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- in reply to: Gold Enters Major Bull Market #5664
Blue Jay,
I must say that I most certainly enjoy reading your posts! You provide a lot of interesting information and insights to the “world of gold”.
But, if I dare say so, sometimes I can’t help but feel that you are just a tiny bit too pessimistic – or perhaps I’m misunderstanding.
Although I’m new to gold, I have had an extreme fascination for investing for at least 20 years now or, more accurately, since childhood. It’s just that my interest really came into focus about 20 years or so ago.
I am a very strong, fervent believer that you have to take the long-term view. It’s true that gold had entered a kind of bear market right now, there’s no denying that. But taking the long-term view, gold is way, way ahead in price from where it was 15 or 20 years ago even with this recent tumble taken into consideration. I don’t know what gold was selling for in 1995, but I would venture to guess that it could loose another several hundred dollars and *STILL* be ahead of where it was in 1995. Then consider that the Original Sixteen To One Mine was doing O.K. back then with gold much lower so why not today?
*AND* the price of gold *WILL* recover. You can bet the farm on that ‘cause these things always do recover. Just look at what happened to stocks back in 2008. Millions of people believed that they would never recover – or at least not during their lifetime – and yanked out their money. Big mistake! Look at where stocks are now!
Although I don’t know much about gold, this I do know. The human race has had a fascination with gold that reaches back over the millennia. You can read in the Old Testament Bible that the Israelites had a penchant for gold thousands of years ago. So, I am just not too concerned about the gold bear market. It’ll come back – I can almost promise you that. Unless, of course, our whole civilization falls to pieces but if that happens, nothing will be safe.
BUT ! ! ! there is something else that I am very, very, very concerned about. And that is that California Water Board “scandal” or whatever you want to call it. That really is worth worrying about. Just as Michael Miller stated in that one excellent video, “it could bankrupt this company”. Mike will have my thoughts and prayers come this October and, Lord willing, perhaps we can get through this thing.
Regards,
Fred M. Cainin reply to: Miscellaneous #5663Check out the most recent article written by Martin Armstrong in the linked section below.:
in reply to: Gold Enters Major Bull Market #5662Gold $1402.70 UP $2.70
Silver $22.55 UNCHWe elected the third minor Daily Bearish Reversal today confirming that the target week of 05/20 should be a temporary high short-term. Gold did not elect any minor Daily Bullish Reversals against still warning
that the rally thus far is a dead cat-bounce. We need a daily closing ABOVE 1448.50 on spot to firm up support temporarily, otherwise lower lows are still ahead.Martin Armstrong
in reply to: Miscellaneous #5661How does this sound to you? It sounds good to me. This morning’s thoughts from Martin Armstrong:
Since money is electronic and nearly 40% of government exists to extort money from the public to sustain itself, the solution can only be total reform. We must eliminate income tax, reduce the size of government dramatically as a result, collapse all regulation of any industry into a single agency, privatize virtually everything so it is far better to have private companies bidding for the job where their workers must perform and live like the rest of us without special exemptions, eliminate career politicians by creating one-term one-time one-year intervals where people from the private sector actually oversea government, no major spending or program without a real democratic vote – no representatives, do all of this and we will eliminate most lobbying and corruption since the bulk of that is for taxation.
in reply to: Clips from Alleghany #5660Has the mine mentioned the unknown animal devouring food at the 1000 level station? The big cat footprint going south took place at the same time, so it overshadowed what was thought to be a little mouse’s activities; however these miners seem to appreciate any life form entering the depths of the mine. They decided to catch the little creature and return it to the great outdoors. A trap was set!
Day one: the bait was gone but no animal was caught.
Day two: the delicious treat inside the trap was gone but no animal was caught.
Day three: the cage was pushed up against a mine timber so the latch would not be set free. The food was gone but no critter was trapped. Now the miners’ minds were engaged. This must be a smart little fellow. All precautions were set in place. The miners knew they could out think the four legged thief.
Day four, actually the morning of the fourth day when the miners arrived at the station, the trap door was closed. A beautiful tail was seen pressed against the wires. No, it wasn’t a mouse. It was a ring tailed cat, not the big guy that hangs around the lower shop. This was a youngster and a beauty at that. Joseph pulled out his camera. (Scoop has yet to see the pictures but heard that Joseph almost teared up at the sight of the cute little young one. Was he thinking about taking it home?) They carefully carried the cage up the Tightner Shaft, down the 800 level and opened the cage door behind the shop next to the creek. Freedom!
