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Thursday, January 17, 2013

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Gold World News Flash 2

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All change at the top – Top global mining CEOs an endangered species

Posted: 17 Jan 2013 04:22 PM PST

Nearly all the world's top industrial and gold mining companies have been, or are in the process of, changing their CEOs. What impact will this have on future metals production?

Germany’s gold story distracts from supply & demand data

Posted: 17 Jan 2013 02:58 PM PST

The future storage of Germany's gold reserves attracted more attention yesterday than the latest data from GFMS, which specializes in analysing precious metals.

Is the Amplats restructuring a silver bullet for platinum?

Posted: 17 Jan 2013 02:31 PM PST

While prices have recovered sharply in the run-up to the announcement, experts say the sector is only likely to pick up properly toward 2015.

Eritrea rejects HRW claim of forced labour at gold mine

Posted: 17 Jan 2013 02:20 PM PST

The government of Eritrea has rejected a report by Human Rights Watch that said forced labour was used to build a gold mine it owns with Canada's Nevsun.

Jim Willie: The Petro-Dollar Sunset

Posted: 17 Jan 2013 12:15 PM PST

With this week's 600+ ton gold repatriation announcement by the Bundesbank, Germany certainly appears to be taking Jim Willie's advice to heart that those who exit the USdollar system first will be the leading nations in the next global economic chapter. By Jim Willie,  GoldenJackass.com The day is nigh where the Saudis accept non-US$ payments [...]
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  3. Jim Willie: Mandatory US Wage Increases By Autumn Due to Dollar Decline

Rising industrial demand to keep silver firm

Posted: 17 Jan 2013 12:14 PM PST

Analysts say Silver prices will firm up as industrial activity picks up on the back of global cues and growing economic activity.

U.S. debt ceiling: Platinum and gold are not the answer

Posted: 17 Jan 2013 11:24 AM PST

In the last press conference of his first term, President Barack Obama warned Congress that it must raise the debt ceiling to avoid disastrous side effects. However, ridiculous platinum coins and the nation's gold reserves appear to be off the table.

Are junior gold investors living the movie "Groundhog Day?"

Posted: 17 Jan 2013 10:58 AM PST

Gold junior investors might feel as if they live in the movie "Groundhog Day," but the undervaluation cycle will eventually be broken. Is the junior golds' spring around the corner?

German Gold Story Distracts from Supply & Demand Data, $1900 Forecast by July

Posted: 17 Jan 2013 10:43 AM PST

DOLLAR gold prices were little changed in London on Thursday morning, holding above $1682 per ounce as world stock markets, commodities and bonds were little changed.

Silver also held in its tight 2-day range, trading just shy of $31.50 per ounce.

Priced in Euros, the gold price edged 0.5% lower as the single currency rose.

"Amazingly," says Thursday's note from the commodity team at Commerzbank in Frankfurt, "the German Bundesbank's [statement on] the future storage of its gold reserves attracted more attention yesterday than the latest data from Thomson Reuters GFMS – the research institute, which specializes in analysing precious metals."

"Criminal masterminds and Hollywood scriptwriters have been put on notice," says the Financial Times today, calling Germany's 7-year plan to move 674 tonnes of gold from New York and Paris to Frankfurt "one of the biggest publicly announced shipments of the precious metal on record."

But "given that this is not a question of buying or selling, it has no direct impact on the gold price," notes Commerzbank.

Full-year 2012 gold data from Thomson Reuters GFMS yesterday estimated gold demand from all central banks, as a group, at a half-century high of 536 tonnes, up 17% from 2011.

The Swiss National Bank today said it expects to report a full-year 2012 profit of US$6.4 billion thanks to a rise in both the gold price and the Euro –  which the SNB printed Swiss Francs to buy in a bid to depress its own currency in 2011.

Gold demand from Chinese jewelry manufacturers meantime showed the first drop in 9 years, according to GFMS, while household demand in India – the world's #1 consumers – also fell.

Global gold mining supply hit a new annual record, albeit only 0.2% higher from 2011 and barely 8% above the level of 2001.

Since then, the gold price has risen by more than 515%.

"Although there is now growing speculation around the structure and longevity of the US Federal Reserve's QE programme, policies of ultra-low interest rates across the Western economies will persist in 2013," said Philip Klapwijk, global head of the consultancy, and one of London's top 10 gold price forecasters eight times in the last decade.

"This will continue to support investor interest in gold in the absence of low risk investments that can offer acceptable yields," Klapwijk believes, forecasting a rise in the gold price to $1900 per ounce by July, with investment demand surging by one fifth.

"The run-up to the debt ceiling crisis-point at the end of February," agrees Credit Suisse analyst Tom Kendall, quoted by Reuters today, "is going to be supportive of gold.

"Talks of downgrades from the major rating agencies will be part of it. This focuses people's attention on the longer-term stability of the US debt [and] the longer-term value of the US Dollar.

"[That] benefits gold."

Pegging "resistance" in gold at $1694 short term, "Wednesday marked the 8th consecutive day of higher lows" for gold, notes the latest technical analysis from Scotia Mocatta.

"Gold in particular has been lifted by a stronger Euro this morning," says Standard Bank in London.

"Physical gold demand is also strong, as it has been since last Friday. While Chinese buying has been relatively subdued, buying interest from South East Asia and India has more than taken up the slack."

