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- in reply to: Water and Arsenic: which came first? #5744
cw3343
Excellent presentation, I couldn’t agree with you more.
The world’s best learning and projecting computer run by Martin Armstrong stated on April of this year, 2013, the backs of the entrenched politicians has been broken. The transition to, hopefully, much better ones will be back dropped with much screaming and yelling from them as they reach out and attack the people during this period of their demise.
During the period the excessive amount of government employees will significantly be sized down and my guess is the revenue collecting ones will go last which could be
the regulators. Government has imploded itself at its own hands as they regularly do. These guys don’t have hardly anything under control, mostly everything is out-of-control and they won’t tell you but know it if they are smart. Some of them actually believe their own BS which makes them dangerous to us.Get ready because “Squeeze The People” will be their mantra until they get kicked out of office.
in reply to: Water and Arsenic: which came first? #5743Mike has a good point. Regulators are gonna regulate, it could be as simple as that.
Sacramento has become a bloated, fat, and out of control myriad of too many agencies, boards, commissions, working groups, departments, bureaus, and their ilk. There are a lot of middle manager types that have to strive to come up with new rules and regulations in order to justify their own department and/or job security. If they do not constantly come up with new nonsensical preposterous ideas they might get downsized or merged into another entity.
Why do they do this? BECAUSE THEY CAN. The only real power they have is their ability to say NO, and they use it as much as possible.
How to solve the issue? I have no idea – but it may help to find someone who is very familiar with the upper-level State procedures and process. This individual would understand the inner workings of State bureaucracy and how to work with it, and not necessarily against it.
in reply to: Ideal Time for Facts #5742Second Quarter 2013 in summary from World Gold Council
Gold jewelry demand rises 37% in Q2 2013, led by Indian and Chinese consumers
Lower gold prices generated a surge in global jewelry demand to 575.5t, the highest volume for five years. In value terms demand was 20% higher than Q2 2012.
Sizeable ETF outflows countered by record bar and coin demand of 508t in Q2 2013
The fall in gold prices led to record demand for gold bars and coins of 507.6t, up 56% in value terms to US$23bn. However, this was mitigated by well-documented outflows from ETFs.
Technology gold demand saw a marginal increase, up 1% in Q2 2013
Demand for gold in the technology sector in Q2 2013 increased by 1% to 104.3t. Price declines and improvements in economic conditions provided a boost to demand from the electronics segment.
Central bank gold purchases slowed in Q2 2013, remain within 70-160 ton range
Central banks added 71.1t of gold to official reserves in Q2 2013, marking the tenth consecutive quarter of net purchases but 57% down on the previous year.
Total supply shrank 62 tons in Q2 2013, driven by 21% decrease in recycling
While Q2 2013 mine production saw a 4% increase year-on-year, the significant reduction in recycling by consumers during the quarter led to the 6% decrease in total supply.
in reply to: Water and Arsenic: which came first? #5740Yes, there are paths to take to rid not only the Sixteen from unwarranted duress but enlighten our much needed public agencies to view the surroundings they regulate in a 21st century manner. Unfortunately, I cannot identify the most effective path to dispose of the problem.
My answer to your question is for all those aware of the issues is:THINK HARD INSIDE AND OUTSIDE THE BOX.
in reply to: Water and Arsenic: which came first? #5739Michael,
Good post. But my question is, what can we shareholders (or other interested parties) residing outside California do to help with this? Is there anything we can do?
Regards,
Fred M. Cainin reply to: Water and Arsenic: which came first? #5741Michael,
I still tend to think that there might indeed be some pro-business editors at the Wall Street Journal who might be interested in your story. I have subscribed to the WSJ for years and have often seen things like this published.
Just recently they had an article on the California water crisis. The farmers aren’t getting enough irrigation water because some kind of turbines in the dams are threatening some kind of small fish on the endangered species list.
I really and truly believe you have a great story that illustrates how our system has run amok.
Regards,
Fred M. Cainin reply to: Water and Arsenic: which came first? #5738Your theories have merit. Many informed or casually curious people are confused about the nature of the legal problem we face. Who is driving this corrupt legal claim for $2 million in damages to Californians? What groups maintain, advocate and see social progress by shutting down our resource industries?
The issue is not arsenic pollution and degradation to the environment of Kanaka Creek. Kanaka Creek is as healthy as most high Sierra Nevada Mountain water courses. Those polluted are due to human waste from too much poop or industrial toxic waste unnatural to the surroundings. So what are the issues driving our Sacramento government employees to sue Original Sixteen to One Mine, Inc. for $2,000,000?
I believe it was driven by angry or jealous or guilty or ignorant or malicious or arrogant individuals both working at the water agencies or not. Their actions are in the past and date back to 1993. But this is 2013, and the claims of legal misbehavior were filed in Sierra County Superior Court May of 2009.
My theory has merit. There is a serious problem in California’s execution of the law. I am sure that some individuals now employed in Sacramento realize that pursuing this claim for $2 million is not right, not good behavior or even beneficial to Californians. But they may suffer job relate economic consequences if expressing this view.
