Weekend Show – Sat 3 Sep, 2016

Mining Companies and the US Markets

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Monthly Rets-DJIA Last 100 Years-Aug 2016

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Al KorelinCory FleckDana LyonsIvan BebekChris MartensonGlen Downs
Quinton HennighAdrian DayKeith Neumeyer
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    • On September 3, 2016 at 12:36 am,
      Archdeacon (!) Andrew says:

      Thanks CFS – ‘the fire-truck has flat tyres’ is how Art Cashin describes it! KWN also has an interesting interview with Brazil Resources CEO.

      btw Auryn Resources is one of Jay Taylor’s top picks.

      Oh yes and thank you to the KER team, as well as best to you Skeeta!

      • On September 3, 2016 at 12:38 am,
        Archdeacon (!) Andrew says:

        Great too that you have Keith Neumeyer on: A true friend to many a small shareholder.

        • On September 3, 2016 at 1:24 am,
          Pete says:


          • On September 3, 2016 at 2:52 am,
            Skeeta says:

            Best to you also Rev,

        • On September 3, 2016 at 9:12 am,
          Excelsior says:

          Agreed Archdeacon (!) Andrew. Great to hear Keith N. on the show this weekend.

        • On September 3, 2016 at 9:54 am,
          Big Al says:

          Cory is doing a great jobs inviting guests.

      • On September 3, 2016 at 9:52 am,
        Big Al says:

        Thank you, Andrew

  1. On September 3, 2016 at 12:31 am,
    Skeeta says:

    Thanks for the show fella’s as always,
    Much appreciated.

    • On September 3, 2016 at 9:55 am,
      Big Al says:

      Thanks for your support, Skeet!

  2. On September 3, 2016 at 6:03 am,
    Bonzo Barzini says:

    Thanks for bringing us Quinton H. and Keith N. as I own AG and Novo.
    Hapy Holidays!

    • On September 3, 2016 at 9:57 am,
      Big Al says:

      Two great players in the mining industry. I have a lot of respect for each of them!

  3. On September 3, 2016 at 7:07 am,
    Dick Tracy says:

    Vancouver’s vaunted house market appears to be cracking, The Chinese realtor selling to other Chinese is now trying to unload to suckers.

    • On September 3, 2016 at 9:58 am,
      Big Al says:

      Do you really think it has gotten to that point, Mr T?

  4. On September 3, 2016 at 7:47 am,
    LPG says:

    Hope everyone is having a good W-E thus far.

    Re: Novo Resources (Segt 7.), Bob Moriarty wrote a detailed piece a few days ago:


    Best to all,


    • On September 3, 2016 at 10:00 am,
      Big Al says:

      I am curious LP, DOES HE OWN THE STOCK?

      • On September 3, 2016 at 10:24 am,
        LPG says:

        Hello Big Al,

        I assume you might not have had the time to read the article Bob Moriarty wrote on NVO.

        Bob owns the stock indeed, something he mentions on his article:
        (full quote from his article)
        “I am biased since Novo is my largest investment position. I have participated in almost every placement the company has ever done including the just concluded one. Novo is an advertiser. I highly suggest visiting their website and reviewing all of the material. Expect to see some blurb about Tuscarora shortly. Do go over the company presentation, it is excellent even if the charts in the back are a little hard to read. Do your own due diligence.”

        On the basis of his disclosures on stocks he writes about (not only NVO but others), Bob Moriarty is, in my book, one of the most transparent guys out there – and I highly respect that.

        My 2cts.


        • On September 3, 2016 at 10:39 am,
          Big Al says:

          Thanks LPG. I was not being accusatory, trust me.

          • On September 3, 2016 at 10:55 am,
            LPG says:

            It’s all good Big Al. I know….
            Wishing you & Kathie a pleasant WE.

          • On September 3, 2016 at 11:45 am,
            Big Al says:

            Thank you LP, we need one and it looks like it will happen.

            Did you know, by the way, that our daughter Sarah will be giving birth to twin boys within the next couple of weeks?

          • On September 3, 2016 at 11:56 am,
            LPG says:

            I wasn’t Big Al.
            Congratulations to her, her family, and the soon-to-be-more-busy grand-parents 🙂
            Best as always,

          • On September 3, 2016 at 12:46 pm,
            Big Al says:

            Thanks LP, I was sure that we had talked about that.

          • On September 3, 2016 at 3:43 pm,
            Dick Tracy says:

            Big Al. you shouldn’t say things like does he own the stock, keep on fishing at Scuttlebut Lodge! DT

          • On September 3, 2016 at 9:55 pm,
            Big Al says:

            Sorry Mr t, I do not understand your comment.

          • On September 3, 2016 at 8:13 pm,
            Bonzo Barzini says:

            NSRPF is the largest holding of Jay Taylor and Moriarity.

          • On September 3, 2016 at 9:30 pm,
            Big Al says:

            Thanks Bonzo

          • On September 3, 2016 at 10:37 pm,
            Excelsior says:

            Big Al – Congratulations to your family regarding Sarah having twin boys. Keep us posted on the big day, and get em’ stacking bullion from the get go….. All the best.

        • On September 3, 2016 at 2:31 pm,
          Jerryck says:


          Not sure what you mean about bob Moriarty being transparent. Transparency is something I’d look for in public companies and government. He is neither and we know he’s highly opinionated. JMO.

          • On September 3, 2016 at 2:54 pm,
            LPG says:


            When you recommend a stock and disclose that you are long the name, that’s being transparent – in my world.
            When you mention ” I have participated in almost every placement the company has ever done including the just concluded one.” – that also reflects (high) transparency, in my world.

            As a side note, I will point out when he writes articles, Bob’s disclosure of ownership of the stock is not in (much) small(er) prints at very very bottom of the page. Everything is in the same case as the remaining of the text. I, personally, value that.

            Re: the “highly opinionated” bit you mention, I apologize I’m not sure I understand what is your point ? Wether Bob is highly opinionated or not, I couldn’t care less – but that’ me. In my world, everyone is entitled to their opinions (or lack thereof), even when I despise those.

            I understand that on planet earth, there are people who think that not everyone is entitled to any opinion. In other words, there are some opinions that are not allowed, on certain matters. I totally understand that some people think that way.
            For those people, I kindly point out that with these views/mindset, there will probably be a time in the future when their own opinions will not be allowed by others who simply don’t agree with them. Good luck w. that.

            My 2cts world.


          • On September 3, 2016 at 3:10 pm,
            Matthew says:

            +1 LPG

            Btw, “highly opinionated” is often a side effect of thinking.

            “Thinking is the hardest work there is, which is probably the reason why so few engage in it.” – Henry Ford

          • On September 3, 2016 at 3:29 pm,
            Jerryck says:


            The term transparency, as a see it, should apply to public companies, government, and entities that can have a direct affect on the public. Moriarty runs a website that promotes stocks that feed traffic on his website for his benefit. People can come and go as they wish. It doesn’t affect me directly one way or the other whether he’s transparent or not. If the government isn’t transparent, or a rating agency isnt transparent, that affects us all. I’m sure he’s operating legally, so that’s fine.
            ive been reading his website since it started around 2002ish. So I understand the purpose of the site.

            Does Bob tell you in advance when he buys or is going to sell a stock or even when he has sold a stock? I don’t think so. That’s transparency. There was a day when he use make stocks soar on his comments. I’m sure he was already in. But as long as your doing it legally that’s fine. And I’m fine with that.

            No problem LPG, we just see things differently. My 2 cents. 😉

          • On September 3, 2016 at 6:55 pm,
            LPG says:


            I really enjoyed your follow-up comment at 3:29pm, as it touches on several interesting topics/angles. So I’ll try to address some of them.

            1) The easy part: on the term “transparency”.
            You think the term should APPLY to public companies, government.
            I think it can a-l-s-o be applied to individuals/human beings, irrespective of wether they affect the public at large or not.
            I was about to write “We see things differently. No biggy. I’ll leave it there” but then a thought crossed my mind, which I’ll share just below.

            I note – stating the obvious – that a public company or a government cannot be transparent on its own/on its own will. That is because they are inanimate entities (i.e they are just legal constructs).
            However, when the HUMAN BEINGS/Individuals which compose these public companies/governments decide that those legal entities need to be transparent, THEN these public companies/governments (can) become transparent.
            In other words, a public company or a government is NOTHING in itself. It has no pre-determined attribute. It is just the reflection of the acts of those who head it/rule it/run it/make it work.
            If you sort of see my point, then, I believe you subscribeto the logical consequence that individuals/human beings can also be characterized as “transparent”. If you are of the view that public companies/gvts can be called “transparent”, then those who make them can also be called “transparent”.

            On the points below, I’ll just put my thoughts/reflections, FWIW, on some of your own comments.

            2) Your comment: “Moriarty runs a website that promotes stocks that feed traffic on his website for his benefit.”
            Well… Wall Street is just a promotion machine. The stock market is a promotion machine. Many people just don’t realize it (don’t get me wrong: I am not saying you don’t realize it, Jerryck).
            Big banks promote big/large cap stocks – coz small stocks ain’t worth it (from a revenue vs. cost perspective).