Scoop wants to get this photo for you to see. Ring tailed cats are known historically as the miners friend. It is a rare event to see one. But the questions remain. How did these animals and why did these critters enter the mine and travel down the shaft to the 1000 level?
in reply to: Miscellaneous #5659Concerning the conspiracy to create a world order, Martin Armstrong gives us his opinion:
I have said this many times. This is just gibberish. Yes those in government try to manipulate society and the economy. They are fools and it always fails. What we face is far worse than some sinister group in absolute control. This is out of control and we are in the back seat of a car driven by a Kangaroo. There is nobody in control. They do not even comprehend how to control what they cannot understand.
I have always stood up for what is right. I would be the first screaming if there was some sinister group in control. Sorry – there is none. We are not only on our own, but we have nobody to even lead us in the right direction. We get what we vote for.
in reply to: EMPIRE STRIKES BACK #5658With regard to Mr McCains comments
I wish that my grandson’s great
grandfather, one of the Holman’s
who had been a dynamite man in
the Empire Mine was still around
if so he could fill several volumes about what he knew of the
Empire.in reply to: Gold Enters Major Bull Market #5657Gold is currently falling in dollars demonstrating (1) there is no pent up inflation and (2) it is capital fleeing into the dollar (bonds & stocks). BEFORE you will see a bull market resume in gold, sorry – you have to wait for the currency to catch up. If you are brainwashed and constantly presume the dollar will collapse any moment because the Fed increased the money supply, I suggest you are married to the mental conditioning you have been subjected to, have a closed mind, and will lose your shirt insisting you are right when the markets are proving you wrong. Gold declined in a basket of currencies, which is why it fell into 1999. This is about surviving – not punishing the world for its sins. Don’t worry. A rising dollar will cause far more damage than rising gold. Gold is a ting, tiny, fraction of the world economy. The capital flows are in trillions of dollars. Even 500,000 contracts at $1500 would be $75 billion. It is way too small of a market to harbor all the refugee cash in the world. That is bond and stocks – the only markets capable of absorbing trillions of dollars.
Martin Armstrong
in reply to: Miscellaneous #5656Big banks being allowed to write their own ticket while Congress does what it does best, not much. 2016 should be the year of voter rebellion with growing numbers of American showing their frustration by voting against the two-party system.
From today’s International Forecaster:
Big Banks Still Write the Rules: Fmr. Inspector General of Bank Bailout
By Lauren LysterFormer Federal Reserve Chairman Paul A. Volcker has announced he’s taking on the public’s eroding faith in government with a new foundation called the Volcker Alliance. He’s set to address an audience today in New York on the challenges facing regulatory reform, including how slowly Washington has moved on putting Dodd-Frank financial reform into effect.
The New York Times recently reported Citigroup’s (C) input was reflected in more than 70 lines of an 85-line bill that sailed through the House Financial Services Committee this month. The bill would exempt broad swathes of derivatives trades from new regulation. Two key paragraphs, according to the Times, prepared by Citigroup together with other Wall Street banks, were copied almost word for word.
http://finance.yahoo.com/blogs/daily-ticker/big-banks-still-write-rules-fmr-inspector-general-131105952.html?=vp1Enough Is Enough
in reply to: Miscellaneous #5655Outrageous is what I have to say. The Patriot Act that our blind representatives couldn’t read but signed anyway? The Sixteen to One has no such requirements to buy our shares.
A question is, when does all this squeezing the people stop?
Some brokerage firms really suck. As an example, my daughter was holding shares of a US company that took over a Canadian one which she originally put her money in. When it came time for her to sell the US company she put in a market order. The report that she received was from the pink sheets, not the American Stock Exchange where the US company was listed.
Strange? Very, very strange. She went back to the broker and checked the price as it was 30 cents lower than the American’s last sale when the currency exchange was at par, meaning 1 US dollar buys exactly 1 Canadian dollar. She was told since she bought the shares in converted Canadian funds from US funds then they have to be sold in Canadian funds to be transferred back into US dollars. What a pile of meadow muffins. Remember she was selling a US security in the United States and expecting funds in US dollars. That brokerage firm had a real big software problem. She complained and the reviewing regulators said the brokerage firms acted in good faith. Of course, she got really hosed in the Pink Sheets which the regulators said was the best market in town at the time. Total BS.