As earnings season got underway on the stock market, shares in London-listed gold miner Petropavlovsk Plc today gained 5% after it reported a 13% rise in full-year output.

African Barrick Gold – whose shares dropped by more than a fifth the day it said takeover talks with a Chinese-state owned gold miner had failed this month – ticked lower again after it reported a drop in full-year output.

Other corporate news saw Rio Tinto's CEO Tom Albanese stood down as the mining giant booked $14 billion of write-downs from what analysts have called its "disastrous" takeover of aluminum business Alcan.

Goldman Sachs said its quarterly profit tripled to a 3-year record of $2.8 billion after it cut bankers' pay by 11%, aided by job cuts.

Rival investment-bank J.P.Morgan netted $2.2bn in the last 3 months of 2012, but CEO Jamie Dimon saw his bonus halved to $10m after letting the "London Whale" run up trading losses of $6bn.

Adrian Ash
BullionVault

Gold price chart, no delay   |   Buy gold online

Adrian Ash is head of research at BullionVault, the secure, low-cost gold and silver market for private investors online, where you can buy gold and silver in Zurich, Switzerland for just 0.5% commission.

(c) BullionVault 2013

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Platinum Market Illustrates Silver Manipulation

Posted: 17 Jan 2013 10:32 AM PST

 

Observant precious metals investors would have recently noticed a rare – almost unheard-of – occurrence: a bullion market where prices actually respond to supply/demand fundamentals. No, obviously I'm not referring to either the gold or silver market, but rather the platinum market.

Analysis was provided by a mining website. Unlike the pseudo-analytic drivel spewed by the mainstream media concerning commodity markets; this featured long-term, hard data and cogent reasoning – versus the short-term trivia, empty rhetoric, and fear-mongering we generally get from the Corporate Media.

Specifically, the article noted that recycling in the platinum market had quadrupled over the last decade. Compounding that bearish supply factor, industrial demand has softened considerably, and even jewelry demand has been shown to be more price-sensitive than previously thought.

The combination of these factors has meant that platinum inventories are abundant, and with weak supply/demand fundamentals and abundant inventories, prices have floundered; with the price of platinum now trading below the price of gold (a very unusual situation).

With a concrete example illustrating both supply/demand fundamentals and how markets are supposed to respond to those fundamentals; the extreme/serial manipulation of the silver market appears even more blatant in comparison. Now let's look at the "fundamentals" in the silver market.

We can begin by looking at the absurdly low, current price of silver. This artificial/suppressed/manipulated price can be illustrated in several different ways. Relative to the price of gold, silver is priced at less than 1/3 of its historical average.

During the nearly 5,000 years in which humanity has been mining/refining gold and silver; the gold/silver price ratio has averaged roughly 15:1. Yet currently (and through all the recent decades of silver manipulation) this ratio has been depressed to 50:1 (or lower).

We know that this is a case of silver being under-priced rather than gold being over-priced through simply examining the supply-side of the gold and silver markets: the miners. Gold and silver miners are experiencing their second "depression" in five years – as the radical under-pricing of silver and gold has made it difficult for established miners to raise capital, and nearly impossible for the junior exploration companies who are the life-blood of the mining industry.

Indeed, silver mining is so severely depressed that despite a six-fold increase in the price of silver over the last decade most of the world's silver is still produced as a secondary byproduct of other mining – while bankrupted silver mines remain shuttered all over the world, and new projects are extremely slow to develop.

Further proof of the suppressed/manipulated price of silver comes from the collapse of inventories, where global inventories plummeted by more than 90% over just 15 years (from 1990 – 2005). Despite the collapse in inventories, the six-fold increase in the price of silver has barely registered any reaction at all on the supply side, where mine-supply limps higher at an anemic rate of about 2% per year.

This is yet more proof of silver price-manipulation, as with any/every commodity market where prices are free to respond to supply/demand fundamentals, we would see prices rise to whatever level was necessary to fuel new supply and discourage consumption – until supply/demand equilibrium is reached. This is the literal definition of a "free market", something which most of us have never seen in the silver market during our entire life-span.

India's NCDEX launches 100 gms Gold contract

Posted: 17 Jan 2013 10:24 AM PST

This is for the first time that the exchange is offering a Futures contract in gold with focus on South India, which accounts for nearly 45% of the country’s demand for the yellow metal.

ORTHODOX SILVER ANALYSIS IS USELESS IN DETERMINING FUTURE SILVER INVESTMENT DEMAND

Posted: 17 Jan 2013 10:15 AM PST

By SD Contributor SRSrocco: The problem today with the typical analysis coming from the BULLS & BEARS concerning future silver investment demand and price is that it is based upon an ENERGY SYSTEM that is more than 1,000 years old.  You cannot understand silver if you DO NOT UNDERSTAND ENERGY. Most of the investing public [...]
Check out these similar articles:
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Corvus Gold Final Leach Gold Recovery Results Average 88% for Mayflower Deposit,

Posted: 17 Jan 2013 10:05 AM PST

Vancouver, B.C……..Corvus Gold Inc. ("Corvus" or the "Company") – (TSX: KOR, OTCQX: CORVF) announces the final results of a series of column leach tests on large diameter core sample composites from the Mayflower deposit at the North Bullfrog Project, Nevada.  The final results averaged 88% gold recovery at a crush size of nominally 80% passing 19mm (-3/4 inch), which represents a 10% greater gold recovery than the 78% gold recovery assumed in the December 6, 2012 Preliminary Economic Assessment (PEA).  These encouraging results suggest that the potential exists to operate the Mayflower project on a Run Of Mine (ROM) basis, although at lower recoveries than would be achieved by crushing.

