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First of all, regarding the "amazing progress in cost-cutting"; I would suggest that the progress here has been somewhat exaggerated. My understanding is that GPR has generally been mining its silver at close to a $10/oz cast-cost previously, so the explosion to $18/oz is likely some lax quality-control -- with a couple of mines which require very careful monitoring.
This is because (like many deposits) GPR's mines tend to be high-grade/narrow-vein, as opposed to the low-grade/thick veins we see with the other type of mine we see most often. High grades AND thick veins are now something rarely seen.
On to the second topic: the resource estimates. Having had the opportunity to chat with Robert Archer personally in the past, he explained to me that GPR (like many operating miners) is only concerned with proving-out enough resources for them to plan production roughly five years into the future.
In the case of the Guanajuato mine; most of the remaining silver (likely HUNDREDS of millions of ounces) is below the 400-meter level. It would be prohibitively expensive to drill-out the whole resource (or even a large chunk of it) -- simply for the sake of "proving" how much silver is there.
It's much more cost-effective to simply drill out the areas which are already relatively exposed, assuming (of course) that you continue to have no problem in finding enough ore to keep the mill fed.
To put it in Robert Archers own words, he expects them to still be mining silver out of Guanajuato long after he's dead (lol). Of course with a mine which has already been producing silver for FOUR HUNDRED YEARS, that doesn't exactly qualify as "a bold prediction"...
Look around in the world; and what you see is that most of the gold/silver "mega-mines" which were supposed to be going into production around this time are either way behind schedule -- or completely mothballed.
With this company simply at the "advanced exploration stage"; there is a long, long road ahead if their projects will ever go into production.
I continue to hold all of my mining shares (including a few shares in this one); but I seldom post about the miners now because I just don't know what to tell readers.
Personally, I still believe they are an effective way to "diversify within the sector", and even after this latest (extended) blood-bath represent the most-prospective equity investments around.
At the same time; as we've seen with several quality miners, the One Bank (and its minions) have the capacity to destroy companies in our lawless markets. And so an investor who isn't adequately spread-out in a "basket" of these companies (or is simply really unlucky) could end up getting nearly wiped-out (in terms of what they invest in these miners).
With respect to the particulars of this release, I'm not concerned about the long-term value of this property/project. My only concern (given the difficulty for these miners to obtain financing) is in forking-out precious capital for this property when they are already in the process of financing their tailings project into production.
The ink wasn't even dry yet on that bold prediction, when prices went straight up -- in another textbook trading-algorithm operation. Lol!!
Obviously with these Hostage Markets one cannot even "rely" upon the negative propaganda. Here's an important consideration which is often overlooked with our North American-centric perspective (and the analysis which comes with it): currency exchange rates.
I always quote the (phony) USD prices for gold and silver, rather than other (phony) paper prices; but we can never forget that MOST of the gold in the world is being purchased with non-North American (and, indeed, non-European) currencies. Thus while it may hurt our arrogant North American egos to hear this; the One Bank's daily price-manipulation in these markets may be much more closely attuned to the RENMINBI-price for gold or the RUPEE-price for gold -- rather than dollars, euros, or other fraudulent Western paper.
This is yet one more reason why readers should ignore all the absurd T/A jockeys, who continue to make bold predictions about the direction of prices for gold and silver based on technical analysis of TRIVIAL gold markets.
At least 3/4 of the real bullion in the world is being purchased by Asians; so if any of the T/A jockeys wanted to even pretend to be relevant with their analysis, they should be spending their time looking at gold/rupee charts and gold/renminbi charts -- not the irrelevant gold/dollar charts which is almost all that these Clowns ever look at.
Beyond that brief rant, there really isn't much to say today. It's another U.S. Jobs-Farce Friday coming up this week, but our Hostage Markets have become so tightly wrapped in the One Bank's straitjacket that this now has little significance -- even for the Western paper-fraud markets.
Pushing bullion prices lower only aggravates the gold demand/smuggling/inventory problems which the One Bank has created for itself; and keeping the price of gold below the real/full cost of production continues to cripple the supply-chain. So while it's always possible we could see these phony paper prices dip substantially on Friday; it's hard not to see how the One Bank would be the big loser in doing so.
Nothing more can be done to damage "sentiment" (lol); and any/all margin and leverage (on the long side) has long since been choked out of these markets. So one has to suspect that irrespective of how big the lie is this Friday in the jobs report that bullion markets will react little to it.
But we will (perhaps) get a few more clues about what to expect Friday in tomorrow's propaganda...
In 'Chilling' Ruling, Chevron Granted Access to Activists' Private Internet Data
"Sweeping" subpoena violates rights of those who spoke out against oil giant's devastating actions in Ecuador
- Lauren McCauley, staff writer
The US government is not the only entity who, with judicial approval, is amassing massive amounts of personal information against their so-called enemies.
A federal judge has ruled to allow Chevron, through a subpoena to Microsoft, to collect the IP usage records and identity information for email accounts owned by over 100 environmental activists, journalists and attorneys.
The oil giant is demanding the records in an attempt to cull together a lawsuit which alleges that the company was the victim of a conspiracy in the $18.2 billion judgment against it for dumping 18.5 billion gallons of oil waste in the Ecuadorean Amazon, causing untold damage to the rainforest.
The "sweeping" subpoena was one of three issued to Google, Yahoo! and Microsoft.
"Environmental advocates have the right to speak anonymously and travel without their every move and association being exposed to Chevron," said Marcia Hofmann, Senior Staff Attorney with the Electronic Frontier Foundation, who—along with environmental rights group EarthRights International (ERI)—had filed a motion last fall to "quash" the subpoenas...
And (of course) where things really get scary is when we consider that Big Brother, and Big Oil, and Big Agri, and Big Pharma are all simply tentacles of the One Bank...
Debsyl, you missed the point entirely. You demean an entire class of people, on the basis of a few anecdotes. The already prejudiced (right-wing) minds who already think that everyone on welfare "is lazy" will use trash like this to reinforce their prejudice -- and then propose slashing benefits for EVERYONE on the basis of individual abusers.
And no, taking a few THOUSAND dollars a year in welfare is NOT "equal to" stealing BILLIONS of dollars of dollars every year. Pull out your calculator if you don't believe me.
Shame on you, Jeff, for suggesting I demean an entire class of people? I did not state that, nor do I think that everyone on welfare is lazy. One of my closest friends, who recently passed away, was on welfare; she was NOT ABLE to work. Please don’t think you know me, or my thoughts.
I also did not state, nor suggest, slashing benefits for everyone.
Finally, I did not state NOR imply that the two crimes were equal in monetary value.
You may have some interesting and valid points with respect to a DIFFERENT subject you introduced into this thread; however, when you accuse me of thinking a given way or accuse me of writing something I must certainly did not write, my desire to discuss the subject further with you goes to NIL.
You would do well to stop judging me.
Debsyl, when you pick out an outrageous anecdote REPRESENTING an entire class of people ("people on welfare") who are already ostracized by much of society, then yes, you are absolutely demeaning the entire class.
It's no different than pointing to the behavior of a "bad Muslim", in societies with Islamaphobia. Lol! You're suggestion that picking on this one individual does not demean the entire class is either disingenuous, or very naive.
Of course you did much worse than that; you equated "welfare abuse" with the worst white-collar crime in the history of our species. That's like equating jay-walking with premeditated murder.
But this, in turn, creates further undesirable dynamics from the perspective of the Banksters: blackmarkets for gold (and soon silver?), and with it the inevitable Decoupling of prices which I have droned on about (lol) for months now. While I'll save readers another rendition of "I Knew An Old Lady Who Swallowed A Fly", you get the picture. Each time the One Bank seeks to pervert these markets in one manner, new dynamics arise which threaten its bullion market fraud -- but in new ways/directions.
This is another reason why I continue to assure those readers who hold (physical) bullion, in completely un-leveraged holdings that they have nothing to worry about. Ultimately (as we saw in the Spring) the only thing which the Banksters are capable of permanently destroying are their own, paper markets.
