Weekend Show – Sat 10 Sep, 2016

Investment Potential in Companies and Markets

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Al KorelinCory FleckChris VermeulenAvi GilburtPeter BoockvarBrent Cook
David MorganJim Rickards

  1. On September 10, 2016 at 12:20 am,
    Skeeta says:

    Thanks for the weekend show & your efforts yet once again guys.
    Much appreciated as always.

  2. On September 10, 2016 at 12:44 am,
    Archdeacon (!) Andrew says:

    Ditto – missed first place yet again!!

    • On September 10, 2016 at 2:51 am,
      Skeeta says:

      There’s always next week Rev.

      • On September 10, 2016 at 2:59 am,
        Archdeacon (!) Andrew says:

        Can’t wait!! Best, A

  3. On September 10, 2016 at 5:48 am,
    FranSix says:

    I think the irony in the markets will be that the move into volatility products will upset one of the heaviest leveraged shorts, touching off a rout in the markets.

  4. On September 10, 2016 at 7:23 am,
    OOTB Jerry says:

    Thanks for having Byron and Morgan on the show

    • On September 10, 2016 at 10:07 am,
      Excelsior says:

      Agreed. This was a jolly good show gentlemen, and full line-up of interesting guests.

      Good food for thought…..

      • On September 10, 2016 at 12:08 pm,
        OOTB Jerry says:

        Comments from……Adam Hamilton…”buying low is never easy”

        • On September 10, 2016 at 4:33 pm,
          Excelsior says:

          It can be hard to buy when everyone else is dogging an asset class, but I wait for downside support targets to come into play and feel like it is easier to buy when it pulls back 20-40% than it is to buy something that has gone up 20-40%. Since it is unwise to go in all in one plop (unless it is just a short-duration trade), then it is fine to average into a position over time and then fade it out over time if it hits the resistance levels you target. I’d rather buy when things go on sale personally.

    • On September 10, 2016 at 5:05 pm,
      Big Al says:

      Couple of really great guys, Jerry!

  5. On September 10, 2016 at 7:35 am,
    Markedtofuture says:

    Good show guys!

    In segment 8 you mention James Rickards comes on the show every so often. The election is right around the corner. Why not have him back on the show, to get his opinion on what is really going on. A little over 2 years ago, he posted this to his twitter account:

    Jim Rickards twitter: June 2014
    Open thread for everyone who mocked my #PresidentBiden call and wants to buy out of your bets. #DeadBroke #EricCantor

    There is an extreme amount of chatter on the web about the election being posponed. HC is sick, Trump loves Russia, more document dumps coming, the list goes on. Why did he make that call in 2014? A new video by an unnamed medical school professor, came out September 7, 2016 about HC being sick in 2013. They show what are supposed to be, leaked medical records. There is either one hell of a propaganda campaign being conducted or there is some truth to these things. It starts:

    I am a professor at a medical school and concludes with: Many doctors are not speaking out about Hillary’s health, but trust me, they are thinking about it and talking amongst themselves. If you specialize in neurosurgery, neurology, or neurovascular specialities as a doctor, no doubt it is quite obvious that Hillary has a big problem. She can barely walk up stairs and can’t stand very long, has to hold on to side rails, etc. This makes sense, because she has VaD of the subcortex which involves the cerebellum (involved in controlling gross motor movements). Hillary, for the most part, can still deliver scripted speeches on green screens, so she still has some function. However, VaD will result in a rapid decline in function of the patient. VaD has a average life expectancy of 3-5 years (about 4 years according to the NHS). Hillary is entering into her final year of life since she was diagnosed with VaD in 2013. Why is she running for president if she is going to die soon?


    • On September 10, 2016 at 8:30 am,
      Birdman says:

      So all eyes of Hillary’s Clinton’s vice presidential running mate Tim Kaine….the potential future president of the USA if Hillary were to be unable to carry on in office. Maybe he will be the natural successor.

      • On September 10, 2016 at 10:13 am,
        Markedtofuture says:

        Birdman, if the video is true, it will not be the first doctor to come out about it. Why would they settle for Kaine, when there is a former president in the white house? Is this all about being the first female U.S. president in history or is there another objective?

        TBTB surely didn’t expect Trump to wipe the field, such as where’s Jeb? They weren’t expecting Brexit. If the objective is to be the first female U.S. president, there would have to be a rule change of (2 term limit exemption lifted on a former president).

        Rickards started the speculation 2 years ago and should know whats going on behind the curtain. There are more questions than answers. Tell us what you really think.

        • On September 10, 2016 at 12:47 pm,
          Birdman says:

          I did tell you what I thought. Kaine will be president if Hillary is unable to fulfill the duties of the office.

    • On September 10, 2016 at 12:35 pm,
      LPG says:

      FWIW, I think the Donald but be “praying” that she can run till the end of the process.
      Coz again, fwiw, I think the Dem against whom he has the biggest chances is her.

      Although I have no skin in that game, I really look forward to the 3 debates. Before the 1st one, Wikileaks is supposed to release more documents. We’ll see what they are all about.


      • On September 10, 2016 at 5:12 pm,
        Big Al says:

        I am with you 1000 percent LPG.

      • On September 10, 2016 at 6:41 pm,
        Markedtofuture says:

        LPG…waiting for the next shoe to drop is getting to be the norm.

        In HC’s Illness Revealed – this doctor of 36 years, is sure she has advanced Parkinson’s and is unfit to serve. It is 15 minutes of pure explanation.. He states the disease started around 2012. He shows the different methods used to mask the symtoms. At the 11:20 minute mark an aide has to walk over and remind her to keep talking.

        Now I know why Rickards was so confident in 2014. The doctor mentions if Kaine took over the Clinton’s would lose their juice. The biggest question is why and the doctor gives the reason in the final minute. The next video – titled Hillary Clinton Colostomy Bag Cover- up Consumes US Media Giants, Puts Debates In Doubt???


        • On September 10, 2016 at 7:45 pm,
          LPG says:


          Thanks for this video. Interesting views.

          I just hope she shows her true self during the debates, but not enough to “self-disqualify” before the end of the process.

          As I said, I think she’s the best opponent the Donald can have if he wants to have a chance to get the job.

          Best to you,


    • On September 10, 2016 at 4:50 pm,
      Bonzo Barzini says:

      Hillary is running so that she can issue pardons to all her criminal cronies and relatives before she dies.

      • On September 10, 2016 at 5:14 pm,
        Big Al says:

        Now there is an interesting thought Bonzo!

    • On September 10, 2016 at 5:09 pm,
      Big Al says:

      Just how credible is that source?

      • On September 10, 2016 at 6:54 pm,
        Markedtofuture says:

        Big Al, that is why I posted “There is either one hell of a propaganda campaign being conducted or there is some truth to these things”. Run them by your trusted non MSM sources and get some feed back.

        Here is the second doctors Bio with a play by play of his diagnosis.

        Hillary Clinton’s Parkinsons – How to Prove Me Wrong


        • On September 10, 2016 at 11:36 pm,
          Big Al says:

          Interesting Excelsior.

        • On September 11, 2016 at 11:09 am,
          OOTB Jerry says:

          Hilly….falls or faints at 911 Service TODAY, her special Handler/Doc helps into Van

          • On September 11, 2016 at 11:09 am,
            OOTB Jerry says:

            Hilly is sick ,either way

      • On September 10, 2016 at 8:28 pm,
        Bonzo Barzini says:

        Very credible, AL, as I am the source.

        • On September 10, 2016 at 11:32 pm,
          Big Al says:

          I would be curious as to which Medical school you served on the faculty.

          I do not wish anyone ill will, but if in fact, Mrs. Clinton is that sick, it seems very selfish for her to stay in the race.

          • On September 11, 2016 at 11:12 am,
            OOTB Jerry says:

            She is selfish and greedy for gain and fame,

  6. On September 10, 2016 at 8:24 am,
    ugly but proud says:

    Right on point: Good show: Very Informative:

  7. On September 10, 2016 at 9:15 am,
    Dick Tracy says:

    Speculation is clearly absorbing more and more of the funds of the country. Inflating credit becomes more dangerous as time goes by. Interest rates have been forced so low for such a long time that this has drawn more and more people into precarious speculative positions, the position we find ourselves in is we must live like this until there is a reckoning. If interest rates rise you threaten a smash in the markets and you also force the government to pay more on the debt and you also force businesses to pay a higher rate for borrowed funds. Speculators who are trapped by a declining market will pay the price of borrowing more money at higher rates to keep themselves solvent. How can anyone not see the inevitable, our financial system is broken, that’s where fundamentals are so important.

    • On September 10, 2016 at 5:24 pm,
      Big Al says:

      Just a matter of time, Mr. Tracy

  8. On September 10, 2016 at 9:24 am,
    CFS says:

    The more I think about the comments out of the Boston Fed on Friday, the more I have to believe we have really stupid people in charge of the Fed.
    They finally realize they have backed themselves into a corner.
    They appear to think that a potential recession is on the horizon for the US economy.
    Their old Keynesian standby recipe for a recession is to drop interest rates to stimulate borrowing, and so they want to raise rates in order to be able to drop them when the recession hits.
    They have to telegraph the possibility that they are going to raise rates, but have omitted from their logic the very fact that raising rates would precipitate the recession for which they are seeking a solution.
    How moronic is that?
    It is even more moronic when you look at the amount of debt, both public and private, that now exists.
    Certainly the US government can continue to muddle through by monetizing the debt and interest payments for some considerable future period, because many other governments are doing exactly the same thing.

    The Fed has to realize and accept that its powers to adjust interest rates are irrelevant at best (if they do nothing) or destructive at worst (if they raise rates).
    The Fed has realized they are crippling banking and insurance by these low rates, but they are stuck.
    Alas, that won’t happen, as we have a Congress that is out-to-lunch at a minimum until after the election.
    And so it goes….

  9. On September 10, 2016 at 9:27 am,
    b says:

    streamers and royaltys seem to be the flavour of the day.
    tf metals discusses them today as well.

    AVI is talking about the market continuing its upward trajectory, wasnt G Savage saying the same thing?

    • On September 10, 2016 at 10:03 am,
      Birdman says:

      Gary recently changed his tune and now says the market will correct. But he had been saying everything was going to go up together and nobody but him could see it so we were all a bunch of twits over here (or something along those lines that we are just gloomers and doomers).

      Maybe what he meant to write was everything was going to go DOWN together!

      • On September 10, 2016 at 11:25 am,
        b says:

        nah, more likely we are “twits”.

        • On September 10, 2016 at 5:28 pm,
          Big Al says:

          If that is the case, there are some seriously bright “twits” out there!

  10. On September 10, 2016 at 9:33 am,
    Birdman says:

    On September 6, 2016 at 7:39 pm….. Matthew says:

    “Gold is looking pretty good to me. If it can finish this week the way it started it, I think it will easily reach the 1460 to 1480 zone and possibly as high as 1630 before suffering a significant pullback”.
    And on the very same day that was written gold started falling and since then GDXJ has lost almost 10%, the HUI is down 8% and gold is off 25 dollars. Matthew, you did the same thing with Platinum back on August 9th saying it looked great on the exact day it turned down.

    I don’t understand how your technicals can be so terrible on timing. I mean…..they are really awful on these short time periods. You might need to brush up on the basics because 1460 sure ain’t happening this month.

    • On September 10, 2016 at 10:15 am,
      Matthew says:

      Here’s the key to my comment Birdman: “If it can finish this week the way it started it…”

      Any questions?

      • On September 10, 2016 at 12:01 pm,
        LPG says:

        Hope all’s well.
        Your initial comment on gold was VERY clear.
        There was an “IF” in it.
        Best as always,

        • On September 10, 2016 at 12:33 pm,
          Matthew says:

          Thanks, LPG.
          Best to you.

          • On September 10, 2016 at 12:50 pm,
            Birdman says:

            Always an if, and or a but. So basically you are admitting you had no idea what gold would do next when you wrote that post however you did post a chart to make your point. So I don’t buy the excuse.

            Sorry buddy….you were wrong again. Two BIG misses in the past 30 days. OUCH!

          • On September 10, 2016 at 12:58 pm,
            Matthew says:

            And my portfolio is STILL up 4.7 times from the January low. Yeah, BIG ouch. lol!