            3) Your comment: “Does Bob tell you in advance when he buys or is going to sell a stock or even when he has sold a stock? I don’t think so. That’s transparency.”
            ==> That was what I enjoyed the most in your post. Because I know they are people out there who feel along the lines of: “a newsletter writer should let readers/subs buy first” and “a newsletter writer should let readers/subs sell first”.
            So on this, lemme say a few things:

            a) it doesn’t cost anybody a dime to read Bob’s thoughts. No reader has to pay any subscription: Nothing. Nada. Nichts.
            Bob is not a newsletter writer (not per my definition at least) and he doesn’t have subs. I’ll just remind ourselves of that point.
            Does every person who has ever made money based on his recommendations send him a “thank you” email or a few $$$ of their own profits ?
            He researches the company, spend time running numbers and doing write-ups of articles. All for free (advertisers pay the bills). On top of doing that (researching, running #, numbers), do you think/suggest he should ALSO let readers buy first, and then also let them know when he wants to sell ? Personally, I don’t need all of that. His write-ups are enough for me. If I don’t like the stock, for whatever the reason, I pass.

            b) The way I see it, Bob writes stuff and doesn’t charge for it. He discloses any potential conflict of interest, by saying when he is long the name: THAT IS ENOUGH FOR ME.
            I don’t need him to tell me when he buys or when he sells. If I need him to tell me, then I shouldn’t be buying stocks he writes about in the first place. [ I like to “think” for myself ].

            c) Do you think Bob can buy at bottoms consistently and sell at tops consistently ?
            I suspect you will respond: “Of course not !!! He ain’t that smart !”.
            Although I wouldn’t be able to comment too much on the “he ain’t that smart ” bit as I don’t know him enough ( 😀 ), I would irrespectively agree you on the “Of course not !!!” bit.
            Joke aside, the consequence of this is that then, IT DOESN’T MATTER where Bob buys or sells. If you are smart enough (or lucky enough), you should be able, at times, to buy below his buys, and sell above his sells. If you don’t, well… it means you ain’t lucky enough… or smart enough 😀 😀 😀

            d) At least one of the stocks Bob mentions on his site was bought at much higher prices in the first place than what the shares are currently trading at.
            —> This goes to illustrate my point: it doesn’t matter where he buys or sells. (maybe he ain’t that smart indeed !!! 😉 )

            e) FWIW, I believe that if an investment has merits, it will go up overtime.
            Conversely, if it has NO MERIT (ie ZERO…. ZERO … ZERO), it might be pumped/pimped by WHOEVER you want in the planet (ie even by the most successful investor/most widely followed newsletter writer or the hottest bird in the world – why not?), but with the passage of time, its share price price will trend toward zero.
            —> Bob & others can be wrong. So in the long run, whatever Bob writes is irrelevant if the investment has no merits.
            I like to think for myself, and I try to.


            In summary:
            1) The whole stock market is a promo machine – nothing different from the gvt actually.
            2) what Bob provides is for free. And as Rick Rule would say: “what is free is the best price”
            3) Bob discloses conflicts of interests: that’s more than enough for me.

            My longish “transparent” 2cts 🙂

            Best to you,


          • On September 3, 2016 at 9:50 pm,
            Big Al says:

            Bob and his wife are two very intelligent people. I have known them for many years. I can’t comment on the legality of what they do because I am1 not an attorney. I would guess that it probably is legal but you all have to decide for yourselves what is more important legality or trust in what someone says. We disclose simply because we have chosen to. It is simply the way that we choose to do business. Many others take a different tact and that is their choice. If they are doing something illegal, and I am not saying that they are, they will eventually pay the price. I used to write for a publication which was the brainchild of a fellow named Jerry Wenger. He did not disclose that he was getting paid to promote companies and, I believe that he ended up in prison. We have chosen to disclose simply because that is the kind of people that we are. We get paid by our sponsors and we also discuss companies that we are not getting paid to discuss. We shall see where this whole thing ends up. I am staring at the end of a great career and Cory is just beginning. He will not change and, trust me, Mr. Fleck will do just fine because folks will be aware of exactly what he is doing. I have learned over the years that trust cannot be purchased it is much more valuable than anything that can be purchased

          • On September 3, 2016 at 10:42 pm,
            Excelsior says:

            Good thoughts in this thread guys.

          • On September 4, 2016 at 3:26 am,
            Jerryck says:


            You’re way too much of an intellectual for me. I won’t even touch your feedback. It stands on its own. And I think Bob M is a big boy. I’m sure he won’t lose sleep on my comment. I hope you don’t lose sleep.

            All the best, LPG

          • On September 4, 2016 at 12:08 pm,
            LPG says:


            Although Big Al often ask me if I ever sleep, I do, and quite well.
            No intention to change 🙂



      • On September 3, 2016 at 2:59 pm,
        terra,laser says:

        Bob Moriarty’s editorial concludes –
        “I am biased since Novo is my largest investment position. I have participated in almost every placement the company has ever done including the just concluded one.”

        • On September 3, 2016 at 9:57 pm,
          Big Al says:

          Well, there you are Terra.

      • On September 4, 2016 at 8:21 am,
        confused says:


        Bob was touting this stock big time 4-5 years ago…..I bought it then and still own……it is massive land package and a long term bet….good story with some major league upside if the stars align. Again this is a speculative play.

        • On September 4, 2016 at 9:03 am,
          Big Al says:

          Did you read my comment regarding Bob and his wife They are very good stock pickers who are bright. I truly wish that I started with their business plan when they put it into place some fourteen years ago.

  5. On September 3, 2016 at 8:17 am,
    pardu says:

    Big Al, the verse in the book of Revelations in the Bible, Revelation 13:17
    says : “And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” This sounds like a possible reference to the government controlling how you buy and sell and may refer to a cashless society. If so, this does not bode well for those who wish to use cash and keep some level of privacy. So what do you think about gold and silver? Could they control how and when you buy or sell it as well? No matter what happens in the future, I believe we will continue to move towards less privacy and more control by government unless the people rise up and put the constitution back in its place. I believe they will, for the philosopher Bastiat stated that humans are pain avoiders and when the pain of the status quo is greater than the pain of change, that is when the change occurs.

    • On September 3, 2016 at 10:01 am,
      Big Al says:


  6. On September 3, 2016 at 8:18 am,
    FranSix says:

    A repeat cycle may be building in volatility, which may have been repeating since 2014. The initial bump is labelled ‘A’, the spike is labelled ‘B’ and the echo is labelled ‘C.’ These bumps were not necessarily noted in volatility ETFs. So you would have to resort to the index for some guidance. Presumably a volatility low aught to precede spike ‘B’, but with other types of volatility indeces in other markets, you get an unprecedented low in volatility before a change in trend in that market.


  7. On September 3, 2016 at 8:18 am,
    LPG says:

    Keith (Seg. 6) made an interesting point re: write-offs/write-down of the value of assets and now discussions w. auditors re: writing-up these assets. I don’t know about mining assets specifically, but in other domains, writing-up the value of assets after these have been impaired/written off has specific accounting rules.

    Irrespectively, these are all accounting gimmics/mumbo jumbo, imho (I think this was basically his point too).

    That’s why, fwiw:
    1) I never look a Price/Book ratios in the sector
    2) I never look at reported Net income at face value [and I know of at least 1 newsletter writer in the PM space w. a wide readership that looks at reported net income —> that has always “puzzled me”]. This, in itself, has the following consequences:
    a) I never look at P/E ratios at face value (if reported net income is potentially meaningless, then the P/E based on it is as well)
    b) I never use those “Yahoo finance” based P/E indications, like some on KER do.
    Reason being Yahoo Finance P/E are based on reported Net income. Not only do not use those Yahoo Fin indicators: I do not even WANT to look at them (it can induce sub-conscious mental bias afterward).
    c) given that for most companies, the P/E are absolutely meaningless, comparing various companies w. those meaningless P/Es is just, quite frankly, doing jacks*it analysis.
    If you add on top of that comparing typically meaningless P/B ratios, you get “jacks*it analysis” at the power of 2 (you compound the BS analysis 😉 ).

    My 2cts.


    • On September 3, 2016 at 9:11 am,
      CFS says:

      I look at P/E, cash flow, AISC…
      If a stock does not have a positive :P/E, it tells me to look and know why before investing.

      • On September 3, 2016 at 9:46 am,
        LPG says:

        If you say you look at cash flow, I don’t see the point of looking at P/Es, unless you do look at clean/adjusted P/E…and more importantly, on a forward basis.
        My 2cts.

        • On September 3, 2016 at 10:13 am,
          CFS says:

          I look at P/E first, because that number is easily found in 10 seconds. If that is positive, then I will look at income statements and cash flow, which can take 10 minutes just to find.
          That’s the point.
          The P/E is a filter.

          • On September 3, 2016 at 10:17 am,
            CFS says:

            Of course, if you only look at exploration as opposed to production companies then P/E is meaningless.

          • On September 3, 2016 at 10:41 am,
            Big Al says:

            By the very definition of the term profit/loss ratio!

          • On September 3, 2016 at 3:10 pm,
            LPG says:

            To me, the Yhoo Finance P/E you look at encapsulates all the accounting garbage (“garbage in”) [beside from reflecting the past].

            If I have no clue of what a ratio includes as far as the net income is concerned (coz each company case is different), I personally don’ t understand why I should pay attention to it.
            For that reason, I find that (Yhoo Fin) P/E “filter” mostly useless, hence a waste of time. But I’m a simple mind.

            Whatever makes you happy CFS.


    • On September 3, 2016 at 9:35 am,
      LPG says:

      One last thing I forgot to mention…
      Those Yahoo Fin. P/E are, if I am not mistaken, rearview mirrors indicators (I believe they are based on TTM,trailing twelve months, EPS).
      It’s like looking at “last quarter” GDP –> Rearview mirror.

      My 2cts.


    • On September 3, 2016 at 10:04 am,
      Big Al says:

      Valuable comment, LP!

  8. On September 3, 2016 at 8:53 am,
    Richard says:

    Hey Cory, I’m a shareholder in FR. Would like to heard what Kieth had to say about the recent article by Kerrisdale. How come the question wasn’t asked?

    • On September 3, 2016 at 9:59 am,
      Excelsior says:

      Agreed Richard. For the last few days there has been all kinds commotion about that article from Kerrisdale, and I was hoping Keith would address it on the show as well.

      For those that missed this “Controversial” analysis, here it is:

      First Majestic Silver Corp. (AG)
      Valuation Up in the Clouds, but No Silver Lining


      • On September 3, 2016 at 10:03 am,
        Excelsior says:

        Richard – I’m not sure if you keep up with the stock-specific chatter over at Tommy’s site, but the First Majestic room has been full of comments this week. There are so many that you may need to scroll back up the page to see older comments, but there have been a number of investors weighing in on this Kerrisdale piece. Enjoy!


        • On September 3, 2016 at 10:09 am,
          Big Al says:

          Thanks Excelsior, I think that we at KER will leave it at that.

          • On September 3, 2016 at 10:12 am,
            Excelsior says:

            Yes, that piece from Kerrisdale has been dissected a million ways.

            Big Al if you click on that link above you’ll see that the KER weekend show got 5 thumbs up so far (you only need 4 to be considered “popular”). 🙂

            Well done sir.

          • On September 3, 2016 at 10:43 am,
            Big Al says:

            Thanks much Excelcior!