The Flight Out Of Paper we saw in the Spring has eased, but never stopped. The paper-bullion fraud funds of the One Bank are dying slow-and-ugly deaths. And should the Banksters engage in more of their new favorite form of stealing ("bail-ins"), we could see a further -- and even greater -- Exodus out of these paper markets (and all paper markets) by frightened paper-holders.
And where will at least SOME of that "frightened money" end up...?
The only reason the One Bank appears more formidable than Wile E. Coyote is because of the enormous advantage it has in size, resources, and (evil) planning. This Corporate Cancer has been growing for well over a century (as all viewers of are well aware), it controls or bullies the vast majority of the world's governments; has $TRILLIONS in current financial resources, and the ability to literally-and-instantly conjure more $Trillions for itself by simply snapping its fingers, and commanding its central bank lackeys.
Given these extraordinary advantages, and near omnipotence; contemplate how badly this Mega-Monopoly has screwed-up its own position -- wholly and totally due its obsessive, psychopathic greed. As I've reminded readers on many occasions; had the One Bank simply opted for a moderate level of price-manipulation in bullion markets (back when it had thousands of tons of (gold) bullion at its disposal); it could have maintained price-manipulation of these markets indefinitely -- without ever needing to squander its precious reserves.
It was these Banksters' (evil) desire to crush these markets which led to the squandering of thousands of tons (and perhaps tens of thousands) of gold; with much of this bullion already sold several times. What we see here is not some Master Planner, executing its schemes with finesse and precision. Rather, we see instead a Vicious Bully; whose only "plan" is to attempt to destroy anything-and-everything that stands in its way -- in ever more-blatant fashion.
Part of this lack of effort (now) to conceal its Dirty Deeds is clearly desperation, as its entire Paper Empire threatens to blow apart any day. But part of it is also unquestionably arrogance; the same arrogance which led to it squandering its vast gold reserves in the name of (greedy) short-term objectives.
Actions have consequences. And while readers may now be getting tired of hearing this truism; I can assure you that the One Bank and their minions detest this expression much more vehemently.
The paper-fraud markets are dying. Bullion prices are now starting to visibly Decouple, globally. And inventories remain dangerously close to default levels. If this constitutes "success" for the One Bank; clearly the Banksters don't ever want to witness what they would consider "failure".
Great Panther Updates Mineral Resource Estimates at the Guanajuato Mine Complex
Dec 03, 2013
GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL) ("the Company") announces the completion of the updated mineral resource estimates at the Company's wholly-owned Guanajuato Mine Complex ("Guanajuato Mine") in Guanajuato, Mexico. This update does not affect the San Ignacio Inferred resource estimate, which remains as reported in 2012.
Updated Measured and Indicated ("M&I") mineral resources at the Guanajuato Mine Complex comprise 504,700 tonnes at a grade of 174g/t silver ("Ag") and 1.65g/t gold ("Au"), containing 4,430,000 silver equivalent ounces ("Ag eq oz"), using a 50g/t silver equivalent ("Ag eq") cut-off;
Inferred mineral resources at the Guanajuato Mine Complex are estimated to comprise 434,000 tonnes at a grade of 140g/t Ag and 2.32g/t Au, containing 3,900,000 Ag eq oz. Different cut-off grades were used for the seven mineralized zones as indicated in the table below.
"We are pleased that ongoing underground drilling and development continues to extend the mineralized zones in advance of production," stated Robert Archer , President & CEO. "Although the M&I resource declined from previous levels, the Inferred resource increased substantially so we will be focusing our efforts on upgrading these ounces into the M&I category in 2014. The Inferred resource is based strictly upon drilling whereas the M&I resource also incorporates mine development and underground sampling. As such, the classification of a particular resource can often be a timing issue based upon mine development schedules. What is important for an underground operation like Guanajuato is that we are replacing ounces as they are being mined, as a 'rolling resource'."
Results of the recently completed development along the Veta Madre on the 525 metre level (lowest level) of the Cata Clavo included a 50 metre strike length grading 794g/t silver and 1.85g/t gold across an average true width of 3.6 metres. Underground drilling continues to explore the Veta Madre at Cata Clavo below the 525 level.
The 2013 Guanajuato Mine Complex mineral resource estimate contains Measured and Indicated mineral resources of 4,430,000 Ag eq oz including 3,348,000 Ag eq oz in the Measured category and 1,081,000 Ag eq oz in the Indicated category (see table below). Inferred mineral resources are estimated at 3,900,000 Ag eq oz. These are contained in the Cata Clavo, Los Pozos, Santa Margarita, San Cayetano, Promontorio, Valenciana and Guanajuatito zones. The Guanajuatito zone has been expanded with the addition of the Northwest and Southeast zones (see Company news release dated February 15, 2013), illustrating that additional mineralization is being found and added to inventory with systematic and focused drilling. A new zone, designated Los Pozos SE, has been added due to successful exploration immediately southeast of the Los Pozos zone. Additionally, initial Inferred mineral resource estimates have been added for the San Cayetano (Rayas shaft area south of Santa Margarita), Valenciana, and Promontorio zones.
Overall, from the last mineral resource estimate (effective date January 31, 2012), the Measured and Indicated classification decreased 21.6% (-1,219,000 Ag eq oz), while the Inferred mineral resource increased 55.8% (+1,397,000 Ag eq oz). Management is committed to maintaining or increasing mineral resources at the Guanajuato Mine, a commitment shown through focused drilling, and through better understanding of the complex structurally controlled mineralized zones.
Mining of four zones, namely Cata, Los Pozos, Santa Margarita and Guanajuatito, currently accounts for most of the Guanajuato metal production. This updated mineral resource will help in guiding development and with improving grades at the mines. Underground drilling will resume in 2014 with three drill rigs to delineate new resources on the upper extensions of Los Pozos SE (Veta Madre) and Santa Margarita, and the down dip extensions of the Cata Clavo zones.
Development and exploration are ongoing to expand mineral resources 1) along the Santa Margarita structure (hanging wall zone to Veta Madre) both to the southeast strike extension and between the 390 and 270 levels (above present mining), 2) at Guanajuatito (Veta Madre and a footwall zone) both laterally (50-120 level) and in deep extensions (245-390 levels), 3) at Valenciana (Veta Madre and both footwall and hanging wall zones as well as exploration both at depth and proximal to old workings), 4) at San Cayetano (Veta Madre), 5) at Cata in the upper areas along strike both to the SE and NW, and 6) at Promontorio (Veta Madre and both footwall and hanging wall zones).
Through a collaborate effort, a Special Projects team from the Company's Geology, Mining, and Planning Departments is reviewing all previously mined areas for opportunities in further exploitation. This has been a particularly successful effort as new opportunities can be turned into "un-official" mineral resources and mined within months due to existing access. Examples include the exploitation of high grade material from an old Los Pozos stope above the 250 level, along with expansion of the stope itself, and the further definition of mineralization presently being exploited on the Santa Margarita vein from the 390, 365, and 345 levels.
The updated mineral resource estimate for the Guanajuato Mine is valid as of July 31, 2013. Block model graphics, maps, sections and previous news releases can be viewed on the Company's website at www.greatpanther.com. The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI 43-101. The mineral resource estimate was completed by Linda Sprigg , RPGeo AIG, consultant mineral resource geologist for the Company and a Qualified Person ("Q.P."), and Robert Brown , P.Eng., and Company Q.P.
