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- Silver Wheaton CEO Not Thinking About Hedging Silver Until $50
- Did China Just End the Dollar's Reign?
- Buying Freeport-McMoran at a Better Price Than the Market Is Offering
- 6 Years and Counting: Why Investing in Commodities is STILL the Way to Go!
- March 3, 1923 : Gold position of the Fed strong
- Terraco Gold
- Investing in Silver Instead of Toilet Paper Currencies
- 21 St Century : Is Gold Poised to make a comeback ?
- Interview in Daily Bell
- Eric Sprott: Is silver the new gold?, 16-1 GSR returning
- The simple case for $175 Silver
- “Question of the Month” Winners for February
- More fake fiat shorting, Whats new.
- Utah House Passes Bill Recognizing Gold, Silver as Legal Tender
| Silver Wheaton CEO Not Thinking About Hedging Silver Until $50 Posted: 06 Mar 2011 05:41 AM PST Dr. Duru submits: The number $50 per ounce appeared in another discussion about silver. I first came across this target in James Turk's theory about three stages for silver's bull market with stage 2 beginning at $50. This time $50/ounce came up in an interview with Silver Wheaton's CEO, Peter Barnes, as he discussed SLW's earnings results on CNBC (video below). Barnes noted that some "reputable banks" have made predictions for silver to hit $50/ounce by the end of the year. He thinks silver will definitely go through $50 in the next 2-3 years, but it "could be quicker." Barnes's bullishness was confirmed when he stated that hedging the company's silver is nowhere on the horizon; hedging might be considered once silver hits $50. (Silver closed at $35.33 on Friday, March 4). Silver's bull run continues apace, and I am quite surprised that SLV, the iShares Silver Trust, is already up 10% since Complete Story » | ||
| Did China Just End the Dollar's Reign? Posted: 06 Mar 2011 02:39 AM PST Ian Wyatt submits: China's central bank recently made a hugely important announcement. Very few mainstream media outlets are even mentioning this story, but China just put a somewhat significant nail in the coffin of the U.S. dollar's status as reserve currency. Currently, most contracts are settled in dollars. So if Great Britain wants to buy oil from Saudi Arabia, they must first buy dollars. But China's central bank just began to allow certain cross-border trades to be settled in the Chinese yuan. In the solitary Reuters story on the subject one sentence sticks out as especially foreboding for the dollar: "In a statement on its website www.pbc.gov.cn, the Chinese central bank said it would respond to overseas demand for the yuan to be used as Complete Story » | ||
| Buying Freeport-McMoran at a Better Price Than the Market Is Offering Posted: 06 Mar 2011 12:57 AM PST The Deliberate Trader submits: Freeport-McMoran Copper & Gold, Inc. (FCX) is a stock that we have had our eye on for some time. However, we want to buy high quality stocks at fair or even bargain prices. To us, "fair" means a price that combines the concept of value with an opportunity for above average price appreciation in the future, while accounting for the potential risk of loss. Recently, there has been a flurry of favorable news about the company. According to the FCX website, last October the company increased the annual cash dividend on its common stock from $1.20 to $2.00 per share. In December, the company declared a special common stock dividend of $1.00 per share and also declared a two-for-one split of its common stock, effective February 1, 2011. Most recently, on February 24, 2011 the company issued a notice to redeem all of its approximately $1.1 billion in outstanding 8.25% Complete Story » | ||
| 6 Years and Counting: Why Investing in Commodities is STILL the Way to Go! Posted: 05 Mar 2011 07:08 PM PST
Back in 2005 I commented in an article that "my investment portfolio is almost exclusively invested in a basket of commodities (gold, silver, potash, uranium and crude oil) of which the bulk is precious metals. A third of my investments are in gold and silver bullion and a range of individual commodity-related stocks, from the very large producers to the very early stage small junior exploration companies, or their long-term warrants where they exist. Two thirds are in precious metals ETFs."
