Massive news from Gleichen
Gleichen to acquire 78.8% of Teck’s Morelos project
Morelos, Guerrero State, Mexico
Partner: Goldcorp Inc. (21%)
* 2005 Inferred Resource of 30.6 million tonnes grading 3.3 g/t gold (3.2 million oz contained)
* Two-phase aggressive infill drilling campaign totaling 60,000 m to improve resource confidence initiated
* Scoping level environmental, social, engineering and metallurgical studies underway
2009-08-06 20:28 ET – News Release
Mr. Michael Murphy reports
GLEICHEN ANNOUNCES PROPOSED ACQUISITION OF 78.8% OF MORELOS PROJECT
Gleichen Resources Ltd. has entered into an agreement dated Aug. 6, 2009, to acquire 78.8 per cent of the Morelos project from Teck Resources Ltd. via the acquisition of Oroteck Mexico S.A. de C.V. from Teck’s subsidiaries, Teck Metals Ltd. and Teck Exploration Ltd., for a purchase price of $150-million (U.S.) and a 4.9-per-cent stake in Gleichen postfinancing. Oroteck owns 78.8 per cent of Series A shares in the capital of Minera Media Luna S.A. de C.V., holder of the concessions comprising the Morelos project.
The Morelos project is an advanced-stage gold exploration property located in the state of Guerrero, approximately 180 kilometres to the southwest of Mexico City. The Morelos project consists of a group of seven claims totalling 29,046 hectares. Teck is the operator of the Morelos project in a joint venture with Goldcorp Inc. Teck owns a 78.8-per-cent interest in the Morelos project, with Goldcorp owning the remaining 21.2 per cent. For details of the property please refer to Teck’s 2008 annual information form.
Michael Murphy, president and chief executive officer of Gleichen, stated: “Gleichen is delighted with having been chosen as the successful bidder for the high-quality Morelos asset. The transaction will transform Gleichen into a significant gold company. We look forward to working with the community and leadership to successfully develop the Morelos project.”
As a result of this company-changing transaction, Gleichen will adjust its board and add several senior and experienced mining individuals with executive, corporate and board experience. Terry MacGibbon has been assisting Gleichen during the bidding process and pending successful closing of the acquisition of Morelos, will join the Gleichen board. Mr. MacGibbon is the chairman, president and chief executive officer of FNX Mining Company Inc. In addition, Gleichen has recruited a number of highly skilled and experienced senior management persons with exploration, engineering, and operating expertise.
Closing of the transaction is expected in the fourth quarter. Closing is subject to receipt of all required shareholder, regulatory and third party consents, satisfaction of customary closing conditions, and the completion by Gleichen of a financing to raise minimum gross proceeds of $175-million (U.S.). It is expected that the financing will proceed by way of a best-efforts private placement of subscription receipts. Further details of the financing will be provided once determined.
Macquarie Capital Markets Canada and Jones Gable & Company acted as financial advisers to Gleichen and Cassels Brock and Blackwell LLP acted as legal adviser to Gleichen.
Hoosier and Roro,,,, great points.
Hoosier…. What doos the option and warrant info tell us. ? That the sp count will go down? and/or that theres a lot of un happy share holders… or both. And didnt remember about Badr and Bendon. Saw their names when I read info. But dont you think Chet has big positions in them too.? If he does have big ownership in them, he has a lot of say. And if the PF is low I dont think he can demand a good price in the b/o sp. Do you.? And if he cant get a good price in the b/o,,, he wont sell now. Especially if he has funding to continue. It all goes around 360. But drives us crazy trying to figure it out. And we’re now at 80 cents sp,,,, so nothing really makes any sense….. not when a Public Company doesnt tell the share holders a gd thing.
I think the Resersves will be only 1 mil , and about 3 mil resources… for a total of a Conservatively low 4 mil oz. Sorry to say. And (i like your call much more, hope youre right.) Sounds like you dont think there will be another PP before b/o.
Glad you dont agree w/ my theory. IT’S AN UGLY ONE. And apparently no one else does either. Or just no one confessing that they do.
Roro…. reason why the Drill caused 1.5 mil shares traded… is b/c everyone was so fed up. One close watcher and shareholder thoutht it would go down to 30 cents, and not the 60 that actually accurred. The quick rebound was encouraging. Arlene here called that one. Said it would bounce back quick. Was right.