          • On September 3, 2016 at 10:41 am,
            Excelsior says:

            Eric Coffin just has some interesting insights on it in that room:

            “@HRA-Coffin I skimmed the $FR article too. He’s partially right. There is little doubt $FR has spend money on email blasts, etc. to draw in retail and $FF does that pretty much constantly. That said, I think its mainly guys you tip scotches with in Manhattan that drove $FR to it heights @90bigpicture NOT retail. The same hedgies who took the silver spec long positon to all time highs. I agree that Keith can be a blowhard (and the whole “I founded First Quantum” thing is a load – he’s the promoter who owned the shell, not the same thing at all) but he’s done an excellent job of positioning $FR, until this short report anyway, as the “go to” name in the silver space, much the same as Ross did a similar job making Pan American the name in past cycles. You can diss retail bro but don’t kid yourself, its your buddies that took $FR to 25 bucks.”

          • On September 3, 2016 at 10:52 am,
            Big Al says:


            I could not find any rating of our Show. Please provide me with a specific link.

            Thanks, my friend!

          • On September 3, 2016 at 11:19 am,
            Excelsior says:


            Scan up up and look for this comment:

            @racker Good lineup on #Korelin weekend show. Auryn Resources chair Ivan Bebek, First Majestic CEO Keith Neumeyer, Novo Resources CEO Quinton Hennigh and portfolio manager and newsletter writer Adrian Day. Link here $aug $fr $ag $nvo 5 from #index, about 4 hours ago

            And there was this positive follow up comment:

            @Leon Keith Neumeyer interview on #Korelin weekend show. $FF actively managing its portfolio, incl. building roads to the projects et cetera $FR $AG http://www.kereport.com/wp-content/uploads/0903-2-2-1.mp3

          • On September 3, 2016 at 11:35 am,
            Excelsior says:


            Scan up up and look for this comment:

            @racker Good lineup on #Korelin weekend show. Auryn Resources chair Ivan Bebek, First Majestic CEO Keith Neumeyer, Novo Resources CEO Quinton Hennigh and portfolio manager and newsletter writer Adrian Day. Link here $aug $fr $ag $nvo 5 from #index, about 4 hours ago
            And there was this positive follow up comment:

            @Leon Keith Neumeyer interview on #Korelin weekend show. $FF actively managing its portfolio, incl. building roads to the projects et cetera $FR $AG

          • On September 3, 2016 at 11:36 am,
            Excelsior says:

            The KER Show is up to 6 likes…. It is a show that is so likable.

          • On September 3, 2016 at 11:41 am,
            Big Al says:

            Many thanks for letting us know, Excelcior!

    • On September 3, 2016 at 10:06 am,
      Big Al says:

      We will address that this coming week, Richard.

    • On September 3, 2016 at 10:17 am,
      LPG says:


      If I may:
      IKN had a very good point today, IMHO re: the short you’re referring to.
      If you wanna short a name like AG MOSTLY becoz you think the stock is overvalued, in what is likely a bull market for PMs, you are asking for troubles.

      As Bill Fleckenstein, one of the “best” short sellers out there would say, short-selling a stock becoz you think it’s overvalued is not a reason good enough.

      For full disclosure, I’m long AG.
      I’m not trying to defend the company: I sold MOST of my holdings at US$18.45 – following their Q2 results. I sold becoz (simply put) I thought there was, to my taste, too much of a disconnect between the company’s cash generation and it’s valuation. I sold most of my shares. But would I have shorted it afterward ??? No way. Not in this market.
      FWIW, I picked up some shares this week (paid $11.24) as I considered the disconnect had nicely been reduced by the lower share price.

      Again, for me, if the assets are real (ie if the company is not a scam), shorting a PM stock in what is likely a bull market is likely asking for trouble.
      Let me give you an example: if tomorrow, a major comes and does a takeover offer for AG at the usual 20-30% premium, the short bursts in your face.

      To finish:
      IMHO, avoiding to put yourself in serious troubles is what enables capital preservation in the long run. And shorting PM companies w. legit assets on the basis of over-valuation doesn’t seem to me like the best idea to enable capital preservation… (quite the opposite actually).

      My 2cts.


      • On September 3, 2016 at 10:34 am,
        Excelsior says:

        +1 Many great points LPG.

      • On September 3, 2016 at 10:41 am,
        Big Al says:

        I definitely agree with your final full paragraph, LP!

    • On September 3, 2016 at 1:52 pm,
      LPG says:

      As a side note, Kerrisdale report is dated Sept. while Cory interviewed Keith on August 31st.
      So technically, without entering the twilight zone, it’s “tough” to ask questions about a report which hasn’t come out yet 😀 😀 😀

      • On September 3, 2016 at 10:46 pm,
        Excelsior says:

        Haha! It’s a time-travel worm hole future report, where questions are asked about why an interview didn’t address an article from a month that hasn’t happened yet.

        We’ll call it the “Intuitive Futurist” ….. but the next issue will always be one month away from when you ask when it coming out…..

  9. On September 3, 2016 at 9:12 am,
    JMiller says:

    Chris Martenson is wrong to say that you can’t have bank runs in a cashless society. You sure can. It can be done electronically or by check and not just moving money from one bank to another bank as he stated. Martenson asks where else is cash going go, it has to go from bank A to bank B. Well how about to mutual fund companies, credit unions, brokerages, TreasuryDirect Accounts, insurance companies, overseas banks, etc…

    Only capital controls which prevents people from closing accounts and limits the amount one can withdrawal from their account can stop bank runs.

    I can’t believe how many “intelligent” people can’t see simple truths.

    • On September 3, 2016 at 9:24 am,
      JMiller says:

      And of course a bank run could just be with an individual bank where depositors move their money to another bank by closing their accounts and getting a bank draft instead of cash. So being in a cashless society will not prevent this type of bank run either.

    • On September 3, 2016 at 10:11 am,
      Big Al says:

      I am certain that Chris was talking about bank runs ad they pertain to cash!

      • On September 3, 2016 at 1:48 pm,
        Markedtofuture says:

        He stated no bank runs in a casless society. Until they can solve the hacking problem, they can forget about a cashless society in a long time. Confidence is being lost on a daily basis. Folks are catching on to the fact, the finacial system is nothing more than a ponzi scheme.

      • On September 3, 2016 at 4:52 pm,
        JMiller says:

        Sorry Al, but that is not how it came across to me. I heard enough people wrongly say the same thing. That you can’t have banks runs in a cashless society. What about what Martenson said about you can only move your money from bank to bank in a cashless society? That is clearly wrong as I showed above. Which is why Martenson is also wrong to say that in a cashless society “they can assure that they can take money from you with negative interest rates when they want”. It is not assured. If your paying the bank to keep your money because of negative interest rates you can just move it somewhere else. You are not stuck keeping your money in the banking system as Martenson seems to think happens in a cashless society. Now capital controls like preventing the closing of your bank account and limiting the amount one can withdrawal will keep most of you money stuck in the banking system.

        Please do not get me wrong Al. I like Chris Martenson. I like David McAlvany, Wolf Richter and a few others also. I usually can listen to them and rarely do they say something that they are wrong about. In this case Chris Martenson said a few things that he was wrong about, at least based on what I heard him say.

        Most of those in the ALT media I do not like.

        • On September 3, 2016 at 9:53 pm,
          Big Al says:

          I will certainly bring this up to him. Many thanks, my friend.

  10. On September 3, 2016 at 9:14 am,
    jhpace1 says:

    I own stock in Newmont Mining Corp (NEM) and I would like to add some perspective here. On 02/23/2012 NEM was $63.80. On 09/15/15 it was $15.97. So Friday’s close at $40.52 is still not near its’ all-time high of $68.88 on 11/01/2011, not if you bought the stock prior to then and have held it since. Yes, some of the junior stocks are +40% for the year, but not overall, and the majors also have a lot of catching up to do.

    For the long-term (maybe 401(k) or self-IRA or just buy-and-hold) stock owners, we still have a long way to go in this uptrend to break even, let alone reach new highs. Newmont Mining Corp (NEM) is one of those long-term buys, in my opinion.

    • On September 3, 2016 at 10:14 am,
      Big Al says:

      Mr Pace, I believe that people are referring to the time frame of the stronger market which recently began.

      I, unfortunately have been wrong before!

  11. On September 3, 2016 at 10:14 am,
    Excelsior says:

    An Important Low for Gold and Gold Stocks?
    09/02/2016 | Jordan Roy-Byrne CMT, MFTA


  12. On September 3, 2016 at 10:15 am,
    Big Al says:

    Thanks for the link, Excelsior!

  13. On September 3, 2016 at 11:04 am,
    Richard says:

    Thanks Al. Look forward to hearing it.

    • On September 3, 2016 at 11:44 am,
      Big Al says:

      We will have our own opinions along with Rick an Chria

  14. On September 3, 2016 at 2:03 pm,
    Tad says:

    Very interesting weekend show guys. Thank you.
    The first half was definitely a little Owellian in the true 1984 sense… and quite disturbing.
    Newmeiyer, who I have a lot of time for and quite a bit of money invested in, reiterated the absurdity of PMs being priced in paper contracts. Surely we are nearing the end of that nonsense.
    The rest of the show commented on VIX and uncertain times ahead following a 7 year bull market in overpriced equities.
    Time to take a step back and look objectively at where we are in history, while appreciating the unprecedented, experimental monetary policies of the past few years.
    The maintenance of any current wealth/assets and it’s protection heading into what looks to be a very hairy 6 months should be number 1 on everyone’s agenda in my view.
    Volume returns next week.
    It’s all easily lost!
    This is not the time to get cute.
    I for one am starting to feel anxious.
    Cash, bullion, treasuries and some PM miners only, until we see something definitive.

    • On September 3, 2016 at 2:14 pm,
      Birdman says:

      Honestly Tad, if enough people say the same thing as you and get short then that will eventually just be the power that sends the market even higher. I am really wondering if a crash is even possible with so many Central Banks openly buying stocks are contemplating doing so on thinning volumes.

  15. On September 3, 2016 at 2:11 pm,
    Birdman says:

    Well, its finally bursting.

    The Vancouver housing bubble is finally coming down. I mentioned some months back that the chart of single family homes had peaked as it had simply gone vertical and created a near perfect 5 wave Elliot move up.

    But to me this is still a symptom of problems in the worlds biggest economy (China) and has perhaps as much to do with all the new capital controls there as it does with the new 15% surtax on foreign buyers instituted in Vancouver.

    Anyway, I had to laugh after reading a few articles on the subject. Realtors are already saying this is just a blip and it will pass. Make me laugh man!! Has anybody here EVER seen a chart like the one linked in the article below that recovered and went higher still?