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| March 3, 1923 : Gold position of the Fed strong Posted: 05 Mar 2011 05:30 PM PST Time | ||
| Posted: 05 Mar 2011 05:10 PM PST Terraco Gold Corp TSX.V – TEN is an aggressive junior exploration company with properties in Nevada and Idaho. The Almaden property, located in Idaho, has been drilled with 887 holes, and 60,000 meters of historical drilling and has a Measured and Indicated gold resource of 864,000 oz of gold and an inferred resource of 84,000 oz gold. This resource is likely open pittable and heap leachable.
Almaden is similar to mines in northern Nevada which host bonanza‐grade gold in feeder zones below lower grade disseminated ores. High‐grade feeder system examples include; Midas (7.6M ounces), Mule Canyon, Buckhorn and Hollister A majority of the historic drilling has been only to a depth of 100 meters and the resource is still open along strike for several hundred meters and also at depth. Earlier metallurgical work done in 1997 indicates a recovery rate of 63%. It's believed this recovery rate can be increased.
Bonanza‐grade gold occurs in areas of boiling commonly starting While there is real value in the current resource of almost one million gold ounces deeper drilling may identify high grade and perhaps bonanza gold and silver ore shoots that may have fed the current resource. The Almaden resource appears to be similar to mines in northern Nevada (Hollister @ 4 million oz gold or Midas @ 7.6 million oz gold) that had bonanza grade gold zones in feeder zones below the disseminated gold discovered to date. What is so exciting about the upcoming Almaden drill program is that there is substantial evidence to suggest there might be higher grade, perhaps bonanza grade, feeder shoots at depth. The main body of mineralization runs along an exposed ridge. This does two things for a company – firstly an out cropping orebody on top of a ridge reduces the strip ratio in a low grade deposit but secondly, and much more important is, its roughly 200 meters higher than the start of the Stinking Water drill hole.
The suggestion, to this author, is that the Hollister/Midas Mine model of having higher grade ore shoots feeding the current resource is potentially very real at Almaden. Drilling is expected to start in about a month, permitting is underway. In Idaho permits are not needed for private or patented land – only for federal land and there are very few holes going to be drilled on Federal land. Terraco's Moonlight gold/silver property is located in Pershing County, Nevada and adjoins the Barrick/Midway JV project, Spring Valley, to the south – Barrick and Midway have identified over 1,800,000 ounces of gold resource. Midway's Spring Valley project and Terraco's Moonlight are both on the Black Ridge Fault. Moonlight is also on trend and approximately five miles north of the Coeur Rochester silver/gold mine – also on the Black Ridge fault. A systematic grass roots program on Terraco's Moonlight property consisting of mapping, rock sampling (results were as high as 4 grams per tonne gold and 2500 grams per tonne silver) and airborne and ground geophysical surveys identified several targets that appear to display either geological or geophysical characteristics similar to areas of gold mineralization in Barrick/Midway Spring Valley Project.
Sampling has also revealed previously unidentified anomalous gold, silver and base metals in outcrop and float elsewhere within the Moonlight Project area. At many of the old mines and prospects on the Moonlight property gold and silver do not appear to be closely correlated in sample results; this might suggest these precious metals originated from different mineralizing events. There is some evidence to suggest that Moonlight could be the next mineralized event in a string of deposits on the Humboldt Trend ranging from Relief Canyon at the south end, north through Nevada Packard, Rochester, Spring Valley and Moonlight.