They should be saying, “Wow, something is wrong here. Yes, thirteen monthly reports were not filed, but this defendant should not have been required to perform those 1,400 tests per year. The reason for the initial requirement was due to the milling of ore, which produced a waste product. Once the mill ceased operation in 1998, the testing requirements should have been reduced to meet the actual circumstances at the mine site. Not only did my fellow water bureaucrats fail to adjust the testing in 1998, but they failed to adjust the requirement in the following two permit renewals (2003 and 2008). They fucked up and now I am asked to protect their errors.”
So the problem is: how can a poorly reasoned lawsuit be set aside if you work as a governmental public servant. For this result, I visited Governor Jerry Brown and met with one of his chief advisers. I also made myself available to the Chairman of the Water Board and staff. I do not suggest that all public servants realize the mistake and want to settle this aggression. I feel that those I spoke with sensed the inequity of the law, its definition and more, but nothing has changed!
Those angry or jealous or guilty or ignorant or malicious or arrogant individuals smell the blood of a wounded wolf. So I am asking you to find the mechanism to stop these predators and aid those who know this lawsuit is wrong. Will the wolf survive? Ask Los Lobos. Let’s address the causes and call them out. Let’s expose this inane behavior and allow them to say, “Well, a mistake was made. I for one want to correct it. Set aside this lawsuit right now.”
in reply to: Water and Arsenic: which came first? #5737The use of a Sono filter will take all the arsenic out. They are cheap to build. See the net for info on them. Used in Bangladesh to remove arsenic from domestic water.
in reply to: Water and Arsenic: which came first? #5735Michael,
I have my own idea and theory as to what is driving a lot of this stuff. First of all, I want to say that I agree with everything you posted on this but it’s just that I suspect there is something deeper cooking down below the surface.
It is simply this: Environmental groups such as the Sierra Club and the National Resources Defense Council, both of which are very powerful in California, subscribe to a strong ideology that there should be *NO* mining or logging in the National Forests. Period. They want all extraction businesses terminated in the National Forests.
Therefore, I strongly suspect that this whole thing over arsenic in the waste water is nothing more than a guise or an excuse to close the mine. That is their objective in my opinion. Shut the Original Sixteen To One Mine down along with any other mines still operating in the National Forest.
This might also explain the fine over the lack of reports. It appears crazy on the surface but when you think of their deeper logic (end mining in the Forest) then it all begins to make sense, doesn’t it?
Would a class action lawsuit on our part make a difference? Beats me. I can’t answer that but I tend to be pessimistic about it. Part of the problem is that these environmental groups have a good chunk of popular public opinion on their side and they know it.
So, what to do? I think we need to get our word out and educate the public more and you have already done that quite a bit with some of your YouTube videos. Still, it would be nice if we could do more. I think there are some editors at the Wall Street Journal that might be interested in your story.
The sad and bitter ironic fact is that underground gold mining – especially the kind of traditional mining you’re doing with cars and tracks – is remarkably “environmentally friendly”. By pushing for their damned wind turbines, the environmental groups themselves are probably contributing to far greater environmental damage than the Original Sixteen To One could ever do. Yes, ironic indeed.
Regards,
Fred M. Cainin reply to: Water and Arsenic: which came first? #5736Matt Emrick, Mining Lawyer in Roseville
in reply to: Water and Arsenic: which came first? #5734Thanks David for the suggestion. While numerous misguided enforcements of environmental situations occur, ours has single issues important to address. Joining an effort in progress, seems not the best way for the Sixteen to One to redirect the enforcement levied against us. My wish is: gain power for change with a cross section of groups and individuals, who realize that problems exist and have yet to get involved in solutions.
One single issue is the uncontestable fact that those responsible for issuing a permit failed to follow the law and its procedures for determining the level of testing required. The mine quit running the mill in 1998, but for three permit renewals the water staff did not take that into determining the number of tests it required. Another single issue is that the lawsuit’s bitch is for not filing 13 monthly reports. There has been zero harm to Kanaka Creek or the People of California, who are the Plaintiffs!
Ideas welcomed.
in reply to: Water and Arsenic: which came first? #5733Hello Mike,I recommend P.L.P., an you may want to get a hold of Dave Mc Cracken of the new 49ers. He has a good attorney group out of Portland, Oregon fighting the Fish and Wildlife Department over new dredge prohibition regulations. You might look up the Pebble Project in Alaska. They are fighting the E.P.A. over water.
Also Congress is investigating the E.P.A. for settling cases out of court from law suits filed by Environmental groups, with out judicial review. Causing the environmental laws to be more restrictive.in reply to: Water and Arsenic: which came first? #5732Most entries under this topic offer fact, thought and opinion about specific properties of water and its qualities. Water has become the buzz word for speculations. The time for reality dialog about naturally occurring minerals and elements is past due. Precious wealth of time and money continues to chase phantom claims propagated by difficult groups and individuals to define their motives. The obvious is for money but many are just plain ignorant people of the subject. It is troublesome because most of the people are intelligent. But, it must end. The arsenic levels in the water traveling through our property harms nothing. A much more logical agreement supports that it is healthy!
