Category: Gold

1) Covid-19 is a severe supply side shock, but main street will bounce back once the public health separation orders are relaxed in the months ahead. The idea of a Depression is nonsense because main street capitalism does not have a death wish. Households and businesses will creatively find ways to cope, repair, replenish and restart. When production recommences, wages and incomes will recover and spending will revive…..the idea of an inexorable, self-fueling demand collapse is Keynesian malarkey; and a 6 or even 12 month recession is not the end of the world. We’ve had 10 of them since 1945.

2) Wall Street is toast…..$20-40 trillion of bottled air will be wrung out of egregiously over-valued stock and bond prices on a worldwide basis, and the reckless speculators and gamblers of Wall Street will be carried out on their shields. The permanent shutdown of the casino is the silver lining of Covid-19.

3) The central banks are totally discredited. They did nothing for the main street economy during the last 10 years except to encourage households to load up with debt, the corporate C-suites to strip-mine their balance sheets to fund stock buy-backs and M&A and Washington to bury itself in public debt because the Fed falsified the cost of borrowing. They left the system fragile and defenseless against a moderate shock, not “in a good place” as so foolishly claimed by Pusillanimous Powell.

4) Zero interest rates and massive bond buying is insanity. What the market needs is rising interest rates to bring money out of hiding and compensate for the new-found recognition that there is risk in the world.

5) The proposed airline, shale, Boeing, and numerous other bailouts are an outrage…..Corporate America spent $20 trillion on stock buybacks, stupid and drastically over-priced M&A deals, special dividends and other forms of financial engineering since the 2008 crisis. If they are now running short of cash they have no one except themselves to blame, and should eat their broccoli by raising high cost debt or issuing dilutive common stock. Failing that, they should head for the bankruptcy courts to reorganize and get fired.

6) The Trump proposal to hand out $2,000 to nearly every American is an unspeakable act of stupidity and abuse. Its only purpose is to mitigate the inevitable recession so that the Donald is re-elected. He’s hijacking the US treasury as a campaign committee.

7)The fact is, 80% of America can get by during a temporary supply-side interruption by drawing down $4 trillion of unused credit card lines, $10 trillion of savings deposits, $1.3 trillion of checking accounts and by belt-tightening, deferrals, and selling excess junk on e-Bay or those already on welfare or wage earners who were imprudently living hand-to-mouth spending 100% or 110% of what they earned.

David Stockman served as Budget Director during Ronald Reagan’s first term.  He provides a unique perspective to the economic and political scene, with backgrounds in economics and politics.  Stockman’s Contra Corner is a daily blog post.  Cost: $365 annually, $99 quarterly, $40 monthly.

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Meanwhile, gold and silver investors have bought up nearly all inventories.  See our Gold Prices Page and Silver Prices Page for what is available.

1. Frank Holmes: revenue, cash flow to boost gold-mining stocks  Kitco NEWS
2. Factbox: Disruptions of metals operations due to coronavirus  Reuters
3. Best Drill Interceptions In The Metals Mining Sector For The Week Ended March 15, 2020  Seeking Alpha
4. COVID-19: Coronavirus impacts spread across mining sector  Canadian Mining Journal
5. View Full Coverage on Google News

Gold edges lower, pinned down by stronger dollar and forced liquidation  MarketWatch

Gold, silver and platinum: ugly  Kitco NEWS

Gold prices weaker; bruised marketplace wonders what’s next  Kitco NEWS

The only silver lining is the gold-silver ratio  Kitco NEWS

Gold, silver prices up on notions stock, financial mkts stabilizing  Kitco NEWS

The world economic and financial markets have entered into a crippling cannibalization of the system in which few are prepared. While the politicians, financial analysts, and media are providing optimistic forecasts for the future, they continue to underestimate the seriousness of the global contagion. Thus, after a week or two, these forecasts will be revised lower (once again) to reflect a more gloomy, negative and more realistic outlook.