          • On September 10, 2016 at 1:04 pm,
            Birdman says:

            I thought it was 10 times? Wow….big losses there.

          • On September 10, 2016 at 1:12 pm,
            Matthew says:

            Impact Silver was more than ten times but I NEVER said that my portfolio was up more than 5x+. No wonder you suck at this game, detail and accuracy are not concerns of yours.

    • On September 10, 2016 at 10:23 am,
      Matthew says:

      One more thing Birdman. Unless I state otherwise (like my quick GDXJ trade recently that you were too bearish to spot yourself), I am talking big picture when I comment here. People who trade actively for short term gains should quit trading if they are influenced by casual comments on a site like this one.

      Platinum is set to outperform gold for years.

      • On September 10, 2016 at 10:28 am,
        Matthew says:

        Btw, I have zero platinum exposure. You can’t get more “arm’s length” than that.

        • On September 10, 2016 at 10:51 am,
          Excelsior says:

          Thanks for the Platinum:Gold chart, and I agree that Platinum will outperform gold for some time, and am surprised at how low the ratio has gotten near .80.

          I decided to expand the timeframe on your chart to show just how unusual the Platinum:Gold ratio is relative to the last 20 years:


          • On September 10, 2016 at 10:52 am,
            Excelsior says:

            I do have a fair bit of Platinum and Palladium mining exposure, but that is because when I look at that chart, I see a great deal of upside in the PGMs over the mid to longer term.

          • On September 10, 2016 at 11:18 am,
            Matthew says:

            I think your exposure to P&P is wise. I just choose to go with gold’s “mini-me” (silver) for leverage since P&P have unique drivers and behave more like another commodity than a monetary metal. Silver almost always moves more like gold than an industrial metal but far more so during a gold bull market.

          • On September 10, 2016 at 12:23 pm,
            Excelsior says:

            Agreed. I have much more exposure to Gold and Gold’s mini-me Silver, but it is the PGM groups unique place in the spectrum of metals as “semi-precious” = there is investment grade bullion, bars, futures contracts, and ETFs and that is why sites like Kitco cater to all 4 (well 5 with Rhodium), but the coins and bars for sale or purchase are in all 4 metals. This is also why there is a Precious Metals ETF (GLTR) that has Gold/Silver/Platinum/Palladium.

            The other thing that interests me in the PGM miners is that economic deposits rare, and much of it is tied into Nickel, Copper, and Zinc mining. It is this rarity in well-endowed PGM deposits that has me so interested in some of the exploration projects being reviewed in this emerging metals cycle.

            My interest in the Spectrum of metals and related miners for investments moves over time as there are different oportunities, but currently for the miners I’m focused on:

            Silver miners, Gold miners, Platinum/Palladium miners, Uranium Miners, Lithium Miners, Zinc Miners, Copper miners, Nickel Miners, Specialty Metals miners (Beryllium, Molybdenum, Scandium, Vanadium, Tungsten, Niobium, Zirconium, Antimony, and then the remaining REEs and specialty metals) , Tin miners, Iron miners, and lastly Aluminum miners. (honestly I don’t typically invest in Iron or Aluminum expect through the larger Conglomerates or occasional ETF exposure…. but that was just my interest spectrum in the following metal for mining investing).

      • On September 10, 2016 at 12:57 pm,
        Birdman says:

        A quick trade is it? First you are in for the long haul (big picture) and now its just quick trades. Or is it medium term or whatever suits your mood for the moment? Funny guy. And we always hear AFTER the fact that you sold at the perfect moment. Hahaha!

        I seriously cannot stop laughing!

        • On September 10, 2016 at 3:11 pm,
          Matthew says:

          You sure know how to waste my time, Birdman. There was no “first” this and “now” that as you wrongly claim. I was clear about my interest in GDXJ BEFORE I sold “at the perfect moment” smart guy.

          I was so clear, even you should have understood my comments:


          Now do you see why you piss off anyone who has a brain?

      • On September 10, 2016 at 5:31 pm,
        Big Al says:

        I have to assume that Matthew an Bird are not particularly good friends!

  11. On September 10, 2016 at 9:38 am,
    Tony says:

    Maybe it’s a buying opp.

    • On September 10, 2016 at 9:49 am,
      Birdman says:


      I doubt it though judging by last weeks action. Notice for example how the HUI is now treating the 50 day EMA as resistance? It just could not pull through. Meanwhile GDXJ lost the 50 for the second time in two weeks.

      Those are warnings, not a come-on to buy more. Keep in mind that most here are playing stocks, not gold itself, so getting the direction wrong can be costly when the equities are sometimes quite leveraged to the price of metals.

      Golds decline since the September 6th peak was less than 2% whereas GDXJ lost five times that amount in the same time frame and levered bets substantially more. So its material if you say that gold looks great and people follow your advice.

      That’s why I suggest Matthew review his technical charts more carefully.

    • On September 10, 2016 at 10:15 am,
      Matthew says:

      Tony, it is absolutely a buying opportunity.

      • On September 10, 2016 at 10:49 am,
        Tony says:

        What are your thought on NUG.
        Is there room to go to a $1.
        Over 200 million shares out there.

        • On September 10, 2016 at 11:45 am,
          Matthew says:

          It actually has 238 million shares out and I noticed that Tocqueville Gold owns 19.5M shares and Waterton owns about 24M after recently selling almost 4M.

          It is not cheap at 5+ times book but there might be good reason for that. (GORO was 25-30x book when I sold the rest of my stake but such a valuation is unusual.)

          I do not own or follow NUG but the chart looks great. I would be a seller at .50 or more but it can certainly go far higher if we’re about to have a fall rally that few seem to expect.

          If you want to buy it, I would do it in the .39-.37 area if possible.


          • On September 10, 2016 at 11:51 am,
            Matthew says:

            To clarify, I would be a seller at .50 but that doesn’t mean I would necessarily sell it all or even most. The fifty cent area is very UNlikely to be a long term top and if I knew the the company, maybe I wouldn’t sell much there at all.

          • On September 10, 2016 at 1:02 pm,
            Birdman says:

            Careful Tony….he is the same guy who said platinum looked great one day before its 150 dollar crash started in early August and taking all his followers down the tube along with his advice. You need to read his words VERY carefully….always bullish but lots of hedging with the wording (a sign of insecurity in the call).

          • On September 10, 2016 at 1:08 pm,
            Matthew says:

            Don’t forget, Bird, you’re the amateur who got smoked by DUST AND missed the massive gains in the miners this year.

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

            I called the gold bottom almost to the exact day. I was dead accurate. You didn’t do that (and can’t). Meanwhile we are still waiting for your goofy 1500 dollar call to come true after almost two years of waiting. Sheesh! And you call me amateur Mr Contrary Indicator.

            “Gold looks great to me”
            “Platinum looks great to me”

            There is truly no equal for you.

          • On September 10, 2016 at 3:59 pm,
            Matthew says:

            You’re too psycho to be funny, Birdman.

          • On September 10, 2016 at 5:00 pm,
            Bonzo Barzini says:

            Matthew, at what price did you sell GORO? I still own it. Unlike the Bird, I think you are wise.

          • On September 10, 2016 at 5:47 pm,
            Matthew says:

            Bonzo, GORO is, once again, a fine long term holding for this bull market. My last sales happened in the mid $20s and I failed to buy it back for the current bull market.

            There is plenty of short term risk here but that doesn’t necessarily mean that you should risk losing your position by trying to avoid it.


            It currently trades at just 3.3 times book and yields about 1%.

          • On September 10, 2016 at 5:48 pm,
            Matthew says:

            Big picture, GORO looks great and is likely just getting started:


  12. On September 10, 2016 at 10:12 am,
    James the lesser says:

    Markets will never go down again…this time it’s different

    • On September 10, 2016 at 5:40 pm,
      Big Al says:

      This time it’s different!

      I know that you are being a satirical New Yorker!

  13. On September 10, 2016 at 10:59 am,
    CFS says:

    I liked the section with Peter Bockvar.
    (I guess that really means I totally agree with him!)
    The world is in a bond bubble, created by collusion of central banksters.
    All bubbles eventually and inevitably burst.
    The financial repression which created these bubbles denied savers appropriate earnings and is in the process of destroying banks and insurance industries.
    When these bubbles finally burst, because their creation was by international collusion, the bursting will also be internationally correlated. (i.e. there may be no safe country to run to with investments) The real question is how the bubble bursts!
    It could be safely and slowly burst by a sane and slow change in policies, but I do not realistically expect it.
    Just look how the British policy was labelled as “austerity”, when it should have been labelled “return to sanity of balanced budgeting”.
    Continuation of current modality can only result in bubbles bursting with destructive effect. Either countries will default on some or all of their debt. (This will destroy some savers, many pension funds and much of the economy)
    Or, as they are trying very hard to create, the bubbles will burst in more orderly fashion via increasing interest rates and price inflation pervading the general economy. Given the magnitude of the bubbles blown, this could be a multi-decade process. I suspect, given the short attention span of most governments, this process is not likely to be accomplished.

    • On September 10, 2016 at 5:42 pm,
      Big Al says:

      We have a lot of time for Peter. He is very intuitive and brings some great things to the table.

  14. On September 10, 2016 at 1:53 pm,
    CFS says:
  15. On September 10, 2016 at 2:34 pm,
    CFS says:

    Bill Flenstein is worth listening to.
    (Meaning, of course, I tend to agree with him)

    I believe this correction in precious metals will be relatively short-lived.
    Many, not in the precious metals market right now will eventually realize that it is a viable alternative place for investments.
    Just when they will wake up, as Mr. Fleckenstein states, is not known, but will probably begin to occur gradually as folks finally realize central bank monetary policy cannot work.
    Keynesian stupidity may then be replaced by Austrian economic realism that one cannot solve a debt problem by increasing debt.
    at least the Asians seem to recognize this fact.
    I look for the commodity boom eventually to resume, this time led by India building up its infrastructure. It will be further extended by Africa then increasing its infrastructure; such that a 30-35 year long commodity bull market is possible.
    (Of course, providing any idiot elected to the whitehouse does not create a world war.)

    • On September 10, 2016 at 5:45 pm,
      Big Al says:

      It should be so blatantly obvious that these policies will not work that it has gotten to the point that that statement is really not worth discussing anymore.

  16. On September 10, 2016 at 2:37 pm,
    Excelsior says:

    Is there anybody else following (ECPN) El Capitan Precious Metals?

    The are optimizing their production of 99% pure Gold and Silver Beads, but their news flow lately leads me to believe they could be taken over soon.

    This was the release that really confirmed for me that their recovery process now has proof of concept:


    El Capitan Precious Metals Reports 99% PURE PRECIOUS METALS RECOVERY
    Scottsdale, Arizona –

    “John F. Stapleton, Chairman of the Board of El Capitan Precious Metals, Inc., (ECPN) announced today that significant advances in the Company’s precious metals recovery process have produced gold and platinum beads that are 99% pure, from its ultra-fine concentrates. Stapleton confirmed that the new recovery process is the result of recent collaborations and is both replicable and scalable.

    According to Stapleton, this critical step comes on the heels of other recent announcements by the Company that have paved the way for precious metals production and cash flow.”


    • On September 10, 2016 at 2:40 pm,
      Excelsior says:

      In that release they also mentioned:

      “The Company’s new recovery process—a result of collaboration with Logistica, leveraging and licensing cutting edge technologies, and sheer tenacity—will have an impact on how acquisition or joint-venture operations scenarios could unfold.

      The Board anticipates that the Company will have progress updates to announce at or before the Annual Shareholders Meeting on September 28, 2016 in Ruidoso, New Mexico.”

      • On September 10, 2016 at 2:45 pm,
        Excelsior says:

        This press release must have garnered attention from other investors as well, because after that the stock shot up sharply in August, then retraced back down, and has been channeling sideways in a range for the last few weeks.


        • On September 10, 2016 at 2:55 pm,
          Excelsior says:

          Next the company put out this release and I’ll post a few interesting passages that make me think they may do a JV or merger with another company:


          El Capitan Precious Metals Announces Transaction-Focused Reorganization
          Scottsdale, Arizona –

          “El Capitan Precious Metals, Inc., (ECPN) announced today that the Company has
          reorganized its management team to be highly transaction focused in anticipation of current opportunities, negotiations, and agreements.”

