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Wednesday, November 21, 2012

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Mag Silver's CEO Presents at Recent Activities at the Cinco de Mayo Property Conference (Transcript)

Posted: 21 Nov 2012 11:22 AM PST

Mag Silver Corp (MVG)

Recent Activities at the Cinco de Mayo Property Conference Call

November 20, 2012 12:30 pm ET

Executives

Dan MacInnis – President and Chief Executive Officer

Peter Megaw – Director

Analysts

David Sadowski – Raymond James Ltd.

Michael J. Gray – Macquarie Capital Markets

John Hayes – BMO Capital Markets

Presentation

Operator

Good afternoon, my name is Tracy and I will be your conference operator today. At this time, I would like to welcome everyone to MAG Silver Corp. Conference Call. All lines have been placed on mute to prevent any background noise, after the speakers remarks there will be a question-and-answer session (Operator Instructions).

Thank you, I'll now introduce and turn the call over to your host for today, Mr. Dan MacInnis, President and CEO; and Dr. Peter Megaw, Director of the Company and Director of Exploration. You may begin your conference.

Dan MacInnis

Good morning


Complete Story »

Will Silver And Silver Wheaton Rally?

Posted: 21 Nov 2012 10:43 AM PST

By Lior Cohen:

Shares of Silver Wheaton Corp. (SLW) didn't perform well during the month. The slight increase in the price of silver didn't seem to curb the tumble of Silver Wheaton's stock in recent days. There might be some lingering adverse effects from the third quarter financial reports of the company that were published at the beginning of November. Let's examine the recent developments in the silver market and see what is up ahead for silver and Silver Wheaton.

During the month Silver Wheaton has under-performed Silver and the S&P500. During November, shares of Silver Wheaton have declined by 10.3%. In comparison, the price of silver rose by 1.9%. iShares Silver Trust (SLV) also increased by 2.7%. The chart below shows the developments of the prices of silver, Silver Wheaton and the S&P500 index normalized to September 28th, 2012. As seen below, shares of Silver Wheaton has under performed the price of


Complete Story »

Gold Confiscation - An Unlikely Scenario

Posted: 21 Nov 2012 10:27 AM PST

By Alex Canahuate:

The specter of confiscation has haunted gold investors for some time, but with increasing persistence as a legitimate "recovery" fails to materialize. Unscrupulous metal dealers will unflinchingly try to capitalize on these insecurities by pushing "confiscation-proof" products on unsuspecting consumers. It goes without saying that these items invariably command a larger premium than standard bullion products. The most important thing to bear in mind is that no one, save the pen-wielding legislators, can know what form and function a possible gold confiscation could take. While anything is possible, I am inclined to think that a re-imagining of FDR's gold confiscation is unlikely. The fundamental differences between 1933 America and today have given us more reason to fear exchange controls than an across-the-board confiscation.

On April, 5 1933, when President Franklin Delano Roosevelt penned into law executive order 6102 -- allowing for the confiscation of gold -- America was mired in


Complete Story »

Gold Volatility Declines To Record Low On Bullish Sentiment

Posted: 21 Nov 2012 10:03 AM PST

gold.ie

Shortage of gold, Indian currency hits Nepal

Posted: 21 Nov 2012 09:58 AM PST

Steve Quayle: Global Flashpoints & Apocalypse

Posted: 21 Nov 2012 08:39 AM PST

Appearing for the full 4 hours, author and researcher Steve Quayle discussed the precarious world economic situation, escalating tensions, and covert warfare, as well as how supernatural events & prophecies from the Bible are being played out. According to one of his sources, we're seeing "the systematic execution and implementation of seismic warfare" — that is technology that can be used to generate earthquakes, accelerate volcanic eruptions, and manipulate the weather. "All the volcanoes seem to be becoming active at once," he commented.

from c2cplanet:

Quayle warned of a "false flag" terror event before July, 2010, in which a U.S. governor or two might be assassinated. This kind of crisis would be created in order to declare a national emergency and martial law, he explained. Further, "all paper currency will fail, necessitating a global currency," that will be part of a one-world monetary system, he suggested, adding that the American dream has been turned into a global nightmare.