So, in another a few weeks, the world as it pertains to this contagion will look a lot worse than it does today. I’d imagine the Dow Jones Index will likely shed another 5-8,000+ points during this period. Also, the global supply chain disruptions will kick into high gear as month-long lockdowns in various countries finally impact manufacturers and retailers across the world.

I haven’t put out too many new updates and articles over the past few weeks. Rather, I decided to take a step back to research and watch as this global contagion continued to unfold. However, I will be putting out more updates, videos, and articles over the next month as I believe most people are still unprepared for what’s coming.

Although, I have been a bit busy on Twitter recently. You can follow my TWEETS and REPLIES on Twitter here: SRSRocco Report Twitter Feed. When I posted this Tweet on March 15th, the price of oil was $31. I stated that the price would likely fall to $29 the next day… and it did. The relevant sentence in the tweet below is… WE DON’T COME BACK FROM THIS ONE.

Today, in early Asian trading, the oil price is trading in the $27 range. If $31 oil was destroying Shale Oil Companies left and right, $27 is undoubtedly wreaking havoc inside and out. Unfortunately, the worst is still yet to come. I now believe we could see oil reach the low $10s. And, to make matters even worse, the wholesale gasoline price is currently trading at 72 cents a gallon… LOL. If you add state and federal taxes, along with a bit of profit by the gas station, the price at the pump would be approximately $1.40-$1.50 a gallon. It will likely take a few weeks for the lower price to finally make it to the pump.

What happens when the oil price reaches the low $10s?? Gasoline will be selling for 99 cents a gallon or less. Can you imagine? This is partly the reason we are seeing a low PAPER SILVER price. I will get into the details of why this is the case in a video shortly. However, physical silver prices for bullion are $4-$8 higher than the spot price, and the spread may continue to increase going forward.

Physical Silver Buying Surges As Fear, Panic and Common Sense Hit Investors

Investors are buying record amounts of physical silver for very different reasons. If you are a “Seasoned” precious metals investor, you may be adding more silver to your holdings because common sense says it’s a good idea. On the other hand, new investors to the precious metals are likely buying due to Fear and Panic. Many of these investors have thought about buying gold and silver for years, and now that the market is disintegrating right before our eyes… they have finally decided to PULL THE TRIGGER.

Unfortunately, these new investors have started to acquire precious metals at the worst possible time… when an avalanche of people has come into the market. This is like the infamous video now circulating on Twitter showing the extensive long lines at Costco. Click on the video posted by Craig at TFMetals Report if you haven’t seen it yet. This is what panic looks like when people decided to prepare at the last minute.

Hard to believe that this is real and not a stunt….but it’s real. From last Friday in Orange County, CA pic.twitter.com/I56VlmGGDD

— TF Metals Report (@TFMetals) March 17, 2020

I see this happening with physical gold and silver buying in the next few weeks-months. As the situation continues to collapse in the Financial and Economic markets, more Americans are going to get PRECIOUS METALS RELIGION. Regrettably, for the new investors, supply will get even tighter as prices rise.

I have heard from precious metals dealers that the past two days have been the busiest in 30-40 years. The result has pushed U.S. Mint Silver Eagle Sales to a new monthly high not seen in years, excluding sales for January (typically higher each year due to restocking of the latest issue). According to the U.S. Mint’s recent update today, sales of Silver Eagles as of March 17th reached 3,112,500:

Now compare that to my last update on March 11th:

In the past week, the U.S. Mint sold another 792,500 Silver Eagles. What’s interesting is that several precious metals dealers stated that the U.S. Mint had suspended sales last week. Well, it looks like they continued to sell more these past few days. It will be interesting to see if the U.S. Mint can ramp up production to 4-5 million a month as they were doing back in 2015-2016. But what happens if there are more lockdowns? There are a lot of unknowns moving forward.

Regardless, the U.S. Mint sold more Silver Eagles in March, that we have to go back to 2016 to find monthly sales 3-4 million.