She wrote a letter of protest to a congressman and never heard back. The commercial banks affiliated with brokerage firms are stealing from America but no one seems to care. We are all way over regulated by buffoons.
To prove this point, let’s take another simple transaction. I buy a gold coin in Mexico for Pesos. I return to the US and sell it to a coin dealer. Does he ask me in what type of currency it was acquired with, of course not.
What do we need a stock exchange for, it used to be a convenience. Now we have the Internet and PayPal. Try putting up a bid for your shares on Craig’s list, see what happens. I bet if you make a transaction from a holder of physical stock no one will ask you for anything but the money. The shares can easily have their names changed at the transfer agent. Or better yet, just give Rae a call and she’ll help you with a purchase of our shares. At least you and your wife won’t be frisked here.
in reply to: Gold Enters Major Bull Market #5654Posted May 31st, 2013 at 3:08 PM (CST) by Jim Sinclair & filed under In The News.
Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’
–Ayn Randin reply to: Gold Enters Major Bull Market #5653Gold $1388.30 OFF $25.40
Silver $22.28 OFF $0.50Gold poked its head above the $1400 mark and promptly got its head chopped off. Is this the end of its brief rally from the low $1300’s? We’ll see.
The following is an excerpt from a recent Armstrong report:
The entire economy is still a non-linear system that on the surface is massively unpredictable from moment to moment, yet is strangely bound within predetermined confines. This is why I state that you CANNOT predict gold or any market in isolation. Everything is connected and there is a form to this madness.
Every price movement, no matter how alarming in its twists and turns, always collapses and then recovers. This is the energy that creates everything around us – the swings between two extremes like the beating of your heart. Even our economies are a complex system that cannot be manipulated by government and it is why Marxism/Keynesianism have utterly failed. The bureaucrats and the bankers hate my guts because I stand to expose what they do is only aggravating the system and is causing us to move to the extremes of the outer-boundaries on each side. This leads them to seize even more power to put their hands around the neck of the economy and choke it to death so they can retain power. The more they react in this manner, the greater the volatility causing them to chase it even more until they become their own worst enemy. That is why I say big governments always fall by their own hand – it is economic suicide. They become more draconian the more they lose power. This is the fate of all empires, nations, and city-states. They cannot see that their greatest enemy is always themselves.
The politicians would rather destroy centuries of civilization before rationally ending socialism that does not work. The banks want to be the man with the one-eye in the land of the blind. But rigging the game to create the perfect trade, only results in destroying society. They may become the one-eyed man in the land of the blind counting all their wealth, but there will be nothing left and no place to spend it. At that moment in time, historically even gold has lost all value as was the case after the fall of Rome.
Just before John Maynard Keynes died in 1946, he told Henry Clay, a professor of Social Economics and Adviser to the Bank of England of his hopes that Adam Smith’s Invisible Hand would help Britain out of the economic depression that it is in: “I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.”
Even Paul Volcker in his Rediscovery of the Business Cycle conceded that the idea that government could manage the economy under this age of “New Economics” failed. Nobody in government is willing to hand back power once taken. It is like the conviction rate in New York City – 99%. Citizens cannot ever win anything against the banks of government. Politicians will NEVER admit they are the source of the problem. So it looks like we must simply crash and burn.
in reply to: Clips from Alleghany #5652Godesses, Martin? Huh?
You’ve really got me wondering. I really hope I can make a trip out there some time!
Regards,
Fred M. Cainin reply to: Miscellaneous #5651Another thing I came across on the Patriot Act, a year or so ago I tried to open a new brokerage account at Vanguard for my wife and me.
They told me they would not do it unless I had a good copy of her SS card, a photo I.D. and at least one other source of I.D.
I couldn’t believe it! I NEVER needed that kind of stuff to open a new account before. They apologized but told me they had to have it. They blamed it on the “Patriot Act”. I asked them why they just needed it for my wife and not for me and they weren’t really able to answer that.
In the end, we did not open the account. I thought PHOOEY! That’s too much trouble for what I was trying to do!
Go figure.