The set-up for WWIII is in place– we're in the "11th hour," with technology "supercharged in its lethality," Quayle said. He believes that a great earthquake, as prophesied in the Book of Revelation, will occur possibly in 2012, and launch us into the Apocalypse when "all hell breaks loose." He also touched on one of his favorite subjects– giants, whom he characterized as ancient "extra-dimensional" beings who mated with Earth women, and inserted themselves into our gene pool.

Biography:

Stephen Quayle is the author of five books. For over thirty years, he has been investigating ancient civilizations, giants, UFOs and biological warfare as they relate to the future of mankind. Stephen discusses the coming worst-case scenarios approaching this world and how they interrelate to each other. Earthquakes, volcanoes, nuclear and biological terrorism, coupled with the planned financial meltdown of the U.S. dollar will thrust us into unimagined tribulations. Stephen Quayle is on record as stating that we have moved from the realm of natural threats into the arena of supernaturally guided events of the unseen hand of evil orchestrating world events of unfathomable proportions.

~TVR

What Fund Managers All Across Europe Are Thinking & Gold

Posted: 21 Nov 2012 07:24 AM PST

from kingworldnews.com:

Today Jeffrey Saut spoke with King World News about what direction fund managers all across Europe believe the markets are headed. Saut, who is Chief Investment Strategist for $360 billion Raymond James, also discussed gold, energy, and his observations from his two week trip to Europe.

Here is what Saut had this to say: "Europe may be in a recession, but I certainly didn't experience it. The restaurants were packed. The trains were crowded. In fact, when I tried to book a first class ticket on the bullet train from Luxembourg to Paris, the entire first class was sold out and there were only three seats left in second class. The whole train was sold out."

Keep on reading @ kingworldnews.com

Leeb: Investors Must Know This Lesson From The 70s Gold Bull

Posted: 21 Nov 2012 07:21 AM PST

from kingworldnews.com:

Today acclaimed money manager Stephen Leeb told King World News, "There is a growing recognition that austerity can only take the Europeans so far. We are now seeing weakness in Germany and a downgrading of French bonds. The Europeans are slowly coming around to the fact that they are going to have to continue pumping money into the system."

Stephen Leeb continues:

"The recessions they are seeing are threatening to deepen. Nowhere in the developed world are we seeing growth right now. In the US, housing is getting a boost, but no new industries are being created. There are no new factories or capital investment into manufacturing that is taking place in the US.

Keep on reading @ kingworldnews.com

ECB : increase of oz743,50 in gold and gold receivables

Posted: 21 Nov 2012 07:16 AM PST

The Powers That Be Don’t Want Sovereign Bonds… They Want Gold

Posted: 21 Nov 2012 06:59 AM PST

Reserve Bank of India forbids bank loans for gold purchases

Posted: 21 Nov 2012 06:56 AM PST

Hunt brothers sacrificed to save the US dollar says Mike Maloney

Posted: 21 Nov 2012 06:30 AM PST

Episode 72: Mike Maloney, founder of GoldSilver.com and author of the Guide to Investing in Gold and Silver talks to GoldMoney's Alasdair Macleod. They discuss why gold is not in a bubble and ...

This posting includes an audio/video/photo media file: Download Now

Brazil & Kazakhstan Add Reserves as Germany Sells

Posted: 21 Nov 2012 05:32 AM PST

Wholesale gold bullion prices climbed back above $1,725 an ounce Wednesday while stocks and the euro recovered losses made in Asian trading immediately after European policymakers failed to reach a deal on Greece.

Kyle Bass on What to Expect Ahead

Posted: 21 Nov 2012 05:16 AM PST

The setup for this video reads: "Kyle Bass is back for the third year in a row, as the star of Session 2 on Day 1 at AmeriCatalyst 2011, which took place Nov. 6-8, 2011, in Austin, Texas. ...

The interview of Kyle begins at around 2 minutes, 30 seconds into the video.