    I sure haven’t. Those kinds of charts usually correct violently. As such, an initial 25 to 35% price decline can be anticipated in the first year of the correction before the first bounce of significance kicks in. We are more than half way there already so this is not really that newsworthy except to say this will get a little worse before it gets better.

    If we get a common A-B-C Elliot 3 wave decline it will be really interesting to see where the final bottom lands in a couple years time. A lot of dopes who refused to accept this was a bubble for the past 5 years are going to be underwater when its all said and done though.

    I could cry….but no, its too funny for that. Speculative greed can be its own worst enemy. It just begs for punishment.

    Vancouver Home Sales Crash 23% In August As Prices Tumble 17%

    • On September 3, 2016 at 10:01 pm,
      Big Al says:

      Speculative greed will eventually bring a person or group of persons down. I have personally seen it happen so many times.

      • On September 4, 2016 at 12:11 am,
        Birdman says:

        This is greed and the power of the herd in their finest hour Al.

        Either that or complete denial that anything is amiss. I mean, sales just crated almost 25% but new listings barely raised themselves from the dead. So apparently there either are not tens of thousands of people willing to unload overpriced houses into the peak or they simply don’t believe the bubble just popped.

        I suspect a panic moment is coming if both prices and sales continue the slide once then next few months numbers are in and cold reality finally emerges on the scene.

        But in Vancouver the people are just so enchanted with the belief homes can never go down they just won’t look at the facts. Of course prices will recover! Its La La land after all where unicorn shit is made from lollipops and candy sparkles.

        You know, normally when an asset crashes this much the buyers snap out of their slumber and hit the sell button with sweaty, cold palms. But not in fantasy land where new listings in the face of the biggest decline in many years were greeted with a big fat yawn.

        A stunningly low point-three percent increase in home listings was all that was recorded over last year proving the old adage that most people will be left behind at the top, never to reap the profits that the market handed them for free.

        So if that is not denial then its plain old dirty greed mixed liberally with a heaping cup of stupidity. Anyone who went in with 5 or 10% down in the past year is already underwater at these rates and of course that would include most people who were not lucky enough to be buying all-cash like some foreigners are doing.

        But the views of English Bay are still pretty at night. Even when you know you are living under a crushing debt that won’t go away for a few decades and that it might take that long before you actually break even again.

        Weep for the herd. They know not how to read a chart.

        • On September 4, 2016 at 12:31 am,
          Birdman says:

          And aren’t you not just on pins and needles waiting to see the reaction if the Fed actually tightens a quarter point? Good Lord…..what if they raised twice? That’s probably when the Vancouver housing enema will arrive. Because of course a rate hike is not really a true American event. We all know the mood goes global these days and even comatose Vancouver home speculators will start to wake up and smell the coffee. The thing is….it always happens at the margins. Take out the Spec bid and subtract the foreign cash that was pushing price and the whole rotten cargo of vacant homes will suddenly start smelling a lot less like Unicorn turds and a lot more like the mold that is so prevalent there.

          • On September 4, 2016 at 10:55 am,
            Big Al says:

            Great comment as usual, Bird

          • On September 5, 2016 at 12:18 am,
            Birdman says:

            Hey thanks Al….I was just getting warmed up.

            But I won’t get into the muck of it too much today. The Canadian real estate market is just so preposterous that only a fool would believe someone was not going to get hurt eventually. It is the sounds of a broken record repeating it all the time though and bleating at the sheep to steer clear.

            Oh well, they get what they deserve.

            Here is a little comedy for you though. Did you know that Real Estate is now the countries biggest industry? Yup, that’s a fact according to Statistics Canada. Its not oil or agriculture or manufacturing or knitting bees held by little old ladies on Vancouver Island that are the real grease that run this fine nation.

            It’s freaking real estate and construction. Bigger even than banking and financial services. Bigger than all the public sector employment put together…..and a whole lot bigger than a beaver dam.

            That’s how retarded it has gotten. And it means this bubble bursting will really be one for the record books when its all said and done because EVERYONE is involved either directly or indirectly.

            It does not matter if you are in the insurance business, lending, building trades, retail, trucking or even dentistry. You are involved in the Canadian housing market one way or another and there will be a lot of jobs lost if this thing winds down to a hard landing (care of our bubblicious friends over in China who were practically behind the worst aspects of it in the first place with all their wanton credit growth and global buying splurge).

            Whats happening is a little reminiscent of living in a one-horse-town where the old nag breaks a leg or just up and dies and everyone has to go back to trudging to the shops in their old snow shoes again.

            Actually, its more like the last salmon cannery shutting down in a small town on the Island leaving the village with no primary source of income to keep the remaining stores open. Except its worse than that because this real estate fantasy everyone has been living is a national bonanza that went coast to coast.

            Big bubbles like Vancouver don’t bust in isolation either. Don’t we wish it was that simple? Unfortunately these kinds of events are infectious as the bug jumps from town to town like a malevolent pestilence creeping into everyone’s lungs. The mood can turn sour everywhere at once and the knee-jerk retrenchment in buyer psychology just makes it all that much worse.

            Not that much could be done anyway. Canada is another of the countries with a terrible demographic profile of aging boomers and a shortage of fresh young faces willing or able to step up to the plate and pay the nosebleed prices the previous generation demands.

            So sorry to say, we saw the top and now it is a long road back to the mean as price regression will be dictated as much by the hormones that drive family formation as they are by the sheer will of childless couples to own their own little plot of land at any cost demanded.

            I will save the muck for another day. Got to run!!

            Canada’s a real estate nation, just waiting for a crash — Globe and Mail

          • On September 5, 2016 at 11:14 am,
            Big Al says:

            Really great comment Bird. The question, in my mind, is do the Asians really care? The real estate market will go down, but the question is: “Will it go down far enough to really hurt them? Or have they, in fact, accomplished just what they wanted to accomplish which was to get money out of China? Having worked at a pretty high level with some very astute Asian business people, I can tell you that they know exactly what they are doing at all times. The folks who could really get hurt are the Canadians who used excessive leverage.
            What do you think?

          • On September 5, 2016 at 12:11 pm,
            Birdman says:

            Well I agree Al that most of the people getting hurt here are typical Canadians. Foreign buyers by and large are not blue collar salary men. Those coming in with suitcases of cash are generally quite wealthy and looking for a place to store some of that wealth outside of China and out of harms way. We often read on this site about Americans distrusting their own government but the Asians take it to a whole new level. Those guys take the second passport and offshore banking / investment ideas very seriously. Its why millions have given up their own citizenship and emigrated to every major industrialized country in the world. Favoured countries are Canada, the US and Australia of course but they seem willing to go just about anywhere welcoming. I suppose history should explain why they are so paranoid of their own country. In the process of moving though they have blown housing bubbles just about everywhere that caught their attention. But its not deliberate or anything. Its just that there are so many of them who seem to want economic safety abroad.

            Just in case………

          • On September 5, 2016 at 3:25 pm,
            Big Al says:

            For what it is worth Bird, I personally would take their example if I had suitcases full of money.

          • On September 6, 2016 at 7:39 am,
            confused says:

            Bird, Yes the bubble in Canadaian real eastate is insane!!! Having said that, you seem to be inferring that Chinese are a major part of the bubble? I’ve been reading that Chinese+foreign buying in Vancouver is at %10. I’m thinking this is more a home-grown greed story enabled by the Fed and stupid Canadian central bank and government policies. See Sweden, London, San Francisco, New York etc and dozens of other western countries for similar property bubbles. Yes Van is the pinnacle of insanity, but the Fed is also a massive part of this craziness.

        • On September 4, 2016 at 10:58 am,
          Big Al says:

          Really hard to feel sorry for anyone who is way underwater in that environment, bird! (You spend your money and you takes your chances!)

      • On September 4, 2016 at 7:51 am,
        cws says:

        All the signs were there back in Feb. This is crazy! What is so special about Vancouver?
        These are just nutty prices for real estate.

        • On September 4, 2016 at 9:09 am,
          Big Al says:

          No big surprise. Vancouver is a very nice city. No place prettier when the sun is out. Also passable very local skiing during the winter months. Okay restaurants; a very international atmosphere; and, a lot of water.

          Obviously the Asian folks, looking to protect their capital had a lot to do with the very “hot’ real estate market. Don’t kid yourself though, there have always been a lot of very wealthy Caucasians in Vancouver given the fact that it is one of three major cities in the country. (I personally really like Calgary, but it certainly is not as large as either Montreal; Toronto; or, Vancouver.

          • On September 4, 2016 at 1:47 pm,
            Excelsior says:

            Agreed Big Al. I visited Vancouver earlier this year and my girl and I just loved it out there. Multiple mountain ranges, Natural parks, salt water adventures, fresh water adventures, Victoria near by, volcanoes in the distance, great food from around the planet, interesting architecture, a vibrant night-life, reasonable mass transit, multi-cultural influences, and overall Vancouver is a very cosmopolitan city with many perks.

            Having said all that, the real estate bubble got waaaayyy ahead of itself, mostly due to the influx of Asian buyers paying any price (or getting into bidding wars) on houses which drove up pricing to nosebleed levels. It is the same thing in Seattle and to a lessor extent Portland. When gravity sets in and they return to reality, it is going to cause quite a stir from those that purchased homes over the last few years.

            What goes up also comes back down….

          • On September 5, 2016 at 11:46 am,
            Big Al says:

            I can kind of see the logic in Vancouver (see my comment to Bird).

            Seattle is insane. If salaries ever return to sanity, that picture will change.

            Honestly, I simply do not understand the Portland market and we used to be a part of it.

  16. On September 3, 2016 at 4:11 pm,
    LPG says:

    M.A interview on Financialsense:

    The interview was made available a few weeks ago to Finsense subscribers and is now released publicly.


  17. On September 3, 2016 at 11:34 pm,
    Excelsior says:

    *There are a number of Macro Economic updates, as well as a slew of individual mining stock updates inside this issue for those that want a little weekend reading…


    Haywood Securities Inc – The Weekly Dig
    Mick Carew PhD – Sept 2, 2016


    • On September 4, 2016 at 12:12 am,
      Pete says:

      Good stuff.

    • On September 4, 2016 at 8:39 am,
      Brian says:

      This is a great resource if you have some time to really read in detail.
      I had not know about hit report until now. Greatly appreciated.

      What is mind-blowing?
      How many PM companies that are covered, across different publications (usually each writer has about 15-20 that they cover/own) yet with astonishingly low overlap ACROSS publications.