Guanajuato Mine Complex: Mineral Resource Estimations and Contained Silver Equivalent, Gold, and Silver
Tonnage Grade g/t Contained kOz
Area kt Ag Eq Au Ag Ag Eq Au Ag
Sub Total Cata 84.9 408 1.34 328 1,114 3.65 894
Sub Total Pozos 138.9 229 0.78 182 1,023 3.48 814
Sub Total Santa Margarita 85 335 4.72 51 914 12.90 140
Sub Total Guanajuatito 53.2 174 0.64 135 298 1.10 232
Total Measured 362 288 1.82 179 3,348 21.14 2,080
Sub Total Cata 33.1 420 1.38 337 448 1.47 359
Sub Total Pozos 35.8 148 0.55 116 171 0.63 133
Sub Total Santa Margarita 23 296 3.3 98 219 2.44 73
Sub Total Guanajuatito 50.7 150 0.65 111 244 1.06 180
Total Indicated 142.6 236 1.22 163 1,081 5.60 745
Sub Total Cata 118.1 411 1.35 330 1,561 5.13 1,254
Sub Total Pozos 174.7 213 0.73 169 1,194 4.11 947
Sub Total Santa Margarita 108 326 4.42 61 1,133 15.34 213
Sub Total Guanajuatito 103.9 162 0.65 123 542 2.16 412
Total Measured + Indicated 504.7 273 1.65 174 4,430 26.74 2,825
Sub Total Cata 12.7 489 1.53 398 199 0.62 162
Sub Total Pozos 17 341 0.65 302 186 0.35 165
Sub Total Santa Margarita 14.3 340 2.18 209 157 1.01 96
Sub Total Guanajuatito 88.8 289 0.99 229 824 2.82 654
Sub Total San Cayetano 41.5 307 3.69 85 410 4.93 114
Total Valenciana 127.2 269 2.58 114 1,101 10.57 467
Total Promontorio 132.4 241 2.84 70 1,024 12.09 298
Total Inferred 434 280 2.32 140 3,900 32.38 1,957
1. CIM Definitions were followed for Mineral Resources.
2. Measured and Indicated Mineral Resources are reported at a cut-off grade of 50g/t Ag Eq.
3. Inferred Mineral Resources are reported at area-specific cut-offs as follows: Cata 176g/t Ag Eq, Guanajuatito 164g/t Ag Eq, Pozos 178g/t Ag Eq, San Cayetano 169g/t Ag Eq, Santa Margarita 166g/t Ag Eq, Valenciana 167g/t Ag Eq, and Promontorio 166g/t Ag Eq.
4. Prices of US$1,280/Au oz and US$20.80/Ag oz were used in calculations.
5. Bulk Density is 2.68t/m3.
6. Totals may not agree due to rounding.
7. Ag Eq is given by the formula Ag Eq = Ag + 60*Au.
Both drill core and underground chip samples were assayed independently by SGS at the Company's Guanajuato Mine site laboratory. Aspects relating to mining and metallurgy are overseen by Juan Manuel Flores , V.P. Operations for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. Robert F. Brown, P.Eng., and Vice President of Exploration for the Company, is the Qualified Person for the Guanajuato Mine Project under the meaning of NI 43-101 and has reviewed these results. The Company's QA/QC program includes the regular insertion of blanks, duplicates, and standards into the sample shipments.
Pretium Resources Inc.: Underground Exploration Concludes With More High-Grade Gold Intersections and Expansion of the Valley of the Kings
Download this Press Release (PDF 1.03 MB)
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the remaining assay results from underground exploration drilling in the Valley of the Kings. These results include 8 intersections grading greater than 1,000 grams per tonne gold uncut from 6,164 meters of drilling in 46 holes. (See Table 1 below for assays.)
Selected drill highlights include:
Hole VU-365 intersected 328.91 grams of gold per tonne uncut over 20.50 meters, including 13,400 grams of gold per tonne uncut over 0.50 meters;
Hole VU-369 intersected 96.71 grams of gold per tonne uncut over 44.95 meters, including 7,700 grams of gold per tonne uncut over 0.50 meters;
Hole VU-384 intersected 331.99 grams of gold per tonne uncut over 8.00 meters, including 5,210 grams of gold per tonne uncut over 0.50 meters;
Hole VU-390 intersected 179.14 grams of gold per tonne uncut over 13.50 meters, including 4,780 grams of gold per tonne uncut over 0.50 meters;
Hole VU-397 intersected 175.44 grams of gold per tonne uncut over 10.78 meters, including 3,770 grams of gold per tonne uncut over 0.50 meters;
Hole VU-385 intersected 1,200 grams of gold per tonne uncut over 0.50 meters;
Hole VU-383 intersected 1,095 grams of gold per tonne uncut over 0.50 meters;
Hole VU-391 intersected 1,040 grams of gold per tonne uncut over 0.50 meters.
The bonanza-grade gold intercepts noted above were encountered in drilling to the east and west, as well as above and below the area of the Valley of the Kings Bulk Sample Program (the "Program").
Underground exploration drilling has expanded the defined Valley of the Kings high-grade gold mineralization to the east, and mineralization remains open in all directions.
For plan views of the reported drilling please visit the following link media3.marketwire.com/docs/pretfig21202.pdf.
In 2013 a total of 38,830 meters of underground drilling was completed in the Valley of the Kings, comprising 16,789 meters of Program drilling and 22,041 meters of exploration drilling. Assay results from 2013 drilling include a total of 69 intercepts grading over 1,000 grams per tonne gold uncut (of which 15 were in the Cleopatra Vein).
For a summary table of Valley of the Kings assay results by grade interval please visit the following link media3.marketwire.com/docs/pretfig11202.pdf.
Processing of the approximately 1,500 wet tonnes of bulk sample material remaining from the Program is expected to be completed this week, with final results reported after the completion of assaying.
The results both from the 38,830 meters of underground drilling and from milling will be incorporated into the updated Mineral Resource estimate for the Valley of the Kings expected later this month.
Table 1: Valley of the Kings Drill Results, December 2013 (VU-363 to VU-408)(1,2,3,4)
(meters) Interval (meters) Gold
Exploration Drilling from Drill Bay Section 426700E (180 Azimuth)
VU-363 -44/180 55.50 62.95 7.45 7.05 6.47
incl 62.35 62.95 0.60 79.00 17.30
74.50 80.05 5.55 13.05 11.56
incl 76.26 76.76 0.50 35.30 8.80
incl 78.50 79.00 0.50 30.70 13.00
incl 79.55 80.05 0.50 23.90 15.40
104.50 113.60 9.10 11.91 12.56
105.25 105.75 0.50 207.00 160.00
VU-364 -33/180 3.00 19.50 16.50 21.80 52.67 1 Au sample cut
or 3.00 19.50 16.50 31.52 52.67 Uncut
incl 9.00 10.50 1.50 75.40 156.00
15.10 15.60 0.50 751.00 456.00 Uncut
59.50 63.50 4.00 3.97 6.40
83.55 84.05 0.50 162.00 32.80
VU-365 -18/180 1.00 12.67 11.67 9.37 12.53
incl 1.82 2.32 0.50 78.70 58.90
incl 8.06 8.86 0.80 27.30 24.50
incl 12.17 12.67 0.50 77.80 17.60
21.46 30.03 8.57 5.51 12.13
incl 26.43 26.93 0.50 67.80 47.10
50.50 71.00 20.50 12.57 118.78 1 Au sample cut
or 50.50 71.00 20.50 328.91 118.78 Uncut
incl 69.18 69.68 0.50 13,400 4,690 Uncut
69.68 71.00 1.32 23.10 6.90
VU-366 1/180 0.00 24.00 24.00 3.57 9.67
1.00 2.00 1.00 48.60 42.20
