining the future price direction. Along the way, though, we suspect that the clock will stop running backward – rising inflation will come to actually mean rising inflation, and not something else, and rising inflation will come to mean higher gold prices.
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Who owns the U.S. public debt? And what does it have to do with the price of gold?
Popular belief holds that foreign investors and central banks hold the lion’s share of the nearly $22 trillion federal debt. These charts from the St. Louis Federal Reserve tell the real story. Though it has not always been the case, private domestic investors now hold the largest share of the national debt at $13.1 trillion. Foreign investors are number two at $6.2 trillion. Federal Reserve banks are number three at $2.8 trillion. As you can see, federal debt held by private investors is on an ascending curve while both foreign and Federal Reserve banks’ purchases have leveled off. At present, private investors hold more than half the national debt (59.3%) as shown in the pie chart at below. Foreign investors hold 28.1% of the U.S. federal debt.
Both China and Japan, the two largest foreign holders of U.S. debt, are essentially defending their currencies and attempting to thwart capital flight. How that shakes out in the global foreign exchange markets remains to be seen but their intent seems clear. The financial media sometimes mistakenly promotes the notion that the reductions are related to the trade war but, once again, that simply is not the case. Japan has held their foreign exchange reserves steady since 2012 and China began reducing its reserves in 2014. In short, neither have been buyers of U.S. Treasuries in the aggregate for quite some time.
So what does all of this have to do with the price of gold?
In short, Japan and China, at least for now, are not complicit in driving their currencies lower against the dollar. Any future weakness or strength, it follows, will be market-driven – a posture that undermines the strong-dollar/weak-gold narrative. At some point, the algo-driven speculators might be forced to give up on attacking the yuan and yen. In turn, they might be forced to give up attacking gold; and, in fact, begin covering their short positions on the COMEX. As it is, we have begun to see some unwinding in those positions of late for both gold and silver.
The latest from Michael Ballanger on the record short gold and silver positions on the COMEX
“Once again, and in honour of an ancient financial tradition, gold and silver fulfilled their respective roles as ‘precious’ metals, accordingly defined as ‘objects of great value; not to be wasted or treated carelessly.’ As we head into the final eight weeks of 2018, there are a great many managers of other people’s money who are paying attention—and it couldn't happen at a more opportune time. Tonight’s COT report shows that the Commercials were covering shorts into weakness while the Large Spec algobots continued to pile and add shorts/dump longs also into weakness. As long as the Large Speculators continue to carry such a paltry number of longs (13,194 futures only; 5,976 futures and options), the gold price should continue to trend higher through year-end. It is imperative to remember that major declines in gold have occurred when the aggregate long positions held by Large Speculators exceed 300,000; we are nowhere near that figure today and won’t until $1,400 is tested by year-end." – Michael Ballanger, Mining Junkie
Hedging financial warfare
“In this scenario," writes Daily Reckoning's James Rickards, "an attacker could penetrate the order entry system of a major stock exchange such as the New York Stock Exchange. Once inside the order entry system, the attacker would place large sell orders on highly liquid stocks such as Apple or Facebook. . . .The result could be a market decline of 20% or more in a single day, comparable to the stock market crash of October 1987 or the crash of 1929. You would not have to trade anything or be in the market during the attack; you would be wiped out based on the market decline even if you did nothing.”
This analysis from James Rickards, in our view, is his most important in a long time. Financial warfare – the ability of America’s enemies to penetrate and disrupt markets and infrastructure through malware and other forms of electronic weaponry – is something few investors contemplate. As Rickards points out though, the threat is very real especially under the current tension-filled circumstances. Prudent investors need to take it into account. “The key,” says Rickards, “is to have some portion of your total assets invested in non digital assets that cannot be hacked, wiped out or disrupted in financial warfare. Such assets include gold, silver, land, fine art and private equity that is usually represented by a paper contract and does not rely on electronic exchange trading for liquidity.” This is the financial market equivalent of living off the grid. We strongly recommend reading and contemplating the article at the link above.
Taleb says world more fragile than 2007
“Nassim Nicholas Taleb, scientific advisor at Universa Investments, discusses the factors causing global fragility, hidden liabilities in global markets, and what he sees as safe trades in the current market. He speaks with Bloomberg’s Erik Schatzker on Bloomberg Markets.”