          Chuck Mottley, after many years of leading the operations of the Company, will become President, Emeritus. He will remain on the board and continue to contribute by promoting the Company through his extensive contacts in the mining industry. “This run to the goal line is a team effort,” said Stapleton, “with each of us employing our specific skills and experience in support of each other, the Company, and its shareholders.”

          “The Company is currently involved in the late stages of negotiations and expects to announce its first major transaction prior to the Shareholders’ Meeting on September 28, 2016.”


          • On September 10, 2016 at 3:00 pm,
            Excelsior says:

            Finally, this most recent press release was an address to shareholders:

            “It is a pleasure to report on our mining consortium’s progress, successes, and the status of our negotiations with a major international buyer.”

            “This year is already a record-setting year for El Capitan Precious Metals, Inc. The Company has mined and performed primary crushing of more than 100,000 tons of head ore producing precious metals concentrates for processing. The same concentrates have successfully been further crushed and refined into 88-90% pure precious metals which when completely processed by a refinery yields 99% pure precious metals.

            This successful recovery of precious metals from El Capitan concentrates has been demonstrated to several international buyers. The Company is now in late-stage contracting with one of these buyers for the purchase of concentrates over the next 12 months, FOB the mine, at a purchase price of more than $180 million. This contract is expected to be fully executed in less than 60 days.”

            “Subsequent to the development of the replicable and scalable recovery method, management has been communicating with several prospects. These include major mining companies who are interested in joint venture and / or acquisition. Our management team has already demonstrated recovery from our concentrates to some of these groups and several have visited the mine site while others are making arrangements to do so. The achievement of these milestones is the result of excellent teamwork and great sacrifices on the part of our team.”


          • On September 10, 2016 at 3:07 pm,
            Excelsior says:

            It just seems odd for the stock to be flat-lining sideways when the last few press releases keep indicating that they are preparing for a big transaction, that “include major mining companies who are interested in joint venture and / or acquisition.”

            Anyone have any thoughts on why this isn’t getting more traction on the share price?

            I’ve been buying in July and September, and will likely buy some more leading up to their meeting on Sept 28th for whatever this “announcement” is going to be…..

          • On September 10, 2016 at 5:17 pm,
            LPG says:

            Hello Shad,

            Hope all’s well.
            First of all, w. your Capitan thingy, I thought you were asking about Apple’s OS 😉
            Ok….lame “joke”.

            It’s not even a joke actually… So moving on.

            Couple of things.
            When I see that a name is ONLY listed as a pinksheet, I am HIGHLY suspicious. Pinksheet listing ONLY doesn’t mean there’s anything wrong w. the company per se… but typically… it makes me think “red flag potential”.
            So what I do in that case is…
            1) I check IF the company files regularly –> in Capitan’s case, it does (nice, positive surprise)
            To make some of the comments below, I used 2 quarterly filings: quarter ending Dec 2015 and quarter ending June 2016:
            (I don’t put the second link coz 2 links in a post = my post will await moderation —> ie my comments won’t be posted before a long time coz it’s the WE. My initial post included a link for the second set of financials and becoz of that that post is awaiting moderation).

            2) I check the company registered address on Google map
            –> taste varies, so you might want to check for yourself. But I noticed that based on recent filings, the address changed (probably do to the most senior officer leading the company changing)
            So these are my 2 systematic preliminary filters when I come across a pink sheet listing.

            Now, moving to El Capitan specifics….
            This is where the “fun” begins.


            A> That news release re: $180mn contract REALLY caught my attention. Coz it’s a BIG NUMBER for a company I had NEVER seen mentioned anywhere… and for a company that is on the Pinksheet (ie: doesn’t wanna be more famous by listing in Canada for ex. ????)
            To be fair, US$180mn at ABOUT current market prices means they are “going” to sell 150k Oz of gold over 12mths ???
            I thought to myself: these guys might pumping 150k of Oz/yr, and nobody has heard of them ???? And their share price YTD pretty much sucked ??? Weird….

            So this led me to do 2 things:
            a) Check the P&L for revenues —> nada/nothing in terms of revenue… (“strange”)
            Ok… so I thought: if the concentrate is not sold yet, it should show up in the inventory line in the balance sheet….
            –> Suggest you check the level of inventory in the balance sheet at various times….

            b) Check the inventories in the balance sheet:
            Based on the quarterly statements I looked at, Inventory levels never topped $1mn
            For a company that is supposed to sell for >$180mn worth of material over 12mths (ie. $45mn per quarter), that’s ALSO “weird”.
            I understand that the value of the inventory in the balance sheet can be the value of the cost for extraction AND not the market value of the inventory itself…
            Still… that figures seems low.

            B> Trying to understand the number of shares, warrants, options, and shares from convertibles… Spoiler: I can’t figure it out.
            And I must admit that AT THAT LEVEL of looking at the financials and notes disclosures etc… I STOPPED.


            And there’s’ one thing I always say: “if things are straight forward, they don’t need to be complicated”. And for my simple mind, El Capitan, has very very very veeeeerrrryyyyy complicated financials.

            If someone had shown me the financials of that company and asked me:
            “LPG, what do you think these guys are involved with in terms of business”, I would have answered: sophisticated “financial engineering”. I’ll leave it there.

            Of all PM companies financials I’ve looked at, these are the ones that look THE LEAST as the financials of a PM company to my eyes (and my simple mind). I’ll also leave it there…

            After doing all that, I came back to the website, trying to utilize “common sense”.
            * Pictures of the property ??? —> Not really
            * Previous drill results press releases, clearly put in evidence ??? —> Not really
            * 43-101, in evidence ??? —> Not really.
            * Funky 1mn video in the homepage of the website and entitle “3D Animation of Measured Resource Calculation Video” –> This video SAYS ABSOLUTELY NOTHING ABOUT THE COMPANY OR THE PROJECT WHATSOEVER. NOTHING. NADA.
            * Capital share structure (as any decent PM company does these days): NOTHING


            My conclusion:

            1) I might have TOTALLY missed the point on that company.
            Maybe they’ll sign their $180mn contract for 12mths and provide the gold and platinum concentrate.
            But I note the financials mention IRON ORE a lot compared to gold/platinum they tout in their press releases….

            2) FWIW, I realized it’s the first time that I stopped reading the financials of a firm while in the middle of them.

            IF someone on KER has something to enlighten me/teach me on that company… I’m all ears. I love to learn, especially if I make mistake (I could be totally wrong in my analysis).
            Other than that, whoever wants to put $$$ in that company, I just wish them “good luck”. 🙂

            Question tough:
            Shad, where TF do you find/do you hear all these companies ??? 😉 😉 😉

            My 2cts.


          • On September 10, 2016 at 5:49 pm,
            Excelsior says:

            Thanks LPG – I really appreciate the detailed response and think you brought up some valid concerns. I’ll admit to laughing out loud when you got to the review of their financials.

            You wrote:

            “B> Trying to understand the number of shares, warrants, options, and shares from convertibles… Spoiler: I can’t figure it out.”

            “And I must admit that AT THAT LEVEL of looking at the financials and notes disclosures etc… I STOPPED.”


            “And there’s’ one thing I always say: “if things are straight forward, they don’t need to be complicated”. And for my simple mind, El Capitan, has very very very veeeeerrrryyyyy complicated financials.”


            I completely agree man – the financials are beyond me, and that’s why I like to thow these companies out on the table to dissect. 😮

            It is crazy that this company has almost zero name recognition, but they are recovering 99% of the Gold and Platinum and have mined 100,000 tons of ore.

            They have mentioned in official press releases 3 times now that they are preparing for a big transaction, that “includes major mining companies who are interested in joint venture and / or acquisition.”

            They just switched up their board to prepare for this big transaction that they hope to announce before the Sept 28th shareholder meeting.

            It just seemed interesting to review…. maybe their full of it? It would not surprise me. Maybe their asset is full of it though, and if they are going into both Gold & Platinum production, and have offers by larger companies to acquire them or at least JV with them, doesn’t that deserve at least keeping an eye on it?

            I’m balls to the walls crazy, so I have stock in it, but I’m not recommending anyone else get any. It just seemed worth tearing it apart a bit to see what the “fatal flaw” is. It may be their balance sheet, and it sounds like that is your point.

            LPG – I love your feedback though, and I’ve read through it twice and will take those comments into consideration. As far as what they’ve produced, it is similar to what Avinio Silver & Gold did when they kicked things back into production at their Avino mine….. they started producing, but it didn’t count as revenue or assets on the books until they declare “commercial production.” Right now that Gold is part of the pilot plant and production used as “proof of concept” so I don’t think it will show up on the books at this point. Just my thoughts on it.

            Anyway, thanks for weighing in on these, as I really liked our discussion about Silver Bear last weekend and this is fun as well. Much appreciated.

          • On September 10, 2016 at 6:08 pm,
            Excelsior says:

            I’ve actually got a bunch of other crazy miners that I’m curious about but will save those for future wacky weekend stock reviews.

          • On September 10, 2016 at 6:23 pm,
            LPG says:


            Interesting feedback re: Avino and declaring commercial production and recognition of revenues. Fair point.

            But I’ll tell you something… there are QUITE a few things which don’t pass the smell test for me on that El Capitan.

            You wanna know which one is the biggest one???
            Here it is (copy pasted from my previous post):

            Funky 1mn video in the homepage of the website and entitle “3D Animation of Measured Resource Calculation Video” –> This video SAYS ABSOLUTELY NOTHING ABOUT THE COMPANY OR THE PROJECT WHATSOEVER. NOTHING. NADA.

            That, TO ME, is the BIGGEST red flag of them all. By f-a-r.
            Brent Cook this week-end talks about websites w. homepages w. Liberty Statues, Freedom etc… and he had a good point (I had read that point him a while back).
            I think he might have other points to add to his list… 😉

            This video ONLY came visible to me almost at the end of writing my post.
            I typically use – deliberately – an old internet browser and on it, it wasn’t playing. Actually, I didn’t know there was a video on the homepage to start with.
            Then I switched browsers and saw it (and I got a “WTF” moment)

            Shad, re-read the title of the video (ie what it is supposed to show) and what that 1mn video actually shows (spoiler: nothing).
            —> that’s the easiest red flag on that company. Serious.
            Here’s what the video re: the resource on a totally legit company looks like (and it’s also on the homepage):
            –> see the difference ?
            –> actually, thinking about it, I think El Capitan probably inspired themselves from Exeter video… except that El Capitan had NOTHING to say about their “resource”.

            As I said: GL to whoever puts $$$ in this.

            Having TRADED OTCBB/Pinksheet pump and dumps in the past, I’m not saying money can’t be made on that name. Far from that.

            But when it comes to investing, as I wrote several times, I, personally, try to stay away from what I (rightly or wrongly) perceive as TROUBLE.
            And just to be clear, I don’t mind putting $$$ into “risky” investments (coz I will try to run some numbers to price that risk). But TROUBLE is a different level.

            As I often write, I’m a simple mind and… to me…”If it looks like a duck, walks like a duck, quacks like a duck…. it’s probably a duck”.

            GL to you, “Capitan Shad” 😉


          • On September 10, 2016 at 6:25 pm,
            LPG says:

            Capitan Shad,

            BTW, you didn’t tell us:
            “where TF do you find/do you hear all these companies ???”

            I’m serious… It’s just an intellectual curiosity.


          • On September 10, 2016 at 7:27 pm,
            Excelsior says:

            Ha! You’re probably right LPG. It’s probably a hot mess, and I did think the same thing when I saw their website. Here’s a better one – their company “Slide Presentation” is from 2012 (lol!). To me the production results seemed impressive, I liked that they were using a new processing method, and that they had enough interest from other companies to partner up, that they felt like releasing that info to the market. As you said it could be a train wreck. I have a little funny money in it for pure speculation at this point, and I’m fine it if doesn’t end up working out. The good thing is that Sept 28th isn’t very long to wait. I may lose every cent I have in it, but I also may double or triple it. Who knows? We’ll have to see what the announcement is.

            Oh sorry, to answer your question, I mostly find these companies by watching their press releases on a few different sites. But some of the stocks I follow that are not as much household names are recommended to me by other traders.