A bit scary the PF isnt causing any demand. Dont know what to think .
Top of the Ridge… i think the Big Guys will buy MDL and Ole at the same time. A MDL and Ole merger?
tired of typing ……
GF:
If the warrants are not excercised by the expiration date than yes, they come off of the total diluted share count. The warrants I listed below have exercise prices of $2.75 and $3.30 per share…
I have not been able to find anything anywhere indicating that Chet has positions in Bendon and Badr…I would think he would have to disclose this somewhere.
You may have already seen this or know this…but this link below is an excellent read on how resources are determined/defined for inferred, proven probable, etc. They’re the actual definitions incorporated in the NI43-101 (I think).
http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf
We’ll just have to wait & see what they come up with in the PF.
h1
Why own gold or gold stocks????The Dollar Is Going Lower
We’ve spent a lot of time in past issues discussing why we believe the dollar must go lower. But if you’re new to the topic, or unclear of our reasons, I’ll bet I can convince you in the next 60 seconds…
1. Money printing
The U.S. monetary base (coins, paper money, and central bank reserves) at the end of August 2008 was about $800 billion (minus dollars held abroad). In response to the economic crisis, the U.S. government has printed so much money that the monetary base has swelled to $1.7 trillion. This is the largest expansion in history and a staggering devaluation of the dollar. It means that for every dollar in America one year ago, the U.S. government has created 2.1 more of them.
dsh,
Was that your own commentary or an excerpt from somewhere else? If it was an excerpt, will you post the link to the article? thanks.
Sorry its not my comment..not that smart..I got it emailed to me?Here’s some more…2. Debt
Taking on debt is like getting a tattoo: it doesn’t go away, and it’s pretty painful to get rid of.
In the U.S., our current debt picture looks like this:
N• ational debt 11.6 trillion (but ‘09 GDP is only 8.3 trillion)
Government spending YTD 2.4 trillion (but tax revenue is only 1.2 trillion)•
Government bailouts 11.8 trillion (equals $38,815 per U.S. citizen)•
But the granddaddy of them all are the unfunded liabilities (meaning, they are not covered by an asset of equal or greater value).
M• edicare/Medicaid liability 39.6 trillion
Social Security liability 10.6 trillion•
Prescription drug liability 8.5 trillion•
Total unfunded liabilities• 58.7 trillion
I have one question: where is the money to pay for all this going to come from? The government has only three choices to meet these liabilities:
Raise taxes1.
Cut spending2.
Allow inflation to rise from money printing, diluting the debt burden3.
You can debate the likelihood of the first two, but everyone at Casey Research is personally betting #3 will come to pass.
Meanwhile, what is the liability of gold? ZERO. When you hold a gold coin in your hand, no one else’s problems, deficiencies, liabilities, or ability to pay come into play.
Although there are many uncertainties in the world, the future purchasing power of gold is not one of them. Buy gold until the monetary chart and debt figures above honestly don’t worry you. Let gold serve its purpose for you by protecting the purchasing power of the dollars in your possession.
hoosier1, what is the schpeel with Naples (Florida?)? Is there a big party planned there when we finally get our day in the sun? Over the years, I keep seeing this reference.
Roro:
Yep! Party in Naples when this baby blows. A long time ago….well, probably 2-3 years ago, back on one of the other boards, someone initiated having a party and playing golf in Naples.
But, considering how fast this thing has been moving, there may not be a Naples…global warming will have caused the oceans to rise and it will be flooded over 🙂
h1
Naples….. NOV, 2009
That is the date I predict ??
Depth By Price
Bid
Orders Volume Price
1 2,500 0.85
2 11,500 0.84
1 2,500 0.83
1 2,500 0.82
1 7,500 0.81
Ask
Price Volume Orders
0.86 7,500 1
0.88 7,500 2
0.89 7,500 2
0.90 5,000 1
0.92 5,000 1…Depth 9:09 Vancouver time.dsh
Somehow , I now feel somewhat depressed/abandoned…..Not onlly no news what-so-ever from Ole , but not even a meaningful opinion from Caliche in weeks….Sincerely do hope that he is O.K…..PF could be out later this week , but certainly no later than week of 9/7/09……Surely do hope that it shows a potential of more than 8 million ounces , but at this atage , I am doubtful that it will project more than 6-7 million….
