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Egon von Greyerz from the below article appeared on CNBC today. When he started to make a forecast of much higher gold prices the CNBC crew attempted to discredit him.
The direct link to the video interview can be accessed from jsmineset.com
in reply to: Gold Enters Major Bull Market #4301Last on gold is $1238.20.
The following linked article, “Sovereign Alchemy Will Fail” by Egon van Greyerz describes the world financial condition from February 11, 2010. At the end of the article is a John Williams’ real CPI adjusted gold chart which will shock you.
Not surprising, we never saw this chart on financial TV, in newspapers or mentioned in other media outlets except on the Internet.
http://www.matterhornassetmanagement.com/2010/02/11/sovereign-alchemy-will-fail
in reply to: Gold Enters Major Bull Market #4300Governments, whether they be federal, state or foreign, are financial imbeciles. It might take a little time, but they are all coming to their citizens through wealth confiscation to bail them out and keep their jobs.
We are at the cusp of a complete financial breakdown. Currently, all combined debt, government and personal included, in this country is runnung at 840% of national GDP according to Mr. Ron Arnott chairman of Research Affiliates. How will this be sustainable with increasing debt obligations as Obama and company keep borrowing more? This is complete insanity.
Marc Faber a follower of the Austrian school of economics states, “We are all doomed.”
You and your neighbors will be bailing out these fools for a long time to come. Confiscation comes in many ways: States like California will dismandle the social support apparatus along with taxing property owners and taxing everyone for EVERY financial transaction. The barter system will make a major comeback. The federal ambitions are simple: Destroy our purchasing power by significantly expanding our money supply so they can repay the debt in cheaper dollars.
According to Martin Armstrong, when the people have had enough witnessing the continuing destruction of their purchaing power they will hoard by dumping their debased currencies as fast as possible. When this starts to appear we will be in hyperinflation. Hyperinflation will practically wipe-out everyone’s wealth unless you are protected. This is why it is so essential to hold a good portion of your family’s wealth in gold, some silver along with gold producers and explorers.
——————————————–
Jim Sinclair’s Commentary
The predatory beast of the OTC weapon of mass financial destruction, the CDS, is now consuming its next meal.
One by one the fiat currency system is unraveling while others are making trillions in the process.
Gold is the ONLY answer. If you do not own it you perish. If you trade it odds suggest you will not be fully positioned on payday.
Sovereign Credit-Default Swaps Surge on Hungarian Debt Crisis
By Kate HaywoodJune 4 (Bloomberg) — Credit-default swaps on sovereign bonds surged to a record on speculation Europe’s debt crisis is worsening after Hungary said it’s in a “very grave situation” because a previous government lied about the economy.
in reply to: Gold Enters Major Bull Market #4298Hi Rick
I look forward to responding to your question. Can you please be a little more specific?
in reply to: Gold Enters Major Bull Market #4299A rare interview with the Hugo Salinas Price of Mexico concerning gold and the possible reintroduction of silver peso coins back into general circulation. Put that into your pipe and smoke it J. P. Morgan.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/6/5_Hugo_Salinas_Price.html
in reply to: Clips from Alleghany #4295Unfamiliar cars parked at the Sixteen to One office yesterday. Other than the strange weather this spring, little news is coming from Alleghany, so perhaps strangers in town could be a story. Turns out a California Deputy Attorney General, court reporter and company lawyer, Klaus Kolb, drove up for a deposition hearing (Rae was the intended victim.) Rae undertook testing Kanaka Creek during 2004 and the water agency’s prosecutors questioned her involvement. She withstood the questioning quite well.
The group seemed friendly, sitting very close together in Mike’s office. The California water agents believe that the company and Mike broke the laws that govern water reporting and created a “public nuisance” along Kanaka Creek. They claim $3,000,000 in damages, that’s what the Attorney General seeks in his lawsuit.
What? Three million dollars damages cause to this clear, clean and beautiful life supporting small creek has no credibility or evidence to support it. Scoop thought California courts and its “officers” had rules and penalties for misleading the court! If the government people win the civil suit, expect criminal prosecution next. The Central Valley water management has mistreated the Sixteen to One for over two decades. The whole matter doesn’t seem civil at all. It has become an unreasonable and harmful to the public.
Scoop thinks it resembles extortion, and the allegations offered by the Deputy Attorney General are the means to get money and put this old company out of business. The young lawyer working for the Attorney General seemed like a pleasant chap, one without a grudge or axe to grind. So, WHO IS DRIVING THIS LITIGATION?
Interruption for some news… The high voltage power to the mine failed this morning. PG&E was called and the response was fast. Power is restored. The malfunction was determined to be two small mice that bit off more than they could chew in a transformer.