Since Terraco did their last drill program understanding of the mineralization controls of Midway's Spring Valley project (and other deposits in the area) has evolved immensely. Drill results, sampling, mapping and a greater understanding of Spring Valley mineralization has led the Terraco team to change targets and move from the basin further east. Terraco plans to drill Moonlight this summer. Tom Chadwick – a Black Ridge fault expert – has been hired to do the mapping and coordinate his work with Joe Inman who is doing the geophysical work. They now have new targets in the same host rocks and structural environment as Spring Valley. Also cross structures are extremely important at Spring Valley and Terraco has some major cross structures targeted in this summer's drill program. Conclusion Terraco Gold Corp. has two exciting and very well thought out drill programs starting in the first half of the year. Terraco's management has, in the past, been successful in all aspects of running a junior resource company – this team has been there and done it, not once but numerous times. Is Terraco Gold and its Almaden and Moonlight drill programs on your radar screen? If not, maybe it should be. Richard (Rick) Mills If you're interested in learning more about the junior resource market please come and visit us at www.aheadoftheherd.com. Membership is free, no credit card or personal information is asked for. *** Richard is host of www.aheadoftheherd.com and invests in the junior resource sector. His articles have been published on over 200 websites, including: Wall Street Journal, SafeHaven, Market Oracle, USAToday, National Post, Stockhouse, Lewrockwell.com, Casey Research, 24hgold, Vancouver Sun, SilverBearCafe, Infomine, Huffington Post, Mineweb, 321Gold, Kitco, Gold-Eagle, The Gold/Energy Reports, Calgary Herald, Resource Investor and Financial Sense. *** Legal Notice / Disclaimer This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Richard Mills has based this document on information obtained from sources he believes to be reliable but which has not been independently verified; Richard Mills makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Richard Mills only and are subject to change without notice. Richard Mills assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, I, Richard Mills, assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information provided within this Report. Richard Mills does not own shares of Terraco Gold Corp. TSX.V – TEN Terraco Gold Corp. TSX.V – TEN is an advertiser on Richard's website www.aheadoftheherd.com.
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| Investing in Silver Instead of Toilet Paper Currencies Posted: 05 Mar 2011 05:05 PM PST  03/04/11 Tampa, Florida – I was intrigued by an essay titled "What You Need to Know About Buying Silver Today"' which came as the result of Jeff Clark, of Big Gold, being interviewed by The Daily Crux. Of course, Mr. Clark knows all the reasons to buy silver, and deftly ticks them off, one after another, as I would do if they ever asked me, instead of everyone always rudely shouting at me, "Hey! You can't come in here!" and "Don't eat that!" and, "Stop yelling at me to buy gold, silver and oil stocks as protection against the suicidal lunacy of the Federal Reserve creating so much money!" Mr. Clark never actually gets to the point of hysterical raving that people should buy, buy, buy silver, silver, silver, and calling people idiots – idiots! – if they are not buying silver, which is convenient for me because that is exactly what I do. Idiot! You're an idiot if you are not buying silver! See? Anyway, The Daily Crux asks the Big Question On Everyone's Lips (BQOEL), which is, "Just how high do you think silver could go?" I was hoping that he would, as I would, immediately launch into "attack mode" and say, "What kind of stupid question is that to ask? The whole thing depends on the purchasing power of the dollar, which is literally headed towards zero because of the constant, massive, unbelievable over-creation of dollars by the evil Federal Reserve, which would mean that the price of an ounce of silver would be, literally, infinity dollars! That's how high silver will go, you moron, as will the prices of everything go to infinity, when the dollar has zero purchasing power left, and is, finally, like all fiat currencies, worth Exactly Freaking Zero (EFZ)!" I could mention Zimbabwe because Zimbabwe is a very recent example, of the thousands and thousands of fiat currencies through history that have gone to zero value because of over-creation, of a currency that went to zero value because of its over-creation. As a case in point, and