So, here’s what’s really fascinating about the retail SILVER BULLION MARKET. The Buy-Sell spread on Silver Eagles in four various large online dealers averages about $9.00 a coin!!! This means, if you want to sell your Silver Eagles to one of these Dealers, you are going to get $9 less than what they are selling them currently.

Here are the BUY & SELL prices from four large online dealers as of 3 pm MST on March 17th:

The BUY price is shown in the SILVER COINS, while the RED COINS displays the SELL price. So, if you wanted to purchase a Silver Eagle from this first dealer in the chart, you would pay $22.98. But, if you wanted to sell, they would buy it from you for $8.85 less at $14.13. The last dealer with the $19.70 price (*) did not have any in stock and likely didn’t update its prices to the $22-$23 range. These prices are based on buying the largest number of Silver Eagles. If you wanted to only buy 1-19 Silver Eagles from the first dealer in the chart, you would pay $24.88

Of course, you weren’t going to get your Silver Eagles shipped right away because these dealers sold out most of their stock and are currently selling based on new stocks to arrive later… in most cases, Mid-April.

So, here’s the important question? While the paper silver price is low, why haven’t precious metals dealers raised their SELL TO price to get more inventory?? Good question. Why on earth would anyone sell their Silver Eagles for $14 when the dealers are selling at $23?? However, we can’t blame the dealers because they get their bullion and price quotes based on the few large wholesalers-suppliers.

Crazy, isn’t it?? The market is totally distorted. Also, you also can’t blame the wholesalers for this huge BUY-SELL spread because their silver bullion stock was built upon prices of silver in the $17-$18 range. Why would they sell Silver Eagles at $14??

What we are seeing in the physical precious metals market is the same disruptions taking place in the Financial Markets. The Bid and Ask spreads for the most liquid financial asset in the world, U.S. Treasuries, have been upwards of 200 basis points (2%) for the 30-year treasury. The same thing is taking place in the Stock Market, especially in ETFs. Due to the collapse in prices, no one is willing to buy close to the ASK price because the stock market could collapse even further. So, if an ETF is trading at say $25.00, the Bid-Ask Spread might be 5-10 cents in a normal market. But now, spreads are $1-3 at times… LOL.

And again… THE WORST IS STILL YET TO COME.

For all of the silver investors who are worried about the low paper price… DON’T BE. I didn’t expect to see such a dramatic sell-off in silver, but now that it has arrived, investors really can’t buy physical silver at $12.50-$13. Even Silver Rounds are selling at $15-$16 apiece… BUT you still can’t get them for WEEKS or a MONTH.

As I stated at the beginning of the article, I will be doing more extensive VIDEO UPDATES on the Precious metals and the global contagion. For example, if the oil price has fallen 50% in just the past month, then the COST OF PRODUCTION for the primary silver miners has also dropped considerably. According to my analysis, the primary silver miners’ average cost of production was about $14.50-$15 in Q4 2019. Thus, if we are basing silver as a “Commodity” ONLY, then it isn’t surprising that the price fell lower due to the decline in Industrial demand and energy prices.

Furthermore, silver tends to get Whacked more than gold on the way down. But, what’s a bit strange is to see that copper is only down 19% versus 33% for silver from their peaks in 2020:

As we can see, while the silver price is down 33%, copper lower by 19%, and gold is only off by 9% from their peaks in 2020. When gold and silver corrected from their highs in 2008, silver fell 60% while gold fell 30%. Here, silver is down a lot more in percentage terms than gold and even the king industrial metal, copper.

Even though copper is down 19%, I see it dropping like a rock to $$1.50 or lower. Currently, copper is trading at $2.33 a pound. Why isn’t copper lower…LOL?? Gosh, with the world shutting down its global engine, who the hell needs much copper?? Moreover, with many dealers selling Copper Rounds at 99 cents and higher, FOR a 1 OUNCE COIN, who in their right mind would purchase them when you can buy a pound of copper for $2.50???