The questions are, who is driving this litigation and WHY? No other company working in the natural resource industry of Sierra County was regulated to perform a schedule of water tests as the ones put forth by the Central Valley Regional Water Control Board in Sacramento. Scoop reports this whole water situation is a travesty and not in the public’s interest, not only for Californians but also for all Americans. The federal government should step in and sue the water agency for breach of its professional duty and responsibility. This is a disgusting waste of taxpayers money and contrary to working for the benefit of the public. Write your state and federal representatives and demand an investigation into the politics and practices of this over reaching public agency.
Now for the weather. Rain continues but not likely to turn to snow. The PG&E repair men think the weather is related to the volcano activity in Iceland, similar to the unusual weather experienced after Mount Saint Helens blow off. Many are getting worried about fire due to the lush vegetation in the forest.
Scoop signing off with those words of president Miller in his annual message to shareholders, “Less talk and more rock.”
in reply to: Gold Enters Major Bull Market #4297Bluejay….what do you think of what is written below this topic?
in reply to: Gold Enters Major Bull Market #4296Last on gold $1220.10……up $12.30
Last on silver $17.38….down $0.57
Gold/Silver ratio 70.21
Gold/XAU ratio 7.22It appears central banks had an orchestrated plan to support the Euro today but market forces overwhelmed them. Prior to New York’s opening, gold was forced lower to $1195 in London trading. The Euro was a little firmer to $1.2070 following the NY opening but started eroding and continued for the balance of the day, closing at $119.64 – off 1.69%. Over the day, gold continued steadily higher.
The real news today is J.P. Morgan’s efforts to take the monetary shine off silver which they are heavily short by relating it to Copper’s weakness in hammering it lower with more paper sales. The copper price broke critical support earlier in the day at the $2.95 to $3.00 a pound area. The metal closed at about $2.825. Silver closed off $0.57 at $17.38.
As everyone here knows, gold and silver have been used for money since practically the beginning. Now, we are witnessing Morgan helping it down along with copper, as gold ascends. For all practical purposes, silver’s usage as an industrial metal has been growing along side historical buying by the public as a hedge against their eroding purchasing power.
Currently, you can trade in one ounce of gold for 70 ounces of silver. In the last year buying silver each time the ratio exceeded 70 has been a good time to exchange some of you Federal paper for it. On the conclusion of this missive, the phone will be picked up and an order placed for more silver one ounce Canadian Maple Leafs.
Will Morgan’s apparent effort for a disconnect between gold and silver last? I guess you would have to ask the CFTC how many more short positions in the metal they will permit Morgan to hold.
According to west Texas Mike from krld.com radio at 10.07 PM Sunday nights, our recessionary spiral is deeping. This will probably effect silver demand to some extent.
A pertinent question is, will the -growing lack of confidence- in governments around the world motivate enough people to make up for the extra available supply of silver with additional purchases due to the expected lessening of demand from industry? Take your pick.
India used to import 700 to 800 tons of gold a year. Last year when gold spiked higher their demand was cut back to 200 tons. This year it is expected that they will import 422 tons. The people of India are bargain shoppers when it comes to their precious metals needs. Silver is in a declining mode with bargain basement prices almost here according to the Gold/Silver ratio. It will be interesting to watch the clash between paper short sellers in silver by Morgan and friends along with a suspected increasing demand for the physical metal from this section of the world.
A quick few words concerning the Gold/XAU ratio. The ratio at 7.22 is clearly favoring gold over the gold and silver related shares. The trend is firmly entrenched for this continuing, at least, over the short term. If the ratio continues higher, possibly approaching the 8 level, it is suspected that it will have gone too far and will be ready for a decline. When it reacts, the precious metal stocks outperform gold.
Got your gold?
in reply to: Gold Enters Major Bull Market #4294Simply put, debt accumulation without a foundation is doomed to fail. This is so simple I wonder why some believe in the tooth fairy.
Ah… This brings up the explanation: people do believe in the tooth fairy, and the reason why Bluejay cites his sources. (I remember getting 10 cents for a tooth and then wondering what the scam was all about…I did the practical thing and asked my parents why they were wasting a dime. After all, what good was a tooth when it was unable to bite?)
When debt has no backbone, nor teeth, it is a recipe for riff-raff to eff with the whole balance.
This was all spelled out when we first heard of “Build a house upon sand vs. upon rock.”
in reply to: Gold Enters Major Bull Market #4293Last on gold is $1223.40.
Price analysis in markets has always been a difficult art to master. It involves three important factors: fundamentals, technical observation of the charts and historical perspective.
It has recently been accepted by a minority that historical perspective is more important than simply reviewing current charts and fundamentals.
Martin Armstrong from http://www.martinarmstrong.org has been one of the pioneers in this area but others have preceded him. Millions and millions of dollars along with untold exhaustive hours have been spent over recent years in understanding what motivates markets to change.