45.00 62.96 17.96 25.39 9.58
incl 48.00 49.50 1.50 283.00 88.50
incl 62.41 62.96 0.55 46.60 24.80
VU-367 24/180 18.00 30.00 12.00 2.64 5.73
VU-368 42/180 55.75 77.60 21.85 11.44 19.87 1 Au sample cut
or 55.75 77.60 21.85 17.89 19.87 Uncut
incl 55.75 56.25 0.50 712.00 577.00 Uncut
77.10 77.60 0.50 49.30 60.90
Exploration Drilling from Drill Bay Section 426700E (165 Azimuth)
VU-369 -35/165 3.55 48.50 44.95 14.10 61.96 2 Au samples cut
or 3.55 48.50 44.95 96.71 61.35 Uncut
incl 4.05 4.50 0.45 24.20 32.90
incl 7.85 8.36 0.51 251.00 90.30
incl 34.47 34.97 0.50 7,770 3,880 Uncut
incl 47.54 48.04 0.50 516.00 352.00 Uncut
68.00 76.00 8.00 29.38 46.17 1 Au sample cut
or 68.00 76.00 8.00 57.88 46.17 Uncut
incl 72.99 73.49 0.50 886.00 624.00 Uncut
VU-370 -20/165 13.50 25.25 11.75 14.63 14.15
incl 17.70 18.30 0.60 266.00 133.00
39.00 47.00 8.00 8.06 31.49
incl 41.53 42.03 0.50 88.70 56.30
VU-371 1/165 28.50 56.00 27.50 7.22 9.65
incl 52.15 52.65 0.50 344.00 280.00
VU-372 30/165 42.00 51.00 9.00 1.38 7.23
VU-373 -45/165 31.00 44.41 13.41 2.25 8.73
57.90 64.20 6.30 19.88 16.79
incl 63.70 64.20 0.50 238.00 163.00
84.40 96.94 12.54 14.10 20.21
incl 93.00 93.50 0.50 300.00 319.00
Exploration Drilling from Drill Bay Section 426700E (150 Azimuth)
VU-374 -40/150 9.00 13.74 4.74 9.10 42.69
incl 11.90 12.50 0.60 64.10 49.00
24.60 34.50 9.90 10.36 35.33
incl 26.20 26.65 0.45 22.30 6.10
incl 28.35 28.95 0.60 96.60 68.20
incl 30.37 30.87 0.50 40.20 289.00
42.77 43.27 0.50 17.05 5.80
64.50 75.50 11.00 10.31 13.94
incl 64.50 65.00 0.50 186.50 131.00
104.50 122.50 18.00 12.26 12.53
incl 112.23 112.73 0.50 175.00 79.00
incl 121.00 122.50 1.50 68.10 29.00
VU-375 -29/150 10.45 26.15 15.70 12.66 25.98
incl 10.45 11.00 0.55 26.00 68.10
incl 17.68 18.18 0.50 275.00 176.00
incl 22.00 22.50 0.50 16.30 62.90
48.70 51.25 2.55 16.02 10.65
incl 48.70 49.20 0.50 73.30 28.00
VU-377 -16/150 22.80 43.43 20.63 11.78 24.04
incl 24.77 25.27 0.50 54.00 24.77
incl 31.25 31.75 0.50 285.00 197.00
incl 42.43 42.93 0.50 103.00 333.00
VU-379 1/150 36.00 65.50 29.50 0.91 5.20
VU-380 16/150 51.50 61.00 9.50 2.59 15.90
VU-382 40/150 21.00 39.00 18.00 1.25 3.54
112.00 113.50 1.50 40.50 25.70
Exploration Drilling from Drill Bay Section 426652E (80 Azimuth)
VU-384 1/80 4.07 15.50 11.43 25.46 28.34 1 Au sample cut
or 4.07 15.50 11.43 41.47 28.34 Uncut
incl 4.07 4.57 0.50 796.00 547.00
incl 14.00 15.50 1.50 48.70 19.00
57.50 72.48 14.98 8.12 13.01
incl 68.25 68.75 0.50 202.00 294.00
136.50 144.50 8.00 33.24 256.74 1 Au sample cut
or 136.50 144.50 8.00 331.99 256.74 Uncut
incl 137.00 137.50 0.50 5,210 2,570 Uncut
137.50 138.00 0.50 48.90 37.90
VU-386 -23/80 100.50 108.00 7.50 1.85 28.13
VU-388 -40/80 3.29 7.50 4.21 7.19 12.21
incl 3.29 3.79 0.50 55.00 84.50
97.50 127.50 30.00 1.47 18.79
VU-390 -52/80 20.14 32.50 12.36 1.82 1.85
94.50 108.00 13.50 18.03 114.47 1 Au sample cut
or 94.50 108.00 13.50 179.14 114.47 Uncut
incl 97.77 98.27 0.50 4,780 1,775 Uncut
VU-392 24/80 68.35 112.00 43.65 6.18 15.04
incl 68.35 68.85 0.50 411.00 99.40
Exploration Drilling from Drill Bay Section 426652E (95 Azimuth)
VU-395 -64/95 20.35 20.85 0.50 68.50 20.10
96.00 137.97 41.97 10.66 15.71
incl 105.38 105.88 0.50 403.00 543.00
incl 113.23 113.73 0.50 47.50 39.90
incl 113.73 114.23 0.50 153.50 97.10
incl 125.67 126.17 0.50 96.10 39.00
incl 133.47 133.97 0.50 21.50 67.30
VU-396 -45/95 100.95 109.00 8.05 13.44 13.50
100.95 101.45 0.50 206.00 140.00
123.40 148.40 25.00 11.09 13.49 1 Au sample cut
or 123.40 148.40 25.00 11.59 13.49 Uncut
incl 123.40 123.90 0.50 455.00 242.00 Uncut
142.02 142.52 0.50 64.40 84.40
VU-400 -23/95 3.73 4.23 0.50 44.80 27.40
27.27 28.27 1.00 92.50 28.80
Exploration Drilling from Drill Bay Section 426652E (110 Azimuth)
VU-403 -62/110 86.90 101.40 14.50 0.69 5.39
VU-404 -50/110 88.30 96.90 8.60 8.55 12.17
incl 91.40 91.90 0.50 69.40 76.40
incl 91.90 92.40 0.50 21.50 20.20
VU-406 -35/110 94.97 95.47 0.50 35.70 13.80
Exploration Drilling from Drill Bay Section 426482E (244 Azimuth)
VU-376 1/244 16.50 18.00 1.50 20.50 15.70
70.46 80.32 9.86 4.17 3.88
incl 70.46 70.96 0.50 66.20 27.70
VU-378 22/244 12.00 37.50 25.50 0.71 6.28
VU-381 40/244 65.00 78.50 13.50 1.30 22.98
VU-383 52/244 46.95 73.50 26.55 1.17 6.74
85.50 106.50 21.00 11.20 25.51 1 Au sample cut
or 85.50 106.50 21.00 27.04 25.51 Uncut
incl 102.97 103.47 0.50 1,095 786.00 Uncut
132.50 142.00 9.50 4.32 8.35
138.62 139.12 0.50 46.90 12.50
VU-385 -22/244 8.77 39.90 31.13 8.77 26.43 1 Au sample cut
or 8.77 39.90 31.13 21.14 26.43 Uncut
incl 8.77 9.27 0.50 1,200 913.00 Uncut
67.00 84.50 17.50 12.81 14.59 1 Au sample cut
or 67.00 84.50 17.50 23.27 14.59 Uncut
incl 76.79 77.29 0.50 796.00 369.00 Uncut
51.00 66.00 15.00 4.69 8.10
incl 63.15 64.85 1.70 23.46 45.94
VU-387 -38/244 13.44 13.94 0.50 18.50 14.30
Exploration Drilling from Drill Bay Section 426482E (231 Azimuth)
VU-389 1/231 23.12 41.50 18.38 8.01 9.38
23.12 23.62 0.50 271.00 152.00
77.50 79.00 1.50 33.40 30.00
VU-391 28/231 50.80 72.50 21.70 13.23 19.74 1 Au sample cut
or 50.80 72.50 21.70 27.29 19.74 Uncut
incl 65.44 65.94 0.50 31.60 20.10
incl 67.44 67.84 0.40 33.30 36.00
incl 67.84 68.34 0.50 1,040 609.00 Uncut
111.50 130.50 19.00 1.86 5.77
VU-393 45/231 37.50 50.15 12.65 8.28 19.24
40.50 42.00 1.50 56.30 37.00
VU-394 -26/231 41.44 77.50 36.06 0.91 2.96
106.10 106.60 0.50 18.50 13.40
VU-397 13.5/231 73.51 84.29 10.78 20.52 111.85 1 Au sample cut
or 73.51 84.29 10.78 175.44 111.85 Uncut
incl 83.29 83.79 0.50 3,770 2,340
Exploration Drilling from Drill Bay Section 426482E (155 Azimuth)
VU-398 23/155 38.72 48.88 10.16 1.39 15.42
VU-399 1/155 39.50 68.00 28.50 1.06 6.19
VU-401(4) -23/155 83.92 101.50 17.58 10.57 6.25
incl 85.74 86.24 0.50 339.00 92.40
VU-402 -44/155 21.00 26.13 5.13 6.31 21.10
incl 25.50 26.13 0.63 36.40 9.20
105.33 144.00 38.67 1.33 9.28
Exploration Drilling from Drill Bay Section 426616E (100 Azimuth)
VU-405 19/100 34.90 37.90 3.00 1.40 34.20
66.20 110.00 43.80 0.96 11.11
incl 115.00 138.55 23.55 2.40 21.72
incl 120.63 121.13 0.50 40.70 20.00
incl 185.00 186.50 1.50 32.90 33.40
VU-407 43/100 98.10 110.41 12.31 7.92 61.22
incl 102.80 103.39 0.59 32.20 327.00
incl 103.39 103.89 0.50 24.80 259.00
incl 109.91 110.41 0.50 56.40 146.00
135.50 140.65 5.15 7.81 144.76
incl 137.50 138.00 0.50 13.50 197.00
incl 138.00 138.50 0.50 19.05 542.00
154.71 163.20 8.49 8.64 41.65
incl 162.70 163.20 0.50 129.50 206.00
VU-408 63/100 91.33 95.83 4.50 9.12 90.00
92.33 92.83 0.50 34.40 296.00
92.83 93.34 0.51 21.80 191.00
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 g/t.