Here’s the DEAL… we are headed for SERIOUS TROUBLE ahead. I would not get too focused or worked up about the paper silver prices. We are just in the beginning phase of this global contagion. If you think Toilet paper is a hot commodity now, wait until more Americans wake up about Gold and Silver.

In Conclusion… we have entered into a collapse function of our Highly Leveraged Debt-Based Fiat Monetary System that was going to happen sooner or later. This global contagion just moved up the time-clock and speed.

WE WILL NOT COME BACK FROM THIS ONE. Rather, we will enter into a new world that will be very chaotic and tumultuous. While the precious metals won’t solve all our problems, at least they will protect wealth during this time when many financial assets get wiped out.

It’s ironic that the Covid-19 outbreak came to the fore at the same time that precious metals – gold and silver – were building out lengthy technical bottoms formed in 2016 and 2019, implying much higher prices to come.

For gold, a new all-time nominal high attempt at $2,000 could take place this year. For silver, spear thrusts at $26-$30 are within the realm of possibility.

Given current market action trading down to $12, this may seem hard to believe. But silver can surprise on the upside just as easily.

Gold and silver – for those who have prepared by “stacking” it – and in the relatively short time remaining for those making that choice now, are poised once again to effectively carry out their historic insurance roles.

What’s fascinating to me – after more than two decades of personal experience – is the parallel role silver plays as a vital health tool.

I cannot give medical advice per se, but you can certainly “look over my shoulder.”

Consider the evidence here, do some additional research, and maybe take a “test drive.” I use exactly this same process myself!

For several decades, I’ve used a brand of colloidal silver spray for health maintenance. This came in handy three times during the many mining tours I’ve taken to research and write reports for The Morgan Report – once each in Mexico, Argentina, and in Guandong, China. A spray into each eye (contacts in), quickly turned a dangerous if-untreated eye infection into, as my South American friends would say, “no hay problema.”

Just before visiting a high-altitude silver mine in Bolivia, a dropper-full of colloidal silver took a severe ear infection down for the count in a few minutes. Years of struggle with sinusitis, frequent colds and flu have become non-events. At the first sign of a problem – I spray nostrils, throat and eyes.

What about “blue skin”? This fear goes back many years to when people tried to make their own ionic silver without controls on sanitation, or the ability to measure the silver content.

“Colloidal silver generator” devices are still for sale on the Internet, but it’s a good idea to avoid this temptation. “Blue skin” is not a risk from taking modern structured silver (or silver hydrosol).

Even so, I’ve underappreciated the virtues of structured silver water. But now, the impressive “math” and methodology can play a role in the creation of a personalized “anti-Covid-19 plan.”

You can see several videos of David Morgan interviewing the product’s inventor here and here. I receive exactly zero compensation from anyone trying it and pay full retail for my own supply. If someone reading this is helped, such “payment” is more than enough.

In their book, “The Most Precious Metal” Dr. Gordon Pederson and Dr. Bryan Frank say:

But don’t take my word for it. Like the closing tag on some of my reports says: “Do the research. Do the math. The decision must be yours!”

Silver (and gold) for your Wealth. Jim Rickards, one of the most widely read and interviewed analysts (several times by Money Metals), has this to say:

Why did I just spend so much time talking about gold, when our primary topic is silver?

Because gold’s strong rise will occur first. This is demonstrated by the silver-gold ratio continuing to hold above 90, meaning it still takes 90 ounces of silver to buy one ounce of gold. At this writing it’s even risen to an all-time high – so far – spiking to over 120:1! But when silver begins to close that gap, the move will catch most everyone by surprise. The run will be disbelieved as it explosively surges upward.

Silver sales are turning on the proverbial dime!

Don’t be a fish out of water. Don’t take too long to decide, because things are changing as we speak.

At a small stream near where I live, salmon congregate near the mouth during low water, waiting for fall rains to raise the level so they can move upstream and spawn, completing their life cycle. It’s interesting just how short is the window of opportunity for them to “get it right” is very short.