Mr. Armstrong’s research results can be accessed by reading all his commentaries from the above linked website.
Instead of going into his conditional premises for predicting the future, it is advised that each one of his articles be read and digested. If you don’t get it all in your first effort, read it again until it completely gets absorbed.Take for example the housing bubble that has popped: the politicians and the media state that a turn is just around the next corner. This is a lie. According to historical perspective provided by Mr. Armstrong the declining home values will continue until the year 2012 then rebound to some extent until 2015. Following in time, expect values to decline to new lows and flatten out, maybe, in seven years of so.
So what the government, the politicians or the media speculate about concerning home prices prior to 2012 is all BS. Being able to state this is the direct result of being educated by Mr. Armstrong.
Since this is the gold market section, Mr. Armstrong has stated that gold is pushing up against a glass ceiling, which means we are pushing up against the upper channel in an established ascending trend formation. He expects gold to push through this ceiling then decline back to the break-out point then following, the metal will put in some sizable gains.
Mr. Armstrong has some enlightening words in his last few articles concerning the U.S. stock market that will give you some cause to be concerned if you are invested in this area.
The State and Federal politicians plus the big New York banks have plans for our wealth. An education being provided free of charge to you by Mr. Armstrong will quite possibly insure your family’s financial survival.
in reply to: Gold Enters Major Bull Market #4292Last on gold is $1212.20.
The link below is to the kitco.com released article entitled Hidden Dollar Swap Hammer by Jim Willie.
Mr. Willie is a Patriot who has proven this over and over again by keeping the public continuously informed of the “real news” combined with his worthy opinions and predictions.
http://www.kitco.com/ind/willie/may282010.html
Also, check out some startling comments made by Felix Zulauf of Zulauf Asset Management to Eric King in a recent interview at http://www.kingworldnews.com .
Got your gold?
in reply to: Miscellaneous #4291Visiting with Rita and Sean yesterday, and the energy is still flowing!
in reply to: Miscellaneous #4290Rita , husband Sean and daughter Cora accompanied by Eric Rice, a well known Blue Grass aficionado, spent a long afternoon underground in the Famous Ballroom. There voices and instruments were recorded without any amplification by Steve O’Neill. The acoustics defy words.
Several wishes for the Ballroom persists. We hope to broadcast a live performance on KVMR FM radio. If you take a moment to go to the NEWS topic, page three and scroll down to March 21, 2002, you will find the big wish. Maybe the thrust of “Who Will Sing for the Miners” will come true. It is long overdue.
in reply to: Miscellaneous #4289Yes, most of us know that Rita Hosking recorded songs in the mine this month! Googling Rita 48,000 hits arrived….
I remember the first time I heard her voice…at a Joe Craven picking-party backyard, and was floored by one of the most unique voices I’d ever heard.
I follow Rita on FaceBook and recommend the same, as well as listening to KVMR, especially her web-page. Rita’s new album is awesome.
in reply to: Gold Enters Major Bull Market #4288Gold closed out the week on demand at $1214.30.
In The News Today
Posted: May 28 2010 By: Jim Sinclair Post Edited: May 28, 2010 at 5:03 pmFiled under: In The News
Dear CIGAs,
David Rosenburg, an investment analyst out of Toronto, was featured on Bloomberg today until he made a gold price prediction of $3000 which he classified as most likely too conservative.
The interviewer made the mistake of asking him why. His answer was immediate and surgical.
You should have heard their attempt to flush him. All you could hear was David, David, David, as they tried to shut him up.
Well done David.
in reply to: Gold Enters Major Bull Market #4287Last on gold is $1211.50 as it acts peculiarly firm: the Euro drops, gold advances – the Euro strengthens, gold still advances. Each time gold experiences daily weakness, it is followed by a quick snap-back.
This is all taking place as the media continues with their daily assaults on the noble metal. Now the Wall Street Journal is getting into the act with a “not so nice” three part appaisal of the gold market written by Brett Arends.
This morning a notorious gold hater, Jon Nadler, from Kitco has written more catty comments in his article, Baubles Sell, Bubbles Swell.” http://www.kitco.com/ind/nadler/may272010.html – Nadler has so much praise for Arends’ words that it might suit them both if they got a room together and left the education of gold to Martin Armstrong and Jim Sinclair. For some educational input concerning these gold haters check out the book, “Gold Wars” by Ferdinand Lips.
The fact of the matter is there just ain’t enough gold to go around for everyone to protect themselves in the midst of of one of the greatest bubbles in the history of the world, DEBT.
When this bubble pops, folks who haven’t insured their wealth with hard assets against this pending debt implosion fiasco being helped along with vastly expanding world fiat currencies will only have the mind-controllers of the media to thank for their family’s losses.
