(video at kitco site....)
No One is Paying Attention to the Gold Price - Rob McEwen, Chairman, McEwen Mining
Tuesday November 10, 2015 11:56
New York (Kitco News) - Gold is getting little attention these days, and wrongfully so, says Rob McEwen, chairman and chief owner of McEwen Mining (TSX: MUX), a mid-tier gold and silver producer.
“If you are in Australia, Canada, the price is going up because of the foreign exchange -- at some point, it will move in U.S. dollar terms,” McEwen said in an interview with Kitco News on Monday.
He added, “People should be putting a little money into gold, think of it as 80-90 percent off; you can turn gold into cash in two days, it is value.”
McEwen, the founder and former CEO of Goldcorp (NYSE: GG), said one of the greatest challenges the mining industry now faces is operating within the lower cost environment. December Comex gold was last up $0.30 at $1,088.50 an ounce.
“The price environment and capital markets are dead for the industry right now –- so how do you put new projects on? [I]nvestors should look and say, ‘there are not a lot of new mines being built, so maybe we will end up with a shortage of gold and silver,’’’ McEwen said.
McEwen also addressed the company’s record production for the third quarter with the El Gallo Mine, which he said is the company’s ‘star performer.’ Total output for the July-September period was 43,390 gold-equivalent ounces, a 54% increase over the same quarter in 2014.
The El Gallo mine in Mexico was robbed last April but McEwen said the company has received reimbursement for approximately 80% of the fair value of a loss. “You have to be a little more sensitive to the local community -- we built a new refinery and it is now according to Brinks, the state of art facility in Mexico,” McEwen said.
16 times? where did you pull that number from? i don't believe it was close to that.
and one can argue he sold at a discount, 45 million shares at once, the stock popped 50% the month after he sold.
you don't have a clue, imho.
my post was not directed at you, but at exposing....
there is a purchase and sale doc, available, that indicates rob payed 70 cents when buying in to rby for most of the shares...over 30 million anyway,,,which i think is the majority...google "EX-1 2 a07-14999_3ex1.htm EX-1"
"reported to be as much as 16 times"...doesn't mean the same to me as 16 times, fwiw...i don't think 16 times is close to accurate...6 or 7 more like it, imho
all the best
actually, you did mention the 16, i thought it was exposing...., the poster who started the thread.
the "you don't have a clue" was rude, though i think it applies to 'exposing...'
i don't think it applies to you, i think you're a good poster and i apologize for replying to your post with that.
is that the palos verdes pig farm? the one, that if i type the street address, yoohoo deletes it? or the owner, the mom of a certain basement shut in who spams yoohoo gold mining boards?
answer quick, they might delete this one for mentioning the town.
i'll make two predictions:
-- no predictions on price before 12/16 matter.
-- around 12/16 the 45 cents a post astroturfer apologists for whatever janet does will be getting more overtime than ups.
you need to talk to someone from that area. or maybe palos verdes. jim mac,maybe.
personally, when i want to talk movies, i look for someone with a gray ponytail who doesn't work. like vinz clotho.
imho...a comex default would not be a good thing for gold bulls....
on the comex, paper holders would be cashed out (google 'kyle bass comex'), at a modest premium...and the govt. would then restrict the selling of gold with either a fixed price, windfall tax or both.
check out what they did in 33...the idea they would let the gold price run away from them is naive i think. it's the miners, maybe, that might fly in the above scenario. and maybe the black market price of gold, for the adventurous...
"You think policies that were put into place in 1933 would work in 2015."
i wouldn't call them 'policies', they were laws. the distinction is very significant, i'm not making it merely to be pedantic or a jerk. we have policies now....and more.
to answer your question, in a word, no. gold was an official monetary metal in 33, and a large reason for the gold reserve act was to devalue the dollar, which because it was backed by gold could be done simply by increasing the value of gold relative to the dollar. that could not be done in today's floating currency world unilaterally.
but my point is that the govt. would take action of comex was in danger of defaulting, and gave a couple of likely things they could do without much trouble.
anyone holding physical who thinks a comex default will be a great thing and make them rich is very naive, imho. and i'm a gold bull who holds some physical.
read up on the hunt brothers....
agree 33 and present time are not the same. biggest difference is that at present gold does not back currencies, most of which are floating in value with respect to each other.
and although a comex default MIGHT lead to a breakdown in dollar reserve system, that's a huge jump. for one, at present anyway, this breakdown would, imho, cause great harm to most countries, not just the us. for example, china has trillions in dollar denominated assets, dwarfing their gold purchases. so, although it might be true, i don't see a comex default spreading like that, at least in the near term.