I write today after reading “Clips from Alleghany” on August 5 by fredmcain. I agree that one place to make a difference is to stop the aiding and abetting by California’s water/public servants who support water nonsense. The issues are grander than saving the Sixteen to One. There is an endangered species larger than our miners. It is all those in our domestic, natural resource industries and the ethics of extraction. America, you are getting screwed! Americans are paying more for the use of our natural necessities than necessary and the overcharges are going to nonproductive people. It is easy to broaden these observations, but I prefer to work on solutions. So, let’s go.
At the June Annual Shareholder Meeting I presented an idea that challenges the legality of a willful, negligent and non-legal filing for monetary damages exceeding $2 million. Those individuals who initiated this lawsuit were encouraged by nonprofit organizations or individuals who have no clue about the specific issues at the Sixteen to One; however, the employees, public servants, working under control of the Central Regional Water Quality Control Board cannot hide behind ignorance. Neither can the Board. Water is their job!
Here is how all Americans can affect change. It is called a class action suit. Following is information to consider:
As with so many other issues, California is on the cutting edge of the class-action boom. The Supreme Court, like its predecessors, has shown no hesitation in developing its own class-action jurisprudence incorporating principles of federal class action law in some cases and departing markedly from federal practice in other respects.
Statutory and common law foundations of California class action law: Federal rule of Civil Procedure 23
The primary statutory authority for class actions in California is Code of Civil Procedure 382. It provides that: “When the question is one of a common or general interest, of many persons, or when the parties are numerous and it is impracticable to bring them all in before the court, one or more may sue or defend for the benefit of all.”
California Rules of Court, Rules 3760.3771 governs motion practice, class notice, the settlement approval process and discovery against class members, among other topics. In California, class certification requirements are found in the case law. Sav-On Drug Stores v. Superior Court, 34 Cal. 4th 319, 326 (2004). The plaintiff must establish the existence of “an ascertainable class” and a “well defined community of interest among class members.”
Requirements: (1) Predominant common questions of law or fact; (2) class representatives with claims or defenses typical of class; and (3) class representatives who can adequately represent the class. Id.
Plaintiffs are required to show that class treatment would “provide substantial benefits” to both the courts and the litigants.
Trial courts are permitted to look to federal class action law in the absence of a relevant state law precedent; Rule 23(b) has often been used as that guide.
Consumer class actions in California are governs by their own statute, the Consumer Legal Remedies Act, Cal. Civil Code 1781. The CLRA includes specific certification requirements… as well as detailed provisions about the method and content of the class notice.
There are several areas where California law differs from federal law. These differences suggest that California is a somewhat more hospitable forum for class actions than federal court.
1. Public Policy Favoring Class Actions – California law has “a public policy which encourages the use of the class actions device.” Sav-On Drug Stores v. Superior Court, 34 Cal. 4th 319, 326 (2004). To effectuate that public policy, trial courts have “an obligation to consider the use of… innovation procedural tools proposed by a party to certify a manageable class” and are urged to be “procedurally innovative.” Id. At 339. Federal law carries no similar imprimatur for the class action.
2. No Dispositive Motions Prior to Class Certification.
3. No Merits Review As Part of Certification – California courts “view the question of certification as essentially a procedural one that does not ask whether an action is legally or factually meritorious.” Linder v. Thrifty Oil Co., 23 Cal, 4th 429 (200)
4. Opt-In Procedure Prohibited
5. Interlocutory Appeals from Class Certification Orders
6. Depositions of Unnamed Class Members
7. Injunctive Relief Prior to Certification
8. Tolling of Individual Claims
9. Costs of Class Notice – Under California law, the court may direct either party to pay for the costs of the notice. Cal. Rule of Court 3.766(c). While a plaintiff ordinarily bears the cost and burden of providing notice, the court may shift the costs if the defendants conduct has complicated the identification and notice process. Hypertouch, Inc. v. Superior Court, 128 Cal. App. 4th 1527, 1553 (2005)
10. Availability of Attorney’s Fees – the California high court reaffirmed that a party may be entitled to attorney’s fees where the lawsuit has been a “catalyst in motivating the defendants to provide… the relief sought,” even if the prevailing party has not yet obtained any affirmative relief in litigation.
The availability of fees bases upon a “catalyst” theory is particularly important in injunctive relief class actions, such as environmental or governmental reform cases. California has also taken a different approach to the calculation of statutory attorneys’ fees based upon the lodestar method, permitting enhancements for risk, while the federal law prohibits the use of risk multipliers.Questions for your thoughts and responses:
What are common or general interests to meet the standard of California Code of Civil Procedure #382 as defined above?