(3) All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
(4) Hole ended in mineralization.
Kenneth C. McNaughton , M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
GoGold Signs LOI with Animas to Buy Santa Gertrudis Open Pit Gold Mine in Mexico
November 25, 2013
PR#13 - 2013
Trading Symbol: TSX: GGD
Shares Issued: 132,981,894
GoGold Signs LOI with Animas to Buy Santa Gertrudis Open Pit Gold Mine in Mexico
GoGold Resources Ltd. (TSX: GGD), (GoGold), has signed a letter of intent (LOI), with Animas Resources Ltd. (“Animas”) (TSX-V: ANI) to buy the past producing Santa Gertrudis Gold Mine located in Sonora Mexico. The LOI allows GoGold to acquire 100% of the Animas Mexican subsidiaries which hold the titles to the Santa Gertrudis Gold Mine. The Letter of Intent is subject to several conditions, including completion of satisfactory due diligence by GoGold, which is currently underway, the signing of a definitive acquisition agreement as well as all necessary regulatory approvals.
The Santa Gertrudis Gold Mine, located 180 km north of Hermosillo, Sonora, Mexico, was discovered by Phelps Dodge in 1986 and advanced to open pit heap leach production in 1991. From May 1991 to October 2000, the Santa Gertrudis Gold Mine produced 564,000 ounces of gold at an average grade of 2.13 grams per tonne. Phelps Dodge sold part of the Santa Gertrudis Gold Mine to Campbell Resources in 1994 for US$ 10 million. Campbell Resources later ceased mining and processing activity due to low gold prices during the late 1990’s and settled some outstanding debts by assigning several core area concessions, including the un-mined Cristina deposit, to certain local Mexican contractors. The Amelia Mine, also located within Animas’ claims, was estimated to have historically produced over 1 million tonnes at 2.88g Au/tonne. Over the past several years all of the above claims have been reassembled by Animas and are being purchased by GoGold. A current 43-101 resource exists in and around the open pits at the Santa Gertrudis Gold Mine, a portion of which at the time of production was in the mine plan for extraction. Currently the resources are classified as inferred under the 43-101 regulations, and consist of 557,000 ounces of gold in 13.5 M tonnes at a grade of 1.28 g/t. (Technical Report and Resource Estimate on the Santa Gertrudis Gold Project, Sonora, Mexico prepared for Animas Resources Ltd. dated December 31, 2010 by Alan Noble, Ore Reserves Engineer and Professional Engineer).
Our technical team is currently evaluating a large database located at the mine site of 2422 drill holes, (250,539 meters of both core and RC drilling) along with more than 100,000 meters of blast holes to upgrade the current resource to measured and indicated to advance the project towards final feasibility and production. Our team believes they can achieve final feasibility by mid-2014. The initial goal is to generate a mine plan to extract the remaining gold around past mining operations and GoGold will ultimately seek to bring more of the project into production over time.
The payment terms of the acquisition are as follows:
$3,000,000 payable in cash over three years from the date of closing of the transaction;
A 3% net smelter returns royalty for gold and silver and a 2% net smelter royalty for all other metals on the Santa Gertrudis Gold project (the “NSR”). The NSR will be calculated and paid before any tax, VAT, or withholding tax. GoGold will also have the right to purchase one-third of the NSR at any time for $5,000,000; and,
Starting January 1, 2017, a minimum advance royalty of $250,000 annually for a period of 4 years in the event the mine is not in production. These advance royalty payments will be credited against any payments of the NSR.
Mr. Terry Coughlan, President and CEO, states that “We are pleased to have the opportunity to put the Santa Gertrudis Gold Mine back into production. We are currently constructing our Parral Tailings Mine in Chihuahua and plan to start production there in May 2014. The Santa Gertrudis mine fits GoGold’s vision to add projects with potentially low start-up costs and a fast track to production. With our teams’ past track record of successfully building and operating mines in Mexico, we believe that we can bring this past producing mine back into operation quickly adding significant value for our shareholders.”
The names of nearly three-quarters of a million individuals have been secretly added to watch lists administered by the United States government, but federal officials are adamant about keeping information about these rosters under wraps.
A report by the New York Times’ Susan Stellin published over the weekend attempted to shine much-deserved light on an otherwise largely unexposed program of federal watch lists, but details about these directories — including the names of individuals on them and what they did to get there — remain as elusive as ever.
More than 12 years after the terrorist attacks of September 11, 2001, federal agencies continue to keep lists on hand containing names of individuals of interest: people who often end up un-cleared to enter or exit the US due to an array of activity that could be considered suspicious or terrorist-related to government officials.
In 2008, the American Civil Liberties Union claimed that an Inspector General of the Department of Justice report found at least 700,000 individual names on the database maintained by the Terrorist Screening Center, the Federal Bureau of Investigation sub-office tasked with overseeing the “single database of identifying information about those known or reasonably suspected of being involved in terrorist activity.” Five years later, that number of suspicious persons is reportedly close to what it was at the time. Half-a-decade down the road, however, Americans and foreign nationals who end up on the government’s radar are offered little chance to find out how they ended there, or even file an appeal.
According to some, that’s just the start of what’s wrong with these lists.
“If you’ve done the paperwork correctly, then you can effectively enter someone onto the watch list,” SUNY Buffalo Law School associate professor Anya Bernstein told Stellin for this weekend’s report. What’s more, though, according to Bernstein, is that “There’s no indication that agencies undertake any kind of regular retrospective review to assess how good they are at predicting the conduct they’re targeting,” suggesting that anyone can be targeted and added to such a list with little oversight to protect them.
“When you have a huge list of people who are likely to commit terrorist acts, it’s easy to think that terrorism is a really big problem and we should be devoting a lot of resources to fighting it,” Bernstein added. With almost no transparency and outrages aplenty, though, she argues that the government’s watch lists are largely flawed and can erroneously ruin an innocent person’s life.
Such is the case with Rahinah Ibrahim, 48-year-old a former Standard University doctoral student who was expected to be in federal court in San Francisco, California Monday morning for the latest hearing in a case that stems from an incident in 2005 that ended with her learning she had been added to a terrorist watch list. Ibrahim was attempting to board a Hawaii-bound plane from San Francisco International Airport in traditional Muslim garb when she was taken into custody and told she had landed herself on a terrorist watch list. Nearly a decade later Ibrahim continues to disavow any connections with terrorism, but the issues surrounding the watch list program has made it seemingly impossible to find out what she did, let alone have her name removed from the list.
“We’ve tried to get discovery into whether our client has been surveilled and have been shut down on that,” Elizabeth Pipkin, a lawyer representing Ms. Ibrahim, added to the Times. “They won’t answer that question for us.”
"She doesn't want this to happen to other people -- to be wrongfully included on these lists that haunt them for years and years," Pipkin said recently to Northern California’s Mercury News.
"No one knows how the targets get on the lists," she said. "The government has never contested this case on the merits. We don't think they have a defense."
But with Monday’s hearing coming nearly a decade after Ibrahim first found herself in trouble, the likelihood of any reform coming soon to the watch list system seems slim-to-none. ACLU lawyer Hina Shamsi even told the Times that the system keeping the watch lists in tact seems to be more flawed than the one guarding over terrorist suspects held at America’s military prison at Guantanamo Bay, Cuba.