Regards,
Fred M. Cainin reply to: Miscellaneous #5650It was the 911 Attack that swept in the Patriot Act and now any bank wire for $3,000 mut be reported to the government. Pretty soon it will be an ATM withdrawal of $2 or more. Remember Elliot Spritzer who started to go after Wall Street, suddenly his checks were being examined under the terrorist acts but revealed a prostitute. So he was forced to resign. That protected Wall Street bankers.
in reply to: Clips from Alleghany #5649Congratulations to Gma Rae on
the latest “Blessed event” and
thank the Lord for Mike having
the two “Gold Godeses” in the
Origsix office.in reply to: Stock exchange listing #5648Bobby,
I thought I saw that go through yesterday on my Yahoo! finance page.
Since OSTO is such an extremely thinly traded security, it can have some really wild swings to it.
Unfortunately, I have come to believe that there are some brokerage firms out there that don’t seem to understand what this mine is worth. The standing timber on the property and real estate alone is probably worth more than the current total capitalization of the Company! Nevermind that there might be between 5 and 20 BILLION dollars worth of gold buried under there!
Regards,
Fred M. Cainin reply to: Stock exchange listing #5647I own stock in the company both as a registered holder and in a brokerage account. I have read with interest the messages regarding the purchase of company stock through a broker, so I decided to try. I placed a limit order for 2000 shares at $0.25 on May 23 around 11am and it filled that afternoon at $0.20. The broker I used was TD Ameritrade.
in reply to: How to Approach Thin Veins & Cost #5646Michael,
If you have time, I’d like to hear more about your experience getting disoriented in a mine when you were young. That must be an interesting story!
On the mountain lion, it is my understanding that mountain lions can actually be very shy and are usually no threat to human beings unless cornered, trying to protect their kittens or rabid. That being said, though, it is easy to see how a big cat could suddenly feel cornered if you encountered her in a mine.
If that animal was healthy, and she probably was, I agree that she has almost certainly left the mine by now.
Regards,
Fred M. Cainin reply to: How to Approach Thin Veins & Cost #5644May be the Couger was looking for a place to have cubs. I recommend that you set a trap for the cat with live bait type of trap with a cage containment. It would have to be well built.
in reply to: How to Approach Thin Veins & Cost #5643You better add that to the disclaimer/waiver for the shareholder meeting – ha ha!!
in reply to: How to Approach Thin Veins & Cost #5642how far back in was the print?
How disconcerting would it be if you were in there and all of a sudden you heard a hail of gunfire from someone blasting away at a couger? No thank you!!
in reply to: How to Approach Thin Veins & Cost #5641This is most interesting. We had some discussion on another mining forum I belong to over a video about a boy’s dog which was killed in a “haunted” mine in Colorado.
The video itself can be seen here:
http://www.youtube.com/watch?v=UrwODmfvSdg (copy and paste to your browser)I posed the theory on the forum that the most logical answer to this “haunted mine” mystery was that the dog was probably lured deeper into the mine and then killed either by a lion or some other very large cat.
The responses I got back stated that a cat would not be too likely to be found deep in the mine like that where the darkness is total. But now, staff members from the Original Sixteen To One Mine have clear proof that it *IS* possible to have a large cat in the deeper recesses of the mine.
How in the world could they possibly see? I don’t know. Cats have wonderful night vision but they still need at least some light to see. And yet, somehow, the cat managed to avoid the pool of standing water. Most baffling! I think this is just plain a real mystery!
Regards,
Fred M. Cainin reply to: How to Approach Thin Veins & Cost #5645Going back to Scoops entry on 05/18/2013 at 2:07PM and later comments, I agree that it is unlikely for a lion to wander deep in a mine. If tracks were found on the 800 foot level (portal level), the oddity of the current situation would disappear. But the 800 level has lights intermittently along the strike of the vein to the deep Tightner Shaft. Once at the Tightner Shaft, there are lights down to the 1000 foot level. It is reasonable for a wandering lion to go south on the level. It could decide to travel down a stope and reach the 1100 level. But what next? There are no lights. It is total blackness.
If I’m that lion and just took that trip, I want to get out of here. Years ago I got disoriented in a mine. Panic set in immediately, especially since I thought I knew where I was walking. The lion did not panic or only for a nanosecond because of its superior survival skills. I believe it smelled its way out. I trust the lion has left the mine. The crew will discuss this situation tomorrow. Guns are not allowed in the mine unless a procedure is followed. The crew is safe from stray bullets; however each member of this crew is capable of protecting himself with a weapon.