It has never been reported in the media that people buy the most amount of gold when they sense their government has been remissive.
in reply to: From the Sixteen to One Archives #4285James Rolph
27th Governor, Republican
(1931-1934)in reply to: From the Sixteen to One Archives #4284I say Governor( Moonbeam )Jerry Brown….
in reply to: From the Sixteen to One Archives #4286Many thanks for both your efforts. Dick, you got it right. Smithsgold, I wish Jerry had said this. He is familiar with Alleghany, but I’m not sure how he would express the benefits of mining in California. More on that later.
The governor’s message below was printed in the first issue of the California Mining Journal (VOL I NO. I). The cover of this great publication, printed in August 1931, has a picture of an old geyser with a mule and gold pan. It also features Nevada and Sierra County Mines.
The story, authored by Harry S. Tibbey, reads, “The Original Sixteen to One mine at Alleghany is undoubtedly the richest mine ever found in California, or anywhere else for that matter, and millions have been extracted in the comparatively short time it has been worked.” To my knowledge this affirmation still hold true seventy-nine years later.
Back to Governor Jerry Brown. During his time in office legislation was passed and signed that instructed the government to catalog all mineral property and potential mineral land in California. Its purpose was to insure that development did not threaten these valuable assets. Gold was decided to be of benefit to the people of the state of California. Thirty-four years later that benefit remains. Unfortunately, the government failed to exercise its duty to the people it represents.
in reply to: Gold Enters Major Bull Market #4283Gold’s last sale is $1190.80 being pushed higher from recent lows at the $1170 level by a declining Euro. The currency’s last sale against the dollar is 122.86. Remaining below 125.00 leaves the door open for continuing erosion.
A new Martin Armstrong article is available. Mike and Rick will be interested in its content, as everyone should.
in reply to: Ideal Time for Facts #4282ARTICLE X of the Constitution of California, Section 2 reads,
“It is hereby declared…the general welfare requires that the water resources of the State be put to the beneficial use to the fullest extent of which they are capable…and that the conservation of such waters is to be exercised with a view to the reasonable and beneficial use thereof in the interest of the people and for the public welfare.”
Can any other language and the interpretation thereof be any clearer that this?
DO blue-collar jobs that increase the GDP benefit California?
Are the interests of the people influenced by newly mined gold from California?
Will newly mined gold be beneficial to the public welfare?If you agree, please feel free to strengthen you beliefs.
If you do not agree with the above, please offer you evidence and explain your opinion and the logic thereof.in reply to: From the Sixteen to One Archives #4281The following is a message from California’s governor. Can you identify which governor or when it was published? What a great message!
“May I confess that, while I have never engaged in mining, that earliest and most picturesque of California industries has always had a strong appeal to my imagination. One of my urgent ambitions as governor is to accomplish something in the way of stimulating and reviving that languishing industry. I would like to see the entire mother lode and all the mining regions humming with activity. Legislation, of course, cannot put gold into the ground. But I shall be responsive to all sound suggestions for the benefit of the mining industry and the mountain counties.
The gold in California’s streambeds and mountains was responsible for her birth both economically and politically as a member of the family of states. California’s gold was an important factor in sustaining the federal finances and credit during the stress of the Civil War in the 1860’s; and in spite of recession in annual yield in recent years, this commonwealth is still one of the leading states in production of the yellow metal. The decreased production of new gold is due to the nation-wide and world-wide economic conditions over which the gold miner himself had no control; and because the price of his product is a basis of our (and other nations’) monetary system, the gold miner is entitled to special consideration at the hands of our law-making bodies both of the state and nation to the end that whatever statutory or taxation burdens are now hampering the flow of new gold from out of the ground may be either eliminated entirely or at least ameliorated to the maximum degree. California should be in the forefront of the movement to help. We need more gold. In the United States today we are consuming in the arts and industries more than twice as much gold as we are taking out of our mines each year. Unless something is done to help, it is conceivable that the foundation of the financial system with sooner of later be affected.
But gold is not California’s only bid for fame and attention. This state is prolific in available minerals of commercial value, and the diversity of her products is not approached by any other commonwealth. Mining in California marches alongside of and goes hand-in-hand with agriculture, as one of the great basic industries upon which our people depend. Our wealth in structural and other industrial mineral raw material is widespread throughout California and in great variety, and if properly fostered and adequately supported by governmental promotion, will continue to grow in importance and will continue to support an ever-increasing industrial population in this state.”
in reply to: Miscellaneous #4280When law enforcement prosecutes, intent is an essential element to its focus.
Law enforcement is essential to our society, accountable to a vibrant society, essential for the good of all citizens.
A lawless, unaccountable, un-elected thug should not have the blank slate to cripple and KILL a vibrant fiber of our Constitutional right to be free in this country.
