Money is Gold and nothing else. J. P. Morgan, 1912
If a gold standard is going to be effective, you've got to fix the price of gold and you've got to really stick to it...To get on a gold standard technically now, an old fashioned gold standard,and you had to replace all the dollars out there in foreign hands with gold, God, the price...of gold would have to be enormous.
Former chairman of the board of governors of the Federal Reserve System. October 15, 2012
From James Rickards - The Death Of Money - Chapter 9 GOLD REDUX
Connect the dots?
Bottom Line....For those analysts who believe the price of silver is heading lower in the future… the falling yields and increased costs will prove otherwise.
Good read...by SRSrocco on April 17, 2014
There is an insidious Dark Side to the silver mining industry that goes unnoticed by the majority of investors and analysts. Actually, I haven’t come across one miniyng analyst who puts out comprehensive data on this very subject for the silver mining industry.
According to my figures for 2013, the top primary silver miners suffered the lowest average silver yield ever. That’s correct… another year of declining ore grades and yields.
Looking at the chart below, the top 6 primary silver miners average yield for 2013 was 7.6 ounce a tonne (oz/t) compared to the 8.1 oz/t recorded in 2012. Thus, the top miners shed another half ounce of silver yield… falling 6% in 2013.
The top primary silver miners average yield declined 41% from 13 oz/t in 2005, to 7.6 oz/t in 2013. The top 6 mines and companies included in the chart above are BHP Billiton’s Cannington mine, Fresnillo, Pan American Silver, Polymetal’s Dukat & Lunnoye mines, Hochschild and Hecla.
Four of the mines suffered year over year declines while two actually increased yields. Here is the breakdown:
Change in Yield (2012-2013)
BHP Cannington mine = - 1.0 oz/t
Fresnillo mine = -1.2 oz/t
Pan American Silver = -0.3 oz/t
Polymetal = +0.6 oz/t
Hochschild = -0.4 oz/t
Hecla = +1.0 oz/t
Both BHP Cannington and the Fresnillo mine will continue to see their average ore grades decline in the next few years, however Fresnillo’s silver grades should stabilize at 271 grams per tonne.
Hecla increased its average yield at its Greens Creek mine in Alaska by more than an ounce in 2013, which was the contributing factor pushing its average yield higher last year.
Declining ore grades are the Dark Side of the mining sector because the industry would rather not advertise its impact on the cost of producing silver. This next chart shows the increase in total processed ore since 2005.
1.7 Million views...Ron Paul, James Rickards, and Steve Forbes comments at the end of video confirm Armstrong's view that the banking system has topped.
jj try providing some analysis.
It looks like Jim plans on producing gold witout parasitic bankers stuck up TRX's A$$
Tanzanian Royalty Exploration Corporation is pleased to provide an update on its Gold Mine Development activities at its Buckreef Re-development Gold Project, located in the Lake Victoria Goldfield of Tanzania. Construction activities began at Buckreef in December 2013, immediately following the approval of the project Environmental Impact Study by National Environmental Management Council (NEMC) with substantial progress to date.
The civil construction contract was awarded to Yale-Constech Company Limited. Yale-Constech provides construction and mining services to the mining industry in Tanzania, including African Barrick Gold at three of its mines in Tanzania. The civil construction stage of the Project, now underway, is being undertaken in two phases, as follows:-
Heap Leach Phase 1:- (1) preparation of sketch designs, architectural drawings, structural drawings and all other detailed plans; (2) obtaining all necessary permits and approval from Government Authorities or Regulatory and Professional bodies, (3) earth works, which include construction of the Heap Leach Pad and Boundary Retaining Wall as per the approved sketch designs and structural drawings.
Heap Leach Phase 2:- gravel works, installation of pipes and installation of high-density polythelyene Primary and Secondary Liners as per the approved sketch designs and structural drawings.
In advance of the commencement of Heap Leach Phase 1 construction, the Company undertook the following preparatory work:
100 percent of the heap leach pad design work and site layout plan was completed and approved by the Contractor Registration Board (CRB).
100 percent of the earthworks related to the bush clearing of the 90,000 square metre run- of-mine (ROM) pad and 70 percent of the air strip rehabilitation were completed; the interconnecting roads, which include the haul road, is in progress.