The impact of ROM processing could significantly reduce both capital and operating costs per tonne for the Mayflower deposit where gold production is anticipated for late 2014.  The Company is currently conducting large ROM testing on large diameter material and working with mining consultants on optimizing blasting configurations to maximize fragmentation to assess this option.

The final recovery data (Table 1) support the high gold leachability of the Mayflower oxide material even at grades as low as 0.16 g/t.  The impact of this increased recovery data will be integrated into the Company's upcoming Mayflower Feasibility Study scheduled for the first quarter of 2013.

Carl Brechtel, COO of Corvus, stated: "The current gold recovery results continue to be very encouraging and fully support the Mayflower deposit as an attractive mining project with potential to continue to improve.  These results, linked with the discovery of the Yellow Jacket high-grade zone in the North Area which has yet to be incorporated into the resource base, provide high potential for continued enhancement of the overall North Bullfrog project in 2013."

Table 1
Mayflower PQ Core Composite Samples, Phase I Drilling, North Bullfrog Project Final Gold Recovery in Column Leach Tests at 90-156 days of Leach Time Nominal Particle Size 80% -19 mm (-3/4 inch)

MF PQ 1
MF PQ 2
 MF PQ 3
MF PQ 4
MF PQ 5
% Gold Recovery*
88.5%
89.7%
77.2%
89.0%
85.7%

*-based on Au calculated head grade

In addition, a series of ROM vat leach tests are ongoing on particles at 75 mm, 150 mm and 200 mm to provide data to evaluate gold recovery at larger particle size.  These results will be integrated with further column tests at larger crush size and blasting studies to fully assess operating the Mayflower project as a ROM operation which could provide a major cost and operational benefit.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corp.  The property package is made up of a number of private mineral leases of patented federal mining claims and 758 federal unpatented mining claims.  The project has excellent infrastructure, being adjacent to a major highway and power corridor.

The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Oxidized Indicated Resource of 27 Mt at an average grade of 0.28 g/t gold for 246,810 ounces of gold and an Oxidized Inferred Resource of 234.5 Mt at 0.18 g/t gold for 1,387,870 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits.  Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).

Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted by structural zones with breccias and quartz-sulphide vein stockworks such as the Mayflower and Yellowjacket targets.  The Company is actively pursuing both types of mineralization.

A video of the North Bullfrog project showing location, infrastructure access, and 2010 winter drilling is available on the Company's website athttp://www.corvusgold.com/investors/video/.

Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information (other than the resource estimate) that form the basis for this news release and has approved the disclosure herein.  Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.

Carl E. Brechtel, PE, a qualified person as defined by National Instrument 43-101, is responsible for planning and execution of the technical and engineering studies at North Bullfrog.  He is responsible for the preparation of this news release and has approved the disclosure herein.  He has over 30 years of experience in the mining industry, is a registered professional engineer in the States of Colorado and Nevada, and is a Registered Member of SME.  Mr. Brechtel is not independent of Corvus, as he is the COO and holds common shares and incentive stock options.

Mr. William J. Penstrom, Jr., a consulting process engineer and President of Pennstrom Consulting, Inc.,  has acted at the Qualified Person, as defined by NI 43-101, for evaluation of the metallurgical testing data presented herein.  He has over 30 years of experience in mineral process design and operation, and has been an independent process and metallurgical consultant for the mining industry for the last 10 years.  He is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME Member No. 2503900).  Mr. Pennstrom and Pennstrom Consulting Inc. are both independent of the Company under NI 43-101.

Mr. Gary Giroux, M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate.  He has over 30 years of experience in all stages of mineral exploration, development and production.  Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field.  He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976.  Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.

The work program at North Bullfrog was designed and is supervised by Russell Myers (CPG 11433), President of Corvus, a Qualified Person defined by NI 43-101, and by Mark Reischman, Corvus Nevada Exploration Manager, who are responsible for all aspects of the work, including the quality control/quality assurance program.  On-site personnel at the project log and track all samples prior to sealing and shipping.  Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment.  All resource sample shipments are sealed and shipped to ALS Chemex in Reno, Nevada, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assaying.  ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999.  Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples.  Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.  McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling.  Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel.  All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.

About Corvus Gold Inc.

Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects.  Corvus is focused on advancing its 100% owned Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries.  Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.

On behalf of
Corvus Gold Inc.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chief Executive Officer

Contact Information:   Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604) 408-7499

Cautionary Note Regarding Forward-Looking Statements

Housing Starts On Fire

Posted: 17 Jan 2013 10:04 AM PST

By Calafia Beach Pundit:

The residential construction sector is in full-blown recovery mode, with plenty of upside potential left.

(click to enlarge)

December housing starts jumped by 12% from November, exceeding all expectations (954K vs. 890K). Starts rose 37% last year, and they are up by a very impressive 77% in the past two years. Yet despite those impressive gains, starts are only now back up to the level that has marked the low of most of the recessions in the past 50 years.