On the roceord.
in reply to: Gold Enters Major Bull Market #4279Food for thought. There are over 650 gold projects in the world with reserves of over 1 million ounces. If the world consumes 75 million ounces a year, present reserves with no new discoveries will last 56 years.
in reply to: Gold Enters Major Bull Market #4278Food for thought. There are over 650 gold projects in the world with reserves of over 1 million ounces. If the world consumes 75 million ounces a year, present reserves with no new discoveries will last 56 years.
in reply to: Gold Enters Major Bull Market #4275Last on gold is $1191.50.
And the media’s drum beat goes on – forecasting $800 gold.
Today, it is Fortune Magazine http://money.cnn.com/2010/05/19/news/economy/gold.price.collapse.fortune/ marching through the gold party with the cartel’s $800 streaming banner flying high in the public eye. It must have crossed the minds of independent thinkers that have read Fortune Magazine during the past, why hasn’t the publication reported on the benefits of owning gold with projections of higher prices since it has been the best asset performer while the Dow Jones Averages have basically remained stagnant? Who does the publisher take his marching orders from?
It must be nice to have a losing short position in gold and have one of your friends, hopefully, bail you out with a negative report. Oh, the power of the press.
Gold is currently digesting a forced bull market reaction with it being off today $31 today at $1192.00, which is fine. It’s just another opportunity to buy more at a great discounted price but obviously, Fortune has accomplished their goal today with their handlers marveling over the easy victory. Little do these fear mongers realize with this weakness: this market event will just be another bull trap for them to be punished further with continuing new highs down the road.
At the moment, gold is off $31 for the day. The move down from the recent $1250 high represents a decline of 4.9%.
With a last of $1189.50, the metal may or may not continue descending to test strong intermediate term support at the $1170 level.The miscreants may still have another shot left in them to push gold temporarily lower from current levels with how they report this decline in their controlled media outlets.
How does today’s cumulative 4.9% decline from a 1250 high stack up against other weak phases since last December in this major bull market?
1) For the month of December gold dropped from 1218 to 1075, a 143 dollar decline or 11.7%
2) For the period from January to February gold dropped from 1162 to 1053, a 109 dollar decline or 9.4%
3) During March gold dropped from 1144 to 1085, a 59 dollar decline or 5.2%
4) During April gold dropped from 1070 to 1023, a 47 dollar decline or 4.4%.
Using just the last two representative periods of weakness for comparative purposes, as a basis for a possible glimpse into understanding this market’s intentions, it is very possible that this manipulated weakness has seen its day.
in reply to: Gold Enters Major Bull Market #4277Mike might really have a fit with all the print that’s being put on lately but we are in historic times and the following from Trader Dan and Jum Sinclair from the jsmineset.com website is important:
Gold is becoming the currency of last resort and that it not going to change because a Central Bank floods a system with liquidity and makes money available. The effects of this compounded increase in the amount of money in the system are going to be felt in an inflationary outbreak down the road. You will be glad you own the metal then.
I personally think that the more the price riggers jack with the system and play games in the paper market, the higher the price is eventually going to go. The harder you press down on a spring to compress it, the more fiercely it uncoils.
Nearly any astute investor OUTSIDE this country now knows that the paper Gold market is being rigged by the US government and its pals at the bullion banks. They are using that to their advantage as the short sighted fools of the West cede any economic advantage to the rising powerhouses of the East. Whoever owns the gold will rule the world. It really is that simple.
There really is something about gold that people can understand who are watching their currencies implode. No amount of bullion bank chicanery and official sector theft is going to change that. Gold is real money and always will be in the minds of the public, even though a war against it has been waged for three decades in the West.
Best to you,
Trader DanJim Sinclair’s Commentary
I would like to add my voice to this quote from Trader Dan.
It will be the various Goldmans that will make the most money in gold after picking the trader’s/scalper’s pockets dry.
“I personally think that the more the price riggers jack with the system and play games in the paper market, the higher the price is eventually going to go. The harder you press down on a spring to compress it, the more fiercely it uncoils.”
in reply to: Gold Enters Major Bull Market #4276Last on gold is $1193.20.
Last on silver is $18.23.Just ran into the linked story below concerning Democratic Representative Anthony Weiner from N.Y. pointing the finger at Goldline International a precious metals coin dealer that advertises on the Glenn Beck Show.
Weiner issued a report critical of the company for “grossly overcharging for coins and makes false claims about gold being a good investment. Amoung other comments that possibly could have merit, I take issue with the statement that publicly questions gold as a good investment.
Why doesn’t Weiner do something more productive like an investigative report concerning the loan sharks that are allowed to gouge everyone with excessive interest charges on the Visa and Mastercard accounts at the banks when at the same time these scoundrels are allowed to borrow from the Fed for practically no interest expense?