            I scan a number of press releases per day, and when one catches my attention, I start doing more homework. Sometimes things looks very undervalued and pay off in a major way. I have had a good number of takeover successes or multi-baggers by getting in when there wasn’t as much clarity on the full potential. Of course, many of the stocks I trade are the same mid-tiers, or ETFs, or development stories that most are familiar with, but once in a while I give the underdogs a shot.

            Nicola Mining I knew about because I followed Huldra Silver in previous cycle and waited for them to come out of credit protection.

            Americas Silver Corp I followed since they were Scorpio Silver, and I was posting about them for a long time. Some people snubbed their nose at it when it was trading at $.042 and doubted it would be in business much longer. I was fine with those gains.

            On that same subject, I’ve follwed Scorpio Gold for years as well and started getting positioned at the end of last year and throughout this year. It hasn’t joined the party yet, but I believe it will.

            Aurcana I was following since they were a sponsor here on KER. Some people laughed at their implosion in the past cycle. I was happy to cash in on the multibagger gains in it this year though.

            With Jaguar Mining I had owned it in the last cycle from 2010- 2012. I won big and lost big for a wash on it and it was one of my few pain points from when the bear market struck at the end of 2011. So I watched for it to come out of credit protection and that they retained their assets. It seemed like it may be worth a second chance and I was writing about their turn around since last year. Even though others had left them for dead, I saw the potential. When Eric Sprott invested in it this year, the belief felt a bit more vindicated.

            With Silvercorp it was Dragonite’s discussion about all the overhyped conspiracy theories that got my attention, but it was his thoughts about their low costs that impressed me and that is why we were discussing it when most were mocking it. I mentioned it was one of the producers I expected to perform best, and it’s been in the top 10 performers much of 2016. The conspiracies didn’t stop the gains from rolling in.

            With Avino Silver and Gold, there have been others that were discussing it 2 years ago, but most don’t post here any more (with the exception of Blue). I heard about it through Jay Taylor’s site, and it made sense to follow it, and in Nov & Dec of 2015, and Jan-Feb of 2016 I started getting more active in acquiring it. There were a few times where people pointed out how their financials were that great and there were better options, but I saw then and continue to see now their regular process being made. They’ve under-performed about half of the Silver miners but have still done pretty good so I don’t regret the decision (except for it would have been better to have listened to Matthew about Impact Silver as a better option this year). Regardless, I like Avino as a company and team.

            Arizona Mining I have been watching since they were Wildcat Silver, then AZ Mining, and now Arizona Mining. I give 100% credit on that one to our KER buddy Dan, calgary. I started following it because of our discussions on here years ago, and before John Kaiser and others started covering their story. It’s done very well this year despite a silly name like Wildcat Silver or Arizona Mining.

            I’ve owned Avnel Gold, Rox Gold, and Gryphon Minerals since I watched the success that True Gold expienced in West Africa. Got to give Matthew credit for really making me take a closer look at True Gold (there were others, but none as consistent and with such good technical reasoning).

            Eurasian Minerals I found because of Gwen Preston and in my passion to review Prospect Generators and Royalty companies.

            Along those same lines of looking into Prospect Generators, I followed Abitibi Royalties and Rob McEwen’s interest. There was a trader at ceo that tipped me off to Golden Valley Mines owning half, but also having the 4% stake in Sirios Resources and a NSR on CheeChoo, along with a stake in a JV with Bonterra, and a Nickel and Uranium partial stake.
            Cyprium Mining I found by just watching their news flow, and it interested me that they have gone back into Silver production. I’ll be curious to see how their next few quarters unfold and how production/recovery/and profitability are going. I think it could easily get rerated to the upside.

            As for Defiance Silver, I first started following it when Bob Moriarty mentioned it to me. I went and looked at maps of the prior producing area, the high grade, and watched a few property visits. I had that weird period of time where I couldn’t access their website, but LPG it was you that let me know you could still see their press releases. Thanks for that.

            I knew about the arbitrage trade in the Calico takeover by Paramount I knew about due to Jayant Bhandari.

            With Montan Mining I found them though watching press releases, but I follow the comments of one of the high level officers (Brandon) discuss if over at ceo quite often, and have even discussed their most recent decision to buy back that 4% NSR (which I told him seemed very prudent for retaining margins moving towards production in a higher metals price environment).

            Recently I’ve decided to give Brixton Metals a go when it was referred to me by other traders on ceo dot ca because we were talking about companies that Rob McEwen and Eric Sprott were involved with. When I took a closer look and saw they had 2 past producing mines it seemed to make sense.

            Heron Resources came from when I was researching Australian Zinc miners and I saw some additional chatter about them being an interesting Zinc and base Metals play.

            Monster Mining, which I brought up recently I found because their name made me laugh and I just had to open their press releases. When Alexco was discussed someone pointed out Monster again, and it reconfirmed I needed to give it another look. When I started looking at maps I realized it was next to Alexco and ATAC resources, it seemed a likely takeover target. I got in for a while and made a nice return on it in a short matter of time, and still think it may go into play later on – regardless of the name.

            Silver Bear was actually a recommendation from a well respected trader on ceo.ca, and I liked the story upon first inspection. You pointed out the convertible debt issue though last weekend and it will be interesting to see how diution versus continued development milestones average out and where metals prices go on that one.

            El Capitan Precious Metals came from following press releases, and filters searches for Platinum and Gold production. I have only gotten positioned recently in July and September, and thought it was cool in the July press release when I looked at the 99% pure Gold and Platinum beads they had produced. It is just a speculative position for me as mentioned.

            If you want to tear apart another one, I brought this one up earlier in the week, but would love to review Marlin Gold mines. I’ll post more later.

          • On September 10, 2016 at 7:37 pm,
            Excelsior says:

            What I find interesting about Marlin Gold is that they are a hybrid company where they are 1/2 Gold Producers & mine Developers, and the other 1/2 is a Royalty & Streaming company with partnerships with Endeavour Silver, Kootenay Silver, and Golden Reign Resources.

            *The other thing that really got my attention was how TIGHTLY HELD this stock is.

            > 84.34% is held by the management team from Wexford Capital LP
            > 14.80% is held by US Global Investors
            > 0.63% is held by Fiera Capital
            > **** only .023% of stock is held by all other investors! (that’s crazy to me)

            {See page 6 of their Corporate Presentation below}
            > Info on their production from their La Trinidad producing open-pit heap leach Gold mine in Mexico is on (pages 9 -12)
            > Info on their Commonwealth Silver/Gold Development Project in Arizona is on {pages 14-17}

            1) San Albino: 20-40% gold stream at US$700/oz [Operator: Golden Reign Resources]
            2) El Compas: 1.5% NSR royalty on the concessions hosting the primary deposit at El Compas [Operator: Endeavour Silver – they bought this from Canarc]
            3) La Cigarra: 1% NSR on the concessions adjacent and surrounding the main project area at La Cigarra [Operator: Kootenay Silver]
            Marlin Gold Mining Corporate Presentation:


          • On September 10, 2016 at 7:39 pm,
            Excelsior says:

            Marlin Gold mIning will eventually spin out Sailfish as a Royalty & Streaming company and keep some interest in it. Those are noted in the prior post.

          • On September 10, 2016 at 7:59 pm,
            Excelsior says:

            A few more credits are due:

            Gotta thank Rick Rule for getting me interested in Ivanhoe Mines again.

            Thanks to Brian for the Sabina Gold bounce I traded after you post.

            Thanks for JohnK on Klondike Silver.

            Aureus Mining and Aura Minerals came from the newsflow.

            Thanks to Skeeta for over a dozen Aussie Gold, Lithium, and Uranium companies.

            Thanks to Matthew for Claude, Alexco, and Impact.

            Thanks to Big Al for Rye Patch Gold.

          • On September 10, 2016 at 11:52 pm,
            Matthew says:

            What, Galane Gold didn’t cut it? 😮
            That’s ok, I no hard feelings. 😐

          • On September 11, 2016 at 3:48 am,
            Excelsior says:

            Funny. Yes, Matthew – I’ll tip my hat to you for Galane Gold, Chibougamau Independent Mines, Constantine Metal, True Gold, and Pure Gold as well. 🙂

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

            Matthew – also you really made me look closer at Globex too.

            Also, I want to thank CFS for point out Mandalay Resources to me a long time ago. I was impressed from that moment forward. Thanks man.

          • On September 11, 2016 at 4:24 am,
            Excelsior says:

            Mexus Gold I found through press releases about their development progress and near term production. Another think that happened with Mexus Gold and El Capitan was that I kept seeing them pop up as “peer miners” or “comparable companies” when I was looking at other stocks. (It is like with music when you see that people that follow this …. also follow this……). I was impressed by the responsiveness of the Mexus investor relations team, which now have talked with Cory and reviewed their progress on this site. I was also impressed by Ryan and Wolfman’s confirmation of their story and opportunity.

          • On September 11, 2016 at 4:37 am,
            Excelsior says:

            Following and cashing in on the Dolly Varden Silver story was strictly following their news releases.

            Luna Gold was following the fallout from their deal with Sandstorm Gold, watching them implode, continuing to follow the news, and the realizing they may swing out of this, and I saw them working hard to right the ship.

            Hummingbird Resources I found by looking at the sponsor lists on the Sprott show this year, and in talking to my buddy MiningBookGuy over at Ceo dot ca.

            Novo Resources – I give credit to to both Jay Taylor, Bob Moriarty, and Bonzo Barzini.

            Minera Alamos recent development success has been all from following their newsflow on http://www.juniorminingnetwork.com

            Eric Coffin has reconfirmed about 2 dozen stocks for me over the years in Gold, Silver, Copper, and Uranium and there are just too many to list. The same with Brent Cook and John Kaiser. I love their Metals Investor Forums that they hold with Gwen Brien Lundin, and Scott Gibson. I watch all the company reviews on youtube.

            Also, I get great ideas by listening to John Doody every year at his GSA events. It was through his show coverage that I started following Romarco about their takeover, Golden Queen, Asanko, Roxgold, Beer Creek Mining, and a number of other companies.

          • On September 11, 2016 at 4:39 am,
            Excelsior says:

            Bear Creek mining…. not Beer Creek mining….. Also both ideas have validity.

          • On September 11, 2016 at 4:54 am,
            Excelsior says:

            A few more other ways that I use to scout for companies that are flying under the radar are to watch how companies are doing streams or royalty deals or JVs with.

            This is how I found Frontline Gold, by watching Abitibi Royalties keep upping their stake in it, as an example. Strategic Metals has JVs or holds stock in a whole list of interesting companies and all of those rabbit holes can be followed for more ideas. Look at who the Prospect Generators are partnering with and you likewise pick up a lot of new names. For example, I came to be shareholder of Eros Resources when they bought out Boss/Anthem, but it was through their gold division that I learned about Skeena Resources.

            Another good technique to use is to look at what gets added or increased in weight inside of the mining ETFs. This is how I found out about Northern Star Resources, Richmont, B2 Gold, Argonaut, Guyana Goldfields, etc…..

            Lastly, when there are mining shows, I always review the list of sponsors to see which booths were there if I was an attendee.

            For Example, I’ve continue to pour through the presentations (even though they are a few months old on this site, and just a REMINDER – They’ll have new videos up later this month after their show on so many great companies. I’d recommend checking back a few days after the Denver Gold Forum and pouring over the presentations. Here is a list of who will be presenting and when for any enthusiasts out there:


          • On September 11, 2016 at 7:00 am,
            Wolfster says:

            The biggest smell test for me is management.Has it had past success.Can’t say their history exudes confidence for me.Other companies talked about here have the type of management I trust.Auryn comes to mind immediately.

          • On September 11, 2016 at 9:19 am,
            Big Al says:

            Morning Wolfster,

            That has been my primary test for the past 35 years and it has definitely treated me well.

          • On September 11, 2016 at 11:20 am,
            Excelsior says:

            Yes, solid management teams are a big plus, and there are those that just go around following winning teams, as they have a history of winning. I did think Brent Cook brought up a great point though recently, where he mentioned there are up and coming geologists/geochemists/engineers/and financial teams that aren’t as well known, but are getting things done, and he was willing to give some of them a chance if their assets, business strategy, and prior decisions seemed to be coming together in a good way.