That's how bad the collapse was, but it also points to lots of upside potential -- starts could easily double from here over the next few years. Residential construction will be a strong force sustaining overall economic growth for the foreseeable future.

(click to enlarge)

The ongoing recovery in the housing market also provides support for further gains in homebuilders' stocks, and in many other housing-related


Complete Story »

Argonaut Gold Exceeds 2012 Guidance with Gold Production of 108,081 Ounces

Posted: 17 Jan 2013 10:01 AM PST

Q4 Gold Production of 25,805 Ounces at El Castillo; 6,195 Ounces at La Colorada

TORONTO, ONTARIO–(Marketwire – Jan. 17, 2013) - Argonaut Gold Inc. ("Argonaut Gold" or the "Company") (TSX:AR), announced today that the Company achieved record gold production of 32,000 ounces during the 4th quarter ended December 31, 2012. This included 25,805 ounces at its 100% owned El Castillo Mine ("El Castillo") in Durango, Mexico and 6,195 ounces at its 100% owned La Colorada Mine ("La Colorada") in Sonora, Mexico. All dollar amounts are in US dollars except as otherwise noted.

FOURTH QUARTER 2012 HIGHLIGHTS:

El Castillo

  • Record production of 25,805 gold ounces (+31% improvement over Q4 2011)
  • 39,329 gold ounces loaded on the pad (+30% improvement over Q4 2011)
  • West Side Pad 8 construction moving forward; first cell to be loaded starting in Q2 of 2013

La Colorada

  • Production of 6,195 gold ounces and 47,890 silver ounces
  • 8,845 gold ounces and 815,219 silver ounces loaded on the pad
  • Phase 2 pad construction is 65% complete
  • Crushing circuit relocated and fully operational
    • Final crushing circuit expansion scheduled for early in Q2 of 2013
  • Overburden removal commenced in the La Colorada/Gran Central pit

Financial

  • Year-end cash balance was $191 million as of December 31, 2012, of which C $115 million for warrant exercises was included
  • Fourth Quarter sales of 29,500 ounces of gold and 70,910 ounces of silver

Full year 2012

  • Total production of 108,081 ounces of gold (+50% over 2011)
    • El Castillo 87,712 ounces (+22% over 2011)
    • La Colorada 20,369 ounces

El Castillo In Pit Sulphide Mineralization

  • Over 360,000 gold ounces have been added to El Castillo's in-pit resources. The additional sulfide mineralization is divided into two categories including non-silicified sulphides and silicified sulphides; this provides 22.6 million tonnes at a grade of 0.504 g/t. The majority of the mineralization falls in the non-silicified category which has an average grade of 0.47 g/t with recoveries ranging from 25% to over 50%. The smaller silicified zone of mineralization is mainly confined to a higher grade breccia pipe averaging 0.80 g/t. yielding recoveries of 11% to 28%.
  • Results encompass approximately 5,000 meters of core drilling for 32 holes completed in multiple programs over the last three years. All metallurgical testing was completed by Kappes, Cassidy & Associates ("KCA") in Reno, Nevada.
Measured and Indicated Resource Table
Sulphide non-silicified Sulphide silicified
Cutoff Tonnes Au g/t Au oz cont. Tonnes Au g/t Au oz cont.
0.15 24,032,586 0.428 330,392 2,801,142 0.717 64,590
0.20 22,639,932 0.443 322,310 2,599,320 0.759 63,388
0.25 20,200,020 0.469 304,655 2,415,744 0.799 62,064
0.30 17,337,720 0.501 279,379 2,085,348 0.882 59,127
0.40 10,978,344 0.589 208,000 1,680,330 1.013 54,715
For economic evaluation, the non-silicified sulphide zone is based upon 30% recovery; the silicified sulphide zone is based upon 17% recovery.
  • Global Sulphide Resource:
    • El Castillo's global measured and indicated ("M&I") sulphide resource shows 1.5 million ounces of gold at an average grade of 0.296 g/t; it lies below the oxide and transitional gold resource at El Castillo. It is the Company's current interpretation that the silicified sulphides make up a relatively low percentage of the total sulfides and is largely limited to the silicified breccia pipe.

Please visit http://argonautgold.com for a full table of metallurgical results and images related to the sulphides.

FOURTH QUARTER 2012 El CASTILLO OPERATING RESULTS

Fourth quarter 2012 operating statistics showed improvement over fourth quarter 2011 results. Ore production is now at an annualized rate of approximately 13 million tonnes.

El Castillo Operating Statistics
3 Months Ended Year End
12/31/2012 12/31/2011 Change 12/31/2012 12/31/2011 Change
Mining (000)
Total tonnes mined 6,695 5,437 23% 24,052 20,009 20%
Tonnes ore 3,321 2,912 14% 11,962 11,145 7%
Heap Leach Pad (000)
Direct ore tonnes to leach pad 2,033 2,098 -3% 7,561 8,114 -7%
Crushed Ore tonnes to pad 1,282 839 53% 4,555 3,041 50%
Production
Gold grade (g/t) 0.37 0.32 15% 0.39 0.33 18%
Gold loaded to pad (oz) 39,329 30,162 30% 151,462 117,939 28%
Gold loaded to carbon(oz) 25,805 19,698 31% 87,712 72,049 22%
Gold sold (oz) 23,595 20,468 15% 89,881 66,521 35%
1 "g/t" is grams per tonne
2 "oz" means troy ounce

Richard Rhoades, Chief Operating Officer of Argonaut Gold said "Year-end production at El Castillo of 87,712 gold ounces came in above increased guidance of 85,000 ounces for the year. The team at El Castillo team delivered yet another quarter of continued improvement, providing a 10% increase over the initial 2012 guidance. In addition to exceeding guidance expectations, the Company has seen dramatic improvement in crushing at the operation. The operation is now crushing at a rate of approximately 5 million tonnes per year."