P.S. —– Spot price of gold should exceed $1000/oz in the next 6-8 weeks , which should help our share price , no matter the PF…
Looks like Chet has been busy buying up other gold companies… I think he needs to have CEO handle the day to day businees as he seems a bit too speread out and he is doing a shitty job at all of them…
Just my opinion…
G1
http://www.foxbusiness.com/story/markets/industries/finance/blue-cove-capital-corp-enters-letter-intent-multiple-gold-properties-battle/
Monday, August 24, 2009
Blue Cove Capital Corp. Enters into Letter of Intent for Multiple Gold Properties in the Battle Mountain/Cortez Trends of North Central Nevada as Its Qualifying Transaction
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Comtex Vancouver, British Columbia CANADA, Aug 24, 2009 (Filing Services Canada via COMTEX) —- Blue Cove Capital Corp. (BCV.P: undefined, undefined, undefined% – TSX Venture), announces that that it has entered into a letter of intent (the “Letter of Intent”) dated August 18, 2009 with Golden Predator Mines (US) Inc. (“Golden Predator US”) and Great American Minerals Inc. (“GAM” and together with Golden Predator US, the “Vendors”) to acquire the Vendors’ collective interest in certain mineral exploration properties located in the Battle Mountain and Cortez Trends of North Central Nevada, USA including the Modoc Project, UNR/Keystone Project, Trail Project and the Platte River Joint Venture Project (collectively, the “Properties”) on the terms set out in the Letter of Intent (the “Acquisition”). The Acquisition would include the assignment of all of the Vendors’ right, title and interest in the Properties as well as the obligations in certain underlying agreements to which the Properties are subject. The Acquisition is subject to TSX Venture Exchange (“TSXV”) approval and is intended to constitute the Company’s qualifying transaction and the Modoc Project to constitute Blue Cove’s qualifying property under the policies of the TSXV. Under the Letter of Intent the parties have agreed to use commercially reasonable efforts to negotiate and settle by September 15, 2009 a definitive agreement (the “Definitive Agreement”).
Pursuant to the Letter of Intent as consideration for the Properties, the Definitive Agreement would provide that on closing the Company will pay to the Vendors an aggregate of US$1,000,000, issue to the Vendors an aggregate of 1,000,000 common shares (“Shares”) and pay certain maintenance costs (“Costs”) incurred by Golden Predator US estimated at US$104,000 coming due after the date of the Letter of Intent and before closing. The Vendors would also retain a 1.5% net smelter return royalty on the sale of all minerals produced from the Properties other than the Platte River Project, and a 0.75% net smelter return royalty on the sale of all minerals produced from the Platte River Project. As consideration for entering the Letter of Intent, Blue Cove has paid to the Vendors a CDN$25,000 non-refundable payment which will be credited against the Costs which are payable on closing. On closing of the Acquisition, Golden Predator US shall have the right to appoint one individual as a director of Blue Cove until Blue Cove’s next annual general meeting and to appoint one individual as a nominee as a director at Blue Cove’s next two annual general meetings. In addition, for a period of two years from closing of the Acquisition Golden Predator US shall have a pre-emptive right to participate in future equity issuances of Blue Cove in order to maintain its proportionate ownership interest as at closing.
The Properties
The Properties are all gold exploration properties located in the Battle Mountain, Cortez/Cortez Hills and Eureka Gold Districts of Nevada. Numerous major corporate owned Gold Mines in the districts & trend include Newmont Gold’s Lone Tree & Phoenix Mine Complex’s, Barrick & Goldcorp’s jointly owned Marigold Mine, Barrick’s Pipeline, Cortez & Cortez Hills Gold Mines & Deposits, US Gold’s Tonkin Springs Gold Mine and Barrick’s Archimedes Gold Mine.
The Modoc Project is located in Lander County, Nevada two miles west of Newmont’s Phoenix Mine project in the Battle Mountain Mining District.
The UNR/Keystone lower plate gold project lies within the Battle Mountain-Cortez Gold Trend, approximately 18 miles south of Barrick Gold’s Cortez & Pipeline Mine and 12 miles south of the new Cortez Hills Mine.
The Platte River Joint Venture Project is on the northeast flank of the Roberts Mountains, southeast of the Cortez Hills Mine Project (Barrick Gold) and just east of US Gold’s Tonkin Springs Mine Project.