Who qualifies and how broad can qualification be considered to meet “the existence of an ascertainable class and a well-defined community of interest among class members?”
How will plaintiffs show that class treatment would “provide substantial benefits” to both the court and the litigants?
My initial look into the success of a class action lawsuit is positive. The above questions are open for your creative ideas. Send no money. Like the mining operation, we are exploring right now.
I am certain the loss of utilizing our country’s natural resources is a loss experienced by all Americans. Whether the activity is in Tennessee, Pennsylvania, Florida Arkansas or Missouri, all are losing quality of life and suffering economic losses due to the out of control abuses in the execution of environmental laws. I want to join a class action suit but cannot be its leader.
MMM
_____________________________________________________________________________in reply to: Clips from Alleghany #5731“Original Sixteen to One Mine, Inc. does not have a huge bankroll capable of fighting the California Attorney General and the US Solicitor.”
What? No legal fund? What if **WE** would become the legal fund? Supposed every shareholder and every other interested party in the Original Sixteen To One Mine would make a small donation, say $50, $100, $200, $500, just whatever a person could afford. If you can only afford ten bucks, then send ten bucks. I mean, why not?
We could send out a mass mailing to everyone on the list. There is an “Endangered Species” in California in need of immediate protection: Underground gold mining with tracks! “Act now to save an important part of California’s history and protect jobs and school children!”
Speaking personally and only for myself, I just sent fifty bucks to the “Save-The-Redwoods League” so why not the Original Sixteen To One? The mine probably means as much if not more to me than the redwood forest anyways.
Just an idea, that’s all.
Regards,
Fred M. Cain
in reply to: Clips from Alleghany #5730It is a glorious morning in Alleghany, California’s last gold mining community in the sierra Nevada gold belt. It is hard to believe that thousands of men and women settled nearby. When driving or walking around these now deserted lands, you spot trees or bushes that remain from the endeavors complimenting a long standing mining homestead: apple and pear trees, elderberry bushes and of course the sweet, seedy black berry. Scoop could be sipping a coffee latte right now but instead tosses a handful of those seedy sweet black berries into his mouth.
Well, there is a lot of mining news but details are difficult to get first hand from the miners. Everyone is quite busy. The underground guys continue to explore and the surface miners are fixing everything from roads, utility lines and especially equipment. A low boy Peterbuilt and trailer rolled in with four new tires plus the old ones for the Cat 966 loader. One old tire split and one was a spare that was undersized. Mike found 4 Michelin tires and chose to replace all four. A front seal began leaking last winter so now is the time to replace the seal. It is a major repair job. Did you know that the tire company charges $250 if the customer leave one of these tires behind? The split one is offered to the Alleghany park for the kids to play on.
A couple of gold operations are blaming the reduced or low (ha, ha) price of gold for ceasing or significantly modify their operations. Baloney! If you hear these stories, look a little deeper for the truth. Remember, “Truth, like gold, lies at the bottom.” It is not surprising that there is little underground activity in the mines. Do you have an idea what a gold mine must pay to get workers compensation insurance in California? Think about it. What does an operator pay for each $100 of labor cost? Scoop will give you a moment ot make a guess.
The annual shareholder meeting was held at the mine site on June 15. There was a serious discussion about the Sacramento generated $2 million lawsuit filed in 2009 claiming the company was responsible to pay that amount for not filing 13 monthly reports. The damage was only in paperwork. There was no pollution of adverse effect to the land or downstream from little Kanaka Creek. A class action lawsuit was proposed because the loss affects all Americans, shareholders or non-shareholders.
Another federal agency says the little gold mining operation in Alleghany affects commerce in the United States, which is the authority MSHA claims as its (MSHA) right to inspect the miners’ operation. Wow! The federal lawyer said that because the mine has AT&T it affects interstate commerce. Oh, the phone bill on the date of inspection was $1.44 in long distance calls. What MSHA has done is put inspectors with no underground experience in a complex geological deposit who writes citations which require professional judgment as to safety. It does not work.
.
Ideas on how to challenge the wisdom and legality of this water ridiculous lawsuit are sought. Original Sixteen to One Mine, Inc. does not have a huge bankroll capable of fighting the California Attorney General and the US Solicitor. The answer to the workers compensation percentage is: Underground discount rate is 35.89%. Total payroll taxes are 48.64%. Discount rate depends of payroll size.No matter the Sixteen to One because of its unquestionable rich geology and its undeniable motivated crew will prevail.
3in reply to: Miscellaneous #5729The Major U.S. Banks Are Financial Hoods
Jim Sinclair’s Commentary(http://www.jsmineset.com)
The most endangered species on the planet is the pensioner and to become a pensioner.
Banksters help cull the geezers.
Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees
By Matthew Leising – Aug 2, 2013 2:00 AM ETU.S. investigators have uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives.
Recorded telephone calls and e-mails reviewed by the Commodity Futures Trading Commission show that traders at Wall Street banks instructed ICAP Plc brokers in Jersey City, New Jersey, to buy or sell as many interest-rate swaps as necessary to move the benchmark rate, known as ISDAfix, to a predetermined level, according to a person with knowledge of the matter.