Often, it’s only a couple of days before the rising water level drops back. The fish who time it right get to create the next generation.

The stragglers who are even slightly late can be left – quite literally – high and dry on a sandbar.

If your timing is a bit off in getting the physical gold and silver necessaryto carry you forward financially, odds are you’re going to find yourself “beached,” as supplies dwindle, premiums rise, and life, along with the great profit potential that goes along with it, passes you by.

Source: James Kwantes, Resource Opportunities, for Streetwise Reports   03/18/2020

James Kwantes of Resource Opportunities discusses the investment thesis behind this Discovery Group company operating in “the prolific Abitibi Greenstone Belt.”

For veteran speculators, the latest hits to junior mining share prices feels like déjà vu all over again. Sentiment is gloomy and market capitalizations are depressed.

But gold, in U.S. dollar terms, is still up more than 25% year-over-year. And US$1,500 gold translates to more than CA$2,150, an exceptional price for Canadian projects whose expenses are measured mostly in loonies.

Gold producers that deplete their reserves with every shift and every scoop still rely on junior exploration companies to find the deposits that will replenish their ore. Most juniors, meanwhile, had yet to respond even before the coronavirus corrections—which has further pummeled the sector. Expectations are very low, along with share prices.

For exploration companies with strong management and backing, a flush treasury and potential for high-grade discoveries, it’s not a bad setup. Genesis Metals Corp. (GIS:TSX.V; GGISF:OTC) fits the bill. The Discovery Group company has $3.5 million in the treasury to drill its flagship Chevrier project in Quebec’s Chibougamau mining district. Chevrier is located in the eastern portion of the prolific Abitibi Greenstone Belt (180 million ounces [180Moz] of historical gold production).

Genesis is drilling an initial 2,500 meters (10 holes) at Chevrier, part of a planned 8,000-meter drill program this year. The initial program is designed to tap into high-grade shoots within the Chevrier Main zone deposit, expanding the higher-grade domain. Genesis’s market cap of about $7.9 million is backstopped by existing gold resources at Chevrier totaling 395,000 ounces Indicated grading 1.45 g/t Au and 297,000 ounces Inferred at an average grade of 1.33 g/t, at the Chevrier Main and East Zones.

The company has already identified high-grade areas within the deposit—assays announced on Jan. 22, 2018 included 8.73 g/t over 21.35 meters and 4.26 g/t over 19.4 meters at the Main Zone. But those results went unappreciated, with gold trading at US$1,330/ounce on its way down to $1,200. Later this year, Genesis plans to test targets elsewhere on the 295-square-kilometer property that were identified through last year’s property-wide glacial till survey.

Overseeing the exploration program is new CEO David Terry, an economic geologist who was appointed president and CEO on Dec. 2, 2019 (Jeff Sundar remains as executive director). Terry obtained a PhD in Geology from Western University in Ontario. He’s also well schooled in the vagaries of bull and bear market mining cycles, through decades in the industry running projects—both large and small—for majors and helming explorecos. Terry is currently a director of several active exploration companies, including Golden Arrow Resources Corp. (GRG:TSX.V; GARWF:OTCQB; G6A:FSE), Aftermath Silver Ltd. (AAG:TSX.V) and Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTCQX). Great Bear, also a Discovery Group company, is drilling high-grade gold along kilometers of strike at its Dixie project in Red Lake, Ontario.

Economic geologist David Terry, the Genesis CEO, on site at a project in San Juan, Argentina.

For Terry, the Great Bear directorship is a kind of return to Red Lake. His first summer job in exploration included mapping and sampling in the prolific district for a large mining company called Goldfields while he attended Western in the 1980s. He later worked for several years as a contract geologist with Cominco (which sponsored his PhD thesis) in Alaska, followed by a stint with Hemlo Gold exploring back in the Abitibi.