Production has approached a near steady state at El Castillo. Higher grade material during the fourth quarter of 2012 provided for production of over 25,000 ounces against to guidance of 21-22,000 ounces for the quarter. In 2013, the operation anticipates lower grades, offset by higher volumes of material, for an estimated 5-10% increase over total 2012 production.

FOURTH QUARTER 2012 LA COLORADA OPERATING RESULTS

Overburden removal continues at La Colorada in preparation for full scale mining. During the fourth quarter, the crusher was relocated with a minimal impact to the production plan. Fourth quarter production provided 6,195 ounces of gold, for a total 2012 production of 20,369 ounces. Final production exceeded expectations due to higher than anticipated recoveries from the reprocessing of material and positive grade reconciliation.

La Colorada Operating Statistics
3 Months Ended Year Ended
12/31/2012 12/31/2012
Mining (000)
Total Tonnes mined 2,945 7,173
Tonnes ore 922 3,332
Heap Leach Pad (000)
Crushed ore tonnes to pad 623 2,895
Production
Gold grade (g/t) 0.43 0.43
Gold loaded to pad (oz) 8,845 40,180
Gold loaded to carbon(oz) 6,195 20,369
Silver loaded to carbon (oz) 47,890 132,805
Gold sold (oz) 5,907 19,900
Silver sold (oz) 54,108 116,717
1 "g/t" is grams per tonne
2 "oz" means troy ounce

In discussing the Company's fourth quarter and year end highlights, Mr. Pete Dougherty, President and CEO said "2012 has been a year of significant accomplishments for Argonaut Gold's employees. The Company has delivered on operational production expectations and added an important project, Magino, for future growth and development.

The El Castillo production rate has shown continual improvement quarter over quarter. La Colorada has exceeded initial expectations while forming the foundation for the future. There is still more work to be done to elevate the Company to the status of a mid-tier producer and I am grateful for what has been accomplished so far."

Argonaut Gold Q4 and Year End Financial Results Conference Call and Webcast:

The Q4 and year end financial results call is set to take place on March 26, 2013 at 8:30 am ET. Details for the call in participation are included below:

Q4 and Year-End Conference Call Information:
Toll Free (North America): 1-866-226-1792
International: 1-416-340-2216
Webcast: www.argonautgold.com
Q4 and Year End Conference Call Replay:
Toll Free Replay Call (North America): 1-800-408-3053
International Replay Call: 1-905-694-9451
Passcode: 7979249

The conference call replay will be available from 10:30 a.m. ET on March 26, 2013 until April 2, 2013.

About Argonaut Gold

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production stage El Castillo Mine in Durango, Mexico and, the La Colorada Mine in Sonora, Mexico, the advanced exploration stage San Antonio project in Mexico, the recently acquired advanced exploration stage Magino project in Ontario, Canada and several exploration stage projects, all of which are located in North America.

Platinum Is Outperforming Gold Despite: Is It A Buy?

Posted: 17 Jan 2013 09:49 AM PST

ByChristopher F. Davis:

It has been my central thesis that central bank actions around the globe have essentially locked in the long-term trend of devaluation of national currencies while at the same time assuring a long-term bull market in precious metals. I have recently opined that silver could outperform gold in the next few years, and have laid out the bullish case for silver. While gold and silver are the most popular precious metals, one of the world's top precious metals is often ignored. Platinum, which is rarer than gold and silver and also has many applications beyond being a precious metal as it is used in the industrial sectors is actually in a deficit now due to the recent South African mining strikes. It is estimated that platinum production in South Africa will be diminished by about 350,000 to 400,000 ounces for 2012. Platinum is a high-demand metal, and thus


Complete Story »

Commodity Complex Showing Signs of Life

Posted: 17 Jan 2013 09:39 AM PST

The following chart of the Continuous Commodity Complex or CCI, shows a downtrending channel that has held the complex for the last several months. In November of last year, the index broke through the 50 day moving average and remained ABOVE it for more than a week before succumbing to selling pressure heading into the end of last year.



Early this year it was trading below both the 50 day moving average and the 200 day moving average. As of today, it is now back above both and is also nearing the downsloping line that marks the top of the trend channel. It is no surprise therefore to see SILVER looking very strong on its chart right now especially with the very bullish patterns on the platinum group metals showing no signs of abating for the immediate near term.

Were it not for the weakness in the grain complex this morning, the CCI would be right on that line at the top of the channel. Let's watch this action very closely as it will indicate whether these incipient signs of life in the commodity complex are the beginning of a period of sustained upward trending moves across this sector.