The Trail Project located in the Eureka Mining District in Eureka County, Nevada is located on the west flank of Lookout Mountain approximately two miles north of Staccato Gold’s Lookout Mountain Gold Deposit and Barrick Gold’s Archimedes Gold Mine is currently in production approximately four miles north.
Not sure where all these wild projections are coming from for the Prefeasilbility (PF) study. It’s my understanding the the PF will tighten up the existing resource and likely won’t result in a material change to the 2.3 million ozs. But what it should do is reclassify a significant portion of those ozs from inferred to measured and indicated (probable).
I also understand that results from more recent drilling will be announced right around the same timeframe which should continue t show that there is a lot of gold in Senegal.
I maintain my $3-$5 target within the next 12 months, but not more than that. As I never held out too much hope for Santa Rosa (afterall a 12% chance of success are not great odds and we saw the result of it). Don’t get too hyped about the PF or some may be disappointed… the intent of it is not to increase the ozs. But it will solidify the gold deposit and bring us closer to that buyout we are all waiting for. I continue to target spring 2010 at the earliest for a buyout.
For all of those that are so frustrated that Caliche has not been on-line commenting. Rest assured, he is fine, He had a great little vacation time in Seattle.
Even Caliche goes on vacation from time to time 🙂
As far as Santa Rosa goes, the company seems just slightly more excited about the 2nd drill than the first. The odds were low on the first drill and d get higher on the 2nd hole – but that is oil, period!
I also have no clue where everyone comes up with numbers when there are no numbers to even crunch at this time…… The only number we can crunch is the known numbers which is the gold.. If Santa Rosa hits, well – we will all be partying sooner in Naples I guess!!!!
hey everyone, im back form a great 2 week vacation all rested and relaxed for an exciting fall season. Im anxiously awaiting the PF study and hope to see a majority of the resource ounces upgraded to reserves. Also looking forward to new drilling results , which i have heard contain much visible gold!..
thank you to all that have contributed to keeping the discussion vibrant in the last weeks!
caliche
My annoyance with these missed self impossed time tables is growing daily. Does OLEPF ever make one of their own timelines? I mean really, don’t they sit there and go well… I should be done in August, but I’m always late… and ppl are getting mad at me being late so I’ll say September… better yet October as to ensure I’m not late again. I can’t even imagine what goes on in that office.
kwhurs01
nailati, you are right on, to wit: that the the PF will tighten up the existing resource and likely won’t result in a material change from the 2.3 million ozs, but (hopefully) reclassify a significant portion of those ozs from inferred to indicated and measured.
Senior’s pay for indicated, not inferred. Our 2.3 are all inferred. It would be great to increase our inferred oz’s. However, our ultimate goal is to accumulate indicated. That’s what gets us bought out. My understanding is that of MDL’s 3.5 million oz’s, that only 1.4 million are inferred. I’d like to see if we can reach 1.5-2.0 indicated in the PF. We would then be in great shape, IMO
The numbers being thrown around does not take into consideration inferred or indicated. But this is what the PF is all about. That’s why the market is only giving us something like $44.00 U.S. dollars an oz right now. If our gold is reclassified from inferred to indicated, depending on the amount, our shares could literally skyrocket. Certainly, discovery of more gold will be significant (which is what everyone is talking about), but any new discoveries probably will still be classified as inferred. Seniors are waiting for the reclassification of our 2.3 ozs and the possibility of more indicated from new discoveries.
IMO—–A large percentage of the “inferred” that have already been announced will be reclassified to “indicated”……..PLUS there should/could be a large number of “inferred” ounces added because zero ounces have yet to be included as even “inferred” in three (maybe four) of Ole’s already announced gold discovery deposits…….PLUS only 200,000 ounces have been announced/included as “inferred’ thus far at the big K deposit….I thought perhaps in the PF there would be roughly two million “indicated” , two million added with “inferred” and two million more in the “blue sky”…….Is this really a far fetched opinion ????? Pls comment …..Would sincerely appreciate it ……THX
Good post, Roro. Here are some definitions that may be useful to many readers of this blog. They form part of NI 43-101, the industry standard for defining deposits.
Preliminary Feasibility Study
A Preliminary Feasibility Study is a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an
effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors
which are sufficient for a Qualified Person, acting reasonably, to determine if all or part ofthe Mineral Resource may be classified as a Mineral Reserve.