“People who are accused of being enemy combatants at Guantánamo have the ability to challenge their detention, however imperfect that now is,” Shamsi told Stellin. “It makes no sense that people who have not actually been accused of any wrongdoing can’t challenge.”
A Terrorist Screening Center official reached for comment by the Times claimed that fewer than one percent of those listed on such rosters are US citizens or legal permanent residents, but as Stellin points out, “there is no way to confirm that number.”
While the rest of the government prepared to shut down this fall, the State Department was busy stocking up on embassy liquor supplies.
In September, the final month of the fiscal year, the State Department spent about $180,000 — and racked up a total of more than $400,000 for the whole year, three times the entire liquor tab for all of 2008.
The liquor bill, split among purchase orders placed at embassies around the world, included some major last-minute pre-shutdown splurges:
• $5,625 in “gratuity wine” at the embassy in Rio de Janeiro on Sept. 29, followed by $5,925 in “gratuity whiskey” on the day the shutdown began.
• $22,416 in wine at the embassy in Tokyo.
**FILE** Bottles of alcohol are seen lining the shelves of a liquor store Aug. 31, 2009, in Springfield, Ill. (Associated Press)
• $15,900 in bourbon and whiskey in Moscow.
U.S. embassies have long served alcohol at diplomatic events under Democratic and Republican administrations alike — and in good economic times as well as bad.
But the booze bill has risen sharply each year since 2008, according to the federal government’s procurement database, which includes a specific code enabling the public to track alcoholic beverage purchase orders.
Those records show the State Department bought $415,000 worth of alcohol in fiscal 2012, which was 25 percent more than the $331,000 spent in 2011 and more than triple the $118,000 spent in 2008.
Saving a few hundred thousand dollars won’t do much to reduce the government’s $17 trillion debt, but any increase in taxpayer dollars spent on wine and whiskey deserves closer scrutiny in tough fiscal times, said Dave Williams, president of the nonprofit Taxpayers Protection Alliance, a watchdog group.
The department went on a buying binge just before the partial federal government shutdown and in the final days of the fiscal year, when many federal agencies try to spend all of the money in their budgets or risk exposing areas for congressional cuts.
“This is what taxpayers don’t understand,” Mr. Williams said. “You have a looming government shutdown but then you have a ‘use-it-or-lose-it’ mentality where someone is spending tens of thousands of dollars because they have to.
“If you’re a family or a business and you’re getting ready for a potential loss of revenue, the first thing you do is get rid of the parties,” he said. “It’s symbolic.”
In a statement to The Times, a State Department representative said “it would be an oversimplification to look at a subset of purchases made by embassies overseas and draw a conclusion about the department’s operational priorities at the time.”
Officials also said, as they did in 2010 when The Times inquired about a sharp increase in alcohol spending, that funds are spent for representational purposes.
Romania riot police clear protesters
PUNGESTI - Hundreds of Romanian riot police armed with batons early on Monday forcibly removed some 100 villagers who had been camping out for weeks in protest of Chevron's plans to drill for shale gas, witnesses said.
The residents of Pungesti in northeastern Romania had set up a protest camp in a privately-owned field next to the site where the US energy giant plans to drill its first exploration well.
"The police arrived, they beat us and dragged us away," said one of the villagers, Elena Privac.
"They forced us out of the camp we had set up and blocked the road, not even school buses are allowed to pass," she added.
Journalists were stopped from going near the scene and the police were not available for comment.
Around 1,000 riot police were involved in the operation, while the police put the number at 300.
The owner of the field where the villagers had been camping out for more than six weeks had agreed to the protest.
Chevron suspended activities in the region after the start of the protests in October and instead launched a door-to-door information campaign about its plans.
Villagers are afraid of the environmental and health impact of the highly controversial drilling method used to unlock shale gas, called hydraulic fracturing or "fracking".
The technique consists of pumping water and chemicals at high pressure into deep rock formations to free oil and gas, with environmentalists warning the process may contaminate ground water and even cause small earthquakes.
Pungesti is one of three villages in Romania's impoverished northeast, along with the country's Black Sea coast, where Chevron has permits to explore for shale gas.
So you are making a moral judgement,which according to you, a Christian should not be making as only God can judge.
Samix, earlier when mention was made of judging, you asked me to judge a person (and/or persons to hell). I clearly told you that it is not for me to judge ones eternal destination. I have God’s word however to assist in determining whether my actions are acceptable or not.
We are always to remember that the “measuring stick” we use to "judge" another will be used by our God to measure us.
Judge not, that ye be not judged. For with what judgment ye judge, ye shall be judged: and with what measure ye mete, it shall be measured to you again. And why beholdest thou the mote that is in thy brother's eye, but considerest not the beam that is in thine own eye? ...
Remember the various trees bringing forth different fruit? We judge a tree by the quality of its fruit, so also we can determine what type of person we are doing business with or the type of friends our children have chosen. What type of “fruit” are they presenting for the entire world to see?
Under the Islamic economic law the husband is responsible for the economic upkeep of his wife and kids, our women do not need to work, their husbands have to do all the hard work for them and feed and clothe them.
That may be “Islamic economic law” and the ideal for Muslims, but the reality is very different for Muslims in Canada.
Interestingly Christian husbands are also responsible for supplying the family’s finances; however, the reality is that it is almost impossible in this economy to support a family on one income. Many Christian families provide day care in their homes for other families. Others find jobs that will allow wives to work different shifts than their husbands; still others have home run businesses to assist with the family finances. Our churches can also be called on to help those in need. Finally, grandparents have been known to assist in financial matters.
The most important aspect is we do not give our children to another to raise them; we understand that it our responsibility to raise and nurture our own children.
Secondly, for people who are healthy and refuse to work, the Islamic state can take action against them because, under the Islamic law, we believe in judging people based on their apparent actions unlike Christians, who as you have informed us, do not judge people at all.
Christians do not take the law in their own hands; they leave enforcing the laws up to the government who created the laws.
So because of that important consideration (lol), I'm going to make today an abbreviated edition, even though the (phony) paper prices have once again dipped today. There's really nothing to say about this, as there is (obviously) no "reason" (ever) for lower bullion prices -- and none of the drivel from the Corporate Media "explaining" the latest price-suppression are even worthy of addressing.
I trust that today's commentary had enough new thoughts/ideas in it to provide some dramatic impact for readers, even after I gave readers here a "sneak preview" of what I would be discussing:
Gold Market Secretly Decoupling
So rather than obsessing about the (totally meaningless) paper-fraud prices for gold and silver; I would encourage readers to dive into today's commentary, and look to thoroughly understand the dynamics involved with price-decoupling. Unless/until the One Bank is smashed into little pieces, and 21st century neo-feudalism is brought to an end; Decoupling offers the ONLY possibility of at least one facet of our lives actually improving...
I say when your dog has this look on his face!
Understand that all savings rates are AVERAGES. So with the Top-1% adding $TRILLIONS per year to their hoards; this drives up the "average savings rate" tremendously. Meanwhile; the bottom-50% have ZERO savings. The next 30% struggle to save anything -- and still try to maintain a "middle class" standard of living.
The only people for whom this characterization is accurate is the top-20%; and they have access to tax-shelters which will insulate them from any of Summers' evil plans. It's only the Little People, whom already have practically nothing in savings who will be crucified even further.
Then there is the lie that "too much savings" is the problem with this DEAD economy. The problem is absurdly excessive levels of DEBT, and the only "cure" is Debt Jubillee. But you will never here One Bank prostitutes like Larry Summers utter those words...
WELFARE ABUSE: 32 years old Austin, TX welfare recipient says working is stupid.
THe theft from the banksters is no different than the thief of the welfare abuser; both are government sanctioned.
Jeff, perhaps you missed my comment:
I UNDERLINED abuser, and if you LISTENED to the clip. This lady has NO intention of ever working. No matter which you cut it, Jeff, this is THEFT!
Is this considered theft under the law of the land or are you making a moral judgement ?