Keep in mind that in spite of the massive injections of liquidity by the Central Banks of the WEst (I include Japan in this category), commodity prices have heretofore been rather unresponsive. The reason has been that traders were initially more fearful of a global slowdown than they were of any inflationary result. Based on the jobless claims number this AM here in the US and data from other global regions, that the slowdown fears are receding and growth expectations are solidly in place. In other words, it appears that for now, the Central Banks have won the battle over deflation.

So what does this mean for commodity prices? Simple - based on the charts, and the action in the interest rate markets (more on that later), traders are speculators are beginning to transition towards the growth play (RISK ON) and away from the slowing global growth scenario (RISK OFF).

Watch that solid blue line that I have marked as RESISTANCE near 575 - 577. If this index pushes FIRMLY past that line, we will know that the price of wholesale commodities in general are going to begin a sustained rise higher. This should further unleash bullish forces in the precious metals but especially in silver compared to gold.

With this in mind, take a look at the chart I have constructed below. It is a ratio chart comparing the level of the S&P 500 ( a broad view of the US equity markets) to the level of the US Long Bond. I use this as a type of indicator to help me discern where money flows are heading and whether or not speculators have an appetite for risk.



Notice since late in 2011, the trend has been in favor of equities over bonds. Yes, there have been periods within this trend where RISK has been out of favor leading to money flows out of equities and back into bonds, but the trend is pretty solid. What I wish to point out especially however is that the ratio is accelerating and has been since late spring of last year. It has increased even more sharply since fall of last year. Any wonder why the equity markets are shooting higher? Hot money is flowing into equities at the expense of bonds all in anticipation of GREATER RETURNS in this ultra low interest rate environment.

In this light, can you understand why we now have a top in the US Long Bond? As mentioned in a post a while back, I would be surprised by a RAPID, SHARP DROP in the long bond as the economy is certainly not strong enough to sustain any pressure from rising rates. At the same time however, I expect to see a SLOW GRADUAL GRIND LOWER which will accelerate as the impact from all the liquidity created by the Fed's QE programs begins to gather steam and inflation expectations increase.

I want to also emphasize that I expect significant difficulties to arise once the Fed attempts to unwind its balance sheet. Personally I am beginning to wonder if they are ever going to be able to do so?

Note on the chart that bonds have fallen to major chart support but managed to eke out a return above that level and are currently holding. However, their rally off the level looks weak. Watch out if this support level gives way on a weekly basis close, as it will entail the definitive shift away from deflation fears and shift the balance of power to the hands of those looking for inflation as the next worry.


Once such an event occurs, I would anticipate a solid move higher in silver in particular.

Deep storage Gold?

Posted: 17 Jan 2013 09:30 AM PST

I have watched with amusement… and have to call cow pies on the entire German repatriation "show."  I can only wonder how long it takes before the market itself comes to the same conclusion.  Because 32 tons per year is such an insignificant amount of Gold, why was this move even announced?  We are talking about 1 million ounces per year, this amount barely even registers on the radar screen and could probably all be carried on one transport plane.  This weight is the equivalent to roughly 50 1,200 lb horses, do you not think there would still be space available for more on a heavy transport plane?  How do we get so many armored tanks etc. from here to there?  In transport planes with huge payload capacities!  Surely "weight" is not the problem.   They are also moving 450 tons back from Paris in one single move.  Are they moving the French custodial Gold because it was this not already rehypothecated and really does exist?  Please understand that this really is HUGE news because the 2nd largest holder of Gold on the planet is mobilizing their "money."  The status quo is being shaken.  Why and how we don't know for sure but we will find out and please understand that this move can ONLY be bullish for metals priced in fiat terms.

Oh, yes I forgot, CNBC  resident goat head Simon Hobbs said yesterday that the French have been charging 500,000 Euros per year to store that German Gold to be repatriated.  I don't know if this figure is correct or not but it IS the figure he used… and said "it's A LOT of money you know for storage."  How stupid!  And in Dollars?  32 tons is only $1.7 billion!  I know that we don't (sarcasm) have any inflation but $1.7 billion doesn't buy what it used to.  Why didn't the Germans just cut a deal and tell the Treasury to wire them some $20 billion and be done with it?  Why not ask for $100 billion and tell the Treasury they could just keep what's in the vault and use the money to buy 1,500 tons of Gold? THAT'S WHY!  "I'm SURE (in my cousin Vinny's voice) they have all sorts of written receipts to show ownership, what else could they possibly need?"  As a child would say… "because."  Because Gold IS money and the Germans know that Dollars are not any longer, Dollars are merely a currency.  Because $100 billion cannot buy the 1,500 tons of Gold in the open market.  $100 billion would blow the entire market wide open and make $3,000 Gold look laughably cheap.

I received all sorts of replies yesterday and theories as to why this was done, many sent links to Jim Sinclair's thoughts that this was a shot at outgoing Treasury secretary Tim Geithner for bashing Gold prices:

Germany Reacts To The Retiring Treasury Secretary's Parting Shot

I'm not so sure I buy it 100% but it does make sense.  Because the amount of Gold is just so insignificant why bother at all?   It does make sense that Germany wants higher rather than lower Gold prices and they have watched over the last 4 months (15 years) as Gold was put in "lockdown" and mauled when bullish news would surface.  Even though Europe has had its financial problems I do believe that they still have "reserve currency" aspirations.  I'm not so sure that this will happen and think that Germany may break from the zone itself or with others and form a more stable "northern" Euro.  Were The Netherlands to announce a repatriation it would add support to this theory.  A northern Euro with a Gold cover clause could be quite viable with a huge markup in the Gold price and would be looked upon very seriously.  In any case, Gold is coming IN to the system not away from it.