      One would expect that if a company is mentioned in multiple publications (overlap), that these wold be the BEST to own. However, I have found that is not necessarily true to date (maybe it will be by the end of this bull market).

      • On September 4, 2016 at 9:00 am,
        Big Al says:

        Morning Brian,

        You bring up a very interesting question which is definitely worthy of thought.

        I think that a person has to look at q writer’s track record and that will provide insight.

        Have a great rest of the weekend,


      • On September 4, 2016 at 11:05 am,
        Excelsior says:

        Brian – you bring up a very interesting point to consider indeed. I’ve often contemplated when to get behind good companies that have a number of cross-coverage “overlap” between newsletter writers. There are times where this amount of coverage can thrust a miner into the spot light.

        We’ve seen it happen over the last year with large numbers of newsletter services and pundits covering Kaminak Gold, Colorado Resources, Nexgen Energy, Canalaska Uranium, Brazil Resources, Gold Standard Ventures, Moneta Porcupine Mines, Northern Shield Resources, Lithium X, and Sirios Resources. As Eric Coffin pointed out above (in his comments regarding First Majestic and First Mining Finance), there has been a great deal of marketing money spent on investment sites, wining and dining with institutional investors, and a swath of newsletter writers covering the First Mining Finance story…. and it was very successful.

        So I’m wondering the same thing now about Novo Resources. With Jay Taylor, Bob Moriarty, and now Big Al & Cory just being a few of our favorite sites that cover Novo Resources, and with Bonzo Barzini having it on his solid list of companies, it makes me wonder if I should just get into the mix as well and ride the momentum and visibility.

        The other aspect of this discussion on visibility & momentum in mining stocks is to monitor what stocks are included in the various Gold/Silver ETFs and Funds. This can have an distinct advantage on visibility and liquidity in stocks, so I don’t discount the effects of the ETFs on the upside and also downside momentum in mining stocks.

        Brian, like you mentioned though, there are often forgotten or unloved companies, not covered by newsletter writers or included in ETFs that can still attract a unique mix of institutional investors (like Sprott Inc, Dundee, small financial firms), or Strategic investors like Rob McEwen, Eric Sprott, Ross Beatty, Lukas Lundin, Frank Giustra, Pierre Lassonde, Robert Friedland, etc… These companies may not get as much visibility in the newsletter scene or ETF re-balancing, but they can actually move quite a bit more because savvy investors follow where the big boys go and duplicate their plan.

        Lastly there is the group of companies with very few to no newsletter writers, they aren’t in ETFs, and they may not have the “high profile” strategic investors, but regardless they have good projects where small or “unknown” investment firms, or other mining companies, or even retail investors, that invest in them and can cause them to outperform their peers. Eventually, these companies will get on the radar of the investing public and then the share prices compounds multiple-fold when it hits it’s stride. Case in point on these at the end of 2015 or early 2016 would have been Arizona Mining, Jaguar Mining, Americas Silver Corp, Nicola Mining, Aurcana, Silvercorp, Hochschild, Dolly Varden, Defiance Silver, Roxgold, Scorpio Gold, Mexus Gold, etc….. Now many of those companies are getting picked up newsletter writers, investment sites, and ETFs have added or increased their weighting. So the strategy here is to get in front of the trend before the gurus and big boys do, but this is the riskiest group, as they may never take off or worse, go bankrupt. It’s definitely a risk/reward strategy, and is typically based more on the fundamental backdrop and news releases due to the very low liquidity and sporadic trading.

        Bottom line, there are times where there are safety in numbers with the herd in a momentum play or in a bull run, but when these stocks correct, then the herd punishes the share prices worse when they all run for the exit doors. The rogue companies that may have been missed can be a great place to stake out winners, before they get invited to the winners ball by a wealthy suitor(s).

        Both approaches have their benefits and weaknesses, but it is an interesting idea to consider.

        • On September 4, 2016 at 11:46 am,
          Big Al says:

          Great points you make, Excelsior!

          • On September 4, 2016 at 12:33 pm,
            Excelsior says:

            Thanks Big Al.

        • On September 4, 2016 at 12:53 pm,
          brian says:

          Excellent analysis.

          I still believe the best approach for buy&hold person like myself, is a MILDLY diverse portfolio – it should not be ALL high-risk explorers. Those high risks need tone offset by GROWING producers with potential.

          However, when the market cap goes over a 2 Billion ($US), I’ll start to think of selling half and looking for a newer, younger, riskier company that I can invest in.

          As always, Ex, great comments and thoughtful analysis. Not bad for a robot 😉

          • On September 4, 2016 at 1:15 pm,
            Excelsior says:

            Yes, I agree on diversifying the risk, within miners and outside of miners. Within miners my interest is in the Small Producers, Development stage companies, Prospect Generators & Royalty companies, and true Exploration companies, but occasionally I’ll hold Mid-Tiers or ETFs for short periods if I see the right set up.

            Personally, I don’t put all my eggs in one basket, and I do invest in other resource companies beyond just precious metals, and number of sectors within the Energy space, and some asset classes that are in completely unrelated sectors to resources and energy (Tech, Healthcare, Emerging Markets). In addition I have a retirement account packed with the standard mutual funds, bonds, and stocks like most investors. I don’t discuss those in here because they are not what I focus on in my trading account and they don’t relate to this site’s focus (and honestly those are just set it and forget assets in my portfolio that I let others manage).

            Good luck to you Brian in your investing strategy, and from everything you’ve written about and the stocks you’ve mentioned you hold – I think you’ll make some cake over the next few years. All the best !

          • On September 5, 2016 at 3:20 pm,
            Big Al says:

            I pretty much share your thoughts, Brian.

  18. On September 3, 2016 at 11:51 pm,
    Excelsior says:

    **Check out Slides # 21 & 22 on the Silver Bear Corporate Presentation below. There is a fascinating comparison of the Senior Silver Producers and the Junior Silver producers on (page 21) and then the Silver Development companies on (page 22).


    • On September 3, 2016 at 11:59 pm,
      Pete says:

      Very interesting, Excelsior,
      Nice grades!

      • On September 4, 2016 at 3:07 am,
        Excelsior says:

        Yep – Some nice high grade Silver, and they’re movin’ right along with development. I believe the stock should be trading many multiples higher, but I guess it is the concern about the Russian jurisdiction. I’m less concerned as the Russians are very committed when it comes to mining and resources, and they want as much investment money coming in as possible at the present.

        I just thought the comparable tables on pages 21-22 would be interesting for Silver mining enthusiasts to check out for a quick comparison of Majors, Jrs, and Developers.

        Based on those charts, Minco looks really undervalued to me as well.

        • On September 4, 2016 at 3:09 am,
          Excelsior says:

          Speaking of Silver Miners……

          Silver Miners’ Q2’16 Fundamentals
          Adam Hamilton – Sep 02, 2016


        • On September 4, 2016 at 5:20 am,
          Pete says:

          I am not concerned about the Russian jurisdiction either,there are much worse places for mining in the World.

          Yes,and Minco is one of my core holdings,it´s a roller coaster.(like many of the juniors)
          Great info as always,Excelsior

          • On September 4, 2016 at 11:59 am,
            LPG says:

            FWIW, I looked at Silver Bear a few weeks back as I didn’t mind the jurisdiction per se.

            But I did mind the convert, and the implied valuation on some multiples.
            Ultimately, I took the view that one could own other assets (1) w. high grade TOO, (2) on cheaper valuation, and (3) located on safer jurisdictions. So it was a relatively “no-brainer”.

            Maybe I missed something in the investment case on that one, but to get me REALLY excited, these guys would have to find a boat load of new mineral reserves/resources.

            My 1.3 ruble. 🙂


          • On September 4, 2016 at 12:53 pm,
            Excelsior says:

            LPG – I feel confident based on the fact that they increased mineral reserves by 30% this year, and continue to find very high grade ore that they will continue to fine a “boat load” and possibly several boat loads of new Mineral Resources. 😉

            In 2016 Silver Bear has done their capital raising and also they have been issued the permits to go into construction – which they are making good progress with. The catalysts are there for near-term production and if you look at the their timeline for development into production on their presentation above on (page 6), their very high grade 20 million ounce Silver reserves on (page 7), and (page 8) which highlights their very low capex to get production underway ($48.6 million) & IRR pre-tax of 43.6% and IRR post-tax of 40.2% then I’d say there are few “other assets” in the silver development space that offer those kinds of upsides.

            My 1.29999999 ruble. 🙂


          • On September 4, 2016 at 12:57 pm,
            Excelsior says:

            Silver Bear Approves Facilities Agreement For Final Development And Construction Of Mangazeisky Silver Project
            August 5, 2016 – Toronto, Ontario

            Silver Bear’s CEO, Graham Hill commented: “It is with great pleasure we announce the securing of the last element in the project financing package which ensures that the project’s accelerated timeline remains on-track. I would like to extend our appreciation to our major shareholders, Inflection and Aterra, for their unwavering support during 2015 and 2016 in helping the team realize the development of this unique and robust asset. Finalizing this agreement is a significant milestone for the Company and major catalyst in providing the financial support to advance Vertikalny towards commissioning in the fourth quarter of this year.”


          • On September 4, 2016 at 1:00 pm,
            Excelsior says:

            I stand corrected it was a 35% increase in resources not just a 30% increase…..

            Not to shabby…..and why I feel very confident the future exploration upside is in the cards.


            Silver Bear Announces Ni 43-101 Mineral Resource Update for the Vertikalny Deposit, Mangazeisky Silver Project, Russia
            August 8, 2016 – Toronto, Ontario

            Silver Bear Resources Inc. (TSX: SBR) is pleased to announce a National Instrument 43-101 mineral resource update for Vertikalny deposit within the Mangazeisky silver project, Republic of Sakha Russia. The NI 43-101 Technical Report prepared by Tetra Tech will be filed on SEDAR within 45 days of this release.


            > Infill drilling and trenching have converted an additional 4.3 Moz of silver resource to the Indicated from the Inferred category.
            >Additional data and updated geological modelling have also resulted in a 35% increase in the Indicated resource grade, from 909 g/t to 1,227 g/t silver.
            >It is expected that the resource update will significantly improve the IRR and NPV for the project with minimal change to the CAPEX.


          • On September 4, 2016 at 1:20 pm,
            LPG says:

            Thanks for your input on Silver Bear.
            How many shares do you have/get, on a fully diluted basis ?

          • On September 4, 2016 at 1:39 pm,
            Excelsior says:

            I have only just started to build a small position at this point, but will be adding to it over time.