Welfare was designed to help those in need; few will deny helping the needy either personally or by means of a government program. When a person KNOWINGLY takes advantage of the giver and continues to take currency to which he/she is not entitled, you are welcome to call it what you wish. I call it theft!
Perhaps you would like to share your opinion, Samix.
Are you willing to hand over currency to an able-bodied person who has NO desire to work; one who is visiting with friends, relaxing in front of the TV, or sleeping in while you are working hard to support your family?
I am curious to know how long you would be willing to pay their way.
I am also curious to know what you call this behaviour.
Indeed, there are no shortage of "smoking guns", but still the Non-Conspiracy Nuts simply refuse to look at them. Instead, they stick their heads in the sand, and ridicule us.
In this case; we have especially blatant discourse about "killing" the gold market, and "de-monetizing gold". This is an important point which I made in a previous commentary:
Correcting Gresham’s Law
All healthy economies must have "money": a vessel for STORING WEALTH, and which can also be used as currency (i.e. a medium for the exchange of goods). A healthy economy can have currency along-side money, but currency is understood to be grossly inferior.
Currency is ONLY a medium of exchange, and not a STORE OF WEALTH. It is the proverbial "leaky bucket"...which leaks wealth into the hands of the Banksters.
Gold, Silver, and ‘Leaky Buckets’
They've already destroyed silver-as-money (more or less), so now the goal was to destroy gold-as-money -- in an effort to create a world which PERMANENTLY had only currency, and no money, so that the Banksters (the One Bank) would have no impediments from stealing all of our wealth.
What is being discussed here is literally a "crime against humanity".
The Money Changers Serenade: A New Plot Hatches — Paul Craig Roberts
November 29, 2013 | Categories: Articles & Columns | Tags: The Money Changers Serenade A New Plot Hatches, | Print This Article Print This Article
The Money Changers Serenade: A New Plot Hatches
Paul Craig Roberts
Former Treasury Secretary Timothy Geithner, a protege of Treasury Secretaries Rubin and Summers, has received his reward for continuing the Rubin-Summers-Paulson policy of supporting the “banks too big to fail” at the expense of the economy and American people. For his service to the handful of gigantic banks, whose existence attests to the fact that the Anti-Trust Act is a dead-letter law, Geithner has been appointed president and managing director of the private equity firm, Warburg Pincus and is on his way to his fortune.
A Warburg in-law financed Woodrow Wilson’s presidential campaign. Part of the reward was Wilson’s appointment of Paul Warburg to the first Federal Reserve Board. The symbiotic relationship between presidents and bankers has continued ever since. The same small clique continues to wield financial power.
Geithner’s career is illustrative. In the 1980s, Geithner worked for Kissinger Associates. In the mid to late 1990s, Geithner served as a deputy assistant Treasury secretary. Under Rubin and Summers he moved up to undersecretary of the Treasury.
From the Treasury he went to the Council on Foreign Relations and from there to the International Monetary Fund (IMF). From there he was appointed president of the Federal Reserve Bank of New York, where he worked to make banks more profitable by allowing higher ratios of debt to capital, thus contributing to the financial crisis.
Geithner arranged the sale of the failed Wall Street firm of Bear Stearns, helped with the taxpayer bailout of AIG, and rejected saving Lehman Brothers from bankruptcy in order to create the crisis atmosphere needed to more fully subordinate US economic policy to the needs of the few large banks.
Rubin, a 26-year veteran of Goldman Sachs, was rewarded by Citibank for his service to the banks while Treasury Secretary with a $50 million compensation package in 2008 and $126,000,000 between 1999 and 2009.
When a person becomes a Treasury official it is made clear that the choice is between serving the banks and becoming rich or trying to serve the public and becoming poor. Few make the latter choice.
As MIchael Hudson has informed us, the goal of the financial sector has always been to convert all income, from corporate profits to government tax revenues, to the service of debt. From the bankers standpoint, the more debt the richer the bankers. Rubin, Summers, Paulson, Geithner, and now banker Treasury Secretary Jack Lew faithfully serve this goal.
The Federal Reserve describes its policy of Quantitative Easing — the creation of new money with which the Fed purchases Treasury debt and mortgage backed securities — as a low interest rate policy in order to stimulate employment and economic growth. Economists and the financial media have parroted this cover story.
In contrast, I have exposed QE as a scheme for pumping profits into the banks and boosting their balance sheets. The real purpose of QE is to drive up the prices of the debt-related derivatives on the banks’ books, thus keeping the banks with solvent balance sheets.
Writing in the Wall Street Journal (“Confessions of a Quantitative Easer,” November 11, 2013), Andrew Huszar confirms my explanation to be the correct one. Huszar is the Federal Reserve official who implemented the policy of QE. He resigned when he realized that the real purposes of QE was to drive up the prices of the banks’ holdings of debt instruments, to provide the banks with trillions of dollars at zero cost with which to lend and speculate, and to provide the banks with “fat commissions from brokering most of the Fed’s QE transactions.” (See: www.paulcraigroberts.org )
This vast con game remains unrecognized by Congress and the public. At the IMF Research Conference on November 8, 2013, former Treasury Secretary Larry Summers presented a plan to expand the con game.
Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it.
To sell this new rip-off scheme, Summers has conjured up an explanation based on the crude and discredited Keynesianism of the 1940s that explained the Great Depression as a problem caused by too much savings. Instead of spending their money, people hoarded it, thus causing aggregate demand and employment to fall.
Summers says that today the problem of too much saving has reappeared. The centerpiece of his argument is “the natural interest rate,” defined as the interest rate at which full employment is established by the equality of saving with investment. If people save more than investors invest, the saved money will not find its way back into the economy, and output and employment will fall.
Summers notes that despite a zero real rate of interest, there is still substantial unemployment. In other words, not even a zero rate of interest can reduce saving to the level of investment, thus frustrating a full employment recovery. Summers concludes that the natural rate of interest has become negative and is stuck below zero.
How to fix this? The way to fix it, Summers says, is to charge people for saving money. To avoid the charges, people would spend the money, thus reducing savings to the level of investment and restoring full employment.
Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. In other words, the cash form of money provides consumers with a freedom to save that holds down consumption and prevents full employment.
Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic. As electronic money cannot be hoarded except in bank deposits, penalties can be imposed that force unproductive savings into consumption.
Summers’ scheme, of course, is a harebrained one. With governments running huge deficits, who would purchase bonds at negative interest rates? How would pension and retirement funds operate? Would they also be subject to an annual percentage confiscation?
We know that the response of consumers to the long term decline in real median family income, to the loss of jobs from labor arbitrage across national borders (jobs offshoring), to rising homelessness, to cuts in the social safety net, to the transformation of their full time jobs to part time jobs (employers’ response to Obamacare), has been to reduce their savings rate. Indeed, few have any savings at all. The US personal saving rate is currently 2 percentage points, about 30%, below the long term average. Retired people, unable to earn any interest on their savings from the Fed’s zero interest rate policy, are being forced to draw down their savings in order to pay their bills.
Moreover, it is unclear whether the savings rate is an accurate measure or merely a residual of other calculations. With so many people having to draw down their savings, I wouldn’t be surprised if an accurate measure showed the personal savings rate to be negative.
But for Summers the plight of the consumer is not the problem. The problem is the profits of the banks. Summers has the solution, and the establishment, including Paul Krugman, is applauding it. Once the economy officially turns down again, watch out.
This column first appeared as a Trend Alert, Trends Research Institute
Most black friday stampede video and events are considered as "funny", "traditional" etc in the western press, imagine the kind of negetive press an event like this would generate in the US if this happened in some Eastern or Muslim country.
Samix, living right next door to this diseased culture; scenes like this never fail to shock-and-appal me, but your point is well taken. Yes, given Western cultural arrogance; entities like Fox "News" would love to get their hands on some Muslim version of this orgy -- and then begin heaping their scorn and ridicule.
But apart from the point you made; contemplate how empty the lives of these people must be for shopping to be such an important part of their lives. Any psychotherapist would point to obsessive/compulsive behavior of this nature as revealing some large "hole" in their life -- which they attempt to fill buying toys and trinkets.
What an opportunity to reflect on how blessed we are. Happiness revealed!
I was a little skeptical that a clip belonged in this thread, but you won me over.