Occam's razor says that the most likely and obvious solution IS the solution.  My thought is that Germany knows full well that much of their Gold is gone.  I believe they are claiming it back and have structured a deal to get it back.  The laughable "8 years" allows time for this Gold to be mined.  Do you remember early in the last decade when James Turk found the term "deep storage" while digging through Treasury reports of Gold?  Do you remember that the year or two prior that the Gold was titled "custodial Gold?"  If you put on your 3rd grader thinking cap, what does "deep storage" Gold now mean to you?  Especially since Germany is requesting their Gold back but giving 8 years time to do so?  Maybe it was just a slap in the face to put pressure on the U.S. and make it harder to run the Gold market around?  Maybe this was just to show that they do have the power to stop the U.S. Treasury (ESF) shenanigans in the Gold market?  My personal opinion is that IF the U.S. had 8,000+ tons of Gold, the easiest way to reliquify the system and "distance" us from the rest of the world financially would be to revalue Gold higher.  We would already see $10,000 or even $20,000 Gold.  A markup would make too much sense and since there has been no huge markup (other than what the market has already done), it tells me exactly "where" all this "deep storage Gold" is!

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Germany’s Gold Repatriation – We Could Have Seen This Coming

Posted: 17 Jan 2013 08:30 AM PST

READ THE FULL NEWSLETTER

To Ranting Andy Hoffman from myself, David Schectman:

We could have seen this coming.  The game is rigged at all levels.  To expect the Bundesbank to torpedo the Fed is naive.

With their "token" repatriation, they have racked up some political points without ruffling anyone's feathers.  We should know better by now, to expect any major central bank or government act to favor our position.

David

From Ranting Andy Hoffman to me:

No matter, this was a HUGE deal.  They are not dumb; and if they announced SEND IT ALL there would be a panic.

Had 1,000 in Germany (if not leased out – LOL) and 2,400 abroad.  Bringing back 700, or 30% of the overseas-held gold), to make it 50/50.

To recover just a small part of Germany's gold, Bundesbank will need 7 years – GATA.org

Submitted by cpowell on Wed, 2013-01-16 13:56. Section: Daily Dispatches

9:14a ET Wednesday, January 16, 2013

Dear Friend of GATA and Gold:

The Deutsche Bundesbank's plan announced today to repatriate some of Germany's gold reserves from the Federal Reserve Bank of New York is so incomplete and slow as to increase, not diminish, doubt that all the gold is really available.

Venezuela last year managed to repatriate all its gold from the Bank of England in a matter of months, but apparently the Bundesbank will need seven years to retrieve only a small fraction of its gold from the New York Fed.

Bundesbank board member Carl-Ludwig Thiele's comment today, defending such a minimal repatriation, seems silly. "If I hold gold in my own vaults, I have to check it myself," Thiele said, according to the Reuters story appended here. So, Herr Thiele, if you keep it somewhere else you don't have to check it?

Appended are the Reuters story on the Bundesbank's announcement, the full text of the Bundesbank's statement, and an incisive response from Peter Boehringer on behalf of Germany's Repatriate Our Gold campaign and the German Precious Metals Association, who notes the need for a full audit of Germany's gold that guards against impairment of the reserves through leases and swaps.

CHRIS POWELL, Secretary/Treasurer 
Gold Anti-Trust Action Committee Inc.

 

The following explanation is put forth by Jim Sinclair.  I think it is very important and absolutely should be read:

Germany Reacts To The Retiring Treasury Secretary's Parting Shot – jsmineset.com

January 16, 2013, at 1:05 pm
by Jim Sinclair

My Dear Extended Family,

I respectfully disagree with most of the explanations given today on the why of German actions in gold. My understanding is that the causal event of this notification actually came from the actions of the US Exchange Stabilization Fund and the long term plans to strengthen the euro.

I have published a chart from Patrick showing the extreme change in the ratio of gold to fiat currency presently being held in reserve by Euroland.

First you need to understand what the Exchange Stabilization Fund is and is not. It is an account at a major gold bank in the name of the Exchange Stabilization Fund. This fund can legally trade in gold and does. The President of the USA and the Secretary of the US Treasury run this fund. Those two managers by law are permitted to designate another manager if they wish. The fund can trade long or short, borrow or lend anything. Basically this is a an account that can legally do anything it wants whenever it wants in secret as the year end statement can easily be brought to only benign activates by warehousing all the trades.

Their broker is quite an expert in that strategy to wash year-end positions for clients.

What occurred as I am told is an act in Germany in reaction to a parting shot from the retiring Secretary of the US Treasury via the Exchange Stabilization Fund.

Read more at jsmineset.com

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CONSTANTINE ANNOUNCES SIGNING DATE FOR OPTION AND JOINT VENTURE AGREEMENT ON PALMER VMS PROJECT WITH DOWA METALS & MINING

Posted: 17 Jan 2013 06:48 AM PST

(January 17, 2013) Vancouver, BC – Constantine Metal Resources Ltd. (TSX Venture – CEM)
("Constantine" or the "Company") is pleased to announce that Constantine and
Dowa Metals & Mining Co., Ltd. have scheduled February 1, 2013 as the
signing date for closing of the Option and Joint Venture Agreement on the Palmer
VMS project.