            There is definitely more risk betting a “newer” or “unknown” team, but this often shows up in a weaker share price. However, if they continue to advance their project in a meaningful way, hit their guidance and timelines, and are making measurable process, and end up with a win (sell the deposit, JV the deposit, or take it to production) then they become the future teams that people follow.

            It is like giving some of the larger roles in a movie to an “unknown” actor or actress…. yes it is riskier, but they don’t require the “premium” price of a known star. They could take a big fat flop where people wish they would have paid extra for “star power”, but they also may knock it out of the park on a smaller budget, and then get picked up for the next movie as a rising star.

            I see the place and value for both.

        • On September 10, 2016 at 8:20 pm,
          LPG says:

          Capitan Shad,

          Thanks for your input on how you got to be aware of certain co’s: interesting.

          Re: Merlin, I’ve taken a QUICK look – going through their pres.
          Pres is 1) pretty recent and 2) has a few numbers I normally look at within the financials. So at that stage, I’d say it looks interesting. No red flag raised. 😉

          I MIGHT do more work on it.
          So IF I do and IF I find something “strange”, or that I really don’t like I’ll revert here on KER. Word.

          Best as always,


          • On September 10, 2016 at 11:33 pm,
            Big Al says:

            Appreciate that LPG

          • On September 11, 2016 at 3:53 am,
            Excelsior says:

            Yes, thanks LPG. I actually have a few more odd ball development and small producers that we can save for another day, but I appreciate the feedback on these as always.

            There are dozens and dozens of oddball exploration plays too, but it’s hard to ferret out value in some of those as they are waiting on drill results or funding etc……

            I like dissecting these development stage and small producers to look for the fatal flaws or to confirm they may be under the radar value, because once they are better producers and have a number of analysts following them, they usually track into a better valuation overall. Sometimes you got to shuck a lot of oysters to find a few pearls…….

          • On September 11, 2016 at 3:55 am,
            Excelsior says:

            BTW – Marlin Gold (the fish – not Merlin the magician) with their future royalty spin-off being Sailfish.

          • On September 11, 2016 at 7:18 pm,
            Excelsior says:

            It could end up being a “magical” journey though……

            I’d be curious to see what other investors think of their business strategy, Royalty and Streaming assets (with a solid group of JV partners), Gold mining results (that seem positive to me), their Gold development project, and their incredibly tightly held share structure.

            Marlin Gold looks like a winner to me, but if someone sees a major issue, please sound the alarm 🙂

          • On September 12, 2016 at 3:41 am,
            Excelsior says:

            Here are some results from the company that Marlin has a Streaming deal with:

            Golden Reign Resources Ltd. (TSX-V: GRR)

            Significantly, the results from this portion of the drill program:

            • suggest that the two smaller pits may be combined into a single, larger open-pit. Drilling confirmed that the area between the two pits, spanning 39 metres, is also mineralized;
            • have extended mineralization along strike and at depth, resulting in the outward expansion of the existing pit boundaries; and,
            • confirm both the high-grade nature and geometry of the mineralization, which correlates strongly with Golden Reign’s existing model developed under its Preliminary Economic Assessment Report (PEA)


    • On September 10, 2016 at 3:20 pm,
      Excelsior says:

      Correction I meant Gold and “Platinum” beads (not Silver).

      Gold & Platinum is an interesting mix….

      • On September 10, 2016 at 4:37 pm,
        Excelsior says:

        It was the Platinum discussion up above that made me think about El Capitan’s Platinum beads in the first place.

  17. On September 10, 2016 at 3:04 pm,
    CFS says:

    In addition to central bank buying of mining shares (Switzerland and Norway), it is becoming more evident that Chinese buying of physical gold has been greater than reported:


    This appears to be the primary buying for the current bull market that started in December last year.

  18. On September 10, 2016 at 3:18 pm,
    CFS says:
  19. On September 10, 2016 at 3:29 pm,
    CFS says:

    Historian Bob Hoye is well worth listening to about the 45 minute mark, when he talks about liquidity, physical gold prices and over-bought nature of stocks.

    History rhymes!

    • On September 10, 2016 at 4:31 pm,
      Matthew says:

      I always have time for Hoye but I made a lot of money betting against him in August, 2010. He was bullish the dollar, bearish stocks and advised shorting silver – and was wrong about all three.
      I almost never borrow from my broker but I was so bullish silver and the silver miners that that’s exactly what I did.

      A lot of (previously) smart money was on the wrong side of silver that fall and, I believe, tried to make up for it by shorting the hell out of it around $30. That’s part of what gave us the spike to $49. Too many deflationists out there.

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

    Gold, the movie about the Bre-X story starring Matthew McChounaghey just released a trailer!


    • On September 10, 2016 at 3:38 pm,
      Excelsior says:

      McConaughey not McChounaghey

      • On September 10, 2016 at 4:03 pm,
        Excelsior says:

        INDUSTRY REPORT – The Weekly Dig
        Mick Carew and the Haywood Mining Team – Sept 9, 2016



      • On September 10, 2016 at 5:52 pm,
        Big Al says:

        I am very surprised that a movie was made about that situation.

        If you want to read a real “page turner”, read Doug’s recent novel, “The Speculator”

        • On September 10, 2016 at 5:58 pm,
          Excelsior says:

          Yeah – I was surprised with the movie as well, but just thought others may get a kick out of the trailer.

          Yes, others have commented that “The Speculator” is a good read. If memory serves, it was going to be part of multi-book series. Thanks Big Al.

          • On September 10, 2016 at 11:37 pm,
            Big Al says:

            I believe that it is Excelsior. I did write a cover note for Doug on the book. Honestly, I truly enjoyed it.

    • On September 11, 2016 at 10:40 am,
      Dan, calgary says:

      Thanks for the link, Ex. That story has strong Calgary connections as I remember seeing their building going up with the big “Bre-Ex” sign. Much has changed in that industry directly because of the abject lying by the geologist.

      • On September 11, 2016 at 12:50 pm,
        Excelsior says:

        I was just surprised to see it made into a movie was all, but I thought – why not?

        Has Calgary bounced back a bit from the challenges in the Oil patch? At one point earlier this year I remember BNN covering the job market in Calgary, that was taking a hit on the collateral damage from low oil prices.

        I had just mentioned you up above for the original heads up on Wildcat Silver – now AZ Mining. Thanks again.

        • On September 11, 2016 at 6:34 pm,
          Excelsior says:

          Well it shows at AZ Mining in my trading platform and on Stockcharts, but they are Arizona Mining now, of course.

        • On September 12, 2016 at 8:53 am,
          Dan, calgary says:

          Calgary is not doing well. Our unemployment rate is over 9%, I can’t remember ever being this high besides when we were in deep recessions. There are virtually no help wanted signs and all the people I know have been affected by at least reduction in hours worked and no raises or bonuses.

          I am doing okay with my business as the first franchise owner of our new system. Lots of bugs to work out. I am the “test pilot”.

          I do not own any AZ right now but am impressed with their stock price strength. I wish I would have just held on to it longer. (;-)

          • On September 12, 2016 at 3:05 pm,
            Excelsior says:

            Thanks for the response back Dan. I’m sorry to hear that Calgary is still in a bit of slump. As always all the best in your business and on being the “test pilot.”

            Yes, Arizona Mining has been very strong, but it has a few more newsletter writers behind it, and changing the name and switching to a “Zinc Focus” got them a bit more attention.

            Have a great rest of the week.

      • On September 11, 2016 at 6:35 pm,
        Excelsior says:

        (AZ) (WLDVF) Arizona Mining Drills 105 Feet Grading 13.65% #Zinc and 3.36 opt #Silver at Taylor Deposit
        VANCOUVER, Sept. 8, 2016


        • On September 11, 2016 at 7:20 pm,
          Excelsior says:

          The 13.65% Zinc results are quite impressive. The Silver results are pretty good as well.

  21. On September 10, 2016 at 3:53 pm,
    CFS says:

    A discussion o the potential loss of reserve status for the US dollar.
    AND removal from use in much of world trade.

    X22 report.


  22. On September 10, 2016 at 4:15 pm,
    Glenfidish says:


    When referring to “calling” a gold bottom in January, do you mean short term of long term?
    Remember you can’t go around singing glory and attacking others when you had sub 1000 target for years! Remember the 960 or whatever number you had in your charts for years?

    If there is one thing that is for sure its the fact that you missed out on the gold bottom since January. Everyone in here knows that bird. It ain’t a pissing contest but please don’t try and take glory. You speak of hedge within context of words etc, you are the champ when it comes to that. You have skipped back and forth on gold and have doubted yourself more then a few times. I guess you and some others remain hopeful that we will break to new lows but the fact of the matter is you don’t have a clue. There is no guarantee of anything.

    I urge you instead of wasting your time attacking other, just ignore and state your opinion. For some reason every time Matt post something you feel attacked or a willingness to respond. That is a sign of weakness. Win your battles without reverting to attacks in others. Show your skills without wanting world acknowledgment. Let the people decide who they follow or stand by.

    You may not like what I say but I appreciate your post believe it or not because it keeps me on my toes. You have made some good calls. You did not call the January bottom. And if you did I’m sure it was after the fact. If my memory serves me well, Gary was one if not the first to call it and I’m sure Matt was there as well.

    • On September 10, 2016 at 4:38 pm,
      Birdman says:

      I didn’t miss the gold bottom in January Glen. Go back and read the comments of those dates. My frequent remarks of back then will assist you in not creating a narrative that is false (as you are now doing). What I called for then was the turning point in gold based on a pattern I had been watching for months. I never said it was THE bottom in gold however because even then I believed a lower-low would eventually be seen. As I have written as recently as this week, unless and until we break out above 1400 we are STILL in a bear market and this is nothing more than a rally within that bear. I won’t change my mind on that topic until I see the numbers come in proving the chart has turned to a bull.

      • On September 10, 2016 at 5:09 pm,
        Birdman says:

        This was my comment on December 4th 2015, almost literally the day of the bottom. At that time I called for gold to rise to 1220 from its 1050 low….(before Gary Savage said anything of the kind). Both you and BB questioned my analysis that day because it sounded so preposterous given the declines we had already seen.

        On December 4, 2015 at 11:00 am,
        Birdman says:

        “I have a theory I am working on. For gold I was being conservative with my 1200 dollar comment. I would just point out that on a daily chart (viewed since August) that gold looks like it is forming a megaphone pattern. The high price actually projects closer to 1220 if that is what technical is taking shape. Guess we will have to wait and see but I am quite positive overall right now and have turned bullish”.

  23. On September 10, 2016 at 4:17 pm,
    Glenfidish says:

    Others can attest!

    • On September 10, 2016 at 4:41 pm,
      Birdman says:

      Any post from you is welcome. Please don’t exaggerate though. Go back to those dates in December and January and read my comments and then by all means quote me to prove your point but don’t just make stuff up.

    • On September 10, 2016 at 5:07 pm,
      Excelsior says:

      Here’s what I remember being discussed about Gold back in December of 2015:

      —> On December 10, 2015 at 1:42 pm,
      Excelsior says:

      “There’s that $1065 support number coming back into play again.”

      “I mentioned at the beginning of the year it would be important and it did serve as short-term support in the recent past, then gold went down to $1049 or ($1045+ intraday **** near the $1044.70 target I’ve mentioned since the end of last year****). Now that it rebounded out of that area and has come up into the low $1080’s Gold has drifted back into the low $1070’s. I agree with Peter that $1065 is still a reasonable support level. If those fall then $1044 is back on the menu. ”

      “If they hold through this FOMC madness, then my best guess is we see a nice rally in both Gold and Oil and most commodities, possibly on the back of a weaker dollar.”

      —> On December 18, 2015 at 1:47 pm,
      Excelsior says:

      “The Yen has tracked gold better than the Euro or the inverse USD trade. I follow the Yen for some indication of what may happen to gold direction. It isn’t perfect, but if you look at the last few years, it’s a fairly strong correlation (almost to the point that I wander if people have programmed trading algorithms to play off this relationship).”