Editor's note: When asked how it all plays out and if there is anything that he sees as safe in a global financial system on the verge of another crisis, Taleb says he owns “some gold, which I am confused about, and land. . .” He does not elaborate on why he is confused about gold. Taleb, as most of you already know, made his mark in the financial world by predicting the 2007-2008 crisis and writing the now famous book, The Black Swan – The Impact of the Highly Improbable.
Asia's wealthy investors prefer physical gold over ETFs
From the International Advisor: “Conservative high net worth gold investors prefer physical bullion over ETFs, says State Street Global Advisors. Private banks in Asia mainly use ETF vehicles when making active bets on gold based on a short-term outlook, Robin Tsui, gold ETF strategist at SSGA, said during an event in Hong Kong. For strategic allocations or longer-term investing, buying physical bullion and storing it in a safe remains the norm.” The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.
Editor's note: The same is true in the United States and Europe. Financial institutions and funds tend to favor the ETFs while private investors tend to prefer coins and bullion stored nearby.
The political versus the real deficit
There are two budget deficits – the political deficit that Washington and Wall Street throw around, and the real deficit that resides in real additions to the national debt. It is the latter, not the former, on which the U.S. government pays interest.“The US government said Monday that its deficit rose by 17 percent in its 2017 fiscal year that ended in September, as Washington spent $779 billion more than it collected in taxes," writes the New York Post's John Crudele. "But let’s look at the real number, which I gave you in a column last week. As I said previously, total US debt rose to $21.456 trillion by the end of the 2018 spending year. It had been $20.244 trillion at around the same time in 2017. That shows an increase in debt of $1.21 trillion.”
Notable Quotable
“Significant increases in inflation will ultimately increase the price of gold. Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection. I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counter-party signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counter-party. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.” – Alan Greenspan, former chairman of the Federal Reserve
“That said, in a crowded trade it only takes a few breaking rank to start a short covering rally … before it picks up a self-fuelling momentum before a rout follows, with gold rising very sharply to the upside. In short, the bears are looking vulnerable.” – Ross Norman, Sharps-Pixley
“Hedging the foreign exchange risk in this half-trillion-dollar per year business has exhausted the balance sheet of the global banking system. That explains a large part of the jump in the US 10-year note yield to 3.2% last Friday from 2.85% in early September. Hedging the foreign exchange risk in these massive flows created a derivatives mountain, and it has started to spew smoke and lava." We would add that foreign exchange hedging is only one area of concern on Derivatives Mountain – albeit a large one." – David Goldman, Asia Times
“I think we’re getting to the point now where the breakout is going to be on the inflation upside. The only question is when.” – Alan Greenspan, February 2018
“But there’s fashion and there’s style; they’re not the same thing. Fashion is temporary and changes. Style is permanent and adapts. Investing in stocks, outside of a clear strategy based on a buy-and-hold approach, is often a fashion. Gold may be traditional now, but it’s never out of style. And it may soon become fashionable again. Indeed, the change, or the shift, has already begun.” – Alessandro Bruno, Lombardi Letter
Editor's note: The allusion to fashion reminds us of the old maxim that an ounce of gold from time immemorial would always buy a quality man’s suit. “The price of a fine suit of men’s clothes,” says the U.S. Geological Survey, “can be used to show anyone who is not familiar with the price history of gold just how very cheap gold is today. With an ounce of gold, a man could buy a fine suit of clothes in the time of Shakespeare, in that of Beethoven and Jefferson, and in the depression of the 1930s.” At present, a quality men’s off-the-rack suit at Brooks Brothers without the shoes and tie ranges in price from $1700 to $2500.