            I believe these figures are correct after checking a few different sources:

            Shares Outstanding 161.33M
            Float 76.3M

          • On September 4, 2016 at 2:08 pm,
            LPG says:


            Re: Silver Bear.

            2 Things:
            1) FWIW, the # I had run previously already included the Aug. 8 resource update.
            2) You mentioned shares outstanding, but my question was about the number of shares on a fully diluted basis – I asked that question w. something specific in mind.

            So FWIW, let me share what I have on the matter:
            According to my calculations , there is about CAD24mn of convertible debt, which will convert at CAD4.5cts. This will translate into an additional 534mn shares.

            So here’s what I have, (give or take a few millions):
            Outstanding shares: 161.3mn (this number was as of Q1 16 end)
            Options: 8.75mn, average strike of CAD37cts (as of Q1 16 end)
            Warrants: 3.52mn, avge strike of CAD33cts (as of Q1 16 end)
            Convert: 534mn
            Total, fully diluted: 708mn.

            AS A SIDE NOTE…
            I understand the IRR you mentioned on the project. I had seen it ( 😉 ). Just one thing though…
            The indicated NPV of the project is calculated by using a 5% discount factor (NPV5%). When I saw that, I couldn’t help but smile…. Really, for a silver miner in RUSSIA, we should rely on a weighted average cost of capital of 5% ?????
            Just on their latest debt financing (news in Aug.) the company is paying 15% interest. Funny. To their credit, the project NPV is using super conservative silver assumptions, IMHO.

            If I am correct, 708mn shares is the number to broadly work with when running valuation numbers…. Not c.170mn.
            If the convert holders decide to NOT convert, that’s a different story (the note holders are the already large owners of the company…).
            Otherwise, you need to use broadly 700mn shares as your basis. And stating the obvious, there’s a “little difference” between 170mn shares and c.700mn.

            As mentioned initially,
            “Ultimately, I took the view that one could own other assets (1) w. high grade TOO, (2) on cheaper valuation, and (3) located on safer jurisdictions.”. The view I took was predicated on running numbers based on these potential 700mn shares.

            My 1.3 ruble, part II.


          • On September 4, 2016 at 2:21 pm,
            LPG says:

            BTW… re: the convert, my calculations are based on Note 10 of Q1 16 Financials.

            This thing was so “messy” that I had to do a line-by-line breakdown of what was converting, and what wasn’t.

            If you or anyone on KER has also run the numbers and came up w. a different figure – esp. a MUCH lower one than the 534mn I calculated – I’m all ears.

            Spacibo !


          • On September 4, 2016 at 2:48 pm,
            Excelsior says:

            Yes I agree that there is a difference in 170M vs 700M shares fully dilluted, but I’m not sure I’m following you on the Covertible debt, but I couldn’t find where all of the debt converted at $.045 cts CAD.

            You had mentioned ” According to my calculations , there is about CAD24mn of convertible debt, which will convert at CAD4.5cts. This will translate into an additional 534mn shares.” I didn’t see that in their 2nd quarter release or the recent release, but I may have missed it. If you could direct me to that info it would be appreciated. Sometimes if you miss a column or sentence it can be very impactful 🙂

            I do follow you on these numbers from pages 16 & 17 of their March 31st, 2016 #s:

            Outstanding shares: 161.3mn (this number was as of Q1 16 end)
            Options: 8.75mn, average strike of CAD37cts (as of Q1 16 end)


            – As for the 5% Net Present Value calculation being on a developing Silver mine in a country like Russia, desperate to exploit its resources and mineral reserves, and with the very high grade nature of their resource, the low capex required to build out the mine, and the above average IRR % at 43-40% , then it really doesn’t seem unreasonable.

            As for “other assets (1) w. high grade TOO,”

            If you have a bunch of Silver companies that found a 35% increase in the Indicated resource grade, from 909 g/t to 1,227 g/t silver, then please don’t keep them a secret. 😮
            I can think of Alexco and Impact with those kinds of high grade, but not many….

            While high grade is very important to keep the mining more simple, and the capex down, it ultimately comes down to the economics of a project. The IRR is impressive by any metrics, but of course we’ll have more solid numbers once they do go into the production at the end of 2016, ramping up into the first half of 2017.

            I’d just rather get positioned before they hit those milestones, but hey if you don’t like it don’t buy it. (LOL). I remember people voicing concerns of the valuations on Silvercorp, Americas Silver Corp, Avino Silver & Gold, and even Defiance Silver earlier in the year, and they’ve had quite a run despite the number crunching because investors see the rising metals prices continually improving the economic situations.

            I for one don’t expect Silver to stay at $18-$20 forever, and am investing based on a $24-$28 by the end of 2017, and a $35 Silver price by 2018 as a rough guideline.

            With those numbers in place, all the valuations being done are rather meaningless IMO.

            My 1.29999999 ruble, part II

          • On September 4, 2016 at 3:16 pm,
            Excelsior says:

            I just saw your other comment pop up about Note 10 – Thanks, now I’m on the same page with you regarding this convertible debt, but I come up with
            $5,669,807 + $12,350,770 = $18,020,577 convertible at $.045 = 400,457,000 shares (if they are converted).

            Inflection also paid C$3,300,000 in convertible debt, but it didn’t specify at what share rate, so I’ll have to do more homework on that.

            10. SHORT-TERM LOANS

            On March 2, 2015, the Company entered into unsecured non-convertible promissory notes with FrontDeal Limited and with Inflection Management Corporation, pursuant to which FrontDeal and Inflection have each agreed to lend the Company US$3,500,000 respectively for a total of US$7,000,000. The promissory notes bear interest at a rate of 15% per year and the principal and accrued interest are payable on the maturity date which was initially agreed as June 27, 2015. Subsequently, the maturity date was extended from June 27, 2015 to June 30,

            In October 2015, A.B. Aterra Resources Ltd. (“Aterra”) and Inflection provided additional loans to the Company of C$2,310,000 and C$3,300,000 respectively. These additional loans were made under contingent convertible promissory notes that bore interest at 15% per year and had a maturity date of December 31, 2015 and were contingently convertible into Common Shares of the Company at a price of C$0.075 per Common Share. In November 2015, Inflection advanced a further C$5,610,000 under convertible promissory note with a maturity date of December
            31, 2015 and which was convertible into Common Shares at a price of C$0.045 per Common Share, subject to an upward ratchet on the conversion price. This note also bore interest at 15% per year.

            In December 2015 loan notes from Aterra and accrued interest thereon were consolidated into a new convertible loan note for C$5,669,807 in favor of FrontDeal.
            In December 2015 all loan notes from Inflection and accrued interest thereon were also consolidated into a new convertible loan note with a value of C$12,350,770.
            Both these convertible loan notes bear interest at 15% per year, mature on December 31, 2016 and give the holder the right to convert the principal and any accrued interest into fully paid Common share of the Company at conversion
            price of C$0.045 per Common Share. Management considers 15% per year to be the prevailing market rate on loans that do not have an associated equity conversion option; accordingly, all of the principal is recognized as a liability.

            In December 2015, Inflection also paid C$3,300,000 as partial consideration for the Company issuing a contingent convertible loan note bearing interest at 15% and maturing on December 31, 2016; the loan note was issued on January 11, 2016.

            In March 2016, A.B. Aterra Resources Ltd. (“Aterra”) and Inflection provided additional loans to the Company of US$5,500,000 and US$14,500,000 respectively. These additional loans were made under unsecured contingent nonconvertible
            promissory notes that bore interest at 15% per year and have a maturity date of December 31, 2016.

          • On September 4, 2016 at 3:22 pm,
            Excelsior says:

            Regardless, the shares & float posted now don’t take those into account so your overall point about the valuation using a higher diluted amount is worth noting. However, that’s the price to play ball and get the mine built and commissioned for production. Who knows, maybe they’ll need to consolidate all the shares after all that is completed?

            I’m not too concerned about it, as mentioned in the previous post, with rising Silver prices in 2017 and 2018 when they are producing from their high grade mine, then the economics, margins, and payback will be accelerated so that is not factored in correctly if just using Silver prices at today’s prices. We’ll have to cross all these bridges when we get to them.


          • On September 4, 2016 at 3:26 pm,
            Excelsior says:

            Silver Bear Announces Entering Into Non-Binding Term Sheet for Mangazeisky Silver Project Debt Funding Package
            TORONTO, ONTARIO–(Marketwired – April 28, 2016)

            “It is anticipated that the Company’s wholly-owned Russian subsidiary, ZAO Prognoz, will be the ultimate borrower under the Debt Funding Package which will consist of a US$42.85 million secured loan, a working capital facility of US$3.5 million and a contingency facility of US$2 million, for total funding of US$48.35 million. Pursuant to the Term Sheet, a portion of the Secured Loan Facility will be used to repay the principal and accrued interest on certain outstanding promissory notes previously issued by the Company to the Lenders. The Company anticipates that the Debt Funding Package will result in net new funding to the Company of approximately US$17 million following the repayment of such outstanding promissory notes.”


          • On September 4, 2016 at 3:30 pm,
            Excelsior says:

            August 5, 2016 – Toronto, Ontario

            Material Terms of the Facilities Agreement

            “Pursuant to the Facilities Agreement, the Lenders will make available to the Company and Prognoz secured loans in the aggregate principal amount of US$55.2 million comprising three tranches. Tranche A will consist of a term loan facility of US$43.2 million, of which Inflection will provide US$30.6 million and Aterra will provide US$12.6 million (the “Term Loan Facility”). Of the US$43.2 million total Tranche A commitment, US$33.2 million will be made available to the Company with the remaining US$10.0 million being made available to Prognoz (collectively “Tranche A”). The Lenders will also make available to Prognoz, subject to the terms and conditions of the Facilities Agreement, a Tranche B working capital facility of US$10.0 million (the “Working Capital Facility”) and a Tranche C contingent facility of US$2.0 million (the “Contingent Facility”, and together with the Working Capital Facility, the “Additional Facilities”). The Working Capital Facility will consist of US$7.1 million from Inflection and US$2.9 million from Aterra. The Contingent Facility will consist of US$1.42 million from Inflection and US$0.58 million from Aterra. The Term Loan Facility, together with the Additional Facilities, are collectively referred to as the “Secured Loan Funding”.