Investor Kyle Bass discloses his discussion with a senior Obama admin about how this economic crisis is going to play out. The answer is to export our way out of this mess by making our exports cheaper by destroying the dollar in a global game of currency devaluation. This simply means that they are going to print more and more dollars until all of your purchasing power is destroyed and you will need more and more dollars to buy the same amount of goods. (ie. Massive Inflation.) The only way to protect yourself is to get out of ALL paper assets and into real tangible assets and nothing glitters brighter than gold."

 

Source: AmeriCatalyst via YouTube

http://www.youtube.com/watch?v=xyzujydn2AU&feature=player_detailpage

 

Gold Volatility Declines to Low on Bullish Sentiment

Posted: 21 Nov 2012 05:08 AM PST

Gold inched lower on Wednesday despite Greece's lenders being unable to agree on a debt deal, but support for bullion remains due to the very uncertain economic backdrop and global central bank's loose monetary policy stance.

Central Banks & Hedge Funds – Gold's Best Friends?

Posted: 21 Nov 2012 04:49 AM PST

SEC filings showed that Soros gold holdings surged 49% in Q3 as prices rose 10.4% and the IMF also reported that central banks have added gold to their reserves continuously for 19 months.

Soros Buying Gold as Record Prices Seen on Stimulus

Posted: 21 Nov 2012 03:20 AM PST

¤ Yesterday in Gold and Silver

After the excitement on Monday, there was no sign of any follow-through anywhere on Planet Earth yesterday...and gold traded quietly within a five dollar price range right up until noon in New York on Tuesday.  Then, between that time and the 1:30 p.m. Comex close, a thoughtful not-for-profit seller peeled about ten bucks off the price.

The low, which came minutes after the Comex close, was $1,721.30 spot...but from there it recovered somewhat into the close, finishing at $1,728.10 spot...down $3.80 from Monday.

Net volume was very quiet.  Once all the roll-overs were subtracted out, the remaining volume was only in the neighbourhood of 103,000 contracts.

It was more or less the same story in silver, except for the fact that the low price tick [$32.80 spot] came shortly before the Comex close.  From its low, silver managed to recover all of its loses...and actually closed up eight cents on the day.  The closing price was $33.19 spot.  Net volume was pretty low...around 29,000 contracts.

The dollar index closed on Monday evening in New York at 81.03...and then spent the Tuesday trading session chopping around just under the 81.00 mark...closing at 80.995...virtually unchanged.  Nothing to see here.

The gold stocks gapped down a bit at the open...and then traded sideways in a narrow range for the remainder of the day.  The HUI finished down 0.82%.

Despite silver's marginally better price performance...and a positive close...the silver stocks were a sea of red...and Nick Laird's Silver Sentiment Index closed down 1.03%.

(Click on image to enlarge)

The CME's Daily Delivery Report showed that 33 gold and 1 silver contract were posted for delivery within the Comex-approved depositories on Thursday.  The link to what little activity there was, is here.

There were no reported changed in GLD yesterday...but over at SLV, an authorized participant withdrew 484,013 troy ounces of silver.  Beginning on November 12th, about 6.3 million ounces of silver have been withdrawn from SLV.

Over at Switzerland's Zürcher Kantonalbank for the period ending November 19th...they reported that 11,019 troy ounces of gold, along with 213,160 troy ounces of silver, were added to their respective gold and silver ETFs.

The U.S. Mint had another sales report.  They sold 5,500 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and 62,000 silver eagles.

Over at the Comex-approved depositories on Monday, they reported receiving 400,615 troy ounces of silver...and shipped 675,165 ounces of the stuff out the door.  Of the amount shipped out...495,126 troy ounces came from the JPMorgan Chase depository.  The link to all this activity is here.

The Central Bank of the Russian Federation updated their website yesterday with their October data.  It showed that their gold bullion holdings for the month increased by 100,000 troy ounces to 30.1 million ounces.  Here's what it looks like in Nick Laird's most excellent chart.