“[Bridgewater Associate's Ray] Dalio doesn’t seem to like very many assets. He does not like equities. He does not like bonds. He does not like the U.S. dollar. He does not like the euro. He suggests putting 5-10% of a portfolio in gold and weighting towards the higher range later in the cycle. He does not know where we are exactly, but we are pretty late in the cycle.” – GuruFocus/Bram de Haas
“Deflation is a threat posed by a critical breakdown of the financial system. Slow growth and recurrent recessions without systemic financial disturbances, even the big recessions of 1975 and 1982, have not posed such a risk. The real danger comes from encouraging or inadvertently tolerating rising inflation and its close cousin of extreme speculation and risk taking, in effect standing by while bubbles and excesses threaten financial markets. Ironically, the ‘easy money,’ striving for a ‘little inflation’ as a means of forestalling deflation, could, in the end, be what brings it about. That is the basic lesson for monetary policy. It demands emphasis on price stability and prudent oversight of the financial system. Both of those requirements inexorably lead to the responsibilities of a central bank.” – Paul Volcker, Keeping At It: The Quest for Sound Money and Good Government (2018)
GOLD PRICE PREDICTIONS
“Recently precious metal prices have weakened again. Prices to set a bottom above previous bottoms and to recover again. We think that the Chinese yuan has bottomed and the US dollar and 10y US Treasury yield have peaked. Speculators seem to have lost faith in the upside potential for gold, silver and platinum… but not us . . .We expect precious metal prices (mainly gold, silver and platinum) to recover in the coming months and to rally in 2019.” – ABN-AMRO/Georgette Boele
“The head of global commodities and derivatives research [Bank of America Merrill Lynch], Francisco Blanch has stated that gold could average $1,350 an ounce of 2019 due to the U.S fiscal balance. . . .Goldman Sachs has also expressed their concern and has recently turned bullish on gold as they have forecasted a price target of $1,325 in 12 months. – The Gold Telegraph/Tom Lewis
“The long-term bond bull market is dying, and a long consolidation for gold is ending. Gold’s mighty bull run is ready to resume… and it is likely to continue for decades.” – Gold Eagle/Stewart Thomson
“This is an incredibly price-bullish setup. Buy Gold.” – MishTalk/Mish Shedlock; commenting on the record short position on gold at the COMEX
“Well as counter-intuitive as it may sound, people have to hate the market that’s about to take off. Because the more non-believers there are today, the more potential buyers there are who can eventually jump back into the market. We need buyers on the sidelines because for a bull market to be sustained for years at a time, you have to have buyers steadily coming back in. That’s exactly what we have in the gold market right now.” – Daily Reckoning/Zach Scheidt
What you need to know before you
launch your gold and silver IRA
"A customer of mine who is 55 years old recently asked if it was not too late for him to get into precious metals. The answer is no—it is not too late to invest in gold and make a profit at any age. Quite the contrary, with the market showing the early signs of a correction, it is, in my humble opinion, a perfect time to invest in precious metals." – Oliver Garret, Forbes
Time to diversify?
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in your retirement plan with gold and silver
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Disclaimer – Opinions expressed on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset-preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes and, as such, USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here. (Please see our Risk Disclosure here.)
Michael J. Kosares is the founder of USAGOLD and the author of The ABCs of Gold Investing - How to Protect and Build Your Wealth With Gold. He is also editor and commentator for USAGOLD's Live Daily Newsletter and editor of the News & Views monthly newsletter.
http://www.usagold.com/publications/NewsViewsNoVbr2018.html
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JP Morgan Chase mpany : Bank of France partners with JPMorgan to boost gold bullion services - sources
11/12/2018 | 11:46am EST
LONDON (Reuters) - The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday.
The French central bank's second deputy governor Sylvie Goulard wrote in the Alchemist, the magazine of the London Bullion Market Association (LBMA), that it had partnered with "a large commercial bank" to offer swaps, leases and gold deposits from Paris.
Sources said the bank was JPMorgan, one of the world's largest bullion trading banks and a member of a group that settles trades in London's $25 billion (19.5 billion pounds) a day gold market.
The Bank of England acts as a gold custodian and service provider for many other central banks and has the advantage of operating within the London market, by far the world's largest commercial bullion trading pool.
Until now central banks holding gold at the Bank of France had to go through London if they wanted to perform market transactions.
JPMorgan said it had "opened an account with Bank of France" and declined to comment further. The Bank of France declined to comment.
One source said the Bank of France was positioning itself to take advantage of uncertainty over Britain's withdrawal from the EU, thinking that some central banks may seek alternatives to London.
"They are convinced that Brexit is going to change things and they want to be there," the source said. "They are pitching to European potential customers."
Such a move would fit into a wider push by Paris to become a European financial markets hub after Brexit. The head of the Bank of France said in May it aimed to be "the markets' central bank in Europe".
The Bank of France began to expand gold services in 2012, Goulard said in the Alchemist article. It is also renovating its vaults to allow operations by heavy forklift trucks, and upgrading the quality of its gold reserves so they can trade on the international market, she said.