I like your comments. I’ll make a waiver, check for gun and find a live deer to take into the mine right after I call the game warden again. I admit that this most unusual find on the 1100 foot level sent a chill up the back of my neck.
in reply to: How to Approach Thin Veins & Cost #5640Thanks ever so much for the picture of rail maintenance in the 2012 annual report! I don’t know if you did that partly with me in mind or if it was a pure coincidence but whatever the case, I really appreciated it!
Martin Newkom posed the following question on another thread:
“I read the topic of ‘rails in the mine’. What might be the significance of that requirement?”I would like to respond to that here and provide some of my own thoughts. What is the significance of rails in mines? I have been loosely studying rail transportation most of my life and I have some ideas I’d like to contribute. It is a proven fact that steel wheel-on-rail technology can move something heavy or a large volume of something much more easily and consume much less energy doing it than rubber tires can.
Studies have shown that it takes anywhere from three to four times as much energy to move something using rubber tires than it does with steel wheels. One American railroad likes to tout their efficiency by saying that based on ton miles their diesel locomotives get 450 miles per gallon! O.K., maybe they’re stretching things just a bit to garner some publicity but I think we can see their point.
In western Australia, one large mining company actually built a long, brand new railroad completely from scratch in order to haul iron ore from that country’s interior out to the seaport. A similar line operates in South America. These lines carry staggering loads that boggle the mind. Using trucks to do the job would not even be a remote option.
So, if the use of rail is so much more efficient, why are so many underground mines turning to rubber tired trucks and “LHD’s”? I believe for the same reason that so many Americans turned away from public transportation and instead prefer to use their own automobiles. In two words: convenience and flexibility. It’s not that the LHD’s are necessarily more economical, just more flexible. If economics is a mine’s primary concern and if the mine is satisfied with the more limited flexibility of rail, then they should, by all means, stick with rail as the Original Sixteen To One is doing. That certainly make sense to me.Then finally, although of secondary importance, there is the historical significance of using rail. Just as you might not want to convert San Francisco’s cable cars to modern buses, perhaps there is an historic purpose for ore cars and rail in historic underground mines as well.
Those are my musings on the subject.Oh, and as one last “P.S.”, I’d like to ask everyone on our forum to watch this video again if you haven’t seen it in a while: http://www.youtube.com/watch?v=6DZDQysk2XA
(You have to “copy and paste” the web address to your browser to play it). Somewhere near the end there is a brief scene of some workers moving what looks like a *HUGE* boulder in an ore car. It seems to roll so effortlessly. To me, this is a good illustration of what rail can do. Could an LHD do this? Sure, but you’d need a bigger (and probably more expensive) engine! As an aside, I just *LOVE* the “Ragtime” guitar pickin’ at the beginning!
Regards,
Fred M. Cainin reply to: Gold Enters Major Bull Market #5639Strong words from Martin Armstrong this morning:
“The dollar MUST rise sharply OVERALL between now and (the year) 2015.75.”
This is not good for gold.
The major gold and gold and silver stock Indexes turned down on Friday as both their MACD’s broke lower. A MACD crossing took place where the faster moving average bust through the slower one. These are very short term expected moves that, on average, should last from 3 to 4 weeks.
We have all been schooled by the gold group analysts that the dollar has to turn to dust and I have been effected as well. The truth of the matter now is that the whole sector will most likely be affected by a surging dollar over the many months to come. This will all be influenced by an immense flow of funds into dollar denominated items from weaker currency countries. Armstrong today is saying by the time the dollar move reaches its end the Pound, to mention one, will have sunk by 50%.
Times have changed but the price of gold continues to be in a major bull market with the 5000 day average now ascending in the neighborhood from about $800 to $1000. I do not have access to my old data base being on vacation so I can’t be exact.
in reply to: How to Approach Thin Veins & Cost #5638Bewilderment? Concern? Fear? Disbelief?
What would your thoughts be if you were a miner deep in the mine on the 1100 foot level and you found a lion’s footprint?
It happened yesterday. Also a garbage can on the 1000 foot level was knocked over. Coincidence? Except for a few scattered lights, the underground is more than dark; it is a blackout environment. How did the print get there?
Mike phoned the California game warden this morning, a man knowledgeable about California mountain lions. Should the miners start packing guns? Do we need a permit to shoot a lion?