      —-> On December 19, 2015 at 6:07 pm,
      Excelsior says:

      “Agreed that the rate hikes will prove positive for Gold, after the impending bottom, because the Fed cannot hike the rates up enough to “normalize” economic condition without making the debt load unable to be serviced. This is the corner the Fed has painted themselves into with ZIRP. They borrowed at next to nothing, and if they raise too much, they’re bankrupt. One of the few options left is to inflate their way out of this, and Gold will get a bid when this realization comes home to roost.”

      —> On December 21, 2015 at 10:44 am,
      Gabriel says:

      “We may have a double bottom if this was a correction in gold:”


      — • On December 21, 2015 at 1:59 pm,
      Matthew says:

      “Looks like a double bottom to me:”

      —-> • On December 21, 2015 at 4:44 pm,
      Excelsior says:

      “Could be. I posted in Dec of 2014 and about a dozen times throughout this year that a strong support level target I saw would be $1044.70. ”

      “Well, gold just bounced at $1045.40, so I was off by $.70. Close enough since I made that call at much higher prices.”

      —->• On December 21, 2015 at 4:58 pm,
      Excelsior says:

      “It would be nice if it was a double bottom though. Only time will tell. If Doc is correct then we still have lower lows to make in 2016.”

      —> On December 27, 2015 at 6:22 pm,
      Gabriel says:

      “Another article suggests that gold will soon do more than merely embark on an intermediate rally – we may have just seen the final low.”

      —> • On December 27, 2015 at 6:32 pm,
      Excelsior says:

      ****”I agree and think that is very possible that the double bottom could be even more than an intermediate rally, and has a chance of being a longer term bottom.**

      Good post Gabriel.

      —> • On December 27, 2015 at 6:41 pm,
      Excelsior says:

      “Either way there should be a nice rebound in gold up out of the double bottom, and it will be a tradable rally.”


      I commented for over a year and a half that one of the primary downside targets I had for Gold was $1044.70, and I got within $.70 of the bottom from that far out and was very consistent with it. Rick Ackerman also had developed a target of $1044.50 a few months out and he was very consistent with it as a potential bottom target as well. I rarely hear Rick given any credit for this call either.

      When there was a double bottom, Gabriel, Matthew, and myself discussed that this was at least a mid-term double-bottom, and possibly a very significant bottom for Gold. This was 2 days before Gary Savage posted his thoughts on the double bottom on his site, but his article was stated as written around the same time.

      The point was that there were a number of people that called the double bottom as it was in the process of unfolding. There are 5 mentioned in this post, and there were more saying the same thing on other sites.

      It cracks me up when one person acts like they were the “only one” to call anything. They may have been in the minority, but plenty of people noted the double bottom of Gold in December here on the KER alone.

      • On September 10, 2016 at 5:13 pm,
        Birdman says:

        Nobody made any mention of a gold double bottom in todays comments. That was not the discussion. Good work on the 1044 number and then see my comment above from December 4th 2015 which was a full two weeks before any of you had cottoned on to the change that had actually taken place.

        • On September 10, 2016 at 5:23 pm,
          Excelsior says:

          You’ve mentioned on here a number of times how you were the “only one” that called the bottom in Gold on here with your megaphone chart.

          I’m simply posting comments from the KER blog showing both Rick and I had the $1044.50 and $1044.70 targets respectively, far in advance of Gold bottoming near there. I started discussing that target at the end of 2014 and posted about it about 2 dozen times.

          Gabriel, Matthew and I were discussing the double bottom in gold on Dec 21st and then again on Dec 27th. That’s pretty damn real time if you ask me, as it takes a few days to validate you’re in fact getting the double-bottom.

          I’ll also remind you that we had this little chat the following day on Dec 28th, where I conceded with you that if $1044.70 broke that your lower target seemed reasonable. This was back when we were discussing technicals and before you attacked almost every post the Matthew and I make.


          —>• On December 28, 2015 at 12:21 am,
          Birdman says:

          Its interesting that Jordan has flagged a potential bottom near 970 as that is virtually identical to my long term call for gold to stop falling once it hits 968. That preposterous sounding number was one I calculated almost three years back and was at that time greeted by guffaws. But here we are…closing in year by year. We shall see.

          About that other chart Jordan posted showing the length of prior gold bear markets and their magnitude…..I just want to point out to readers that some of those *other* gold bears happened at a time when so-called paper-trading did not yet exist. This obviously calls into question the absurd insistence of some guys that this market is always manipulated to the downside. They obviously cannot explain away all those past bears using the same kind of faulty analysis. And it continues to baffle me that none of those gurus of manipulation ever address the most basic of observations which is that most commodities have been sympathetically in decline with gold since 2011.

          Anyway, I think Jordan has the right number plus or minus a few bucks. We should see it eventually.

          —->• On December 28, 2015 at 4:29 am,
          Excelsior says:

          “Good thoughts Birdman, and interesting point on the prior bears. I like that chart that shows this is the most severe percentage and second longest PM bear market, because it does indicate things are getting long in the tooth. Jordan has been fairly accurate for the years I’ve been listening and reading his work, and is level-headed on his upside and downside analysis.”

          “Yes, it is still possible that Gold may dip under $1000 briefly in 2016 for the final low, but there is an outside chance that the recent double bottom around $1045.40 could be an intermediate bottom.”

          “I had 3 targets since the end of last year and for $2015 …..$1065 (which did present some support), $1044.70 (*which currently held for the double bottom), and $993.20 the peak of Feb 20th, 2009. It remains to be seen whether the the $1045.40 level will be tested again, but a dip sub $1000 to $970 seems well within the realm of possibility. ”

          “Jim Rogers has had a $965 target for for about 2 years. This should be the year to turn the page on the bottoming process in the commodities, but Doc is likely right that it will be a slow and grinding process.”

          • On September 10, 2016 at 5:48 pm,
            Chartster says:

            You men made some great calls back then. And I remember your call of 1044 way back. I’m still 50/50 if the low holds, but if it does, folks should give credit where credit is due.

            From now to mid October should be some big drops. After that will be a nice bounce. There could be a wash after that into March, but still need more time to see how it plays out.

          • On September 10, 2016 at 5:54 pm,
            Excelsior says:

            Thanks Chartster. Yes, I’m interested to see how the rest of this year and beginning of next year play out as well. Ever upward!

          • On September 11, 2016 at 2:17 am,
            Archdeacon (!) Andrew says:

            Agree Chartster.

  24. On September 10, 2016 at 5:08 pm,
    CFS says:
    • On September 10, 2016 at 6:25 pm,
      Big Al says:


      You have to admit that many of the folks on this site would definitely have been sitting in the front row in your classes.

      • On September 11, 2016 at 3:59 am,
        Excelsior says:

        We still are Big Al. I appreciate the many posts that CFS and DFS have brought to our attention.

      • On September 11, 2016 at 7:03 am,
        Whit says:

        I sure do appreciate CFS articles and links….. CFS wondering what your thoughts on the State of Jefferson. I enjoy the thought, for it is a resource rich state.

  25. On September 10, 2016 at 5:30 pm,
    kingstonbill says:

    What most people are not looking at is the blowout of the transports on Friday. Dow Theory has lost its popularity but this bears watching.

  26. On September 10, 2016 at 6:02 pm,
    JohnK says:

    It was very refreshing to hear Chris Vermeulen saying that he didn’t know.I cannot predict the timeline for the events to come,and it is nice to hear someone else say they can’t either.
    Big Al putting out there that at some point,common sense and fundamentals are going to give everyone a reality check is spot on.
    Once again another great show.

  27. On September 10, 2016 at 7:32 pm,
    CFS says:


    Hillary being sued over wrongful deaths.

    • On September 10, 2016 at 11:35 pm,
      Big Al says:

      I am sure that in our great society, that will nowhere fast!

    • On September 10, 2016 at 9:22 pm,
      Markedtofuture says:

      Official 9/11 Narrative Will Be Challenged at Manhattan Symposium

      Fifteen years after 9/11, an expanding international body of scientific researchers and legal experts continue to challenge the official narrative of 9/11. They will host a two-day symposium this Saturday and Sunday in the historic Great Hall of Cooper Union in New York City to present the science-based evidence they have compiled.


    • On September 11, 2016 at 2:13 am,
      Archdeacon (!) Andrew says:

      Thanks for the posts CFS.

  28. On September 11, 2016 at 4:37 am,
    Markedtofuture says:

    Bankers Laid off 100,000 so far – Armstrong

    The numbers are in. Banking as indeed seen its peak. Banks in Europe and the US have dismissed 100,000 people last year, the bulk after 2015.75 . The decline is just starting. We are even witnessing the decline in bank employment now in China as well. The high flying jobs in banking have seen their best days. Young bankers use to brag which bank they worked for in New York trying to impress girls. Nowadays, they tend to be silent since bankers are up there in the unfavorable perception with politicians. The bankers have become the most hated profession the world – topping even politicians and physics, so that is saying a lot.


  29. On September 11, 2016 at 5:29 am,
    Birdman says:

    Are you having trouble charting the US market indices?

    You are not alone. Judging by the amount of commentary and controversy over the weekend about where stocks will go next its clear that investors are in a state of confusion. Some expect a sharp bounce back, others a terminal fall…..and still others a gentle correction (less than 10%) followed by a big green light as we soar into the next few years.

    I have a novel approach though to estimating where we are going and thought it maybe worth mentioning. I have discussed this idea before although maybe not in much detail.

    Anyway, we all know that US and European indices generally track each other closely. When stocks rise here they rise there and vice versa if the day or week is a decliner. Comparing the DAX or Euro Stoxx to the US indices on a daily chart makes this point obvious.

    Lately the S&P is almost unchartable. Thats why I have changed tactics in tryng to understand its movements. It is giving mixed signals and conflicting signs of exactly what the hell is going to happen next and it does appear to be rolling over at the daily level. The appearance on its face is fairly menacing.

    And so you cannot chart a simple price channel on a daily S&P chart with any accuracy so the reference points we might otherwise use to gauge peaks and valleys along a rising or falling path are not present. Whatever the reasons for this problem are surely worthy of another post but I won’t get into it today.

    Suffice to say that markets are so distorted even basic technicals are failing when we need them most.

    My solution in such a case is to go to the Euro Stoxx 50 daily chart (futures…..see link) and attempt to divine the future based on patterns that are setting up there. When you look at the chart I am linking too you can CLEARLY establish a good old fashioned price channel using the peaks in March and September this year and the lows of February and June.

    That is a helpful beginning since we already know the charts correlate to each other.

    I have no idea why this has worked so well so often but I suspect US markets are being interfered with to a greater extent than in Europe and that the more extensive automated trading in the US has left its mark on the S&P in unpredictable ways that defeat some traditional chart methodology.

    Anyway, getting back to the chart, we can now estimate the worst case scenario lows for a continued decline on the Eurostoxx at around the 2700 point level. This is just rough charting by the way so don’t bother with precision because all we are trying to figure out is direction and trend. So its roughly 2700 IF the channel holds.

    At that point there should be a bounce.

    What this indicates is that there is as much as 10 to 11% more downside in this decline before we might consider a technical trade based on this price channel (and yes, I know this is only ONE indicator I am referring too and others will assist further but I have still found that price channels can be among the most reliable of patterns for their duration.)

    Anyway, what I do then is extrapolate the predicted price movement and try to apply it to the S&P or DOW to make a best fit and see what I get. Sounds like playing games with charts right? I will agree this is often more art than science…..and no it does not always work perfectly but it does keep me on the right side of the market more often than not.

    Give it a try for yourself. My prediction calls for a continue directional trend down on the S&P until we hit 2075 (Finviz futures chart only) or thereabouts (at an eyeball guess) and then we start to bounce. This is not the end of the world in other words and no crash is imminent if the European stock channels hold and are valid.

    And welcome to my quirky world of charting!

    Euro Stoxx 50 Daily Futures Chart courtesy of Finviz.com

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

      Just to be clear, I am NOT using the implied percentage fall in the ES50 but rather confirming the channel using the best fit “peaks and lows” as guideposts. The S&P won’t therefore be falling to 1900 in my scenario. All this really does is eliminate problems with the visual look of the US indices where the channel has been lost in the clutter. Its not much more complicated than that. If anyone else does this I would be curious to hear from them.

      • On September 11, 2016 at 9:21 am,
        Big Al says:

        Not be a technician, I will discuss this with Cory and Rick.