            Pursuant to the Facilities Agreement, a portion of the Term Loan Facility will be used by the Company to repay the principal and accrued interest on certain outstanding promissory notes previously issued by the Company to the Lenders. The Company anticipates that the Secured Loan Funding will result in net new funding to the Company and Prognoz of approximately US$22 million following the repayment of such outstanding promissory notes.

            The Secured Loan Funding will accrue interest at a rate of 15% per annum, calculated and accrued quarterly, and will be payable on January 1, April 1, July 1 and October 1 in each calendar year and on the maturity date, being the date that is forty-eight months following the date on which the Term Loan Facility has been drawn in full. Pursuant to the terms of the Facilities Agreement, all interest accrued before July 1, 2017 will be capitalized and added to the principal amount of the Term Loan Facility such that the first interest payment under the Facilities Agreement would therefore be in respect of the quarterly period ending October 1, 2017.”


          • On September 4, 2016 at 3:33 pm,
            LPG says:

            OK… quick update on the calculations for the convert:
            1) the 2 loans you mention also have accrued interest converting at 4.5cts. So I added 15% of the combined loans (ie. CAD2.7mn total) as also converting.

            2) Re: Conversion’s CAD3.3 mn of convertible, here’s the tricky part – which I’ve just “discovered.”
            a) based on Q1 16 Results Note 10, I initially ASSUMED this CAD3.3mn note would convert at 4.5cts (as yourself, I realized there was no mention of convo price, so I had assume the same as the others, due to their time proximity)…
            b) there’s a press release on 13 Jan., 2016 which states that this note is NOT convertible (I had a “wtf” moment).
            So going forward, I’ll just assume that this CAD3.3mn note is NOT convertible, at that the “Note 10” of Q1 16 Res contained a typo in this regard.

            Based on all of this, the new total i get for the convos are:
            CAD18mn +15% of CAD18mn = 20.7mn converting at 4.5cts, hence 461mn shares to be issued.

            So my “new” total, fully diluted count is, fwiw, 634mn.



          • On September 4, 2016 at 3:39 pm,
            Excelsior says:

            Ha – Well good the overall amount of shares is coming down then. Thanks for explaining that you added 15% as that makes more sense now. Yes, as far as I can tell the $3.3 M may not be converted and may just be at 15%.

            OK, since we’ve been looking at the January-March data, I thought that posting the updates from April and August were relevant because it looks like they’ve restructured the debt again anyway.

            Is that you interpret that August 5th update?

          • On September 4, 2016 at 4:22 pm,
            LPG says:


            The way I understand the Aug 5. release is that they get debt to repay the debt, and some more for upcoming Wking Cap requirements.
            But it seems they are shifting (lengthening) maturities – which make sense coz most of the debt pre-announcement was ST.

            Look, putting aside (1) anything stupid out of Russia and (2) serious operational hick-ups, this thing will be higher when Silver hits $30. No doubt.

            My INITIAL point in this whole convo was to draw your attention to the convos (pun intended).
            I suspected you probably looked at the name, the grade, the resource, the mket cap (based on outstanding shares and the relatively benign amount of warrants and options) and thought: “Greaaaaat, this thing is reaaaaally cheap. It’s Russia, nobody wants to touch it. That’s why it’s cheap. I found a gem”. 😉
            If you thought this way, I understand you. I felt the same the way when I looked at it the first time. 🙂
            BUT it’s just that after this thought, I just told myself: “it C-A-N-N-O-T BE THAAAAAT cheap now. There’s just too much focus on the sector”. So I tried to found out what I was missing… and that’s how I found about the convos. And it this where the supa cheap valuation became not supa cheap anymore. 😉
            FWIW and as a final side note, when I first saw that the debt amount was not that big, I was almost sure there was convo paper hanging around…. 😉

            Best as always,


          • On September 4, 2016 at 4:44 pm,
            Excelsior says:

            LPG – Thanks for the analysis. Yes, I did think I found something very cheap, as another investor had tipped me off to it, but they clearly didn’t take into consideration the convertible debt either. I was just wondering if that August update on the financials was going to take care of some of that so that so many shares weren’t issued.

            I guess my dreams of good value have been dashed once again….

            Anyway – good convo on the convos. Much appreciated.

          • On September 4, 2016 at 9:40 pm,
            Pete says:

            Thank you,Excelsior and LPG,for the great discussion.
            Great Points from both.


    • On September 4, 2016 at 2:08 pm,
      Excelsior says:
      • On September 6, 2016 at 1:48 am,
        Excelsior says:

        At the Bar Summer 2016 with Brent Cook & Mickey Fulp…
        Published on Sep 4, 2016


        • On September 6, 2016 at 1:58 am,
          Excelsior says:

          Update with the Mercenary Geologist, Mickey Fulp for September 2, 2016…
          Published on Sep 2, 2016

          Join Mercenary Geologist Mickey Fulp and Erick Bertsch of MiningClips.com every Friday afternoon for a wrap of commodities, the money and equities markets that influence their prices, and comments on performance of the Toronto Venture Exchange Index.


      • On September 6, 2016 at 2:08 am,
        Excelsior says:

        Platinum, Palladium prices pick up as pay talks peter out
        Frik Els | 2 minutes ago |


  19. On September 3, 2016 at 11:53 pm,
    Pete says:

    Good article from Trader Dan, Stay Sober


  20. On September 4, 2016 at 6:53 am,
    Markedtofuture says:

    A Labor of Love from The Golden Jackass

    As per tradition here at TFMR, our pal Jim Willie stopped by to celebrate the 3-day holiday weekend of Labor Day in the U.S. You should be sure to carve out some time to give this audio a thorough listen.

    I decided to change the format a bit for this show. Instead of a list of questions for The Jackass to answer, I thought it would be fun to just simply give him some general topics and then just let him ride a stream of consciousness to wherever his big brain leads him.

    Those three topics could be loosely described as:

    The Fed/Bonds/Derivatives/NIRP/EU Banks. This is the first 20 minutes or so.
    The G20 meeting in September/The IMF SDR inclusion of the yuan in October/gold. This evolves over the next 15-20 minutes.
    International rejection of US treasuries/The future of the dollar/Gold-backed bonds/Gold-backed trade notes. This is the final 25 minutes.
    So, anyway, have fun listening. I tried to keep my input to a minimum as most subscribers here at TFMR already know what I think on most of these issues. These podcasts are designed to give you access to what The Jackass thinks, instead.

    Enjoy, TF http://www.tfmetalsreport.com/podcast/7836/labor-love-golden-jackass

    • On September 4, 2016 at 9:12 am,
      Big Al says:

      Many thanks Craig. Jim is one of the more interesting players in our game!

      • On September 4, 2016 at 2:13 pm,
        Markedtofuture says:

        Big Al, I am not Craig. I posted the description to the Jim Willie podcast.

        Greg Hunter had Warren Pollock on his show posted today. Some good weekend listening.

        Pre-Collapse More Dangerous Than Actual Collapse-Warren Pollock


        • On September 5, 2016 at 11:33 am,
          Big Al says:

          How do we access you podcast, Market?

          Who knows, maybe we should discuss you being a part of ours? Regarding this, please communicate with Cory and I via e-mail as comments on the blog could get lost.

  21. On September 4, 2016 at 6:56 am,
    Markedtofuture says:

    Was Israel’s satellite sabotaged on US rocket pad?

    DEBKAfile Exclusive Report September 3, 2016, 7:53 PM (IDT)

    A day after Israel’s Amos-6 communications satellite was lost in a highly unusual explosion/fast fire of the SpaceX’s Falcon 9 rocket and its Amos 6 satellite payload at Cape Canaveral, some Israel aerospace industry experts are beginning to suspect sabotage. They are keeping their suspicions to themselves pending an investigation in which NASA ad the US Air Force will be taking part.


    • On September 4, 2016 at 9:11 am,
      Big Al says:

      I will certainly be interested to see how the investigation turns out.

      • On September 4, 2016 at 3:51 pm,
        Dick Tracy says:

        MTF, what if The Spacex Rocket was disabled by an alien civilization, we are not prepared for intelligent life other than our own. Humans can’t expect to be alone and we can’t adapt that quickly. DT

        • On September 4, 2016 at 4:00 pm,
          Dick Tracy says:

          War or The Worlds, HG Wells, Orson Welles adaptation: https://www.youtube.com/watch?v=Xs0K4ApWl4g

        • On September 4, 2016 at 7:45 pm,
          Markedtofuture says:

          DT..I don’t see any motives listed for alien intervention. #2 puts a twist in Facebook’s plans to get the personal information out of the folks across Africa. #3 is plausible with the G-20 snub of the US on the red carpet. Putin got special treatment and showed up with ice cream. China made a point that currency debasement and protectionism will not work in a globalized world. Do as we say – not as we do. Someone made a point in a ZH comment that it’s called the South China Sea not the South Filipino Sea. Debrka needs to catch up on your Alien angle. It looks like a top for politicians, bankers, lawyers and big pharma is in.

          1. The stiff competition among the companies of the eight nations that manufacture satellites. The last in the Amos series of communications satellites, produced at a cost of $200 million, was the most sophisticated produced so far. Some international competitor may have decided to push Israel out of the contest by destroying its newest product. This has indeed set Israel’s satellite industry back for years.
          2. The other motive may be connected with the fact that Amos 6 was to have been Facebook’s first satellite. CEO Mark Zuckerberg had announced that Amos 6, scheduled for launch into geostationary orbit on Sept. 3, would have opened large parts of sub-Saharan Africa to direct internet.
          Its loss has forced Zuckerberg to put his plan on hold.
          This plan went well with the largely covert Israel drive in the last three years to expand its ties across the Africa. The Facebook project fitted in well this policy an added dimension and spurt.
          3. Spacom had just signed a $285 sale contract with Beijing Xinwei Technology that was contingent on its successful launch into orbit of Amos 6 Saturday. One of Israel’s competitors may have been after the Chinese contract.

          • On September 5, 2016 at 8:23 am,
            Markedtofuture says:
          • On September 5, 2016 at 8:29 am,
            Markedtofuture says:

            Merkel Suffers Major Defeat in Elections

            CHANCELOR ANGELA MERKEL has suffer a major defeat with her party coming in third place in her homes state of Mecklenburg-Vorpommern on Sunday. The signs of a major anti-immigration movement in Germany assures Merkel’s days are clearly numbered. The growing discontent with the Chancellor is all we hear from our direct sources in Germany. Only one year after she announced her open borders policy, Merkel’s CDU party was beaten so badly coming in only in 3rd place behind Germany’s Alternative for Deutschland party (AfD) who secured 21% of the vote in her home state no less.