(Click on image to enlarge)

Reader Randall Reinwasser sent me an article about record silver holdings in all the world's silver ETFs...so I thought I'd check this data against what Nick Laird had...and these are two of the charts he sent me.

The first chart is "Total Weight vs. Total Value".  It shows a bit over thirty years of data.

(Click on image to enlarge)

Here are the transparent silver holdings in "Total Ounces by Source".  It's basically the same as the chart on the left just above, except it's divided up into separate depositories.  The chart has almost eleven years of data...and note that up until SLV showed up, the 50-year old Central Fund of Canada was the only physical silver game in town for investors.  Since SLV, the number of silver funds has exploded.

(Click on image to enlarge)

There are plenty of reputable silver funds in the world, so why anyone would own SLV is a mystery to me.

I have the usual number of stories for a weekday column...and I'll leave the final edit up to you.

All in all, it was just another day off the calendar on Tuesday, as the clock winds down on the December contract.
Dimitri Speck: Gold Season. Smugglers now control 95% of Philippine gold trade. CGSE to launch spot, yuan based Silver trade in Hong Kong next year. How Mexican silver made it into English coins. Kyle Bass on the End of the Debt Super-Cycle.

¤ Critical Reads

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CME's eurodollar futures contract was central to LIBOR rigging

In late 1996, Marcy Engel, then a lawyer for Wall Street heavyweight Salomon Brothers Inc., fired off a warning letter to U.S. regulators: If they approved a Chicago Mercantile Exchange plan to change how a popular futures contract was priced, they would put at risk the integrity of a key interest rate in the global financial system.

The CME was already doing big business in its Eurodollar futures contract -- a derivative product that lets traders bet on the direction of short-term interest rates -- and it had long set the price for these contracts using a benchmark rate it tabulated itself. Now it wanted to adopt a more commonly used rate published by the British Bankers' Association, known as the London interbank offered rate, or Libor. Using this benchmark, the CME said at the time, "will make our Eurodollar futures an even more attractive risk management tool."

The problem with the CME's plan, as Engel saw it: The banks that set the rates in London daily were also able to take positions in the CME's Eurodollar contract. In her letter to the U.S. Commodity Futures Trading Commission, she said tethering the futures contract to Libor "might provide an opportunity for manipulation" of the interest rate. A "bank might be tempted to adjust its bids and offers ... to benefit its own positions."

I hate to make my first story of the day a must read...but that's what it is.  It's a Reuters piece that I plucked from a GATA release yesterday.  The headline reads "How Gaming LIBOR Became Business as Usual".  The link is here.

View full GSD edition

Bernanke presses lawmakers to resolve "fiscal cliff"

U.S. Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.

Without a deal, the measures known as the "fiscal cliff" will take effect in January. Bernanke also said Congress must raise the federal debt limit to prevent the government from defaulting on Treasury debt.

Failure to do so would impose heavy costs on the economy, he said. Bernanke said Congress also needs to reduce the federal debt over the long run to ensure economic growth and stability.

Uncertainty about all these issues is likely holding back spending and investment and troubling investors, the Fed chairman said in a speech to the Economic Club of New York.

This AP story showed up on the cbc.ca Internet site during the New York lunch hour yesterday...and I thank Donald Sinclair for sending it along.  The link is here.

View full GSD edition

Matt Taibbi: SEC Rocked By Lurid Sex-and-Corruption Lawsuit

Move over, adulterous generals. It might be time to make way for a new sexual rat's nest – at America's top financial police agency, the SEC.

In a salacious 77-page complaint that reads like Penthouse Forum meets The Insider meets the Keystone Kops, one David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of intramural intrigues at the agency (which has a history of such retaliation) after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC.

Weber claims that in recent years, while the SEC Inspector General's office has been attempting to investigate the agency's seemingly-negligent responses in such matters as the Bernie Madoff case and the less-well-known (but nearly as disturbing) Stanford Financial Ponzi scandal, two of the IG office's senior officials – former Inspector General David Kotz and his successor, Noelle Maloney – were sleeping together.