Was Weiner sauced when he made this irresponsible comment or are people in Congress really super naive and ignorant or are they just a stumbling herd of hacks?
Of course, Beck stikes back with a strong right cross. I know some people who think Beck is really off the wall but he does do his part with an effort to educate the listensers concerning what’s happening to their representative wealth and the “out of control” debt factory in Congress that’s well on its way to ruining our purchasing power along with the help from Bernanke at the Fed.
http://news.yahoo.com/s/ynews/20100519/pl_ynews/ynews_pl2136_2
in reply to: Risk Management Strategies #4272One of several hidden asserts of this mighty little gold company is its map collection. We don’t write about it much but the information contained therein is priceless. Here is what it means to me. The maps cover over one hundred years of development. One grouping is titled “Progress Maps”. They are usually depicting annual work and the months are colored individually. My mind turns to the appropriate dates of these progress maps. I transform into that miner, geologist, engineer or mining executive while studying the monthly (yearly also) progression of development and gold production. Why did they go here? Why did the go there? Why is this block of ground untouched?
The answers are speculative but, come on, all mining is speculative as are most investments. The ‘whys’ of the Sixteen to One are great topics for discussion. These maps affirm a fact: this deposit involves risk with hope of large profits. Also we have years of data beyond the times the maps were drafted.
Work to reorganize the map collection is underway. Years ago an old building was renovated to house the maps and have space to spread them out. Other needs preempted the reorganization…no longer so. The thirst for knowledge of the past now preempts other needs. I am thrilled to return to study of the work of yesterday’s miners. With each map comes the opportunity to learn.
I had an epiphany this morning after unrolling a 1915 map of the Tightner Mine Company. The map details the early working which are near bedrock elevations above the 250 level. The gold values are recorded in dollars when gold sold for $20 an ounce. One stope is breath taking…$700,000. Not far away is a $350,000 stope and there are many values at five figures. Times these numbers by 60 for gold today. Breathe taking!
Back to the epiphany. Are there no risk takers today for investing in this gold deposit? Apparently the answer is yes. Why? No one has taken the time and effort to understand this gold deposit, how it became successful and whether our plans will reap large profits. It is as simple as this…we are on our own.
Mining legends like Fuller, Searles, Foote, Kallenberger, HR Cook, Alling, Ferguson, Bennett and Taylor left their imprint in Alleghany. I have my answer to understand the risk/reward of mining for gold here, which is strengthened with these maps and thoughts of these great men. Thank you..
in reply to: Miscellaneous #4271The ever changing face of major banks.
The general business of big banking today has significantly changed from lending out depositor’s money to using those same funds for market speculation. If that wasn’t bad enough, the government is allowing them to falsify their net worth with relaxed accounting guidelines plus they are illegally hiding their write-downs.
Future generations will look back upon this system simply, as just being fraudulent. Is there any wonder that New York State Attorney General, Andrew Cumo, is investing eight big banks for providing the ratings agencies with false information concerning mortgage securities? The problem with keeping your money at the big banks is that they don’t operate under the moral guidelines of fair play.
People generally have confidence in the FDIC to insure their money, or is it money? It’s just representative of how many bills you have to part with to exchange them for gold. If your banks fails where is it written, when you actually get your bills back? Gold is constant with what it buys, the money or what’s believed to be money, the Federal Reserve Notes, historically depreciate in purchasing power and are not constant. The Constitution defines money as gold and silver.
The Federal Reserve was created by bankers as a vehicle to bail them out at the public expense. Who bails us out? Got your gold?
The following linked article entitled U.S. Banks Illegally Hide Write-Downs by Jeff Nielson of bullionbullscanada.com clearly spells out what the banks are up to these days and what people need to know.
It appears to be a “no-brainer” today in not trusting the big banks with your hard earned Federal Reserve Notes.
in reply to: Miscellaneous #4274You’re absolutely correct. You can add a few more scumbags that had their fingers in repealing Glass-Steagell like Phil Gramm and Robert Rubin. I’m sure the “brilliant” Larry Summers was putting his two cents in as well if he could spare any time away from demeaning women.
Why Obama chose Summers to be his economic adviser is beyond me as Summers cost Harvard $1.8 billion with his sassy and confident financial advice.
Anyway, these are the guys along with the ones Rick mentioned that will be responsible for bringing down the house. Oops, almost forgot Greenspeak. It’s comes so easily to think of politicians as, simply, inept but it goes past that: most are just greedy persistent uneducated people and look to voters as a means to their end. The free lunch. They act just like the pesky squirrels at the bird feeder until they’ve ravaged everything, then they move on.