A rather significant development is soon to take place in the ongoing Ukrainian Crisis and I must admit that, until late yesterday, I was completely unaware of it. Thanks to this wise and industrious community, however, we now know of this next escalation.
Before Its News
Why would Israel have a plane identical to the missing Malaysia Airlines plane in storage in Tel Aviv? The plane in this photo is Boeing 777 2H6(ER) - 28416/155, an identical twin of the missing plane, which has been in Israel since November 2013. What are the Israelis doing with this plane in a hanger in Tel Aviv?
Israeli diplomats launched an unprecedented strike on Sunday, forcing the complete closure of embassies around the world as they escalated a dispute over pay, officials said.
The industrial action has already threatened to postpone a visit by Pope Francis to Israel planned for May - one of 25 trips by foreign officials affected by a work slowdown the diplomats began on March 5 when wage talks broke down.
By escalating the action to a full strike - the first by the diplomatic corps since the country's establishment in 1948 - the diplomats will close all of Israel's 102 missions abroad, paralyzing most diplomatic work with other countries and the United Nations.
"We are completely shutting down the (foreign ministry) office and missions abroad. This is the first time ever," ministry spokesman Yigal Palmor said.
Another ministry official told Reuters: "As of now, the foreign ministry doesn't exist. It's not possible even to submit complaints".
Foreign Minister Avigdor Lieberman Called the strike "irresponsible" and "a wretched decision and a display of a loss of control on union's part."
"We shall do whatever possible to minimize the damage to the country and its citizens," Lieberman said.
Diplomats said the strike - involving some 1,200 foreign service employees - was open-ended and had been called after the Treasury had failed to present any acceptable proposals.
They are demanding an increase in monthly salaries, which they put at 6,000-9,000 shekels ($1,700-$2,600), and want compensation for spouses forced to quit jobs due to foreign postings. They say about a third of their number has quit in the past 15 years due to poor wages.
Yacov Livne, spokesman for the diplomats' union, said: "the Treasury is determined to destroy the foreign ministry and Israeli diplomacy."
Fund manager, lawyer, geopolitical strategist, and author, the ubiquitious James G. Rickards, tells Sprott Money News this week that a forthcoming statistical study of prices on the New York Commodities Exchange demonstrates overwhelmingly that the gold price is manipulated and suppressed.
As described by Rickards, the study sounds similar to the one done by the late GATA board member Adrian Douglas in 2010:
"If I were running the manipulation," Rickards says, "I would actually be embarrassed at this point because it's so blatant."
Governments are involved in the manipulation, Rickards adds, and they work through the Bank for International Settlements, whose annual report, as GATA often has noted --
-- discloses that it intervenes in gold market constantly for its member central banks.
Indeed, Rickards says, he concurs with GATA that all major markets now are being manipulated, insofar as the Federal Reserve's manipulation of interest rates has the effect of "manipulating every market in the world, and therefore all the market signals we're getting are not really good signals. They're all the result of manipulation."
Rickards already had earned a tinfoil hat but for this one he gets a three-piece tinfoil suit and a whole collection of tinfoil ties.
Audio of the interview is 28 minutes long but there's a full transcript as well at the Sprott Money News Internet site
FORTUNE -- The Federal Reserve approved the capital plans of 25 of the nation's 30 largest banks on Wednesday as part of the final leg of their annual required stress tests.
Citigroup was the most notable bank among those that had their capital plans rejected. The Fed said it was troubled by Citi's inability to predict how much it could lose in an severe economic downturn. Three of the five other rejected plans were of U.S. subsidiaries of foreign banks. Zions Bancorp (ZION), which also failed the first part of the Fed's stress test process last week, also had its capital plan rejected.
The rejections ban Citi and the four other banks from increasing their dividends or share repurchases for the next year, something shareholders have been eagerly anticipating. Although when it comes to the foreign banks, the Fed may have a limited ability to enforce that restriction.
In addition, Bank of America (BAC) and Goldman Sachs (GS) were confidentially asked last week to resubmit their capital plans. The Fed said those banks would also have failed this week's stress test had they not resubmitted their plans. In both of those cases, the banks had proposed dividends or share repurchases that would have put them in jeopardy of falling below the minimum the Fed requires on a key financial ratio had the economy entered another severe recession. Both of the banks' resubmitted plans, which cut back how much money they would spend on dividends and share buybacks in the next year, were approved by the Fed.