"I think something bigger than the FED controlling everything forevermore is in the works."
i agree, and i i think there's no reason to think the us and china are, at the present time, not both in general agreement on this.
jim rickards, who i highly respect, has talked (and written) at length on this subject, speculating that we will see the IMF use it's Special Drawing Rights gradually replace the dollar as inter-country currency. I think this is very plausible.
the reason i suggested reading up on the hunts is that although the silver price "collapsed", it did so after the comex passed silver rule 7 which made it very difficult to purchase silver on margin, and was directed specifically at the hunts.
they subsequently got margin calls in a few days as the price sank, and they were toast.
yes, the price collapsed. even though the hunts bought up a bout a third of private, i.e. non govt. silver (with arab backing, in 1979!) govt.s own lots of silver.
if the comex were in danger of defaulting....rules would be passed, laws would be passed, taxes would be levied, govt "assistance" would be provided.
i find it cruel to encourage holders of physical that a comex default will make them rich.
slow and steady is what bulls want.
"FOMC release provides much needed certainty."
that's pretty funny, jaz. if that were true, they wouldn't need john hilsenrath...or you.
"Strong tide lifts all boats"
butchered the metaphor..your esl background i suppose...
but you make a point, those of us who are familiar with the tides know strong ones sometimes leave boats in the mud, and, in the words of buffet "Only when the tide goes out do you discover who's been swimming naked."
do you have any idea how much you sound like one of those late night real estate "system" customers, circa 2006?
ask your boss about carleton sheets.
p.s. one of the signs of a late bull market is morons MAKE money....
if you weren't so convinced of your superior intelligence, you might ask yourself why gold counter intuitively moved up on the release of the fomc minutes (as did my largest holding, which finished green, thanks for asking)
if you were us plugged into the big swinging richards on the street you giddily suck up to, you might have already read goldman's analysis of the minutes, and why they (and the market) saw evidence that the fed acknowledges the economy remains broken, and will require further qe.
good luck on your investments, maybe consider taking some profits.
RISING tides lift boats...strong ones move them, but only LIFT them half the time. the other half...well, see the buffet quote. or wait a few years.
apparent to those of us who live within sight of the ocean...probably not as apparent to those of you limited to reading about the ocean in books of seeing it in movies...and then there's the esl thing.
you should probably cut back on the moron reference until you get a hold on it...bad 'optics' in the current buzzword soup....
article with graphs confirming what you say on the secular investor blog, accessible from ZH top banner. yoohoo doesn't like links...
"This Is How GOLD Acted During Past Rising Rate Cycles"
"is he rich enough to actually buy the other 125 million shs outstanding?"
he's talking about rob's other wealth. he assumes, correctly, that rob has other holdings in addition to his mux stock.
unfortunately, to the poster, i don't believe he has nearly enough (unless for example lex.to went to $10). though i wonder if he could borrow it? if you listen the 2nd quarter conference call, a goldman guy actually told rob the stock was undervalued severely and suggested he borrow money to buy SOME of the stock back.
to relbo, you're projecting. a lot of you guys seem to do that.
Speaking of posters who can't admit when they're wrong....
Start of quote
"Argentina votes for new president today. The only issue is whether Kirchnerist candidate win outright in first ballot, or it will win on second ballot"
by jazenevd • Oct 25, 2015 5:08 PM
lie? those were your words, quoted. i'll give them to you again "The only issue is whether Kirchnerist candidate win outright in first ballot, or it will win on second ballot"
you comment on others not admitting when they're wrong, that makes you, among other things, a hypocrite.
why are you here?
a chimp is someone who "apes" the people who dress it up, for entertainment purposes. sound familiar? kind of like parrots, with thumbs.
they post stuff like this, another chance for you to admit you were wrong. or your script was...monkey see, monkey do...
start of quote, jazzy the fed parrot, aug. 10, 2015..
Atlanta fed speaking, boys. Hope, pio listens to his favorite source for US growth forecast.
....Fed hike is near: either September or October. Btw, I can show few messages from this board, about 1 year old, where I predicted first hike coming this October and I can also show you few ignorant replies that I received that time.
end of quote
i guess this is another ignorant reply.