No one can remember seeing lion tracks deep in the mine or even near the portal. Why would a lion go there? Was it lost? Was it looking for a place to have some babies? When it gets hungry what is there to eat besides a miner?
The warden said that deer is the preferred meal for mountain lions. They do not eat dead food, so the trash can was not a target for food. They don’t like people, so make noise and stand up because they like to jump on the backs of deer and break their necks with a front leg while biting the neck. (This will really make the miners feel comfortable). A lion will kill about two deer a week, eat all they want at the time and go away.
Joseph found the track and took a picture. He said the animal knew what it was doing because it walked around a puddle instead of walking straight through it. Scoop hopes to get the picture and Mike wants an expert to determine the owner. Joseph wants to leave the mine or pack iron.
The warden said he can call a man who has dogs trained to smell lion. Mike said all we need are a pack of dogs searching the mine, probably getting lost in the process. The dogs have radio collars, but the signal will be hard to track. Maybe the dogs could come up and sniff around the portals. If they get a positive sniff, we could take the next step. The warden didn’t think the dog owner would agree to turn his pals loose in the mine. Mike agrees.
How is this situation left? Don’t know.
in reply to: Miscellaneous #5636From Martin Armstrong:
Germany Imposing a Glass-Steagall-Like Act with Teeth
Posted on May 17, 2013 by Armstrong Economics
Germany is drawing a bright line between proprietary trading in banks and customer deposits. They are not merely separating the two, but they imposed criminal sentences for directors of banks and insurance companies if they fail to fulfill their supervisory duties in risk management or contravene an array of banking supervision.Germany will at least prosecute the bankers, unlike the United States. Obama’s green-light policy that has protected the New York bankers is starting to filter around in Washington and the bankers should be worried that they may not be able to buy off the prosecutors again after 2015.75.
The tide is starting to turn largely because the NY bankers have sent the entire world into chaos for their irresponsibility trading with other people’s money. When the economy turns down again, this time the heads may roll.
in reply to: Gold Enters Major Bull Market #5635Gold $1363.20 OFF $22.70
Silver $22.34 OFF $0.35From the last entry gold is off over $100. What’s up? What’s up is the dollar is surprising most everyone. From a chart standpoint, the dollar at 84.20 or so is poised to move higher, that’s just the way it is
There are tremendous amounts of money leaving Japan and Europe destined for the U.S. This is a safety issues for the folks in those areas and the dollar is, in their minds, the safest place to be now. This money is finding itself into the stock market, real estate and treasuries.
Although it appears that the recent surge in buying the physical metals has passed its rush gold still remains in a major bull market as it know takes on the aspects of being the red-haired stepchild with declining values. When international money flows intensify these folks are looking foe safety and advancing markets of which gold in not in that classification currently
racking up daily losses.Gold still has a chance at bottoming this year but it must hold the $1300 level to accomplish this. This is the opinion of Martin Armstrong, although some others believe the metal has further ground to cover on the downside.
In the past I have been influenced by Jim Sinclair with great success but poor Jim missed this current bout of weakness when gold crashed under the big recent support lever in the neighborhood of about $1530.
About the best we can expect now is a continuing sharp sell-off generally holding the $1300 area which is a far cry from
$1900 many months ago.This unexpected hiccup in lower prices is just something that has to be endured and is not spelling the end of the current long term major bull market that gold currently resides in.Bull markets every once in a while sell off dramatically and this is the personal unsettling nature of these markets. I continue to hold, mostly physical, and expect short term lower prices. Longer term, I know I will be the victor with other believers but a little more pain is on the way. When the bottom has been put in, there will be time to average down.
in reply to: Miscellaneous #5637Ee have a lot more in common with Rome than meets the eye. The cost of government destroyed Rome. The same problem of UNFUNDED LIABILITIES is precisely what is undermining our future. There could be a resolution, but it will take serious reform and there is just no appetite for that at this time.
Martin Armstrong
————————————-
The professional politicians only want their salaries and freebies supported by the
status quo. These people won’t do anything creative, like reform, until during a crisis when can’t hide from it anymore. What a poor excuse for representatives of the people.in reply to: Clips from Alleghany #5634The 2012 annual report was mailed to shareholders yesterday. The theme is “The Year of Exploration” and covers the current and future emphasizes for the company. The cover has one of the most valuable gold specimens to ever come from the mine. W When Rae gets back to town from helping with her fresh granddaughter, Scoop will ask her to post a picture on the web site.