Tonight, it was originally intended to alert everyone with one of Mr. Armstrong’s recent articles but I just couldn’t resist sticking it again to Rothchild’s boys and their paid hacks in government.
On May 6, 2010, Martin Armstrong made available on the Internet the article, The Debt Crisis – The Preview of What Is To Come.
It’s well worth the read because it will effect you and it’s not good news.
Mr. Armstrong concluded the article by saying: “Watch closely the events in Greece. It is a road map to what lies ahead. Our own politicians will do nothing. So collapse is impossible to prevent. Hang on. It’s going to get nuts.”
Got your gold?
in reply to: Miscellaneous #4273For those of us who don’t know:
When the Glass-Steagall Act was repealed and signed by the Clinton administration in 1999, the banking world was turned loose, like a kid in a candy store. Look it up for yourselves. (Always the best way to fact-check my stuff.)
All was done with the “feel-good-vote-buying-method” assuring “affordable housing” for all who couldn’t afford what they want. Socialist parade. Sounds great when you get stuff and don’t have to pay….like getting a credit card with no baqck-up plan.
“Hey, they gave it to me, so what’s the problem…you mean I actually have to pay it back?”
“No, no really, just wait a while while we sort it, but be sure to vote for us again, since we really want you to have afforable housing. Don’t let those rascal Rebulicans take your housing away!”
Blah, blah, blah…..
This whole house of cards started with this notion, manifested by Freddy and Fanny and nobody in the television media is able to look into the mirror because it would break on impact.
By design, I mention again, because once endentured, always dependent.
Consider the dependent-on-government-household….why would they ever vote away their gift, their cash-from Obama’s-stash, their ugly dependency??? Never. Vote buying on parade.
Back to the repeal of Glass-Steagall Act: it was the enabler to this crap. Prior, while the Glass-Steagall Act was in place (over 50 years, look for yourself please), mortgage banks interests were by law separate from investment houses…hence the risk management of mortgages was in check by the marketplace. To wit: you couldn’t recieve a house mortgage from an investment bank, and visa-vera, an investment bank couldn’t issue you a mortgage, hence insuring the housing market’s reality.
The repeal of the Glass-Steagall act by Bill Clinton’s administration changed all that, and the political doors were open to the gullible masses….
“You mean I can buy this for nothing down? Don’t have to prove my income? Well, bless the Democrats!!! I’ll vote for them forever!!”
And then when the ess hit the fan, they still want the candy to come back.
WAKE THE EFF UP!!!!!!
We have the Barny Franks, Chris Dodds, Bill Clintons, B-Bams to blame for the entire mess.
Our parents taught us: “You can’t get something for nothing.”
And I’ll add a new one: “Stop thinking and voting that way.”
in reply to: Ideal Time for Facts #4270Bluejay points out the no-brainer which somehow escapes the entrenched burocrats: they need funding.
Hmmm….either by confiscatory regulatory intrusion, or by creating a flourishing situation that contributes.
Somehow there is a breakdown in brain-power at the State regulation level, since, as I pointed out earlier under another topic:
A public sector job is dependent upon private sector taxes to exist…initially through taxation, or easier for them, criminally, through un-regulated czar-like water-board-like un-elected boards with no electoral accountability.
Seems like the public sector regulators have fingered it out: they would have to pay 100% of their salaries in income tax to justify their existence (be the accountant for this)…or pull out the red-pen and start fining the private sector. Heck, everyoner hates mines, right?
Target the golden goose. No-one will know, especially with the politics of green-crap so prevelant.
Regulation = feed trough
in reply to: Ideal Time for Facts #4267Is there any wonder why people work for the government? The answer is, they get paid twice as much as if they were employed in the private sector, including benefits.
The pin-heads at our local Water Board extort their salaries from companies and property owners at a great social expense for no other reason than, Californians must be regulated. What a sick premise.
Recently, Peter Schiff stated that the U.S. Departments of Energy and Education should be eliminated. I wonder what Mr. Schiff would think of all the regulators in California who with their big salaries and benefits have bankrupt the State to the extreme that now the poor will be suffering more.
In the Press Democrat here in the Santa Rosa area the paper headlined, in so many words, this morning Arnold’s fighting words to reduce the budget: stick it to the little guy with drastic cuts to health and welfare recipients. The paper stated, SONOMA COUNTY: “Officials appalled by ‘Unfathomable’ proposed cuts to social services.”
One answer for a partial rememdy to the State’s irresponsible financial collapse is to get rid of, for the most part the private contractors at the water boards, a useless State agency that curtails the ability of companies to gainfully employ the unemployed to increase State revenues.