By rigging the measure, the banks stood to profit on separate derivatives trades they had with clients who were seeking to hedge against moves in interest rates. Banks sought to change the value of the swaps because the ISDAfix rate sets prices for the other derivatives, which are used by firms from the California Public Employees’ Retirement System to Pacific Investment Management Co., said the person, who asked not to be identified because the details aren’t public.
in reply to: Miscellaneous #5728U.S. Gold Mine Output Falls 5% In April – USGS
By Kitco News
Monday July 29, 2013 12:11 PM
(Kitco News) -U.S. gold mine output was 17,600 kilograms in April, the U.S. Geological Survey said Monday.April output was 5% under March production of 18,500 kgs. April output was also modestly below year-ago production of 17,800 kgs.
The average daily production rate in April was 587 kgs of gold, USGS said. This compares to March’s average daily rate of 596 kgs, the April 2012 average daily rate of 593 kgs, and the 2012 average of 639 kgs.
For more information, see: http://minerals.usgs.gov/minerals/pubs/commodity/gold/mis-201304-gold.pdf
in reply to: Miscellaneous #5727Spain Taxing Sunlight
Posted by Martin ArmstrongSpain’s Secretary of State for Energy, Alberto Nadal, has signed a draft royal decree taxing energy derived from photoelectric cells. If they can’t derive taxes from utilities, what the hell – tax the sun. Next comes a tax on clean air to breath to live. They already tax food.
————————————-Governments are having difficulty coming up with debt payments. All this is heading our way and is just a matter of time before new and expanded taxes become our obligations.
Squeeze the people.
in reply to: Miscellaneous #5726in reply to: Miscellaneous #5725Jim Sinclair has been warning of a big government money grab coming soon.
Visit his website to get the particulars.
in reply to: How to Approach Thin Veins & Cost #5724Group,
I belong to a different underground mining forum where we have also been discussing “mines with tracks”. One guy from Canada responded stating that there are a number of Canadian mines still using rail. Among them are the Dome Gold Mine, Kirk Lake Gold also has a rail mine, “Xtratra’s” Kidd Mine and Goldcorp’s Hoyle Pond Mine.
The forum can be found here if anyone is interested:http://www.ironminers.com/mineforum/index.php (you will need to copy and paste that address to your browser.
The forum also had gobs and gobs of beautiful color photos taken in underground mines – many of them abandoned. I might also add it was from that forum that I first learned about the Original Sixteen To One Mine.
I truly believe that the forum is worth checking out.Regards,
Fred M. Cainin reply to: Miscellaneous #5723People do not appreciate how economic shocks are always followed by economic reforms. The rise in taxes and the global G20 effort to seize everything and imprison people who have offshore accounts was instigated by Hollande of France. At this stage during the government implosion is being caused by those in power who cannot see that they are the PROBLEM. Hollande is typical of someone who has mental disorder found in children known as Oppositional Defiant Disorder whereby they blame others for their own mistakes. This is our general crisis in which we find ourselves. Those in power will destroy the world economy convinced that if they could just get their hands on every piece of wealth, then their faulty ideas would succeed.
Martin Armstrong
in reply to: Gold Enters Major Bull Market #5721Trend line resistance is currently located at $1338.15 which is the descending 50 day average price on gold. This area should be treated as resistance until such time that the metal surpasses it with comfort.
in reply to: Gold Enters Major Bull Market #5720Gold $1327.40 UP $30.40
Silver $20.40 UP $0.87Gold busted through the $1300 area and continued higher hitting $1341.10 later today. It is suspected that the $1338-$1340 area may have been it for a while.
We are slowly approaching August 7th when Martin Armstrong says directional changes will take place. If any market is strong going into the time period then expect the opposite following and vice versa if it is weak. Gold may have reached too soon or even might surpass trend line resistence and may be affected with a lower price later. We’ll just have to wait and see.
I’m thinking even though the short term may have stabilized we need to continue holding out for better gold purchase prices past the short term or even during the continuing short term. The possibility still exists that the western central bankers might take gold lower in continuing attempts to shore up CONFIDENCE while needing more and more time to put Humpty Dumpty back together.
in reply to: Miscellaneous #5719WWII Shipwreck Gives Up 61 Tons From Atlantic Seabed
By Sonja Elmquist – Jul 22, 2013 8:46 AM MT
Odyssey Marine Exploration Inc. (OMEX), a deep-sea salvage company, said it retrieved more than 61 tons of silver bullion this month from a World War II shipwreck nearly three miles (4.8 kilometers) below the surface of the Atlantic Ocean.
Odyssey recovered 1,574 silver ingots weighing a total of about 1.8 million ounces from the SS Gairsoppa, the Tampa, Florida-based company said in a statement today. The 412-foot (126-meter) British cargo ship was torpedoed by a German U-boat in February 1941, Odyssey said on its website.