in a particularly pointed-yet-distasteful way as befits the whole subject of currency destruction, massive inflation, bankruptcy and ruination, I remember a photo of a sign posted in a Zimbabwe toilet, advising users as to what could be properly be used as toilet paper in this particular crapper. It read, "No cardboard. No cloth. No Zim notes." How disgusting! Money that is not even usable as toilet paper! So, the question for today's Mogambo Pop Quiz (MPQ) is, "What is the price of an ounce of silver, priced in Zimbabwe dollars?" Well, since the Zimbabwe dollar is not officially worth zero, the MPQ is an easy one: The price, in Zim notes, is, literally, infinity! This means that one ounce of silver – one lousy ounce of silver! – now costs more than all the Zimbabwe dollars ever printed! Ever! And, more horrifically and closer to home, since the American dollar is on the same sorry path, the fate of the US dollar will be that of the Zimbabwe dollar, making silver a screaming bargain, and if you are not buying it, then you are an idiot! At this point, I would usually degenerate into a Patented Mogambo Brand (PMB) of raw, in-your-face aggression on how the American dollar is a Big Piece Of Crap (BPOC) because of the Federal Reserve creating so staggeringly many of them, or a rant about how we Americans are a big bunch of idiots, or how the ultimate price of one ounce of silver is, like Zimbabwe, more than all the American dollars ever printed, making silver, at less than $35 an ounce, such a screaming bargain that to not buy silver is to proclaim yourself an idiot. Mr. Clark, sensing my underlying motive, appeals to our greed! "Good choice!" I say! He says, "Many people don't realize this, but silver rose 3,646% in the 1970s, from its November '71 low to its January 1980 high. If you were to apply the same percentage rise to our current bull market, silver would climb another 500% from here, and the price would hit $160 an ounce." Wow! Of course, all of these fabulous gains in silver presume a dollar with a relatively consistent buying power, which ain't going to happen, and instead the dollar will continue to fall in purchasing power and thus everything will become more and more expensive, all the time more and more expensive, all because the despicable Federal Reserve is continuing to create So Freaking Much Money (SFMM). But you won't care! Your buying gold, silver and oil stocks all along the way, as the evil Federal Reserve kept creating so much money, will have made you rich, rich, rich! And so what is a horror of life-or-death misery for others is of no consequence to you, and you just say to yourself, "Whee! That investing stuff was easy!" Read more: Investing in Silver Instead of Toilet Paper Currencies http://dailyreckoning.com/investing-in-silver-instead-of-toilet-paper-currencies/#ixzz1FnhXtSIQ
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| 21 St Century : Is Gold Poised to make a comeback ? Posted: 05 Mar 2011 04:30 PM PST Columbia University | ||
| Posted: 05 Mar 2011 04:00 PM PST Gold University | ||
| Eric Sprott: Is silver the new gold?, 16-1 GSR returning Posted: 05 Mar 2011 07:47 AM PST Is silver the new gold? video here: http://www.bnn.ca/News/2011/3/4/Is-s...-new-gold.aspx BNN.ca staff 3:06 PM, E.T. | March 4, 2011 As the price of silver continues to ratchet up to more than 30-year highs, an increasing number of investors are calling for a new era where silver reigns supreme in investment portfolios. One such investor is hedge-fund manager Eric Sprott, CEO of Sprott Asset Management, who tells BNN the coming decade will be dominated by the metal. "I think silver will be the investment of the decade," he says. "I thought gold was the investment of the last decade. Silver is now starting to make a run. " "Quite frankly , in the next three to five years, I will be the least surprised person in the world to see the price of silver go to $100," he says. | ||
| The simple case for $175 Silver Posted: 05 Mar 2011 07:01 AM PST typetext | ||
| “Question of the Month” Winners for February Posted: 05 Mar 2011 05:38 AM PST