If these water board employees sincerely care about the environment and not just making their mortgage payments at other people’s expense, then they should offer their services to the State of Alaska and get involved with real polluters.
http://northern.org/news/epa-rescinds-key-red-dog-mine-permit-limits
in reply to: Ideal Time for Facts #4269I like it blue Jay. Write the governor, and an article to the Press Democrat We need to influence public opinion now for the excesses of the government regulation. i can,t do it all my self, even though I try. Keep it up Friend. this Forum is great.
in reply to: Gold Enters Major Bull Market #4268Gold closed out the week at $1231.40.
Jeff Clark from Casey’s Gold and Resource Report says gold is talking:
I won’t always be this cheap. If you don’t buy me soon, you may regret it. I may get less expensive in the short term, but don’t mistake that to mean I’m losing value or that everything is fine with your paper currencies or your economic future. What you’ve done to your fiat currencies will hurt you. What is coming in terms of the price of things will overwhelm you. What the government has debased will haunt you. I’m here to protect your finances. I may be the only thing that can really do that.
You can be cautious about the price, but don’t be short-sighted about the purpose. Are you sure you own enough of me?
in reply to: Gold Enters Major Bull Market #4266The Take Down
In London gold overnight trading the metal hit 1250 where it sold off a little to stabilize above 1245. When Comex opened this morning the metal drifted a little lower, had a little bounce back and then got hammered down to 1217. Following the concerted take down, gold had rallied back some with a last of about 1228.80.
This is the first real attack we have witnessed in past weeks of strength. The banks knew of this take down as it was planned ahead of time. Bullion banks were issuing naked Comex shorts yesterday in gold and silver as if they were passing out free cotton candy at Coney Island without takers realizing that they would have a stomach ache the next day. Isn’t it amazing that some Wall Street banking firms show a profit everyday from trading?
The $30 take down this morning in dollar terms might get your attention but it was only 2.4% compared to the advance that started 11 trading days ago when gold pushed above a positive chart formation at 1170. Following that time period it advanced from 1172 to 1250, a gain of 6.7%. With the current trading price of 1132.50 gold is only down 1.4% from its high point of the day.
It’s guessed that the semi-round number of $1250 scared the fiat manufacturers around the globe so much that some entity was elected to act in holding off the people in another attempt to scare them from turning in their fiats for gold and silver and related items. Remember, the REAL reason that gold is experiencing heavy demand: Loss of Confidence in Governments to Rule. Recent buyers have been educated enough to understand that governments will turn against their own people when their power base in threatened. One step is to devalue, quietly, their currency’s purchasing power as the presses run 24 hours a day in their muffled basements. History is littered with the strong hand of the people when their life-style to survive becomes compromised as a result of the excessive self-interest by their leaders.
No better example of this mind-set to survive and maintain their power can be shown than what these banksters did with the government’s blessings to the community in 2008 when they were threatened with a run on their banks: demean and devastate gold by selling prices as low as possible. Well, that didn’t last long.
This style of unbridled greed, with regulators asleep next to them, caused every holder of precious metal related items severe losses. Some Canadian mining shares, with a slaughtering hand being slung by their related investment banks up north, were almost reduced to financial ruin. Drops of 90% were not unheard of.
Martin Armstrong stated that the Transitional Phase in gold has begun which will carry it to about $2500. So, expect gold to double in price with continuing attacks along the way from these miscreants. A remaining question is, over what time period? If the derivative’s global expanding financial cancer is any indication, it’ll be sooner, rather than later.
in reply to: Miscellaneous #4265Dear Jim(Sinclair),
Here comes the litigation you warned about years ago. It looks more like fraud than mismanagement and the accounting firms seem to have helped every step of the way (just like Enron and Arthur Anderson). This is going to end badly (and already is). Every book of every corporation in the West is now suspect. My God, what have these people done?
Regards,
CIGA PedroFormer Iceland bank chief hit by $2bn lawsuit
By Andrew Ward in Stockholm
Published: May 12 2010 14:20 | Last updated: May 12 2010 14:20One of the main figures behind Iceland’s banking boom and bust has been hit by a $2bn lawsuit that accuses him of a “fraud” that contributed to the collapse of Glitnir Bank.
The rest of the article is available at jsmineset.com.
The annual meeting of membership of Underground Gold Miners Museum was held on Saturday May 8th with a directors meeting directly afterwords. An exciting development of the meeting was that a gold display of specimens from many of the mines in the Alleghany Mining District will be hosted by the museum on the weekend of June 26th and 27th. This is a private collection. Details to follow.
in reply to: Clips from Alleghany #4262Hey Rae Bell isn’t that old! If 60 is the new 40 then she’s not even 30 yet.
Four inches of fresh snow on the ground in Alleghany. Still the birds are chirping this morning. They know it’s spring.
Maintenance work continues on the 1,000 level underground. Steel is replacing wood.
Rae Bell has the draft 10-K done and is waiting for Mike to give his input. Edda is ready to start on the annual report.
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