Just like a good fish story, reports of a recent gold fine are overstated. It was better than the crumbs but not up to the size that excited the miners years ago. Source says not to belittle the happiness gold brings. We want to stay on good terms with the gold goddess. At least the usurious demand for 18% interest on back taxes is extinguished. Tomorrow’s Mountain Messenger has the front page picture and story. If you read this forum and don’t have a subscription for a truly one-of-a-kind newspaper, pony up for a year’s subscription.
in reply to: Miscellaneous #5633How safe are our government pensions?
This is what was done to Japanese pension holders in 1989.
The biggest fund in the world was the Japanese Postal Savings Fund in 1989. When we were called in to create a hedging program about 6 months before the high, it was Japanese Ministry of Finance who picked up the phone and asked that they did not do that for if they sold, they would make the Nikkei go down. The portfolio was US$1.2 trillion. No individual fund ever reached that level again. The hedge was not put on and the fund lost untold amounts of money. By 1999, I stood up in our Tokyo seminar and announced that that fund was insolvent. The government used that fund to try to support the markets until nothing was left and redemption became liabilities of government.
Martin Armstrong
in reply to: Miscellaneous #5632It strongly appears that the past Idaho-Maryland mining property has zero chances of reopening with the last sale on EMGOLD at 2 cents a share. This is another serious blow at reaping California’s past producers.
The Washingon Mine outside of Redding is attempting to get reopened by a private concern, we’ll see.
Down in the Mother Lode Sutter Mining is still working on opening up for gold mining, we’ll see.
If gold continues lower both these projects might just shut down as well.
The Sixteen to One continues to have positive economics just as long as gold is found here and there with a chance of a sizable lode being found
in reply to: Clips from Alleghany #5631I read the topic of “rails in the
mine” What might be the signif-
igance of that requirement?in reply to: Miscellaneous #5630Are you prepared for the end game?
The likes of Bill Gates and his buddy Warren Buffett are supporting the destruction of commerce with taxing the rich to support a corrupt system that is doomed. It is easy for them to say yes tax the rich even more when you are talking about income. How would they respond to the confiscation of assets? Why do they not donate everything they have keeping just enough for a middle class lifestyle and give it all to government? They would never be where they are had taxes been much higher when they were trying to get started. The assumption is that government is being properly run and the problem is always the individual. They have their’s so the hell with everyone else. Turn it all in if you want to advocate such fiscal-irresponsibility. Neither has to worry about Social Security and how that has been taking more in taxes from people than income tax with no refunds.What is the end game? They obviously are ignorant of history for this can only lead to one place. If they tax 100% of the “rich” who are defined as household income $250,000 or more not billionaires, government will ALWAYS spend more. It never stops until it collapses.
Martin Armstrong
in reply to: Miscellaneous #5629J.P. Morgan-Chase playing illegal hardball with folks in trouble with their charge cards.
California sues J.P. Morgan Chase Illegal PracticesPosted on May 9, 2013 by Martin Armstrong
The NY Banks are use to controlling the courts in NYC so much so that they forgot the rest of the world does not accommodate everything they do. California’s attorney general filed suit Thursday, alleging that JPMorgan Chase & Co. used illegal tactics in its efforts to collect debts from more than 100,000 credit card holders between 2008 and April 2011.
The number one tactic used is to get rid of lawyers to prevent a defense or go after people who can not afford lawyers to ensure victory. JPMorgan Chase used this famous NY strategy in California. The complaint read:
“At nearly every stage of the collection process, defendants cut corners in the name of speed, cost savings, and their own convenience, providing only the thinnest veneer of legitimacy to their lawsuits.” It further alleges that JPMorgan Chase sued borrowers “based on patently insufficient evidence — betting that borrowers would lack the resources or legal sophistication to call defendants’ bluff.”
JPMorgan Chase engaged in what has become called ”robo-signing” where they churned out lawsuits that was a practice which became widely used during the mortgage foreclosures until it was outlawed. Banks were forging signatures and pretending they had titles when the did not. JPMorgan Chase was one of the five major banks that settled with California and other states after the housing market meltdown for such practices.
This time the lawsuit concern debt-collection where once again officials similarly signed legal documents that included sworn declarations without reviewing the related files and bank records or even reading the documents. Anyone else would get 5 years in prison for such antics. JPMorgan Chase actually filed 469 debt-recovery lawsuits in a single day day alone. The company’s in-house lawyers filed an average of 100 lawsuits a day for each day the courts were open while its outside counsel filed yet another 20,000 lawsuits.