Submitted by Tyler Durden on 11/30/2013 14:57 -0500
Four years ago we exposed what appeared to be a 'smoking gun' of the Fed's willingness to manipulate the price of gold. Then Fed-chair Burns noted the equivalency of gold and money, and furthermore pointed out that if the Fed does not control this core relationship, it would "easily frustrate our efforts to control world liquidity." Through a "secret understanding in writing with the Bundesbank that Germany will not buy gold," the cloak-and-dagger CB negotiations were exposed as far back as 1975. Recently, we exposed Paul Volcker's fears of "PetroGold" and the importance of the US remaining "masters of gold." Today, via a transcript of then Secretary of State Kissinger's 1974 meeting we see how clearly they understood that demonetizing gold was a critical strategy to maintaining a dominant power position in the world, and "raiding the gold market once and for all."
Burns' 1975 Smoking Gun...
On June 3, 1975, Fed Chairman Arthur Burns, sent a "Memorandum For The President" to Gerald Ford, which among others CC:ed Secretary of State Henry Kissinger and future Fed Chairman Alan Greenspan, discussing gold, and specifically its fair value, a topic whose prominence, despite former president Nixon's actions, had only managed to grow in the four short years since the abandonment of the gold standard in 1971. In a nutshell Burns' entire argument revolves around the equivalency of gold and money, and furthermore points out that if the Fed does not control this core relationship, it would "easily frustrate our efforts to control world liquidity" but also "dangerously prejudge the shape of the future monetary system."
Furthermore, the memo goes on to highlight the extensive level of gold price manipulation by central banks even after the gold standard has been formally abolished. The problem with accounting for gold at fair market value: the risk of massive liquidity creation, which in those long-gone days of 1975 "could result in the addition of up to $150 billion to the nominal value of countries' reserves." One only wonders what would happen today if gold was allowed to attain its fair price status. And the threat, according to Burns: "liquidity creation of such extraordinary magnitude would seriously endanger, perhaps even frustrate, out efforts and those of other prudent nations to get inflation under reasonable control." Aside from the gratuitous observation that even 34 years ago it was painfully obvious how "massive" liquidity could and would result in runaway inflation and the Fed actually cared about this potential danger, what highlights the hypocrisy of the Fed is that when it comes to drowning the world in excess pieces of paper, only the United States should have the right to do so.
Lastly, the memo presents a useful snapshot into the cloak-and-dagger, and highly nebulous world of CB negotiations and gold price manipulation:
"I have a secret understanding in writing with the Bundesbank that Germany will not buy gold, either from the market or from another government, at a price above the official price."
Volcker's 1974 "PetroGold" concerns...
First, here is what the S intentions vis-a-vis gold truly are when stripped away of all rhetoric:
U.S. objectives for world monetary system—a durable, stable system, with the SDR [ZH: or USD] as a strong reserve asset at its center — are incompatible with a continued important role for gold as a reserve asset.... It is the U.S. concern that any substantial increase now in the price at which official gold transactions are made would strengthen the position of gold in the system, and cripple the SDR [ZH: or USD].
In other words: gold can not be allowed to dominated a "durable, stable system", and a rising gold price would cripple the reserve currency du jour: well known by most, but always better to see it admitted in official Top Secret correspondence.
Specifically, this is among the top secret paragraphs said on a cold night in March 1968:
If we want to have a chance to remain the masters of gold an international agreement on the rules of the game as outlined above seems to be a matter of urgency. We would fool ourselves in thinking that we have time enough to wait and see how the S.D.R.'s will develop. In fact, the challenge really seems to be to achieve by international agreement within a very short period of time what otherwise could only have been the outcome of a gradual development of many years.
And Now Kissinger's 1974 Transcript...
Via Mike Krieger's Liberty Blitzkrieg blog,
The following excerpts are from a transcript of a 1974 meeting held by the then Secretary of State Henry Kissinger and his staff. This particular meeting was held on April 25, and focused on an European Commission Proposal to revalue their gold assets. What follows is an incredible insight into the minds of powerful American leaders scheming to maintain power and show other nations their place. What is most significant is how clearly they understood that demonetizing gold was a critical strategy to maintaining a dominant power position in the world.
So to those who continue to say that “gold doesn’t matter” because it hasn’t been used as an official asset in the monetary system for decades, I say give me a break. In fact, the reality of gold having been largely demonetized makes it an even greater threat going forward if the U.S. does not have all the gold it claims to, and other nations have more than they admit to.
Thanks to In Gold We Trust for bringing this to my attention. Choice excerpts are provided below, and breaks in the conversation are denoted with an “…” Enjoy.
Secondly, Mr. Secretary, it does present an opportunity though—and we should try to negotiate for this—to move towards a demonetization of gold, to begin to get gold moving out of the system.
Secretary Kissinger: But how do you do that?
Mr. Enders: Well, there are several ways. One way is we could say to them that they would accept this kind of arrangement, provided that the gold were channelled out through an international agency—either in the IMF or a special pool—and sold into the market, so there would be gradual increases.
Secretary Kissinger: But the French would never go for this.
Mr. Enders: We can have a counter-proposal. There’s a further proposal—and that is that the IMF begin selling its gold—which is now 7 billion—to the world market, and we should try to negotiate that. That would begin the demonetization of gold.
Secretary Kissinger: Why are we so eager to get gold out of the system?
Mr. Enders: We were eager to get it out of the system—get started—because it’s a typical balancing of either forward or back. If this proposal goes back, it will go back into the centerpiece system.
Secretary Kissinger: But why is it against our interests? I understand the argument that it’s against our interest that the Europeans take a unilateral decision contrary to our policy. Why is it against our interest to have gold in the system?
Mr. Enders: It’s against our interest to have gold in the system because for it to remain there it would result in it being evaluated periodically. Although we have still some substantial gold holdings—about 11 billion—a larger part of the official gold in the world is concentrated in Western Europe. This gives them the dominant position in world reserves and the dominant means of creating reserves. We’ve been trying to get away from that into a system in which we can control—
Mr. Enders: Yes. But in order for them to do it anyway, they would have to be in violation of important articles of the IMF. So this would not be a total departure. (Laughter.) But there would be reluctance on the part of some Europeans to do this. We could also make it less interesting for them by beginning to sell our own gold in the market, and this would put pressure on them.
Mr. Maw: Why wouldn’t that fit if we start to sell our own gold at a price?
Secretary Kissinger: But how the hell could this happen without our knowing about it ahead of time?
Mr. Hartman: We’ve had consultations on it ahead of time. Several of them have come to ask us to express our views. And I think the reason they’re coming now to ask about it is because they know we have a generally negative view.
Mr. Enders: So I think we should try to break it, I think, as a first position—unless they’re willing to assign some form of demonetizing arrangement.
Secretary Kissinger: But, first of all, that’s impossible for the French.
Mr. Enders: Well, it’s impossible for the French under the Pompidou Government. Would it be necessarily under a future French Government? We should test that.
Secretary Kissinger: If they have gold to settle current accounts, we’ll be faced, sooner or later, with the same proposition again. Then others will be asked to join this settlement thing.
Isn’t this what they’re doing?
Mr. Enders: It seems to me, Mr. Secretary, that we should try—not rule out, a priori, a demonetizing scenario, because we can both gain by this. That liberates gold at a higher price. We have gold, and some of the Europeans have gold. Our interests join theirs. This would be helpful; and it would also, on the other hand, gradually remove this dominant position that the Europeans have had in economic terms.
Mr. Rush: Well, I think probably I do. The question is: Suppose they go ahead on their own anyway. What then?
Secretary Kissinger: We’ll bust them.
Mr. Enders: I think we should look very hard then, Ken, at very substantial sales of gold—U.S. gold on the market—to raid the gold market once and for all.
Mr. Rush: I’m not sure we could do it.
Secretary Kissinger: If they go ahead on their own against our position on something that we consider central to our interests, we’ve got to show them that that they can’t get away with it. Hopefully, we should have the right position. But we just cannot let them get away with these unilateral steps all the time.
Full transcript here.
THe theft from the banksters is no different than the thief of the welfare abuser; both are government sanctioned.
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