Enlarge imageForty-eight tons of silver bullion has been recovered from the SS Gairsoppa and returned to the British government, Odyssey Marine, Inc. announced on July 18, 2012. The record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a shipwreck.
Odyssey Marine Exploration Inc. Remotely Operated Vehicle pilots navigate the advanced robotics used to recover silver bars from the SS Gairsoppa shipwreck site, which lies approximately 4,700 meters deep in the North Atlantic, in this handout photo on July 2, 2012. Source: Odyssey Marine Exploration Inc.
Odyssey Marine Exploration Inc. uses advanced robotics to recover silver from the SS Gairsoppa shipwreck site, in this handout photo on July 8, 2012. Source: Odyssey Marine Exploration Inc. via Bloomberg
The metal was worth about $630,000 when the Gairsoppa was sunk and about $36 million at today’s prices. Odyssey has recovered a total of 2,792 ingots from the wreck, about 99 percent of the insured silver reported to be aboard when the vessel sank.“We have accomplished a world-record recovery at a depth never achieved before,” Odyssey Chief Operating Officer Mark Gordon said in the statement.
in reply to: Gold Enters Major Bull Market #5722I hope Mr. Sinclair is right.
Comex Must Change Its Delivery Mechanism Soon
Posted July 22nd, 2013 at 7:41 PM (CST) by Jim Sinclair & filed under General Editorial.My Dear Extended Family,
The cause of today’s spectacular rise in the gold price is the reality that with Friday continues large drops in the Comex warehouse gold inventory. No cogent argument can be formed against the reality that because of the continued fall in gold inventory that within in 90 days or sooner the Comex must change its delivery mechanism.
The highest probability is that Comex will have to move to cash settlement rather than gold. Part of that settlement could be lots of 100,000 GLD that represents the ability to exchange for gold.
Their problem is that if GLD is part of the settlement mechanism for the spot Comex contract that GLD will be destroyed by the convertibility. It is a truism in gold that which is convertible into gold will in fact be converted over time.
Gold rose today because those knowledgeable know the inevitability of the changing of the Comex contract, as it is today which calls for settlement in gold between contracting parties. There is no question this is the emancipation of physical gold from the fraud of no gold, paper gold. The emancipation will cause physical gold exchanges to take birth and to be the discovery mechanism for the price of gold. This is the end of the ability to use paper gold future contracts as a mechanism to make the gold price sing and dance at the will of the manipulators.
With manipulation coming to an end the true value of gold will be discovered by the cash exchanges that are now taking birth. The advent of the cash spot exchanges around the world is the natural demise of the Comex set up as convertible and now being converted.
As long as one can buy spot, pay insurance, transportation and re-casted by Rand Refinery to Asian products sold profitably, the demands for real gold are ending the hay days or even existence of the futures exchanges.
Gold is headed back to be traded as it was before 1973. Gold will trade well above $3500 and those who have lived in the gold market like me for now 53 years know it.
A price of $50,000 for gold is not out of the question as a result of its emancipation from “fraudulent paper, no gold, paper gold.”
GOFO is screaming this truth. The warehouse inventory of every futures gold exchanger is screaming this. The fact that there is no meaningful above ground supply of gold is screaming this. The fact that most of the central banks supply of gold is leased is screaming this.
There is no reason why gold cannot move up hundreds of dollars a day when the Comex changes their spot contract settlement, as they must, as they will, very soon.
Respectfully,
Jimin reply to: Miscellaneous #5718July 19, 2013 jsmineset.com
I listened carefully to yesterday’s Bernanke speech. He seemed ill at ease and almost stumbling. I truly believe that Bernanke is confused and even frightened by the results of all his manipulations. But what he’s most confused about is the poor results he’s been getting from both the economy and the markets. Bernanke appears to me to be a man trapped and confused by his own unorthodox tactics. Bernanke wanted to be a hero when he stepped in during 2009 to halt the panic in the markets. Now I believe he wishes that he had never tried to turn the markets during 2009. The consequences of his actions turned out to be worse and far more confusing than anything Bernanke imagined.
–Richard Russell July 18, 2013in reply to: Miscellaneous #5717JP Morgan Is Reportedly Getting Ready To Settle For $1 Billion For Manipulating Energy Markets
Steven Perlberg Jul. 17, 2013, 4:41 PMU.S. regulators and J.P. Morgan Chase are close to a monster settlement over allegations that the banking giant tampered with electricity markets in California and the Midwest, the Wall Street Journal reports.
Ok J.P. Morgan got caught but where are the refunds to California residents?
in reply to: Miscellaneous #5716Years ago the media prided itself on reporting and journalism. Today they are puppets for their masters. Don’t forget that if you boil it down, almost 90% of the media is ultimately owned by just 6 major corporations. You get to hear what they want you to hear.