And now we draw to the close of our "Question of the Month" contest, sponsored by our good friends at SilverGoldBull.com. This time it was Chad's turn to pick the winners, and members gave him a tough task. Not only were there many more challenging questions directed our way, but the discussions spawned by those questions gave Chad an additional variable to consider.. We're wrapping-up this contest (for the present), and as of yet we don't have any new promotions lined up to replace it. However, we're already working on a couple of ideas, and hope to have something new to present to our members in a couple of weeks. For SilverGoldBull, they also have to get ready to hand out the gold – to the winners of our "Miners Challenge", when that concludes at the end of this month. So between that gold, the silver which they have already given out, and all the gold and silver disappearing "the old-fashioned way" (i.e. people buying it) it could be that their "shelves" are starting to get a little bare. As usual, the monthly winners will receive prizes as follows: 1st prize: (3) 1-oz silver coins + one of our stylish, Bullion Bulls golf-shirts 2nd prize: (1) 1-oz silver coin + a Bullion Bulls shirt 3rd prize: (1) 1-oz silver coin Without further ado, here are Chad's winners (for those not selected, please direct all "hate mail" to: chadillac@bullionbullscanada.com): 1st prize: Switzer 2nd prize: Woodbridge 3rd prize: GoldenEconomizer
Switzer: " Assuming that you are well positioned in gold and silver so that in a scenario of dollar devaluation you can still preserve much of your way of life, would you then invest your "excess" bullion to try and create value within family, friends, community, business and economy, politics, spirituality, etc? As readers can see, this is a question which would have challenged the intellect of a "Socrates". With no "ancient Greeks" anywhere in sight, however, it was left to us lesser mortals to offer what insights we could. Our resident "Mining Specialist" Brian Boutilier was the first to offer a few thoughts. Brian: A thought provoking question. For my answer, I will first have to rephrase it to fit my perspective. I am not an excessive person. How to invest bullion, that is not venture capital? I don't. Bullion isn't going to be on the table. I will bring good manners and intentions. I will bring humor. Sometimes I will only bring the intention of listening actively. I will invest myself, my presence, my good intent when involved in family and community. I will reach out spirituality and lovingly, and offer what resonates with my personality, gifts and talents. I don't feel burdened to expend capital, but [rather] spend time and effort. In doing so, some resources may be used. If I have balanced my budget, then this is joyful and not a burden. The capital is certainly not the focus. What I put forth will assist in the overall scheme of things, and quite often requires little money. Then it was my turn to build on that… Jeff: More generally, there are two rough scenarios we could be looking at. In one scenario, our economies remain more-or-less "functional". That is whatever paper currency we are using won't have been rendered totally worthless, and thus commerce can continue - albeit in a highly-stressed form. | ||
| More fake fiat shorting, Whats new. Posted: 05 Mar 2011 05:38 AM PST CRIMEX/COMEX NEWS: Gold: -Front expiry March month OI rises 18 contracts (bullish) -Thursday Red candle day volume was an ENORMOUS 229,484, bankers provide the unbacked paper for shorting, Friday's volume was 133K and rise in price. See what happens when they short? Massive volume shows up. -35,899 oz withdrawal from the dealer, very little deposited -3.241 tonnes standing for delivery (6482 | ||
| Utah House Passes Bill Recognizing Gold, Silver as Legal Tender Posted: 04 Mar 2011 11:35 PM PST Massive gold demand continues to break records in China. The Extraordinary Events in the Middle East and the Coming Global Tsunami. Making the Chicken Run. ¤ Yesterday in Gold and SilverThe gold price stayed pretty much range-bound for all of Far East and London trading during their Friday trading session...but caught a bid shortly before nine a.m. in New York...with a secondary high of the day coming at 12 o'clock noon right on the button. From there, the price declined until 2:45 p.m. in electronic trading, before resuming its rally into the close...with the gold price closing virtually on its high price of the day, which was reported as $1,434.60 spot. Gold has only closed on its high of the day a handful of times in the twelve years I've been watching this market...and this is the first time I remember it closing at its high on a Friday. Whether it means anything or not, remains to be seen.
The silver price gained about thirty cents up until 10:00 a.m. Hong Kong time...and then hugged the $34.50 spot price point until exactly 9:00 a.m. in New York. Then silver was off to the races...gaining a bit over 60 cents in the next forty-five minutes. From that point, the decline rate slowed, but ground steadily higher for the rest of the Comex and electronic trading session. Silver, like gold, closed virtually on its high of the day...which Kitco recorded as $35.71 spot...a new 30+ year high.