You can't make this stuff up.  The Adults Only warning flag is flying...as Matt uses rather 'pithy prose' at times.  It was posted over at the rollingstone.com Internet site yesterday...and it's Roy Stephens first offering of the day.  The link is here.

View full GSD edition

Senate bill rewrite lets feds read your e-mail without warrants

A Senate proposal touted as protecting Americans' e-mail privacy has been quietly rewritten, giving government agencies more surveillance power than they possess under current law, CNET has learned.

Patrick Leahy, the influential Democratic chairman of the Senate Judiciary Committee, has dramatically reshaped his legislation in response to law enforcement concerns, according to three individuals who have been negotiating with Leahy's staff over the changes. A vote on his bill, which now authorizes warrantless access to Americans' e-mail, is scheduled for next week.

Leahy's rewritten bill would allow more than 22 agencies -- including the Securities and Exchange Commission and the Federal Communications Commission -- to access Americans' e-mail, Google Docs files, Facebook wall posts, and Twitter direct messages without a search warrant. It also would give the FBI and Homeland Security more authority, in some circumstances, to gain full access to Internet accounts without notifying either the owner or a judge.

This story was posted on the news.cnet.com Internet site very early yesterday morning Pacific time...and I thank Casey Research's own David Galland for bringing it to my attention...and now to yours.  The link is here.

View full GSD edition

Dr. Dave Janda interviews G. Edward Griffin

If I had to pick one book that changed my life forever, it would be Ed Griffin's classic tome..."The Creature From Jekyll Island: A Second Look at the Federal Reserve".  And if you haven't read it, you must consider yourself under-educated.

Here's the Sunday interview with Ed posted over at all-talk radio station WAAM-1600 out of Ann Arbor, Michigan.  It's well worth your time...and the link is here.  I found the link a tad slow to load.

View full GSD edition

Kyle Bass on the End of the Debt Super-Cycle

"When you let the politicians run monetary policy, well, that is how it [ends]... All of the ingredients are there [for Japan now] for this vicious cocktail to fall apart" is how Kyle Bass concludes this broad and succinct recent interview. With total credit market debt-to-GDP globally around 350% (or ~$200 trillion), his thesis remains that many countries will reach their profligate endpoint soon (if not already in Greece's case - where investors have already lost 90c on the dollar); but that managing around this current evolution is the single-hardest period for investing of the last few decades.

The modest Texan notes it is naive to think he can call the end of a 70-year debt-super-cycle with any precision (as in mid-December's Japan fiscal data and Abe's election) but when you look at all of the inputs, he believes that Japan has crossed the proverbial Rubicon in the last two months and describes in this rather breathtaking clip how the end of twenty years of conjecture on what will happen to Japan will come to pass.

This Zero Hedge posting from yesterday evening contains a must watch 7:35 minute video interview where he talks about "all of the above".  Further down is a 32-page letter to investors that is a must read.  This will keep you off the streets for a bit.  I thank Australian reader Wesley Legrand for sending this our way...and the link is here.

View full GSD edition

As Europe Plots Closer Ties, Britain Mulls Split

Goodbye Britain?

For the European Union, a once-unthinkable question is looking more like a real possibility with each new grinding week of economic crisis. The reason is that bad times are forcing the 17 EU nations that use the euro currency to move ever closer toward some kind of United States of Europe — one that could make decisions about how much member countries spend and how much tax they collect.

If ever Britain had a nightmare, that's it.

The British public shows no interest in moving closer to the rest of Europe, and most can't even seem to stomach the status quo. The real question these days appears to be whether to drift away or break away abruptly.

This AP story was posted on The New York Times website early yesterday morning...and I thank Phil Barlett for sending it our way.  The link is here.

View full GSD edition

Van Rompuy: financial tax to form part of EU budget

The much vaunted EU financial transaction tax (

Ron Paul interviewed by GoldMoney on prospects for gold and private money

Posted: 21 Nov 2012 03:20 AM PST

Ron Paul interviewed by GoldMoney on prospects for gold and private money

GoldMoney's Andy Duncan interviewed retiring U.S. Rep. Ron Paul, recent candidate for the Republican presidential nomination, about his career, prospects for a new gold standard, and prospects for legalization of private, competitive currencies.