Rob Reiner – The International Forecaster
in reply to: Miscellaneous #5712According to Wikipedia:
Capitalism is an economic system characterized by private or corporate ownership of capital assets and goods. In a capitalist economy, investors are free to buy, sell, produce, and distribute goods and services with at most limited government control, at prices determined primarily by a competition for profit in a free market.[1][2][3] Central elements of capitalism include capital accumulation, competitive markets, and a price system.
“With at most limited government control”
It’s quite apparent government these days is seeking more and more control. Or should it be said that big bankers are grabbing our wealth through their financial schemes supported by their paid shills?
Our free market system has been invaded by hack regulators not voted in by the people but put in place by our so-called representatives.
Now recently the big man just wrote an executive order giving him complete power over the nation’s communication systems. Will there be another executive order written describing what we can and can not say on Face Book and through our e-mails even though the NSA is recording EVERYTHING and storing it on their computers?
This is not “limited government control.”
The bottom line is all this information is being collected for blackmail for greater control over the common folk. Hoover at the FBI blackmailed many in government with their collected information. Imagine what it will be like with all those computers NSA is proposing to house in their new very large facility currently under construction in Utah?
The people are bound to show their disgust with the growing presence of a third party come election time 2016.
Weighing in on our company, we would be much better off today if the capitalistic theory would have been respected by government:
1- Capital accumulation – How much time and money did that law breaking pack of independent attorneys steal from shareholders when they were let out of their cages?
2- Competitive markets – Loving gold and mining has been severely disturbed by the added expense of having to react to accusers and regulators in shrinking our profit margins or just sinking us into the red most of the time.
3- Price system – Oh Gee whiz, how have we ever survived with the central banks of the world leaning on and suppressing the price of our final product?
The system by which all these players are controlling us is not free enterprise and most certainly, not true capitalism.
in reply to: Miscellaneous #5711test
in reply to: Miscellaneous #5715Great News
Posted on July 11, 2013 by Martin Armstrong
There are a group of Senators who want to bring back Glass-Steagall separating commercial banks from investment banks. That was removed by Goldman Sachs’ Robert Rubin under Bill Clinton.
Nevertheless, the Fed is already advising banks that they will not insure losses on the trading side. The Fed has been advising banks they will only cover commercial banking deposits and loans period! Trading losses will be on them.
Glass-Steagall is coming back if they like it or not. The banks are not going to be handed blank checks anymore so the future will be strikingly different.
in reply to: Miscellaneous #5714Wayne Root supports workers.
http://www.kitco.com/news/video/show/FreedomFest-2013/362/2013-07-12/Wayne-Root-What-Fuels-Gold
in reply to: Miscellaneous #5713According to Wayne Root in an interview on kitco.com stated:
In the first 90 days of 2013 the Obama administration added 6,118 new rules and regulations.
If you break rules and regulations you get fined. It’s a real money maker for the government. These types of aggressive government actions are exactly the same that Rome’s government cast on its citizens prior to its collapse.
in reply to: Miscellaneous #5710Achieving Independence
By James Corbett
It’s the day after the day after Independence Day. Sadly, for many Americans this means that the fireworks have all been set off, the hot dogs have all been grilled and eaten, the hangover fog has started to lift, and it’s time to carry on with business as usual in the great American Empire. Another year of working as a cog in the great corporate machine of America’s increasingly fascistic system. Another year of being openly surveyed, spied on, and tracked by the NSA. Another year of inflating bills and mounting debt as the talking heads crow about an “economic recovery.” Another year of food stamps and Obamacare, NDAA arrests and police brutality, quantitative easing, social dissolution, and racial tension. Another year before anyone bothers to once again give lip service to the great American tradition of independence that has long since been abandoned in favor of “national security” and “social welfare.” The founding fathers must be spinning in their graves.in reply to: Miscellaneous #5709The 4th of July
In 1775, people in New England began fighting the British for their independence. On July 2, 1776, the Congress secretly voted for independence from Great Britain. The Declaration of Independence was first published two days later on July 4, 1776. The first public reading of the Declaration of Independence was on July 8, 1776. Delegates began to sign the Declaration of Independence on August 2, 1776.
Prior to this historic event, the King of England was severely taxing the colonies. In addition, the people of the colonies had few rights especially when British soldiers wanted entry into their homes.
What is really different today? a small elite group operating behind the curtain is doing the same thing. Their front is the Wall Street banks and, or course, those in power.Today there is growing restlessness with the people flavored with constant quoting from our Founding Fathers who entended much more for us than we have today. And then we have Homeland Security, who have amassed large supplies of bullets and armored vehicles.
Not to forget, the warrantless intrusions into our personal financial information, our emails and private? phone conversations now being stored for what?
I’m not celebrating the 4th this year as I fear the likes of the English are back.
Something doesn’t smell right.
in reply to: Another U.S. precious metals miner goes foreign #5708Under our highest laws which is the work celebrated today, the freedom to work the Sixteen to One mine is undermined by governments’ execution of our most treasured document: the United Stated Constitution. Its administration in every department should be stamped with wisdom and virtue in compliance with our laws. Some things are wrong.