The dollar didn't do much for most of the Friday...but when it did make a move, it was reasonably significant. As you can see, the standout on the graph was the dip in the dollar between 8:40 and 10:00 a.m. That was the time of day when both gold and silver made their most significant gains. Other than that, the dollar was not a factor in yesterday's precious metals price action at all.
The gold stocks pretty much following the gold price...but with a notable lack of enthusiasm, I thought. The HUI only finished up 0.73%. But, in fairness, gold went on to set new highs after the equity markets closed so, without doubt, the gold stocks would have done better if the markets had remained open longer. The silver stocks were in a world all their own, with double-digit gains...and high single digit gains...as far as the eye could see. The silver stocks are now in a runaway bull market that the general public is totally unaware of. There's a reason why my personal portfolio is heavily skewed to the silver market...and has been for years. If I'm personally [along with Jeff Clark over at Casey Research's BIG GOLD] going to help write an ad in this column saying that silver is going to $60 within five months...then I'm going to put my money where my mouth is...all my money...because I believe [regardless of whether it's five months or ten months] that silver will rise to that price...and probably several multiples of that, before this bull market breathes its last. Here's the HUI for the week that was.
And just to show you how the major silver stocks are doing...here's Nick Laird's "Silver 7 Sentiment Index" graph updated with Friday's closing prices.
Well, the CME's Daily Delivery Report delivered another big surprise yesterday, as only one [1] gold contract, along with five [5] silver contracts, were posted for delivery on Tuesday. Once again I'm at a loss to explain this...and I didn't have much time to talk to Ted Butler yesterday...and when I did, this subject never came up. But I can say without fear of a lie, that this delivery week was a week without precedent in Comex delivery history for this, or any other commodity. Here's the link to yesterday's 'action'. There were no changes in either GLD or SLV yesterday...and the U.S. Mint didn't have a report either. But over at the Comex-approved depositories on Thursday, they reported receiving no silver at any of their warehouses...but shipped out a grand total of 343,326 troy ounces. The link to that action is here. The Commitment of Traders report didn't show as much improvement in the silver short position as I was hoping. The bullion banks reduced their short position by only 1,333 contracts. The Commercial net short position in silver now sits at 282.3 million ounces. The '4 or less' bullion banks are short 220.0 million ounces...and the '8 or less' bullion banks are short 281.8 million ounces of the stuff. Of note here is the fact that for the first time in years, the '8 or less' traders [which includes the '4 or less'] are, in total, short less than the total Commercial net short position of 282.3 million ounces. Here's the full-colour silver COT graph. It is noteworthy in the fact that it is a visual representation of the decline in total open interest as the bullion banks continue to pare back their short positions that they started doing last year. In gold, the Commercial net short position increased by 18,790 contracts...which is no surprise at all, as the bullion banks have been shorting this latest $125 gold price rally all the way up. The Commercial net short position now sits at 25.06 million ounces of gold. It's been over 32.0 million ounces at one point, so we're not at the extreme end of the spectrum yet, so there's still room to rally, if the bullion banks chose to allow that to happen. The '4 or less' bullion banks are short 16.9 million ounces of gold...and the '8 or less' traders are short 23.3 million ounces of gold. As in silver, this 23.3 million ounce short position held by the '8 or less' traders is now less than the Commercial net short position. Its also been many a moon since that has happened in gold as well. What this means in both metals, is that traders other than the '8 or less' are going short on this rally. Is it silver analyst Ted Butler's raptors? Unfortunately I never had time to ask him that question, but I'll find out when I read his weekly commentary to his clients tomorrow. Here's the full-colour COT chart for gold...and you can see how different it looks compared to the silver COT chart...as the shorting on this rally has been relentless since the end of January. Nick Laird over at sharelynx.com in Australia provides Ted's "Days to Cover" graph...and it's always worth looking at.