Inferred Mineral Resource
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
Indicated Mineral Resource
An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
Measured Mineral Resource
A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the
economic viability of the deposit.
Mineral Reserve
Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral
Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.
A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.
The 8M oz or so that has been discussed/mentioned and are hoping to see, are only in regard to the “blue sky” projection. This according to my earlier discussion with the OLE office, is something they said the majors look at intently (I posted this quite a while back).
Also, in looking at other JM drilling results, including most recently Moto, who performed step out drilling but did not say, not sure if they performed, as much of the in-fill drilling that we/OLE indicated was being done. Yet, Moto’s initial 43-101’s come out with both indicated ozs and very large inferred ozs. Their PF reported 3M or so oz and inferred resources applying their model across the defined sites (?) at 11M oz. – is this not correct? I will say this, if I remeber correctly, Moto performed 385,000 drill meters over a five year period, which is much more than ours.
Still not sure of the subjectivity of the indicated/inferred reporting…seems to be a huge variation in comparison of other drill results…but just may be not publishing the necessary data needed to see the diff…the definitions as published by the governiing body only indicates that its done by a registered geologist in the field…as I understand it, different geo groups have different modelling software…love to learn more about it.
h1
Hey Gang….. Dont get your hopes up w/ the PF. I think it’ll basically be good.
But it’s going to be low #’s. And it’s not going to have a Blue Sky to show some big gold oz #.
I’m just guessing: …..1.25 mil OZ Indicated
2.50 inferred
——————-
3.75 total
Maybe they’ll put out a seperate PR showing other inferred findings .
But Showing the Indicated at 1.25 mil oz is what will get the attention of the majors per Hoosier above. Short term we’ve got a long way to go on the sp.
Unfortunately, we can only rely on Mr Goldminer to negotiate the b/o. Up to that point,,, we’ll be kept in the dark,,, and left to waddle in a very low sp.
GF
If that’s all the oz and no blue sky, then this property is not as valuable as Moto’s.
A fair buyout would then only be maybe $2 or $3 per share for OLE’s 43.5% stake…that would be pretty disappointing.
h1
Hoosier….
thats all the oz that they now can prove. we all think/hope they have more….. but at this time thats all they’ll show. Dont they use other approximations in the b/o ? that is if they can show x number of Indicated gold in the 50% of the project,,,, then they could have y amounts of gold in the other portions of the project.?
GF
I agree, but I thought, maybe incorrectly, from other PF’s and 43-101’s, that the inferred resources can be extended to a lrger portion of the property/zone based upon reasonable assumptions from the geological evidence. It’s not verified but it doesn’t have to be, not for inferred.
Thus, based upon the drilling can they make a reasonable assumption that the “greater site area” is of like and therefore exact more inferred resources…especially for the blue sky – especially for their larger step-out drilling areas where they did not perform, more closely spaced infill drilling.
Also, I was specifically told by DS that there would be a blue sky projection in the PF…for whatever thats worth.
I won’t be surprised if it is exactly as you say…I just think it will disappoint the market…or be a non-event. We’ll hover below a dollar until a buyout, if/then. If it doesn’t happen by year’s end…I’ll need to see OLE’s next Q to find out what they have been doing, cash flow etc. At which point, I may reduce my exposure.
It’s part of the game, but, I passed on several other positions I hold to increase my OLE position. Back in March – it was obvious – in my mind – that GLBL was at its valley and going to break up – I passed to increase here. GLBL is up over 50% since then…oh well, c’est la vie.
still hopeful…I think
h1
Gleichen looks to be getting ready for a big move UP .. the depth looks great there were some crosses yesterday and Jones is still a buyer .. look for an updated 43 101 and a move much higher
China pushes silver and gold investment to the masses
A report suggests that the Chinese government is pushing the general public into buying gold and silver bullion, which could have a dramatic effect on the markets.
Author: Lawrence Williams
Posted: Thursday , 03 Sep 2009
LONDON –
We are indebted again to Paul Mylchreest’s Thunder Road Report for news that will bring big smiles to gold and silver investors everywhere. Apparently China is pushing the idea of buying gold and silver for investment purposes to the general population in the way that Western television sells soap powder. If 1.3 billion Chinese citizens start buying gold and silver, even in tiny quantities, imagine what that will do to the market!
