Last week Barrick Resources announced the postponement of their giant Pascua Lama mine. This was to be one of the worlds largest mines and is now tied up in litigation over true ownership ...
“Last Wednesday” was also an important day for the Kennecott copper mine in Utah, the ground started to shift more rapidly prior to this weekend’s landslide.
Last Thursday president Obama met with 15 heads of the biggest banks and brokers in the country, THIS was discussed as sure as the Sun came up this morning: we have hit the bottom of the barrel! Reserves that could be fed into the market are and have dried up at the same time that production has dropped and future production delayed. The paper game is blowing up …RIGHT NOW and the topic of discussion at the White House was about “how it would play out”.
The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered!
So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply.
What is happening right now is very clear to me, what I don’t understand is how anyone could miss this as it has all been laid out for you and dropped in your e-box to see (for years now), understand and prepare for. Life, all of life as we knew it is about to change forever. Hopefully you understood this and have already prepared for it!
Regards, Bill H.
Let's try my question to you a different way:
You posted, "what I don’t understand is how anyone could miss this as it has all been laid out for you and dropped in your e-box to see (for years now), understand and prepare for".
What are you talking about? What is "this" that we are missing, that "has all been laid out for" us?
I've read all the posts in this topic so far but cannot tell what you are saying for sure. Could you please explain in simple layman terms what your thesis is? I am not an experienced gold market investor, just a RBY shareholder captive here after two years holding a considerable amount of my savings in this stock. I take a passive interest in the natural resources market and an active interest to protect what is now becoming quite a loss on this gold mining stock.
kg (10K Shrs RBY @ $5.54 Shr since 4/11/2011)
I don't' understand why you want to "protect a loss", but I do understand why you bot. this exploration play even being "an inexperienced gold market investor". Sounds like a recipe for disaster to me, and frankly it appears to have been just that for you. It is not that no one was posting warnings or preaching caution on this board two years ago when you bot. in. Unfortunately they were just drowned out by an irresponsible gambler leading a pack of cheerleading clowns. And you unwittingly became another victim of the reckless and unrealistic expectations they posted on this board. Many others made the same mistake, but sold out and moved on without a closing word. Haven't heard of any offers by those pumpers, and we know who you are, to make good on the losses they caused to others, have you?
What to do now? The investor faces the same question hour by hour every day. First do you believe the gold bull is intact? Not linear for crying out loud, but intact. If you say no, then sell the RBY and move to another asset class. If you say yes, then is RBY the most likely gold stock to appreciate over the next few weeks AND what would be the reasoning for that appreciation? In the case of a producer with a clean balance sheet you can expect that their earnings and the valuation of their reserves will cause the stock to regain its PPS. Can we say this about Rubicon? No. Speculative exploration projects are news driven as no practical measure of their worth is available. IMO a mid tier like Yamana or Royalty is more likely to appreciate than RBY UNLESS some really great Rubicon news is announced shortly, and that is little more than gambling in itself.
I am a fellow PM investor just like you, learning/helping each other here, in the path seeking personal wealth and liberty protection. After about one year in PM market, then I learned from others that the big picture is larger than the mining industry, and it impacts the industry, including ruby and other fishes in the pool, that is why sometimes I pasted good macro PM situation info here for sharing.
It seems you mainly just focus on PM stocks and you may want to start to look at the big picture starting from Harvey Organ's blog, which is good daily summary of what is going on, then you may want to visit silver docotor's web site, which gives the latest development at the silver dealer front, cause one site founder owns a online PM shop and lots of smart guys chat there. zerohedge is a daily read too. mainstream has only lies and stupidity. In a while you will figure out how all points are connected and you may refine your PM strategy.
Good luck !
another SD viewer's comments, making sense. It is hard to believe history is in the making in front of our eyes, but who are prepared to see other similar historical event like Fed has no gold to return to Germany, US mint half month vacation, Cyprus long long bank holidays, etc .
April 16, 2013 at 3:08 AM
Okay y’all this is what the roux looks like in my stir-pan. What I saw was no ‘garden-variety ‘correction’, it looks to me that what played out, was the final COMEX Crash. They’re cooked like ‘blackend red fish’.
For ten years we’ve seen steadily increasing accumulation of gold and silver by greater numbers of holders, recalcitrant against overtures toward trading for ‘profit’. In the recent five years, we’ve watched that trend intensify with populist campaigns like ‘Buy Silver, Kill JPM’ and ‘Silver Bullet, Silver Shield’ gain broad global notariety; to say nothing of the relatively new ‘physical funds’ storing vast amounts of metal for wealthy folks seeking protection from invisible theft of currency inflation (grand theft in their ilk).
Most recently, State mints around the world have been experiencing interspersed, but gradually more frequent supply ‘disruptions’ to blatant outages. In the past year that’s spread to affect wholesalers and very recently even local coin shops. This ‘tightening’ has. all the while, been accompanied by reports of larger and larger withdrawals of metal from bullion banks by private ‘players’ and Countries.
So, I don’t have to be a Dr. John or Marie Laveau to see what’s spelled out in these renderings … COMEX is facing immediate default on delivery demands and will likely announce a switch to 100% banknote ‘settlement’ in the near future (as has been done secretly already and openly in Europe), because NO ONE IS SELLING AT … ANY … QUOTE, … THEY HAVE NO METALS TO DELIVER AT … ANY … QUOTE.
(to be continued)
this gives one theory of the Kamikaze style naked shorts attacks in PM market, which now led to $7 premium on ASE as one result. It will be funny to see US mint announce the new official premium on ASE is $5 for dealers, if they can still open for another one week.