Well, in a week full of surprises, why should the latest Bank Participation Report prove to be any different? The report itself came out late on Friday afternoon...and the first hint that there was something odd about it came in an e-mail from Ted where said there was a "big increase in the Bank Participation report of 6,000 net contracts short in silver by US banks from 19,000 to 25,000." Both Ted and I were expecting a decrease...and what we got instead was the exact opposite. I must admit that I don't pretend to understand why, because all the signs pointed to a month-over-month decline...and I never got the opportunity to discuss it with Ted. He's the real expert on this. I'll certainly be talking to him about it this weekend, but for the moment I'll just set that aside. In the "Non U.S. Bank" category, the numbers were also a bit of a surprise, as the total silver short positions of the foreign banks rose as well. From the January to February, the net short positions of the roughly 10 foreign banks rose from 3,463 contracts, up to 4,804 contracts...an increase of 1,341 Comex contracts. Along with the 6,255 rise in the short positions of the two or three U.S. banks...the world's bullion banks increased their Comex short positions in silver by a total of 7,596 contracts from January to February. In gold, the four U.S. banks decreased their Comex short position by 7,300 contracts in February...but the non-U.S. bullion banks went the other way. They increased their Comex short positions in gold by a whopping 16,879 contracts during the same period. Frankly, I don't know what to make of it, as the Bank Participation reports for the last several months had shown a steady decline in Comex short positions in both gold and silver by all banks...both domestic and foreign. This latest report blows that sequence totally out of the water...and I'll certainly have more to say on this in my Tuesday column. Before I get into the stories I have for you today, Nick has a couple of charts that are posted below. As he commented in an e-mail to me earlier this week..."Although the GLD ETF has declined from 1,320 tonnes to 1,220 tonnes, the global holdings across all the precious metals for all the ETFs shows that we are back to all-time highs. So what GLD has sold off in the U.S...has been taken up and surpassed on a global basis...and has been taken up by silver. The dollar amount in silver has taken up the slack from dollar amount that gold dropped. So the overall of the story is that the silver ETFs are going wild with demand...and more than compensating for the sell-off in GLD. Here's the graph that shows total ounces across all Mutual Funds and ETFs...plotted against the gold price.
And this graph shows the total dollar value of all Mutual Funds and ETFs
Nick's right. The graphs obviously show that both are at record highs...and that the silver ETFs are "going wild with demand"...as Nick says. My coin dealer would agree, without even seeing these graphs...and that's probably one of the reasons why bullion dealers, refiners...and mints, can't keep up with demand. Plus the SLV ETF is owed many millions of ounces as well.
¤ Critical ReadsSubscribePassing the Buck: European Central Bank Wants to Unload PIIGS BondsToday's first story is courtesy of reader Roy Stephens...and it's a posting over at the German website spiegel.de. During the crisis, the European Central Bank began buying up bonds from debt-ridden countries like Greece. Now the bank wants to transfer responsibility for those securities to the EU's euro rescue fund. Meanwhile, the parliamentary group of German Chancellor Angela Merkel's conservatives have issued a resolution opposing such bond purchases. The link is here.  ECB prepares rate rise as global tide turnsRoy has our next two stories as well. The first is out of yesterday's edition of The Telegraph...and is an Ambrose Evans-Pritchard offering. The European Central Bank has surprised markets by signaling a rate rise as soon as next month, brushing aside warnings that this may compound damage from the oil shock and push EMU debtor states deeper into crisis. I would guess that this is the ECB's attempt to jaw-bone the markets, but they will do nothing when push becomes shove. The link is here.  Shell chief Peter Voser warns oil demand could outstrip supplyRoy's next offering is another piece from yesterday's Telegraph. Peter Voser, the chief executive of Royal Dutch Shell, believes the $116 oil price caused by the Middle East crisis will soon ease back, but warned of a longer-term shock where "supply cannot meet demand". That's a thinly-veiled warning that peak oil is about to rear its ugly head. The link is here.  |
The Exploration potential on the Almaden property is in extending the known mineralization and potential discovery of higher grade feeder shoots
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