In regard to the latter, Paul cites the case of Liberty Dollar founder Bernard von NotHaus. The interview is 15 minutes long and can be heard at GoldMoney's Internet site.  I found this story in a GATA release yesterday...and the link is here.

CGSE to launch spot, yuan based Silver trade in Hong Kong next year

Posted: 21 Nov 2012 03:20 AM PST

CGSE to launch spot, yuan based Silver trade in Hong Kong next year

Growing demand for silver prompted Chinese Gold and Silver Exchange Society to launch a spot silver trading service in the first half of next year in Hong Kong.

CGSE also said it would consider launching yuan-denominated silver trading later under this new platform. The silver contract will be traded in 10 kilograms as one board lot while physical delivery must be at least 30 kilograms.

The CGSE is the only authorized spot gold exchange in Hong Kong. The CGSE currently offers spot gold trading denominated in both the Hong Kong dollar and yuan.

read more

How Mexican silver made it into English coins

Posted: 21 Nov 2012 03:20 AM PST

How Mexican silver made it into English coins

Chemical studies of old English coins are helping unravel a centuries-old mystery: What happened to all the silver that Spaniards dug out of the New World?

Silver from Mexican mines started being incorporated into English coins around the mid-1550s, a new study shows. But silver from the legendary Potosí mines, in what is now Bolivia, didn't show up until nearly a century later, researchers report online November 6 in Geology.

The new study adds hard data to theories linking the transatlantic influx of silver to price inflation across Europe from about 1515 to 1650.

read more

Artisanal gold mining in South Sudan - in pictures

Posted: 21 Nov 2012 03:20 AM PST

Artisanal gold mining in South Sudan - in pictures

American photographer Adriane Ohanesian has been based in South Sudan since 2010, working for Reuters. Here she documents the unregulated gold-mining industry prior to changes that may see the government selling licences to large-scale investors.

I had an idea in my mind that South Sudan was all rocks, desert and sand.  How wrong I was.  These twelve photos are well worth your time...and I thank Swiss reader B.G. for finding them for us.  They were posted on The Guardian website yesterday afternoon GMT...and the link is here.

Gold Will Easily Double: Nick Barisheff

Posted: 21 Nov 2012 03:03 AM PST

Nick Barisheff CEO of the $650 million Bullion Management Group, says, "We've passed the point of this getting fixed."

from usawatchdog:

Barisheff thinks if the Fed's gold holdings are ever audited, there will be a "gigantic short-covering rally . . . multiple bankruptcies . . . and a massive loss of confidence" in the dollar because much of the gold is gone or leased out. Barisheff thinks the gold price could be "easily double" right now. That's because Barisheff believes, "What's kept the price down is the artificial leased gold going onto the markets." Join Greg Hunter as he goes One-on-One with Nick Barisheff.

~TVR

McAlvany: The Transformation of War

Posted: 21 Nov 2012 02:57 AM PST

This Week:
1) The rise of un-conventional conflict
2) The weapons of economic war
3) An Iron (gold) Dome for the Dollar?

from mcalvanyfinancial:

~TVR

Bullion Miners Facing Tough Challenges

Posted: 21 Nov 2012 02:14 AM PST

A new report from the world's largest gold producer Barrick Gold provides yet another illustration of the problems facing gold mining companies. According to Barrick, total production costs for all mining companies exceeded the $8 billion mark last year.

Gold and Silver Market morning, November 21, 2012

Posted: 21 Nov 2012 12:15 AM PST

Michael Berry: When Picking Mineral Stocks, It's Management, Management, Management

Posted: 21 Nov 2012 12:00 AM PST

Michael Berry believes the declining dollar is the real driver behind the gains in gold and silver and that silver is undervalued relative to gold. In this interview with The Gold Report, Berry, the...

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