MORE: Fed: Tax payers are subsidizing Too Big to Fail banks
07:02 PM ET CNN
By Barbara Starr
A new classified intelligence assessment concludes it is more likely than previously thought that Russian forces will enter eastern Ukraine, CNN has learned.
Two administration officials described the assessment but declined to be identified due to the sensitive nature of the information.
The officials emphasized that nothing is certain, but there have been several worrying signs in the past three to four days.
“This has shifted our thinking that the likelihood of a further Russian incursion is more probable than it was previously thought to be,” one official said.
The buildup is seen to be reminiscent of Moscow’s military moves before it went into Chechnya and Georgia in both numbers of units and their capabilities.
U.S. military and intelligence officials have briefed Congress on the assessment.
As a result, Republican members of the House Armed Services Committee late Wednesday sent a classified letter to the White House expressing concern about unfolding developments.
An unclassified version obtained by CNN said committee members feel “urgency and alarm, based on new information in the committee’s possession.”
The committee said there was “deep apprehension that Moscow may invade eastern and southern Ukraine, pressing west to Transdniestria and also seek land grabs in the Baltics.”
Transdniestria is a separatist region of Moldova.
Committee members noted that Gen. Philip Breedlove, head of the U.S. European Command and NATO military chief, noted the Russians had sufficient forces to make moves into those areas.
American officials believe the more than 30,000 Russian forces on the border with Ukraine, combined with additional Russian forces placed on alert and mobilized to move, give Russian President Vladimir Putin the ability to rapidly move into Ukraine without the United States being able to predict it when it happens.
The assessment makes several new points including:
By Pam Martens and Russ Martens: March 24, 2014
Families of young JPMorgan Chase workers who have experienced tragic deaths over the past four months, have been kept in the dark on many details, including the fact that the bank most likely held a life insurance policy on their loved one – payable to itself. Banks in the U.S., as well as other corporations, are allowed to make multi-billion dollar wagers that their profits from life insurance policies on employees will outstrip the cost of paying premiums and other fees. Early deaths help those wagers pay off.
According to the December 31, 2013 financial filing known as the Call Report that JPMorgan made with Federal regulators, it has tied up $10.4 billion in illiquid, long term bets on the death of a large segment of its employees.
The program is known among regulators as Bank Owned Life Insurance or BOLI. Federal regulators specifically exempted BOLI in passing the final version of the Volcker Rule in December of last year which disallowed most proprietary trading or betting for the house. Regulators stated in the rule that “Rather, these accounts permit the banking entity to effectively hedge and cover costs of providing benefits to employees through insurance policies related to key employees.” We have italicized the word “key” because regulators know very well from financial filings that the country’s mega banks are not just insuring key employees but a broad-base of their employees.
Kitco...Mar 20, 2014....for lazy investors search title to watch video.
Guest(s): James Rickards
Kitco News gets the first exclusive interview with best-selling author Jim Rickards about his new book The Death of Money, due for release April 8. “If you really want to know one big idea what the book is really about, it’s about the collapse of the international monetary system,” Rickards says. “And that’s not meant to be a provocative statement – the international monetary system has actually collapsed three times in the past 100 years...so these things do happen, I’m just trying to prepare the reader for first of all, the fact that that it’s coming and secondly, as an investor, what you can do now to protect yourself.” Rickards comments on the imminent threat of financial warfare on the US economy. “Well, not only is the US at risk, we’re actually in several financial wars right now.” Looking over at gold, Rickards thinks central bankers do look at gold and operate in the market to suppress the price of gold. “What the Fed wants is higher inflation and they’ve said this – Janet Yellen said it the other day in her press conference,” he says. When the price of gold rises in an ‘orderly’ way, it increases inflationary expectations, which helps the Fed, Rickards adds. He also comments on China’s gold purchases, Germany’s gold repatriation and finally the London gold fix manipulation. Tune in now for more of Rickards’ comments on what is most affecting the precious metals markets. Kitco News, March 20, 2014.
The side-effect of the Obama-Putin tiff is they have set off a quiet panic around the world. Some banks even in the USA are limiting wire transfers to $2,000 and they must clear before you can send another to the same party. Russia’s ‘My Bank’ has suspended cash withdrawals temporarily. Russia itself is selling US Treasuries it held as reserves. People in general do not know which way to turn right now.
