Oh please ! How far down are you this week 65% ???? Did you double down yet ?? You are about to be crushed ! Gold has bottomed and will be going northward for many months to come
Newly released minutes highlighted that they do not expect 2% growth until 2017. They also noted that they believe they will lose credibility if they move before that - I AGREE !
The US is slowing now, as well as china !
Here's the breakdown on Alcoa's China outlook for 2015:
•Automotive production growth expected to come in at 1%-2%, down from 5%-8%
•Heavy-duty truck and trailer production expected to fall 22%-24%, down from expectations for a 14%-16% decline
Fell against yen last few days - This could be the UNWINDING of the dollar trade. If so, there were so many people piling in expecting a rate hike that it could take a week to unwind BUY
Sentiment: Strong Buy
Is AEM CEO not calling out banks for being criminally investigated for rigging gold because he has to keep being pals with them so he can go to the market and dilute retail investors net worth by selling more frigging bonds or issuing stock at dirt cheap prices so cash is flowing in to keep paying million dollar salaries to management?
COMEX is getting low on gold - The ratio of PAPER to physical gold is now about 200-300 to 1 ! ! !
Add the 3X bear funds (PAPER) and it's been easier to keep the gold market down. HOWEVER, . . the tide is now changing and investors are getting smarter and are now TAKING DELIVERY on the gold.
With all the major central banks buying gold now(China, Russia, Scandinavian countries, and others like Turkey, etc..) I sense a SQUEEZE coming on the paper markets.
When the physical metal DISAPPEARS the TRUE VALUE of gold will be seen !
CLGRF is now highly profitable and while small, I believe it could be the canary in the "gold" mine ! The short term debt on the miners have come down enough that we should start to see a turnaround in their profitability this month - with QTRLY reports
are interesting. Chart one, with few exceptions oil and gold run together, meaning as oil prices go up and down so does gold, Its out of whack now because gold has stayed relatively high in relation to falling oil prices. Chart two, gold prices rise as the amount of money supply increases. And that too is now out of whack, gold price was increasing as the money supply increased, but recently the money supply dipped a bit, but gold fell at least twice as fast as did the money supply, if the trend had continued gold would be at 1800. Anyone got a comment on this?
Mining companies are powerless against colluding banks, as banks are above the law. Fiat, however, is their Achilles Heal.
US Justice department announce on Feb 23 of criminal investigation against Goldman Sachs and 9 other Wall STreet banks for rigging precious metals markets and AEM CEO has said nothing for 6 months and now the European Union has started their own criminal investigation on August 25th and AEM CEO continues to say nothing. Are Gold Company CEOs told not to say a word by Central Banks? Is the gold market rigged totally?
What valid reason would AEM CEO not comment after seeing his retail investors losetheirasses as he collected millions in salary?
firm moves from Hold to Buy today @ $11.02 closing price yesterday. probably explains why they worked over the book yesterday down to $10.50 area, scooping up the weak.
Agnico Eagle Mines has registered to sell as much as $500-million (U.S.) in stocks or bonds as it looks to develop mines in Northern Canada and Mexico. Tthe base shelf prospectus is valid for 25 months. "Unless otherwise specified in a prospectus supplement, the net proceeds from the sale of the securities will be used for general corporate purposes, including to fund potential future acquisitions and capital expenditures," the company said in a filing Friday. Agnico Eagle wants to bring in partners and may sell stock to help fund projects as it battles low gold prices Developing the Amaruq and Meliadine mines in Canadaand El Barqueno in Mexico are the top priorities. Agnico Eagle closed Friday at $34.47, down $1.02 on the Toronto Stock Exchange.
I understand that Val-d'Or is Agnico Eagle's bread and butter, and that Malarctic and LaRonde are world class mines. But for the life of me, I don't understand GoldEx. At the end of 2014, the mining property had 0.3 MOz of reserves at 1.5 grammes/tonne. This grade is what you would expect from an open pit, but not an underground operation. How does the operation make money? I know that there is long-hole open stoping but lots of operations do long-hole stoping and not for C$33/tonne. I used to think that they were just mining for closure because the GEZ zone was flooded, but recently, I saw that the Deep 1 project has been approved, which will extend the mine life to 2024 and mine to a depth of 1,200 meters.
Agnico's website says that the mine will produce 6,000 tonnes/day of ore at an average of more than 100,000 oz of gold a year. Some back of the had math shows that this means Agnico is expecting a recovered grade of 1.42 g/tonne, Agnico is expecting to recover 1.42 grammes/tonne from a shaft 1 km deep! That is absolutely insane. To top it all off, the Deep 1 project is going to require approximately $135 to $140 million including the cost of installing an automated conveyor system, and sustaining capital is estimated at more than $60 million. I just don't understand how the economics of this make sense at current gold prices, or how this is the best use that Agnico has for its capital. The firm has 1.2 billion in debt, surely they would be better off repaying?
There must be synergies with some other operation to make this project viable or long-term plans to access other parts of the deposit at depth. Either that or Agnico has found a way to mine much more efficiently underground than anyone else that I know of on the planet. Anyone have thoughts on this?
What's funny is the miners aren't hiring shady accountants like the Wall Street fraud empire. The bankers are determined to acquire pennies on the dollar and will rig, rig, rig the shares down.
I wouldn't want to "catch the knife' yet
' mining companies are pulling out all the stops for ways to strengthen their balance sheet. writes that Goldcorp cut its dividend by 60 per cent and sold assets. Barrick Gold is selling mines to slash its debt by $3-billion. Kinross Gold is eyeing job cuts at its West African mine after killing plans to expand operations earlier this year. Goldcorp chief executive officer Chuck Jeannes says, "If we stay below $1,100 for a significant period of time, yeah, I think you will see mine closures and action in the industry, and maybe some consolidation and some companies throwing up the white flag." So far there has been scant consolidation. Gold mines are still operating, even if at a loss. Companies whose shares have been decimated refuse to throw in the towel. The decline in the sector is reminiscent of the late 1990s when bullion plunged 40 per cent in two years, bankrupting miners and forcing the industry to suspend production and close mines. Agnico Eagle Mines CEO Sean Boyd says the current downturn is harder because there are fewer quality gold assets left in the world.
Earlier this year, AEM was trading well above the averages for the TSX producers on the GDX (blue line versus the black dashed line). At the end of July AEM corrected to trade below the GDX averages on a normalized relative price move basis.
This looks like an indicator is forming for a possible base ending the gold bear - in the past when high flyers finally flew to below average capitulation wasn't far off. However, as you can see from the AEM chart (and many of the producer charts), periods of below average price performance can easily last several months.
Still, a positive sign for the end to gold bear is in place although it is definitely much too soon to call an end to this viscous gold bear. https://www.goldminerpulse.com/#outlook