(Reporting by Peter Hobson; Additional reporting by Leigh Thomas; Editing by Jan Harvey)
By Peter Hobson
https://www.marketscreener.com/JP-MORGAN-CHASE-COMPANY-37468997/news/JP-Morgan-Chase-mpany-Bank-of-France-partners-with-JPMorgan-to-boost-gold-bullion-services-sourc-27592644/
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General Electric Is Flashing Caution Signs in Credit Markets
By Molly Smith
Updated on November 13, 2018, 9:21 AM MST
CDS jump to more than 200 basis points, bonds trade like junk
Liquidity concerns ‘could be escalating,’ equity analyst says
GE Shares Tumble as CEO's Reassurance Misses the Mark With Investors
In this article
GE
GENERAL ELECTRIC
8.61
USD
+0.62+7.76%
BARC
BARCLAYS PLC
175.46
GBp
+4.72+2.76%
TWTR
TWITTER INC
32.49
USD
+0.48+1.50%
F
FORD MOTOR CO
9.54
USD
+0.05+0.53%
MCO
MOODY'S CORP
148.06
USD
-2.01-1.34%
General Electric Co. may still have a relatively solid investment-grade rating, but investors aren’t taking their chances. They’re snapping up derivatives that protect against losses on the company’s debt.
The annual cost to insure against a default by GE for five years climbed above 200 basis points for the first time in years, credit-default swap prices from CMA show. That’s almost double what it cost just two weeks ago, and it’s the kind of level that hasn’t been seen for the company since the waning days of the global financial crisis.
That’s still well below the peak crisis levels for GE’s finance unit back then (GE Capital CDS surged to more than 1,000 basis points in March 2009). But the pace of the increase has been rapid, particularly when compared with the broader investment-grade market. Yields on some of GE’s bonds have also reached levels that are in line with junk-rated bonds, Bloomberg Barclays index data show.
Chief Executive Officer Larry Culp tried to reassure investors that the company is prioritizing debt reduction in its effort to combat a multiple-front crisis in a televised interview on Monday, when the bond market was closed. GE is facing weak demand for gas turbines, high debt levels and a federal accounting probe. Its shares have fallen more than 25 percent since Culp’s surprise appointment as CEO was announced Oct. 1, extending a sell-off that has wiped out more than $200 billion in market value since the end of 2016.
Representatives for Boston-based GE didn’t immediately provide comment.
‘Escalating’ Concerns
In his first earnings announcement as CEO, Culp said the company was cutting the quarterly dividend to just a penny a share from 12 cents in an effort to conserve cash and strengthen its balance sheet. Still, credit and equity analysts remain cautious. If GE’s credit ratings were further downgraded, the company could face rising borrowing costs and other expenses that would further pressure its liquidity, Gordon Haskett analyst John Inch wrote in a note.
GE may not be alone in facing these risks, some money managers fear. U.S. investment-grade bonds have been one of the worst-performing U.S. asset classes this year, as rising interest rates have lifted companies’ funding costs and sapped investors’ returns. More pain may be coming for investors, and it could be severe, distressed-debt money manager Marc Lasry warned late last month. Scott Minerd, global chief investment officer of Guggenheim Partners, said on Tuesday that more investment-grade credits will suffer.
“The selloff in GE is not an isolated event,” he wrote in a Twitter post. “More investment grade credits to follow. The slide and collapse in investment grade debt has begun.”
There are around $2.5 trillion of bonds rated in the lowest tier of the investment-grade universe, more than triple the level at the end of 2008. Some of those securities, including issues from GE and Ford Motor Co., trade like they are already rated junk.
Read more: A $1 Trillion Powder Keg Threatens the Corporate Bond Market
Yields Climbing
Despite being cut to the lowest investment-grade tier, GE is still three notches above junk, with a Baa1 rating from Moody’s Investors Service, and an equivalent BBB+ from S&P Global Ratings and Fitch Ratings. All carry a stable outlook.
Yields on the company’s $1.95 billion of 3.37 percent bonds due in 2025 have climbed above 5.6 percent. That’s higher than the yield on a Bloomberg Barclays index of debt rated in the highest speculative-grade tier.
Meanwhile, GE’s only actively traded perpetual preferred stock now yields more than 15 percent, higher than some distressed credits. If the company chooses not to call the security in early 2021, it will convert into a floating-rate obligation that GE need never refinance.
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