The report notes that China’s Central Television, the main state-owned television company, has run a news programme letting the public know how easy it is to buy precious metals as an investment. On silver investment the announcer is quoted as saying, “China has introduced its first ever investment opportunity for silver bullion. The bars are available in 500g, 1kg, 2kg and 5kg with a purity of 99.9%. Figures show that gold was fifty times more expensive than silver in 2007, but now that figure has reached over seventy times. Analysts say that silver has been undervalued in recent years. They add that the metal is the right investment for individual investors and could be a good way to cash in.”
What appears to have happened in China is a total relaxation of strictures on holding precious metals by the individual with the government pushing gold and silver as an investment option, seemingly at every opportunity. This is a far cry from the situation only a few years ago where the distribution of gold and silver was strictly controlled. Now, the Thunder Road Report notes that every bank will sell gold and silver bullion bars in four different sizes to individuals and gold-related investments are said to be soaring in popularity.
Why might the Chinese be pushing gold? While it’s only conjecture, and wild conjecture at that, China has a lot of gold – in the ground (it is now the world’s largest gold producer) and in its reserves (with the clear intention to increase its holdings, most likely from local production). Could they now be looking to actively encourage higher prices? This would decrease the relative importance of their U.S. dollars in their reserves and increase the overall quality of their reserves by a greater focus on a tangible asset. Who can say what motivates the cadre that calls the shots in China? But one thing is clear, precious metals are on their mind.
On that note, Ed sent across another story, this from MarketWatch, on the news that Hong Kong is pulling all its physical gold holdings from London. Here’s an excerpt…
HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday.
The facility, industry professionals said, would support Hong Kong’s emergence as a Swiss-style trading hub for bullion and would lessen London’s status as a key settlement-and-storage center.
“Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region,” said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region.
The Hong Kong Monetary Authority, which functions as the territory’s unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement.
Over the course of the current financial crisis, many analysts have said that gold had nowhere to go but down. As I think yesterday’s price action clearly demonstrates, quite the opposite is true, and gold is fulfilling its role as a crisis hedge. And, in time, it will be doubly favored as a currency crisis hedge.
At that point the Mania stage sets in, as my mother, her friends, the central banks, the Chinese… hell, everyone, tries to get their share of the world’s very limited gold (and silver) supply.
There is no need to rush into gold, certainly not after a big jump such as we saw yesterday. Instead, go slow, buy on dips. But buy.
Last 5 trades today
Time X Price Chg Vol Buyer Seller Markers
10:21:40 V 0.95 0.04 500 85 Scotia 7 TD Sec K
10:08:27 V 0.95 0.04 500 141 Bolder 7 TD Sec K
10:07:10 V 0.95 0.04 5,000 141 Bolder 7 TD Sec K
10:01:38 V 0.95 0.04 4,000 141 Bolder 44 Jones Gable K
09:30:00 V 0.95 0.04 2,000 1 Anonymous 7 TD Sec KL….GRL iooking better than OLE…For now I hope..Still have more Oromin then GRL.Not saying to buy or sell.Usually wrong.dsh
Last 10 trades today
Time X Price Chg Vol Buyer Seller Markers
15:01:54 V 1.00 0.08 10,000 33 Canaccord 1 Anonymous K
15:01:02 V 1.04 0.12 500 1 Anonymous 1 Anonymous K
14:59:37 V 1.05 0.13 500 1 Anonymous 33 Canaccord K
14:59:29 V 1.00 0.08 15,000 33 Canaccord 1 Anonymous K
14:58:54 V 1.00 0.08 1,000 33 Canaccord 88 Scotia iTRADE K
14:58:52 V 1.00 0.08 4,000 33 Canaccord 88 Scotia iTRADE K
14:58:52 V 1.00 0.08 16,000 33 Canaccord 2 RBC K
14:58:26 V 1.00 0.08 4,000 1 Anonymous 2 RBC K
14:58:26 V 1.00 0.08 1,000 1 Anonymous 33 Canaccord K
14:57:55 V 1.00 0.08 9,000 1 Anonymous 33 Canaccord K…..No its not **OLE**…This is how you run a market..dsh
gold explodes through 1010 currently 1014.. hopefully gleichen will do the same ..
caliche
🙂
What did you expect really? Ben Bernanke telling us this recession is over and gold makes another rocket move to 1016.
Now the Chinese will make sure they keep gold pinned above 1000.
Recession over my azz. Kiss 3-digit goldprice goodbye and say hello to 4 digit one.