California is now seeking a permanent ban on the allegedly illegal practices as well as damages for borrowers who were harmed as the company rushed to obtain court judgments and wage garnishment orders without properly checking documents. They also are seeking a $2,500 for each violation of state law, and an additional $2,500 for every lawsuit that involved a senior citizen or disabled person.
http://www.latimes.com/business/money/la-fi-mo-california-ag-files-suit-against-jpmorgan-chase-alleging-debtcollection-abuses-20130509,0,6695376.storyin reply to: EMPIRE STRIKES BACK #5628Well, Fred, it took me awhile to get back to your comments below. Your assumption is wrong. The underground placer mining operations are chasing an ancient river that flowed mostly north to south. It flowed in the tertiary geologically time. It passed right through Alleghany and mining followed the initial stream miners and a few quartz opportunists. The Sixteen to One bought one of the most famous early mining operations known as Bald Mountain. The dead river is also called the “Blue Lead”. It was exceedingly rich. Why is this relevant today?
Maps and records verify that quartz veins outcropped in the ancient river’s bedrock. Chunks of high grade were mined in addition to the rounded ‘nuggets’. Our management realized the value of the untapped quartz and bought the claim in 2940. WWII stopped its development.
Red Star is another pre WWII target; however the Sixteen put up some cash, which coupled with a federal grant (OME loan), funded an exploration program into the Red Star on its 1500 level. So the properties are connected and remain one of our current major targets.
Last paragraph: The Idaho-Maryland activities have nothing to do with Original Sixteen to One Mine, Inc., except its example of failure by a Canadian company. Unlike many (and perhaps I am naive or ignorant), I do not believe that Federal, California or Sierra County intend to kill gold mining. Some individuals may hold that belief, but for sure not in Sierra County.
I truly appreciate your comments. Your assumptions, thoughts, ideas and questions are probably raised by the majority of Americans. Your musings allow me to express opinions from an odd perspective, but I will add I perspective earned over three decades.
in reply to: Gold Enters Major Bull Market #5627Gold $1469.10 OFF $1.60
Silver $23.99 OFF $0.14Originally, it was intended to go into the mechanics of why gold should remain subdued and possibly go into some fireworks in autumn but something more important needs your listening attention, go to the link below, it is a must:
in reply to: How to Approach Thin Veins & Cost #5626Michael,
Thanks for your response! I’m glad to hear you’re committed to keeping your railway! Great news! Although, actually, I realize that you have alluded to that before but I was still glad to hear you reiterate that.
On the other hand, I am bitterly disappointed to learn that the Idaho-Maryland project is dead. Disappointed indeed but hardly surprised. I first read about this project several years ago in the Wall Street Journal. According to the WSJ’s take on it at the time, local citizenry was already doing everything humanly possible to stop the project. So, like you said, there is enough blame to go around for everyone. Perhaps EmGold didn’t quite dot all their i’s and cross all there t’s either. Too bad. Perhaps someday mining will resume there in “a new form” like you suggested but the trouble is, the longer time goes by, the more everything will continue to deteriorate. So perhaps it will never happen at all. One can well imagine that an open-pit mine in the area would go over like a lead balloon. Oh well, maybe the loss of that resource will only serve to help make the gold in the Alleghany district more valuable!
Regards,
Fred M. Cainin reply to: How to Approach Thin Veins & Cost #5625Emgold’s relationship with the Idaho-Maryland is dead according to the Grass Valley, California Planning Department. Time ran out for meeting the scheduled fees and other paperwork to maintain the permit application. For Emgold to represent progress with permitting let alone future mining ventures at the venerable gold mine, it must submit a new application.
There are numerous reasons why not a gallon of water from the flooded underground workings occurred over the past 25 years. Blame is not difficult to assess. Emgold, governmental regulators and the public all share the in the final outcome. The project is not in real trouble as the source you cite said. It is dead! If mining in Grass Valley should rise as the great ancient Phoenix, its rebirth will be in a new form.
Original Sixteen to One Mine will continue its operation as a small rail operator. Why? It is proven be the best economic system to succeed. Those who think otherwise have failed so far and have no record of success to champion their conduct. Your tongue is safe from a bite.
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