About the Company

Constantine is a gold and copper exploration company with multiple active
projects located in premier North American mining environments. The Company's
flagship Palmer VMS Project is located in a very accessible part of southeast
Alaska and host to a NI 43-101 compliant 4.75 million tonne inferred resource
grading 1.84% copper, 4.57% zinc, 0.28 g/t gold and 29 g/t silver (using an
NSR cut-off of US$50/t; see news release dated January 20, 2010) that is
open to expansion. Other major projects include; (1) the 100% owned Timmins area
Munro-Croesus Project a past-producing mine property that yielded some of the
highest grade gold ever mined in Ontario and includes strategically located
claims immediately along trend from the 2.1 million ounce Fenn-Gib gold deposit;
(2) the large Golden Mile property in the Timmins gold camp that is optioned to
Teck Resources Ltd. who can earn up to 66% by spending $5M; (3) the 50/50 Joint
Venture with Carlin Gold Corporation exploring an approximately 800 sq. km land
position in an emerging new Carlin-type gold district in Yukon; and (4) the
Trapper Gold Project in northern British Columbia that is optioned to Ocean Park
Ventures Ltd. who carried out an 8,500 meter drill program on the property in
2011. Please visit the Company's website (www.constantinemetals.com) for more
detailed company and project information.

 

On Behalf of Constantine Metal Resources Ltd.

"Garfield MacVeigh"

President

For further information please contact:
Darwin Green, VP
Exploration or Koraleen Jarvis, Communications Coordinator
Phone:
604-629-2348.  Email: info@constantinemetals.com

Notes:

Forward looking statements:  This news release
includes certain "forward-looking information" within the meaning of Canadian
securities legislation and "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 (collectively
"forward looking statements")." Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified by the use
of words such as "seek", "anticipate", "believe", "plan", "estimate",
"forecast", "expect", "potential", "project", "target", "schedule", budget" and
"intend" and statements that an event or result "may", "will", "should", "could"
or "might" occur or be achieved and other similar expressions and includes the
negatives thereof.  All statements other than statements of historical fact
included in this release, including, without limitation, statements regarding
the expected. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements.  Forward-looking
statements are based on a number of material factors and assumptions.  Important
factors that could cause actual results to differ materially from Company's
expectations include actual exploration results, changes in project parameters
as plans continue to be refined, results of future resource estimates, future
metal prices, availability of capital and financing on acceptable terms, general
economic, market or business conditions, uninsured risks, regulatory changes,
defects in title, availability of personnel, materials and equipment on a timely
basis, accidents or equipment breakdowns, delays in receiving government
approvals, unanticipated environmental impacts on operations and costs to remedy
same, and other exploration or other risks detailed herein and from time to time
in the filings made by the Company with securities regulators.  Although the
Company has attempted to identify important factors that could cause actual
actions, events or results to differ from those described in forward-looking
statements, there may be other factors that cause such actions, events or
results to differ materially from those anticipated.  There can be no assurance
that forward-looking statements will prove to be accurate and accordingly
readers are cautioned not to place undue reliance on forward-looking
statements.

Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.

Disclosure:  Constantine Metal Resources (CEM.V or CNSNF) is a Vulture Bargain Candidate of Interest (VBCI) and is our Vulture Bargain #6.  Members of the GGR team are actively
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Aussie man digs out 5.5 kg Gold nugget

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GoldQuest Releases Drill Results at Las Tres Palmas, Dominican Republic; Includes 57 Metres Grading 2.16 g/t Gold and 0.85% Copper (3.35 g/t Gold Equivalent)

Posted: 17 Jan 2013 06:43 AM PST

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") is pleased to announce an exploration update including assay results from nine additional holes from its ongoing drill program at the Romero gold/copper discovery on the Company's 100% owned Las Tres Palmas trend in the Dominican Republic.

Drilling highlights include:

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"We continue to test a large geophysical anomaly which has been the best method for us to date and will continue to do so moving forward," commented Julio Espaillat, GoldQuest's Chief Executive Officer. "Recent drilling continues to validate our interpretation of a North-west to South-east mineralized corridor and we are encouraged that our ongoing deep Induced Polarization survey will generate sufficient targets for our 2013 drill program."

The results from the new holes are summarized in the table below:

Hole_ID From
                    (m)		 To
                    (m)		 Interval
                    (m)		 Gold
                    (g/t)
                    Uncut		 Copper
                    (%)		 Gold
                    Equivalent
                    (g/t)
LTP-113 No significant results
LTP-114 237.0 301.0 64.0 0.93 0.16 1.19
LTP-115 No significant results
LTP-116 243.0 328.0 85.0 0.79 0.89 2.24
LTP-117 173.0 239.0 66.0 0.47 0.16 0.73
LTP-118 201.0 418.5 217.5 0.74 0.4 1.39
including
273.22 322.0 48.78 2.06 0.71 3.22
LTP-119 No significant results
LTP-120 73.0 104.84 31.84 1.02 0.03 1.07
and
131.0

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Gold prices to continue bull run in 2013

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Three things to watch in 2013

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at

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