        • On September 11, 2016 at 10:20 am,
          Birdman says:

          Sure thing Al. We all have unusual personal techniques we develop along the way that are not really mainstream ideas but work nonetheless as guidance. I doubt the guys would find criticism with this one.

          All this is about is using European charts to help confirm your ideas on US markets when the stock correlations seem to be in sync. It is an unconventional approach but often works surprisingly well.

          The people who believe US markets are heavily manipulated will no doubt take an interest because the European indices are just cleaner reads most of the time.

          Anyone who has asked me about this before has been directed to look at the August 2015 correction on the S&P. You could not see the usual technical pattern indicators that a large drop was impending in late summer that year however if you had been watching the EuroStoxx chart it was clear as a bell that a sell signal had been initiated and a shorting opportunity had arrived.

          So it does indeed pay to glance at all the major indexes periodically to see if anything is amiss and some kind of divergence is underway.

        • On September 11, 2016 at 10:26 am,
          Birdman says:

          Kind of interesting, btw,…..I was just listening to Ross Clark and he sees the S&P bottoming out around the 2070 mark which is just 5 points different than what I am identifying. He is using his own system naturally but its kind of cool when my technicals align with the professionals.

  30. On September 11, 2016 at 7:11 am,
    Dick Tracy says:

    Anyone who doesn’t think that Artificial Intelligence is taking over the human species, meet OLLI, a 3d printed, self driving electric vehicle, that can carry 12 passengers.

  31. On September 11, 2016 at 7:18 am,
    CFS says:
  32. On September 11, 2016 at 7:49 am,
    CFS says:

    Or the corbett report:


  33. On September 11, 2016 at 9:08 am,
    CFS says:
  34. On September 11, 2016 at 9:35 am,
    Matthew says:

    Marc Faber nails it across the board in this interview:

  35. On September 11, 2016 at 9:52 am,
    Pete says:

    It is always worth listening to Marc Faber,i like Mr Faber.

    • On September 11, 2016 at 10:03 am,
      Pete says:

      Im not a Gloomboomdoom guy,i think a crash is commimg,but,not yet,

      • On September 11, 2016 at 10:25 am,
        Matthew says:

        Note that Marc understands that stocks and bonds might not crash when priced in currencies that are also plunging. Like mine, his view is that they will crash in real terms – which is most easily measured with gold.

        For example, the Dow is up about 3.77% in U.S. dollars this year but down a whopping 17.55% when priced in gold.

        It’s going to get a lot worse for stocks and probably starting tomorrow.


        • On September 11, 2016 at 10:28 am,
          Matthew says:

          Dow:Gold daily:


        • On September 11, 2016 at 11:02 am,
          Pete says:

          Yes,thanks Matthew.

      • On September 11, 2016 at 11:04 am,
        Pete says:

        I meant, the BIG crash.

        • On September 11, 2016 at 11:13 am,
          Matthew says:

          I agree, no big crash yet, if at all, but probably a confirmed cyclical bear market even in dollar terms. (Contrary to popular belief, the secular bear market in stocks that began 15 years ago is still in force.)

      • On September 11, 2016 at 12:33 pm,
        Excelsior says:

        “Constipated from nervous trading in the commodity space. Are you all bunched up?”

        “Flush those negative interest rates cares away with all organic DOOM EX.”

        (Brought to you by the makers of Precious Metals Depends).

        (Recommended spokesperson Dr. Marc Faber of the Gloom, Boom, Doom report)

        *** And NOW new EXTRA STRENGTH DOOMEX…… Twice the Boom!

        • On September 11, 2016 at 12:38 pm,
          Excelsior says:

          “After 27 years of trading futures on the Crimex….. I finally found a product that works.”

          Extra-strength Doomex

  36. On September 11, 2016 at 9:54 am,
    Pete says:

    I may, or may not agree with the articles that i post.


    • On September 11, 2016 at 10:31 am,
      Matthew says:

      There’s potentially huge value in plausible alternatives to our views, no doubt about that.

    • On September 11, 2016 at 12:43 pm,
      Excelsior says:

      Pete – Thanks for the Clive post with the Dumpling Top – Tower Top chart on the S&P 500

    • On September 11, 2016 at 1:01 pm,
      Excelsior says:

      I’m just not sure what to think about ole’ Clive, but I’ll say he has made some great calls and some terrible calls in the past. I don’t remember his GURU Rating but I’m guessing it is the 42%-52% range. Personally, I’ll always take time to read an article from him though, and I think he offered some great advice during the Gold bottoming process at the end of last year and beginning of last year.

      However, as has been discussed many times on here, Clive then got way off course and kept predicting a pullback in Gold & Miners only to see them keep charging higher. He lost most credibility because he kept doubling down with more and more stronger headlines and sizzle. It got a bit overdone for sure.

      However, I still think Clive is a sharp guy, and he has finally got his pullback in the metals. It was hilarious over at Ceo dot ca because they regularly harass poor Clive, and were relentless. When the metals did finally start correcting a few weeks back he came on there and said “I WAS RIGHT!” and then a number of smiley faces. Everyone lost it laughing.

      Anyway, after that they even set up a special room for him called “AndThenTheresMaund”.


      • On September 11, 2016 at 3:13 pm,
        Pete says:

        Like i said,i may or may not agree..,I like to read articles from all kind of analysts,and over time one gets to “know them” and their style and how accurate they are.
        But,of course in the end its you who has to do the DD and pull the trigger,i would never egg someones face when they made a bad call or their timing was off.(maybe poke them with a stick)

        I think people that say “i lost money because i listened to this or that”are idiots.
        I would never make an investment based only on what some analyst said,and i hope nobody else does.
        As you said Clive has made some good and som bad calls,he is just another analyst.

        • On September 11, 2016 at 4:06 pm,
          Excelsior says:

          Agreed. I posted a number of Clive articles in late 2015 and early 2016 that were very on target, and I agree with reading a wide variety of analysts to get a good scope of opinions.

          Pete – I appreciate you posting the article by Clive. Keep em’ coming….

          Ever Upward!

          • On September 11, 2016 at 4:17 pm,
            Excelsior says:

            That chat room that they created though: “AndThenTheresMaund” did have comments that made me laugh as I remember them landing on the main index chat and they don’t show all the tagged messages don’t show all the reactions to them, but you can imagine as Gold started to correct hard in late August these comments posting:

            @DeadCanDance – “First look at the markets this AM. CELL coverage extremely limited today. All I can say is……CLIVE!!!!!!”
            #AndThenTheresMaund 1 from #index, 24 Aug 2016, 08:09

            @dirkdiggler – “Someone needs to talk Clive down – he’s dancing on the rooftop now.”
            #AndThenTheresMaund 1 from #index, 24 Aug 2016, 18:26

            @dirkdiggler – “Clive and his crew fading this move in $Gold”
            #AndThenTheresMaund 2 from #index, 26 Aug 2016, 08:42

            @dirkdiggler – “Clive last seen peacocking down Wall Street, clicking his heels every fifth step or so.”
            $Gold #AndThenTheresMaund 2 from #index, 31 Aug 2016, 08:35

        • On September 11, 2016 at 4:25 pm,
          Excelsior says:

          I just reposted that article in their room so they can stay up to date. 😉

          • On September 11, 2016 at 9:43 pm,
            Pete says:

            @dirkdiggler – “Clive last seen peacocking down Wall Street, clicking his heels every fifth step or so.”

          • On September 12, 2016 at 3:06 am,
            Excelsior says:

            (Ha!) Yes – that comment cracked me up.

        • On September 11, 2016 at 5:37 pm,
          Matthew says:

          Re: “I think people that say “i lost money because i listened to this or that”are idiots.”

          I couldn’t agree more.

          • On September 11, 2016 at 6:18 pm,
            Excelsior says:


          • On September 11, 2016 at 6:20 pm,
            Excelsior says:

            It’s called taking responsibility for one’s own actions = accountability.

            More and more it’s a rare quality, as people are more comfortable blaming others for their errors in judgement.

          • On September 12, 2016 at 3:22 am,
            Excelsior says:

            Knowing that dirkdiggler character, I’m 99% sure he is just kidding when he says:

            @dirkdiggler I just hope @stateside laid the blame of all of this uncertainty in the $gold market where it truly belongs…..it’s all Clive’s fault! Lol.

  37. On September 11, 2016 at 10:34 am,
    Markedtofuture says:

    Video Shows Clinton Fainting During “Medical Episode” At 9/11 Ceremony

    Update: The following clips show the moment of Hillary’s “medical episode” resulting from the “blistering” 79 degree heat in Manhattan.


    • On September 11, 2016 at 11:17 am,
      OOTB Jerry says:

      The Lady is sick..

      • On September 11, 2016 at 11:28 am,
        Markedtofuture says:

        Hillary’s ‘mystery man’ spotted during blood-clot hospitalization

        America wants to know: Who is the “mystery man” attached at Hillary Clinton’s hip while she campaigns for the White House?

        He’s been on the stage, in her plane, by her side and following her everywhere she goes.

        He touches her frequently, wrapping his arm around her or helping her up stairs, and responds immediately when Clinton has one of her coughing fits.

        Some speculate he could be a physician on hand in case Clinton experiences a health emergency, a possibility considering nearly 71 percent of physicians informally surveyed by the Association of American Physicians and Surgeons said concerns about Clinton’s health are “serious” and “could be disqualifying for the position of president of the U.S.”

        The “mystery man” re-appeared Thursday in new video in which he’s shown tailing the Democrat nominee, who is shielded from view as she exits her van:

        Read more at http://www.wnd.com/2016/09/hillarys-mystery-man-spotted-during-blood-clot-hospitalization/#bMcESbVZwFeK1ugM.99

      • On September 11, 2016 at 11:36 am,
        Pete says:
        • On September 11, 2016 at 11:45 am,
          Markedtofuture says:

          Turd Ferguson
          ‏@TFMetals Turd Ferguson Retweeted Ninja Economics
          My goodness gracious. Check this new video. #HillaryClinton can’t even stand on her own after this latest “spell”.


        • On September 11, 2016 at 12:52 pm,
          Excelsior says:

          Freakishly scary photo.

          • On September 11, 2016 at 1:02 pm,
            OOTB Jerry says:

            Heck, I think it is her normal photo, with out air brushing.

          • On September 11, 2016 at 1:05 pm,
            OOTB Jerry says:

            I bet it is the one ,that Obama and Michelle have seen a couple hundreds times

          • On September 11, 2016 at 1:09 pm,
            Excelsior says:

            Any tips for “unseeing” it. 🙂

          • On September 11, 2016 at 1:12 pm,
            Excelsior says:

            FFM CCF – Did you hear the good news – – we’ve expanded our product line to new and improved “Extra-Strength Doomex.”

            The announcement went out to the public up above in the Marc Faber thread.

          • On September 11, 2016 at 2:31 pm,
            OOTB Jerry says:

            See if tweety will try out a pair. 😉

          • On September 11, 2016 at 2:34 pm,
            OOTB Jerry says:

            Make sure they have that “double bottom” ,he been claiming…. 🙂

          • On September 11, 2016 at 2:35 pm,
            OOTB Jerry says:


          • On September 11, 2016 at 2:39 pm,
            OOTB Jerry says:

            Model 968 should fit fine.. 😉

        • On September 11, 2016 at 1:00 pm,
          OOTB Jerry says:

          Good one Pete

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

      Come on Hillary, just hang in there !!!
      The Donald doesn’t want another Dem candidate !!!

      • On September 11, 2016 at 12:45 pm,
        Markedtofuture says:

        Dr. Dave Janda called a switch to Biden after Rickards did in 2014.

        Switch has been flipped


      • On September 11, 2016 at 12:52 pm,
        Markedtofuture says:

        Still Report # 1183 – Clinton Has Sudden “Medical Episode” at 9/11 Event


        • On September 11, 2016 at 1:08 pm,
          OOTB Jerry says:

          MSN…..is now having to cover the story,to protect their a##

        • On September 11, 2016 at 3:12 pm,
          OOTB Jerry says:

          Story change….Hilly got Pneumonia….well Billy did have moniaca

          • On September 11, 2016 at 3:42 pm,
            LPG says:

            Funny one, Jerry.
            Best to you,

          • On September 12, 2016 at 8:40 am,
            OOTB Jerry says:

            LPG. Glad you enjoyed 🙂

  38. On September 11, 2016 at 10:43 am,
    Markedtofuture says:

    TFMR Podcast – Friday, September 9 made public to explain a possible scererio of things to unfold in the market.