It clearly seems that there may be a growing trend to grab cash out of banks in general given the uncertainty arising from economic and geopolitical concerns.
TORONTO, ONTARIO--(Marketwired - March 12, 2014) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC)("Crocodile Gold" or the "Company") reports on high-grade intersections from drill holes completed on the Phoenix and Lower Phoenix structures at the Fosterville Gold Mine (FGM) in the State of Victoria, Australia. Highlights of the drilling include:
Phoenix Structure Drill Intercepts
12.66 g/t Au over 6.90m (ETW* 5.40m) in hole UDH0501
6.40 g/t Au over 9.65m (ETW 7.90m) in hole UDH0503
10.41 g/t Au over 5.30m (ETW 3.80m) in hole UDH0505
6.00 g/t Au over 15.90m (ETW 11.70m) in hole UDH0750
Lower Phoenix Structure Drill Intercepts
24.00 g/t Au over 33.80m (ETW 7.00m) in hole UDE110
32.86 g/t Au over 3.60m (ETW 3.00m) in hole UDH0561
12.89 g/t Au over 14.35m (ETW 8.00m) in hole UDH0575
19.15 g/t Au over 6.85m (ETW 6.30m) in hole UDH0617
16.67 g/t Au over 11.90m (ETW 8.60m) in hole UDH0643
122.35 g/t Au over 6.80m (ETW 6.60m) in hole UDH0755
*ETW - Estimated True Width. Full drill results can be found in Table 1
2013 Phoenix and Lower Phoenix Drilling Program
The Company's 2013 drilling campaign at Fosterville Gold Mine targeted known estimated Mineral Resources associated with the Phoenix and Lower Phoenix structures as well as extension opportunities, believed to provide excellent potential for Mineral Resource growth. Progressive drilling and geological modeling of the Phoenix Fault System has confirmed the presence of two favourable structural zones (Phoenix and Lower Phoenix) below the 4500mRL, which host significant gold mineralization. Both the Phoenix and Lower Phoenix Zones are proximal to fold axial plane offsets along the Phoenix Fault System.
Rexahn's (RNN) Supinoxin (RX-5902) has so far shown to be "safe and well-tolerated" in an ongoing Phase I trial of patients with solid cancer tumors, with no drug-related side-effects reported.
A fourth dosing cycle has been initiated following the completion of three cycles.
In animal testing, treatment with Supinoxin resulted in a significant reduction in tumor growth.
Shares jump 14.9%.
. But he's zero for 3+ in the past 4 years on the USDX.
Armstrong...The rise in the Euro is indicative of the broad economic decline that will cause a rise in civil unrest after 2015.75. This trend was the kiss-of-death for the dollar back in the 1930s. The higher the dollar rose, the worse the economy imploded. We are seeing the very same trend in Europe at this time. This will seriously impact even the Swiss economy driving the prices of exports higher and preparing for the major high we see next year on a 26 year cycle in Swiss real estate. Like Singapore – it is just getting too rich on a global scale for capital.
The US dollar will rise exponentially after 2015.75 with the US economic decline and the ECM aside from the geopolitical risks. When the US economy turns down, then we will see the rise in the dollar really take off as normal.
Jesse...9 march 2014
This is a story based on a report out of the Ukraine. Obviously I do not know yet if it is accurate. The information coming out of the Ukraine and Crimea should be sifted carefully, no matter what the source.
I find this one hard to believe. I am informed by high reliable people that no one cares about gold anymore. And very important analysts claim that transporting many tonnes of gold (Ukraine is said to have about 33 tonnes) is very difficult, and so unwieldy and fraught with peril that it must be a multiyear project.
But if the Ukraine's gold was taken away for safekeeping, it may be so safe that they will never see it again for a long time. Just ask Germany.
Armstrong is turning out to be a modern day Nostradamus. He gives out a million predictions and only highlights the ones that hit.
Gambling...not entirely true, he posts quite a few of the ones that praise his work
The Economic Confidence Model calls the shots. When the opposite of the call happens, it's called a Cycle Inversion. That is what caused the not so big dollar rally. Gold only rises with a loss of confidence, because history has said so.
The poll numbers are what.... 18%?
So in a rigged market the opposite should happen, until it doesn't.