The habits of thinking in our country should inspire caution in those entrusted with its administration, to confine themselves within their respective constitutional spheres, avoiding in the exercise of the powers of one department to encroach upon another. The spirit of encroachment tends to consolidate the powers of all the departments in one, and thus to create, whatever the form of government, a real despotism. We see it with comingling federal and California water agencies and to a lesser degree the mandated rules for health and safety.
That love of power, and proneness to abuse it, which predominates in the human heart, is truth of this position. The necessity of reciprocal checks in the exercise of political power, by dividing and distributing it into different depositories and constituting each the guardian of the public weal against abuses by the others, has increased to the point of the extinction of many in our natural resource industry. To preserve them must be as necessary as to institute them. If, in the opinion of the people, the distribution or modification of governing (constitutional powers or statutory) be in any particular wrong, let it be corrected by an amendment in the way which the Constitution designates, not as it is currently. To execute or administrate them inspires caution, avoiding in the exercise of the powers of one department to encroach upon another. It is the responsibility of the People. But how will the People be informed?
A small but artful enterprising minority of the community have become the rulers. I wish I could say leaders, but their leadership ignores the best interest of the People. The public administration became the mirror of ill concerted and incongruous projects of fractional different parties rather than the work of consistent and wholesome plans sometimes garbled by common councils but modified by mutual interests. Government workers are not to blame except that for personal reasons, so many cannot strike out against the problems they see and enforce. Where are leaders for the People? Individuals have united in power as cunning, ambitious and unprincipled rulers. They are not leaders but potent engines with artificial and extraordinary force. They subvert the Power of the People which destroy the very engines which they are trusted to fuel.
My hope is greater today that the People are awake now and thoughts are appearing to expose the machinations now occurring at home and around the world. It is not confined only to the governments. Illegal behaviors are commonplace when one searches enough the documents of our great country. I am more optimistic now than when I wrote “AHEAD OF THE CURVE” almost two years ago (see below). In conversations with California and federal individuals whose job it is to regulate, I notice a change. Whether it reaches those entrusted to lead, remains a mystery to me.
Happy Birthday to the citizens and administers of our great United States.
Oh yes, our crew is working today to celebrate their right to mine and earn another day of pay. We continue to explore this world class gold deposit. Our sights are set on finding more of the natural wealth deposited here over 125 million years ago and bring it above ground for the benefit of the People.
in reply to: Gold Enters Major Bull Market #5707From Martin Armstrong this morning:
ANSWER: As wild as it might sound to the non-Goldbugs, the metals are actually not in a bear market.
How sure? This is about a 100% probability. The issue is not the metals ALONE. It is everything interconnected. For the metals to enter a REAL bear market gold must close BELOW $680 on an annual basis and silver BELOW $8.50.
——————————————————-This may be shocking for most to understand but creative minds in this field of buying and selling equities, commodities and bonds are few and far between. The money played in the above represent the biggest money game in the world. Don’t be caught being too subjective and prone to believing everything you might see and hear. There is another frontier out there that few care little about, it’s called getting it right. Do your own thinking and never give up searching for what really is.
Mike never gave up and as the days pass the probabilities of his locating the next big gold deposit only improve. It’s a given on our properties that time lapses between million dollar finds are a necessity in order to find the next big one.
in reply to: Gold Enters Major Bull Market #5706At best, gold has just about finished an awful intermediate plunge. The major bull market is still intact. Stock market semantics have always been important to me in all my past professional writings. Unless someone identifies the class of bear or bull market, it is just assumed by many that the primary direction is what they are speaking of. Bear market and bull market terms are quite loosely used between people that just don’t know what they’re talking about. Just ask anyone and your get a myriad of descriptions of the two.
Just to be helpful, you may want to go back and rethink what kept the railroad shares pushing ahead as just being satisfied with some profits may not prepare you for the next time when different circumstances either take them down or up. I love the railroads and I have been riding the rails all through the U.S. and Canada since I was 5 years old. There is no better aid to thinking than being on a train or at the beach. Currently, I’m in a villa overlooking the water and Land’s End in Cabo.
I think relying on your gut is in some form being creative and good for you for having faith in your investments and in your will when smarter people than us with big money were twisting our minds and attempting to get us to part with our fully paid up company shares.
Are you receiving Martin Armstrong’s daily missives? It’s like being back in the higher learning institutions again BUT this time, you’re being taught by, probably, the most brilliant creative mind on the planet. I kid you not.
in reply to: Clips from Alleghany #5705A group of kids (with adults) are walking from Alleghany to Downieville tomorrow to help raise money for improvements at the park in Alleghany. Pledges in any amount are welcome and should be sent to: ACWD P.O. Box 860 Alleghany, CA 95910 Put the word “trek-a-thon” in the subject line. There will be an article about it in next week’s mountain messenger. As far as I know 10 people are signed up. It is a 9.2 mile walk!
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