  39. On September 11, 2016 at 10:45 am,
    Markedtofuture says:

    Trey Gowdy Finds Out FBI & DOJ Gave Immunity To People That Deleted Hillary Clinton’s Emails


  40. On September 11, 2016 at 12:40 pm,
    AJ says:

    Hillary Clinton Email Furor Reveals Hypocrisy on the Right

  41. On September 11, 2016 at 1:00 pm,
    AJ says:

    Hillary Clinton’s email scandal, explained

    a good and extensive overview

    • On September 11, 2016 at 1:49 pm,
      CFS says:

      Aj, It’s a whitewash job.
      It fails to mention the pay to play in about 1000 emails.
      It fails to mention over 2000 emails that violate classified information rules.
      It totally fails to state the laws she BROKE.
      She is a criminal……just, as yet, unindicted.

    • On September 11, 2016 at 2:07 pm,
      Markedtofuture says:

      AJ..that article is from 2015. A lot more things have happened since then.

  42. On September 11, 2016 at 1:59 pm,
    irishtony says:

    I could say a lot , but I will just keep my big gob shut…but have a look at this.

    • On September 12, 2016 at 12:43 am,
      Archdeacon (!) Andrew says:

      One of her more human expressions Tony!

  43. On September 11, 2016 at 2:28 pm,
    Chartster says:

    I can not tell a lie – George Washinton

    I can not tell the truth – Every president in recent times.

  44. On September 11, 2016 at 2:31 pm,
    Chartster says:

    Since 1871 ( besides JFK, who got killed for trying to unwind that )

  45. On September 11, 2016 at 2:42 pm,
    OOTB Jerry says:

    Where have the missing 29 pages to the 911 cover up report been hiding….

    • On September 11, 2016 at 2:44 pm,
      OOTB Jerry says:

      Sorry Irish posted before reading your post

  46. On September 11, 2016 at 2:50 pm,
    Excelsior says:

    Rob McEwen, Chairman and Chief Owner of McEwen Mining
    Published on Aug 11, 2016

    Rob McEwen spoke to MINING.com at the Sprott resource show


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

      Eric Coffin’s 11 gold stocks – average rise 340% – what now?
      Published on Aug 20, 2016


      • On September 11, 2016 at 3:38 pm,
        Excelsior says:

        Ascot Resources’ Premier and Dilworth properties.
        Published on Sep 10, 2016
        Interviewee: Lawrence Tsang, Geologist, Ascot Resources.
        Interviewer: Gwen Preston


        • On September 11, 2016 at 3:42 pm,
          Excelsior says:

          IDM Mining
          Published on Sep 10, 2016
          Interviewee: Michael McPhie, Executive Chairman, IDM Mining.
          Interviewer: Gwen Preston, Resource Maven


        • On September 11, 2016 at 3:46 pm,
          LPG says:

          Thanks for the interviews links, Capitan Shad: appreciated as always.
          Best to you,

          • On September 11, 2016 at 4:01 pm,
            Excelsior says:

            Arrrggghhhh. Ahoy Matey!

          • On September 11, 2016 at 4:33 pm,
            Excelsior says:

            In this episode of the Comanus Rising Podcast we talk about the week in gold and the gold stocks, more FED yapping, we talk about a sector we haven’t mentioned before – that being coal and we wrap with news from the Canadian junior exploration sector. Companies discussed include: West Red Lake Gold $RLG Altitude Resources $ALI Colonial Coal International $CAD Morien Resources $MOX Corsa Coal $CSO Oceanagold $OGC Pure Gold Mining $PGM Global Copper Group $ICU Morumbi Resources $MOC Goldstrike Resources $GSR IDM Mining $IDM Aton Resources $AAN NuLegacy Gold $NUG Knick Exploration $KNX Pasinex Resources $PSE Source Exploration $SOP Algold Resources $ALG Avrupa Minerals $AVU Ximen Mining $XIM We talk, gold, silver, copper, uranium, zinc, lead, cobalt, oil, natural gas and coal.


          • On September 11, 2016 at 6:00 pm,
            Skeeta says:

            Thanks for the link,
            I wasn’t aware of that podcast series until now.

          • On September 11, 2016 at 6:23 pm,
            Excelsior says:

            Comanus Rising comes out every Sunday. He is @stateside over at CEO and is very happy to respond to any questions about specific companies.


          • On September 12, 2016 at 4:15 am,
            Skeeta says:

            Thanks Ex,
            Have subscribed to the podcast via itunes.

        • On September 12, 2016 at 3:25 am,
          Excelsior says:

          (ROG) (ROGFF) Roxgold Provides Production & Operations Update at Yaramoko
          TORONTO, Sept. 12, 2016


    • On September 11, 2016 at 7:08 pm,
      Excelsior says:

      It is interesting to note the additions of the “materials” companies on the S&P/TSX Composite, is the sector with the majority of the additions. The winds are getting more favorable.

      BTW: **Way to go Ivanhoe, Asanko, Klondex, and Sandstorm. It’s about dang time!




      Altus Group Limited – AIF – Real Estate
      Asanko Gold Inc. – AKG – Materials
      Ivanhoe Mines Ltd – IVN – Materials
      Klondex Mines Ltd – KDX – Materials
      Morneau Shepell Inc. – MSI – Industrials
      Sandstorm Gold Ltd – SSL – Materials
      Sleep Country Canada Holdings Inc. – ZZZ – Consumer Discretionary
      Spartan Energy Corp – SPE – Energy


  47. On September 11, 2016 at 3:02 pm,
    OOTB Jerry says:

    Chinese and Russians Navies Launch Largest Ever Joint Drill In South China Sea…..zerohedge

  48. On September 11, 2016 at 3:04 pm,
    OOTB Jerry says:

    Now …Story Change….Hilly got Pneumonia…

    • On September 11, 2016 at 3:14 pm,
      OOTB Jerry says:

      Hope she gets better,…looking forward to a great debate

      • On September 11, 2016 at 3:34 pm,
        Dick Tracy says:

        Send for The Three Stooges, Moe what is wrong with Hillary, she’s got a pinched sciatic nerve, isn’t that something you get from living in Syracuse, Nyuck, Nyuck! DT

  49. On September 11, 2016 at 3:27 pm,
    Chartster says:

    I hope she gets coherent for the conviction.
    She’s hedging her bets with being convicted. She is about to plead insanity. Which keeps her from dangling from a rope. Cause she is cooked!

    • On September 11, 2016 at 4:41 pm,
      JohnK says:

      I hope you follow up with your post on Sept,9th to Chris and Cory concerning derivative regulations changes.
      That was the first time I heard anyone mention this.
      It would be interesting to hear some commentary on this.

      • On September 11, 2016 at 4:56 pm,
        Chartster says:

        I will look for the link to give you.( couldn’t find that while posting) We will see if important info gets a follow-up.

    • On September 11, 2016 at 4:45 pm,
      OOTB Jerry says:

      I bet Slick Willy will grease the rope, ..Bill will say “I knew she was crazy”

  50. On September 11, 2016 at 5:38 pm,
    Matthew says:
    • On September 11, 2016 at 6:28 pm,
      Excelsior says:

      Nice – always good to hear a veteran like George give his thoughts.

      Thanks Matthew.

    • On September 11, 2016 at 9:15 pm,
      Stephan B. Feibish says:

      I haven’t heard what the costs of getting it out of the ground are recently. But the last I heard in-situ recovery (ISR) was around $20 ??? So how much lower can it go? Maybe if some government run uranium mines like in Kazahstan keep pumping it out no matter what it can go lower. I’m gonna watch the video now.

      • On September 12, 2016 at 2:42 am,
        Excelsior says:

        Most of the costs I’ve heard associated with In-Situ Uranium mining are in the low to mid $20’s. At current prices hardly any company is really making money, but most of the producers have supply contracts and off-take agreements in the mid $50’s, so they aren’t selling at spot prices anyway. The prices won’t move up until utility companies negotiate new longer term contracts and 2017, 2018, 2019 is when that is set to start happening. Kazakhstan is burning the candle at both ends, and not doing the kind of exploration or proper activities to extend their life of mine, so many expect their huge production contribution to taper down dramatically over the next few years. That will be another catalyst in pricing, just like all the new reactors that start coming on-line over the next 4-5 years.

        As prices continue to languish, and the related miners continue to bounce around the bottom, it is hard to feel like one is “overpaying” for anything in the Uranium space at this point. When we look back at this period of time in a few years, my opinion is that investors are going to wish that they had positioned in these companies during 2015 & 2016. It is a little surprising that spot prices have stayed as low as they have for so long, but that’s what makes a market.

    • On September 11, 2016 at 11:51 pm,
      LPG says:

      FWIW, re: Western Uranium:
      Russell Fryer, Director, filed last week on SEDAR (Sept. 8) that he intends to sell 400k shares of the company – that’s c. 3% of total shares and about 10% of its holding of 4.4173mn shares.

      Press release is at the top of the list:



      • On September 11, 2016 at 11:52 pm,
        LPG says:

        I meant “about 10% of HIS holdings of 4.4173mn shares”

        • On September 12, 2016 at 12:00 am,
          LPG says:

          To be fair, Russell Fryer has announced intent to sell shares since June…

          Almost every month, there’s a filing about him. The number of shares he intents to sell changes w. every filing.


          • On September 12, 2016 at 2:47 am,
            Excelsior says:

            Thanks LPG. Yes I see his announcement that Russell is selling through Baobab Asset Management LLC.

            George Glasier is a class act though, and I feel very comfortable in the progress that Western Uranium is making with him at the helm.

  51. On September 11, 2016 at 5:39 pm,
    Chartster says:

    Yes, OOTB, but slick Willy is the one that stopped project ” Able Danger ” whereas he basically stopped the ( alleged ) plot of the of the alleged scape-goat patsies that ” allegedly” took over jets and ” allegedly ” won the fight of a pilot with an AXE ( in their cockpit )that had a friggin BOX CUTTER..?!

    Uh yeah,, right..

    But not to mention that kerosine can’t melt steel beams..? And kerosine is jet fuel.

    And not to mention that there was NO traces of a jet at the pentigon but a missile could have got that deal done.. ( and it probably Did.. )

    And let’s just forget about the 2.3 trillion missing the day before. ( Rumsfeld )

    And let’s also forget about the world trade centers being a bank robbery. And who cleared the bonds at and two weeks after 9-11 ?


    I remember..!!!

    • On September 11, 2016 at 5:46 pm,
      JohnK says:

      I might add they put G.W on during the football game.
      Are you Serious?

      • On September 11, 2016 at 7:38 pm,
        JohnK says:

        The football game today.
        When is GW going to tell us why the Saudis were allowed to leave the U.S days after 9/11?
        When is GW going to tell us why he had the 28 pages redacted?
        GW has some explaining to do.

    • On September 11, 2016 at 8:03 pm,
      Chartster says:

      In the best interest and wake of 9/11.
      The perps must be stopped!

      Fill in the blank for names _____________\________________________________________________________________________________________________________________________________________________ and so on..

  52. On September 11, 2016 at 6:57 pm,
    JohnK says:

    Doctor connects the dot. Hillary Parkinson”s.

  53. On September 11, 2016 at 6:59 pm,
    Markedtofuture says:

    General Paul Vallely
    Former US Army Deputy Commanding General, military analyst, Chairman, Stand Up America interviewed by Dr. Dave Janda


  54. On September 11, 2016 at 9:09 pm,
    Stephan B. Feibish says:

    Wow, there were a lot of comments. It took a while to get here. In my highly uninformed opinion. In our very near future, we’ll see a downturn in the markets. Politicians, and that includes Mr. Trump, want to get re-elected. They give you the pain early in their terms so you don’t remember come election time. So maybe it will take to past the inauguration. But my guess is we’re in for a world of hurt soon enough.

  55. On September 12, 2016 at 4:48 am,
    Excelsior says:

    Potash Corp, Agrium to merge to create $36 billion company
    Reuters September 12, 2016