After obtaining his PhD, Terry worked for Westmin Resources, then Boliden, as a geologist and project manager. When Boliden exited Canada with the mining sector in a post Bre-X slump, Terry took a position as a regional geologist for the British Columbia (BC) Geological Survey in southeastern BC for three years. He spoke at the closing ceremony for Teck Resources Ltd.’s (TCK:TSX; TCK:NYSE) legendary Sullivan mine, which operated for nearly a century and produced 160 million tonnes grading 12% zinc/lead and 67 g/t silver. Since 2004 he has worked in management, director and advisory roles with a number of juniors exploring and advancing precious and base metal projects in both North American and a number of Latin American countries.

Terry joined the Great Bear board in July 2016, before the Dixie project was the company’s flagship. Great Bear’s mineralized LP fault is now recognized as one of the best gold discoveries of recent years, globally. But Terry remembers when the team operated in relative obscurity, with GBR shares trading for dimes not dollars.

As for Genesis, adopting a go-slow approach in 2019 laid the groundwork for an active 2020. Instead of drilling in the depths of a bear market, former president and CEO Jeff Sundar focused on building out the team and raising a war chest. Genesis joined the Discovery Group of companies and added Discovery principals John Robins and Jim Paterson as strategic advisors. The Discovery Group has an impressive record of wins in recent years, including the $520-million sale of Kaminak Gold to Goldcorp and the $117-million sale of Northern Empire Resources to Coeur Mining Inc. (CDE:NYSE). Rob Carpenter, the cofounder and former CEO of Kaminak, also came on as a strategic advisor.

Genesis’s successful financings were done in conjunction with a 5-for-1 share consolidation and the appointment of Terry as CEO. Rollbacks have a bad reputation—and rightly so—but consolidations done in conjunction with management changes and large financings can set the stage for success. Great Bear is another example of a successful rollback, its tight share structure helping to propel the stock post-discovery.

Chevrier is located in a prolific district of high-grade gold resources. Directly to the southwest is the Monster Lake gold discovery, where joint venture partners IAMGOLD Corp. (IMG:TSX; IAG:NYSE) and TomaGold Corp. (LOT:TSX.V) have identified an Inferred resource of 433,000 ounces at 12.14 g/t gold. At the Nelligan project further southwest, Vanstar has delineated 3.1 million ounces of gold (Inferred) at about 1 g/t, but last year hit 6 meters grading 56.46 g/t Au. IAMGOLD recently increased its interest in the project to 75%.

South of Chevrier, the Joe Mann gold mine produced 1.2 million ounces of gold at 8.26 g/t, as well as silver and copper. Infrastructure is excellent at Chevrier: a highway and power line runs through the property and the regional airport is a few minutes drive to the north.

With Discovery Group backing, a strong management and technical team, and a full treasury to drill high-grade gold targets at Chevrier, Genesis has laid the foundation for success. And high-grade gold discoveries get rewarded by the market, even in these tumultuous times for juniors.

Genesis Metals (GIS:TSX.V)
Price: 0.18
Shares outstanding: 43.76 million (59 million fully diluted)
Market cap: $7.9 million

James Kwantes is the editor of Resource Opportunities, a subscriber supported junior mining investment publication. Kwantes has two decades of journalism experience and was the mining reporter at Vancouver Sun, the city’s paper of record.

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James Kwantes Disclosure: James Kwantes owns Genesis Metals shares and Genesis is one of three Resource Opportunities sponsor companies. Genesis is a speculative, high-risk exploration stock that may not be suitable for all investors. This article is not intended as financial advice and all investors should conduct their own due diligence and/or consult an investment advisor.

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Resource Opportunities Disclaimer: Readers are advised that this article is solely for information purposes. Readers are encouraged to conduct their own research and due diligence, and/or obtain professional advice. The information is based on sources which the publisher believes to be reliable, but is not guaranteed to be accurate, and does not purport to be a complete statement or summary of the available data.

( Companies Mentioned: GIS:TSX.V; GGISF:OTC,
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