            Merkel’s Christian Democrat Union (CDU) is going down for a resounding defeat and all the polls rigging and press rigging will not matter, Mainstream press has been supporting Merkel in Germany and they have lost respect of the German population. We are watching the demise of both career politicians and mainstream media.

            The handwriting is on the wall. Merkel’s open borders has been a total disaster for all of Europe. This entire mess was only to boost her personal polls when they were collapsing because of her hard-line tactics with Greece. This is a sign of the times. The end of politics as we have known it since World War II. As we have warned, 2015.75 was the peak in government. The further we move from that point in time, the more clear that turning point will come into focus.


          • On September 5, 2016 at 11:05 am,
            Big Al says:

            The big question now, in my mind Market, is will this philosophy move to the U.S. in November. I think that the jury is still out on that question, but the odds for a non-politician now winning here, are greater in my mind.

          • On September 5, 2016 at 11:22 am,
            Big Al says:

            And the plot certainly thickens, Market.

            Points about the U.S at the meeting are certainly interesting to me. I am pretty convinced that the U.S. has lost a lot of traction in the international community during the last 16 years. My opinion is that the current administrations’ attitude has been devastating to others’ opinions about the U.S.

        • On September 5, 2016 at 11:27 am,
          Big Al says:

          I would suppose that anything is possible Mr.T. By the way, I clearly like the moniker which I gave you of “Machine Gun” That was a nickname for Dick Tracy which you seemed to take as an insult considering your attitude towards guns which I whole heartedly share. I strongly believe in the second amendment, I simply do not own a gun because I do not feel qualified.

          • On September 5, 2016 at 11:45 am,
            Bonzo Barzini says:

            get a shotgun AL. Just point it and squeeze.

          • On September 5, 2016 at 3:27 pm,
            Big Al says:

            Funny you should say that Bonzo, I was seriously thinking about just that the other day along with joining a Skeet Club. Talked with a good friend about that and it looks like we are going to do just that. He is willing to give me one of his to start.

          • On September 5, 2016 at 3:39 pm,
            Bonzo Barzini says:

            AL, be sure to get some #4 buckshot for your shotgun for defensive purposes.

          • On September 5, 2016 at 3:58 pm,
            Big Al says:

            Sounds like you know a bit about shotguns. In your opinion, should I use a 12 or a 20 gauge?

          • On September 5, 2016 at 5:26 pm,
            Bonzo Barzini says:

            AL, the 12 ga. has quite a kick and can hurt your shoulder unless you fire from the hip. I think you might prefer a 20 ga or a 16 gauge. And your wife would surely prefer a 20 ga.

          • On September 5, 2016 at 9:15 pm,
            Big Al says:

            Have not convinced her yet. I will have something within a couple of weeks. Am going to Bellingham Skeet Shooting Club first and then will purchase.
            Talk with you all on Tuesday.

  22. On September 4, 2016 at 1:21 pm,
    Markedtofuture says:

    Big Al, a lot of folks will be interested in the outcome. They will more than likely say it was photo shopped. Another tidbit not getting much attention by MSM…


    • On September 5, 2016 at 11:48 am,
      Big Al says:

      As an American, I am sorry to say that I personally don’t think that Obama did traditional American any good at all.

    • On September 5, 2016 at 12:01 pm,
      Chris says:

      Good one Pete, thanks. This is the first year I have missed the Sprott YVR conference, bought the tapes…….well worth it.

      • On September 5, 2016 at 12:08 pm,
        Pete says:


    • On September 5, 2016 at 9:23 pm,
      Excelsior says:

      Thanks Pete. Good video and article from Dev at Fission on the Uranium market.

  23. On September 5, 2016 at 11:25 am,
    Pete says:
  24. On September 5, 2016 at 12:48 pm,
    Markedtofuture says:

    Deutsche Bank Tries To Explain Failure To Deliver Physical Gold

    The debacle involving Deutsche Bank’s failure to deliver physical gold from the Xetra-Gold exchange traded commodity (ETC) continued on Friday after a press release from Deutsche Bank. Zero Hedge covered the “non-response” from the beleaguered German bank over the weekend: And so another non-response, because in the same press release Deutsche Bank both admits…


  25. On September 5, 2016 at 3:26 pm,
    Dick Tracy says:

    The tide of events is turning. People don’t want globalism or internationalism. Human nature is showing a new side, they want realism not idealism. Americans don’t want the burden of being responsible for others, they want peace and their country back on track. Nationalism which is an old idea that has worked in the past will again be a part of the future. TG

    • On September 5, 2016 at 3:33 pm,
      Big Al says:

      Mr. Gunn (not Peter) I certainly hope that you are correct. I pretty much feel that way myself. Don’t you think that we are letting others dictate our actions? That is where Canadians are very smart. They do not let others dictate their actions. I admire you all for that.

      • On September 5, 2016 at 3:59 pm,
        Dick Tracy says:

        People want to enjoy life again, they want to sit down for breakfast and only have to worry about the number of calories they are taking in. We want to then read the online newspaper that isn’t a tabloid but gives us the news that we can start our day with. That is what is missing in life, it is called normalcy. DT

        • On September 5, 2016 at 4:05 pm,
          Big Al says:

          Agreed. My agreement assumes that the online newspaper you mention contains accurate information with no “editorializing” which should be left for another publication.

          • On September 5, 2016 at 4:27 pm,
            Dick Tracy says:

            Al, I think idealism is on the ebb, we need to get away from what jealous European politicians can get for themselves. DT

          • On September 5, 2016 at 4:34 pm,
            Big Al says:

            Politics has evolved into a great situation to potentially make a whack of money. No question about it. But realistically how could it go in any other direction. People being what they are.

            Oh well, off into Bellingham to have dinner with Mom and Steph.

  26. On September 5, 2016 at 3:38 pm,
    Chartster says:

    Listen to this one! It’s what has happened, what is happening , and what’s about to happen! Enjoy


    • On September 6, 2016 at 8:00 am,
      OOTB Jerry says:

      Interesting info…much of which we have covered…..thanks…..Gold going higher. 🙂

  27. On September 6, 2016 at 7:22 am,
    Marty says:

    Sold 4K of ASM @ 2.50

    • On September 6, 2016 at 10:13 am,
      Excelsior says:

      Nice – I also trimmed a bit of ASM into the strength at $2.45.

      Overall it has been a wonderful Green day in the miners of many different stripes.

      Nicola Mining (NIM.V) (HUSIF) was halted today, because they are about to announce impactful pending news. I wish they would have just waited until tomorrow since it has been such a positive day in the miners, but if they are halting on the Tuesday after Labor day, then it is probably substantial.

      It could be a new Gold mining partner to process ore at their mill, or a key discovery in their exploration of their Thule Copper Project, or my secret hope, that they are going to resume Silver production from their Treasure Mountain mine soon.

      Definitely worth keeping an eye on though….

      • On September 6, 2016 at 10:26 am,
        Excelsior says:

        Silver back up over $20 again. Platinum and Palladium up on a larger percentage move than Gold today.

        Very encouraging day for the metals….

    • On September 6, 2016 at 10:41 am,
      Excelsior says:

      Eric Sprott Announces Sale of Shares of Newmarket Gold
      TORONTO, ONTARIO–(Marketwired – Sept. 6, 2016) –

      Eric Sprott announces that between July 4, 2016 and September 2, 2016, he sold, through market transactions on the Toronto Stock Exchange, 3,674,600 common shares of Newmarket Gold Inc., representing approximately 2.1% of the outstanding shares. Mr. Sprott sold the shares at an average price of $4.16 per share for total proceeds of $15.2 million.


    • On September 6, 2016 at 12:25 pm,
      Marty says:

      Asm – I like those round numbers $2.50, 29+% gain in a week in my Roth, yea baby!

      • On September 6, 2016 at 12:29 pm,
        Marty says:

        EX, dipped my to in the H2O in Constantine CNSNF 14K shares @ $.07, we will see!

        • On September 6, 2016 at 1:32 pm,
          Excelsior says:

          Nice. Constantine has a good team behind it and I like their polymetallic resource that they’ go in laterally on in the side of that mountain.

          • On September 6, 2016 at 4:49 pm,
            Matthew says:

            Between Constantine’s results and Dowa’s continued and growing interest in the Palmer project, it seems like a relatively low risk bet at 7 cents (about 9 cents Canadian). That’s nearly 40% off from the July high.

            I own quite a few shares.

      • On September 6, 2016 at 1:40 pm,
        Big Al says:

        A real “yea baby”, Marty

  28. On September 6, 2016 at 8:20 am,
    OOTB Jerry says:

    Coming to an End. After 50yrs. ITT tech shutting doors. Jobs 8000 , 40,000 students in limbo. Over paid college financing scam enough.

    • On September 6, 2016 at 8:24 am,
      OOTB Jerry says:

      Dept of Education(really)…says job are not there for the indebted students.

      • On September 6, 2016 at 8:24 am,
        OOTB Jerry says:

        Info at zerohedge

        • On September 6, 2016 at 8:27 am,
          OOTB Jerry says:

          Since this just happened today, in Indiana,and Pence is from Indiana,…any connection… 🙂

          • On September 6, 2016 at 8:34 am,
            OOTB Jerry says:

            Twilight Zone……zerohedge…

          • On September 6, 2016 at 8:37 am,
            OOTB Jerry says:

            Correction…Usawatchdog not zh

  29. On September 6, 2016 at 8:34 am,
    OOTB Jerry says:


    • On September 6, 2016 at 8:38 am,
      OOTB Jerry says:

      Pollack at above…

  30. On September 6, 2016 at 1:32 pm,
    Excelsior says:

    Here is a list of a Dirty Dozen Silver Miners w/ Double-Digit OTC Gains today:

    Silver Miners Symbol % Chg


  31. On September 6, 2016 at 1:53 pm,
    Marty says:

    SVCMF. – AMAZING -A 25 bagger since it split off from AG in November.

    • On September 6, 2016 at 2:08 pm,
      Excelsior says:

      It truly has been the juggernaut in the Silver space this year. STRONG!

      My sellers remorse grows stronger each day 🙁 , but I do celebrate their success and it is a stellar team that continues to impress with their exploration efforts.

  32. On September 6, 2016 at 2:02 pm,
    Marty says:

    Sold 1/2 my position today @ $3 in SVCMF – 4K shares